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Since 1st March, 1999
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Business Briefs

MphasiS reports higher net

Mumbai, July 9: The MphasiS BFL group has reported a 40.3 per cent rise in its consolidated net profit at Rs 19.49 crore for the first quarter ended June 30, 2003, as against Rs 13.89 crore in the same quarter of 2002-03. The revenues for the reporting quarter grew by 45 per cent at Rs 130.22 crore over the corresponding previous quarter, the company said in a release here today.

DVC net up

Calcutta, July 9: Higher tax incidence has put strain on the financials of Damodar Valley Corporation (DVC) with the power firmís net profit rising marginally to Rs 196 crore in 2002-03 from Rs 192 crore in the previous year. DVC had to pay Rs 120 crore tax in 2002-03 as against Rs 96 crore in the previous year.

Lupin move

Mumbai, July 9: Lupin promoters, Desh Bandhu Gupta and associates, will sell 12.55 per cent stake equivalent to 50 lakh shares of the company to Newbridge Capital at Rs 252 per share aggregating Rs 127 crore ($ 27.2 million), a Lupin release said.

Selloff norms

New Delhi, July 9: Under the new draft guidelines for disinvestment circulated earlier this week, the disinvestment ministry has proposed that funds from sale of state-run undertakings should be set aside for the development of backward areas.

SE revamp

New Delhi, July 9: The Cabinet will take up the proposed amendments in Securities Contract Regulation Act tomorrow to pave the way for corporatisation of bourses in line with the recommendations made by the Joint Parliamentary Committee that probed the share scam of 2001.

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