MUMBAI: Essar Minerals-Stemcor Corporation deal hit a road block with the board of the Industrial Development Bank of India refusing to give its stamp of approval. The head of financial institutions meeting last week cleared the proposal of the Essar group to offer 51 per cent stake in Essar Minerals to the US-based company. They also decided to fund the project since it would be run by the US company now. However, the in-principle approval of the FIs' meeting was subject to the approval of the respective institution's board. The board of IDBI which met in Mumbai refused to clear the proposal.

Lupin Lab net dips, to pay 25 pc

MUMBAI: Lupin Laboratories Ltd has reported a 26 per cent fall in net profits at Rs 25.30 crore for the year ended June 30, 1999 as against Rs 34.24 crore in the previous year. The company has, however, maintained the dividend at 25 per cent. Lupin Laboratories, India's third largest company, has recorded a turnover of Rs 715.73 crore during1998-99 compared to Rs 695.10 crore last year. The reduction in profits was partly due to trading policy correction in the domestic formulations market in the second half of the accounting year and conscious control of exports to CIS countries and China, Lupin group chairman, Desh Bandhu Gupta said in a statement here today.

IndusInd to join Swadhan network

MUMBAI: Indusind Bank has drawn up plans to instal 100-120 off site ATMs by the year 2002. The engaging set-up would be able to take care of the other available shared network of cards like Swadhan (SNPS) and Visa and Master cards. The new generation private sector bank also plans to launch co-branded credit card soon. "IndusInd Bank has appointed PriceWaterhouse Coopers to spruce up the foreign exchange processes and its risk management infrastructure," the bank's managing director, K R Maheshwari said. The board has recommended a dividend of Rs 1.25 per share.