PUNJAB TRACTORS-Beating the Market

EPW Research Foundation BEGINNING with ammonia and fertilisers, Gujarat Narmada Fertiliser Company (GNFC) has added a series of downstream industrial chemicals to its product portfolio. GNFC saw a mixed performance in 1996-97. While net sales and value of production rose by 53.7 per cent and 53.2 per cent, respectively, the company's operating profit increased by a mere 5 per cent over the same period. The company claims that this was mainly due to the 30 per cent increase in the price of petroleum products with effect from