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Corporate

Saturday, May 23, 1998

	ITC to go half-way to resolve Global dispute ITC Ltd has given it's assent to pay a maximum of $20-25 million to satisfy creditors of Singapore-based ITC Global, spelling out clearly for the first time ITC's stand on its former subsidiary which is now under judicial management.		CMC net up 142% to Rs 6 crore The State-owned CMC Ltd has posted a 142% increase in its net profit to Rs 6.35 crore for the year ended March 31, 1998, against Rs 2.56 crore the previous year. The turnover for the year also rose by 29% to Rs 294.5 crore from Rs 228.64 crore last year.
	ICI India net up 20% to Rs 50 cr; to pay Rs 5 per share as dividend ICI India has posted a 20% increase in its net profit to Rs 50.51 crore for the year ended, March 1998, against Rs 42.06 crore the previous year. Net sales have risen 11% to Rs 743 crore from Rs 669 crore last year.		Marriott International to pick up 35% stake in hotel project The $9 billion hospitality major Marriott International Inc is considering acquiring equity stakes upto 35% in some of the hotel projects being set up under its other brand names in India. The company plans to introduce in India other hotel brands owned by it including Renaissance, Ritz-Carlton, Ramada International and Courtyard over the next few years in addition to the flagship brand Marriott.

Disgruntled Hindustan Petroleum officers turn down benefits package
Officers of the Hindustan Petroleum Corporation Ltd (HPCL), who have decided to go on strike, have turned down a substantial benefits package offered by the management through a circular on May 19. The officers have insisted that some benefits have to take retrospective effect from 1992 and not from April 1998, the date stipulated by the circular.

GIC, arms eye premium income of Rs 9,000 crore
The General Insurance Corporation (GIC) and its subsidiaries have set a target of 17%-18% business growth in 1998-99. The general insurance industry had recorded the lowest-ever growth of 12% in the previous fiscal year. GIC and its arms are now planning to mobilise above Rs 9,000 crore in 1998-99 in contrast to Rs 7,822 crore mobilised during 1997-98.

Alcan, Sterlite battle enters final stage
Citicorp Overseas, Maruti sets up auto-finance JV
Global Trust Bank net up 40 per cent to Rs 80 crore
SAIL profits may plummet by about 80 per cent, says Pande
Shankar steps down from Ranbaxy board
Seagram to buy PolyGram for $10.6 bn; to spin off Tropicana juice business
HLL hikes personal products, soaps prices
Buyout will give Seagram 51% stake in Polygram India
TCS bags Rs 150 cr order from Tata Teleservices
Essar Steel mulls $400 mn ECB mop-up sans forward cover
Turnover rises 18 per cent to Rs 960 crore at Duncans; PBT goes up 49%
While big corporates weather the recession, smaller ones get hit
US justice department opposes American, British Airways deal
Marriott International to scrap dual stock classes
Ericsson eyes Silicon Valley
Corporate Briefing
African Development Bank bounces back to life
ITC net vaults 52% to Rs 526 cr; scrip plummets