ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Mukand Tops in Cast Steel

Mukand Tops in Cast Steel Hansavivek MUKAND IRON'S exports exceeded the Rs 3 crore mark in the year ended March 1970 in spite of shortages of raw materials and steel billets. The Company's exports were equivalent to 20 per cent of the exports of all re- rollers in the country and about 14 per cent of the total exports of bars and rods. The total value of Mukand's exports of rolled steel products so far has crossed Rs 10 crores. In 1968, Mukand won FICCI's export award. Export earnings apart, the company's special steel wire rods, which were being imported, have saved annually Rs 3.5 crores in foreign exchange. This figure will double when in a couple of months the second arc furnace is commissioned. Efforts have been directed at promoting exports of higher value products like high tensile ribbed Torsteel and wire rods. Also, success has been achieved in the manufacture of cast steel bogies which the company was the first to develop in the country. These bogies formed part of the wagons exported to South Korea in the face of competition from sophisticated steel producing countries like Japan, Belgium, etc, and earned nearly Rs 8 crores of foreign exchange. Orders for such bogies have now started coming from Taiwan, Ceylon and Burma as well. Cast steel couplers used in railway wagons are also being exported to several countries. Recently, negotiations have been concluded for the setting up of a steel foundry in Malaysia wherein the company will not only provide technical knowhow but also participate in equity capital and management. Commenting on the slow-down in growth of exports last year due to shortage of billet supplies from the main producers, Kamal- nayan Bajaj, Chairman, suggests use of better operational methods in the main plants, increased use of high tensile bars, optimum utilisation of installed capacity of electric furnaces and ban on export of scrap. He also advocates that long-term loans and credits be offered to foreign governments interested in buying steel products from India. DHARAMSl MORARJI CHEMICAL recorded healthy growth of turnover and profits during its 50th year ended December 1969 although the superphosphate fertiliser industry continued to be depressed. Turnover rose from Rs 7.50 crores to Rs 8.62 crores follow ed by jump in gross profit from Rs 94 lakhs to Rs 131 lakhs. Net profit was, however, only Rs 5 lakhs better at Rs 48 lakhs because depreciation demanded Rs 8 lakhs more at Rs 38 lakhs and the tax liability Rs 24 lakhs more at Rs 45 lakhs. The recommended 20 per cent dividend, one-fourteenth of which was exempt from tax, was covered 2.4 times. Return on total capital employed worked out at 9.5 per cent, The company has also issued bonus shares on a one-for-four basis to commemorate the golden jubilee. Bonus shares will rank for dividend from the current year. Export of alumina sulphate amounted to nearly 9,000 tonnes compared with 5,000 tonnes in the previous year. For the first time, an export order was procured for chloro- sulphonic acid. Capital expenditure during the year was Rs 36 lakhs, mostly for renovating the older units. The management was apparently in a generous frame of mind towards the political parties and stepped up donations from Rs 35,000 to Rs 1,85,000, of which Rs 1,60,000 went to the All- India Congress Committee and Rs 25,000 to BPCC.

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