VSNL's audited results have put the compnay's net profit at Rs 1,325 crore and revenue at Rs 7,175.60 crore--both marginally lower than the unaudited figures--in 1998-99. The net has risen 36.9 per cent on a turnover of Rs 7,175.6 crore. The company has doubled its dividend to Rs 8 per share against Rs 4 paid last year. Its earning per share has gone up to Rs 139.47 against Rs 101.88.

Centre allows deduction on donations

Government has allowed 100 per cent deduction for donations to the National Defence Fund from the income of the donor assessee. According to an official release, an amendment has been carried out through the Income Tax (Amendment) Ordinance, 1999, promulgated by the President on July 1, 1999, to mobilise fund for extending support to the defence personnel and their families.

Zee floats print media firm

Zee Telefilms has formed a separate print media firm with Hindustan Times president Deepak Shourie as operatingpartner and publisher. Zee chairman Subhash Chandra said the firm will launch new publications besides taking over the existing magazines Zee Premiere and Cable Guide.

UBI overstated profit: auditors' report

United Bank of India has overstated its profit by Rs 21.74 crore in fiscal 1998-99, auditors' report to the bank's annual accounts said. The bank has accounted Rs 36.30 as interest on income tax refunds whereas claims for Rs 21.74 crore are yet to be allowed by the income tax department.

Hyundai to hike Santro output by 35%

Hyundai Motor India, buoyed by a steady flow of orders for the Santro, has decided to go in for the second shift at its Chennai facility that will hike production by at least 35 per cent. The order position for the Santro currently outweighs the company's output levels and the second shift is expected to bring down the waiting period.

Videocon targets rise in sales

The Dhoot family sees the Videocon group among the top five consumer electronics anddurables company in the world with turnover of $4 billion by 2007. The turnover from domestic operations is expected to be around Rs 10,000 crore from the present level of under Rs 3,500 crore.

SmithKline Beecham Pharma MD

Smithkline Beecham Pharmaceuticals India managing director D McDonald has decided to call it a day after a tenure of around five years in the country. He will relinquish office within two months to head back to the US to take new responsibilities within the group.

Taj group, Jet Airways unveil scheme

Passengers travelling on Jet Airways can now avail up to 20 per cent special discount on the room rate at 28 select Taj group of hotels as per a joint promotion effort launched by the firms. The hotels covered under the scheme include the ones in Agra, Hyderabad and Khajuraho.

Escorts Yamaha staff

Escorts Yamaha to bring contract employees into permanent fold

Escorts Yamaha Motors has decided to convert over 50 per cent of its 500-strong casual labour forceinto permanent workers in a phased manner.

This is as part of the wage settlement agreement reached by the company management with its employees on Tuesday.

ABN-Amro launches FRN for PFC

ABN-Amro Bank has launched a $100-million FRN issue for Power Finance Corporation, which is tapping the overseas debt markets for the first time during the fiscal 1999-2000. The funds will be utilised towards providing loans to various power projects in India.

VS Srinivasan Centurion Bank MD

The board of directors of Centurion Bank has appointed VS Srinivasan as the bank's managing director. His appointment is, however, subject to RBI approval.

Sanjay Kulkarni exits TCFC board

Following the merger of 20th Century Finance Corporation with the Centurion Bank, none of its erstwhile directors continue to be on TCFC board. The A The services of Sanjay Kulkarni, who was the president of 20th Century Finance and Consultancy Service, were discontinued in May.

Sensex rises 50 points

Aidedby the improvement in the general market setniment, the total turnover on BSE vaulted by 38 per cent to Rs 1521.64 crore from its previous level of Rs 1103.64 crore. The BSE Sensex closed with a net gain of 50.03 points at 4194.55 points.

Inflation may touch 1% by November: I-Sec

Inflation rate is likely to fall to a record 1 per cent by November as the prices of agriculture and manufactured goods are expected to decline in the coming months, I-Sec has forecast. The fall can put commercial banks in difficulty in reducing their PLR, it warned.

India may cross LoC: Mishra

National security advisor Brajesh Mishra on Friday did not rule out the possibility of India deciding to cross LoC to flush out the Pakistani intruders in Kargil but said it did not want to do that since it could lead to a "larger escalation".

No postponement of elections: Gill

The Election Commission on Friday set at rest speculations about postponement of Lok Sabha elections in view of Kargil conflictasserting that the polls will be held on time in September.