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ICICI Bank

MUMBAI: ICICI Bank has further consolidated its branch network by opening its 23rd branch at Bhayander. This branch of ICICI bank will the third one in the Thane district. The branch will provide ATM facility shortly. Upon installation, ICICI Bank will be the first bank to offer ATM facility at Bhayander. The bank gives ATM cards free of charge for its saving account holders.

Mahindra Ugine

MUMBAI: Mahindra Ugine Steel Company Ltd (MUSCO) has showed improved results during the year ended March 1997. The directors have recommended a dividend of 20 per cent on a capital base of Rs 30.93 crore. The dividend (including dividend tax) will be Rs 6.80 crore. The sales for the year at Rs 323.83 crore are higher by 21 per cent compared to Rs 261.92 crore whereas profit before tax is higher by 19 per cent at Rs 12.67 crore against Rs 10.65 crore. The profit after tax has also gone up to Rs 11.03 cr.

Mukand

MUMBAI: Mukand Ltd has suffered a severe setback in its working results during the year ended March 1997. The net profit dropped to Rs 13.19 crore from Rs 40.94 crore. The directors have cut the dividend to 25 per cent.

The net sales during the year slumped to Rs 868.49 crore from Rs 1092.51 crore last year. The gross profit has dropped to Rs 36.36 crore (Rs 71.65 crore). The provision for depreciation is at Rs 17.92 crore.