FM to review FIs role in cos board
Finance minister Yashwant Sinha has promised to look into the role of financial institution nominees on boards of companies, study frauds by the non-banking financial companies (NBFCs) and strongly take up the cause of developing nations before the World Trade Organisation (WTO). He also said that he would try his best to woo foreign investment in his interaction with the industrialists in the US and UK.
Govt rapped on Excise promotion policy
AM Prasad, Member, Central Board of Excise and Customs, New Delhi came down heavily on the government for the false promises made to the Excise Department with regard to the promotion policies and pay parity with the Central Bureau of Investigation and IB employees. For the past decade the officers of the Central Excise have been demanding pay parity with the CBI and IB officials.
Infosys posts 79% rise in net profit
Infosys Technologies Ltd has reported a 79 per cent growth in net profit for the year ending March 31. The company's net stood at Rs 60.36 crore compared to Rs 33.68 crore in the previous year. During the same period the total income saw a rise of 81 per cent to Rs 260.37 crore from Rs 143.81 crore earlier. The company, however, sounded a note of caution while declaring its results.
BPL restructuring runs into rough weather
The Nambiar-owned BPL group's plan of restructuring its various businesses has hit a roadblock. The proposal which was floated by the group on September 26, 1997 has not found favour with BPL Refrigeration Ltd which has decided to retain its seperate status.
Proton applies brake on AP car project
Malaysian government company, Proton has put on hold its proposed car manufacturing project at Visakhapatnam in Andhra Pradesh citing restrictions on the country's external investment owing to the economic crisis as the reason. It is said that Proton is no longer interested in setting up the car project anywhere in India.
Market smells a rat in Videocon offer on 2% stake
The open offer by the promoters of Rs 2,500 crore Videocon group to acquire two per cent stake in Videocon International, has surprised marketmen who felt that the move is to prop up the share price indirectly by influencing public sentiment about the scrip. Brokers are confused about the manner in which the share prices are allowed to move up in this fashion.
