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Wednesday,
October 31, 2001, Chandigarh, India  
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Reliance
Petro net up 29 pc Increase
allocation for farm sector SBI net
profit rises 10.82 pc to 643.86 cr Wockhardt
net spurts |
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SIDBI
net drops 60 per cent BoP
profit up 25 pc Mortgage
bank men threaten stir PNB
gross surges 41.5 pc Centurion
Bank records 40 pc growth Reliance
Capital
IOC
suffers fall in net profit
Apollo to
set up hospital in Dubai
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Reliance Petro net up 29 pc Mumbai, October 30 During the first half year of the current fiscal year, RPL has achieved a record capacity utilisation of 107 per cent, aided by strong export performance. This is in sharp contrast to the capacity utilisation rates of other refineries, both in India and abroad — 91 per cent in North America, 87 per cent for Europe, 84 per cent for Asia Pacific region and 86 per cent for other Indian refineries). According to the unaiudited financial results for the half year ended September 30, 2001, RPL’s sales rose to Rs 17,331 crore, registering an increase of 21 per cent from Rs 14,308 crore of the previous year’s first half period. Net profit shot up by 29 per cent to Rs 867 crore from Rs 672 crore, while the operating profit stood higher at Rs 1,830 crore as against Rs 1,479 crore of the corresponding half year of the previous year. Cash profit for the half year stood at Rs 1,274 crore, registering an increase of 31 per cent from Rs 969 crore and total paid up equity share capital stood at Rs 5,202 crore as
against Rs 4,300 crore for the corresponding previous half year. Earning per share (EPS) for the half year was Rs 1.67 and cash earning per share (CEPS) was Rs 2.45. Annualised EPS and CEPS stood at Rs 3.34 and Rs 4.9 respectively. RPL processed 14.42 million tonnes of crude during the half year, as against 12.6 million tonnes during the corresponding previous half year.
UNI
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Increase allocation for farm sector New Delhi, October 30 Inaugurating a seminar on “Policy Framework for Agricultural Extension” here, Mr Ajit Singh said a crisis like situation afflicted Indian agriculture today. Agriculture had for long been paid “lip service” and “we are allocating less money for agriculture in the Tenth Plan than that provided in the Ninth Plan though we intend to achieve 4 per cent growth”, he said. There are immense challenges which are very complicated in the Indian context and “we have to take a very sensitive approach towards improving agricultural productivity with an overall understanding of our social fabric”. While increasing productivity and improving marketability of agricultural produce is very important, one has to keep in mind that by inviting the industry in agriculture, one does not cause displacement of thousands of people who are dependant on agriculture. To enhance productivity and promote crop diversification, funds have to be pumped in for creation of infrastructure like roads, cold storage, refrigerated transportation and marketing networks. The Minister said the Government has fixed higher support prices for scarce crops like pulses, oilseeds and coarse cereals to raise their level of cultivation. In his key-note address at the seminar, organised by the Agriculture Ministry and
FICCI, noted scientist M.S. Swaminathan said the private sector can play a major role in setting up of computer-aided market. He called for a revolution in four important fields; productivity, quality, income and livelihood and management and marketing. In the context of these revolutions he suggested review of India’s vast research, technological and extension infrastructure which could be retooled and restructured to improve the challenges of today and tomorrow. On the controversial BT cotton grown in Gujarat, Mr Ajit Singh said the introduction of genetically modified crops would help in multiplying productivity.
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SBI net profit rises 10.82 pc to 643.86 cr
Mumbai, October 30 Total income of the bank rose 19 per cent to Rs 8,446.20 crore in the second quarter against Rs 7,096.58 crore in the corresponding quarter last year. The capital adequacy ratio of the bank has gone up to 13.43 per cent in the second quarter, compared with 11.34 per cent in second quarter last year. There has been an increase in the provision for non-performing assets by Rs 800 crores in the first half of the current fiscal. Advances have gone up by 9.18 per cent to Rs 1,04.773 crore, while deposits rose by 16.77 per cent. The net interest income of the bank has increased by 11.15 per cent to Rs 4,322.27 crore, where as the average yield on advances has declined by 10 per cent to 10.34 per cent.
UNI
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Wockhardt net spurts Mumbai, October 30 The unaudited financial results of the company for the third quarter ended September 30, 2001, showed that sales also moved up by 15 per cent to Rs 172 crore from Rs 150 crore of the same quarter in the previous year. The operating profits grew by 33 per cent to Rs 37 crore, representing an operating margin of 21.4 per cent compared with Rs 28 crore and 18.4 per cent in the previous year’s third quarter. For the nine-month period ended September 30, 2001, Wockhardt sales have grown by 15 per cent to Rs 471.5 crore from Rs 409.3 crore and the net profit rose by 38 per cent to Rs 69.7 crore from Rs 50.7 crore of the corresponding period of the previous year. The Wockhardt Chairman, Mr Habil Khorakiwala, in a release issue here today said, ‘the healthy jump in performance is due to our thrust on chronic and preventive therapeutic
segments. These now account for 42 per cent of our branded pharma sales in the current year, compared with 34 per cent last year. Our international business continues its high growth performance at 35 per cent in the current year. The company has entered the league of the ‘50 most valuable companies’ in India.
