Bizbits

IOC to net over Rs 2,100 crNEW DELHI: Indian Oil Corporation IOC is expecting to post a net profit of more than Rs 2,100 crore in the c...

IOC to net over Rs 2,100 cr

NEW DELHI: Indian Oil Corporation IOC is expecting to post a net profit of more than Rs 2,100 crore in the current financial year, up from Rs 1,706 crore recorded during 1997-98. IOC chairman M A Pathan said that apart from dismantling of the Administered Price Mechanism APM, the decision of the company to reduce costs through energy saving exercises was beginning to yield results in the form of better financial performance.

He said that IOC has already being able to show better results by posting 105 per cent increase in net profit during the first quarter of the current financial year. Pathan further added that IOC had passed on as much as Rs 550 crore to the consumers on account of subdued crude prices in the international market. During the Ninth Plan, he said, IOC had identified investments worth Rs 25,000 crore and projects worth Rs 9,500 were currently in hand. Projects worth Rs 5,500 crore, he said, were like to be completed during the current year. Theseinclude Panipat refinery, Haldia-Barauni pipeline and various other upgradation works at different refineries.

Meet on brand management

MUMBAI: The Mumbai branch of the Alumni Association of the National Council of Education, Bengal Jadavpur University will be organising a day long seminar on strategic brand management at Hotel Centaur, Santacruz, Mumbai, on September 20. Ashok Ganguly, former chairman of Hindustan Lever, Sanjay Aga, MD of Blow Plast, and other corporate captains will address the seminar.

Crisil downgrades Goetze rating

MUMBAI: Crisil has downgraded the fixed deposit rating of Goetze India Limited GIL from quot;FAAquot; to quot;FAquot;. The rating reflects deterioration in the overall risk profile of the escorts group company on account of increasingly difficult business environment, characterised by sluggish growth in end user industries and increased competitive pressures, Crisil said in a release today. The agency said the downgrading was also due to sharp decline in turnoverand profits and increased funding requirement in the current year.