Saturday, May 30, 1998
SAIL net profit dips to Rs 133 crore
The net profit of Steel Authority of India (SAIL) has slumped to Rs 133 crore during 1997-98 compared to Rs 515 crore in the previous year. Though the company had registered higher operating profits and turnover during the year, factors like higher interest payouts and depreciation charges had pulled down the earning of the steel major, according to results declared by the company on Friday.
Sensex down by 36 pts
The bears rushed back to Dalal Street on Friday to short cover their positions leading to a 36-point fall in the BSE Sensex. Rumours about the rupee and freight rate cuts, saw the BSE sensitive index move in the band of 3,589.24 points and 3,747.57 points, the intra-day low and high, to finally close at 3,687.80. The NSE-50 index, opened steady, touched a low at 1037.95 and finally declined by 12.40 points to close at 1063.15.
L&T profit up 29%, pays 65% dividend
Larsen & Toubro (L&T) has reported a net profit of Rs 531.44 crore for the year ending March 1998, a 29% jump from the previous year's figure of Rs 411.35 crore. The company has announced an increased dividend of 65% as compared to 60% in the previous fiscal.
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