Hit by steep hike in interest payments and provision for depreciation, steel products maker Jindal Strips Ltd on Tuesday said its net profit for financial year 1998-99 dipped to Rs 32.79 crore, down 30 per cent from Rs 46.78 crore a year ago. A company statement said interest payments surged to Rs 87.6 crore in 1998-9 from Rs 29 crore in the previous year. The provision for depreciation shot up to Rs 62.1 crore from Rs 44.3 crore last year.

Century Plyboards to pay 30%

The Calcutta-based Century Plyboards (India) Ltd has reported a higher turnover of Rs 63.90 crore during the financial year ending 1998-99 representing a 48.29 increase over the previous year's turnover which stood at Rs 43.09 crore. Gross profit of the company also showed an increase of 12.60 per cent from Rs 6.11 crore to Rs 6.88 crore while profit before tax also increased to Rs 5.68 crore compared to Rs 5.55 crore in 1997-98. The board has recommended dividend of 30 per cent for thefinancial year.

Warren Tea net declines

The board of directors of Warren Tea Ltd have recommended a final dividend of 40 per cent which together with the interim dividend of 40 per cent already paid make a total of 80 per cent on equity shares. Despite registering an increase in turnover to Rs 119.65 crore from Rs 116.33 crore in the previous year, company's net profit declined to Rs 18.57 crore from Rs 22.90 crore. Total expenditure during the year stood at Rs 89.48 crore against Rs 79.69 crore last year.

Hyundai's first Euro-II Santro

Hyundai Motor India Ltd (HMIL) on Monday launched its first Euro-II compliant Santro with a Rs 12,000 hike in the final price tag of the vehicle. To mark the occasion, Hyundai donated the first Euro-II car to Panchavati green movement, which under permission from the Delhi government is launching a one-year campaign against the use of polybags. Speaking on the occasion, HMIL managing director KR Kim said, "Our plan to introduce Euro-II Santro is a naturalconsequence of the continuous process of technological upgradation undertaken by Hyundai Motor India."

Madura workers on strike

Workers of Madura Coates' centenary mill and Madura Textiles unit in Tamil Nadu has gone on strike from Monday in protest against management's failure to settle their wages. However, Madura Coates in a communique said the workers have proceeded on an illegal strike with effect from 1830 hours on Monday. Conciliation proceedings before the labour commissioner, Chennai in connection with wage settlement are in progress.

Grasim suspends operations

Aditya Birla group company Grasim Industries has informed the Bombay Stock Exchange that it has temporariliy suspended operations of its viscose staple fibre plant at Mavoor in Kerala due to accumulation of stock.

Essel Packaging bags order

Essel Packaging (Guangzhou) Ltd (EPGL), China, a 100 per cent subsidiary of Essel Packaging, India, has bagged a major order from M/s Shangai Unilever Toothpaste Company,China, a joint venture of Unilever. The order is for the manufacture of multilayer laminated collapsible tunes, a company release stated.