May 31, 1996

Even as swift political developments are casting a shadow on the country’s future economic agenda, the US has expressed the hope that India would quickly amend its patent laws to fulfil its commitments under the TRIPS (Trade- Related Intellectual Property Rights) agreement, now that the general elections are over. This has been conveyed to the Commerce Ministry in a recent communication from the US mission. The letter has also reiterated that the US intends to move the World Trade Organization (WTO) against India if the country’s patents laws are not amended soon enough.

Tisco net doubles, to pay 45%

Tisco has announced a record net profit of Rs. 565.79 crores for the year ended March 1996, an increase of 101 per cent compared to the previous year’s Rs. 281.12 crores. The board has recommended a 10 per cent hike in the dividend at 45 per cent, against previous year’s 35 per cent, based on its record earnings. The dividend outgo will absorb Rs. 156.97 crores (Rs. 118.24 crores). The turnover rose by 27 per cent to Rs. 5,854 crores (Rs. 4,627.41 crores). On an equity base of Rs. 368.15 crores, earnings per share works out to Rs. 15.37 (Rs. 8.35). The share lost Rs. 5.50 at the BSE closing at Rs. 237.

Modi refutes Lufthansa charge on payments

Within 24 hours of Lufthansa publicly severing its ties with ModiLuft, the chairman of the private carrier, Mr. S. K., Modi, denied it had fallen behind in payments for services rendered by the German mega carrier. Lufthansa Vice-President Mr. Dieter Heinen had announced at a news conference that it was pulling out its three-year-old relationship with ModiLuft since Mr. S. K Modi was repeatedly defaulting on payments.

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