|Thursday, January 13, 2000,
India not to allow dumping of
SSI jv with Nasdaq
Mastek to offer 1:1 bonus shares
NIIT net profit jumps 116 pc
Archies profit climbs 75 pc
NEW DELHI, Jan 12 (PTI,UNI) The Government today assured the automobile industry that India will not be allowed to be a dumping ground for second-hand foreign cars and said all necessary precautions would be considered before a decision is taken to permit such imports.I feel the apprehensions (expressed by industry) are rather premature because there is plenty of time for taking a considered view in the matter, Commerce and Industry Minister Murasoli Maran said here today after inaugurating the fifth Auto Expo.
Emphasising that under no circumstances shall we permit India to become a dumping ground for junks, he assured that the Government would consider all aspects of safety, pollution norms, vehicle testing and valuation in this regard.
Telcos Magna: Telco on Wednesday announced its 1900 cc car Magna will be introduced within a year. The car will be available in diesel and petrol variants, Tata group Chairman Ratan Tata told newspersons in Delhi on Wednesday.
We are exploring the possibility of a high power engine in the Magna, Mr Tata said.
Sources point out that the car will be priced between Mitsubishi Lancer and Mercedes E-class.
Mr Tata said: The car is larger and more comfortable than the existing models in the mid-size segment and the size is closest to E-class in dimensions.
New Siena model: Fiat India Automobiles Limited on Wednesday unveiled a stripped-down version of Siena with a Rs 5.25 lakh price tag and announced that the Siena Weekend, a station wagon version, will hit the road by April-end this year. Another stripped-down base version of Siena without power steering is in the offing in February.
Talking to newspersons, Mr G. Ravina, Managing Director of FIAL, said the company will introduce a new engine on its small car Uno. The Uno 1.2 with a single point injection engine will be available beginning April one.
Bajaj Auto: Bajaj Auto Limited plans to hive off its motorcycle division into a separate company and divest up to 20 per cent stake in favour of its Japanese partner Kawasaki Motor Corporation.
If the joint venture is finalised, it would be a complete shift from Bajaj Autos earlier stand of not allowing any foreign entity to pick up stake in the company.
Bajaj Auto has pushed back its sales target of two million vehicles and Rs 7,500 crore total turnover by two years to 2002-03, due to consistently falling scooter demand and the companys inability to be proactive with motorcycles.
The company will launch its much talked-about 175cc motorbike, the Eliminator, in October or November this year with an indicative price tag of Rs 75,000.
Bajaj Tempo: Bajaj Tempo on Wednesday launched seven vehicles in various commercial segments, including tractor and trucks.
NEW DELHI, Jan 12 (PTI) The Government hinted at formulating a new auto policy to provide the right framework for the domestic industry to grow and operate in the increasingly competitive global market.
A policy that will
provide the Rs 36,000 crore automotive industry the right
framework of growth to operate in the increasingly
competitive market is the need of the hour,
Minister of Heavy Industries and Public Enterprises
Manohar Joshi said inaugurating the fifth International
Conference on World Class Automotive Manufacturing here.
TOKYO, Jan 12 (PTI) SSI Technologies, a leading Indian software firm, has formed a joint venture with Nasdaq, a subsidiary of the US National Association of Securities Dealers, to create Net-based trading software for Nasdaq in Japan.
The joint venture company, Indigo-Markets, would provide the services using the latest Internet technologies available from its strategic partners such as Compaq, Microsoft and Cisco System, SSI Ltds Chairman Kalpathi Suresh told reporters here yesterday.
CHANDIGARH, Jan 12 A PHDCCI delegation led by Mr Ashok Khanna met Lt-Gen (retd) J.F.R. Jacob, Governor, and sought expeditious construction of a flyover to connect Panchkula and Chandigarh. The UT Administrator stressed the need to develop tourism as an industry in Chandigarh in view of the regions rich heritage and culture. Tourists should be given attractive packages since this sector has a large untapped potential.
The Governor suggested that the facilities of laboratories in a Panjab University and other educational institutions should be utilised for conducting technology-related research activities and that the PHD Chamber should play a leading role in this sphere.
It was emphasised that a
greater interaction between the industry and the UT
Administration was required to augment industrial
development of the city. The Chamber delegation also
included Satish Bargodia, Vikram Sahgal, Amarjit Goyal,
Subhash Kohli and Rajiv Bali.
