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Thursday, October 25, 2001, Chandigarh, India  
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Satyam net
rockets 100.29 pc
Exporters
may get rice at market price Hudco
plans houses for Infosys, Wipro Reliance
oil output rises |
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HLL
plans to quit leather business
German
Chancellor to visit Wipro
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Satyam net rockets 100.29 pc
Mumbai, October 24 The board has recommended an interim dividend of 25 per cent for the financial year 2001-02. Total income in Q2 was higher at Rs 453.50 crore as against Rs 283.92 crore in corresponding period of last year. Despite the global slowdown in the IT sector, Satyam Computers recorded a 100 per cent increase in income from software exports which amounted to Rs 41,881.10 lakh as against Rs 26,416.53 lakh last year.
Bajaj Auto net jumps
Bajaj Auto (BAL) has posted a 166.95 per cent rise in the net profit at Rs 143.70 crore for the second quarter ended September 30, 2001, compared to Rs 53.83 crore in same period of previous fiscal. Sales and income from operations in Q2 was also higher at Rs 1,057.12 crore as against Rs 985.81 crore in corresponding quarter of last year, BAL said in a release here today. Other income stood at Rs 103.73 crore (Rs 72.02 crore in Q2 of last year).
Century Textiles net dips
Century Textiles and Industries has posted a net loss of Rs 3.28 crore for the second quarter ended September 30, 2001, compared to Rs 3.16 crore in same period of previous fiscal. Net sales/income from operations in Q2 was higher at Rs 536.14 crore as against Rs 526.71 crore in corresponding quarter of last year, CTIL said in a release here today. The results of textile division have been affected because of adverse market conditions particularly in exports.
Crompton net falls
Crompton Greaves has posted a 58.60 per cent decline in net the profit at Rs 7.46 crore for the second quarter ended September 2001 compared to Rs 18.02 crore in the same period of previous fiscal. The total income for the period under review was also lower at Rs 332.48 crore as against Rs 382.49 crore in second quarter of 2000-01.
German Remedies net down
German Remedies has reported a 37.97 per cent decline in the net profit at Rs 6.55 crore for the second quarter ended September 30, 2001, compared to Rs 10.56 crore in same period of previous fiscal. Total income in Q2 also decreased to Rs 50.35 crore as against Rs 59.63 crore in corresponding quarter of last year.
PSI Data loses
PSI Data Systems has posted a net loss of Rs 1.63 crore for the third quarter ended September 30, 2001, compared to the net profit of Rs 4.21 crore in same period of previous fiscal. The total income for the period under review was also down at Rs 20.01 crore as compared to Rs 20.95 crore in Q3 of last year.
Federal Bank net up
Federal Bank has posted 18.77 per cent rise in the net profit at Rs 19.36 crore for the second quarter ended September, 2001, compared to Rs 16.30 crore in same period last fiscal.
Telco rating
Crisil has assigned AAA (structured obligation) rating to Tata Engineering and Locomotive Company (Telco) Rs 102.45 crore Pass Through Certificates (PTC).
Crisil net rises
Crisil has posted a 18.66 per cent rise in the net profit at Rs 2.71 crore for the second quarter ended September 30, 2001 compared to Rs 2.28 crore in same period last fiscal.
Agencies
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L&T
nets Rs 40.46 crore
Mumbai, October 24 The company has posted a net profit of Rs 105.53 crore during the six months ended September 30, 2001, registering a 236 per cent jump from Rs 31.37 crore recorded in the corresponding period last year. L&T has achieved sales and services income of Rs 3,607 crore for the half year ended September 30, 2001.
ICI net dips
ICI India today reported a 28 per cent dip in the net profit at Rs 14.76 crore during first half of this fiscal as against Rs 20.47 crore during the same period last fiscal. Total income fell by 11 per cent to Rs 381.99 crore during April-September, 2001, as compared to Rs 429.20 crore during first half a year ago, ICI said in a release. ICI, however, posted a 53 per cent growth in the net profit at Rs 10.05 crore during second quarter of 2000-01 over Rs 6.58 crore in the year-ago quarter.
