Factors such as increased overhead expenses, payment of voluntary retirement compensation, depreciation on account of capital machinery and pre-payment of long-term borrowings have resulted in lowering the net profit of Advani-Oerlikon Ltd for the year 1998-99. The profit after tax declined to Rs 9.32 crore from Rs 9.76 crore in the previous year. The board of directors maintained a dividend of 25 per cent, unchanged from the previous year. The turnover increased to Rs 210.66 crore (Rs 198.47 crore).

Jindal declares lock-out

The multi-crore steel saw-pipe producing company Jindal in Sinnar's Malegaon Industrial Estate near Nashik, has declared a lock-out from July 23 in view of the long-standing dispute between the management and workers' union. The lock-out in the Rs 350-crore company is expected to affect its more than 500 workers.

ACC board meet on July 28

The board of directors of Associated Cement Companies Ltd (ACC) will meet on July28 to consider financial results for the quarter ended June 30, 1999, the BSE said on Friday.

Bombay Dyeing board meet

The board of directors of the Wadia Flagship Bombay Dyeing & Manufacturing Co will meet on July 23 in Mumbai to consider and take on record the unaudited finacial results (provisional) for the quarter ended June 30, 1999.