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Politics	Business	Expressions	General
World	Sports	Leisure	States

Saturday, May 23, 1998

	ITC posts Rs 526 cr profit ITC Ltd reported a net profit of Rs 526.20 crore for the year to March 31, 1998, up 52 per cent on the Rs 346.90 crore in the previous year. The board has recommended a dividend of Rs 4.50 per share (45 per cent) against Rs 4 per share paid last year.		Re falls against US greenback Overnight reports of skirmishes on the Indo-Pakistan border unnerved the interbank forex spot market and the rupee declined against the US greenback on heavy dollar demand by corporates and importers. Opening at around 40.56/59 per dollar, the rupee dipped to an intraday low of 40.67/69 on demand for dollars from importers and buying by banks, but later ended at 40.65/67 sharply lower from Thursday's finish of 40.54/56.
	Assocham opposes quarterly results The Associated Chambers of Commerce and Industry of India (Assocham) has opposed the suggestion of the Securities and Exchange Board of India (SEBI) to make it mandatory for listed companies to disclose results of their operations at quarterly intervals instead of half yearly as at present.		Unlisted cos can float GDRs, norms eased The Union Finance Ministry has liberalised Euro issue guidelines further by allowing unlisted companies to approach overseas markets, removing end use restrictions on funds raised and scrapping the 90-day ceiling for making the issue from the date of clearance. The new guidelines will come into effect for approvals granted on May 22 and thereafter.

Seagram to buy Polygram India
The Seagram takeover of PolyGram worldwide will lead to a change in ownership of the 51% stake held by PolyGram NV in Polygram India. Seagram, which till date concentrated only on the food business in India, will hold a majority stake in India's second oldest music company, Polygram India, in which the remaining 49% is held by the Patels of Film Center.

JVG directors violate CLB order
The directors of JVG Finance and JVG Leasing have violated the Company Law Board order by not appearing personally before the board for hearing for non-repayment of fixed deposits. The failure of directors to appear before the board has been taken seriously by CLB member A R Ramanathan and summons were issued again to the directors of the non-banking finance company (NBFC).

Task force to frame informatics policy
S&P downgrades India outlook
Sensex drops marginally
Citibank, Maruti float auto finance JV
GTB net up 40%
ICI India net profit increases by 20%
Mafatlal, Alpic downgraded