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At the company’s 23rd Annual General Meeting (AGM) held on Aug. 25, the members of India Glycols have sanctioned the announcement of dividend at 30%, or Rs 3 per share of the value of Rs 10 each.

Mumbai: The rupee arose in the direction of a nine-year peak today after the US Federal Reserve slashed rates sending securities higher across Asia, but dollar buying by state-run banking institutions and a local company reduced a few gains.

The Fed cut on Tuesday the prime federal funds target rate by 50 basis to 4.75% from 5.25%. It also slashes the discount rate that it charges for direct loans to banks by a half-point to 5.25%.

Leading hospitality company Hotel Leela Venture is all set to invest around Rs 22 billion in the next three years (2010) to set up five new hotels and a service apartment in Gurgaon near Delhi.

The new hotels will be established in Pune, Hyderabad, Chennai, Delhi and Udaipur.

The company has already expended Rs 11 billion on 86 service apartments that it is projecting to built up in Gurgaon.