PNB Housing Finance Ltd (PNBHF) has announced a further reduction in interest rates on individual housing loans of over Rs 50,000 with effect from June 7.

Earlier, interest rates on loans were reduced on March 13, a PNBHF release said. The revised rate of interest has been fixed at 15.5 per cent for loans above Rs 50,000 to Rs 2 lakh, 16 per cent for above Rs 2 lakh to Rs 5 lakh and 16.5 per cent for loans above Rs 5 lakh to Rs 10 lakh. Interest on loans above Rs 10 lakh will be determined as per prevailing market rates.

These rates are inclusive of interest tax. All loans are with easy repayment options, conveniently spread over a period of up to 20 years, the release said.

NH Pai is Gannon Dunkerley CMD: NH Pai has been appointed chairman and managing director of Gannon Dunkerley and Company Ltd, a company release said. A technocrat, Pai started his career with the company as an engineer in 1956 and rose to the position of president and chief executive in 1988 before being appointed as managing director in 1990.

V-Guard cables to hit market soon: V-Guard PVC insulated cables is hitting the market from June end. Coming from the house of V-Guard, it gives an assurance of quality and length assurance. V-Guard is a leading electric stabiliser maker, based in Kochi.

To begin with, V-Guard cables will be available in red, yellow, blue and green colours. To prevent any wastage of electricity, electrolytic grade bright annealed copper is being used in the cables.

NIIT wins software export award: NIIT, the software and training organisation, has been conferred the Software Technology Parks of India (STPI) award for the top software exporter, Noida centre.

The STPI awards recognise the contribution of top exporters of the country at both the national and regional level. An autonomous society under the department of electronics (DoE), government of India, STPI is a 100 per cent export-oriented unit, set up with the aim of developing and exporting softare.

`Baraka' hits market in Kerala: Described as a `wonder' Ayurvedic medicine, black cumin seed oil, branded `Baraka' has hit the Kerala market.

The Chennai-based Greenish India Traders Private Limited is importing Baraka from its manufacturers -- ExpoLanka Commodities, in Sri Lanka. Baraka, meaning `the treasure' in Arabic promises a cure for several diseases. Its manufacturers have attributed to Baraka the ability cure uterus problems, correct skin deficiencies, remove hypertension and relieve cough and asthmatic attacks.

Sanghvi Movers board to meet on June 27: The board of directors of Sanghvi Movers Ltd will meet on June 27, 1997 to adopt the audited accounts for 1996-97 and recommend a dividend, a statement issued by the company noted.

Tidco petrochem park cleared: The Tamil Nadu Government has cleared Tamil Nadu Industrial Development Corportion's (Tidco) proposal to acquire 7,000 acres of land around the Ennore port area for a mega petrochemical park. Engineers India Ltd have been hired as consultants to prepare a master plan for the development of the park which is slated to be built by the private sector on a build, operate, own and transfer (BOOT) basis.

The study will be ready by October-November this year.

Torrent chairman felicitated: The Ahmedabad-based Torrent Pharmaceuticals chairman Uttambhai N Mehta has been selected for the first Gujarat Businessman of the Year Award for 1996-97 instituted by Gujarat Chamber of Commerce and Industry to recognise his outstanding achievements in related fields.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.