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Drumbeat: Ad Buzzaar
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Wednesday, May 27, 1998
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IPCL net plummets 52% despite rise in sales
Indian Petrochemicals Corporation (IPCL) has reported a 52% drop in net profit at Rs 243.69 crore for the year-ended March 31, 1998 against Rs 510.20 crore in the previous year. The company's board met on Tuesday to take on record the audited financial results for 1997-98.
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Siemens pares 6-month losses to Rs 13 crore
Siemens, the domestic arm of Siemens AG, has reported a net loss of Rs 12.99 crore for the first half of its financial year ending March 1998, against the loss of Rs 60.63 crore in the corresponding period last year. Operating profit before interest and depreciation increased by 161% to Rs 58.4 crore, from Rs 22.4 crore.
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Wipro turnover leaps past Rs 1,500 cr
Wipro, the holding company of Wipro Corporation, has recorded a sales turnover of Rs 1,500 crore during 1997-98, up by 15%, and a profit after tax of Rs 107.9 crore, an 87% rise over the previous year. The market capitalisation of the company is Rs 7,700 crore, which has increased by five times over the levels in the previous year.
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Tata Sons offers 13.5% on 5-year paper
Tata Sons, the holding company of the Rs 30,000-crore Tata group, is raising five-year debt through private placement at a coupon of 13.50%. This will set a new benchmark for other triple-A rated corporates. The Tata Sons' paper is 40 basis points higher than the Industrial Development Bank of India's (IDBI) debt paper coupon-offer of 13.10%.
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