Bizbits -- Pfizer's net drops

Saturday, November 22 1997

Bizbits -- Pfizer's net drops

MUMBAI:

The net profit of Pfizer Ltd has dropped to Rs 9.12 crore during the six months period ended September 1997 from Rs 11 crore same period last year. Net sales amounted to Rs 106.17 crore (Rs 144.27 crore) and earned a lower gross profit of Rs 15.72 crore (Rs 19.70 crore). The provision for depreciation amounted to Rs 1.90 crore (Rs 1.73 crore) and for taxation at Rs 4.70 crore (Rs 6.97 crore).

Initiative Media bags Cadbury account

MUMBAI: After two years of buying TV `informally' for Cadbury India Ltd, Initiative Media (the media arm of the Lintas Group) was finally awarded the entire media business for this company, covering both planning and buying for all brands, for all media. This was after a formal pitch against O&M, who handles most of the creative business, in the last week of September. The account is expected to add another Rs 25 crore to IM's Rs 500 crore plus business.

FM releases LIC Citizens' Charter

MUMBAI: P Chidambaram, Union Finance Minister, has released the Citizens' Charter of the Life Insurance Corporation of India (LIC) at a function held in New Delhi recently. He commended the efforts being made by the corporation in providing better life insurance services to the people of India. Through the Citizens' Charter, the LIC has articulated its commitment towards customer care and has listed the initiatives.

NSE keen on Saturday trading

MUMBAI: The National Stock Exchange is keen on introducing a trading session on Saturdays apart from a daily evening session to enable round-the-clock price discovery. The exchange plans to solicit the views of its members on the proposal which stems from the recent turbulence in the international markets. "We are keen to introduce trading in the evenings as well so that the domestic market can align itself to the developments in the international markets," said RH Patil, managing director of NSE.