Marico approves 10:1 stock split
Mumbai: FMCG company Marico's board has approved a 10: 1 stock split.

The board has also approved a financial restructuring through an adjustment of its intangible assets against its special reserves, the company said in a notice to the stock exchange.
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UTI Bank Q3 net up 40 per cent
Mumbai: UTI Bank has posted a net profit of Rs184.61 crore for the third quarter ended December 2006 as compared to Rs131.71 crore during the same quarter last year.
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Total income for the quarter has increased to Rs1,469.36 crore from Rs920.12 crore shown in the year-ago period.
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Reliance Communications to list Flag Tele on LSE
New Delhi: Reliance Communications (RComm), controlled by Anil Ambani, which is in the process of bidding for Hutch-Essar, is planning to list its undersea cable business unit Flag Telecom in London to raise over $500 million.

The company plans to dilute 20-24 per cent stake in the wholly owned company through the listing on LSE, sources said. When contacted, an RCL spokesperson declined to comment.

Sources said the process of preparation for the listing would start next month. Flag Telecom provides network infrastructure and data services to telecom operators and content providers across the world.

Ambani last month unveiled a $1.5 billion investment in Flag, designed to increase its network by 43 per cent to 1,15,000 kilometres and add extra capacity for voice calls, Internet and multimedia services amid rising global demand.

The expansion will extend India's largest Internet protocol network to destinations in South-East Asia, Africa, the Mediterranean and the Pacific, including links between Japan, China and the US west coast.
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Kotak MF changes benchmarks for 3 equity funds
Mumbai: Kotak Mahindra Asset Management has changed the benchmark indices for its Kotak Mahindra 30 Unit, Kotak Global India and Kotak Midcap funds to S&P CNX Nifty, S&P CNX 500 and CNX Midcap respectively.
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ABN AMRO Mutual sets Rs6 per unit dividend in equity fund
Mumbai: ABN AMRO Asset Management (India) would pay Rs6 per unit dividend in its ABN AMRO Equity Fund and has set January 17 as the record date.
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