CALCUTTA: The amalgamated Usha Beltron on Wednesday reported a profit after tax of Rs 33.70 crore on net sales and other income of Rs 460 crore for the year to March 31, 1998. The two constituents Usha Martin Industries and Usha Beltron had reported a combined net profit of Rs 28.62 crore in the previous year. They merged on October 1, 1997.

Annualised earnings per share for the amalgamated company was Rs 18.30 for 1997-98. The board has proposed a dividend of 50 per cent or Rs 5 per Rs 10 share. In the previous year, Usha Beltron paid a dividend of 30 per cent and Usha Martin 15 per cent.

Indal stake

MUMBAI: Life Insurance Corporation (LIC) has sold 43,28,063 equity shares of Indian Aluminium Company Ltd at the rate of Rs 200 per share constituting 6.09 per cent of the paid up capital of the company on July 2, 1998 in terms of the open offer given by the Alcan Aluminium Ltd on April 29, 1998.

Norske Skog JV

MUMBAI: Norske Skog,Abitibi-Consolidated Inc, Hansol Paper Company Ltd and Norske Skogindustrier ASA have signed a letter of intent to enter into a joint venture to create the leading newsprint and groundwood company in the Asian Pacific region. Each company will purchase a one-third stake in the joint venture, which will encompass the Asian Pacific newsprint and groundwood paper operations.

Zee Telefilms

MUMBAI: The RBI on Wednesday said that the FII holding in Zee Telefilms can now be up to 30 per cent of its total paid-up capital and each series of convertible debentures. This follows the application made by the company to RBI on increasing the FII holding limit to 30 per cent from the earlier 24 per cent.

Rupee falls against dollar

MUMBAI: The rupee weakened against the US dollar as banks and corporates squared-up their dollar positions, but ended off the day's lows in fairly active two-way trade at the interbank foreign exchange (forex) market. The Indian currency closed at 42.56/58 per dollar, a ninepaise decline from Monday's finish of 42.47/48 after dipping to an intra-day low of 42.63/65 due to fresh dollar buying interest. The rupee opened at 42.46/48.

The rupee came under renewed pressure due to a rush to cover dollar positions by banks and corporates following a news report that Merrill Lynch sees a further rupee fall, dealers said. It predicted the Indian currency to fall to 46 per dollar ``due to slowdown of capital inflows, devaluation of Pakistani currency and the continuing Asian economic problems.''

With today's fall, the rupee has declined by over 16 per cent from about 35.70 a year ago. The rupee fall is expected to boost software exports in a big way. However, general exports have not picked up despite the depreciation.

NTPC plans stake in Petronet

NEW DELHI: National Thermal Power Corporation is exploring the possibility of picking up a 10 per cent equity stake in the $5-billion Petronet LNG consortium. Sources said that this will lead to a reshuffle in the equity holdingsof the four premier public sector oil companies Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Gas Authority of India Limited (GAIL)which together hold a 50 per cent equity stake in Petronet LNG.

Subsequent to NTPC stepping in as the fifth venture partner, the equity of these oil companies, currently at 12.5 per cent each, will be diluted by 2.5 per cent. Under the new structure, all the five public sector companies will have 10% equity each in Petronet LNG for importing LNG and developing facilities for receiving and marketing it.