Tata Finance has posted a net profit of Rs 17.38 croreFor the six months ended December 31, 1997. The finance company's income from operations during this period stood at Rs 187.29 crore, while other income was at Rs 35.07 crore. Tata Finance's interest expenses during the first six months amounted to Rs 133.97 crore while depreciation charges were at Rs 26.86 crore. The non-banking finance company has provided Rs 10.53 crore for taxation.
Alpic Finance net down: Alpic Finance's net profit during the six months ended December 31, 1997 has fallen by nearly 5 per cent. The company's net profit during the period ended December 31, 1997 stood at Rs 16.56 crore against Rs 17.29 crore as on December 31, 1996. Alpic's net income from operations, however, recorded a 12 per cent rise from Rs 70.04 crore in the previous year to Rs 78.66 crore during the six months ended December 31, 1997. The dip in net profit has been mainly on account of the huge interest expenses during the first half of the year.Interest expenses which stood at Rs 27.02 crore during the period ended December 31, 1996, shot up to Rs 40.44 crore during the first half of the current year, indicating a rise of nearly 50 per cent.
Hinduja Finance posts Rs 2.9cr loss: Hinduja Finance Corporation has posted a net loss of Rs 2.90 crore during the six months ended December 31, 1997. The finance company posted a net profit of Rs 6.13 crore during nine-month period ended June 30, 1996. The company's total income which stood at Rs 27.99 crore during the nine-month period ending June 30, 1996, slumped to Rs 7.14 crore during the first half of the current year. It has charged Rs 1.46 crore towards depreciation. The net loss of Rs 2.90 crore has been set off against the company's profit & loss account. The profit & loss account which stood at Rs 4.68 crore earlier, has now been reduced to Rs 1.78 crore. The book value of the company's share has also fallen to Rs 84.94 against Rs 86.58 as on June 30, 1996.
Liquidator for Dadar JanataSahakari Bank: The Registrar of Co-operative Societies has appointed a liquidator for the Dadar Janata Sahakari Bank, a Mumbai-based co-operative bank, the licence of which was cancelled by the Reserve Bank in December 1997 following financial irregularities. According to the assistant registrar, Sandeep Amne, who has been appointed the liquidator, the decision to liquidate the bank was taken last month and one month's time had been given for raising any objections by the party. The date expired on February 27. The total amount to be recovered stands at Rs 17 crore, out of which recovery awards have been issued for about Rs 8 crore.
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