Hansavivek

Render unto Caesar what belongs to... The religious corporations have proved themselves to be what Americans describe as smart cookies. Of course they constitute important vote banks, and therefore have to be handled with care. There is however a little bit more to it than that. These religious outfits render a specific service to public men as launderers of their image. You are a minister, you are at the same time well known as a thief and a womaniser. You cannot afford to cease to be a thief, you cannot stay away from the temptations of the flesh, and yet, for the sake of your political career, you must somehow keep your image above water. You pick your neighbourly religious corporation, and contract out the assignment to them. They will do a wonderful public relations job for you. You will be invited to all their important occasions. You will be one of the principal performers at the religious discourses they organise, you will he a regular fixture at the jamborees they hold on the philosophy of illusion or the taxonomy of transcendentalism, you will be made a trustee of this or that educational or cultural body the corporation decide:, to establish, you will be constantly in the news, either invoking soulfulness or preaching spiritualism. With so much religiosity rubbed on you, you are safe with your thieving and debauchery, You may be a crook and worse, but who can deny that you are a deeply spiritual person too, who can deny a safe Lok Sabha or Assembly seat to a religious person of such impeccable credentials?

High-Yield Agrochemicals Hansavivek NATIONAL ORGANIC CHEMICAL INDUSTRIES (NOCIL) fared so well during, 1985 that the directors have recommended not only a one-for-two bonus issue but also raised dividend by two points to 18 per cent. The proposed bonus issue will involve capitalisation of Rs 12 crore out of the general reserve. The company has obtained necessary approval of the financial institutions, as required under the loan agreements, both for dividend and issue of bonus shares. Sales increased from previous year's Rs 200.18 crore to Rs 219.40 crore and gross profit expanded from Rs 26.96 crore to Rs 34.43 crore. These figures show the impact of widened margins on profits. Although tax liability has claimed more, net profit is Rs 19.15 crore (Rs 14.02 crore). The increased dividend finds an earnings cover of 4.42 times as against 3.65 times previously. Profit has increased owing to increased sales specially of agrochemicals, better plant performance both at Thane and Lote Parshuram and increased income from The Week's Companies commission.

a Trotskyite and a Social Democrat the behavioural difference simply disappeared. At the next stage, many of the Trotskyites discovered themselves in the clasp of the Congress for Cultural Freedom: have hate for Stalin, will travel.

Dreaming Steel Again Hansavivek HINDUSTAN ALUMINIUM CORPORA- TION (HINDALCO) is diversifying its activities into steel. It proposes to set up an integrated steel plant for the manufacture of hot rolled strips. The project, estimated to cost Rs 690 crore, is intended to be established in Raipur district of MR Besides, the company has undertaken a modernisation programme with a view to reducing the overall energy cost (including petroleum products) and to further lowering the cost of production of metal. For this purpose, an agreement has been entered into with Kaiser Aluminium and Chemical Corporation and Kaiser Aluminium and Technical Services, USA. The entire project, estimated to cost Rs 45 crore, will take a little over three years, Meanwhile, construction work relating to the expansion of the alumina plant is in progress and is the plant expected to be commissioned soon. The company's licensed capacity has been increased from 1.2 lakh tonnes to 1.5 lakh tonnes per annum and that of fabricated items from 37,000 tonnes to 55,700 tonnes. The company is seeking further expansion of fabrication facilities equivalent to 50 per cent of the primary metal production. The demand pattern of aluminium is fast changing. Hitherto, bulk consumption of aluminium was in the electrical sector. A huge potential for the use of aluminium exists in the shape of semi-fabricated items in the field of transportation, construction, agriculture and defence. The existing fabrication facilities of the company need modernisation to enable manufacture of aluminium extrusions in hard alloys and larger dimensions. New extruded profiles will have to be developed for truck bodykits, aluminium doors and windows, special defence applications and for agricultural needs. Similarly, rolling facilities need modernisation to cater to the demand for diversified end uses. The company has initiated action in this regard. It has also applied to the government for import of the fifth generator for Rcnusagar Power Company, its subsidiary, which is its captive source of power. HINDALCO was able to produce 1,23,646 tonnes of aluminium metal during 1985 as against 1,21,698 tonnes produced during the previous year, despite various constraints. Sales amounted to Rs 232.32 crore against Rs 220.30 crore and gross profit Rs 16.86 crore against Rs 16.38 crore, reflecting a small contraction of margins. Net profit, however, turned out to be lower at Rs 6.92 crore compared to previous year's Rs 7.45 crore. Equity dividend is maintained at 15 per cent and is covered 3.07 times by earnings as against 3.72 times previously. The directors have also recommended issue of bonus shares on a one-for-two basis by capitalising Rs 6.69 crore from the general reserve. For the purpose of financing a portion of the cost of modernisation scheme, the company has raised Rs 40 crore by the issue of 15 per cent non-convertible secured redeemable debentures of Rs 100 each at par by way of 'rights' to the resident preference and equity shareholders and debenture holders. The directors observe that the increase of Rs 371 per tonne in the price of aluminium allowed to the company on December 20 last was nowhere near the actual increase in the cost of production. This was offset by increase in the price of coal and a steep rise in power tariff by UPSEB. The cost of production on account of these two items alone has increased by as much as Rs 900 per tonne. Government is being requested to urgently compensate for this increase.

Pesticides: Import Duty Anomalies Hansavivek BASF INDIA has decided after prolonged deliberations and feasibility calculations not to implement the, letter of intent for caprolactum. Some 4