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Business Briefs

Principal buys PNB arm assets

Mumbai, May 2: Principal Mutual Fund has acquired assets of PNB Mutual Fund, pegged at Rs 111 crore, Punjab National Bank chairman and managing director S. S. Kohli said here today. “This transaction was part of the understanding reached when we had signed a three-way joint venture involving Principal, PNB and Vijaya Bank a few months ago, he said.

Following this acquisition, Principal MF’s corpus would grow to Rs 4,300 crore.

Maruti sales

New Delhi, May 2: The sales of Maruti Udyog Ltd surged by 38.4 per cent at 39,838 units in April 2004 over 28,793 units in the same month last year. Maruti sold 36,928 units in the domestic market in April, the company said.

KRL dividend

Kochi, May 2: Kochi Refineries Ltd (KRL), a BPCL subsidiary, has announced a record dividend of 120 per cent for 2003-04, against 100 per cent in 2002-03. BPCL CMD and KRL chairman, S. Behuria and KRL managing director B. K. Menon said the board had recommended a dividend of Rs 12 per share totalling Rs 166.2 crore against Rs 10 per share in the previous fiscal.

VSNL base

Mumbai, May 2: Videsh Sanchar Nigam Ltd (VSNL) has notched up a dial-up subscriber base of more than 7.5 lakh in the first four months of 2004, registering a 20 per cent growth over 6.25 lakh connections on December 31, 2003, mainly due to a strong growth from the southern parts of the country.

Forex reserves

Mumbai, May 2: The foreign exchange reserves rose by $287 million to reach $117.87 billion for the week ended April 23.

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