ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Season s Sharpest Break

MORARJEE GOCULDAS earned a gross profit of Rs 50 lakhs during the year to June last, 22 per cent more than that of the preceding year, though net sales of cloth, yam and waste were only 8 per cent better, at Rs 10 67 crores. These good results, achieved despite several adverse factors, arc attributed to the policy of continuing modernisation. During the year, plant, machinery and buildings worth Rs 32 lakhs were added and orders worth Rs 26 lakhs were placed in the current year. Net profit is Rs 18 lakhs (Rs 13 lakhs) to cover the unchanged 15 per cent distribution over 1.5 times.

Target Unchanged

Target Unchanged Nishtar A WORKING group of the Ministry of Food and Agriculture has placed the total demand for cotton by 1973-74 at 85.22 lakh bale. The net requirements of Indian cotton have been estimated at 80.72 lakh bales on the assumption that the present average annual imports of 7.3 lakh bales may be reduced to 4,5 lakh bales of only superior and extra long staple cotton. The staple-wise break-up of total demand is: superior long staple (one inch and above) 12 lakh bales, long staple (7/8 inch to 1 inch) 42 lakh bales, medium staple (11/16 inch to 7/8 inch) 20 lakh bales and short staple (11/16 inch and below) 7 lakh bales.

Out of Proportion

AMERICAN REFRIGERATOR earned a gross profit of only Rs 5 lakhs during the year to April last compared to Rs 33 lakhs in the previous year, though sales were only slightly lower at Rs 2.27 crores (Rs 2.32 crores). This outcome is blamed on a strike. It is stated that turnover of own manufactured goods, the more profitable line, was considerably reduced. Net profit is only Rs 1 lakh (Rs 10 lakhs) and over two-thirds of equity dividend (slashed from 15 to 10 per cent) will be paid out of reserves. Last year the company issued bonus shares on a one-for-four basis, Production of blowers has already started.

Bulls Uneasy

high literacy rates. The same pattern prevails in female literacy and education and in a more pronounced form. In sum, the more affluent sections of rural society are pushing ahead more rapidly; while universalisation of primary education tends to remove the differences in the literacy rates of the different sections, sharp distinctions emerge when one considers the higher attainments in education or even literacy among women. Obviously, this is also closely related to the caste-wise analysis mentioned above.

Tough Battle

for the project will be unavailable now. GWALIOR RAYON's gross profit during the year to March 1968 declined 9 per cent to Rs 7.23 crores notwithstanding a 12 per cent advance in sales at Rs 43.50 crores. Net profit is Rs 2.71 crores (Rs 3.26 crores). Dividend increased by a point to 17.5 per cent, however, is still covered 1.8 times. In addition, a bonus issue is proposed to be made on a one-for-ten basis. Additional special excise duty of 20 paise per kg on staple fibre and rise in costs are said to be responsible for shrinkage of margins. There were labour strikes in the staple fibre and pulp divisions, but production of both units was higher. Staple fibre output was 51.07 million kg (43.32 million kg) and rayon grade pulp 58,115 tonnes (52,842 tonnes). The company has undertaken a programme of eucalyptus plantation in Nilambur district of Kerala State to ensure regular supply of raw material as a long term measure. Another rayon grade pulp factory and a staple fibre unit with capacities of 100 tonnes per day each are proposed to be established in Mysore State. The company holds a letter of intent and is awaiting import licence for capital goods for installation of caustic soda /chlorine and dicalcium phosphate plants at Nagda with a capacity of 33,000 tonnes each of caustic soda and dicalcium phosphate per annum. A plant to manufacture chlorine dioxide is also proposed to be installed.

At New High

MOST of the important cotton growing tracts had beneficial rains last week but the market's temperature did not come down. On the contrary, it soared to a new all-time high. Prices of long staple cottons like ISC-67 and Saurash- tra C02 have shot up by Rs 125 to Rs 175 a candy and medium and short staple varieties have risen by Rs 50 to Rs 25 a candy. Last week's rise has nothing to do with crop estimates; nor has mill buying been inspired by any sudden favourable turn in the industry's fortunes.

