|Tuesday, February 1, 2000,
PNB opens finance cell
best for the poor
IDBIs profit falls 53.5 pc
Punjab Tractors to pay 65 pc
Cellphone rates slashed
NEW DELHI, Jan 31 The monthly rentals of cellphones are being reduced from tomorrow following the Delhi High Court directive.
Escotel, which has the licence for the Haryana telecom circle, said the monthly rental would come down from Rs 600 to Rs 500. The peak time (10 a.m. to 9 p.m.) call rates will be to Rs 4.50 per minute and The non-peak time (9 p.m. to 10 a.m.) call rates will be Rs 4.35. Airtel is offering similar rates in Himachal Pradesh.
However, in Delhi Airtel will charge rental rate of Rs 475 from Rs 600. The companies cellphone users would now pay Rs 4 for both incoming and outgoing calls during standard hours and Rs 2.90 during concessional hours.
Essar Cellphone have reduced the monthly rental from Rs 600 to Rs 475. They have also reduced the peak time call rates from Rs 6 to Rs 4 per minute.
The cellphone companies have reduced the rates following a High Court directive to cellular operators in Metros to cut rental on mobile phones from Rs 600 to Rs 475 retrospectively from November and bring down the call charges from Rs 6 per minute to Rs 4 from February 1.
The cellular companies in other telecom circles were asked by the court to charge rental of Rs 500 from November 1 and airtime charge of Rs 4.50 per minute from February 1.
The court said the calculation for the airtime charges would be done at Rs 2 for 30 seconds pulse rate against the 20 second suggested by Cellular Operators Association of India (COAI).
The arrears of the overcharges per month rent at the rate of Rs 600 from August last year, the court said would be adjusted in future bills of the subscribers by the operators within three months from February.
The High Court said the arrangement on airtime pulse rate is interim, subject to the final calculation of licence fee by the Government or any licensing authority.
The court had given this order quashing calling party
takes over Modern
NEW DELHI, Jan 31 Hindustan Lever Limited (HLL) today took management control of the ailing public sector Modern Food Industries (India) Limited by buying 74 per cent share of the Government in it for Rs 105.45 crore.
The change of management in the countrys oldest bakery product manufacturer was formalised a week after the Union Cabinet approved the sale of 74 per cent stake in Modern Foods to HLL.
Mr K.K. Gupta, Joint Secretary in the Department of Food Processing and HLLs head of Foods Division, Mr Gunender Kapur, signed the shareholders agreement here.
HLL has decided to infuse a fresh equity of Rs 20 crore into Modern Foods in such a way that would restrict the formers shareholding in the company to 74 per cent.
The employees union of MFIL was quick to react to the Government decision and threatened to go on a warpath along with employees of Indian Airlines and other public sector undertakings to force the Government to reverse, what it called its mad course of destroying the countrys precious productive assets and selling these assets to Indian and multinationals for a pittance.
CHANDIGARH, Jan 31 Mr A.K. Bhargava, PNB General Manager, inaugurated a consumer finance cell at its Sector 22-C here today. Mrs Keshni Anand Arora, Special Secretary Industries and Director Institutional Finance & Credit Control, Haryana, presided over the function. Mrs Navraj Sandhu, Commissioner Labour, Haryana, Mr Anil Chadha, Dy General Manager, PNB, and customers of PNB also attended the opening ceremony.
Mr B.P. Chopra, Sr Regional Manager said this specialised outlet will provide consumer, housing, car and education loans.
groups best for the poor
CHANDIGARH, Jan 31 Mr N.R. Kannan, Chief General Manager, NABARD, said here today that the self help group programme has been found to be the most successful approach for the uplift of the poor. All banks, NGOs, and Government departments should jointly take this approach.
Banks themselves should take the initiative in financing as well as formation as this approach is among the best yielding bankable activity, he said addressing a meeting of the State-level review and coordination committee for credit delivery innovations for Haryana.
IDBI has recorded a 53.5 per cent slide in net profit for the third quarter of 1999-2000 to Rs 141 crore as against Rs 303 crore a year ago.
Its income for the quarter was up by 3.5 per cent at Rs 1,933 crore from Rs 1,867 crore for the same period last year.
