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GTB shares dumped
at Rs 2.55
Ex-MP smells a
rat
Spice gets
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OBC net up 27 per
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M&M profit up
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GTB shares dumped at Rs
2.55
Mumbai, July 28 The stock crashed further by 24 per cent to Rs 2.55 today with nearly 32.3 lakh shares trading at the BSE and 70-lakh at the NSE. The stock which was locked at the 20 per cent limit circuit filter at Rs10.54 on Monday, plunged by 68 per cent to Rs3.36 on Tuesday with a combined volume of over 2-crore after the exchanges removed the price bands. The huge volumes have precipitated despite the fact that the scrip has been put in the trade-to-trade segment since Tuesday which means that every transaction has to result in delivery. Although players were tightlipped about the buyers, the mystery deals could be by investors who are just gambling with a mere Rs 2.5 price, or got some inside-information, indicating some residual payment to the shareholder in future, brokers said. Under the draft scheme, all assets and liabilities of GTB will be transferred to GTB after proper valuations are made. On the commencement of the scheme of amalgamation, the entire amount of paid-up capital and reserves of GTB shall be treated as provision for bad and doubtful debts. If there is any surplus left after meeting all payments, preference shareholders of GTB would be paid first. Only if any surplus is left after paying preference shareholders, pro-rata distribution would be made to equity shareholders of GTB. The shares of the OBC, which will take over the GTB also fell further by 1.92 per cent to Rs 242.20 today, after tumbling by 7.58 per cent on Tuesday. About 23 lakh OBC shares were traded at BSE and over 70 lakh at NSE today.
Mergers no solution
Credit rating agency ICRA has said that mergers are one of the best options for growth of Indian banks but warned that it may not solve some “basic problems” of Indian banks plagued by inferior asset quality, poor management and lack of autonomy. “As in the global industry, the Indian banking sector has been witnessing a spate of mergers... The concept of mergers is not new to India’s PSU banks. It has been on the reforms agenda since 1991 when the Narasimham Committee chalked out a blue-print for banking sector reforms,” ICRA said in a report. ICRA listed out a spate of mergers since 1991 -- New Bank of India with PNB in 1993, Bank of Karad with Bank of India in 1994, Times Bank with HDFC Bank in 2000, Bank of Madura with ICICI Bank in 2001, ICICI’s reverse merger with ICICI Bank in 2002, Benaras State Bank with Bank of Baroda in 2003 and Nedungadi Bank with PNB in 2003.
— Agencies
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Ex-MP smells a rat
New Delhi: Investors’ Grievances Forum, headed by former BJP MP Kirit Somaiya, has written to SEBI demanding an inquiry into dealings of Global Trust Bank (GTB) shares on various stock markets during the last eight weeks. Mr Somaiya has expressed apprehensions over “heavy, unusual” movement of shares of GTB on Monday when the cash-strapped bank was merged into Oriental Bank of Commerce after the Government imposed a three-month moratorium on its functioning. “Who are the purchasers, who is the seller? Is it true that on July 26, the seller is a bulk investor?” Mr Somaiya asked in his letter to SEBI Chairman G. N. Bajpai. A delegation of the forum, led by Mr Somaiya, is scheduled to meet Joint Finance Secretary (Capital Market Division) U K Sinha tomorrow, to raise these issues and certain anomalies that will arise even after the new proposal of turnover tax, the BJP leader said. Small investors were mesmerised to purchase the holdings in GTB sold out by FIIs and OCBs (Other Corporate Buyers). While FIIs sold out more than 4 per cent, OCBs disposed off 3.78 per cent shares in last few days, the letter said. An investor of Mauritius-based OCB sold more than 1 crore shares in June, the letter pointed out. The forum, representing small investors, also noted that the merger between the two banks was decided by the Finance Ministry before the market opened at 1000 hrs on Monday, but was announced at about 1120 hrs. At that time, it was also announced that though the banks will be merged, there would not be any share-swap. The SEBI’s decision to put the scrip on trade-to-trade basis had no impact. “It cannot protect the small investors...,” the letter said.
— TNS
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Birth centenary today New Delhi, July 28 On the eve of the centenary birth anniversary on July 29, 2004, of Jehangir Ratanji Dadabhoy Tata — JRD to his friends — leading industrialists have painted a true picture of the qualities of the pantheon of Tata leaders. “The Tata kind of mindset cannot be sired by a written conduct; it comes from deep-rooted belief. Jeh (JRD Tata) reflected value system in abundance. He was a unique personality, never interested in the nitty-gritty of running a company, occupied as he was with creating a wider idea about what the Tatas should do,” patriarch of the Mahindra and Mahindra Group Keshub Mahindra said. JRD Tata, who was once considered as a symbol of ‘much-hated capitalists during the socialist Nehruvian era’ is now seen as a person, who dreamt of making India touch the skies. Quite literally. As an industrialist, JRD Tata is credited with placing the Tata group on the international map, providing a roadmap to the industrialisation of the country. Mr T. Thomas, a former chairman of the Hindustan Lever, says: “He was a daring person. Unlike many Indians, JRD was not xenophobic, though some of his chief executive officers wanted to be. He did not fear multinationals.” Despite opposition from the ruling British, he set up the first steel plant in India, he adds appreciating the role of JRD in steel industry. JRD provided leadership in putting Tata Consultancy Services (TCS) on the path of glory. “New and advanced technologies fascinated JRD Tata, be they in information technology, automobiles or any other area. He had this searching mind, which made you feel he was always interested in what you were doing,” says Mr F.C. Kohli, the patron of TCS. Born in Paris on July 29, 1904, he was the second child of Ratanji Dadabhoy Tata and his French wife, Sooni, Jehangir. A university dropout, JRD was a self-taught person, who dared to expand his business empire under severe government controls on big business under British colonial rule until 1947, and in independent India till early 90s. Established in 1859, the Tata group was already India’s biggest business conglomerate when Tata became its fourth chairman in 1938. Under his leadership, Tata assets climbed from Rs 62 crore in 1939 to over Rs 10,000 crore in 1990. In 1939, the group included 14 companies with sales of Rs 280 crore; in 1993, the year of his death, sales were over Rs 15000 crore contributed by over 50 large manufacturing companies besides innumerable holding, investment, subsidiaries and associate concerns. Among several firsts in the industry, JRD Tata was the first Indian entrepreneur to set up a dedicated human resource department in Tata Steel. Commenting on the importance of human resources, he had said, “if our operations require the employment of, say, 30,000 machine tools, we would undoubtedly have a special staff or department to look after them. But when employing 30,000 human beings each with a mind and a soul of his own, we seem to have assumed that they would look after themselves and that there was no need for a separate organisation to deal with the human problems involved.” Tata’s interest in technology, combined with India’s isolation in the ’50s and the ’60s spurred several group companies, particularly Tata Steel and Tata Chemicals, to innovate in their fields. He was a vital bridge between the scientific establishment and the government through his founding of the Tata Institute of Fundamental Research, and as the longest serving member of the Atomic Energy Commission. As a philanthropist, he built up tremendously active Tata charitable trusts. “JRD took a lot of interest in community work and was forever interested in education and other social development aspects. When in Jamshedpur, he would visit our schools for underprivileged or special children,” says Dr J.J. Irani, former MD of Tata Steel, while remembering JRD’s contribution in social work.
