NEW DELHI: Food Corporation of India (FCI) and other government agencies procured seven million mts of wheat till Saturday compared to 2.1 million mts procured during last year for the same period. Total wheat arrivals this year in the various state mandis has been 7.2 million tonnes, an FCI release said. In Punjab, the procurement has been 4 million mts compared 1.4 million mts last year, followed by Haryana 2.3 million mts, Rajasthan 195,000 tonnes and Madhya Pradesh 261,000 mts.

UB net dips

MUMBAI: United Breweries reported a 30.8 per cent drop in net profit for the fiscal ended March 31 to Rs 13.87 crore against Rs 20 crore for the corresponding period of previous year. Net sales of the UB group's flagship beer company registered a fall of 3.4 per cent to Rs 304.5 crore (Rs 315.3 crore).

Widia net down

MUMBAI: Widia India Ltd has posted a decline in its net profit to report Rs 24.32 crore for the year 1998 against Rs 33.73 crore in the previous year.The turnover of the company during the period was Rs 201.11 crore (Rs 212.23 crore). An interim dividend of Rs 20 per share was declared by the board of directors.

Herbertsons

MUMBAI: Herbertsons Ltd has reported a net profit of Rs 5.04 crore for the fiscal ended March 31, 1999 against Rs 5.02 crore for the previous fiscal. The company's net sales have gone up by 21 per cent to Rs 267.64 crore (Rs 219.58 crore) during the period. It achieved sales of over 7.6 million cases, registering a volume growth of 14 per cent.

Western Coalfields

MUMBAI: The Western Coalfields Ltd (WCL) has decided to close down its five loss-making coal mines, including the neighbouring Kamptee Colliery in the current financial year. Chairman-cum-managing director of WCL, KC Vijh, however, made it clear that all the employees of these loss-making mines would be shifted to new projects and there was no threat to their employment due to the closure.

SBI gold sale

MUMBAI: State Bank of India, Mumbaimain branch, has launched sale of retail gold in 10 and 5 gms packing from April 21, 1999. The launching of retail sale was done by AK Batra, CGM of Mumbai circle (since promoted as Dy MD).

Archies profit

MUMBAI: Archies Greetings & Gifts Ltd reported a 86 per cent growth in net profit at Rs 8.82 crore in the financial year 1998-99 as compared to Rs 4.75 crore last year. As per the audited results announced here on Thursday, the turnover rose 31 per cent to touch Rs 60.27 crore as against Rs 46.05 crore last year. This is the second consecutive year when the company has posted a 30 per cent growth and maintained a zero-debt status. The board of directors also announced a final dividend of 20 per cent. The company has already declared two interim dividends of 20 per cent each for this year. The company had declared a 1:1 bonus last fortnight.

Trac, Hyundai JV

MUMBAI: Trac Fujico Air Systems Ltd (TFASL), India's leading providers of world class air-conditioning products, solutions andservices, recently entered into an exclusive strategic alliance with Korea's number one multinational giant, Hyundai to launch state-of-the-art air conditioners (AC) in the Indian market. TFSAL will launch the ACs in Mumbai by early May 1999. The MoU was signed between Trac Fujico president Anil Dev, director Frederick Reid and deputy GM (Chennai) K V Jagannathan, GM electronics team P C Chin of Hyundai.