Bizbits

India's FCA up 42 mnMUMBAI: India's foreign currency assets FCA increased by 42 million to 26,645 million, during the week ended Oct...

India8217;s FCA up 42 mn

MUMBAI: India8217;s foreign currency assets FCA increased by 42 million to 26,645 million, during the week ended October 23, 1998. The total foreign exchange reserves as on October 23 stood at 29,664 million, which was 277 million higher than the end-March 1998 level, according to RBI8217;s weekly statistical supplement.

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

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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 bank8217;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 bank8217;s total business stands at Rs 21,400 crore.

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The bank8217;s NPA currently stands at 4.5 per cent and its capital adequacy stands at 15.28 per cent. The bank8217;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.

GTB8217;s net dips

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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 8211; 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.