Britannia MD to step down

Mumbai, April 30: Sunil Alagh, managing director of Britannia Industries Limited, will not seek extension of his current tenure, which expires in February next year. The board of directors will consider Alagh’s communication, about not seeking extension beyond the contract term, at its meeting scheduled in early June. Alagh is currently on leave, a company release said today.

Jessop selloff

Calcutta, April 30: Jessop and Co Staff Association has filed an appeal in the Calcutta High Court against an earlier order by a single bench of the court that had said the company did not come under the strategic sector. The appeal will come up for hearing on May 5. It contends that Jessop should be considered a part of the strategic sector as it manufactures railway coaches and components.

Wockhardt net

Mumbai, April 30: Wockhardt Ltd has reported a 64.13 per cent decline in net profit at Rs 8.5 crore for the first quarter ended March 31, 2003 compared with Rs 23.7 crore posted in same period previous fiscal. Income from operations also declined by 9 per cent at Rs 151 crore in the period under review against Rs 165.3 crore in the first quarter of 2002.

Bank of India

Mumbai, April 30: Bank of India (BoI) has reported a 68.5 per cent rise in net profit at Rs 851 crore for the financial year ended March 31, 2003 compared with Rs 505.22 crore in the previous fiscal. Total income the reported period increased to Rs 7,570.59 crore against Rs 6,711.95 crore in previous year.

Eicher net up

New Delhi, April 30: Eicher Motors today said its net profit has soared by 102.8 per cent during the year ended March 31, 2003 due to higher sales, aggressive cost reduction and improvement in productivity. Its net profit rose to Rs 37.46 crore from Rs 18.47 crore in the previous year. Net sales grew by 30.6 per cent to Rs 625.92 crore from Rs 479.41 crore a year earlier.

Dalmia foray

New Delhi, April 30: The Rs 1,200-crore Dalmia group today launched a FMCG company —Dalmia Consumer Care. It will develop and retail oral gratification products, including the confectionery segment, CEO Sudershan Banerjee said.