Bizbits

Launching the scheme in Mumbai, K R Ramamoorthy, chairman and CEO of the bank, said that the account provides for a Rs 3 lakh insurance cover to the accountholder at a nominal fee of Rs 100 for a period of three years. Under the scheme, a customer has to keep a minimum balance of Rs 1,000 and the scheme features interest rates as applicable to the savings bank deposits apart from extending remittance facility at a concessional rate by the bank.

MRPL net profit at Rs 2.74 cr

MUMBAI: Mangalore Refinery amp; Petrochemicals MRPL has reported a net profit of Rs 2.74 crore for the third quarter of the current financial and Rs 20.94 crore for the nine month period ending December 31, 1998. Net sales totalled Rs 662.43 crore forthe quarter and Rs 1,860.99 crore for the entire period. A press release issued by the company states that profitability was affected due to high interest and depreciation charges Rs 102.51 crore and Rs 33.86 crore for the quarter and Rs 305.64 crore and Rs 101.10 crore for the nine months. During the quarter, MRPL processed 9.54 lakh tonnes of crude and despatched 9.11 lakh tonnes of finished products.

Hindalco profits rise by 12

MUMBAI: Aditya Birla group company Hindalco has achieved a 12 per cent rise in net profit to Rs 151 crore during the third quarter ended December 31, 1998 despite drop in demand for aluminium in global as well as domestic markets. Operating profit moved up by 16.2 per cent to Rs 201 crore from Rs 173 crore. Net sales has gone up by 18.6 per cent to Rs 433 crore from Rs 365 crore reflecting an increase in volumes and better realisations. Gross profit rose to Rs 216 crore from Rs 179 crore, said a Hindalco press release. Net profit for the nine-month period endedDecember 31, 1998 was at Rs 424 crore, an increase of 16.2 per cent over the same period last year. Sales during the period grew by 21.9 per cent to Rs 1296 crore.