Need to Know | RBI employees plan strike for higher pension

Need to Know | RBI employees plan strike for higher pension
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First Published: Sat, Oct 18 2008. 12 59 AM IST
Updated: Sat, Oct 18 2008. 12 59 AM IST
Mumbai: As many as 25,000 employees of the Reserve Bank of India (RBI) plan to strike work for a day on 21 October for a higher pension, the United Forum of Reserve Bank Officers and Employees’ Association said.
The strike at RBI’s 20 offices in the country may affect check clearing and settlement operations, said Samir Ghosh, general secretary of the All India Reserve Bank of India Employees’ Association, one of the four unions that make up the forum.
Bloomberg
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Essar Oil to restart at least 870 fuel stations
Mumbai: The owner of the country’s newest refinery, Essar Oil Ltd, plans to restart at least two-thirds of its 1,250 fuel stations in the country.
“With crude oil prices falling, the difference between fuel prices offered by us and by the public sector companies will reduce,” Mohan Nair, spokesman for Essar Oil, said over telephone from Mumbai on Friday.
—Bloomberg
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FIIs lend equities worth Rs348 crore overseas
Mumbai: Foreign institutional investors (FIIs), the main drivers in the Indian market, had lent equities worth Rs348 crore to entities abroad for short-selling, during 10-14 October, from available inventory of participatory notes, data from the Securities and Exchange Board of India (Sebi) showed.
On Wednesday, the capital markets regulator had asked FIIs to compile and submit this data twice a week to increase transparency. It was also a move by Sebi to clamp down on a parallel offshore market for short-selling Indian securities by foreign investors, which Sebi had denied until this week.
Sebi had lifted a year-long curb on participatory notes earlier this month.
The data Sebi released on Friday was a compilation of reports from 17 FIIs. Sebi expects subsequent reports to be more complex, the regulator said in a statement.
Shares of ITC Ltd, the largest tobacco company in India, were lent the most by FIIs, with some 22.91 lakh shares worth Rs38.6 crore changing hands temporarily. It was followed by 12.66 lakh shares worth Rs16.9 crore of Housing Development and Infrastructure Ltd.
Staff Writer
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Novartis India July-Sep net profit dips 4%
Mumbai: With rise in expenditure during the July-September quarter, Novartis India Ltd, the Indian arm of the Swiss drug maker Novartis AG, posted around 4% drop in net profit at Rs 29.1 crore, despite a 4.76 % increase in sales.
The company’s net sales during this just closed quarter in fiscal 2008-09 was Rs 154.4 crore, compared to Rs 147.8 crore a year ago. According to company’s profit and loss account, its expenditure mainly costs on material consumption, employees, and other expenditure had gone up by 7.01% during the period.
C.H. Unnikrishnan
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IGATE Q3 profit doubles to $8.29 million
Bangalore:IGATE Corp., the US-based information technology services firm that has a large delivery base in India, said third quarter profit almost doubled to $8.29 million, as it gained from improved productivity and currency fluctuations.
Revenue increased by 10% to $ 55.4 million in the quarter to September. IGATE reported profit of $ 4.33 million on sales of $ 50.4 million in the same period last year, a company statement said.
“In a highly volatile market where top-line growth is challenging, we have focused on expanding our margins,” said Phaneesh Murthy, chief executive of iGATE Corp.
Staff Writer
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First Published: Sat, Oct 18 2008. 12 59 AM IST