Bizbits

Bizbits

NIIT ups FII cap
NEW DELHI: NIIT Ltd today approved a proposal to increase the equity limit of foreign institutional investors (FII) in the company to 40 per cent from the current 30 per cent. The board of directors of NIIT, which met here, approved the proposal subject to shareholders' permission, top company officials said.

NIIT had last year hiked the FII limit from 24 per cent to 30 per cent, which witnessed NIIT's share price touching an all-time high of Rs 3500 per share. Global revenues of NIIT for the six months ended March 2000 increased by 34 per cent to $ 129.35 million.

Deutsche Bank
MUMBAI: Deutsche Bank has appointed Venkatesh Roddam as Chief Operating Officer (COO) for Deutsche Bank in India as wellas Head of Operations for India, Pakistan and Sri Lanka, Roddan was previously Head of Custody Business Management and Product Planning for India, Pakistan, Sri Lanka and Indonesia. The COO position was created as a result of the growth of Deutsche Bank's business activities in India. Roddam will work closely with the various heads of business to ensure the delivery of high quality and cost-effective support services. To this end, he will manage Operations in India, Pakistan and Sri Lanka, as well as coordinate, on behalf of the Chief Country Officer for India, the other service functions.

Nilkamal Plastics
MUMBAI: Nilkamal Plastics Ltd has fared well for the year ended March 2000, with gross sales registering a growth of 17.5 per cent to Rs 242.49 crore and net profit rising by 10.5 per cent of Rs 24.33 crore. The board of directors of the company has decided that the interim dividend of 40 per cent declared earlier be treated as final dividend for the financial year 1999-2000. Last year the company had paid a total dividend of 40 per cent.

The company for the year under review has posted a gross sales of Rs 242.49 crore compared with Rs 206.26 crore for the year ended March 31 1999. Its other income stands at Rs 2.63 crore (Rs 22.17 lakh).