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This is an archive article published on May 15, 1997
BIZBITS 8212; Thermax net declines
Thermax net declinesMUMBAI: Thermax has recorded a total income of Rs 522 crore during the year ended March 1997 against Rs 470 crore in th...
May 15, 1997 12:00 AM IST
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Thermax net declines
MUMBAI: Thermax has recorded a total income of Rs 522 crore during the year ended March 1997 against Rs 470 crore in the previous year. The gross profit for the year declined marginally to Rs 62.13 crore from Rs 63.95 crore in the previous year. After providing Rs 8.97 crore Rs 6.49 crore for depreciation and Rs 10 crore Rs 12.30 crore for taxation, the profit after tax PAT for the year declined marginally to Rs 43.16 crore against Rs 45.16 crore in the previous year.
Syndicate Bank
MUMBAI: Syndicate Bank has announced a reduction of 1 in its prime lending rate PLR with effect from May 1, 1997. The revised rate will be 14 exclusive of interest tax. The maximum spread over PLR for advances except consumer credit is 4 . The spread on working capital demand loans will be at 3.5 . Interest rate on post-shipment export credit up to 45 days is also reduced by 0.5 to 12.5.
The bank has also lowered interest charged on housing finance by 2.25 per annum on loan amounts over Rs 2 lakh up to Rs 3 lakh; and by 1.75 per annum on loan amounts over Rs 3 lakh.
Macmillan India
MUMBAI: The Industrial Credit and Investment Corporation of India Ltd ICICI has sold 2,29,500 equity shares of Macmillan India limited at the rate of Rs 222.20 per share through negotiated sale. These shares represent 8.13 of the capital of Macmillan India, an ICICI release said.
Essar Oil
MUMBAI: Essar Oil has now been awarded a hotly contested drilling contract worth US 14.5 million in Oman by Petroleum Development Oman PDO, part of the Royal Dutch Shell group. A mobile rig is being shipped from India to execute this four-year contract. Drilling operation will commence at the end of this year.
With this, the total value of contracts bagged by Essar Oil in this region shoots up to 112 million. EOL operates eight rigs in West Asia, six in Oman and two in Qatar .
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