FDI worth Rs 150 cr cleared
New Delhi, June 26:The government today cleared the Rs 30-crore foreign direct investment (FDI) proposal of Chinese company Haier Electrical Appliances to set up a 100 per cent subsidiary in the country. This was among the 25 FDI proposals worth Rs 150 crore cleared by finance minister Jaswant Singh, on the recommendation of the Foreign Investment Promotion Board today.
EIH net dips
Calcutta, June 26:EIH Ltd today reported a 56 per cent decline in net profit despite a 2 per cent increase in revenues in 2002-03. On a turnover of Rs 435.28 crore, EIH posted a net profit of Rs 15.47 crore. Its board had declared a dividend of 30 per cent (Rs 3 per share).
Uco rate slash
Calcutta, June 26:Uco Bank today announced reduction in rates of interest with particular emphasis on small farmers and entrepreneurs. The revised rates of interest, effective from July 1, would be 2 per cent below the PLR/PTLR for limits up to Rs 25,000.
Milan, June 26:The troubled Italian industrial group Fiat today said it would cut 12,300 jobs, including 2,800 in Italy, by 2006 as part of a recovery plan approved by its board of directors.
Calcutta, June 26:The Employees’ State Insurance (ESI) Corporation has alleged that most states in the east are not doing enough for workers covered under the ESI scheme.