Archies Greetings & Gifts Ltd has recorded a 59 per cent increase in net profit to Rs 1.08 crore on sales growth of 40 per cent at Rs 9.49 crore in the first quarter of 1998-99. The company had earlier reported a turnover of Rs 46 crore and net profit of Rs 4.75 crore for the financial year ending March 1998. Archies has also recently entered into a manufacturing tie-up with Kingsley Card of United Kingdom, a company release said.

Usha Beltron profit up to Rs 34 crore:

The amalgamated Usha Beltron Ltd on Wednesday reported a profit after tax (PAT) of Rs 33.70 crore on net sales and other income of Rs 460 crore for the year to March 31, 1998. The two constituents Usha Martin Industries and Usha Beltron had reported a combined net profit of Rs 28.62 crore in the previous year. They merged on October 1, 1997. Annualised earnings per share for the amalgamated company stood at Rs 18.30 for 1997-98. The board has proposed a dividend of 50 per cent or Rs 5 pershare. Last year, Usha Beltron paid a dividend of 30 per cent and Usha Martin 15 per cent.

Glaxo India, Burroughs Wellcome boards to meet on July 27:

The boards of Glaxo India and Burroughs Wellcome India will meet on July 27, at Mumbai, inter alia to take on record the unaudited financial results (provisional) of their respective companies for the quarter ended June 30, 1998.

Software industry turnover crosses Rs 10,000 crore:

The Indian software industry has crossed the Rs 10,000 crore mark during the last financial year, with exports contributing more than 65 per cent. The industry registered an overall growth of 58 per cent during the year. While export market contributed Rs 6,530 crore, the domestic market fetched Rs 3,510 crore, according to a study by the National Association of Software & Service Companies.

Awards for manufacturers:

Union commerce minister Ramakrishna Hegde will on June 11 present awards to 24 manufacturers in recognition of excellence in exports inthe field of basic chemicals, pharmaceuticals and cosmetics. Exports of these goods to Latin American, Africa and Middle East countries had led to a 10 per cent growth in dollar terms in 1997-98 (14 per cent in rupee terms) over the previous year, Chemexcil chairman Murli Deora said in Mumbai on Wednesday.

Revival plan for Hindustan Fertlisers unit:

The Hindustan Fertiliser Corporation has undertaken a Rs 350 crore limited revival plan for its Namrup unit. "After careful evaluation of various alternatives, a revival package for Hindustan Fertiliser Corporation was formulated which envisaged the limited revamp of the Namrup unit," official sources said here on Wednesday. The centre had accorded sanction after consultation with the Board for industrial & Financial Reconstruction (BIFR).

Centre to select global advisor for Balco divestment this week:

The centre is likely to select a global advisor for divestment of its stake in Bharat Aluminium Company Ltd (Balco) this week. About 11domestic and international consultants and investment bankers, including Mckinsey, Jardine Fleming, SBC Warburg and Paribas Equity are in the race to find a strategic buyer for the government's stake in Balco.

Autodesk Inc appoints RGP Systems:

Autodesk Inc has appointed RGB Systems & Support Pvt Ltd of Mumbai as its Kinetix division's entertainment business partner for the western region. RGB Systems will directly sell Kinetix's 3D Studio MAX R2.5 and Character Studio. "Our customers in the states of Maharashtra, Gujarat, Madhya Pradesh, Goa, and Kerala will be catered by RGB Systems. The technical expertise and system integration skills of RGB Systems in multimedia technology combined with the 3D Studio MAX product, will benefit all Kinetix customers," said Autodesk Inc sales development manager (South Asia Pacific region) Ivy Wee.

Intel, Level One sign pact:

Intel Corporation and Level One Communications have signed a memorandum of understanding outlining their plans to help advancethe adoption of gigabit ethernet technology. The plan includes intentions to work together to enhance industry specifications and introduce complimentary gigabit ethernet products designed for `category 5 copper wiring' products resulting from this initiative.