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Ceat net profit rises 22 pcMUMBAI: Tyre firm Ceat Ltd has registered a 22.33 per cent increase in its net profit to Rs 16.82 crore for th...

Ceat net profit rises 22 pc

MUMBAI: Tyre firm Ceat Ltd has registered a 22.33 per cent increase in its net profit to Rs 16.82 crore for the financial year 1998-99 and maintained the dividend at 20 per cent. The RPG group company reported a marginal rise in turnover to Rs 1,166 crore for the year 1998-99 from Rs 1,149 crore in the previous year. The company8217;s results have been impacted by the recession in the automobile sector as well as the slowdown in exports. The company said an improvement in product quality backed by an aggressive marketing strategy which saw Ceat8217;s share in the replacement market increased by 8.

Centurion Bank offers floating rates

MUMBAI: Centurion Bank has become the first bank to launch floating term deposit rate linked to the bank rate which will become effective from May 25, 1999. The maturity period of these deposits will range from 31 days to 180 days. For amount below Rs 15 lakh, for a maturity slab of 31-45 days, the bank will offer the bank rate which iscurrently 8 per cent, for a period between 46-60 days, the bank will offer 0.25 per cent above the bank rate 8.25 per cent, for a maturity slab of 61-90 days, the bank will offer 0.50 per cent 8.50 per cent above the bank rate and for 91-180 days, the rate will be 1.25 per cent 9.25 per cent above the bank rate.

Vanavil Dyes net profit rises 65

MUMBAI: Colour-Chem subsidiary Vanavil Dyes and Chemicals has reported a 65 per cent increase in its net profit to Rs 5.65 crore during 1998-99. Its sales have increased by 9.6 per cent to Rs 69.26 crore. The company has declared a dividend of 40 per cent.

Sebi suspends two stock brokers

MUMBAI: Sebi has suspended two stock brokers Yogendra Sharma of Uttar Pradesh Stock Exchange and Bharti Sharma of Magadh Stock Exchange for not complying with its guidelines. Yogendra Sharma has been suspended for six months with effect from June one and will not be allowed to carry on the business of a stock broker. The suspension is for indulging incarry forward transactions, misuse of debit note facility, not reporting principal to principal transactions, spot transactions with members of other exchanges and non-segregation of clients8217; funds from owned funds. In the case of Bharti Sharma, the suspension is for six months with effect from May 27 or till the broker comes forward before SEBI for the inspection of its books of accounts, whichever is later. The regulator also cancelled the registration of AK Ahilan, member of the Cochin Stock Exchange CSE, with immediate effect following an enquiry into violations observed during the inspection of books of account. Ahmedabad Stock Exchange member Interface Brokerage and Research Ltd, has been warned by SEBI for not maintaining margin deposit book and contract notes not bearing pre-printed serial numbers.