SPECIAL STEELS-Rapid Expansion

lakh was by way of trading profits in stocks and shares from short-term investments made of a part of the surplus funds during the year. The making of such investments is a striking feature of Borosil Class Works' 1991-92 report, as at the close of the year they amounted to no less than Rs 275.18 lakh and in the accounts they are recorded not under investments but under inventories as stock-in-trade. Obviously, the management of the company ventured to make short-term investments in stocks and shares because of the ongoing equity boom during the year. The reported investment of Rs 275.18 lakh which is shown at cost value cover equity shares of a dozen different companies in addition to UTI Mastershares. Inventories under which are included investments amount to Rs 875.55 lakh as against Rs 604.96 lakh at the close of the previous year.