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Dwijottam Bhattacharjee
Mumbai, Oct 28: Tata Investment Corporation has formally decided to pull out of market-making on the Over The Counter Exchange of India. The board of directors of Tata Investment Corporation has ratified the company's decision not to undertake market-making operations on the OTCEI. Once the OTCEI's consent is available, with retrospective effect, its investments on the over-the-counter exchange will be treated as "long-term investments" rather than the earlier-used head, "stock-in-trade". The board has decided that the company will cease to be an OTCEI market-maker with retrospective effect from April 1. It is known that Tata Investment Corporation had ceased to be an active player on the OTCEI for nearly one and a half years.The adoption of the decision to pull out and shift the OTCEI stock-in-trade to under long-term investments has been expected for a long time.
The company held a total of Rs 58.68 lakh worth of equities as stock-in-trade on the OTCEI segment.
The board has decided that provisions ifany for lon term dimumution in the value of investments will be made at the time of finalisation of the accounts for the year ending March 31, 1999.
The board also adopted the company's first half and second quarter financial results. Tata Investment Corp has recorded a total income of Rs 23.95 crore for the half year ended September 30, 1998, against an almost identical figure of Rs 23.96 crore during the corresponding previous half-year.
For the last quarter, the company has notched up total income (including net interest) of Rs 16.47 crore (against Rs 17.56 crore the previous corresponding quarter).
For the half year ended September 30, 1998, the company has recorded a profit after tax of Rs 21.64 crore (against Rs 21.16 crore during the corresponding half year the previous fiscal), and for the quarter ended on the same date, the company has achieved a net profit of Rs 15.01 crore (Rs 15.73 crore during the corresponding quarter the previous fiscal).
The figures include he merger of the company'ssubsidiary Investa Ltd with the company which was effective from April 1, 1997. All the formalities regarding the merger have been completed recently. As the merger was announced after the half-yeraly results for the period ended September 30, 1997, the figures for such period have been re-worked to incorporate the working of Investa Ltd, says a press release issued on the financial results by the company.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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