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Business

Saturday, May 9, 1998

	IDBI net profit spurts 31% The Industrial Development Bank of India (IDBI) has recorded a net profit of Rs 1,501 crore during the year ended March 1998 showing a 31.2 per cent crore growth from Rs 1,144 crore during the previous financial year. However, the bad loans of the institution have crossed the Rs 5,000 crore mark as Rs 736 crore was added to the non-performing assets (NPA) during the financial year.		SEBI panel defines plantation schemes The SA Dave committee appointed by Sebi to work out the guidelines for collective investment schemes on Friday has drafted the definition of such schemes. In a related development, the representatives of credit-rating agencies are likely to meet Sebi officials on May 13 to discuss certain issues related to the rating of such companies, which has been based on a report presented by the ministry of agriculture.
	Hindalco profits rise Thanks to higher domestic prices, aluminium major Hindalco Industries has clocked a 27.3% increase in turnover and a 26.9% jump in its net profit. The company has announced a dividend of Rs 5.25 per share.		SEBI turns down ILFS, Beck offers The Securities and Exchange Board of India (SEBI) has rejected the applications Industrial Leasing and Financial Services (ILFS) seeking exemption from making a public offer to raise its stake in ILFS Venture Corporation Ltd (IVCL) to 26% from 18.89%.

SBI Mutual Fund announces 15% dividend for MMPS'93
SBI Mutual Fund has announced a dividend of 15% under its Magnum Multiplier Plus Scheme 1993. This is the first time that SBI Mutual Fund has declared a dividend under this scheme since its launch. The current NAV of this scheme before the dividend is Rs 14.34 as on May 5.

NPPA increases prices of 19 formulations
The National Pharmaceutical Pricing Authority (NPPA) has increased the retail prices of 19 formulations within the range of 6.64 to 35.54%. The retail prices have been reduced in case of two formulation packs on account of decrease in the notified price of the bulk drug rifampicin. The retail prices have been fixed for the first time in case of six formulation packs of five companies.

Pivotals remain subdued
SEBI queries on accounts consolidation
BoB slashes lending rates
Shareholders stall accounts at Pond's AGM
VW, BMW battle for Rolls
Justify lockouts, says HC
Jeevandayi stay to be challenged in SC
Bizbits