Friday, January 29, 1999
SBI net profit up 25% to Rs 1143 cr
State Bank of India has posted a 25% rise in its net profit in April-December 1998 at Rs 1,143 crore, up from Rs 912.60 crore in the corresponding period of the previous fiscal, despite a meagre 1.31% growth in credit offtake in the current fiscal and 25 basis points fall in the net spread.
Centre cuts urea, food subsidy by Rs 5000 crore
The Union cabinet on Thursday decided to increase the PDS prices of wheat, rice and sugar as well as the farmgate price of urea. The move is expected to trim the runaway subsidy bill by Rs 5,000 crore.
Industrial growth falls 3.1%
Industrial growth has continued to show an unimpressive growth of 3.1% for November as per the quick estimates of the index for industrial production (IIP) which was released on Thursday by the Central Statistical Organisation (CSO).
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