Bizbits

The fund has given a return of 31.7 per cent against the BSE-200 index from the date of allotment. T P Raman, managing director of Sundaram Newton AMC Ltd said that the performance of the fund has been good notwithstanding the volatility of Indian stock market.

Sangli Bank

MUMBAI: Chandramohan V Joshi has assumed the charge as chairman and CEO of the Sangli Bank Ltd. With this, for the first time, bank has opted for a chairman from among the directors of the bank since Joshi was sitting director on the board of the bank. Joshi, an ex-Reserve Bank of India official, earlier worked in various senior positions in the RBI.

MIDC8217;s MoU

MUMBAI: Amemorandam of Understanding MoU between MIDC and Datamatics Ltd was signed recently at a simple function by Lalit Kanodia, chairman, Datamatics Ltd and Jayanet Kawale, CEO, MIDC, for the purchase of 1.65 lakh sq ft of business space in Millennium Business Park of MIDC at Mahape. This is probably the highest property deal in Mumbai region in recent past.

Rolta net up 48

MUMBAI: The total income of Rolta in 1998 was Rs 120.69 crore reflecting a growth of 20 per cent over Rs 100.62 crore last year. The cash profit amounted to Rs 53.40 crore, reflecting an operating margin of 44.2. The profit after depreciation and writeoff comes to Rs 41.89 crore over the net profit of Rs 28.32 crore last year.

AIAI president MUMBAI: The All India Association of Industries welcomed the union goverment8217;s decision to lower SSI investment limit on plant and machinery from Rs 3 crore to Rs one crore. Vijay G Kalantri, president, AIAI, said this move by the Government will benefit the genuine8217; small scaleunits.

NCR Corpn

MUMBAI: NCR Coporation, one of the largest supplier of ATMs in India and across the world, has launched a cheque clearing software, ChequeMark, in India. The price of the product varies from Rs 40 lakh to Rs 2 crore.