Indian industry showed signs of revival in April with 48 sectors registering excellent to high growth rate of over 10 per cent compared to a year ago, a survey conducted by Associations Council (Ascon) of Confederation of Indian Industry said on Friday. A total of 29 segments including auto components, telecom equipment, polyster, scooters and newsprint recorded high growth rate ranging between 10 per cent to 20 per cent, the survey said.

RBI removes ceiling on bank credit to NBFCs

The Reserve Bank of India has removed the ceiling on bank credit in respect of all registered non-banking finance companies engaged in principal business of equipment leasing, hire-purchase and investment activities. According to a RBI notification, the apex bank has adpoted the move in a bid to give more operational freedom to banks in the matter of credit disbursements.

EC order

The Election Commission has ordered all the chief secretaries to ensure that no casesrelating to electoral offences is withdrawn by any state government. In a communication, the state chief secretaries have also been directed to pursue such cases vigorously so that a conducive environment was created for free and fair conduct of the general elections.

IOC net up 30% to Rs 2,214 cr

Public sector oil major, Indian Oil Corporation on Friday reported a 30 per cent rise in net profit during 1998-99 to Rs 2,214 crore as compared to the previous year's figure of Rs 1,706 crore. The sales turnover of the company rose by 17 per cent to Rs 69,430 crore from the 1997-98 figure of 59,176 crore. The board has recommended a dividend of 130 per cent.

ONGC net rises 2.86% to Rs 2,754.50 cr

State-owned Oil and Natural Gas Corporation on Friday announced a 2.86 per cent increase in net profit at Rs 2,754.50 crore during 1998-99, despite a marginall fall in net sales. ONGC had posted a net profit of Rs 2,677.77 crore in 1997-98. ONGC board has recommended a 55 per cent dividend for theyear compared to 25 per cent last year.

Pentafour net rockets 108% to Rs 14.1 cr

Pentafour Communications on Friday announced a 108 per cent jump in its net profit at Rs 14.1 crore for the fiscal 1998-99. The company's turnover grew by 71.3 per cent to Rs 70.17 crore. It declared a dividend of 40 per cent as against 30 per cent declared last year. The firm recorded exports worth Rs 19.09 crore.

Apollo Tyres net skids 24% to Rs 31 cr

Apollo Tyres has reported a 23.6 per cent decline in net profit at Rs 31.08 crore on a lower turnover of Rs 1,151.16 crore for the year ended March 31, 1999. The company has maintained the dividend at Rs 4 per share (40 per cent), which is the same as last year.

EIH net dips 21% to Rs 96.41 cr

EIH Ltd, the flagship of the Oberoi group, has reported a 21 per cent lower net profit of Rs 96.41 crore for the year ended March 31, 1999, compared with the previous year's Rs 123.25 crore, according to the audited financial results approved by the company'sboard on Friday. The company has proposed a dividend of 50 per cent, the same that was paid last year.

Alstom slips into red

Alstom Ltd, the manufacturer of industrial, power transmission and distribution equipment dipped into the red with a net loss of Rs 9.51 crore for the year to March 31, 1999, against a net profit of Rs 3.84 crore in the previous year. In view of the adverse results, the board of directors at a meeting in Chennai, has preferred to skip dividend for this year.

Philips Q1 sales up 11%

Philips India has recorded a 11 per cent growth in sales during the first quarter of 1999 with sales of Rs 397.5 crore as against Rs 358 crore in the corresponding period of previous year. The net profit for the quarter was Rs 4.4 crore.

Euro-I compliant cars from Maruti

Maruti Udyog said on Friday that it will introduce Euro-I compliant vehicles in the National Capital Region from June 7 onwards. MUL managing director RSSLN Bhaskarudu said that the company has been workinghard to make vehicles Euro-I compliant.

Duncans merger plan

GP Goenka's Duncans Industries has drawn up a plan to merge one wholly-owned subsidiary and four other group investment companies with itself. Shareholders of all the six companies are to meet on June 26 for approving the merger scheme.

LG Electronics petition

LG Electronics will not withdraw its petition against Nimbus Communications and Doordarshan (DD) for its rights as the official home appliances sponsor for the cricket world cup for "strategic reasons", company sources said. The petition would stand despite the fact that it received last week the Rs 3.09 crore advance paid to Stratcon, the first company with which Doordarshan had entrusted the telecast's advertisement job, they said.

IFCI net dives to Rs 23.51 crore

IFCI net has declined to Rs 23.51 crore during 1998-99 from Rs 370.5 crore in the previous financial year. In view of the fall in net, the institution lowered the dividend to 10 per cent from 30 percent previously. IFCI chairman and managing director PV Narasimham said despite low profits the board had decided maintain the track record of paying dividends.

Dena Bank net up 4.8% to Rs 110.89 cr

Dena Bank has posted a 4.8 per cent jump in the net profit to Rs 110.09 crore from Rs 105.04 crore to Rs 110.09 crore during 1998-99. The bank's board which met in Mumbai on Friday approved a dividend of Rs 1.60 per equity share of Rs 10 against Rs 1.50 declared in the previous year.

Vasant Pawar, Mahajan leave Congress

The Congress received a further setback in Maharashtra with its state party spokesperson Ratnakar Mahajan and former MP Vasant Pawar resigning from the party and joining the Nationalist Congress Party, the new political outfit floated by Sharad Pawar. A few days back, another MPCC spokesperson Vasant Chavan had resigned from the party.

Renault picks stake in Nissan

French automobile major Renault picked up stake in the troubled Nissan Motor on Friday as the Japanesefirm's truck-making unit admitted heavy losses. Renault agreed to pay $5.3 billion to take a 36.8 per cent stake in the loss-making Japanese firm, giving it minority control and creating the world's fourth largest carmaker.

Of buying horses

In the present buyers' market, acquiring a noble steed is only too easy-- one merely has to wave a catalogue at an auction sale, sign on the dotted line, and pay for the new acquisition. What's more, with a new, young horse, there is always the hope that it will perform on the track. Just like the hope the investor has when putting in his or her hard-earned money into an initial public offering.