Jammu and Kashmir Bank has posted a net profit of Rs 20.50 crore during the first quarter of fiscal 1998-99 compared with Rs 13.20 crore in the corresponding period last year, registering an increase of 55.3 per cent. "We are expecting a net profit of Rs 100 crore for the financial year against Rs 50.37 crore in 1997-98," said Yusuf Khan, chairman and managing director.

RBI rejects Megabyte Leasing registration: The Reserve Bank has rejected the application for certificate of registration submitted by Megabyte Leasing and Finance. "The company will not be able to transact the business of a non-banking financial institution as defined in Clause (A) of Section 45 1 of the RBI Act 1934," an RBI release stated.

Three-day fixed-rate repos: The Reserve Bank mopped up Rs 25 crore through three-day 8 per cent fixed-rate repos held on September 2. The central bank received two applications and accepted both of them.

Crisil rates Green GardenPromoters schemes: Crisil has assigned a Grade V rating to the collective investment schemes of Green Garden Promoters Ltd. The rating indicates a high degree of uncertainty that the schemes will provide the assured returns in the form of produce or cash. The rating reflects the high degree of uncertainty associated with returns in the agricultural business and the inherent vulnerability to agro-climatic conditions and the vagaries of nature. The rating also factors in the likely dependence of the company on a fresh flow of investor funds to meet its future cash liabilities.

Crisil reaffirms Stone India rating: Crisil has reaffirmed the A rating assigned to the Rs 3 crore and Rs 3.66 crore non-convertible debenture issues of Stone India Ltd. The ratings reflect the expected sustenance of the company's business position in the railways components segment and its favourable capital structure. These factors are, however, offset by the high level of competition in the industry, the company's lack ofcustomer diversity, its small scale of operations and limited profitability and the quality of its investments portfolio.

Four-day repos today: The RBI on Wednesday announced four-day 8 per cent fixed-rate repos in Government of India dated securities on September 3 for parties holding SGL and current accounts. Payment by application will be on September 3 and repurchase by the RBI on September 7.

Gujarat Venture Finance launches new fund: Gujarat Venture Finance recently launched its third fund of Rs 40 crore dedicated to information technology. "The fund has already started making investments in computer telephony integration," a company release stated. The company now manage three funds with a total corpus of Rs 124 crore.