MUMBAI: The spot rupee was volatile on Thursday as it touched an intra-day high of 42.50 before weakening to close at 42.71/73 -- marginally weaker than its previous close of 42.68/70. Dealers said that the rupee opened at 42.65/70, slightly stronger than its previous close, and strengthened with corporates bringing in dollars and importers abstaining from buying. "There was a lot of import cancellation which led to strengthening of the rupee. Corporates are selling dollars and booking profits," a dealer in a foreign bank said. Dealers said that most dealings were conducted at 42.51/57 and the rupee faced a resistance level at 42.60. But a sudden burst of buying by a few banks saw the rupee weaken to close at 42.71/73. State Bank of India was seen buying dollars on behalf of its corporate clients.

IPCA Lab profit rises 14%

MUMBAI: IPCA Laboratories has registered a 14 per cent increase in net profit at Rs 19.45 crore for the year ended March 1998 asagainst Rs 17.06 crore in the previous year. The board has recommended a final dividend of Rs 2.50 per equity share, taking total dividend for the year to Rs 5 per share as against Rs 4 per share in the previous year. Total income for the year rose by 7.6 per cent to Rs 292 crore from Rs 271 crore in the previous year, while exports jumped 20 per cent to touch Rs 146 crore compared with Rs 122 crore. Total expenditure was higher at Rs 254.27 crore as against Rs 236 crore in the previous year, while financial costs stood at Rs 12.14 crore. Gross profit rose to Rs 25.50 crore as against Rs 23.43 crore. Net profit margins were marginally higher at 6.66 per cent as against 6.29 per cent. Depreciation and provision for taxation stood at Rs 6.10 crore and Rs 75 lakh respectively.

Bearing trade to observe bandh

MUMBAI: The All India Ball Bearing Merchants' Association has given a nationwide trade bandh call on June 26 to press for their demand of import duty rationlisation. The bearing market inDelhi, Calcutta and Chennai besides Mumbai will be affected by the strike. Trade also contemplates an indefinite strike if their demands are not met with by the Union finance ministry.