Varun Shipping has increased its turnover to Rs 181.79 crore in 1998-99 from Rs 155.29 crore in the previous fiscal. This was due to the addition of an LPG carrier to its fleet. Net profit however has declined to Rs 8.32 crore from Rs 9.34 crore last year. The company did not sell any ships this year compared to Rs 19.76 crore earned last year from sale of ships. The operating margins of the company has been under pressure due to plunging freight rates.

TTK Prestige posts Rs 9.23cr net

TTK prestige recorded a net profit of Rs 9.23 crore for the year ended March 31, 1999 as compared with Rs 5.08 crore during the same period last year. Sales have gone up to Rs 145 crore from Rs 111 crore. The company recorded export sales to the tune of Rs 26 crore against Rs 16 crore.

Kopran reports Rs 2.21cr net

Kopran has reported a net profit of Rs 2.21 crore for the quarter ended March 31, 1999. The turnover of the company was Rs 45.03 crore which,according to a company release, is 18 per cent higher when compared to the turnover of the formulations and speciality bulk divisions for the quarter ended March 1998. The company has taken effective steps to be Y2K compliant by June 1999.

Reliance hikes PTA price

Reliance Industries Ltd (RIL) has hiked purified terepthalic acid (PTA) price by Rs 1.5 to Rs 24 per kg, effective from May 1. MEG price has also been hiked from Rs 21.0 per kg in April to Rs 22.5 per kg in May. Price of polyester staple fibre (PSF) was increased to Rs 43 per kg in May from Rs 41.5 per kg in April. While price of POY was increased to Rs 55 per kg, price of PET also hiked to Rs 39 per kg. Price of polypropylene was hiked to Rs 32.7 per kg in May.

Rubfila completes project

Rubfila International Ltd, the Kerala-based manufacturer of heat resistant latex rubber, has completed its project to manufacture silicon coated rubber thread ahead of schedule.The commercial production is slated to commence from May1999.

Dharamsi Morarji amalgamation

A press release issued by the Dharamsi Morarji Chemical Company states that 99.99 per cent of the equity shareholders, at a meeting, voted in favour of an amalgamation of the company with Udaipur Phosphates and Fertilisers. All the secured and unsecured also voted in its favour.