MUMBAI: Hindustan Petroleum Corporation (HPCL) has reported a higher net profit of Rs 219.58 crore for the third quarter ending December 31, 1998, a 26 per cent increase from Rs 173.80 crore posted in the corresponding period last year. Net sales have grown even faster to Rs 6,227.04 crore, from Rs 3593.95 crore in the third quarter of the last fiscal. Gross sales were Rs 6,803.62 crore, up from Rs 5,487 crore notched for the third quarter of the last fiscal. Other income has more than halved from Rs 72.01 crore to Rs 31.38 crore in the third quarter of the current fiscal.

Kotak Mahindra MF's K30 NAV rises

MUMBAI: The net asset value (NAV) of K30 scheme of Kotak Mahindra Mutual Fund, published for the first time, has reported a 17.53 per cent increase to Rs 11.75 on its face value of Rs 10. The initial public offer of the scheme closed December 21. During the same period BSE Sensex moved up by 11.97 percent and CNX Nifty moved up by 12.86 per cent. K30 is agrowth scheme that invest entirely in equity and equity related instruments.

Havell's signs JV with Dorman Smith

MUMBAI: The Rs 200 crore Havell's group, engaged in the manufacture of a range of electrical products has signed a joint venture (JV) MOU with Dorman Smith of UK for one of its group companies, namely ECS Ltd. The JV signed on Friday envisages 50:50 equity participation by both the partners and will results in investment of Rs 20 crore going into ECS to upgrade/introduce new technologies/ and install new machinery which can handle higher volumes. Dorman Smith is the largest switch board manufacture in UK and is recognized as one of the leading companies in electrical switchgear products in the world markets.