Sterlite net profit up 18%MUMBAI: Sterlite Industries has announced an 18 per cent rise in net profit to Rs 83.26 crore for the first six months ended December 1997 from Rs 70.53 in the same period last year. The company's cash profit for the period rose 16.4 per cent from Rs 81.99 crore to Rs 95.44 crorer. Turnover at Rs 625.58 crore was up by a whopping 47 per cent over the first half of 1996-97 (Rs 426.74 crore). Sterlite, with a net turnover of Rs 1071.44 crore during 1996-97, has projected a sales turnover of Rs 1,400 crore in the current fiscal.The company has provided for higher depreciation in the first half at Rs 12.18 crore (Rs 11.46 crore). The company's other income has declined to Rs 14.06 crore from Rs 15.36 crore in the corresponding period last year. The company claims higher sales was driven by volumes growth in its cables and optical-fibre businesses. A company release says sales of jelly-filled telecom cables have increased by 118 per cent and that of optical fibre by 27per cent.Glaxo plans hostile bid for SmithklineLONDON: In a last ditch attempt to rescue its dream of forming world's largest pharmaceutical company, Glaxo Wellcome is considering launching a hostile bid for Smithkline Beecham, The Independent reported today. After friendly merger talks between the two British drugs giants broke down early this week, Glaxo Wellcome is exploring the ideas of putting forward the same terms as the original merger, whereby it would take a 59.5 per cent stake in the combined group, the broadsheet said. The company is understood to be planning to test the idea with some of its largest institutional shareholders, who were furious when the deal fell through because of a clash over the future of top management posts. Glaxo has ruled out launching a hostile bid at a significant premium to SmithKline's current share price, because any such deal could wipe out the potential cost savings of a merger, the British paper said.
