IDBI to prune stake in banking arm to 75%
The Industrial Development Bank of India (IDBI) has decided to reduce its stake in IDBI Bank to 75%. This is in line with the Securities Exchange Board of India's norm that companies, in order to get listed, will have to place at least 25% of their share capital with the public. The core size of the maiden issue is pegged at Rs 35 crore.
Tata Elxsi set to focus on pharma drug designing
Tata Elxsi (India) Ltd has identified pharmaceutical drug designing and polymer technology as a key area for development in the next few years. The company will expand its suite of products called Molecular Simulation soon.
PAL-Peugeot needs fresh infusion of funds for refund of 309 bookings
The refund of over one lakh bookings made for the Peugeot 309 continues to dog PAL-Peugeot, the joint venture company of Automobiles Peugeot and Premier Automobiles. The dues amount to around Rs 70 crore and this is the major impediment to the daily functioning of the plant.
Indian Airlines rejects Rs 325-crore govt aid
Indian Airlines (IA) has rejected the Rs 325-crore financial package offered by the centre to turn around the airline. The package had been mooted by the United Front government.
Dr Reddy's net profit soars 45% to Rs 49 crore
Dr Reddy's Laboratories has registered a 45% jump in net profit to Rs 48.80 crore for the year ended March 31, 1998 as against Rs 33.50 crore in the previous year. The company has maintained the dividend at Rs 3 per equity share.
Marico Industries net vaults 50% to Rs 30 crore
Marico Industries Ltd has recorded a 50% jump in net profit to Rs 30 crore for the year ended March 31, 1998, compared with Rs 20.1 crore in the previous year. The company saud that the financial results do not take into account the impact of the proposed merger of Kanmoor Foods Ltd which is subject to approvals from the Board for Industrial and Financial Reconstruction (BIFR) and Marico shareholders. said.
