Bizbits

BOC India posts lossCALCUTTA: BOC India Ltd has posted a net loss of Rs 11.22 crore in the second quarter to March 31, 1999. The loss was...

BOC India posts loss

CALCUTTA: BOC India Ltd has posted a net loss of Rs 11.22 crore in the second quarter to March 31, 1999. The loss was largely caused by the heavy interest and depreciation costs of over Rs 12 crore, nearly Rs 8 crore of which was accounted for by investments in the Jamshedpur tonnage plant. The company had reported a net profit of Rs 1.30 crore in the corresponding quarter of 1997-98.

Sales was stagnant at Rs 64.12 crore as against Rs 64.20 crore in the corresponding quarter of 1997-98. Interest costs were higher by over 200 per cent at Rs 6.36 crore while depreciation charges increased by over 100 per cent to Rs 5.75 crore in the quarter to March 31, 1999.

Pepper prices

KOCHI: Pepper trade in the country is in for a shakeout following drastic fall in prices and delivery default by exporters, besides the Forward Markets Commission to denial to open July and August contracts by the Indian Pepper and Spices Trade Association IPSTA. Prominent players in the peppertrade feel that the crisis like situation could have averted if the trade was routed through the ailing International Commodity Exchange ICE, the only international futures trade exchange in pepper. Cash prices of spot Pepper shed over Rs 1,200 per quintal to hit the seven year low of Rs 17,400 per quintal on Friday following distress sale by growers.

OPEC cuts output

LONDON: The Organisation of Petroleum Exporting Countries OPEC had cut oil production by 1.35 million barrels per day BPD in April after agreeing to new limits that took effect at the start of the month, preliminary data from consultants shows.

OPEC sliced April output to 26.39 million BPD from a revised 27.74 million BPD in March, according to the consultants8217; estimates covering cartel supply until April 27. The 10 members of the cartel involved in a supply reduction agreement hammered out in Vienna last month chopped output by a larger 1.46 million BPD, the estimates suggest. That reduction translates into an aggressive 81percentage of compliance with the total pledged output cuts made by the 10 in a series of price rescue attempts made since early last year.

Sardar Sarovar

MUMBAI: Sardar Sarovar Narmada Nigam, which had entered the capital market on March 22 by privately placing twin bonds worth Rs 200 crore, has mopped up Rs 663 crore till Friday. The bonds had a greenshoe option of Rs 500 crore. The issue closes on May 10. The company collected Rs 200 crore within 13 days.