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Friday, July 10, 1998

Corporate Briefing 

 
Tisco cuts inventories by 43% in first quarter: A substantial 42.72 per cent reduction in export inventories has helped Tata Iron & Steel Co (Tisco) to cut down total inventories by 12.15 per cent despite a 4.31 per cent increase in domestic stocks during the first quarter of the current fiscal, compared with the corresponding period of the previous fiscal. Although the company's domestic stock went up from 89,926 tonnes to 93,804 tonnes, export stocks decreased drastically from 49,740 tonnes to 27,000 tonnes. Total inventories fell by 20.62 per cent from 28 to 22 days.

Rourkela Steel sets record in saleable steel output: Steel Authority of India Ltd's (SAIL) Rourkela Steel Plant (RSP) set a new record in production of saleable steel in June this year. The plant produced 1,00,006 tonnes of saleable steel, the highest since its inception, during the month. The plant also showed better performance in the first quarter of the fiscal by achieving 4 per cent growth in saleable steel production. Itproduced 2,47,197 tonne of saleable steel during the April-June quarter. During the period, the plant achieved 4 per cent and 3 per cent growth rate in hot metal and crude steel respectively by producing 3,14,379 tonne of metal and 2,52,522 tonne of steel. The company produced 42,450 tonnes of hot-rolled (HR) coils (total) during the first two months of this fiscal.

Chordia Food Products bags award: The Pravin brand of pickles manufactured by the Chordia Food Products Ltd has bagged the `Best Export Award' from the government of Maharashtra for the year 1995-96. Chordia Food exports its brands Pravin and Toofan to Kuwait, Saudi Arabia and Baharain. It registered an export turnover of over Rs 2 crore and a total turn of above Rs 25 crore, a company release said.

Apollo to re-launch two-wheeler tyres: Apollo Tyres Ltd, after suffering a set-back in the two wheeler tyre segment, is set to re-launch its brand Black Cat in September. "Initially we have decided to roll out 40,000-50,000 scootertyres and talks are underway with two wheeler manufacturers selling them," company vice-chairman Onkar S Kanwar said. Apollo had to stop selling black-cat tyres last year due to poor market response marketing of the brand.

Parry Agro to double coffee production in two years: Parry Agro Industries, a unit of the south India-based Murugappa group, plans to double its coffee production to around 500 tonnes in the next two years, while looking out to buy tea estates in the north-east region, a top official of the company said.

Ghosh is new CMC chairman & managing director: CMC Ltd director (technical) SS Ghosh has been appointed chairman and managing director of the information technology solutions provider. During his tenure, CMC reached the top in its support function, which he was heading, a CMC release said.

Morarjee Mills teams up with designers: Morarjee Mills, the country's fourth-largest composite textile mill, has teamed up with leading designers from the Indian haute coutureworld to design an impressive collection from its vast range of fabrics. Talking to newspersons after a fashion show here on Thursday, executive director Pramod Gothi said the tie-up was a concerted move to make the organisation market-oriented, customer-friendly and design-driven. At the fashion show designers like Krishna Mehta, Hemant Trivedi, Jay Ram Rakhiani and Rockys' displayed a wide range of collections including an exquisite black and rust ghagra choleeand a floral-printed western outfit using the company-produced fabrics.

JK Industries clarifies: Referring to the report ``JK Industries likely to bid for Dunlop'' appearing in The Financial Express on Thursday, the company has clarified that ``it is now concentrating on further upgradation of facilities at Vikrant Tyres Ltd factory at Mysore, apart from the ongoing modernisation of JK's two plants at Gwalior and Kankroli. It has no intention whatsoever to attempt another takeover at this juncture.'' We note the company's viewsexpressing disinterest in the takeover. Our own report based on industry sources had emphatically stated that RP Singhania, managing director of JK Industries Ltd remained non-committal when asked about the company taking a close look at Dunlop.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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