Hind Lever Chem net down
Hind Lever Chemicals has posted a 50.9 per cent decline in the net profit at Rs 10 crore for the third quarter ended September, 2001, compared to Rs 20.4 crore in the same period last fiscal. The total income for the period under review was down by 6.55 per cent to Rs 271 crore as against Rs 290 crore in July-September, 2000, the
company said in a release here today.
LIC Housing Fin
LIC Housing Finance has posted a 16.09 per cent interest at Rs 32.33 crore for quarter ended September 30, 2001 as compared to Rs 27.85 crore in the same period last year.
Balaji nets Rs 6.6 cr
Balaji Telefilms has posted a net profit of Rs 6.6 crore in the second quarter ended September 30, 2001, and recommended an 25 per cent interim dividend. Net sales for current quarter stood at Rs 23.62 crore, BTL said in a release here today.
Tata Infomedia net up
Tata Infomedia has posted a 7 per cent increase in the net profit at Rs 6.25 crore in the second quarter ended September 30, 2001 as compared to
Rs 5.84 crore in the same period last year.
Indian Hotels net up
Indian Hotels Company net profit rose sharply to Rs 82.61 crore for the second quarter ended September 30, 2001, compared to Rs 8.47 crore in same period of previous fiscal following the transfer of its airline catering business into a separate entity.
Agencies
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Maruti rolls out Versa New Delhi, October 24 The new model ‘Versa’, which obtains the name from the versatile features of the vehicle, is being offered in three variants — DX, DX2 and SDX — and has been priced at Rs 5.15 lakh, Rs 5.45 lakh and Rs 5.80 lakh (ex-showroom Delhi), respectively. Making a high profile launch, with the involvement of mega star Amitabh Bachchan and his son Abhishek Bachchan, the Indo-Japanese joint venture hopes to take head on the more popular models like Palio, Ikon and Accent. Maruti Managing Director Jagdish Khattar said “We wanted to bring a vehicle category that is popular worldwide. We expect Versa to impact various segments of the car market.” Versa is the first multi-utility vehicle in the Maruti stable and would compete with the premium small cars and entry level mid-size or C segment. The new vehicle, Maruti’s ninth product, is powered with a 1300cc MPFI engine which delivers 82 brake horse power
(BHP). |
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Exporters may get rice at market price
New Delhi, October 24 The policy is being reviewed in line with efforts to show the existing export subsidies as being WTO compatible. “The government is reviewing the foodgrain export policy in its totality in order to circumvent the WTO provisions on export subsidies and prevent complaints from competing countries,” official sources told PTI. The most feasible proposal under active consideration was to provide foodgrains to the exporters at an ex-FCI price equivalent to the market rates of the particular zone. Simultaneously the exporter would issue a bank guarantee for the difference between the market and BPL (below the poverty line) price and a cheque would be issued to him for the amount. This amount would be shown as incidental charges which were reimbursable under the WTO regime. The review began when the Food Ministry recommended a Rs 4,700 per tonne ex-FCI price of wheat for product exports. The Commerce Ministry took exception to it on the premise that the huge differential of over Rs 2,300 per tonne from the market price would not be in line with the WTO regime. “Even though transport subsidies are permissible under the WTO Agreement on Agriculture (AoA), it will cover not more than Rs 600-800 per tonne,” sources said. An exercise is on to earmark amounts for all reimbursable categories like handling charges, movement losses and cost of on pesticides among others. Meanwhile, the government had extended the current ex-FCI wheat export price of Rs 4200 per tonne for one another month. The exporters would be able to lift stocks till December for which payments had been made up to November 30. The policy was not being indefinitely extended considering the pending review of the pricing mechanism.
