Bankers take up core-sector funding bottlenecks with Bimal Jalan, Gokak
Chiefs of banks and financial institutions met Reserve Bank of India governor Bimal Jalan and telecom secretary AV Gokak in Mumbai on Friday to discuss methods to remove bottlenecks in infrastructure financing. This is the fifth meeting on infrastructure financing ever since Jalan took over as the Reserve Bank governor.
Tata Infotech, TCS merger on cards
Tata Sons is considering a proposal to merge the operations of Tata Infotech, its largest cash generator, with Tata Consultancy Services (TCS). The proposal is part of the McKinsey report commissioned by the Tatas as part of the group re-engineering. This is to be followed up with the subsequent merger of Tata IBM and Tata Elxsi.
Huge World Bank grant for IDBI to fund ozone-depleting substances' phase-out
The World Bank has provided a Rs 105 crore grant to the Industrial Development Bank of India (IDBI) to fund phasing out of ozone-depleting substances (ODS). The World Bank grant will be used to fund the corporates substituting the chloro flouro carbons (CFC) with hydro CFC and hydro carbons to protect the global environment from the greenhouse effect.
Centre move to park Rs 6,000 crore with RBI triggers recoil as gilt prices fall
Prices of the government of India securities fell across the board after the Centre placed Rs 6,000 crore with the Reserve Bank of India (RBI) on Thursday. Prices in the secondary market adjusted themselves to the new yield curve, dealers in the debt market said.
Reliance to pick stake in RPG's India Polyfibres
The Reliance group has decided to pick up an equity stake in RPG group firm India Polyfibres through Reliance Petro Products. The move marking the Reliance group's march towards becoming a veritable monolith, is seen as a prelude to Reliance's first acquisition of a polyester company. The proposal would, however, need to be approved by BIFR first.
Bata India net zooms 300% to Rs 17 cr
Bata India Ltd on Friday reported a 300% rise in its net profit to Rs 16.64 crore for the year to December 31, 1997. It had posted a Rs 4.15 crore profit in the previous year. The company's net sales rose by 13.5% to Rs 670.64 crore from Rs 590.50 crore in the previous year. Its' profit before tax also went up to Rs 17.56 crore from Rs 4.15 crore last year.
