Bizbits

Oriental Cont

MUMBAI: Oriental Containers Ltd has earned a net profit of Rs 537.46 lakh for the year ended June 30, 1998 as against Rs 442.88 lakh which is higher by 21 per cent. The net profit has been arrived at after providing Rs 320.59 lakh Rs 302 lakh for depreciation, Rs 25 lakh Rs 58 lakh for taxation. However, the sales and other incomeare down by 7 per cent and are Rs 102.54 crore as against Rs 110.74 crore in the previous year. The board of directors has recommended a dividend of Rs 4 per share. The earning per share of the company is Rs 10.

German Remedies

MUMBAI: The state-of-the art pharmaceutical production plant of German Remedies Limited at Kundaim, Goa for products of Madaus AG was formally inaugurated recently. The plant, which is designed to meet the good manufacturing practices8217; as per US Food and Drug Administration and the latest European Union standards, was planned, erected and commissioned within a short period of 2-1/2 years.

Kvaerner order

MUMBAI: Kvaerner Cementation India Limited KC India 8211; formerly Trafalgar House Construction India Limited 8211; has bagged a contract to construct an in-take channel for Bhivpuri generating station for TEC at Khandi. The value of the contract is over Rs 9 crore. The scope of work includes constructing a gate shaft and the new in take tunnel, coffer dam, fabricationand erection of regulating gates and underwater excavation for deepening the channel.

Greaves tractor

MUMBAI: Greaves Limited, the Rs 700 crore Thapar group company, has launched a state-of-the-art 50 HP tractor, SAME Greaves 503, in Chandigarh. The SAME Greaves 503, will be manufactured in technical collaboration with SAME of Italy at the Greaves plant at Ranipet in Tamil Nadu. SAME is the second largest integrated manufacturer of agricultural machinery in Europe. SAME Greaves 503, is one of the most powerful tractors in its category with its world class features in quality and convenience. The unique features of SAME Greaves 503 include, a power packed reliable engine, fool-proof oil immersed sealed brakes, the first ever cooling system with no loss tank, a forceful hydraulic system, an independent PTO power take-off, advanced electrical system and suspended pedals for fatigue-free operation.

ICICI MF

MUMBAI: ICICI Premier, a close ended fund due for redemption in February 1999, hasbeen restructured into a balance fund and rolled over for another five years. The fund, which was initially launched as an equity fund, would now be restructured with a minimum of 60 per cent invested in debt and money market securities. The balance 40 per cent would be invested only in the equity of multinational companies MNCs, the rationale being that mncs offered quality business and financial management. The roll-over of the Rs 110 crore scheme has been approved by the SEBI.

Forex level dips 42 mn

MUMBAI: The country8217;s foreign-exchange reserves slipped by 42 million in the week to November 27. Foreign currency assets as on that date stood at 26.49 billion while total reserves were at 29.64 billion. During the fortnight ended November 20, bank credit fell by Rs 1,052 crore 0.3 per cent while deposits rose by Rs 1,657 crore 0.2 per cent. Banks8217; investments during the fortnight were up by Rs 753 crore 0.3 per cent.

IDBI, ING tie-up

MUMBAI: The Industrial Development Bank ofIndia has decided to enter into a joint venture with global banking and insurance major ING group of Holland for the insurance business. ING and IDBI are expected to sign a memorandum of understanding soon, government sources said. ING operates in 30 countries and has assets worth 310 billion Rs 13,00,000 crore.

Its revenue earnings stand at 23 billion with net income of 1.5 billion. ING has representative office in India. IDBI, the country8217;s largest financial institution with loans and advances in excess of Rs 37,000 crore, was in talks with five global insurance companies.

Industry protest

MUMBAI: Two major industries associations of Maharashtra have strongly protested against the recent power tariff hike by the Maharashtra State Electricity Board MSEB.

The Thane Belapur Industries Association TBIA and Patalganga amp; Rasayani Industries8217; Association PRIA have given a call to observe quot;black outquot; on the opening day of winter session of Maharashtra State Legislature beginning December14.