Thursday, June 4, 1998
Other income pushes up Hoechst net
Hoechst Marion Roussel Ltd (HMR) has registered a 53.15% increase in net profits at Rs 31.03 crore crore for the year ended March 31, 1998 against Rs 20.26 crore recorded in the previous year. The increased profits are essentially due to higher other income and an extraordinary item.
Open offer yields Alcan 47 per cent Indal shares
Alcan Aluminium of Canada is believed to have received as much as 47% of shares of Indian Aluminium in response to its open offer for 20 per cent stake in the company. Alcan, which holds 34.6% of Indal and made its offer to fight a takeover bid by Sterlite Industries, is believed to have mopped up in excess of 33 million shares.
Scindia Steam posts net loss of Rs 17 crore
The Scindia Steam Navigation Company has posted a loss of Rs 17.1 crore in the financial year, ending March 1998, against a Rs 13.7-crore loss incurred in the previous year. The company did not earn any net income in the fiscal. However, the other income from operations increased by 103% to Rs 1.5 crore as against Rs 0.7 crore last year.
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