IDBIs other income was also lower during the period at Rs 42 crore as against Rs 63 crore a year earlier. Interest expenses amounted to Rs 1,604 crore while other expenses was Rs 66 crore.
IDBIs income from operations for the first nine months of the year stood at Rs 5,718 crore as against Rs 5,490 crore while other income stood at Rs 188 crore as against Rs 130 crore a year ago.
Interest expenses for the period amounted to Rs 4,745 crore while other expenses amounted to Rs 192 crore.
Global Trust Bank has posted a 46 per cent higher net profit at Rs 73.29 crore during the nine months ended December 31,1999 against Rs 50.05 crore in the same period last year.
Total income has also gone up by 25.46 per cent at Rs 570.30 crore from Rs 454.58 crore during the nine months period.
During the first three quarters, deposits registered a growth of Rs 46.22 per cent to Rs 5154.85 crore over the corresponding period of last year. Particularly the growth in low cost and retail deposits is quite impressive. Current and savings deposits galloped by 165.91 per cent to Rs 827 crore, retail deposits registered a growth of over 60.28 crore at Rs 3984 crore.
Punjab & Sind Bank has recorded a net profit of Rs 18.25 crore for the third quarter ended December 31, 1999, an increase of 10 per cent over Rs 16.59 crore reported for the same period last year.
The operating profit stood at Rs 25.89 crore compared to Rs 25.11 crore for the corresponding period as on December 31, 1998.
Average deposits and advances of the bank stood at Rs 9829.95 crore and Rs 4952.63 crore.
Bank of Baroda has
recorded a 11.60 per cent growth in net profit during the
third quarter of 1999-2000 to Rs 131.85 crore from Rs
118.15 crore a year ago. Its income for the three months
was at Rs 1,430.26 crore, up 6.76 per cent from Rs
1,339.69 crore for the same period last year. UNI
Tractors to pay 65 pc
PUNJAB Tractors has announced a 65 per cent interim dividend, taking the cumulative dividend to 195 per cent, having recorded a 16.5 per cent rise in net profit for April-December 1999 to Rs 104.5 crore from Rs 89.7 crore a year ago.
The net profit for the third quarter ended December 31, 1999, stood at Rs 34 crore as against Rs 31 crore in the same period last fiscal.
Swaraj Engines has announced an interim dividend of 55 per cent for the third quarter. Improved productivity and gains of backward integration have raised pre-tax profit by 34 per cent to Rs 19.4 crore for the nine month period April-Dec 99. Profit after tax of Rs 13.4 crore for the nine months represents an EPS Rs 43.22 per share (last year Rs 33.66).
Mahavir Spinning Mills has reported net profit of Rs 14.79 crore on net sales of Rs 175.17 crore for the quarter ended December 31, 1999 as compared to net profit of Rs 15.81 crore on net sales of Rs 154.47 crore recorded during the previous corresponding year.
Vardhman Spinning & General Mills has reported net profit of Rs 10.01 crore on net sales of Rs 111.86 crore during the three-month period ended December 31, 1999, as compared to net profit of Rs 12.05 crore on net sales of Rs 96.86 crore recorded in the corresponding period of the previous year.
Nahar Spinning Mills has reported a net profit of Rs 4.71 crore for the third quarter of the current fiscal as against Rs 2.29 crore a year earlier.
Nahar Exports net profit for the third quarter was Rs 5.96 crore as against Rs 2.89 crore for the same period a year ago.
Nahar Industrial Enterprises slipped deeper into the red with its loss increasing to Rs 1.54 crore from Rs 80 lakh during the third quarter last year.
Nahar International also remained in the red with its loss for the third quarter of this fiscal at Rs 2.67 crore as against Rs 2.85 crore for the same period last year.
working on 8-year IT export plan
NEW DELHI, Jan 31 Minister for Information Technology Pramod Mahajan, after inaugurating Elitex 2000 here today, said the IT Ministry is working on an eight-year plan to achieve the $ 50 billion export target by 2008.
He said the eight-year plan would be reviewed annually, and the plan document for the current year would be ready soon, but declined to give a specific timeframe.
