MUMBAI: Ion Exchange India has posted good results for the year ended March 1997. The directors have recommended dividend of 30 % on enhanced capital (previous year 30 %).

The net sales/income from operations amounted to Rs 176.84 crore (Rs 165.21 crore) and earned a higher gross profit of Rs 18.30 crore against Rs 15.70 crore. After depreciation of Rs 4.65 crore (Rs 4.47 crore) and taxation of Rs 2.82 crore (Rs 2.01 crore), the net profit amounted to Rs 10.83 crore against Rs 9.22 crore.

Tisco board meet

The country's largest private steel maker Tata Iron and Steel Company Ltd said on Friday its board will meet on May 23 to finalise accounts and recommend dividend for the year ended March 31, 1997.

ICICI

The Industrial Credit and Investment Corporation of India (ICICI) has sold 25,950 equity shares representing 1.05 % of the capital of Davanger Sugar Company at the rate of Rs 30 per share through negotiated sale.

Hind Composites

Hindustan Composites has repeated its steady performance by recommending a divdiend of 20 % for the 5th year in succession. The net turnover of the company has marginally increased from Rs 60.86 crore to Rs 62.81 crore but gross profit increased by 14 % from Rs 5.80 crore to Rs 6.63 crore and net profit after tax increased by 18 % from Rs 1.91 crore to Rs 2.26 crore.

Improvement in profitability was principally due to better product mix and cost control measures.

Kuoni Travel

FIPB and RBI approvals have been received by Kuoni Travel to acquire 100 % shares in SOTC for a total considertion of Rs 50 crore. Kuoni Travel, one of the largest tour operators in the world with an annual turnover of $ 2.6 billion had already acquired a stake of 51 % in SOTC on World Tourism Day in September 1996.

Kuoni Travel acquired a further 23 % share in SOTC in January 1997 and now they have received the FIPB and RBI permission to hold the balance of 26 % shares in SOTC.

D T Joseph

D T Joseph has assumed charge as the managing director of SICOM on May 5, 1997. Prior to this appointment, he was the chief executive officer of Slum Rehabiliation Authority.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.