ioc-sundaram fin venture launches powerplus
chennai: indian oil corporation and sundaram finance ltd have announced the launch of their co-branded, value-added, fleet card- powerplus. the card will be available in two options-debit and credit card.

initially, the marketing alliance will be rolled out in select trunk routes in southern states and in 26 select indian oil outlets. in about 8 to 12 months time, powerplus fleet card will be available nationally.

while the debit card will carry negligible operating expenses, the credit card will carry an interest charge of 16 per cent, the lowest among electronic card payment plans on offer.

25 january 2002

icici net rises 1.27%
mumbai: icici reported a net profit rise of 1.27 per cent in the october-december quarter from a year ago.

icici posted a net profit of rs 2,56.15 crore in the december quarter compared with rs 2,52.93 crore a year ago.

24 january 2002

pnb gilts q3 net down 50%
new delhi: pnb gilts reported over 50 per cent dip in net profit to rs 38.03 crore in the third-quarter of the present fiscal as against rs 58.01 crore in the corresponding period of the previous year due to write-offs for depreciation.

however, it also posted 343 per cent rise in its net profit at rs 83.63 crore for the first nine months of 2001-02, as compared to rs 18.85 crore.

the fall in net profit for the latest quarter was on account of write-offs for depreciation in the previous year, which witnessed heavy pressure on rupee and interest rates.
total turnover stood at rs 177.56 crore in the first nine months, up by 28 per cent from the previous year period figure of rs 138.92 crore on account of increased trading in the market.

pnb gilts would also venture into derivatives, apart from opening a branch in bangalore for focusing on non-wholesale clients.

hdfc board okays jv with chubb
mumbai: the board of housing development finance corporation (hdfc) has approved a plan to set up a general insurance company jointly with us insurer chubb corp.