IOC employees to get 600 shares each

The Indian Oil Corporation has decided to make a preferential allotment of 600 shares each to its employees. Sources say the shares will be priced around Rs. 120 each. There will be a lock-in period of three years. IOC had recently offloaded five per cent of its equity to financial institutions. Analysts feel the scrip will be valued around Rs. 1,000. The employees stand to gain from this allotment

Stormy CSB AGM okays 25% dividend

Catholic Syrian Bank proposes to pay a 25 per cent dividend for 1993-94. Addressing a stormy 73rd annual general meeting, the chairman, Mr. Alfred Solomon, said the net profit for 1993-94 was Rs. 6.34 crores against Rs. 2.22 crores in last year. The aggregate paid-up capital, reserves and surplus increased to Rs. 26.97 crores, raising the capital adequacy ratio to 5.2 per cent as on March 31, 1994. The meeting, which was continuously interrupted by slogan-shouting shareholders calling themselves members of the ‘Save CSB Movement’, passed the agenda in just over half an hour. Two directors were re-appointed.

TI Cycles has global competitive edge: Harvard study

The Confederation of Indian Industry (Cll)-sponsored Harvard Business School study on developing global competitive advantages in India has found TI Cycles of India to have such an advantage. The study by Prof. Michael Porter and Prof. Pankaj Ghemawat of Harvard Business School studied six industries for their competitive advantages. They found the diamonds, garments and software sectors to be competitive. The steel, bicycle and pump industries were found to be globally uncompetitive. But among the individual companies studied in each of these industries, TI Cycles, Madras, was considered globally competitive.

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