Rediff lowers net loss
Online content and shopping services provider Rediff.com India has posted a lower net loss of $1.44 million in second quarter ended September 30, 2003, compared with losses of $8.69 million registered during the same period of the previous fiscal. The Nasdaq-listed company’s total income fell to $3.43 million during the quarter under review, as against $4.27 million posted during the second quarter of 2002-03.
Hutchison Telecom East Ltd has reached the four lakh subscriber mark in Calcutta this month. The company added one lakh customers between June and September 2003.
Classic Polo, the flagship brand of the Rs 220 crore Royal Classic group, has launched a range of premium casual shirts.
Tata Steel has won the Asian Most Admired Knowledge Enterprises award for the company’s performance in knowledge management.
Bangalore IT.COM 2003, an international information and communications technology event, will be held from November 1 to November 5. The seminars in this event will feature industry experts from IT companies addressing core business issues.
Metropolitan Life Insurance Company (Metlife) and Capital Airports Holding Company teamed up to form a joint venture company to sell life insurance in China. The new company, headquartered in Beijing, might be called Sino-US MetLife Insurance Company Ltd. The pact is subject to approval by the China Insurance Regulatory Commission.
Samtel Color, manufacturer of colour picture tubes, has reported a turnaround with a net profit of Rs 3.13 crore in the quarter ended September 30, against a loss of Rs 10.97 crore in the previous quarter ended June 30. The total income of the company went up 80 per cent to Rs 259 crore in the quarter ended September 30 from Rs 146.61 crore in the previous quarter.
Development Credit Bank Ltd, a private sector scheduled commercial bank, has raised a fresh tier-II capital of Rs 44 crore as on September 30, 2003. The capital raised for large-scale expansion plans of the bank was privately placed and subscribed by various banks, financial institutions and insurance companies.
Crisil has launched a compilation of four-part series of rating criteria covering the basic philosophy and methodologies underlying the agency’s ratings in the manufacturing, infrastructure, public finance and financial sectors.
Dhanalakshmi Bank has implemented Flexcube, i-flex’s core banking product, for its corporate and retail banking operations.