Bilt net dips to Rs 71 cr
The net profit of Ballarpur Industries Limited (Bilt) for the 12-month period ended June 30, dipped to Rs 71 crore against that of Rs 100 crore for the last financial year. The net profit (profit after tax) for the financial year 2002 includes a provision of Rs 30 crore towards deferred tax liability and a write-back of Rs 5 crore on account of excess provision for taxation relating to earlier years compared with nil in the previous years, the company said. Total revenue for the financial year 2002 stood at Rs 1,548 crore against Rs 1,577 crore last year. Dividend payout of Rs 25.70 crore compared with Rs 21.46 crore in the previous year. Dividend was paid on an expanded capital base that includes new shares issued following the successful completion of the rights issue of the company in this fiscal which raised Rs 217 crore.
Chennai based Sundaram Mutual has launched a new fund “Sundaram Select Debt”, an open-ended income scheme offering continuous sale and repurchase of units. “During the initial issue, the units are offered at Rs 10 each and during the ongoing phase, the units would be offered at NAV related prices, subject to applicable load if any,” managing director T. P. Raman, said.
Development Credit Bank Limited and Tata AIG General Insurance Company Limited has announced a strategic bancassurance tie-up for distribution of General Insurance products.
Himalaya Drug Company has launched two new drugs catering to women’s healthcare segment. The company has introduced a drug for management of menopausal symptoms — Menosan and Reosto for combating osteoporosis.
GrapeCity India has launched PerformaSure, a system wide performance diagnosis tools for Java applications, as a part of its strategic tie-up with Sitarka Software Limited.
Sun F&C Mutual Fund has declared a dividend of 0.75 per cent (or Re 0.075 per unit on face value of Rs 10) for the monthly dividend plan.
Indiamarkets has signed a memorandum of understanding with Goodex AG for international eProcurement.
New Skies Satellites and Data Access has signed an agreements for capacity on two New Skies’ satellites, NSS-6 and NSS-703. The agreements have an aggregate value in excess of $ 100 million.
Kotak Mahindra Finance Limited has mobilised Rs 104.89 crore at an average cost of 8.19 per cent annualised through its second securitisation transaction of commercial vehicle receivables.
Wipro Technologies has signed a contract with CNA Life, a business unit of the CNA Insurance companies, to develop a business processing system and transform CNA Life’s existing legacy policy administration system.