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Spice gets aggressive Chandigarh, July 28 Talking to TNS, Mr Kaul said the company targets to expand its subscriber base from one million to 1.5 million by October. And for achieving this target, the company has started the process of doubling its network capacity by installing 500 BTS (Base Trans receiver Station) in the coming months. With 422 cell sites already in place, the company plans to erect nearly 1000 BTS by the year-end and will focus on the remaining major cities of Punjab, like Amritsar and Patiala. in the second phase. The telecom major has already invested Rs 1,100 crore in the state so far. Making a point that this would improve both the network capacity and quality of services, Mr Kaul said more than 200 BTS have already been installed in Khanna, Panchkula, Mohali and parts of Ludhiana and Jalandhar.
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M&M profit up 145 pc
Chandigarh, July 28 Net sales and income from operations at Rs 1423.2 crore for the current quarter registered a growth of 42 per cent over Rs 1003.1 crore in the first quarter last year. Profits before exceptional items and taxation for the quarter was Rs 124.7 crore as against Rs 53 crore in the first quarter of last year, a growth of 135 per cent. The net profit for the first quarter of the current year after providing for current and deferred taxation was Rs 103.9 crore as compared to Rs 42.5 crore in the corresponding period last year, a growth of 145 per cent.
TVS
TVS Motor Company today said its April-June quarter net profit decreased 15 per cent to Rs 27.18 crore from Rs 32 crore a year ago. It said net sales fell to Rs 610 crore from Rs 660 crore a year earlier.
Gujarat Ambuja
Gujarat Ambuja Cements Ltd today said its net profit in the first quarter of this fiscal increased 49 per cent to Rs 117 crore from Rs 78.37 crore a year ago. Its net sales in the quarter ended June 30, 2004, rose to Rs 595 crore from Rs 470 crore a year earlier. Gujarat Ambuja said it expects cement demand in the country to rise by 6 per cent in 2004-05 compared with growth of 5.6 per cent last year.
NIIT
NIIT Ltd today said its net profit increased to Rs 3.35 crore for the quarter ended June 30, 2004, following good revenue growth. The company’s revenue for the period stood at Rs 66.17 crore. “NIIT Ltd saw significant improvement in profitability and good revenue growth during this quarter,” NIIT President R S Pawar told reporters here.
Aptech
IT training major Aptech Ltd has posted a 61 per cent rise in its net profit at Rs 5.01 crore in the second quarter ended June 30, 2004 as against Rs 3.11 crore in the Q2 of 2003-04. The revenue for the reporting quarter rose by 23.7 per cent at Rs 28.15 crore as against Rs 22.76 crore in the April-June 2004, the company said in a release here.
Nestle
FMCG major Nestle India Ltd has posted a net profit of Rs 42.78 crore for the quarter ended June 30, 2004, as compared to Rs 66.97 crore a year ago. Its total income also decreased from Rs 552.54 crore in the second quarter of 2003-04 to Rs 547.4 crore in Q2 of this calendar fiscal.
GlaxoSmithKline
GlaxoSmithKline Pharmaceuticals Ltd has posted a lower net profit of Rs 59.14 crore for the second quarter ended June 30, 2004 as against Rs 64.76 crore in the Q2 of 2003. However, the total income, net of excise, for the reporting quarter rose marginally to Rs 327.48 crore as against Rs 317.1 crore in April-June 2003, the company informed the BSE today.
Cipla
Pharma major Cipla has reported an 18 per cent increase in net profit at Rs 79.26 crore for the first quarter ended June 30, 2004, against Rs 67.20 crore in the same period a year ago. Its total income in the April-June quarter of this fiscal increased to Rs 580.13 crore from Rs 460.91 crore. Cipla said, in a statement, dates of closure for register of members will be between August 24 and September 7, 2004, for the purpose of dividend.
Datamatics
Datamatics Technologies Limited, a service provider of diversified business process outsourcing solutions, has reported 94.36 per cent growth in consolidated revenues at Rs 320.61 million for the first quarter ended June 2004 as compared to Rs 164.95 million for the corresponding quarter last year.
— TNS, Agencies
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