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Journalism of Courage
Balco pays Rs 23 crore
NEW DELHI: Public sector Bharat Aluminium Company Balco on Tuesday paid a dividend of Rs 23 crore for 1998-99 to the central Government. The cheque was presented to the Minister of Mines and Minerals, Naveen Patnaik, by Balco8217;s chairman and managing director S K Ghosh, an official statement said. Balco had achieved an all-time high turnover of Rs 871 crore in 1998-99 and profit before tax PBT of Rs 134.77 crore.
LIC MF to launch G-sec fund
CHENNAI: LIC Mutual Fund will launch a dedicated Gilt fund called LICMF Government Securities Fund8217; on November 15, the proceeds of which will be invested in central and state Government securities. The scheme would remain open for initial subscription from November 15 to November 29 and the units would be available at face value of Rs 10, according to C S Madhav Rao, general manager marketing, Jeevan Bima Sahayog Asset Management Company Ltd JBSAMC, Mumbai, the managers to LIC Mutual Fund. Addressing a press conferencehere on Tuesday to mark the launch, Rao said the JBSAMC planned to mop up Rs 20-25 crore initially from this new fund. The highlights of the scheme included zero credit risk, tax-free returns, instant liquidity and quick single-window service from area offices.
NEW DELHI: Bangalore-based Visesh Infosystems8217; stocks will hit the capital market soon with an initial public offerings IPO of Rs 13.67 crore to fund its future expansion plans and acquisitions. The public issue of 27.75 lakh shares, priced at Rs 50 per share, is scheduled to open on November 24 and closes on November 29, the issue prospects of the IPO released here on Tuesday, said. Subsequently, the equity shares would be listed in Bangalore and Hyderabad stock exchanges besides the National Stock Exchange NSE, it said. Out of 27.75 lakh shares, 1.25 lakh shares are reserved for foreign institutional investors FIIs on firm allotment basis and to Taib Bank in Mauritius. Another 1.5 lakh shareswere reserved for NRIs and employees of the company, it said.
US-Delhi roaming service by Essar
NEW DELHI: Essar Cellphone on Tuesday said it has tied up with Omnipoint, the largest cellular service operator in eastern USA, for offering bilateral automatic roaming service between Delhi and USA. quot;Essar Cellphone has followed a strategy of being where its customers want it to be. As a result of our strategy over the years, we have reached a stage to cover several key cities in USA,quot; Nalin Tikoo, CEO of Essar Cellphone, said here. This roaming tie-up would allow Essar8217;s subscribers in Delhi, to use their existing sim cards and also retain the same mobile number while seamlessly roaming in most of the eastern coast of USA. The roaming service being bilateral, would also enable the subscribers of Omnipoint in USA to remain connected while they are on the move in Delhi, he said in a statement.
EIU meet at Goa from November 21
NEW DELHI: Economist Intelligence Unit EIU, wholly-ownedsubsidiary of UK- based Economist Group, will organise a three-day meeting with chief executive officers of both multinational and Indian firms from November 21 at Goa. Eminent economists and management gurus like K Nagarwala, group executive director, Standard Chartered Plc, James Mcgrath, managing director Asia Pacific, A T Kearney and Harsh Muthal, director, Meadwood Global Inc, would be some of the speakers at the meeting, an EIU release said. The round table, the third in a series, will address issues including managing business in an economic crisis, impact of transforming financial markets, leadership skills for CEOs and an outlook of the global economy.
Satyam announces joint venture
HYDERABAD: Satyam Computer Services announced here on Tuesday the signing of a 50:50 joint venture christened Satyam-Venture Engineering Services Private Limited8217;, with USA-based Venture Industries, Detroit. The new company will provide quality engineering solutions, software development and customisationservices to the automotive industry globally. The agreement on the joint venture was signed between Larry J Winget, chairman of Venture, and B Ramalinga Raju, chairman of Satyam Computer, in Michigan recently, a Satyam press release said.