UNI
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VSNL net rises 6.13 pc
Mumbai, October 30 The total income for the period under review was down 4.53 per cent to Rs 1,744.2 crore to Rs 1,827.1 crore quarter ended September, 2000. M&M net dips
Mahindra & Mahindra has posted a net loss of Rs 2.67 crore for the second quarter ended September, 2001, compared to the net profit of Rs 13.17 crore in same period last fiscal. The total income for the period under review was down by 9.38 per cent to Rs 761.10 crore from Rs 839.94 crore in the second quarter of 2000-01, the company said in a release here today. The other income for the reporting quarter was down at Rs 13.3 crore from Rs 24.2 crore in July-September, 2000. GSFC net falls
The Gujarat State Fertilisers & Chemicals (GSFC) has posted a massive decline in the net profit by 78.78 per cent for second quarter ended September 30 compared to Rs 11.5 crore in the corresponding period last year due to additional water charges paid to IOC. Sterlite Optical net down
Sterlite Optical Technologies net profit fell by 78.46 per cent at Rs 12.31 crore for the second quarter ended September 30 as compared to Rs 57.15 crore in the corresponding period last fiscal. Coates of India
Coates of India announced a growth of 53.37 per cent in its net profit to Rs 2.73 crore for the second quarter ended September 30, 2001 compared to Rs 1.78 crore in the corresponding period last year. Nalco Chem
Nalco Chemicals India reported an increase in its net profit to Rs 1.25 crore for the second quarter ended September 30, 2001 compared to Rs 59.27 lakh in the corresponding period last year. Agencies |
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SIDBI net drops 60 per cent Mumbai, October 30 Income from operations during this period was lower at Rs 373 crore, as against Rs 400 crore in the previous quarter, SIDBI said in a release here today. The bank has made a provision of Rs 38 crore towards income tax in the quarter under review as the tax exempt status provided to SIDBI has been withdrawn in the Union Budget 2001-02, it said. For the first half ended September 30, 2001, the bank’s net profit stood lower at Rs 121 crore on account of provision of Rs 75 crore for income tax. The bank’s total income for H1 2001-02 stood at Rs 785 crore as compared to Rs 800 crore in the same period last year, the release added.
PTI
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BoP profit up 25 pc Chandigarh, October 30 The operating profit of half year has gone up to Rs 32.36 crore from Rs 28.24 crore of previous year. The capital adequacy ratio was comfortable at 12.19 per cent on September, 2001 as compared to 11.02 per cent as on 31.03.2001. The bank’s business has grown by 29 per cent as compared to last year. The bank plans for expansion in the current year and would be focussing on growth in its niche areas of Punjab, Haryana and in the National Capital region of Delhi.
TNS
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Mortgage bank men threaten stir Chandigarh, October 30 The management has framed a three member board to negotiate with the union which has failed to do anything concrete, said the union members. They demanded release of the due incentive, implementation of ASP scheme and immediate filling of vacant posts . The banks are already facing staff shortage and the authorities should promote those from the lower cadres to fill the posts at upper levels and recruitments be done for other posts, said the Union President Mr Gurdev Singh
Badochhi. |
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PNB gross surges 41.5 pc New Delhi, October 30 The bank’s net profit growth was hindered by a higher Rs 463.44 crore provision for income tax, non-performing assets, depreciation as per the RBI guidelines, during April-September 2001, as compared to Rs 310.32 crore during year-ago quarters. PNB’s gross profit surged by 41.5 per cent to Rs 849.44 crore during the last half as compared to Rs 600.51 crore during the same period last year, a bank statement said. Total income of the bank was up by 18.8 per cent to Rs 3,787 crore during first half over Rs 3,187 crore a year ago, while expenditure went up by 13.6 per cent at Rs 2,938 crore. Total business of the bank amounted to over Rs 89,900 crore during the period from Rs 74,640 crore last fiscal.
PTI
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Centurion
Bank records 40 pc growth Chandigarh, October 30 Mr Srinivasan said the bank is alive and will emerge stronger by the end of this financial year, while referring to the news reports about the bank in the recent past. The bank has registered a growth of 100 per cent in savings accounts in the current year. The growth in retail deposits is up by 40 per cent. |
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Reliance Capital RELIANCE Capital has recorded a 18.42 per cent rise in the net profit at Rs 25.52 crore for second quarter ended September 30, 2001, compared to Rs 21.55 crore in same period of previous fiscal. Total income in Q2 has increased to Rs 138.06 crore as against Rs 125.51 crore in corresponding quarter of last year, the company said today.
