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IOC net rises 30 per centNEW DELHI: Indian Oil Corporation IOC today reported a 30 per cent rise in net profit during 1998-99 to Rs 221...

IOC net rises 30 per cent

NEW DELHI: Indian Oil Corporation IOC today reported a 30 per cent rise in net profit during 1998-99 to Rs 2214 crore as compared to the previous year8217;s figure of Rs 1706 crore. The sales turnover of the company rose by 17 per cent to Rs 69,430 crore from the 1997-98 figure of 59,176 crore, IOC chairman MA Pathan told newspersons here. The board of directors have recommended a dividend of 130 per cent from the last year8217;s 50 per cent dividend. Pathan said the company would incur Rs 506 crore on account of the dividend pay-out as compared to Rs 195 crore during the previous year. The earnings per share EPS of IOC went up to Rs 56.85, an increase of 30 per cent from the previous year. IOC sold 46.2 million tonnes of petroleum products in 1998-99, higher by 6.5 per cent from the previous year8217;s figure of 43.4 million tonnes.

Usha Intl pays 50 per cent dividend

MUMBAI: Usha International, a Siddharth Shriram group company, has reported a 50 per cent growth innet profit to Rs 5.4 crore for the year ended March 1999. The board of directors of the company that met here declared dividend of Rs 5 per share for the year. The sales turnover of the company including orders booked on principals was up at 13 per cent at Rs 390 crore during the year. Net sales after excluding the sales by principals against orders booked by the company was Rs 276.31 crore. The corresponding figure for the previous year was Rs 234.90 crore.

Indusind Bank net profit dips 60 pc

MUMBAI: Indusind Bank has reported a 59.61 per cent dip in net profit at Rs 36.80 crore for the year ended march 1999, but declared a dividend of 12.5 per cent. The net profit has dwindled from Rs 91.12 crore on account of provisions relating to the previous year amounting to Rs 27.08 crore and due to fall in profit from sale of investment to Rs 3.03 crore from Rs 84.93 crore in the previous year. The bank8217;s deposits increased by 17.44 per cent to reach Rs 5,018.42 crore. While savings deposits have grownby over 100 per cent to Rs 94 crore from Rs 44 crore, current account balances increased by 64 per cent to Rs 560 crore from Rs 342 crore a year ago, it said. Advances increased by 8.63 per cent to reach Rs 2662.27 crore.