Bizbits

1:1 bonus from Hoechst Schering
MUMBAI: The board of Hoechst Schering AgrEvo today announced its maiden 1:1 bonus issue, backed by a robust 41 per cent increase in net profits for the year ended March 1998. The board has also recommended afinal dividend of 35 per cent, taking total dividend for 1997-98 to 70 per cent. An interim dividend of 35 per cent had already been announced in February 1998. Sales during 1997-1998, grew only by 12 per cent, mainly due to the El Nino effect. During the first four months of the current fiscal, the company has recorded a turnover of Rs 49.74 crore, a growth of 14 per cent compared with the corresponding period of the previous year.

NSE suspends five members
MUMBAI: The National Stock Exchange today suspended five trading members for their failure to meet their obligations/liabilities/dues to the exchange and National Securities Clearing Corporation Limited (NSCCL). The board, which met today, suspended Dynasty Securities Limited, Ras Brokerage Private Limited, Lunar Holdings Limited, HM Desai Securities Limited and Ramakrishna Equity Fund Limited, an NSE release said.

Silver spurts
MUMBAI: Silver prices recovered sharply in the bullion market today on fresh industrial support andseasonal demand amidst reduced arrivals. Silver (.999 fineness) and tenderable silver were up by rs 105 each to rs.7620 and Rs 7625 respectively. Raw silver shot up by Rs 95 to Rs 7505. Standard gold improved by Rs 20 to Rs 4200 and 22-carat gold was nominally quoted up at Rs 3885 from previous close of Rs 3865. Ten-tola gold bar (.999 purity) added Rs 300 at Rs 49,300.