PTI |
IOC suffers fall in net profit New Delhi, October 30 According to IOC sources, the net profit dipped mainly due to decline in the domestic demand and drop in profit margins. The IOC reported sales of Rs 28,767 crore during the quarter as against Rs 30,079 crore for the same period last year. BOI net rises Bank of India (BOI) has posted a net profit of Rs 136 crore during the second quarter ended September, 2001, registering a smart growth of 64 per cent from Rs 82.97 crore during the corresponding period a year ago. Announcing the unaudited quarterly results of the bank, BOI Chairman K.V. Krishnamurty told reporters here today that the Board of Directors of the bank which approved the results was satisfied by the bank’s encouraging performance, despite overall sluggish condition. Nirma net dips Nirma Ltd has posted a 27.64 per cent decline in net profit at Rs 49.89 crore in the second quarter ended September 2001 as compared to Rs 68.95 crore in the corresponding period last fiscal. Indian Rayon net soars Indian Rayon, an Aditiya Birla group company, has posted a significant rise of 33 per cent in its net profit for the second quarter ended September 2001 at Rs 15.12 crore compared with Rs 11.38 crore in the corresponding period last year. Though the turnover for the second quarter has declined slightly to Rs 363.12 crore as against Rs 363.43 crore in the corresponding period last
year, the gross profit of the company has registered a growth of 19 per cent at Rs 45.81 crore against Rs 38.55 crore in the corresponding period last fiscal. Tata Tea PAT up 45.29 pc Tata Tea Limited today reported 45.29 per cent increase in profit after tax (PAT) at Rs 52.39 crore during the second quarter ended September 2001 compared to Rs 36.06 crore in the corresponding quarter last fiscal. The increase in PAT was largely on account of a hefty increase in dividend income which surged to Rs 16.95 crore during the quarter as against only Rs 1.60 crore in the same quarter last year. GAIL net rises Gas Authority of India Ltd (GAIL) today reported a 17.75 per cent increase in its net profit to Rs 544 crore during the six months ended September 30, 2001 as against Rs 462 crore profits in the same period last year. Sales went up by 4.5 per cent to Rs 5208 crore in April-September as against Rs 4982 crore in the first six months of 2000-01. Goodricke group Goodricke Group Limited today reported a sharp decline of 25.02 per cent in net profit during its third quarter ended September, 2001 which stood at Rs 13.99 crore against Rs 18.66 crore in the comparable quarter of the previous fiscal. Essar Shipping Essar Shipping Limited (ESL) has registered a significant decline of 36.87 per cent in its net profit for the second quarter ended September 30, 2001 at Rs 12.65 crore as against Rs 20.04 crore in the corresponding quarter last fiscal. Hindalco net declines Hindalco today reported a marginal 0.4 per cent decline in second quarter net profit from Rs 167.8 crore to Rs 167.1 crore over the same period last year. The company also saw a decline in net profit for first half of the year from Rs 330.6 crore to Rs 328.3 crore. Jindal Steel & Power net rises Jindal Steel & Power Ltd has posted a marginal increase of 1.04 per cent in net profit at Rs 26.2 crore for the second quarter ended September 30 as compared to Rs 25.93 crore in the corresponding period last fiscal. Total income for the quarter under review stood at Rs 124.4 crore as against Rs 119.8 crore in Q2 2000. Mascot Systems net jumps Mascot Systems, a leading IT services company, has reported a 48 per cent jump in net profit at Rs 13.88 crore for the quarter ended September 30, 2001, compared to the same period last year.
Agencies
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Apollo to set up hospital in Dubai Dubai, October 30 Apollo is the second prominent Indian group after Taj Hotels to make a visible presence here of Indian management and expertise in the service sector. The Dubai venture is Apollo’s first international management tie-up. The Apollo group, which now runs 19 superspeciality or multidisciplinary hospitals in India, was in the process of setting up 11 more such ventures in India by the end of next year raising its total investment to Rs 1,000 crore.
PTI
German bank loans for ICICI, HDFC New
Delhi The Asian Development Bank along with KfW was also slated to co-finance $ 300 million to ICICI, IDBI and IL&FS by December, for funding infrastructure facilities in India. Apart from ICICI, the German bank has also agreed to extend a humanitarian loan worth DM 20 million (about Rs 44 crore) to the HDFC for assisting in reconstruction activities in quake-hit Gujarat.
PTI
Honda Motor net soars 45.2 pc Tokyo The net profit for the July-September quarter jumped to 84.36 billion yen ($691.8 million), or 86.58 yen per share, from 58.11 billion yen, or 59.63 yen per share, a year earlier. The results were largely in line with analysts’ forecasts ranging from 82 billion yen to 86.4 billion yen.
Reuters |
bb
Matiz most eco-friendly Stan Autos DSE chief Blue Dart Net4India |
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