Bizbits

HOCL posts profit in first quarter

MUMBAI: Hindustan Organic Chemicals Ltd HOCL has earned a net profit of Rs 1.13 crore during the quarter ended June 1999 against a net loss of Rs 8.49 crore during the previous corresponding period. The company earned Rs 89.13 crore as net income from operations during the period against Rs 87.03 crore in the same period of last year.

Raymond donates to Kargil fund

MUMBAI: GautamHar Singhania, managing director, Raymond Ltd, presented a cheque of Rs 40 lakh to the Prime Minister at New Delhi, recently for the Kargil Relief Fund. This represents the contribution from the Raymond group including its employees, agents franchisees, retail shops and dealers from all over India.

Srinivasan newpresident of FFFAI

MUMBAI: Federation of Freight Forwarders Association of India FFFAI has elected Lt Cdr R Srinivasan, chairman, Clearship Forwarders Pvt Ltd as president for 1999-2000. After serving the Navy, Srinivasan floated Clearship Services 8211; a custom house agency in 1991. Currently, he is chairman of the Rs 25 crore Clearship group of companies.

MTNL favours merchant bankers appointment

NEW DELHI: Mahanagar Telephone Nigam Ltd MTNL has favoured appointment of Goldman Sach, HSBC and Meril Lynch as global coordinators for its forthcoming disinvestment of 19 million government shares both in domestic and international market. A top MTNL official said a final decision on the issue was likely to be taken by the ministerial core group on disinvestment at its meeting next week.

The three merchant bankers were earlier given the responsibility of MTNL8217;s GDR issue in 1997. Cabinet had decided last month to divest up to 19 million shares in MTNL through an institutional offering in GlobalDepository Receipt GDR or in the domestic market with an expected revenue in the range of Rs 400 crore. This will effectively bring down the government8217;s holding in the telecom bluechip from 56 per cent to about 51 per cent.

FCI chairman Narasimhan dead

NEW DELHI: Food Corporation of India chairman B Narasimhan passed away on Friday in Delhi. He was 57. Narasimhan, who belonged to the Gujarat cadre of IAS and took over as FCI chairman on February 11, 1998, had been ailing for sometime.