MUMBAI, Jan 12 (PTI) The Board of Directors of Mastek Ltd today allotted bonus shares in the ratio of one share for every existing equity shares held as on December 23, 1999.
With this issue of bonus shares, the equity share capital of the company has doubled to Rs 6.91 crore.
Mastek said an interim dividend amounting to Rs 2.53 crore was paid on cumulative redeemable preference shares allotted to IDBI from the date of allotment till September 30, 1999.
Meanwhile, for the second quarter ended December 31, it has reported a whopping 450 per cent jump in net profit at Rs 6.10 crore on a 67 per cent increase in income at Rs 22.55 crore from its domestic operations over the corresponding quarter last year, according to a company release.
In the six months ending December 31, Masteks net profit was up 583 per cent at Rs 11.82 crore on a 75 per cent rise in income at Rs 44.84 crores compared to the same half last year.
Combined results of the
domestic and operations of its subsidiaries in the USA,
Europe, and Asia Pacific for the quarter shows a 434 per
cent rise in net profits at Rs 7.21 crore on a 70 per
cent rise in income at Rs 60.75 crore over the same
period last year.
NEW DELHI, Jan 12 (UNI) The NIIT Ltd today announced a 116 per cent growth in after tax profit of Rs 18.50 crore for the first quarter of its financial year, 1999-2000.
The company which has made a strategic investment in the US-based relatively technology earned a gross revenue of Rs 208.90 crore for the Q1 showing an increase of 44 per cent over the comparable period last year. It was Rs 144.70 crore in the same period last year.
NIIT has posed an annual revenue of Rs 880 crore last year.
For the first quarter this year, NIITs international revenue grew by 50 per cent at Rs 124.30 crore constituting 59 per cent of the companys total business, company Chairman Rajendra Pawar said here. He said the software business has grown by 50 per cent at Rs 110.50 crore. Its web-centric business grew by ten times.
A few hundred shareholders of NIIT Limited present at the annual general body meeting today approved the employees stock option scheme (ESOS) for the employees of the software company and its subsidiaries.
The shareholders also approved payment of 40 per cent dividend on its equity shares of Rs 10 each.
NEW DELHI, Jan 12 (PTI) Archies Greetings and Gifts Ltd today announced a 75 per cent growth in profit with a net profit of Rs 5.71 crore during the third quarter of the current fiscal.
Archies recorded a turnover of Rs 55.86 crore for the first nine months of 1999-2000 as against Rs 45.07 crore during the corresponding period of the previous year. The company has also registered a 26 per cent growth in sales with sales turnover touching Rs 25.25 crore during the third quarter of the current financial year.
MUMBAI: The net profit of Lupin Laboratories Ltd in the second quarter ending December 31, 1999 has shot up by 42 per cent to Rs 12.82 crore on the back of a marginal 3.5 per cent increase in sales at Rs 189.36 crore over the comparative period last year.
According to the companys unaudited financial results released here today, the net profit in the second half went up by 36 per cent to Rs 25.66 crore on a 3 per cent increase in sales at Rs 379.39 crore over the same half last year.
by Ashok Kumar
Jump in & out at right time
AS we had predicted last week, the market was moving at break-neck speed and its stumbling onto a speed breaker and losing some control was inevitable.
With the first signs of the IT honeymoon at the American Nasdaq exchange showing signs of cooling off, the reaction in the prices of IT pivotals like Infosys Technologies and NIIT at the Indian bourses has been rapid, thus proving the old adage that in the market, prices tumble at a much more rapid pace.
However, a reverse upward technical correction at some of these counters cannot be ruled out. With the market now being on a slippery track, it would be prudent as always to keep booking profits, at least partially if not fully.
Amidst all this volatility there exists a fair number of trading opportunities. Traders with a bullish temperament can consider exposure at the counters of BFL Software at Rs 914 (square up at Rs 961) and E. Merck at Rs 641 (square up at Rs 676).
Traders with a bearish temperament could consider pressing sales at the counters of MTNL at Rs 294 (cover up at Rs 269) and Bajaj Auto at Rs 439 (cover up at Rs 414).
The dark horse pick of the week is Bausch & Lomb and the portfolio pick for the discerning long-term investor is Kodak.
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