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Corporate

Friday, May 22, 1998

	Anagram Finance set to pull down AMC, housing finance arms' shutters The Lalbhais have decided to wind up at least two of Anagram Finance's subsidiaries -- Anagram Wellington Asset Management and Anagram Housing Finance. Wellington International Management Company, which has a 25.1% stake in the asset management company, will get out of the joint venture. The Lalbhais are also planning to run down their small-housing loan portfolio.		Kopran spins off unit in recast exercise The Rs 343-crore Kopran Ltd has restructured its business by spinning off its semi-synthetic penicillin (SSP) business into a new company and transferring its research-and-development (R&D) activities into a wholly owned subsidiary. The spin-off will make it possible for Kopran to integrate further into penicillins through a joint venture or strategic alliance.
	Citibank, Bank of New York set to extend LoCs to Indian banks Citibank and Bank of New York have decided to extend lines of credit (LoCs) to Indian banks in the United States despite the US government's sanctions against the Indian government following the five nuclear tests in the second week of May. Both banks have assured Indian banks that they are willing to do business with their overseas branches.		Essar steel net leapfrogs 157% to Rs 20 crore Essar Steel has posted a 37% rise in its sales turnover and a robust growth in profits during 1997-98. The company has, however, decided against a dividend payout unlike last year when it had dipped into its reserves to pay a 10% dividend. The company's net profit for 1997-98 stood at Rs 24.70 crore, a big jump from Rs 9.62 crore during 1996-97.

Indian Airlines turns around, nets Rs 45 cr
Domestic carrier (I-A) has recorded a turnaround in its net profit by earning more than Rs 45 crore during 1997-98. I-A has launched a vigorous marketing strategy to face the stiff competition from private airline operators and has embarked on a series product improvement measures to retain its market share and improve its profitability.

ITC Bhadrachalam moves deep into red
ITC Bhadrachalam Paperboards Ltd (ITC-BPL) has reported a three-fold rise in interest/finance charges largely on account of the 120,000-tpa-coated paperboard plant that went on stream on April 1 this year. Interest cost for the year to March 31, 1998, went up to Rs 21.72 crore from Rs 7.50 crore in the previous year.

SAP to step up training initiative, throw open course for individuals
Suvarna Aqua Farm logs Rs 12-crore loss
Central Coalfields upgrades welfare schemes for employees
Madras Fertilizers mulls Rs 80cr investment into Ennore satellite port
Financial Briefing
Santa Cruz Operation to set up centre
Pond's, excise department at loggerheads over face-wash brand classification
Allahabad Bank customers peeved over service fee for interest warrants
Utkal Alumina promoters to review participation in $1 bn alumina project
Marubeni, Nissho Iwai team up for Australian coal project
Boeing, Airbus slug it out over smaller planes
World Briefing
Uno diesel model may hit road ahead of Zen
FIs game to go along with Alcan, says Indal official
BK Birla group gains greater grip over cement output, despatch
Balrampur Chini net profit leaps to Rs 43 cr
Corporate Briefing