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Tata Fin to pay 20 pc second interim dividend

Our Bureau

MUMBAI, March 7

TATA Finance Ltd (TFL) has announced a second interim dividend of 20 per cent, a press release from TFL has stated. The company had already declared a first year dividend of 25 per cent on February 1, 2000. The announcement has taken into account the inc ome generated for the period July 1, 1999, to February 29, 2000.

The company had reported a net profit of Rs. 23.48 crores for the half-year ended December 31, 1999, as compared to Rs. 19.62 crores for the year ended December 31, 1998, recording an increase of 19.67 per cent.

TFL's income has been boosted by an over 100 per cent interim dividend declared by Niskalp Investments & Trading

Company Ltd (Niskalp), its subsidiary, for the current financial year, an official of the company said. The investment portfolio of TFL comprising equity and debt instruments is managed through this subsidiary.

``Niskalp has done exceedingly well, which is one of the reasons for our declaring a 45 per cent interim dividend this year,'' said the company official.

TFL recently entered into an alliance with American Express for foreign exchange business. It also has a tie-up with TD Waterhouse Group Inc for Internet broking. The company has also announced a foray into housing finance.