Bizbits

The company, which has a plant in Bhopal, became a BIFR candidate in 1990, having eroded its entire capital. S P Sahani, managing director, who is in his eighties, managed the unit single-handedly to see that the operations are made profitable. Today, having paid off the institutions substantially, all accumulated losses have been wiped off with the profit so far made and recommended 10 per cent dividend.

Mirc Electronics to pay 35 pc interim

MUMBAI: The board of directors of Mirc Electronics Ltd, the makers of Onida brand of television, has proposed an interim dividend of 35 per cent for the year 1999-2000. The company has recommended a dividend of 65 per cent for the year ended March 31, 1999. Mirc chariman G L Mirchandani the proposed dividend is one ofthe many initiatives taken by the company in enhancing shareholder value. He pointed out that Mirc would announce a dividend philosophy at its annual general meeting scheduled on September 23.

Kunal Overseas sales, profits up

MUMBAI: Kunal Overseas Ltd KOL, a government recognised trading house has reported a sales turnover of Rs 12.85 crore for the first quarter ended June 1999 against Rs 3.60 crore same period last year. It has earned a net profit of Rs 62.39 lakh against Rs 13.45 lakh same period last year.

BoB MF pays 8 under ELSS8217;96

MUMBAI: BoB Mutual Fund, which has so far launched three close-ended equity linked savings schemes and one close-ended growth oriented scheme, has declared a maiden interim dividend of 8 per cent for unitholders of its BoB ELSS8217;96 Scheme a close-ended tax savings scheme. The dividend declared will be payable to all unit holders the Scheme whose names will be on the register of unitholders on September 15, 1999.

Indo-US JBC to hold investmentmeet

MUMBAI: The Indo-US Joint Business Council JBC is organising a unique investment summit that will bring more than 100 American investors to Mumbai on November 15-16, 1999. This was announced jointly by Shashi Ruia, chairman, Indo-US Joint Business Council and Michael T Clark, executive director, US-India Business Council. Ruia said 8220;considering India8217;s technological strength and intellectual power, this forum will essentially provide a platform for those Indian entrepreneurs who need linkages in six key areas with the US companies such as: IT/software, telecom, IPR, broadcasting amp; entertainment, infrastructure and trade in services.8221;

BoI pays Rs 48.90 cr dividend to Govt

MUMBAI: Bank of India has made a payment of Rs 48.90 crore to the government as dividend for the year 1998-99. S Rajagopal, chairman of the bank, handed over the cheque of Rs 48.90 crore to Finance Minister Sinha on August 19. For the year ended March 1999, the bank8217;s total business exceeded Rs 84,000 crore,including deposits of over Rs 44,400 crore, advances of over Rs 24,300 crore and investments of about Rs 15,300 crore. It made a gross profit of Rs 705 crore and a net profit of Rs 201 crore for the year ended March 1999.