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Journalism of Courage
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This is an archive article published on June 25, 1999
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Rupee falls against dollarMUMBAI: The Indian rupee weakened further by around seven paise against the American dollar at the forex market...
Rupee falls against dollar
MUMBAI: The Indian rupee weakened further by around seven paise against the American dollar at the forex market here today. The rupee opened lower at 43.29/32 and touched the day8217;s low level of 43.33 in the morning due to the Indo-Pak border tension and the dollar buying spree from local corporates. The rupee closed at 43.32, showing a net loss of seven paise against the previous close of 43.25. The Indian currency slid by 18 paise in the last four days. The rupee encountered severe pressure in early trade due to renewed fears that the border crisis may spark an all-out war with Pakistan.
Parke-Davis net profit dips marginally
MUMBAI: Parke-Davis has reported a net profit of Rs 6.93 crore for the financial year 1998-99, marginally lower than last year8217;s profit of Rs 7.08 crore. The sales turnover amounted to Rs 179.29 crore from Rs 174 crore. The company has declared a dividend of 50 per cent for the year. This year8217;s net profit has been impacted by voluntaryretirement and compensation payments of Rs 5.9 crore as against Rs 2.3 crore charged to profits last year. The gross profit after interest but before depreciation and taxation increased to Rs 20.42 crore from Rs 16.74 crore.
Akshay Software MoU with UK firm
MUMBAI: Akshay Software Technologies has signed an MOU for software development with Easyspace Ltd, one of the fastest growing internet companies in the UK. This gives the Mumbai-based software firm a major breakthrough in the internet technology arena.
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