Thursday, October 25, 2001, Chandigarh, India






National Capital Region--Delhi

THE TRIBUNE SPECIALS
50 YEARS OF INDEPENDENCE

TERCENTENARY CELEBRATIONS
B U S I N E S S


CORPORATE NEWS

Satyam net rockets 100.29 pc
Mumbai, October 24
Satyam Computers Services has posted a 100.29 per cent rise in the net profit at Rs 134.08 crore for the second quarter ended September 30, 2001, compared to Rs 66.94 crore in same period of previous fiscal.

Maruti rolls out Versa
New Delhi, October 24
Maruti Udyog Limited today made a pitch for grabbing the higher-end market of the automobile market by introducing a versatile multi-purpose vehicle in the price range of Rs 5 to Rs 6 lakhs.


Mega star Amitabh Bachchan receiving a jumbo key

Mega star Amitabh Bachchan receiving a jumbo key from Maruti Udyog Limited Managing Director Jagdish Khattar at the launching of Maruti's new multi-purpose vehicle "Versa" in New Delhi on Wednesday. Amitabh is the brand ambassador of the car. 
— PTI photo

Exporters may get rice at market price
New Delhi, October 24
The government is considering providing wheat and rice to exporters at the market price and reimburse the difference with the BPL prices as part of a comprehensive review of Indian foodgrain export policy.

Hudco plans houses for Infosys, Wipro
New Delhi, October 24
Hudco is embarking on plans to construct housing complexes for Infosys Technologies, Wipro and Satyam Computers. 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.

Reliance oil output rises
New Delhi, October 24
Reliance Industries achieved a 3 per cent increase in oil and gas production during the first half of 2001-02 fiscal with a total of 540,978 tonnes, a company announcement said on Wednesday.



Former Miss World Yukta Mookhey
Former Miss World Yukta Mookhey smiles while promoting a diamond jewellery collection in New Delhi on Wednesday. Mookhey recently made her acting debut in a film titled "Pyaasa."— Reuters

EARLIER STORIES
 

HLL plans to quit leather business
New Delhi, October 24
Hindustan Level Limited said today it was considering whether to exit several businesses, including leather products and mushrooms, in order to streamline its product portfolio.

ROUND-UP

German Chancellor to visit Wipro
New Delhi, October 24
A new impetus is likely to be given to the Indo-German economic cooperation, especially in information technology, when German Chancellor Gerhard Schroeder visits New Delhi on October 28. Apart from interaction with the Indo-German Chamber of Commerce, the German Chancellor will address the CII and FICCI on October 29, a German Embassy official told PTI. Schroeder is also slated to visit two companies Wipro and Siemens during his stay in Bangalore on October 30.
  • Castle Beer in India soon
  • USA to get cheaper Cipro
  • Mumbai-Bangkok flights from Oct 30
  • ICICI merger meeting today
  • J. P. Dutta's 'LoC' goes on the floors
Markfed prizes distributed
Chandigarh, October 24
Mr Ranjit Singh Brahmpura, Cooperation Minister, Punjab today gave away prizes to winners of the Cattlefeed Sales Promotion Scheme of Markfed. The scheme was introduced by Markfed in July, 2001, to promote the sale of cattlefeed being manufactured in Kapurthala and Gidderbaha plants.

Top









 
CORPORATE NEWS

Satyam net rockets 100.29 pc

Mumbai, October 24
Satyam Computers Services has posted a 100.29 per cent rise in the net profit at Rs 134.08 crore for the second quarter ended September 30, 2001, compared to Rs 66.94 crore in same period of previous fiscal.

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
Top

 

L&T nets Rs 40.46 crore

Mumbai, October 24
Larsen & Toubro has posted a net profit of Rs 40.46 crore during the quarter ended September 30, 2001, registering a growth of Rs 27.97 crore, compared with Rs 12.49 crore, recorded during the corresponding period last year.

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
Top


 

Maruti rolls out Versa
Tribune News Service

New Delhi, October 24
Maruti Udyog Limited today made a pitch for grabbing the higher-end market of the automobile market by introducing a versatile multi-purpose vehicle in the price range of Rs 5 to Rs 6 lakhs.

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).
Top

 

Exporters may get rice at market price

New Delhi, October 24
The government is considering providing wheat and rice to exporters at the market price and reimburse the difference with the BPL prices as part of a comprehensive review of Indian foodgrain export policy.

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
Top

 

Hudco plans houses for Infosys, Wipro

New Delhi, October 24
Hudco is embarking on plans to construct housing complexes for Infosys Technologies, Wipro and Satyam Computers.

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

Top


 

Reliance oil output rises

New Delhi, October 24
Reliance Industries (RIL) achieved a 3 per cent increase in oil and gas production during the first half of 2001-02 fiscal with a total of 540,978 tonnes, a company announcement said on Wednesday.

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
Top

 

HLL plans to quit leather business

New Delhi, October 24
Hindustan Level Limited (HLL) said today it was considering whether to exit several businesses, including leather products and mushrooms, in order to streamline its product portfolio.

