Bizbits

Indian Rayon sales upMUMBAI: Indian Rayon, an Aditya Birla group company, has posted a higher turnover of Rs 443.89 crore and a net profi...

Indian Rayon sales up

MUMBAI: Indian Rayon, an Aditya Birla group company, has posted a higher turnover of Rs 443.89 crore and a net profit Rs 45.46 crore for the first quarter. The marginal increase has been achieved even as the grey cement, carbon black and textiles sectors continue to be depresssed on account of slowdown in the indian economy. According to a company release, the sea water magnesia plant, which went on stream in february last, led to higher interest cost of Rs 32.55 crore and depreciation Rs 26.53 crore with cost and time overruns escalating.

Advertising

MUMBAI: The India Chapter of the International Advertising Association will be bringing out the first volume of a Showcase of India Advertisingquot; by December 98. This will be a selection of the finest Indian advertising created during the period April 1995 to March 1998. Printed in Hong Kong, the publication will match the best in the world in content and production values. The entries will be selected by a high poweredpanel led by K Kurian and classified according to product category media in order to be ready reference manual.

CIDCO

MUMBAI: City amp; Industrial Development Corporation of Maharashtra Ltd CIDCO has introduced a new scheme Man Pasandquot; for waiting list applicants under Demand Registration Scheme DRS-1987 for houses in Navi Mumbai. This scheme will be implemented on first-come-first served basis, wherein the applicants were permitted to select their houses as per thier choice. Under DRS scheme, CIDCO has constructed 25,000 houses of various sizes and allotted them by drawing of lots. However, allottees were not happy with allotment of houses by lottery system since they did not always get a house of their choice.

Aarti Industries

MUMBAI: Aarti Industries has recorded a gross profit before extra ordinary loss of Rs 21.05 crore during the year ended March 1998 against Rs 19.61 crore and net profit of Rs 14.89 crore against Rs 13.99 crore. The company has recommended a dividend of 25 percent, resulting in an outgo Rs 2.7 crore against 22 per cent last year. The turnover amounted to Rs 203.39 crore Rs 170.67 crore.

Adventure Club

MUMBAI: ADventure Holidays Club, a holiday scheme that offeres up to fifteen annual vacations and on maturity, a full refund of the money invested was launched here by Adventure Country Resorts Ltd. The club will offer its members a choice of at least 25 hotels each year for their vacations and also offers to make all travel arrangement required.

AIAI chief

MUMBAI: The Finance Bill for 1998-99 which was passed on Friday will generate investor confidence as various tax proposals which will now become the Act will give the much needed thrust to the Indian economy, said Vijay G Kalantri, President, All India Association of Industries AIAI.

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AIAI welcomed withdrawal of controversial proposals like gift tax, quoting and making obligatory of PAN, restortion of the NOR tax benefit, withdrawal of excise duties on certain consumer goods and fooditems and also withdrawal of limited modvat credit to 95 per cent. He said these measures will give the much-needed imputus to the indudstrial growth.

Kalyani Steel

MUMBAI: Kalyani Steel Ltd KSL, the speciality steels manufacturing company of the Rs 1600 crore Kalyani group, announced that it had reached understanding with Carpenter Technology Corporation, USA to set up a new joint venture company, Kalyani Carpenter Special Steels Ltd.

Ficci-IBA

MUMBAI: The Indian Bank Association IBA has decided to set up a working group with Federation of Indian Chamber of Commerce and Industry FICCI to discuss the various problems faced by the two entities and find workable solutions. In a round table with the members of FICCI and bankers, IBA chairman A T Pannir Selvam said members of the industrial community could approach the IBA directly with their problems relating to the banking issues instead of first going to the RBI. The matter could later be pursued with the RBI or the government, hesaid.

Pannir Selvam also said that a new operations manual was in the offing for the banking sector which would be void of certain action quot;now conceived as a crimequot;. The proposed new manual would take alteast three years to percolate and change the mindset, he added.

UVI travel

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MUMBAI: UVI, one of the India8217;s top notch travel and tour companies, has completed 12 years in the travel trade. Started as the brainchild of Wilson Peter Fernandez, UVI today boasts of 13 offices throughout India and five overseas marketing offices. The company contributes forex to the country and services 40,000 tourists annually.

IT World8217;98

MUMBAI: It World8217;98, an information technololgy event, is scheduled to be held between December 2-5, 1998 at Pragati Maidan, New Delhi. An ideal marketplace for IT resellers and corporate and government decision-makers, the event will witnesse more than 400 exbibitors and over 60,000 business visitors coming from all over the world.

Zespri Intl

MUMBAI: ZespriInternational Ltd, New Zealand, and Yuppa International, India, have announced the tie-up for the import, distribution and sale of Zespri kiwifruit from New Zealand in the Indian market. Zespri, a leading company focussing on the international market for kiwifruit, will ship the kiwifruit to India while Yuppa International, specialising in agro-products business since 1979, will market it. This will be done through upmarket clubs, five star hotels, restaurants, super markets and fruit vendors.

However, the cost of kiwifruit at Rs 200 to Rs 250 per kg will keep this fruit away from the common man.

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The joint venture is also planning to produce this unique fruit in a few locations like Himachal Pradesh in India with the intention of exporting it to the international market. Zespri International is anticipating a market of Rs 1 crore to Rs 6 crore in the first few years of marketing.

VVF Ltd

MUMBAI: ThE 60-year old manufacturer and export house, VVF Ltd has launched its maiden consumer product8220;Doy8221; sops for children. Doy is a range of fun shaped soaps that offer gentle protection to the child. The soaps made in the shape of animals like lion, elephant and duck are targetted at the Rs 180 crore children soap market in India. The product is launched with the technical support of US-based Transmarco Inc. VVF, engaged in manufacturing soaps for leading companies, is planning to diversify into a number of other personal care products.

Samsung India

MUMBAI: Samsung India Electronics Ltd, a leading provider of high tech consumer electronic products in the country is enhancing its existing product range by introducing a host of white goods products: air-conditioners, direct cool refrigerators, washing machines and new microwave oven model. Samsung is launching two model of state-of-the art ACs in the 1.5 tonne category both in the window and the split AC type.The company is introducing two direct cool models in the 190 litre and 230 litre capacity range of an OEM basis to supplement theexisting frost-free over 300 litre refrigerator range.It has invested Rs one crore towards preparing the design and moulds for those two models, according to B M Park, Managing Dirctor, Sumsung India.

Samsung is also strenghenning its washing machine range by inroducing two new modesl in the 5.5 kg and 6 kg capacity segement. A 20 litre value for money8217; combi grill microwave oven model priced at Rs 12,990 is also being introduced to enhance the existing microwave oven model line-up comprising of 20 litre, 26 litre and 34 litre microwave oven models prices in the rage of Rs 10,800 to Rs 27,900.