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119 pc jump in NIIT profitMUMBAI: SOFTWARE major NIIT Ltd registered a 119 per cent jump in profit before tax (PBT) for the quarter ended...

119 pc jump in NIIT profit

MUMBAI: SOFTWARE major NIIT Ltd registered a 119 per cent jump in profit before tax (PBT) for the quarter ended December 31. While the company recorded a PBT of Rs 10.1 crore, its international revenues grew 51 per cent at Rs 144.73 from Rs 95.61 crore. The net profit was up at Rs 8.58 crore from Rs 4.10 crore in the same period last year. Total turnover in the quarter rose to Rs 95.67 crore, up from Rs 65.83 crore in the same quarter in the previous year.

Janakiraman becomes SBI’s MD

MUMBAI: V JANAKIRAMAN was appointed managing director & group executive (corporate banking) of State Bank of India on Friday. His tenure will continue till February 2000. Prior to this assignment, Janakiraman was the deputy managing director and chief credit officer at the central office of the bank. Janakiraman joined SBI as a probationary assistant in 1962.

Xerox plans preferential issue

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MUMBAI: MODI Xerox has decided to make a preferential allotment of equity to thepromoters, ModiCorp and Xerox Corporation of the US. This will result in a cash infusion of Rs 86.4 crore for the office automation major. The joint venture partners have agreed to subscribe equally to the preferential allotment. They will further consolidate their holdings in the Delhi-based company. Xerox and ModiCorp have also decided to augment their holdings in two other ventures, Modi Xerox Financial Services and MX Softawre Services.

Brazil gives up defending currency

BRAZILIA: BRAZIL gave up defending its currency today, bowing to overwhelming pressure to let the inflation-busting real float as nervous markets hoped the move might avert all-out crisis in the world’s eighth largest economy. Today’s fall meant the real had devalued 18.7 per cent from Tuesday’s old limit of 1.22 to the us dollar.

Cornerstone of a five-year plan that dragged Brazil out of decades of economic chaos, the real plunged immediately to a low of 1.55 to the dollar before clawing back to 1.50, a 12 per centdevaluation from yesterday’s close of 1.32.