NEW DELHI: ICI India has announced a 22 per cent growth in net profit to Rs 61 crore on a 17 per cent higher sales revenue of Rs 833.33 crore for the year ended March 1999. Though operating profit at Rs 101.12 crore was lower during the year against Rs 108.35 crore in 1997-98, the company's bottomline got a boost due to sale of shareholdings in Nalco, ZIAL and Animal Health brands during the year. Exceptional income was Rs 26.48 crore during the year. The board of directors, which met on Wednesday, has recommended a dividend of Rs 5.50 per share against Rs 5 per share in 1997-98.

Merrill MF assets rise to Rs 670 cr

MUMBAI: DSP Merrill Lynch's balanced fund has raised Rs 120 crore in the initial offer period from May 3-14. With this, the total assets under management of DSPML Mutual Fund have risen to Rs 670.47 crore as on May 18, a company statement said here today. The DSPML balanced fund is expected to reopen for on-going subscription in about two weeks, itsaid. The fund proposes to generate long-term capital appreciation as well as current income from a portfolio of equity and equity-related securities and fixed income securities.

Intel launches fastest processor

MUMBAI: Intel has launched Pentium III 550 MHz, the fastest in its range of processors. The Pentium III is 108 per cent faster than the Pentium II 450 MHz processor on intensive 3-D calculations according to a Ziff-Davis benchmark test, a press release from the company said. The Pentium III has 70 new instructions which enhance the performance of advanced imaging, 3-D, streaming audio, video and speech recognition application, it added.

BPL for misleading ads

NEW DELHI: Monopolies and Restrictive Trade Practices Commission (MRTPC) has restrained BPL from advertising that its LPG stoves cooked much faster than others on the ground that it was a "false claim". The ad, which had appeared in newspapers, claimed BPL's gas stove appliances - manufactured in a technical tie-up withSanyo, Japan - cooked 40 per cent faster than other Indian brands.

Tata Finance, Amex float new JV

MUMBAI: Tata Finance and global travel related service company American Express, has entered into a strategic alliance to promote money changing/foreign exchange businesses in India. The JV company would be set up to market money changing/forex services.