Bizbits

Bourses, commodity markets closed

MUMBAI: The Bombay Stock Exchange BSE, the National Stock Exchange NSE, the foreign exchange and call money markets and commodity markets like cotton, oilseeds, metals will remain officially closed on Wednesday on account of quot;Ramzan idquot;. However, bullion, sugar and spices markets will remain open asusual.

Nicholas Piramal profits rise 11 pc

MUMBAI: Nicholas Piramal India Ltd NPIL has registered an 11 per cent increase in net profits at Rs 9.16 crore for the third quarter ended December 31, 1998 as compared with Rs 8.27 crore registered by the pharmaceuticals division in the corresponding period of the previous year. Sales for the period rose 10 per cent to Rs 101.9 crore.

However, since the company had spun off its flaconnage and bulk drugs divisions into separate subsidiaries with effect from April 1, 1998, the results are not strictly comparable. For the first nine months of the year sales rose by 15 per cent to touch Rs 313.70 crore and profits increased by 17 per cent to touch Rs 30.03 crore.

Other income for the third quarter ended December 31, 1998 post-spin off was Rs 70 lakh while depreciation and interest were Rs 2.62 crore and Rs 2.47 crore respectively.