Friday, May 29, 1998
Tisco net profit falls to Rs 322 crore
Tata Iron & Steel Company (Tisco), hit hard by the worst Indian steel recession in memory, has reported a 31.35% fall in its profit after tax for 1997-98. The company's net profit has fallen to Rs 322.08 crore, and was saved from further decline by a 43.33% rise in other income.
Indal panel asks Alcan to top Sterlite offer
The three-member advisory panel, set up by the Indal board -- comprising SM Datta, NJ Jhaveri and Deepak Parekh -- has advised Alcan Aluminimum of Canada to better the Sterlite Industries' offer if it wants to retain its hold on Indal. In effect, the panel has admitted that the Sterlite offer is much better than that of Alcan and the Canadian company can only thwart the Sterlite bid by offering a better price.
ACC net plummets 82% to Rs 13 cr; to pay Rs 15 a share
Associated Cement Companies (ACC), India's largest cement producer, ended a disastrous 1997-98 with a 82% drop in net profits to Rs 13.44 crore. The company has halved dividend payout to 15% during the year.
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