Hind Lever declares 1:1 bonus, markets unmoved
Hind Lever Chemicals (HLCL) yesterday announced a 1:1 bonus by capitalising the share premium account. The move superceeded an earlier proposal to issue bonus shares after a preferential allotment to Unilever PLC which has since been aborted. The company posted a 43%t rise in net profit to Rs 24.75 crore for the year-ended December 1997. Gross turnover grew by 19% to Rs 565.93 crore.
America Online Incearnings up on record $592m revenues
America Online Inc., the world's largest Internet access provider, posted sharply higher earnings as subscribers and advertisers signed onto the system in record numbers. The company reported $20.8 million or 17 cents a share net income in the December quarter on a record $592 million revenues thus topping analysts' First Call consensus earnings estimate by a penny a share.
CARE assigns AAA for ICICI bonds
The Credit Analysis & Research (CARE) has assigned a Triple-A rating to the Rs 800 crore unsecured bonds programme of the Industrial Credit and Investment Corporation of India (ICICI). The rating indicates that the instrument is of the best quality, carrying negligible investment risk.
CMIE sees fall in interest rates, says rupee will depreciate
The Centre for Monitoring Indian Economy (CMIE) has stated in its recent monthly report that interest rates are likely to decline and the rupee will tend to depreciate in the medium-term. Interest rates will weaken largely because investment intentions have stagnated and banks are flush with funds with few avenues to deploy them.
SEC bestows global custodian status on Stock Holding Corporaton
Stock Holding Corporation of India (SHCIL), the country's largest share custodian, has received a global custodian status from US-based Securities and Exchange Commission (SEC). The clearance from the US regulator was received last week and has paved the way for SHCIL which manages assets in excess of Rs 80,000 crore to solicit business directly from foreign institutional investors (FII).
BPL Mobile may float infrastructure bond
BPL Mobile, one of the cellular operators in Mumbai, plans to come out with a Rs 200-300 crore infrastructure bond issue shortly. The company expects to achieve its financial closure by mid-March this year, once the issue is completed.