Fantastic Premiums

Fantastic Premiums Nishtar OILSEEDS prices touched new highs last week and in most cases the best levels were recorded on Monday September 9 when groundnut oil ready was quoted around Rs 39.25 and October at Rs 40 (per 10 kilograms). Linseed April was quoted at Rs 154.50 and cottonseed January at Rs 80 (pet quintal). Castor futures were relatively quiet, with the April contract quoted around Rs 126.50

Bulls Aggressive Defy Margins

September 7, 1968 go-slow tactics and resorting to illegal strikes, thereby inconveniencing the policyholders. In some cases threats have been given and even violence has been resorted to by irresponsible elements. All possible steps are being taken to service the policyholders to the best extent possible.

Weather Will Decide

August 31, 1968 Committee of the Lok Sabha for the reorganisation of the managerial set-up of Oil India Ltd. and assure them that the Company will give careful consideration to them. Your Company has been taking a sustained interest in the advancement of scientific and technical education among our people which will benefit the Company in many ways including the recruitment of qualified personnel. It has been contributing a sizeable amount for this purpose. With the progressive improvement of the financial position, this amount is likely to increase. To make this assistance more purposeful it may be necessary to organise it on a more rational basis. This aspect is at present under consideration. The Head Office as well as the area of operation of your Company being located in Assam, naturally the people of the State arc taking an increasingly greater interest in the affairs of your Company. I will soon approach the Board for setting up an information office at Gauhati which will give all information about the Company and also about its employment policies and requirements. When this unit operates successfully I shall consider its expansion by inviting other organisations working in Assam i.e. the O.N.G. Commission and the Indian Oil Corporation to join on a voluntary basis.

Policy For Next Season

ECONOMIC AND POLlTICAL WEEKLY iii) Treasuries and Sub-treasuries (except in the States of Assam and West Bengal) at places not served by the aforesaid branches.

STC Fails to Restrain Bulls

POLYCHEM has completed expansion of its styrene plant to 10,000 tonnes per annum and has already received a letter of intent for further -expansion to 14,000 tonnes. When the second expansion programme is completed, the Company will be able to keep its polystyrene plant working at full capacity and also supply styrene to other users. Arrangements have been made with NOCIL for supply of benzene and ethylene. The Company has also entered into a technical collaboration agreement with Asahi-Dow of Japan for manufacture of acrylonitrile-buta- diene styrene-based plastics, In addition, a merchant styrene plant and facilities for manufacturing styrene- based products at Koyali in Gujarat are under consideration. The Company's present capacity for various plastic raw materials is 1 lakh tonnes but on the basis of projects under implementation and/or licensed it is likely to go up soon to 2 lakh tonnes. As against this demand at present is hardly 60,000 tonnes. The Chairman, Ramdas Kila- chand, has urged government to permit diversification which, he points out, wilt require faster and larger machines, more moulds and dies and specialised facilities to fabricate intricate parts to close tolerances and improved technical skills to operate them. Polychem's production and sales during the y-ear to March last declined to 5,300 tonnes owing to shortage of molasses/alcohol. Turnover was only Rs 10 lakhs lower at Rs 3.69 crores but, with margins depressed, gross profit fell by Rs 23 lakhs to Rs 85 lakhs. Net profit was Rs 28 lakhs (Rs 41 lakhs), but the maintained dividend of 16 per cent on the capital as enlarged by a onc-for- four bonus issue was still covered 1.5 times.

Bulls Defy Rains

August 10, 1968 undertaking expansion of the Trichino- poly-Srirangam Electric Licence area to absorb and purposefully employ the excess staff and labour. The Management is also considering to introduce the System of Cyclic Billing in the urban areas of Trichy and Srirangam, which is calculated to introduce greater economy.

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