Icra has downgraded the Rs 155 crore non-convertible debenture programme of CESC to LA+ from LAA. The revised rating indicates adequate safety. CESC has suffered from reduced profitability because of the inadequate tariff revision, last granted by the West Bengal Power Department (WBPD) in November, 1996. Its financial position has also been affected by its past inability to collect actual fuel surcharge owing to differences in opinion with the WBPD regarding the quantum of merger of fuel surcharge component into the basic tariff. An independent audit of the company's accounts by SR Batliboi & Co instituted by the WBPD, has confirmed the firm's claim.

HongkongBank sets up centre: HongkongBank has set up a technologically advanced central services centre in Worli which will now house the bank's card products, phone banking, custodial, network and training services. Spread over 77,000 sq ft, the centre can accommodate up to 700 staff members, with amaximum of three eight hour shifts. High speed circuits provided by VSNL over diversified fibre optic lines connect the centre to Hong Kong while VSAT technology links it to to the bank's offices in Bangalore, Calcutta, Chennai and New Delhi. In the event of a disaster, the telecommunication network will switch all applications country-wide within twenty minutes to the back-up computer system in Mumbai.

BEFI told to protect industry's national character: The Bank Employees' Federation of India (BEFI), north- eastern region, has called upon the bank employees to shoulder the responsibility of protecting the national character of the banking industry by fighting the recommendations of the Narasimham Committee and also protecting the workers' hard earned right of collective bargaining. BEFI met in Guwahati to discuss the Narasimham panel report and the overdue wage revision of the bank employees.

Krishna Bhagiya Jal Nigam to enter market: Krishna Bhagiya Jal Nigam Ltd is entering the market toraise Rs 500 crore on June 15. The company, which will be floating a seven-year paper offering a coupon rate of 14.25 per cent. The paper is redeemable at the end of the sixth or seventh year and the coupon on the instrument is payable annually or semi-annually. The Rs 250 crore bond issue which has a green shoe option of another Rs 250 crore, will be guaranteed by the government of Karnataka. The issue will be lead managed by SBI Capital Markets.

BoB donates to relief fund: Bank of Baroda (BoB) has made a donation of Rs 51 lakhs to the prime minister's relief fund : Bank of Baroda (BoB) has made a donation of Rs 51 lakhs to the prime minister's relief fund in aid of the Gujarat cyclone victims. Employees of BoB have also been requested to donate a day's salary to the Fund. BoB has offered its services for collection of donations through its wide network of branches, according to a release.

SBI seminar on the `Euro': The overseas branch of the State Bank of India has arranged a seminar onthe `Euro' on June 15 for the benefit of exporter customers.

SBT achievement: State Bank of Travancore (SBT) has been able to achieve a mark to market ratio of 100 per cent on its portfolio as on March 31, 1998. Gross investments increased by 22.37 per cent during 1997-98 to reach Rs 3,314.27 crore. Operating profits have been the highest ever at Rs 199.92 crore, up by Rs 32.77 crore over that of the previous year. The net profit at Rs 63.30 crore, registered an increase of 57.27 per cent. The bank's earnings per share stood at Rs 164.97 against Rs 114.97 in the previous year.