Bizbits

CG losses mount to Rs 37 crMUMBAI: Thaper-owned Crompton Greaves Ltd has fallen into bad times if its latest financials are any indicatio...

CG losses mount to Rs 37 cr

MUMBAI: Thaper-owned Crompton Greaves Ltd has fallen into bad times if its latest financials are any indication. The company created a record of sorts by trebling its net losses to Rs 22.6 crore for the second quarter ending September 30 as against a net profit of Rs 7.2 crore for the same period of last year. For the first six months of current fiscal, the total losses of blue-chip of the yesteryears have gone up to Rs 37 crore. This is as against a net profit of Rs 7 crore last year. Displaying its poor performance, net sales of the company declined to Rs 358.6 crore as against Rs 371.3 crore recorded in the first six months of the fiscal 1999. The total expenses rose to Rs 344.5 crore for the second quarter this fiscal as compared to Rs 333.3 crore last year. For the entire fiscal 1999, the company had made a profit of Rs 23.12 crore thus displaying the corrosion which has set place in the last six months. In its result notice to the BSE, the company did not give anyreasons for the falling profits. Interest payments increased to Rs 24.9 crore compared to Rs 19.7 crore for the quarter under consideration. The depreciation provisions increased to Rs 13.4 crore against Rs 12.5 crore for the quarter under review.

BPL to launch mega consumer offer

MUMBAI: BPL Ltd will be launching a mega consumer offer named quot;BPL Famili 2000 Offerquot; this festival season. The offer is aimed at marketing BPL8217;s range of new brown and white goods. The offer comprises of bundled product plans catering to various segment of the market. These bundled plans offer multiple products with very attractive financing options in addition to freebies thrown in from BPL8217;s product range. New-home plan, executive-home plan, digital-home plan are some of the options offered. In addition, consumers have the flexibility to make their own plans from a variety of products.

Silverline plans ADR, takeover of US co

MUMBAI: Silverline Industries Ltd has called an extra general meeting on Novemberfive to seek approval of the shareholders for an American Depository Receipts ADR of 75 million and also issue of a fresh issue of 4.5 million shares on preferential allotment basis to the holding company called Silverline Holdings Corporation of USA at Rs 445 per share for the proposed acquisition of Silverline Technologies Inc of USA at a price of 46.25 million. The company8217;s board in its meeting here accorded approval for the proposed ADR issue and also approved the proposal of increasing the authorised capital of the company to Rs 85 crore.