Bizbits

Mandvi BankMUMBAI: The Mandvi Bank has achieved a landmark as its deposits have crossed the Rs 200 crore mark. Meanwhile, for the fiscal ...

Mandvi Bank

MUMBAI: The Mandvi Bank has achieved a landmark as its deposits have crossed the Rs 200 crore mark. Meanwhile, for the fiscal ended March 1998, its deposit grew from Rs 113 crore to Rs 149 crore, a growth of 31.86 per cent. The advances increased to Rs 64 crore from Rs 56 crore. The working capital rose from Rs 129 crore to Rs 172 crore. The bank is now awaiting the scheduled bank status from the RBI.

JNPT chief

MUMBAI: Michael Philip Pinto, a senior IAS officer of 1966 batch, took over as the chairman of Jawaharlal Nehru Port Trust recently. Prior to this appointment, he was Director General of Shipping and ex-officio Addl Secretary, Union Ministry of Surface. Pinto held senior positions in the Government of Maharashtra and the Union government.

Syndicate Bank

MUMBAI: Ten regional rural banks RRBs, sponsored by Syndicate Bank, with a total deposit and advances business level of Rs 3,383 crore are in the forefront among the RRBs operating all over the country. Asat March 1998, the RRBs sponsored by the bank have a deposit level of Rs 1912 crore and advances of Rs 1471 crore, achieving a high credit-deposit ratio of 77 per cent, higher than the national average of 48 per cent for all the RRBs in the country.

Lloyds Steel

MUMBAI: The Rs 1,400 crore steel major, Lloyds Steel Industries Ltd, has entered into an agreement with Western Coalfields Ltd for opening an underground mine exclusively for the use of Lloyds Steel. This envisages supply of high quality coal on cost plus return basis by WCL to Lloyds. This coal is proposed to be used for the company8217;s 80 MW captive power plant being set up at Wardha.

Voltas tie-up

MUMBAI: Voltas has entered into a distribution agreement with BT Industries Group of Sweden, for marketing and product support for its complete range of warehouse trucks for internal materials handling. Voltas8217;s marketing strengths and product support capabilities in the field of materials handling equipment will give BT productsadded value in the growing Indian market.

Travel tips

MUMBAI: Intern Continental Computer System has launched a website infoindia.com for travellers with detailed information about air, rail and hotel services at different destinations in India. The interface is made user-friendly. For instance, a user can get a complete list of airlines with arrival and departure timings, fare and other options by just keying in the destination and date of travel with the Air Wizard. Hotel Wizard and Rail Wizard come with similar options.

CriticCare Lab

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MUMBAI: CritiCare Laboratories, a joint venture between TechVentures of USA and Recon Limited, has entered into a tie-up with Seques Pharmaceuticals to market its anti-fungal drug, Amphocil, in India, Bangladesh, Nepal and Sri Lanka. The marketing tie-up is for five years. The product is colloidal dispersion and will compete with anti-fungal Ambizome, marketed by Piramal.

Chemtech

MUMBAI: A Ramakrishna, President Operations, Larsen amp;Toubro has been unanimously elected as chairman of Southern India Chapter of Chemtech Foundation. He is also the vice-chairman of Construction Industry Development Council.

Emtex Industries

MUMBAI: EMTEX Industries India Ltd has recorded a turnover of Rs 130.51 crore during 1997-98 Rs 110.73 crore. The PBIDT has increased from Rs 20.49 crore to Rs 25.19 crore. The net profit amounted to Rs 8.35 crore against Rs 7.86 crore. It has paid 18 per cent dividend.