BSNl posts operating profit of Rs672 cr for FY15
NEW DElHI: State-run telecom operator BSNl on Tuesday reported an operating profit of Rs672 crore for the financial year 2015, aided by fall in administrative costs and jump in revenues. The company's net loss stood at Rs8,234 crore for the fiscal, the same for which was Rs7,020 crore in last year and the widening is on account of asset depreciation calculated as per the Companies Act, 2013. “BSNl had bad results for the last few years, but in year 2014-15, it has been able to reverse the trend. Also, it is a known fact that most of the telecom majors are having heavy debt burdens but it still continues to be relatively better, showing a low debt-equity ratio,” said BSNl CMD Anupam Shrivastava.
Axis MF to raise Rs700 cr from CGF
MUMBAI: Axis Mutual Fund, which launched an open-ended balanced scheme Children's Gift Fund (CGF) here on Tuesday, expects to raise Rs700 crore through the fund. The fund, which opens on November 18, will close on December 2. It will reopen for continuous sale and repurchase on or before December 14. “We are looking at mopping up Rs600-700 crore from the Children's Gift Fund during the NFO period itself,” Axis Mutual Fund managing director and chief executive Chandresh Kumar Nigam told reporters here.
Banyan Tree Group kicks off sand mining in Raisen
NEW DElHI: After National Green Tribunal (NGT) lifted the ban on sand mining in the rivers in Madhya Pradesh, Delhi-based leading mining and infrastructure firm Banyan Tree has started sand mining work in Raisen district of Madhya Pradesh. “We have got right from the State Government for sand mining in Boras and Ketughan villages of Udaipura tehsil of Raisen. We are hopeful that the work would start in places like Raisen and Udaipura in particular in a big way. I expect many would get employment there,” said Pankaj Singh, Chairman of the Banyan Tree Group. (PNS & Agencies)