Bizbits

Central government reduced its access to ways and means advances from RBI by Rs 4,840 crore to Rs 2,047 crore during the week ended October 16. Loans and advances from RBI to scheduled commercial banks increased by Rs 2,059 crore to Rs 5,636 crore during the same period. Increase in bank credit to the commercial sector was Rs 6,972 crore since end-March 1998 till October 9, taking the total to Rs 3,18,585 crore.

Kerb prices up

MUMBAI: The buy-back ordinance once again helped prop up the drooping sentiments of the market players. Reflecting the change in mood, pivotals gradually out of the bear phase towards the northward direction at the kerbmarkets.

Leading the team was ITC which was traded at Rs 701 at 8.10 pm, against Rs 698 at 7.45 pm and Rs 695 at 12.30 pm.

Similarly, SBI was traded at Rs 157.50 against Rs 154.50 registered at 12.30 pm. Reliance was traded at Rs 111.50 against the price of Rs 109.50 quoted at noon and Satyam Computers was also quoted at a premium of Rs 5 against the mid day prices of Rs 599.

BSES fares well in H1

MUMBAI: BSES has recorded a higher turnover of Rs 1149.14 crore (Rs 1012.11 crore) during the six month period ended September 1998. It has earned a higher gross profit of Rs 233.47 crore (Rs 190.96 crore) and a net profit of Rs 111.73 crore (Rs 92.92 crore) during the period. The company has paid demand charges for standby and additional energy charges of Rs 21 crore to Tata Electric Companies as against nil for previous half year.

Godrej Soaps

MUMBAI: Godrej Soaps has suffered a net loss of Rs 7.72 crore during the half year ended September 1998 against a net profit of Rs 24.29 crore inthe corresponding period of the previous year, mainly higher total expenditure of Rs 389.8 crore (Rs 337.94 crore). Income from operations amounted to Rs 424.78 crore (Rs 401.19 crore), and earned a small gross profit of Rs 3.01 crore (Rs 36.94 crore).

Castrol dividend

MUMBAI: Castrol has recommended a second interim dividend of Rs 7 per share making a cumulative interim dividend of Rs 13 per share for 1998. During the nine months of 1998 sales at Rs 764.54 crore (Rs 721.60 crore) were six per cent ahead of 1997 and net profit at Rs 126.72 crore (Rs 117.63 crore), 7.7 per cent ahead.

OBC net up 27%

MUMBAI: The Oriental Bank of Commerce has announced a 27.7 per cent jump in its operating profit for the first half of 1998-99 at Rs 205 crore as compared to Rs 160.52 crore recorded in the same period of last fiscal.

The bank’s deposits during the six-month period grew to Rs 14,534 crore, up from Rs 11,000 crore in the first half of 1997-98. And advances have touched Rs 6,905 crore up fromRs 5,081 crore. The bank’s total business stands at Rs 21,400 crore.

The bank’s NPA currently stands at 4.5 per cent and its capital adequacy stands at 15.28 per cent. The bank’s capital and reserves stand at Rs 1,082.48 crore, up from Rs 941.39 crore at the end of March 1998.

Aptech

MUMBAI: The revenue of Aptech has gone up from Rs 65.27 crore to Rs 92.22 crore during the third quarter ended September 1998. The profit after tax has gone up from Rs 6.70 croe to Rs 9.34 crore.

Advani-Oerlikon

MUMBAI: Advani-Oerlikon has reported a growth in income by 10 per cent for half year ended September 1998. The gross profit amounted to Rs 8.14 crore (Rs 7.48 crore) on a total income of Rs 104.37 crore (Rs 95.01 crore).

It has earned slightly lower net profit of Rs 3.29 crore (Rs 3.40 crore).

GTB’s net dips

HYDERABAD: Total income of Global Trust Bank (GTB) for the first six months of the current financial year was Rs 298 crore as against Rs 238 crore in the corresponding period lastyear, representing a growth of 25 per cent. Of this, interest income was Rs 232.80 crore (Rs 179.52 crore last year), a growth of 30 per cent.

Other income stood at Rs 65.40 crore (Rs 59.27 crore), a growth of 10 per cent. Interest expenses stood at Rs 214.36 crore as against Rs 143. 99 crore during the period last year.

Oman Air-Wings

MUMBAI: Oman Air – wings of Oman, and ATR of French/Italian company, manufacturers of aircraft, have entered into a purchase agreement for two firm and four option STR 42-500 the delivery of which will commence in December 1998. Oman Air will be the first airline in this region to introduce ATR 42-500 aircraft which will be used for domestic and regional operations. The value of ATR 42-500 aircraft contract amounts to $ 90 million.