The Financial Express -- News

Saturday, June 21 1997

Mitsubishi Rs 1,400 cr PTA project cleared

Mitsubishi Corporation, the $175-billion Japanese conglomerate, has obtained government approval to set up a Rs 1,400-crore, 3.5-lakh-tpa purified terepthalic acid (PTA) project.

Infrastructure Bond Issue

Excise levy hike on MRP likely to hit cosmetic firms

The announcement to levy excise duty on cosmetics and toiletries on the maximum retail price (MRP) from July 1 will have a major impact on the bottomlines of Pond's India, Lakme-Lever and Hindustan Lever. The newly imposed excise duty would be calculated at 50% of the MRP declared on the notified cosmetics and toilet preparations.

Second half trips Nocil,net slips 34% to Rs 60 cr

National Organic Chemical Industries Ltd (Nocil) has posted a 34.38% drop in net profit to Rs 59.81 crore for the year ended March 31, 1997, compared with Rs 91.15 crore last year. Dividend has been maintained at Rs 2.50 per share (inclusive of Re 1 per share interim dividend declared in November 1996).

Shareholders fear Pond's-HLL merger

Reliance, IPCL in currency, interest rate swap