M3 growth goes upMUMBAI: The money supply (M3) growth rose to 19.6 per cent for the fortnight ended December 18 as compared to 19.3 percent in the preceding two weeks, the Reserve Bank of India (RBI) said in its weekly statistical supplement on Saturday.The rise in the M3 can be attributed to the rise in the bank credit to the commercial sector which rose by 0.3 per cent during the fortnight ended December 18. All along the rise in the M3 has been due to the growth in the net bank credit to the government which has not shown any rise during the fortnight ended December 18. Analyst say that the rise should be taken into account before the RBI effects a cut in the interest rates which is likely to lead to further growth of M3 which is in turn will fuel inflation.Dr Reddy's LabMUMBAI: The overall sales of Dr Reddy's Laboratories recorded for the third quarter was Rs 89.65 crore against Rs 76.00 crore during the same period last year, a growth of 18 per cent. The domestic formulationsdivision has achieved a 69 per cent growth rate at Rs 40.20 crore compared to Rs 23.72 crore during the same period last year. The growth in the first nine months of fiscal is 33%.Hutchison MaxMUMBAI: ACE, the country's largest brand of prepaid SIM cards from Hutchison Max Telecom, has introduced an even more affordable new product called the "ACE-Budget". This card will aim at further easing the entry level. ACE-Budget aims at expanding the market by offering instant connectivity and would be available at a special introductory price of just Rs 1,250.Kodak medalMUMBAI: The World Environment Centre (WEC) announced that the Eastman Kodak Company will be the recipient of the 1999 WEC Gold Medal for International Corporate Environmental Achievement. George Fisher, chairman and CEO, will accept the 15th WEC Gold Medal at a presentation at the National Building Museum, Washington DC, on behalf of Kodak personnel worldwide.Rabo IndiaMUMBAI: Harkirat Singh has joined Rabo IndiaFinance Pvt Ltd (a subidiary of Rabobank, the Netherlands) as managing director after a successful stint as CEO of Deutsche Bank, India where he spent 18 years in several senior positions. Rabo India provides the entire spectrum of funded and fee-based financial products leveraging Rabobank's worldwide network.CanpremiumMUMBAI: Canpremium scheme has done well during 1998 by achieving a compounded annualised growth rate of over 16 per cent. The scheme has distributed 6.50 per cent interim income distribution for the first half of the year and aims to keep up with the trend of performance.
