Engineering major Asea Bown Boveri (ABB) has announced a 41 per cent jump in net profit to Rs 8.74 crore for the first quarter ended March 2003.
Total income of the company increased by 17.6 per cent from Rs 243.67 crore to Rs 290.24 crore. ABB has announced a strong order book position. As on March 31, the company has an order backlog of Rs 969.4 crore compared to Rs 879.4 crore at the beginning of the year and Rs 812.2 crore at the end of the first quarter of 2002.
During the quarter under review, the company booked orders worth Rs 380.2 crore, an improvement of 35 per cent growth over first quarter of the previous fiscal.
FMCG giant Hindustan Lever has received the approval of the Reserve Bank of India (RBI), the last approval and the final step required to implement the scheme for issue and allotment of bonus debentures and payment of special dividend to the non-resident shareholders, pursuant to the scheme of arrangement already approved by the shareholders and sanctioned by the high court of Mumbai last year.
The company had applied to the RBI in December 2002 under the provisions of FEMA 1999.
