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Gujarat Ambuja Cements bucks trend, sales up 35%
Defying sluggish demand, Gujarat Ambuja Cements has achieved the highest sales growth in the industry with a 35% increase during the first six months ended December 1997. Despite high interest costs, the company's net profit grew by 14% during the period in sharp contrast to the declining profits of most cement manufacturers. The company's sales also rose to Rs 524.28 crore, up from Rs 389.03 crore in the corresponding period last year.
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IOC capital expenditure for '98-'99 leaps up by Rs 900 cr
The Indian Oil Corporation (IOC) has earmarked Rs 3,200 crore as its capital expenditure during 1998-99, a figure well in excess of the Rs 2,300 crore in the current fiscal. The funds will be used for various projects in different stages of implementation. The more crucial projects include the Haldia-Barauni crude pipeline the six million tonne Koyali refinery.
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EL AL Israel Airlines plans to kick off cargo operations
EL AL Israel Airlines is planning to start cargo operations from India. It has also requested for grant of traffic rights for a third stopover flight to Tel Aviv from Mumbai. The Israeli national carrier will initially accept freight on its existing stopover passenger flights out of Mumbai. The airline has also applied to the Airports Authority of India for permission to install a highly advanced decompression chamber at Mumbai airport.
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Furukawa to share knowhow with Exide
Furukawa of Japan has agreed to transfer the technological agreement it had with Standard Batteries Ltd (SBL) to Exide Industries Ltd. Exide chairman and managing director SB Ganguly said that Furukawa's move was a bid to keep its presence in the Indian markets intact. Exide will, however, be retaining the Standard-Furukawa brand name.
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