Faced with adverse marketing conditions, Reliance Industries (RIL) has announced price cut for the second time in little over a week's time. POY price has been slashed by Rs 4 a kg in the case of 126dn and by Rs 3 for 235dn. The price for the former has been fixed at Rs 56 and for the latter at Rs 48, exclusive of excise. Earlier, the country's largest producer had brought down the price by Rs 4 on July 14. Besides, the price of polyester staple fibre (PSF) has also been brought down from Rs 54 to Rs 51 today. Trade sources also anticipate a reduction of Rs 3 in the case of texturised yarn any time.

Godfrey Phillips Q1 net profit down

Cigarette major Godfrey Phillips India Ltd has recorded a 7.49 per cent drop in net profit for the first quarter of the 1999-2000 financial year to touch Rs 11.73 crore from Rs 12.68 crore a year earlier. Godfrey Phillips' net sales, including excise duties, stood at Rs 267.89 crore as against Rs 261.76 crore a year ago.Other income was Rs 3.44 crore while total expenditure including excise duties was Rs 250.99 crore.

Amara Raja Batteries Q1 net dips

Industrial batteries major Amara Raja Batteries Ltd has recorded a 78.8 per cent drop in net profit during the first quarter of the current fiscal to Rs 2.38 crore as compared to Rs 11.26 crore a year earlier. Sales during the quarter stood at Rs 18.36 crore as compared with Rs 43.18 crore last year. Its other income was, however, higher at Rs 1.35 crore as against Rs 86 lakh a year ago.

Khaitan Chemicals turnover up

Khaitan Chemicals and Fertilizers (KCFL) has reported a net profit of Rs 1.91 crore during the first quarter ending June, 1999, a modest increase from previous year's Rs 1.88 crore. The turnover for the period rose to Rs 23.13 crore from the 1998-99 figure of Rs 21.93 crore, the company said in a statement.

Vanavil Dyes maintains net

Vanavil Dyes and Chemicals Ltd (VDCL) has maintained a net profit of Rs 4.93 crore during the firstquarter. The company had posted the same net profit during the corresponding period last year. Net sales were Rs 11.53 crore during the first quarter as compared to Rs 15.07 crore recorded in the same period of the previous year.

GKW restructuring

GKW Ltd, a KK Bangur group company, has decided to transfer its cement division to a separate company. Sources said as part of corporate restructuring of the company a scheme of arrangement has been worked out and it has been submitted to calcutta high court for approval. The scheme, if approved by the court would be effective from March 31, 1999, sources said.

Indo Mobil new product

The Indo Mobil Ltd on Friday announced the launch of its international Mobil Delvac range of diesel engine oils in assam. Announcing this at a press conference, regional manager of Indo Mobil, Aditya Pareek, said the engine oils were for commercial vehicle drivers and fleet owners which would be available in the price range of Rs 74 to Rs 106 per litre. The newrange of lubricants was designed to provide extended engine life for international and Indian diesel engines of all makes and generations, he said.

Ipca board meet on July 28

The board of Ipca Laboratories and Clariant India will meet on July 28 to take on record their unaudited financial results, respectively, for the first quarter ended June 30, 1999. Lotus centre in MumbaiLotus Development International Corporation, a subsidiary of IBM with its partners, Cyberspace Infosys Limited has on Friday announced the opening of a state-of-the-art Lotus authorised national support center in Mumbai. The center is equipped with leading edge call center technologies like toll free phone numbers and e-incident to ensure efficient and rapid call responses.

Lotus offers high quality software products and services while Cyberspace Infosys is a technology driver software company provides high quality and productivity software development and maintenance services at a manageable cost.