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Journalism of Courage
SIL told to pay Indal investors
MUMBAI: The Securities and Exchange Board of India today directed the Sterlite Industries India Ltd SIL and Eastern Galvanising Private Ltd EGPL acquirers to pay Rs 221 per share to Indian Aluminium Company Ltd Indal shareholders who have accepted the offer and tendered the shares up to June 2, 1998.
The merchant bankers of the acquirers shall then proceed to realise the securities lying in the escrow account and make payment of consideration and interest amount to Indal shareholders who had accepted the offer of the acquirers,the regulator said. Both SIL and EGPL had made a public offer for acquisition of Indal shares in February which was subsequently revised in May to acquire 52.03 per cent at a price of Rs 21, payable at Rs 131 in cash and Rs 90 in the form of issue of Optionally Convertible Redeemable Preference Shares OCPS.
BPL pays 25 interim dividend
BANGALORE: BPL Ltd has announced a 25 per cent interim dividend after recording a 23.83 per cent growth in its net profit during the first six months of the current financial year.
The company8217;s net profit increased to Rs 41.12 crore from Rs 33.26 crore reported during the corresponding period last fiscal. This has been mainly due to its sales in colour televisions in the domestic market. Net sales of the company rose to Rs 914.01 crore from Rs 784.31 crore during the period under review. However, the company8217;s other income has come down to Rs 70 lakh from Rs 1.27 crore. Gross profit after interest but before depreciation and taxation of BPL stands at Rs 55.38crore Rs 47.86 crore during the first half ended September 30, 1998.
The company has also made a provision for taxation of Rs 5 crore Rs 8 crore during the period.
LIC Housing Fin
MUMBAI: The LIC Housing Finance has recorded almost 17 per cent jump in its net profit to Rs 36.81 crore during first half of 1998-99 against Rs 31.41 crore in the previous corresponding period.
During the first half year of the current fiscal the company has shown around 15 per cent in the profit before tax which increased to Rs 48.36 crore from Rs 42.06 crore of the corresponding period last year.
The company8217;s income net of interest tax was Rs 257.74 crore as against Rs 221.33 crore of the previous period.
The growth in individual loan sanctions and disbursements is 32.73 per cent and 26.62 per cent respectively.
BOB results
Bank of Baroda has said that it has not yet finalised its half-yearly accounts for the fiscal 1999. The results will be taken on record by the bank8217;s board of directors onOctober 30, the bank said in a statement reacting to an UNI news feed published in these columns yesterday.
ICI India net up 53
NEW DELHI: Paint major, ICI India Ltd, has registered a 53 per cent rise in its net profits to Rs 34.3 crore in the first half of the current fiscal as against Rs 22.4 crore during the same period last year. The operational profits of the company grew by seven per cent at Rs 54.4 crore while its income from operations during the period was at Rs 429 crore.
Ipca Lab pays 25 interim
MUMBAI: Ipca Laboratories has declared an interim dividend of 25 per cent for 1998-99. During the half year ended September 1998, the total income has gone up by 16.5 per cent to Rs 170.11 crore against Rs 146.06 crore same period last year. It has earned a gross profit of Rs 17.65 crore Rs 15.85 crore and a net profit of Rs 10.75 crore Rs 12.55 crore.
Camlin H1 net Rs 2.22 cr
MUMBAI: Camlin Ltd has recorded a net sales of Rs 76.54 crore for the first half year endedSeptember 1998. It has earned a gross profit of Rs 3.39 crore against Rs 3.58 crore same period last year. The net profit amounted to Rs 2.22 crore.
