MUMBAI -- State Bank of India (SBI) has promoted two deputy managing directors (DMDs) as managing directors to head national banking and corporate banking divisions. In a statement here today, SBI said O P Setia, DMD (national banking), has been appointed as managing director and group executive (national banking) till October 31, 1998. M P Radhakrishnan, who was MD of SBI Caps, has been appointed as managing director and group executive (corporate banking) upto January 31, 1999.

Nestle net up

MUMBAI -- Although the net sales of Nestle India Ltd increased by 22 per cent to Rs 624.6 crore during the six-month period ended June 1997 from Rs 510 crore same period last year, the net profit has remained at Rs 22.3 crore (same) mainly due to higher depreciation on account of capitalisation of various projects. The company earned a higher gross profit of Rs 37.2 crore against Rs 35.1 crore.

Dena Bank

MUMBAI -- Dena Bank has made a payment of Rs 17.62 crore by way of dividend for the year ended March 1997 to the government. The dividend cheque was handed over to the Finance Minister by the bank chairman Ramesh Mishra on August 11. The 12% dividend on the government capital of Rs 146.82 crore was the highest ever paid by the bank.

Benzer

MUMBAI -- Benzer, the premier fashion landmark in the city, has chalked out a a grand bargain sale celebrating 50 years of independence for its customers from August 14 to 18. Benzer's grand bargain sales will continue through the week-end till Monday.

Market closed

MUMBAI -- All the principal commodity markets and the BSE will remain closed on Friday for `Independence Day'. The BSE will also remain closed on Monday on account of a Rakshabandhan'.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.