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Business Briefs

Thermax net zooms 101%

Mumbai, May 29:Thermax Ltd has posted a 101 per cent rise in net profit at Rs 55.70 crore on a consolidated basis for the financial year ended March 31, 2003, compared with Rs 27.62 crore during the previous fiscal. The board of directors has recommended a 120 per cent dividend, including a 50 per cent special dividend, for the year under review. It has also recommended a bonus issue of 6 per cent redeemable preference shares to shareholders in the ratio of two preference shares (face value of Rs 10 each) for every one equity share held.

Imports surge

New Delhi, May 29:The total import of 300 sensitive commodities jumped 20.8 per cent to Rs 13,236 crore during the fiscal ended March 31, 2003, compared with Rs 10,956 crore in the previous year. A sharp rise in the import of edible oil, which went up to Rs 8,458 crore from Rs 6,476 crore in 2001-02, was the major factor contributing to this spurt.

Uco Bank rates

Calcutta, May 29:Uco Bank has decided to realign the interest rates on deposits and advances with effect from June 2. The new rates on deposits with maturity of two years and above would be 6 per cent, and more than one year but less than two years would be 5.75 per cent.

HPL-Gail pact

Haldia, May 29:Haldia Petrochemicals Limited (HPL) today dispatched its first consignment of polypropylene to Gail under the strategic marketing alliance signed between the companies two months ago.

Videocon move

Mumbai, May 29:The Rs 5,000-crore Videocon group is set to acquire the technology for Asia’s first tablet PC kind of device — PC Slate — for a consideration of $ 2 million.

Prudential arm

Mumbai, May 29:UK-based Prudential Plc has set up its fully-owned subsidiary, Prudential Process Management Services, in the country at an investment of $ 10 million.

CBEC chairman

New Delhi, May 29:The government has appointed A. K. Singh as the chairman of the Central Board of Excise and Customs (CBEC) in place of M. K. Zutshi, who will retire on May 31.

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