Web publishing: The Pune-based Centre for Development of Advanced Computing (C-DAC) on Monday launched an advanced and more user-friendly version of its Indian language office automation software Leap 2000 that helps in creating text and web publishing in Indian languages.
The software, priced at Rs 12,500 and released at the Elitex-2000 show organised by the Ministry of Information Technology (MIT), is aimed at government, corporates, and Internet start-ups.
The software supports Assamese, Bengali, Devnagri, Gujarati, Hindi, Kannada, Malayalam, Punjabi and English among others.
Pugmarks InterWeb: Pugmarks InterWeb, a pioneer in Indian web-based solutions, has announced a free hosting offer. Details of the offer can be found at www.pugmarks.com/freehost. Mr Atul Gupta MD, said the packages freebies include hosting for one year on ones own com,.net or .org domain name (URL), 25 MB disk space, free e-mail, unlimited aliases, mailing lists, web-based utility to administer the entire domains activities and log reports on demand.
Microsoft, Wipro tie-up: Microsoft Corporation on Monday announced the appointment of Wipro Technologies as a partner for outsourcing software development and resting in the country. Microsoft and Wipro will collaborate to enhance the capabilities around Windows 2000. Windows CE and Internet applications.
Deutsche Bank: Deutsche
Bank on Monday announced the launch in India of
db-direct Internet, its multi-modular
real-time electronic banking product which also offers
trade finance and foreign exchange modules in one
MTNL posts 7% increase in net
MTNL has incurred a 6.7 per cent loss in revenue from operations, but the net profit has gone up by 7 per cent at Rs 364.2 crore on account of changed taxing structure for the third quarter ended December, 1999.Net profit for the nine-month period was almost stagnant at Rs 1012 crore against Rs 1015 crore in the same period the previous year.
Mahindra and Mahindra registered 23 per cent higher net profit at Rs 77.76 crore for the third quarter ended December 31,1999 as compared to Rs 63.22 crore in the corresponding period of the previous year. For the nine-month period of the fiscal year, the companys net profit increased by 29.66 per cent to Rs 189.40 crore as against Rs 146.07 crore for the previous corresponding period.
VSNL reported an 11 per cent increase in net profit with a 112 per cent jump in internet revenue during the quarter ended December 31, 1999. The net profit has gone up from Rs 268.40 crore to Rs 298.40 crore during the period while the revenue from internet operations has gone up from Rs 23.74 crore to Rs 50.06 crore, a company statement said here.
Tata Elxsi has posted encouraging results for the nine-month period ending December 31, 1999. Total turnover for this period at Rs 81.25 crore is 45 per cent more than that during the corresponding period of the previous year. The profit before tax upto December 1999 is Rs 174 lakh as against a loss of Rs 47 lakh for the corresponding period last year.
Engineers India has posted a net profit of Rs 38.13 crore for the third quarter of 1999-2000. A statement issued said, income for the quarter was Rs 195 crore, up 69 per cent over the same period last year.
Rhone-Poulenc India has registered an 8.3 per cent slide in net profit for April-December 1999 to Rs 18.5 crore from 20.2 crore in the corresponding period previous year. Net profit for the third quarter was Rs 6.41 crore as against Rs 6.39 crore in the same period a year earlier.
Arvind Mills has slipped into the red recording a net loss of Rs 6.68 crore for the third quarter of 1999-2000, as against a net profit of Rs 4.62 crore in the same quarter last year. Net loss for the first nine months of the fiscal stood at Rs 109.79 crore as against a net profit of Rs 19.90 crore a year ago.
Reliance Capital reported a 15.37 per cent decline in net profit for the first nine months of the fiscal 1999-2000 to Rs 63.5 crore from Rs 75.05 crore of the corresponding period last year.
Indo-Gulf Fertilisers on Monday said its net profit for the third quarter was at Rs 54.1 crore, up 17 per cent from Rs 46.5 crore a year ago.
BASF India Ltd said its net profit for the third quarter was at Rs 6.8 crore, up 33.8 per cent from Rs 5 crore a year ago.
Sundram Fasteners on Monday announced a 17 per cent jump in net sales in the third quarter of 1999-2000 at Rs 105.96 crore and reported post-tax profits of Rs 11.16 crore.
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