Briefly Bussiness

Days of soiled,washed,partially torn and mutilated bank notes are numbered. By the year end,the Reserve Bank of India will come out with polymer plastic bank notes of Rs 10 denomination....

Rs 10 polymer bank notes by year-end

New Delhi: Days of soiled,washed,partially torn and mutilated bank notes are numbered. By the year end,the Reserve Bank of India will come out with polymer plastic bank notes of Rs 10 denomination and would follow it up with plastic notes of other denominations. RBI is gearing up to issue polymer notes by the end of this year after witnessing the condition of paper-based currency notes and the cost attached to such bank notes.

BS-IV version of the Tavera by next yr: GM

Chennai: General Motors India would roll out its BS-IV version of Sports Utility vehicle Tavera in the country by next year,a top company official said here on Tuesday. We concluded the agreement last week and now have partnered with International Cars and Motors Ltd ICML to roll out the Bharat Stage IV version of Tavera, General Motors India Managing Director Karl Slym told reporters here.

Piramal Q1 net down 5 pc at Rs 80 crore

New Delhi: Piramal Healthcare on Tuesday reported a 5.12 per cent decline in consolidated net profit for the quarter ended June 30 to Rs 80.74 crore due to uncertainty arising from the sale of its solutions business to US-based Abbott and the transition cost of the deal. The company had registered a consolidated net profit of Rs 85.10 crore in the same period of the previous fiscal.

Jhamb takes over as new CMD of NPCC

new delhi: A K Jhamb has taken over as the Chairman amp; Managing Director of National Projects Construction Corporation Limited NPCC,a public sector construction company under the Ministry of Water Resources. Jhamb had joined NPCC in October 2007. He is a civil engineer and an MBA with 33 years of experience. Prior to joining NPCC,he was General Manager Engg with National Building Construction Corporation Limited NBCC.

Fed takes small steps to stimulate economy

WASHINGTON: More worried about the recovery,the Federal Reserve took a small step on Tuesday to bolster the economy. Wrapping up a one-day meeting,the Fed said it will use the proceeds from its investments in mortgage bonds to buy government debt on a small scale. That could help nudge down long-term rates on mortgages and corporate debt,economists say.

Allahabad Bank hikes BPLR by 50 bps

Mumbai: Public sector lender Allahabad Bank on Tuesday hiked its benchmark prime lending rate BPLR by up to 50 basis points to 12.50 per cent in response to the RBIs decision to raise short-term rates. The BPLR was replaced by the base rate system in July,but for existing borrowers,this remains the benchmark rate. The bank has decided to increase its BPLR by 50 basis points to 12.50 per cent with effect from August 16, Allahabad Bank said.