The Financial Express -- News

Friday, June 20 1997

State Bank net profit leaps 60% to Rs 1,329 crore

State Bank of India has reported a net profit of Rs 1,329.3 crore for the year to March 31, 1997, a rise of nearly 60% from the previous year's Rs 831.6 crore. The board has proposed a 40% dividend, which is subject to approval by the Reserve Bank of India as it exceeds the 25% norm which had been fixed.

Infrastructure Bond Issue

BA in talks with IA for acquiring N-E routes

British Airways (BA) is in talks with Indian Airlines (IA) to sell its north-eastern routes to British tourist traffic, which could be a money spinner if promoted properly. If IA agrees, BA will sign a special pro-rate arrangement that will supplement the former's efforts in promoting the highly scenic mountain ranges and valleys among holiday seekers from the UK and Europe.

Thai Petrochem Industry puts $1.2-billion India project on hold

Thanks to the economic slowdown in Thailand, the Thai Petrochemical Industry's (TPI) proposed investment schemes in India, including a 30 billion baht ($1.2 billion) petrochemical complex, have been put on hold for the time being.

Taj group firms file writ against ModiLuft

Maiden 3-year forward contract in dollar put through