Bizbits — Badla rate zooms up

Century Textiles attracted a backwardation charge of Rs 2.50 during the first phase of the session, however, towards the end the stock closed with a backwardation of 80 paise for a net outstanding quantity of 1.06 lakh shares.

S Kumars

MUMBAI: S Kumars Synfabs has recommended an increase dividend of 11 per cent for the year ended September 1997, which absorb Rs 1.80 crore. Net sales during the year amounted to Rs 267.75 crore against Rs 214.25 crore and earned a higher gross profit of Rs 20.38 crore against Rs 10.90 crore. The net profit amounted to Rs 14.51 crore against Rs 8.24 crore. The equity share capital of the company has gone up from Rs 10.70 crore to Rs 25.20 crore and the reserves from Rs 37.37 crore to Rs 89.93 crore.

Syndicate Bank

MUMBAI: The Mumbai zone of Syndicate Bank, a public sector bank based in Manipal, has plans to increase its credit expanded by Rs 500 crore as on March 31, 1997. “We are planning to increase our combined business volume of deposits and advances to Rs 5000 crore from its current level of Rs 3000 crore,” said H Ravindranath Rao, who has taken over charge recently as Deputy General Manager of the zone. The Mumbai Zone of the bank which covers Maharashtra and Goa with 150 branches handling Rs 2900 crore business.

Sunshield

MUMBAI: Sunshield Chemicals has achieved a turnover of Rs 15.32 crore during the first half of 1997-98 compared to Rs 11 crore same period last year. The company has posted a profit of Rs 1.75 crore against a loss of Rs 1.03 crore. It has earned a net profit Rs 1.15 cr against a net loss of Rs 1.45 crore same period last year.

Ashapura Minechem

MUMBAI: Ashapura Minechem has achieved a sales of Rs 32.35 crore during the first half of 1997-98. The gross profit amounted to Rs 4.38 crore. It has earned a net profit of Rs 4.01 crore against Rs 3.53 crore same period last year, an increase of 14 per cent.

Jain Irrigation

MUMBAI: B H Jain, chairman of Jain Irrigation, has received Crawford Reid Memorial Award for 1997 towards the pioneering work done in India in the field of Micro Irrigation Systems. He is the second Asian and first Indian to get the same. Jack Langa presented the award on behalf of Irrigation Association of US.

GIC Housing

MUMBAI: GIC Housing Finance Ltd (GICHF) has entered into a marketing arrangement with the Naiknavare & Associate, a Pune-based developer to help boost sale of latter’s real estate projects. Naiknavare will bear the entire interest burden of loans taken for any of their projects till the possession of the unit is handed over to the concerned customer.