NEW DELHI: Public sector Steel Authority of India Ltd (Sail) has posted a net loss of Rs 617 crore in the first half of the financial year 1998-99 compared to Rs 54 crore profit in the corresponding period last year. This loss is despite increased sales turnover of Rs 6,794 crore in the first half compared to Rs 6,487 crore in the same period of 1997-98, the company said in a statement here today. Despite first-half sales of 3.7 million tonnes, 7.2 per cent higher than sales in the same period last year, the company has posted such a massive loss.

ITC net profit touch Rs 350 crore

MUMBAI: ITC has earned a net profit of Rs 350.08 crore during the first half year ended September 1998 compared to Rs 301.73 crore same period last year. The net income during the period amounted to Rs 1846.23 crore (Rs 1523.35 crore) and earned a higher gross profit of Rs 570.47 crore (Rs 492.30 crore).

M&M profit up

MUMBAI: Mahindra and Mahindra Ltd (M&M) recorded a netprofit at Rs 47.83 crore for the second quarter ending September 30, an increase of 37 per cent over Rs 35.02 crore in the first quarter. However, the net profit in the first half dropped by 36 per cent at Rs 82.85 crore as against Rs 112.44 crore in the corresponding period last year. The income from operations during the first half rose to Rs 1613.74 crore from Rs 1589.50 crore for the said period.

Tata Chem net down

MUMBAI: The profit after tax of Tata Chemicals dropped to Rs 100.41 crore during the half year ended September 1998 from Rs 135.27 crore same period last year. Sales and operating income amounted to Rs 747.01 crore (Rs 808.23 crore) and earned a lower gross profit Rs 178.01 crore (Rs 214.08 crore).

BHEL higher net

MUMBAI: Bharat Heavy Electricals Ltd (BHEL) has earned a higher net profit of Rs 132.48 crore (Rs 117.40 crore) during the first half year ended September 1998 of which it has earned Rs 117.79 crore in the second quarter. The net sales/income from operationsamounted to Rs 2367.10 crore (Rs 2305.21 crore) and earned a gross profit of Rs 280.71 crore (Rs 244.70 crore).

Ranbaxy net falls

MUMBAI: Ranbaxy Laboratories Ltd has reported a nine per cent drop in net profit at Rs 87.1 crore for first half ended September 1998 but turnover rose 9.6 per cent to Rs 713.40 crore. Net profit in the first half of 1997-98 was Rs 95.6 crore on a turnover of Rs 651 crore.

VSNL net up

MUMBAI: VSNL's unaudited results for the first half ended September 30, 1998 indicates an increase in net profit by 77.22 per cent to Rs 736 crore (Rs 415.3 crore). Total revenues for the period have risen by 17.26 per cent to Rs 3592.5 crore (Rs 3063.7 crore), Amitabh Kumar, the officiating Chairman and MD said.

Sebi measures

MUMBAI: In a bid to boost secondary market activity and bring back the small investor, the SEBI has sought to abolish market lots in respect of 31 scrips earmarked for compulsory trading in the electronic form.