Dsp Merrill Lynch Gets Nod For Launching Mutual Schemes

Ashima Syntex first-half turnover up 28 per cent

Ashima Syntex Ltd has posted a 28 per cent rise in turnover for first half ended December 31, 1996 and a 23 per cent increase in net profit. Against a turnover of Rs 78.83 crore in first half of 1995-96, Ashima announced a turnover of Rs 100.83 crore for this year's first half. Gross profits rose 27 per cent from Rs 15.29 crore to Rs 19.37 crore, while net profit increased to Rs 12.88 crore from Rs 10.43 crore. EPS went up to Rs 8.62 on an equity of Rs 33.34 crore. For the full year, Ashima expects a turnover of Rs 250 crore.

Morarjee Goculdas posts loss of Rs 4.66 crore

Morarjee Goculdas Spinning & Weaving Company has posted a net loss of Rs 4.66 crore for first six months ended December 31, 1996 against a profit of Rs 12.6 crore for the same period in 1995. The company stated it had spun off its auto ancillary division into a 100 per cent subsidiary in July last year, and this led to a drop in sales and profits. The Ajay Piramal group company posted sales of Rs 166.46 crore (Rs 202.5 crore) this year. Interest costs rose to Rs 8.4 crore from Rs 6.52 crore, while gross profit fell sharply to Rs 3.58 crore(Rs 20.67 crore). Depreciation went up marginally to Rs 8.24 crore (Rs 8.07 crore).

IPCL raises $175m through bond issue

The Indian Petrochemicals Corporation (IPCL) has raised $175 million, including $25 million over allotment option, through an offering of Credit Enhanced Debt Indexed to Stock (CREDITS). Rated AA minus by Standard and Poor's, the issue shall mature in March 2002. It is convertible into Global Depository Shares at the investor's option. The bonds are scheduled to be listed on the Luxembourg stock exchange. The company has two major integrated petrochemical complexes at Vadodara and Nagothane while a third plant is in the process of completion at Gandhar.

BSES coal washing plant

BSES has announced the launch of the country's first private coal washing plant with US collaboration, at Korba in Madhya Pradesh. BSES managing director R V Shahi said the washery, to be completed within two years, will cost $16 million, of which BSES and the US-based Spectrum will have 70 per cent equity (35 per cent each), while 14 per cent of the total equity will be shared by another US-based firm CLI and other non-resident Indians (NRIs). Financial institutions and others will be having 16 per cent of the total equity.

IBP foray into LPG marketing

IBP Co has started releasing its supply of bulk liquefied petroleum gas (LPG) to industrial consumers. This marks IBP's entry into LPG marketing. A company release said, IBP will soon enter the domestic LPG sector by appointing distributors in UP, Punjab and Haryana. It also plans to enter the aviation marketing scene for supply of aviation turbine fuel to domestic and international airlines.

Cox & Kings packages from Calcutta

Cox & Kings (India), subsidiary of the London-based travel agency Cox & Kings, has commenced operations of its outbound international travel packages from Calcutta from Tuesday. The travel product, Cox & Kings World-wide Holidays, 1997, includes tour packages from Calcutta to Europe, the US, Africa, Australia and the Far East. The European and Australian tours, which span around 10 days, are priced at $1,025 and $1,199 respectively. Smaller packages are being offered on the Mauritius and the US tours at $399 and $355. All the packages are exclusive of air fares.

Nahar Exim in pact with Singapore firm

Nahar Exim Corporation of New Delhi has signed a memorandum of understanding with Singapore-based Aik Ghee Enterprises for marketing and distribution of Glassmate, a glass decorative semi-transparent PVC adhesive film, and Bigmouth anti-odour stickers. Nahar will have the exclusive marketing and distribution rights in the country for these products which will be manufactured with an initial investment of Rs 1 crore.

In Mumbai Budget programme

The Hinduja-owned, In Mumbai, a city-based channel will present a one-hour Budget special on March 2 at 9.00 pm. The programme will explain the Budget in simple terms. It will touch upon the political ramifications, tax implications, infationary aspects, effect on capital markets and NRIs. A special feature 'Budget and Beyond' will be an interactive session where callers can raise queries to a panel of experts.

Legrands Fashions woollen suitings

Legrands Fashions India has commenced production of Legrands woollen suitings in a marketing and technical tie-up with the French brand, Legrands Fashions. The brand has already been launched in Mumbai and is priced between Rs 250 and Rs 1,800 per metre. Initially, the company will focus on the middle and upper segments of the market.