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Friday, April 24, 1998
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ICICI net surges 40% past Rs 1,000 crore
The Industrial Credit & Investment Corporation of India (ICICI) has posted a 40 per cent jump in its net profit for the fiscal ended, March 31, 1998, to touch Rs 1,081 crore against Rs 770 crore the previous year. Excluding the financial institution's (FI's) Rs 73-crore net gain from extraordinary items, the profit after tax stood at Rs 1,008 crore -- a 34% rise over the previous year.
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Tata group to hold 60% stake in Taco
The Tata group will hold a 60 per cent stake in Tata Autocomp Systems Ltd (Taco) which will have an equity base of Rs 500 crore. Led by Tata Industries Ltd (TIL), a clutch of Tata group firms will put in Rs 300 crore into Taco. Overseas investors and an off-shore fund -- to be set up at the initiative of the Tatas -- will subscribe to the remaining 40 per cent.
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Russi Mody to marshall workers against Tisco
The former chief of Tata Iron & Steel Co (Tisco), Russi Mody, on Thursday announced plans for a workers union at Jamshedpur, the heart of the company's operations. Stating categorically that he planned to take on the Tata Workers Union, Mody said workers from all industrial units in the steel city will be invited to join the Jamshedpur Workers' Forum, the name for his union.
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Air India turnaround hits air-pocket, 1997-98 losses seen at Rs 200 cr
Air India (AI) is expected to post a loss of Rs 200 crore in 1997-98. This is lower than its Rs 390-crore loss in the previous year. The reduction in AI's loss is being attributed to the measures taken to put the airline on its feet. AI has rationalised its route structure, pulling out of loss-making ones.
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