Bizbits

Banks plan stir on Dec 17CALCUTTA: All banks, including foreign and private sector ones in the country, will remain closed on December 17...

Banks plan stir on Dec 17
CALCUTTA: All banks, including foreign and private sector ones in the country, will remain closed on December 17 in response to the All India Bank Employees Association-sponsored day-long nation-wide strike to press its long-standing demand for wage revision.

Announcing the strike, AIBEA general secretary Tarakeswar Chakraborti said here today that they demanded immediate finalisation of the seventh bipartite settlement on wage revision for the country’s nearly 6,00,000 bank employees. Apart from the foreign and private sector banks, employees of all nationalised banks would join the strike, Chakraborti claimed.

Referring to the demand, he said that the seventh bipartite settlement ensured the revision of wages of all banking employees on the same parameter as officers in the sector.

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Mirc gets nod for strategic placement
MUMBAI: The shareholders of Mirc Electronics Ltd, the manufactures of Onida brand of televisions unanimously ratified the company’s plan to strategically place instruments convertible to equity upto 30 per cent of its existing paid up capital. Mirc’s existing paid-up capital stands at Rs 7.02 crore.

K Balance MF becomes open ended
MUMBAI: K Balance Mutual Fund, the balanced scheme of Kotak Mahindra Mutual Fund has become open ended from November 29, 1999. The opening NAV was Rs 10.554 on November 29, 1999 and the NAV the next day was Rs 10.663. The public issue of K Balance which was offered at Rs 10 closed on November 5, a company release said. K Balance is one of the few balanced schemes in recent times to open above its issue price, the release added.