Uco Bank net jumps 86%
Calcutta, July 19: Uco Bank today reported an 86 per cent jump in net profit for the first quarter of the current fiscal at Rs 136 crore compared with Rs 73 crore in the corresponding quarter of the previous year. The bank has added Rs 238 crore to the reserve which stood at Rs 748 crore as on June 30, 2003. Operating profit at Rs 267.46 crore was higher by 91 per cent over Rs 140 crore recorded in the same quarter of the previous fiscal. “This improved result came on the back of a 17.51 per cent growth in deposit and 21.12 per cent growth in advances, both year-on-year,” a bank release said.
Mumbai, July 19: Continued foreign inflows and revaluation of non-US currencies led to India’s foreign exchange reserves crossing the $ 83 billion mark during the week ended July 11, 2003. India’s foreign exchange reserves rose by $ 483 million to a record high of $ 83,257 million, according to the Reserve Bank of India's weekly statistical supplement released here today.
SBI farm loans
Mumbai, July 19: In a bid to increase credit flow and pass on the benefit of declining interest rates to farmers, State Bank of India (SBI) has reduced the interest on short term agriculture loans of up to one year by 0.5 per cent at 8.75 per cent effective July 15. The new rate is 1.75 per cent below the bank's prime lending rate, SBI said in a release here today.
Chennai, July 19: National power tariff policy, one of the five policy documents currently under preparation to supplement the recently-enacted Electricity bill 2003, will be released by September this year, power secretary R. V. Shahi said today.
New Delhi, July 19: Two-wheeler maker TVS motor Company has posted a 20 per cent rise in profit after tax at Rs 32.08 crore for the first quarter ended June 30, 2003, against Rs 26.78 crore recorded last year. Sales were up 6 per cent at Rs 671.05 crore compared with Rs 632.16 crore in the previous corresponding quarter.