ANZ LIKELY TO OFFER VRS TO SHED SURPLUS WORKFORCE

Article Abstract:

ANZ Grindlays Bank is likely to introduce a voluntary retirement scheme (VRS) in 1998-99. The bank is restructuring its business activities. It plans to place its surplus staff in marketing activities. It is likely to reduce employees in the officers cadre. The bank may launch a VRS for award staff whose strength is around 1,600. The award staff is likely to be reduced to 900 and 700 staff may be offered VRS. It is introducing an new satellite banking system in the next two weeks. This would result in a significant number of employees becoming redundant. (rk)(vr)

Personnel administration, India, ANZ Grindlays Bank

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SUNDARAM CLAYTON DOUBLES NET

Article Abstract:

Sundaram Clayton Ltd, a part of the TVS group, has doubled its net profit to Rs6.48 crore in the third quarter ended December 31, 1998 compared to Rs3.12 crore in the third quarter of 1997- 98. It has improved its net sales by 17 percent to Rs42.46 crore. The company has posted a net profit of Rs11.18 crore on net sales of Rs108.63 crore in the first nine months of 1998-99. The company has begun operations at its new foundry at Hosur, set up at a cost of Rs12 crore. (khr)

Comment:

Sundaram Clayton Ltd, a part of the TVS group, has doubled its net profit to Rs6.48 crore in the third quarter ended December 31, 1998 compared to Rs3.12 crore in the third quarter of 1997- 98.

United States, Sales, profits & dividends, Sundaram-Clayton Ltd.

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