MUMBAI: The net profit of Indian Rayon and Industries has dropped to Rs 80.63 crore during the half year ended September 1998 from Rs 101.05 crore same period last year. Net sales amounted to Rs 792.54 crore (Rs 741.09 crore) and earned a lower gross profit of Rs 140.80 crore (Rs 152.84 crore).

Everest Kanto

MUMBAI: The RBI has rejected the application for certificate of registration submitted by Everest Kanto Investment 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 45IA of the RBI Act," an RBI release issued recently stated.

New Rs 50 notes

MUMBAI: The RBI will shortly be issuing Rs 50 notes in Mahatma Gandhi series bearing the signature of Bimal Jalan. Except for this change, the design of the Rs new 50 notes will be similar in all respect to those issued earlier in the Mahatma Gandhi series.

Exim Bank

MUMBAI: Exim Bank has said it is consideringspin-off benefits such as brand marketing and penetration of new markets. With the addition of this equity product to its portfolio, Exim Bank will offer a comprehensive financing package.