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Five petro products' prices cut
The public sector oil companies have reduced the prices of five petro-products that will be decontrolled from Wednesday. Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation have announced that naphtha, furnace oil (FO), low sulphur heavy stock (LSHS), bitumen and light diesel oil (LDO) will be considerably cheaper following deregulation.
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Indian Bank to bail out MF subsidiary
Indian Bank will extend financial support to its mutual fund subsidiary Indian Bank Mutual Fund (IBMF) to keep up its commitment to pay assured returns amounting Rs 48 crore to investors in the Indjyothi scheme. S Rajagopal, chairman and managing director of Chennai-based Indian Bank, announced that separate communication will be sent to the investors soon.
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BTL promoters to up stake
Bharti Enterprises, one of the promoter group companies of Bharti Telecom Limited (BTL), has entered into an agreement to acquire 15.8% of the paid up capital of Bharti Telecom. This is subject to the approval of the SEBI. Bharti Enterprises has also decided to make a public offer in accordance with SEBI's takeover code to acquire the balance 24.53% public stake.
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Maruti net shoots up by 28% to Rs 651 cr
Maruti managing director RSSLN Bhaskarudu has hit out at Suzuki's criticism of his "incompetence" with a 28% jump in profit after tax and an increase in net worth of the company by 41 per cent in a difficult year for the automobile market. Bhaskarudu announced provisional results for 1997-98 at a press conference on Tuesday.
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