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Syndicate Bank growth higherMUMBAI: Syndicate Bank has achieved a record growth rate of 22 per cent during 1998-99 and stepped up its glo...

Syndicate Bank growth higher

MUMBAI: Syndicate Bank has achieved a record growth rate of 22 per cent during 1998-99 and stepped up its global business to about Rs 30,000 crore. The global deposits of the bank increased by 18 per cent to grow to a level of Rs 19,900 crore. In the year marked by low off-take of bank credit, the bank recorded an impressive growth rate of 30 per cent in its credit portfolio, expanding its advances to a level of Rs 10,000 crore. The share of priority sector like agriculture and small-scale industries increased from 41 to 46 per cent, surpassing the target of 40 per cent set by the government, the release said.

Sharp fall in silver, gold improves

MUMBAI: Silver prices declined sharply on the bullion market on Fridsay due to weak overseas advices and gold improved moderately on some local buying coupled with thin supply. Ready silver (.999) opened weak at Rs 7630 but recovered marginally towards the fag and ended at Rs 7640, showing a sharp setback of of Rs 60over the last close of Rs 7700. Similarly, tendarable silver fell to Rs 7645 from the last close of Rs 7705. Raw silver (.916) eased to Rs 7500 from Rs 7510. Standard gold improved by Rs 5 and closed at Rs 4365 as against the previous close of Rs 4360. 22-carat gold was nominally quoted better at rs 4040 as compared to yesterday’s close of rs 4035. Ten-tola gold bar (.999) rose by Rs 100 to end at Rs 51,200 from the last level of Rs 51,100.

Canfina, IRFC settlement

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BANGALORE: Canfina, the wholly owned subsidiary of Canara Bank, today reached a settlement with the Indian Railway Finance Corporation Limited (irfc) regarding the several outstanding investments made by it with Canfina more than seven years ago. The agreement was signed here by A P Kini, managing director, on behalf of Canfina, and P Rajagopalan, managing director, irfc, in the presence of T R Sridharan, chairman and managing director of Canara Bank, says a bank release. P Rajagopalan, managing director, irfc, thanked the Ministry ofFinance, department of economic affairs and the bank for facilitating the parties to reach out an understanding thus settling a long outstanding dispute.

Nalco net dips 56 pc to Rs 240 cr

NEW DELHI: Public sector National Aluminium Company (Nalco) today reported a 56 per cent drop in net profit to Rs 240 crore in 1998-99 compared to Rs 546.97 crore in the previous year. The steep fall in profits was on sales of Rs 1,505.67 crore during the year, which declined by 19 per cent from previous year turnover of Rs 1,853 crore, a Nalco statement said here today. It said in the fourth quarter, net profit was down by 57 per cent to Rs 77.97 crore from Rs 181.20 crore in the same period of last year.

CIDCO vice chairman promoted

MUMBAI: Awadhesh Prasad Sinha, vice chairman and managing director, CIDCO, has been promoted as principal secretary since April 1, 1999. After his promotion also, he will continue to look after the charge of vice chairman and managing director of CIDCO.

ONGCsurpasses production target

RAJAHMUNDRY: Oil and Natural Gas Corporation Ltd has achieved 1197.23 million cubic metres of gas production against a target of 850 million cubic metres for 1998-99. IB Raina, group general manager of ONGC, said that the crude oil production during the year was 85,363 tons against a target of 80,000 tons.