MUMBAI: LUPIN Laboratories Ltd has reported a 41.07 per cent jump in net profit to Rs 34.24 crore for the financial year ended June 30, 1998, from Rs 24.27 crore during 1996-97. The company's turnover during the year, however, increased by 7.88 per cent to Rs 697 crore from Rs 646.44 crore last year.Expenditure during the year increased 6.19 per cent to Rs 601.91 crore from Rs 566.80 crore during the previous year. Lupin's operating profits during the year increased by about 20 per cent to Rs 95.50 crore from Rs 79.64 year during last year. The company's board of directors has recommended to maintain the dividend at Rs 2.50 per share.

Of its income from operations of Rs 695.09 crore, exports amounted to Rs 230.94 crore representing 33.22 per cent of its sales. During the year, the company's exports grew by 15 per cent and exports to the developed markets of Europe and America constituted 41 per cent of total exports, against 27 per cent last year.

Northwest pilots go on strike

MINNEAPOLIS: PILOTS at Northwest Airlines Corp went on strike early on Saturday, shutting down the nations' fourth largest airline, and the two sides did not even agree on what issues prevented a deal.
The union, which represents about 6,200 pilots, called the strike as a 30-day cooling off period ended at 12:01 A.M. EDT (0401 GMT), after rejecting a four-year contract proposal that Northwest said included a pay raise that would make the pilot's average pay higher than that at the three largest airlines. The deal also included a promise of no layoffs for five years for pilots on the payroll when the contract was signed, the company said.

First disinvestment in September

HYDERABAD: Union finance minister Yashwant Sinha today asserted that the BJP-led coalition government has decided to hit the market with the first disinvestment next month.Speaking at a meeting here, Sinha sought to put to rest doubts about the centre's plans to implement the public sector reforms saying that it has a comprehensive policy to this effect. Disclosing the government would hit the market with the first disinvestment in September, he said the basic thrust of the disinvestment process would be to create new and productive assets.

IDBI Bank revises interest rates

MUMBAI: IDBI Bank has changed term deposit rates with effect from August 21, 1998. According to the new rate structure, deposits upto Rs 50 lakh for 15 to 30 days will earn 8 per cent, for 31 to 45 days will earn 9 per cent, 46 to 90 days will earn 10 per cent, 91 to 180 days will earn 10.25 per cent, 181 days to 364 days will earn 11 per cent, above one year to two years will earn 11.25 per cent and above two years to five years will earn 12 per cent.

Forex up by $ 367 mn

MUMBAI: INDIA's foreign currency assets (FCA) were up by US dollar 392 million to $ 23,930 million during the week ended August 21. In the previous week, FCA had fallen by $ 502 million. After considering reduction in special drawing rights by $ 25 million, the total foreign exchange reserves as on August 21 were $ 367 million higher at $ 26,975, according to Reserve Bank of India' (RBI) weekly statistical supplement.

During the week ended August 14, Central government's access to ways and means advances (WMA) stood at Rs 526 crore, down by Rs 6,957 crore from the previous week's level.

Essar Steel

MUMBAI: Essar Steel has said that more than 1500 shareholders attend its annual general meeting (AGMs) held in Hazira, near Surat. The company claimed that it has shifted its registered offices out of Mumbai due to an agreement with the GIIC which wanted the company's registered office to be in Gujarat.

Essar Steel is now in the process of strengthening its investors relations by setting up a separate investor relations cell, reporting directly to the top management.

Modular Systems

MUMBAI: Pune-based Modular Systems, leaders in Indian language software products has launched Ankur, a new suite of Indian language office applications. Ankur is a suite of a script processor, a built-in multilingual word processor and a multilingual executive/personal diary. The script processor allows the use of Indian scripts and keyboard layouts in the English-oriented environment. This in turn allows the user to use Indian scripts.

Scorpio Appliances

MUMBAI: Scorpio Appliances Pvt Ltd has come out with the improved second-generation domestic flour mill.Marketed by Kirtan Marketing Pvt Ltd, under the brand name `Natraj', the product is technologically superior,aesthetically pleasing and minus the problems of its predecessors. The company's objective is to change the product image from that of a `machine' to a `domestic appliance' and to bring it into the `white goods category.

Krishi exhibitions

MUMBAI: Media Exhibitors has arranged a massive agricultural exhibition-Krishi-2000 in Nashik in the winter this year from November 27 to December 2.The theme of this innovative exhibition centres around the idea of Indian farmers getting ready for the challenges of the next millennium. More than 350 agriculatural input companies are participating in the exhibition and around 15 lakh formers from various states are expected to visit the exhibition.

Sunshield Chem

MUMBAI: Sunshield Chemicals has posted a healthy net profit of Rs 1.79 crore for the 15 months period ended June 1998.The turnover has registered an annualised growth of 45 per cent from Rs 19.56 crore to Rs 35.41 crore and at the gross level the company has posted a profit of Rs 2.85 crore against a loss of Rs 1.15 crore during the previous year due to the company curtailing its business.

IMT debate

MUMBAI: In a panel discussion organised by the Institute of Management Technology of Gaziabad, vice-chairman of Kotak Mahindra, Uday Kotak said only top few firms will survive in a competitive world. The panel was discussing "reorganising for redefining customer value: challenges in recession & beyond" in Mumbai. The panelists deliberated on various aspects of defining customer value with Kabir Muchandani defining shareholders' value in terms of providing value for money at an affordable price. The objective of the discussion was to learn from the experinces.