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Journalism of Courage
Tractebel rejects Jindal offer
MUMBAI: Belgian utilities firm Tractebel has rejected a proposal by Jindal Vijayanagar Steel Ltd to sell its 50 per cent stake in their 50:50 joint venture 8211; Jindal Tractebel Power 8211; to the Indian partners. The foreign company has cited insufficient offer8217; by the Indian company to buy their stake. Jindal Vijayanagar had offered to buy the stake of the company at a rate of Belgium Franc 11.66 per share. The company 8211; Jindal Tractebel 8211; operates two power stations in south India. The Belgian company had invested over BEF 1.2 billion in the project and both partners were pulling on well with each other.
50 dividend, 1:2 bonus from Clariant
MUMBAI: Clariant India has hiked the dividend to 50 per cent for the year ended March 1999 from 40 per cent and announced the issue of 1:2 bonus shares following a 37 per cent rise in its net profit. The net profit rose to Rs 15.2 crore Rs 11.1 crore on a turnover of Rs 235.2 crore against Rs 204.7 crore. Exports hadgone up by 16 per cent to Rs 76.4 crore, the release said adding that while all business units maintained positive growth, textile chemicals contributed significantly to domestic sales alongwith paper and leather units. The EPS had increased by 37 per cent to Rs 19.1 crore.
Blue Dart posts Rs 19 crore profit
MUMBAI: Blue Dart has shown a turnaround in its performance for the year ended March 1999 to record an operating profit of Rs 19.12 crore against Rs 6.26 crore of the previous year and profit before taxation of Rs 7.01 crore against a loss of Rs 4.24 crore last year. The net sales/income from operations amounted to Rs 168.67 crore.
Ind Hotels net down, retains dividend
MUMBAI: Tata group8217;s Indian Hotels Company Ltd has posted a lower net profit of 13.64 per cent at Rs 119.14 crore for the year ended March 1999, but retained the dividend at 85 per cent level. Sales and other operating income of the company also decreased marginally to Rs 589.30 crore from Rs 595.65crore.
Balarampur Chini recommends 55 pc
CALCUTTA: Balarampur Chini Mills, the largest producer of sugar in the country under one unit, posted a net profit of Rs 43.04 crore in 1998-99 against Rs 42.96 crore in the previous fiscal. It paid a dividend of 55 per cent for the year. The board has approved the proposal for merger of Tulsipur Sugar, a subsidiary, with the company .
