Imports of steel sheets and coils have doubled over the last four months as traders have begun taking advantage of loopholes in the floor price mechanism on imports. Steel companies allege that traders are buying seconds at $170 per tonne but invoicing them at the floor-price level, and routing in the difference through hawala.

Revenue collections post 33% growth

Revenue collections showed a marked buoyancy in April this year recording a 33.3 per cent year-on-year growth. Aggregate revenue was Rs 7,576 crore with indirect-tax mopup pegged at Rs 6406 crore and direct taxes Rs 1,170 crore. While the growth of overall indirect-tax collections was 19.7 per cent.

Doomsday rumours grip Gujarat

The May 8 doomsday rumours have brought trade in Gujarat to a virtual halt, with fear gripping the 80,000-odd migratory workers engaged in major market yards in the state. Several such yards in North Gujarat have closed down following mass migration ofworkers. Panic gripped the state following rumours that a cyclone would hit Alang on May 8.

Centre to raise Rs 5,000 cr

The Centre will re-issue 11.19 per cent 2005 and 12.32 per cent 2011 securities to raise Rs 5,000 crore from the market. "The RBI will auction the two gilts on May 11 and the auction will be a price-based one, since the coupon is known upfront," an RBI official said.

Dhabol phase-II financial closure

Enron International on Thursday announced the financial closure of the Dabhol Power Company's $1.87-billion Phase-II, involving the construction of a 1,444mw plant. The financial package, comprising five loans totalling $1.41 billion and equity investments of $452 million, marks the first instance of LNG-terminal financing in the country.

Hindalco net up 14% to Rs 566.7 cr

Hindalco Industries has posted a 14.2 per cent jump in net profit for fiscal 1998-99 to Rs 566.7 crore from Rs 496.2 crore in 1997-98. Turnover has risen to Rs 1,766.99 crore from Rs 1,473.2crore. The board has recommended a dividend of Rs 6.50 a share.

Nicholas Piramal posts Rs 45.5cr net

Nicholas Piramal has declared a dividend of 55 per cent having recorded net profit of Rs 45.4 crore for 1998-99. The company clocked a turnover of Rs 441.8 crore during the year.

Nirma net up 12% to Rs 170 cr

Nirma Ltd has posted a 12 per cent higher net profit of Rs 170 crore for year ended March 31 1999 compared with Rs 152 crore of the previous year. Turnover was up 22 per cent to Rs 1,473 crore from Rs 1,206 crore. The company declared a dividend of 30 per cent.

Voltas VRS outlay

Voltas, which is likely to break even this fiscal after being mired in losses since 1996-97, will spend Rs 25 crore for the first round of VRS. The scheme, which more than 500 employees will avail of, is aimed at cutting work force across all divisions of the Tata group company.

Coromandel Fertilisers buyback

Coromandel Fertilisers has informed the BSE that it has passed a specialresolution at its EGM approving share buyback at Rs 65 per share, up to 20 per cent of the company's paid-up capital.

New ANZ Grindlays Bank head

Bank of America retail banking head Anuroop "Tony" Singh is set to take over as the country head of ANZ Grindlays Bank.

BOOE on Comex futures trading

Experimental permission for trading in futures of a single commodity on existing exchanges will restrict the presence of commodity futures in the country, according to Bombay Oilseeds and Oils Exchange president Navinchandra Shah said. The exchange intends to kick off trading in international castor oil futures on May 10.