Bizbits 8212; SBI gets 2 MDs

MUMBAI 8212; State Bank of India SBI has promoted two deputy managing directors DMDs as managing directors to head national banking and corporate banking divisions. In a statement here today, SBI said O P Setia, DMD national banking, has been appointed as managing director and group executive national banking till October 31, 1998. M P Radhakrishnan, who was MD of SBI Caps, has been appointed as managing director and group executive corporate banking upto January 31, 1999.

Nestle net up

MUMBAI 8212; Although the net sales of Nestle India Ltd increased by 22 per cent to Rs 624.6 crore during the six-month period ended June 1997 from Rs 510 crore same period last year, the net profit has remained at Rs 22.3 crore same mainly due to higher depreciation on account of capitalisation of various projects. The company earned a higher gross profit of Rs 37.2 crore against Rs 35.1 crore.