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Thursday, April 30, 1998
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Oriental Bank pares PLR; SBI, BoB, BoI to follow
Oriental Bank of Commerce slashed its prime lending rate (PLR) by one percentage point to 13% in an immediate reaction to the bank rate and repo rate cut. State Bank of India, Bank of Baroda and Bank of India are all set to follow suit on Thursday by cutting the PLR by 50-100 basis points. The financial institutions will not be left behind in this exercise.
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Alcan hikes Indal offer to Rs 120 a share
The $7.9 billion Alcan Aluminium of Canada, the principal shareholder of Indian Aluminium Co (Indal), on Wednesday increased its offer price to Rs 120 per share from its original offer of Rs 105 for a 20% stake in Indal. This is against Sterlite Industries' offer price of Rs 115 per share. Both the Alcan and Sterlite offers will open on May 4 and will close on June 2.
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Dr Reddy's Labs plans halogen-lamp unit sale
The Hyderabad-based Dr Reddy's Laboratories plans to divest its loss-making halogen-lamps business, Compact Electric Ltd, as part of the company's strategy to focus on its core competency, pharmaceuticals. The divestment is likely to be made during the course of this year.
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Interest-cost reduction boosts Indal net up 20% to Rs 71 cr
Indian Aluminium Co Ltd on Wednesday reported a 20% rise in net profit for the year ended March 31, 1998, helped by sharp cuts in interest costs and metal inventories. Regaining its lustre in its 60th year, Indal recorded a net profit of Rs 71.4 crore for 1997-98, against Rs 59.2 crore in the previous year, on flat sales and operating revenues of Rs 1162.5 crore against Rs 1155.6 crore earlier.
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