Alok Textiles Industries Ltd has reported a 46 per cent jump in its net profit for the year 1998-99 at Rs 14.96 crore as against Rs 10.22 crore in the previous financial year. The board of directors have recommended a 20 per cent dividend for the sixth year in succession. The company's net sales rose by 42 per cent to Rs 279.65 crore in 1998-99 from Rs 196.71 crore in 1997-98, a company statement said. Alok's exports turnover increased by 92 per cent to Rs 6.1 crore during the year as against Rs 3.17 crore in the previous year, it said.

L&T appoints executive director

The board of directors of Larsen and Toubro Ltd (L&T) has appointed K Venkataramanan as a whole-time executive director on L&T's board. He has been designated senior vice-president (operations), according to a L&T news release.

Jindal Polyester merger

Board of directors of Jindal Polyester Ltd have approved the merger and scheme of amalgamation of India Polyfilms Ltd andPatel Poly Products with Jindal Polyester Ltd. As per the scheme of amalgamation, the shareholders of India Polyfilms would be allotted two, 6 per cent convertible cumulative preference shares of Jindal Polyester of Rs 10 each fully paid-up for every 13 equity shares held by them, according company secretary Sunit Maheshwari.

BIFR confirms winding up WIL

The Board for Industrial and Financial Reconstruction (BIFR) has confirmed its prima facie opinion of winding up the sick Woolcombers of India Ltd (WIL), a company formerly owned by the Goenkas. After dealing with the sick company for eight years, the bench observed that WIL needs to be wound up as all options for its revival have been explored and none has borne fruits. Moreover, there were no serious objections to wind up the company either from the promoters or the financial institutions.

Omni, Gypsy not Euro-I compliant

Maruti Udyog Ltd (MUL) is yet to approach the Delhi transport authority for seeking unrestricted registration ofOmni and Gypsy in the national capital region as efforts are still on to make the two vehicles year 2000 emission norms compliant. The company has already got the permission for unrestricted sale of its mid-size car `Esteem' and applications have been filed for Maruti 800 and Zen (both petrol and diesel), MUL sources said.

Regent opens hotel in Mumbai

Regent International Hotels on Wednesday announced the opening of the Regent Mumbai, the latest addition to its prestigious portfolio of luxury hotels. The opening of the hotel, the second new Regent property to open under the leadership of Carlson Hospitality Worldwide (USA), since its acquisition of Regent in November, 1997, was announced by Regent International Hotels president Paul Hanley.

CVD Inc to set up Rs 22cr plant

CVD Discs India Pvt Ltd, a subsidiary of California-based CVD International Inc, is setting up a Rs 22 crore plant in Hyderabad to create media content for digital video discs. The plant, to be fully operational bySeptember 1999, will also assemble DVD players and Ebox, a proprietary DVD-based product.