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Amrit Corporation Ltd.

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Amrit Corporation is not listed on NSE
Company History - Amrit Corporation
YEAR                       EVENTS
 1940 - The Company was incorporated at Ghaziabad.  The main object of
 
        the Company manufactures vegetable oil products and paper. 
 The
        company's products are sold under the trade names GOLDEN
 ARROW,
        RAJHANS and COTEX. 
 
      - 1,20,000 Right Pref. shares issued at a premium of Rs. 2 per
        share during 1943-44.
 
 1944 - 3,60,000 Right Equity shares issued (Prem. of Rs. 2.50 per
        share).  72,500 No. of Equity shares issued to Amrit
 Chemicals
        Ltd. and Amrit Perfumers, Ltd. without payment in cash in
        1945-46.
 
 1946 - 3,96,250 Right Pref. shares issued.  Only 2,45,000 shares
 were
        taken up.
 
 1966 - Deferred shares converted into Equity shares in the proportion
 of
        10 Deferred to 1 Equity.
 
 1972 - Authorised capital reclassified.  1,35,625 Bonus Equity
 shares
        issued in the proportion 1:4.
 
 1974 - The company started Engineering division to fabricate plant
 and
        machinery for vanaspati, refined oil, solvent extracted oil
 and
        other minor items.
 
 1979 - The Company holds all the 36,000 No. of equity shares issued
 by
        the New Prahalad Mills Ltd., Mumbai.  The name of this
 subsidiary
        was changed to Amrit International Ltd., with effect from
 19th
        March.
 
      - 6,78,125 bonus equity shares in the prop. 1:1.
 
 1981 - Paper Unit Production was started in June.  Two of the coal
 fired
        boilers were converted into rice husk fired boilers.
 
      - 7,18,000 No. of Equity shares allotted to financial
 institutions
        at par on conversion of loans (1,20,000 shares to IFCI and
        3,00,000 shares to IDBI on 1.3.1982; 1,50,000 shares to ICICI
 on
        1.4.1982; 60,000 shares to GIC and its subsidiaries on
 26.3.1982
        and 88,000 shares to LIC on 5.5.82).  Interest rate on 8.5%
 Pref.
        `C' increased to 11% with effect from 1.7.1982.
 
 1984 - Production further improved.  A new generating set of 1450
 KVA
        was installed to meet the shortfall in power supply.
 
      - The Company undertook to expand its capacity from 10,000 TPA
 to
        24,000 TPA 
 
 1985 - The cost of production further went up due to an order of the
        Government to the industry to have their entire production
 tested
        by ISI.
 
      - The paper production went up despite strike by workers for
 about
        one month and stiff competition from small and large scale
 units
        which resulted in a fall in the prices of finished products.
 
 1986 - Due to judicious changes in the oil purchase policy of the
        company, the profitability of the units was well protected.
 
      - The paper unit suffered a setback due to increase in cost of
        inputs and depressed market conditions.
 
 1987 - The working of the both the vanaspati units was satisfactory
        despite a further rise in oil prices.  The Government
 increased
        the quota of imported oil to vanaspati industry to 70% with
        effect from 1st April, which improved the availability of raw
        material.
 
      - The conditions in the paper market were encouraging and the
        offtake of paper and its prices improved.
 
      - The Company privately placed 14% secured non-convertible
        debentures to the extent of Rs. 2.5 crores with LIC, UTI and
 Army
        Group of Insurance Directorate to meet the growing
 requirements
        of working capital.
 
 1989 - The overall performance showed marked improvement which was
        reflected in growth of turnover by 17% over the previous year.
 
        The performance of both the vanaspati units was satisfactory
        despite highly uncertain and difficult trading conditions and
        severe pressure on margins.
 
      - 207,42,500 Bonus shares in the proportion 1:1.
 
 1990 - Production of vanaspati and refined oil declined due to
 disturbed
        law and order situation in the North and North Eastern part of
 
        the country, frequent policy changes leading to uncertainty
 about
         raw material supply, and suspension of operations at the
        Ghaziabad factory for about two months for undertaking major
        repairs in plant and machinery.
 
 1991 - Production and profitability declined on account of steep
 decline
        in sales realisation of paper, unprecedented hike in power
        tariff, strike at the Rajpura Vanaspati Unit and escalation
 in
        input costs due to inflation and increased interest rates.
 
      - Performance of the paper unit would have been still better
 but
        for the sharp decline in sales realisation and rising cost of
        inputs.
 
      - Amrit Protein Foods Ltd. (APFL) was Omalgamated with the
 Company
        from 30th September.  As per the Scheme of Amalgamation
        2,75,472 No. of equity shares of Rs. 10 each of the Company
 were
        allotted as fully paid-up to the shareholders of erstwhile
 APFL
        in the proportion of one equity share of the company for every
 13
        equity shares held in APFL and 1 equity share of the company
 for
        every cumulative convertible preference share of Rs. 100 each
        held in the company.
 
 1993 - `Ginni Gold' refined sunflower oil, `Ginni' and `Banasari'
        performed well and Merrigold the table margarine introduced
 in
        the previous year was extended rationally during the year.
 
      - The production and sales of paper were 25,186 tonnes and
 26,227
        tonnes as against previous years 26,190 tonnes and 25,098
 tonnes. 
        Recession in the paper industry led to lower offtake.  The
        company was able to establish its `Gagan' UHT dairy milk in
 the
        market.
 
      - Modernisation and upgradation of pulping process from single
        stage to multistage was completed during the year.
 
      - A pilot plant for chemical recovery from black liquor of agro
        based pulping process was set up to recover caustic and
 recycle
        the same.  The Research programme under the name of style
 Shri
        Tulsi Prasad Khaitan Oil Seeds Research Programme launched
 for
        research work on cultivation of tree engin oilseeds made
        satisfactory progress.
 
      - 44,23,972 Rights equity shares issued (Prem. Rs. 4; Prop. 1:1
        (all were taken up).  2,21,198 No. of equity shares offered
 to
        employees at a premium of Rs. 4 per share on equitable basis
 (all
        were taken up).
 
 
 2003
 
  Outcome of AGM
 
 1. Delisting of shares from Delhi, Ahmedabad and Ludhiana Stock
 Exchanges 
 
 2. Increase in Authorised Capital to Rs 250 million
 
 3. Appointment of Shri J K Khaitan as Managing Director for a period
 of 5 years w.e.f. September 29, 2003.
 
 2004
 
 -Company de-registrated from BIFR
 
 -Amrit Foods unveils 'Gagan' U.H.T milk in Mumbai
 
 2005
 
 -Amrit Food rolls out premium diet milk
 
 2007
 
 - Company name has been changed from Amrit Banaspati Company Ltd to
 Amrit Corp. Ltd.
 
 
 2012
 
 - Bunge Completes Acquisition of Amrit Banaspati's Edible Oils and
 Fats Business.
 
 2013
 -Amrit Corp Ltd has recommended dividend @ Rs. 4.00 per Equity share
 of Rs. 10/- each (i.e. 40%) for the year.
 
 2014
 -Amrit Corp Ltd has ecommended dividend @ Rs. 5/- per Equity Share of
 Rs. 10/- each (i.e. 50%) for the year ended.