The Hindu : Tube Investments pays 90 p.c.

Online edition of India's National Newspaper
Wednesday, Jun 04, 2003

Business

Business

Tube Investments pays 90 p.c.

Tube Investments of India (TI) has increased its net profit by 27 per cent to Rs. 45.89 crores in the year ended March 31, 2003 as compared to Rs. 36.27 crores in the previous year despite a 14 per cent drop in demand for cycles and a steep increase in steel prices. Sales improved by 11.5 per cent to Rs. 1,197 crores from Rs. 1,074 crores during the period. Introduction of new models at competitive prices enabled the company to maintain volumes despite shrinking industry demand, according to a press release.

The directors have increased the dividend to 90 per cent from 55 per cent in the previous year. The dividend is payable on a reduced capital of Rs. 18.47 crores consequent to the buyback and extinguishment of 61.50 lakh equity shares at a price of Rs. 100 each during the year involving Rs. 61.50 crores. While a sum of Rs. 6.15 crores had been adjusted in the share capital, the balance 55.35 crores had been adjusted against the securities premium account. In April the company renounced its rights on 277.20 lakh shares in Cholamandalam Insurance and realised a premium of Rs. 24.76 crores.

Hind Lever Chem

Hind Lever Chemicals reported a turnover of Rs. 983 crores for the 12 months ended March 31, 2003 against Rs. 1,065 crores in the previous year. The profit after tax was lower at Rs. 43.4 crores against Rs. 55.7 crores). The turnover for the three months ended March 31, 2003 was Rs. 145 crores (Rs. 233 crores) and the Profit before Tax was Rs. 4.8 crores (Rs.14 crores).

Sales volume of the fertilizer business during the quarter was lower mainly due to the discontinuation of sales in Bihar markets effective October 2002, which was necessitated by the Union Government's decision to withdraw `on account' payment of price concession for sales made in Bihar. Lower than estimated price concessions announced by the Union Government have adversely affected profits for the quarter as well as for the full year.

Resulting from the final price concessions announced in February for December quarter 2002 there has been an adverse impact of Rs. 4.1crores.

1:1 bonus from

Mirc Electronics

The board of directors of Mirc Electronics at its meeting held on May 29 has resolved to issue bonus shares in the ratio of one share for every equity share held by capitalising free reserves, says a BSE release.

The company has posted a net profit of Rs. 60.44 crores for the year ended March 31, 2003 against Rs. 34.05 crores in the same period last year. Total income (net of excise) has increased to Rs. 908.46 crores from Rs. 712.85 crores.

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