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Journalism of Courage
IOC seeks forex dealership
NEW DELHI: Indian Oil Corporation IOC, which is diversifying into related businesses like petrochemicals and power generation, is now making a foray into foreign-exchange dealership. The company has sought the Reserve Bank of India8217;s RBI8217;s permission to enter into this area. It is in touch with consultants who could lend expertise in foreign-exchange dealing. The foreign-exchange desk of the corporate finance division of IOC will soon become a full-fledged unit capable of buying and selling the 9 billion of forex the company transacts every year. Indian OIl8217;s multi-million dollar forex dealings are now conducted by State Bank of India. Sources say the oil giant8217;s forex division may later begin soliciting business from other corporate houses. Initially, the in-house dealer will buy and sell currency exclusively for Indian Oil. IOC brass said that the forex division would not venture into speculative deals. The diversification into an apparently unrelated business ispart of the mega corporation8217;s efforts to maximise profits from 8220;every link in the value chain8221;, which suggests the company plans to save commissions.
Lupin Chemicals
MUMBAI: Lupin Chemicals has registered a 35 per cent jump in net profit to Rs 3.41 crore during the first quarter ended October 30, 1998, compared with Rs 2.53 crore in the corresponding period last year. Lupin Chemicals is the country8217;s largest manufacturer of rifampicin, an anti-TB drug. The company8217;s operating profit before interest, depreciation and tax has risen 31 per cent to Rs 8.54 crore from Rs 6.52 crore. Depreciation for the period was Rs 1.18 crore, although the company has not made any provision for taxation. This proviso, if any, including minimum alternate tax will be determined and provided for at the end of the fiscal.
