Although losses have shot up, net sales of the power utility went up to Rs 809 crore from Rs 760 crore in 1997-98. The company attributed the loss to the adverse impact of the unusual delay on the part of the state power department to allow the company a reasonable rate revision, and also because of higher interest and depreciation charges.

According to the notes to the second quarter results, "a tariff revision of approximately 9 per cent was allowed to the company in November 1996 after a gap of 22 months. After power purchase cost increases, this left a net margin available to the company of only 2 per cent. The recent tariff revision becomes effective October 19, 1998."

The interest charge stoodhigher at Rs 154 crore (Rs 89 crore) while in the second quarter the figure stood at Rs 74 crore against Rs 41 crore reported in the corresponding period of the previous fiscal.

Depreciation in the first half is also higher at Rs 94 crore (Rs 40 crore) and in the second quarter at Rs 47 crore (Rs 20 crore). The interest charges for the first half include impact of capitalisation of the 250mw first unit of the Budge Budge thermal power project.

The average tariff hike offered to the company by the state government has been about 20 per cent and this would add Rs 20 crore per month to the company's profit during the last four months of the current fiscal. As a result, the company is expected to contain its full year loss at Rs 100 crore for 1998-99.

Apollo Tyres Q2 net falls 18%: Apollo Tyres has reported an 18 per cent drop in net profit to Rs 11.50 crore for the second quarter ended September 30, 1998, against Rs 14.08 crore posted in the corresponding period last year. The company's turnoveralso reduced to Rs 366.36 crore in the second quarter (Rs 389.56 crore). During the period, the company recorded a gross profit of Rs 19.20 crore (Rs 22.46 crore).

For the first half of the current fiscal, the company recorded net sales of Rs 535.33 crore, gross profit of Rs 28.68 crore and a net profit of Rs 14.39 crore.

When compared to the first quarter ended June 30, net sales in the second quarter have risen by 116 per cent from Rs 168.97 crore to Rs 366.36 crore. Gross profit increased by 102 per cent from Rs 9.48 crore to Rs 19.20 crore and net profit has risen from Rs 3.43 crore to Rs 11.50 crore.

The company's board adopted the unaudited results on Monday. The paid-up capital of the company increased to Rs 33.05 crore in the second quarter this year, against Rs 30.04 crore in the previous year.

Vashisti Detergents H1 sales up 43%: Vashisti Detergents Ltd has recorded a gross turnover of Rs 112.05 crore in the first half of the current fiscal, an increase of 43 per cent over theprevious corresponding period. The company posted a gross profit of Rs 4.52 crore during the period and a net profit of Rs 2.50 crore.

Otis Elevator H1 sales at Rs 100 cr: Otis Elevator Company (India) Ltd has posted a 10.1 per cent increase in turnover to Rs 100.30 crore in the first half of the current fiscal as against Rs 91.12 crore reported in the previous corresponding period. Turnover in the second quarter posted an 18.1 per cent increase to Rs 58.94 crore from Rs 49.89 crore in the previous corresponding period. Net profit rose by 4.1 per cent to Rs 7.59 crore in the first half from Rs 7.29 crore in the same period last year. The company said a higher tax provision during the first half is due to the company already having availed of the full tax benefit of the voluntary retirement scheme in the previous year. The company intends to introduce a VRS in the near future in respect of which costs and the resultant tax impact have not been considered in the current results.

Max TelecomVentures board meet: Max India has informed the BSE that the board meeting of Max Telecom Ventures Ltd (MTVL), a wholly-owned subsidiary of the company, will be held on October 27 to consider and approve the scheme of amalgamation between MTVL and Max Corporation Ltd. The company added that the matter was earlier deferred by the board in its meeting held on October 21.

Workers call off strike at DCW plant: DCW Ltd has informed the BSE that pursuant to successful negotiations, the workers' union has called off the strike at its plant at Sahupuram in Tamil Nadu on October 17. The plants will resume normal operations in a couple of days, the company said.

Polychem calls off EGM: The board of directors of Polychem Ltd has approved the calling off of an extraordinary general meeting for the sale of its Nira facilities and business in Maharashtra relating to their alcohol and alcohol-based chemicals business to Vam Organic Chemicals, subject to necessary approvals.

Whirlpool allots sharesto financial arm: Whirlpool of India has informed the BSE that 24,202,188 shares of the company have been allotted to Whirlpool Financial Mauritius Ltd pursuant to the scheme of amalgamation of Whirlpool Financial India Pvt Ltd with the company. This constitutes 38.15 per cent of the post-merger paid-up capital of the company.

Carborundum Universal H1 net up 7%: Carborundum Universal, the Murugappa group company, has recorded a 7 per cent increase in its net profit for the first half of 1998-99. The company's turnover increased marginally by 3.5 per cent, while other income moved up by 11.4 per cent. Interest costs dropped by 13 per cent while depreciation increased by 12.7 per cent. Net profit went up from Rs 8.81 crore in the corresponding period last year to Rs 9.40 crore.