Bizbits

RBI rejects 9 cos

MUMBAI: The Reserve Bank of India RBI has rejected applications of nine financial companies seeking registration to function as non-banking financial companies NBFCs. The NBFCsare Narain Properties Ltd, Kadambini Mercantiles Ltd and Hari Krishan Coated Sheets Ltd of Kanpur, Lucem Finance Ltd of Varanasi, K M Capital Ltd, Brisk Capital Market Services Ltd and Manu Finlease Ltd of Delhi, Devatha Finance Pvt Ltd of Bangalore and Entrust Finance Pvt Ltd of Davangere. RBI, in a statement, said in view of the rejection of applications, these companies cannot transact the business of NBFCs.

Forex rises

MUMBAI: India8217;s foreign currency assets FCA increased by 493 million during the week ended September 11, 1998 to 26,093 million. The accretion in FCA resulted in the total foreign exchange reserves going up to 29,048 million, according to Reserve Bank of India8217;s weekly statistical supplement. FCA as on September 11 was 118 million higher over the level of end-March 1998 and 2,128 million more than that at the end of December 1997.

During the week ended September four, the Central government availed of Ways and Means Advances WMA to the extent of Rs 5,096 croreafter having brought down its dependence on the facility to zero as on August 28.

IFCI stake in IDBI

NEW DELHI: Industrial Financial Corporation of India IFCI does not plan to sell its holding in Industrial Development Bank of India IDBI in reciprocation of the latter8217;s decision to sell its holding in IFCI. quot;Our holdings in IDBI is very small and we do not plan to sell it,quot; IFCI CMD P V Narasimham said.

The financial institution holds around 0.27 per cent stake in IDBI as compared to IDBI8217;s 28 per cent stake in IFCI. A RBI report had recommended both the institutions divesting in each other8217;s cross holdings to avoid conflict of interests.

Haria Exports

MUMBAI: The directors of Haria Exports have stepped up the dividend to 15 per cent for the year ended March 1998 from 10 per cent. The export sales have gone up from Rs 28.92 crore to Rs 45.51 crore, an increase of 63 per cent. Local sales have gone up from Rs 11.95 crore to Rs 12.94 crore. The net profit has increased from Rs 1.60crore to Rs 1.72 crore during the year.

V Hatcheries

MUMBAI: The Venkateshwara Hatcheries group has expanded its poultry feed business by setting up Uttara Foods and Feeds Pvt Ltd near Kethawle, Pune Satara Rorad. The installed capacity of the feed plant is 30,000 tonnes per year. The company will produce various types of poultry feeds. The feed will be distributed in Maharashtra, Karnataka, Goa and Gujarat.

Bates Clarion

MUMBAI: Bates Clarion is consolidating its non-Bates client portfolio it won big brands like 555, Benson and Hedges, Nokia and Clorels last year with its Bates affiliation with a host of blue chip wins in the recent past. These will add double-digit revenues to the agency, one of the few growing faster than the industry.

Godrej-GE

MUMBAI: Godrej-GE Appliance has launched its forth twin tub model the Godrej Smartwash 5.9 kgs twin tub with active soak facility. This is the third Godrej Smartwash model launched by Godrej-GE Appliance this year and the ninthmodel in the smartwash range since the company rolled out its first model a year ago.

PDEXCIL meet

MUMBAI: Powerloom Development amp; Export Promotion Council PDEXCIL, as part of a strategy to look after the development and export promotion aspects of all the powerloom sector, will be organising its 7th buyer-seller meet at Mahila Vikas Mandal, at Y B Chavan Centre, Nairman Point, Mumbai from September 24-25.

Candico

MUMBAI: The Nagpur district court has restrained Perfetti India Ltd, the Indian arm of an Italian confectionery multinational from using a trade mark which it held to be deceptively similar to that of Candico I Ltd, a home grown Indian company. Additional District Judge L R Desmukh, in an interim order passed on September 5, 1998 held that Candico had established prima facie that it had been marketing a bubble gum branded Big Bubble Gum8217; for nearly ten years and the use of Big Babol8217; as a brand name by Perfetti was an infringement on Candico8217;s rights under the Trade andMerchandise Marks Act of 1958.

Photoequip

MUMBAI: Photoequip India Ltd is launching its camera model Klik Camera in the Indian market. The Klik range will include models like BM2, A3, BA4, BA5, AF6 and AE7. The company has expanded after linking up with other world renowned names like Elichrom of Switzerland and Manfrotto of Italy.

FAG Precision

MUMBAI: FAG Precision Bearings Ltd will be able to maintain marginal growth in the current year despite a deep recession in the industry. The company has registered a 2.35 per cent jump in turnover in the first five months of 1998. The company has recorded excellent results for the fiscal 1997-98. The sales of the company had increased by 6 per cent to Rs 161 crore Rs 152 crore. It has declared 20 per cent dividend.

Siyaram Silk

MUMBAI: Oxemberg, the garment division of Siyaram Silk Mills, has launched a new range of innovative garments in the market. The range includes Oxemball-washed garments, bio-polished garments, raw denimjeans and tencel shirts.