“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
Top

 


ROUND-UP

German Chancellor to visit Wipro

New Delhi, October 24
A new impetus is likely to be given to the Indo-German economic cooperation, especially in information technology, when German Chancellor Gerhard Schroeder visits New Delhi on October 28. Apart from interaction with the Indo-German Chamber of Commerce, the German Chancellor will address the CII and FICCI on October 29, a German Embassy official told PTI. Schroeder is also slated to visit two companies Wipro and Siemens during his stay in Bangalore on October 30. PTI

Castle Beer in India soon

Bangalore
South African Breweries Limited (SABL), will manufacture its flagship brand ‘Castle Beer’ in India soon. Briefing newspersons here today, SABL Managing Director Roy Bagattini said the ‘Castle Beer’, extremely popular throughout Africa and eastern Europe, would be maintaining its international quality and taste. UNI

USA to get cheaper Cipro

Washington
The German maker of Cipro and the US Government have reached a tentative agreement to supply the anthrax fighting antibiotic at below-market price to those threatened by the deadly bacterium, officials announced. Health and Human Services Secretary Tommy Thompson said his department would be able to purchase Cipro much cheaper than its usual market price. AFP

Mumbai-Bangkok flights from Oct 30

Bangkok
Thai Airways International (THAI) today announced it will inaugurate direct service three days a week from Bangkok to Mumbai starting on October 30. A company statement said the new round-trip service to Mumbai is aimed mainly at business travellers. DPA

ICICI merger meeting today

Mumbai
ICICI and ICICI Bank will meet here tomorrow to consider a proposal of merger. The Board of Directors of ICICI is scheduled to meet tomorrow to consider the audited financial results for the year ended September 30, 2001. UNI

J. P. Dutta's 'LoC' goes on the floors

Mumbai
One of the most eagerly awaited projects of the year, J.P. Dutta's war epic "LoC", goes on the floors towards November-end. Based on the 1999 Kargil war between India and intruders from Pakistan, shooting for the film is to begin at Shimla. The entire cast — some 30 actors, including Sunjay Dutt, Ajay Devgan, Abhishek Bachchan, Nagarjuna, Manoj Bajpai and Himanshu Malik — has been asked to get ready for the first schedule in Shimla. Reuters
Top

 

Markfed prizes distributed
Tribune News Service

Chandigarh, October 24
Mr Ranjit Singh Brahmpura, Cooperation Minister, Punjab today gave away prizes to winners of the Cattlefeed Sales Promotion Scheme of Markfed. The scheme was introduced by Markfed in July, 2001, to promote the sale of cattlefeed being manufactured in Kapurthala and Gidderbaha plants.

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.
Top

  bb
BIZ BRIEFS

Tanishq
Chandigarh, October 24
Tanishq today launched a new collection of 22 karat light weight jewellery at all 48 showrooms across the country. “Apart from being affordable, there will be no compromise on quality, which is sure to make our collection popular”, said Mr Bhuwan Gaurav, Regional Business Manager- North, who was here to launch the new collection. TNS

Hi-tech branch
Ludhiana, October 24
Mr D.K. Soni, Regional Manager of the United India Insurance Company Limited inaugurated the fully computerised division of the company here today. Mr S.P. Sharma, Senior Divisional Manager, emphasised that in the present competitive scenario, the implementation of computerisation will go a long way in meeting the service parameters set by the company in their citizen charter.

Kranti Kard
Chandigarh, October 24
Essar has launched a new postpaid tariff plan “Kranti Kard” in Haryana. With a Kranti Kard the subscriber can make and receive intra-city calls at just 99 paise per minute. This high value service is available to the consumers from October 18, at an economical monthly rental of Rs 300. TNS

Coin shortage
Chandigarh, October 24
Mr S.P. Mittal, DGM (Jalandhar zone), presided over a function organised by the State Bank of Patiala at Patti today for distribution of small coins to tide over its shortage. During the function, small coins of different denomination amounting to Rs 8 lakh were distributed to public. TNS

Real estate
Chandigarh, October 24
A two-day international conference on ‘real estate’ organised by the CII was inaugurated by the Union Minister of Urban Development and Poverty Alleviation, Mr Ananth Kumar, in New Delhi today. A detailed CII-CRBE report — “Real Estate in India” — the scenario, opportunities and challenges relating to real estate issues, was also released on the occasion. TNS

Krishi cards
Chandigarh, October 24
As many as 290 Krishi cards involving loan amount of Rs 1.44 crore were distributed by Punjab National Bank to farmers. Mr N.C. Jain, Senior Regional Manager, regional office, Chandigarh B region presided over the function. TNS

Allahabad Bank
Bangalore, October 24
Allahabad Bank plans to start 30 retail banking boutiques and 40 merchant credit cells in the country before March end, its Executive Director K.K. Rai and today. Mr Rai told reporters here that the bank had already added about 70 retail banking boutiques in the country. PTI

Top

Home | Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial |
|
Business | Sport | World | Mailbag | In Spotlight | Chandigarh Tribune | Ludhiana Tribune
50 years of Independence | Tercentenary Celebrations |
|
121 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail |