Bizbits

New chairman for CWCMUMBAI: N K Choubey has taken charge as managing director of Central Warehousing Corporation on May 14, 1998. Prior to t...

New chairman for CWC

MUMBAI: N K Choubey has taken charge as managing director of Central Warehousing Corporation on May 14, 1998. Prior to this appointment, he was executive director of the Container Corporation of India and was in charge of the operations of the northern region which includes ICD, Tuglakabad. The Central Warehousing Corporation CWC is a public sector undertaking operating about 460 warehouses at important centres in the country with a total capacity of 71.22 lakh tonnes and a gross turnover of Rs 264.22 crore during the 1997-98 tentative.

In Maharashtra and Goa, the corporation operates 70 warehouses with a storage capacity of 8.75 lakh tonnes including bonded warehouses where imported cargo is stored initially without payment of duty. In Mumbai, it operates three special warehouses with a capacity of 35000 milliom tonne exclusively for the state8217;s civil supplies.

DSP Merrill Lynch dividend

MUMBAI: DSP Merrill Lynch Mutual Fund has declared 12 per cent dividendfor its bond scheme DSP ML Bond Fund dividend plan for the period from April 15, 1997 to March 31, 1998. The net asset value NAV of the fund has grown from Rs 10 on April 15, 1997 to Rs 11.37 as at the year end. The annualised yield for the scheme since inception to the year end works out to 14.29 per cent.

Ruchi Soya sales up

MUMBAI: Ruchi Soya Industries has achieved a turnover of Rs 1,296.80 crore during the year ended March 1998 as against Rs 958.45 crore. The gross profit stood at Rs 28.31 crore against Rs 26.01 crore. The company has earned a net profit of Rs 17.05 crore as against Rs 16.18 crore.

Communic Asia98 expo

MUMBAI: Over one thousand telecom, IT and networking companies including some of the top Indian companies will showcase their products and systems, in CommunicAsia98, together with NetworkAsia98 and MobileCommAsia98. This will also provide them the opportunity to launch their latest technologies at the World Trade Centre in Singapore between June 2-5,1998.

Moody8217;s downgrades 5 Japan banks

TOKYO: Moody8217;s Investors Service said on Wednesday it had cut its ratings of five major Japanese banks and put ratings of four others under review for possible downgrade. quot;The downgrades reflect the concern that Japanese banks are facing a third wave of asset quality problems because of the weakening domestic economy, on top of existing problems resulting from the East Asian crisis and the collapse of the bubble economy,quot; Moody8217;s said in a statement.