PTI
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Hudco plans houses for Infosys, Wipro New Delhi, October 24 Hudco says the nature of housing required by information technology professionals being different from the needs of an average family, these complexes will be geared to meet the special needs of people with long, flexible working hours. "IT Habitats are the new development initiative we are planning for creating the type of housing which meets the social and commercial infrastructure required by the large number of young IT professionals coming back and settling down in various parts of the country wherever IT initiatives are taking place," said V. Suresh, Chairman and Managing Director of Hudco. Bangalore, Hyderabad, Chennai, Ahmedabad, Pune, Bhubaneshwar, Delhi and Chandigarh are some of the places initially identified by HUDCO to set up IT Habitats. The first of the IT Habitats with special optic fibre linkages from the house to the work place is expected to come up in Bangalore with "Infosys and Wipro providing built-in demand for houses to be funded by HUDCO," Suresh told IANS here Wednesday on the sidelines of a real estate meet organised by the Confederation of Indian Industry. With the chiefs of all the major IT companies having responded positively to the Hudco initiative, several projects are slated to start soon. "In Bangalore, we are working over a 300 acre area to set up the first of the IT Habitats," said Suresh. In Bangalore IT Habitats are being planned in three locations for 20,000 professionals, while in Hyderabad a major initiative is being spearheaded by Satyam. Another project is afoot in Ahmedabad also. These self-contained neighbourhoods accommodating on an average 25 to 30 professionals in the mid-twenties to mid-thirties would have all the facilities to meet the recreational, health, education and commercial needs of the inhabitants.
IANS
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Reliance oil output rises New Delhi, October 24 The company's gas production during the period remained largely unchanged at 334,000 tonnes of oil equivalent, while the oil production rose 8 per cent to 206,000 tonnes, the announcement said. Reliance's portfolio comprises 25 onshore and offshore, deep and shallow water blocks, along the entire coastline of India. Oil and gas production from RIL's existing producing fields at Panna, Mukta and Tapti, which it holds in consortium with the ONGC, has increased by nearly 3 per cent to 540,978 tonnes compared to the corresponding period in the first half of the last year, the company statement said. Both Reliance and ONGC have expressed interest in taking over the operatorship of the oilfields with Enron Corporation's subsidiary Enron Oil and Gas India having sold its 30 per cent equity stake to British Gas for $388 million. British Gas has set a deadline of October 31 to settle the issue of operatorship, which would be taken up alongside the issue of sale also pending approval of other equity partners as per the original agreement. Expecting higher share of revenues and profits to come from exploration and production, RIL plans to spend Rs. 15 billion as initial capital expenditure on the 25 exploration blocks over the next three years, the statement said. Reliance's exploration activity is at present concentrated on blocks awarded to it in western India like Gujarat-Kutch shallow water offshore, Mumbai shallow water offshore, Krishna-Godavari shallow and deep water offshore and Saurashtra shallow water offshore. A consortium that comprises Reliance and Canada-based Niko Resources was awarded 12 exploration blocks by the federal government under the first round of new exploration licensing policy.
IANS
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HLL plans to quit leather business
New Delhi, October 24 “HLL is exploring options like joint ventures or divestments for leather products, mushrooms (both of which are exported), nickel catalysts, adhesives, starches and hybrid seeds,” a company spokesperson told PTI from Mumbai. HLL had acquired the businesses of processing and sale of mushrooms and the manufacture and sale of shoes, shoe
uppers and leather goods consequent to the amalgamation of Pond’s India Ltd with itself. The combined turnover of these two units, which employed about 1,000 workers during 1999-2000 was close to Rs 100 crore, according to sources. HLL’s decision to exit certain non-core areas in its vast and myriad product range follows close on the heels of its announcement that the three core areas of confectionary, bottled water and healthcare will be its future growth engines. Also, the company has already identified 30 ‘power brands’ of the 110 in its portfolio, with which its future growth will be associated. The company also said it had forayed into the Rs 2,000 crore market with ‘Max’ Sugar Confectionary earlier this fiscal.
PTI
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German Chancellor to visit Wipro
New Delhi, October 24 Castle Beer in
India soon
Bangalore USA to get cheaper Cipro
Washington Mumbai-Bangkok
flights from Oct 30
Bangkok ICICI merger
meeting today
Mumbai J. P. Dutta's 'LoC' goes on the floors
Mumbai |
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Markfed prizes distributed Chandigarh, October 24 The scheme had launched for 10,000 MT, Markfed decided to distribute 32,815 prizes which were to be awarded on the basis of scratch cards being stitched in each of the two lakh bags. The winners were Mr Sukhdev Singh of Ahmedgarh, who won the second prize i.e. colour TV 20” and Mr Vijay Kumar of Patti who won the 165 litres refrigerator. Markfed has decided to associate the winner of the first prize i.e.
buffalo for selection of buffalo from the adjoining mandis with Markfed’s contribution up to Rs 20,000.
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