Thursday, August 5, 1999
IDBI saddled with excess funds, low morale
The Industrial Development Bank of India is caught in a pincer of too much cash and too few avenues for profitable deployment. It is sitting on around Rs 5,000 crore of cash balances on which it is earning negative returns.
Centre may offer 40% in SCI to strategic ally
The Government may sell 50% of its holding in the Rs 2,500-crore Shipping Corporation of India to a strategic partner. This amounts to offering 40% of the company's shareholding.
Gujarat Ambuja net up 14% to Rs 150 cr
Buoyed by a drastic cut in manufacturing costs, blue-chip cement maker Gujarat Ambuja Cements has reported a 14% rise in net profit to Rs 150.47 crore during the year ended June 30, 1999 compared with Rs 131.66 crore last fiscal.
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