Bizbits

Tata Investment

MUMBAI: The directors of Tata Investment Corporation have recommended a dividend of 45 per cent for the year ended March 1998 previous year 35 per cent plus 10 per cent diamond Jubilee dividend. Total income amounted to Rs 27.16 crore Rs 28.35 crore and earned a gross profit of Rs 21.75 crore Rs 24.53 crore. The net profit amounted to Rs 20.05 crore against Rs 19.81 crore.

Grasim Ind

MUMBAI: Grasim Industries, an Aditya Birla Group company, has raised Rs 150 crore issue size Rs 100 crore with a green shoe option of Rs 50 crore by way ofnon-convertible debentures for a tenure of five years, through private placement. The issue closed on the first closing date on June 22. The issue carried a coupon rate of 13.50 per cent.

Kinetic Engg

MUMBAI: The directors of Kinetic Engineering have recommended a dividend of 40 per cent for the year ended March 1998. The turnover amounted to Rs 243.5 crore Rs 219.1 crore, gross profit upto Rs 27.4 crore Rs 24.8 crore and profit before tax up to Rs 17.06 crore Rs 15.73 crore.

Mukand dividend

MUMBAI: The directors of Mukand Ltd have cut the dividend to 12.5 per cent for the year ended March 1998 from 25 per cent paid last year, absorbing Rs 3.96 crore Rs 7.55 crore. The company8217;s net profit has dropped to Rs 9.08 crore from Rs 14.07 crore last year. The net sales and other receipts for the year amounted to Rs 898.57 crore against Rs 896 crore last year but the gross profit declined to Rs 28.48 crore from Rs 36.36 crore last year.