Bizbits

The financial results of the two years were not comparable as the synthetic yarn division that contributed to turnover and profits for 1996-97 had since been hived off, the statement said.

IVP fares well
MUMBAI: IVP Ltd has achieved sales of Rs 139 crore during the quarter ended June 1998 compared to Rs 65 crore for the same period last year, an improvement of 113 per cent.

The company has earned a gross profit of Rs 4.78 crore against Rs 3.22 crore and a net profit of Rs 2.93 crore against Rs 1.94 crore same priod last year.

Hindustan Inks
MUMBAI: Hindustan Inks amp; Resins has recorded an impressive 120 per cent rise in the net profitin the first quarter ended June 1998 to Rs 4.39 crore from Rs 1.99 crore in the corresponding period of the previous year.

The net sales have registered further growth of 49.67 to Rs 34.23 crore Rs 18.77 crore. The earnings per share on annualised basis works out to Rs 38.17.

Sail plans
NEW DELHI: Steel Authority of India Ltd SAIL is contemplating hiving off its non-essential and non-core activities as part of its turnaround strategy, company sources said.

When contacted steel secretary A K Basu refused to give details of the move but said SAIL was looking at various options under which non-performing assets and non-essential activities of the corporation may either be hived off or closed or reduced.

It might hive off its 700 mw captive power plant and oxygen plants in a bid to concentrate only on core activities.