Century Ply net up 35%
Century Plyboards (I) Limited, a major plywood and veneer manufacturing company, has posted a 35 per cent rise in net profit at Rs 1.05 crore in the first quarter ended June 30 compared with Rs 78.05 lakh in the year-ago period. The turnover of the company for the quarter stood at Rs 33.09 crore, an increase of 19.44 per cent against Rs 27.70 crore last year. After providing for depreciation of Rs 71.04 lakh, profit before tax stands at Rs 1.39 crore against Rs 1.10 crore in the year-ago period.
Shrachi Securities Ltd has posted a profit after tax of Rs 1.67 crore on an income of Rs 5.22 crore in the quarter ended June 30 against Rs 60 lakh on an income of Rs 3.80 crore in the year-ago period. Total disbursals stood at Rs 140 crore, up 77 per cent from Rs 79 crore in the first quarter of the previous fiscal.
Allahabad Bank has tied up with Punjab Tractors, Escorts, International, New Holland Tractors and Mahindra & Mahindra and also relaxed certain terms and conditions, including a substantial reduction in margin money requirement, for financing tractors to boost its farm credit flow.
The Calcutta-based PCP Technologies Pvt Ltd has entered into a joint venture with Dominion Sure Seal Group of Canada to introduce ‘rust check’ anti-corrosive liquid for automobile companies. Considering the highly humid conditions in India, rust check would be able to arrest corrosion in automobiles, PCP Technologies managing director A. R. Poddar said.
Aiming over Rs 5,000 crore business this year, private sector Kerala-based Lord Krishna Bank has said it has set a target to halve its non-performing assets (NPAs) to below 3 per cent by March-end. The bank aims a 44.63 per cent growth in total business during the current fiscal over Rs 3,429.11 crore achieved during 2003-04, managing director R. M. Nayak said.
Silicon Graphics Systems (India) Pvt Ltd (SGI) has appointed Redington (India) Ltd as the exclusive national distributor for its high-performance servers and supercomputers, workstations, visualisation systems and storage solution portfolio in India.
Kanoria Chemicals & Industries has commissioned a poly aluminium chloride plant at its integrated chlor-alkali manufacturing unit at Renukoot in Uttar Pradesh.
Godrej Industries plans to set up an export-oriented unit at its Valia factory for around Rs 40 crore. The company has agreed to purchase a plant from International Process Plant and Equipment Corporation to set up the unit.