MUMBAI, AUG 20: Tata Electric Companies (TEC) has reported a 2.7 per cent rise in its revenue at Rs 808 crore in the first quarter of the current fiscal as compared to Rs 787 crore recorded in the same period of fiscal 1997.

Addressing the annual general meeting of its shareholders on Wednesday, TEC Chairman H N Sethna said: ``TEC is planning to appoint a managing director . TEC has good growth prospects in future with a number of the projects in the pipeline. `'We plan to appoint a new MD soon to look after the these projects.''

On a grim note, he said the internal rate of return of the company is likely to come down to 16 per cent from the present 17 per cent. On persistent requests by the shareholders for a bonus issue, he said: ``We may consider a bonus issue by the next AGM, and the bonus issue is subject to some of our key projects being finalised.''

In another significant announcement, Sethna said TEC has decided to pay Rs five crore to Tata Sons as royalty for using the `Tata' brand name. Tata Electric Companies, consisting of Tata Power, Tata Hydro and Andhra Valley, has plans to divert 60 per cent of its new investments in power projects outside Maharashtra.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.