Sandesh Ltd, one of the leading dailies of Gujarat, has proposed to give a dividend of 25 per cent for the financial year ending 1998-99. Announcing the financial results for the year ending March 1999, Sandesh Ltd's chairman and managing director, Falgunbhai Patel, said that the total turnover of the company went up by 8.61 per cent to Rs 98.95 crore from Rs 91.10 crore in the previous year. Sandesh recorded a gross profit of Rs 27.63 crore and its net profit stood at Rs 12.73 crore, he said.

BPCL, Gail sign MoU

Bharat Petroleum Corporation Ltd (BPCL) on Wednesday signed a memorandum of understanding (MoU) with the Gas Authority of India Ltd (Gail) for drawing liquefied petroleum gas (LPG) from the latter's proposed 1,270km long LPG pipeline from Jamnagar to Loni in Uttar Pradesh. BPCL would draw LPG suppies from the pipeline to feed its proposed as well as existing LPG bottling plants at Ajmer, Loni and Piyala, a BPCL statement said.

Gautier buysPoddar's stake

French conglomerate Groupe Seribo has decided to strengthen its presence in the Indian branded furniture market by buying out the entire 50 per cent stake in Gautier India Ltd from the Calcutta-based Poddar group. The decision to restructure its operations in the country came following the success of the joint venture between Poddars and KK Birla's Zuari Industries which marketed furniture under the Gautier brand name in southern states, Gautier India managing director KK Gupta said here.

BIFR nod to PPGM, Crompton Greaves merger

The Board for Industrial and Financial Reconstruction (BIFR) has approved the merger of sick Punjab Power Generation Machines Ltd (PPGM) with Crompton Greaves Ltd (CGL). As per the scheme, PPGM will be merged with its promoter CGL in the ratio of 20:1 i.e., 20 shares of PPGM for every share of CGL.

Under the rehabilitation scheme, CGL would infuse Rs 10.88 crore through internal accruals of Rs 7.16 crore and Rs 3.72 crore income tax benefits fortaking over the losses of the company.