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Thursday,
November 1, 2001, Chandigarh, India  
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Reliance
Ind net rises 6.36 pc PNB north
zone net soars 61 pc
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New rice
variety for the poor
Dry port
project at Dappar hangs fire Grasim
profit up Tourism
industry ‘disappointed’ UK
Trade Minister meets Rudy
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Reliance Ind net rises 6.36 pc
Mumbai, October 31 Income for operations in Q2 was lower at Rs 6,234 crore as against Rs 6,721 crore in corresponding quarter of last year, Ril Managing Director Anil Ambani said here today. Other income in Q2 was higher at Rs 168 crore (Rs 76 crore in same period of FY-01), he said in a release. For the first half ended September, 2001, the net profit increased to Rs 1,320 crore (Rs 1,203 crore) while income from operations decreased at Rs 12,624 crore (Rs 12,856 crore). Ambani said recent extraordinary events in the global arena and consequent negative impact on global demand, are likely to result in an extension of the current tough phase of petrochemicals cycle. Ril’s production, including toll conversion, increased to 5.74 million tonnes from 5.26 million tonnes in H1 of FY-01 representing 9 per cent growth, he said. The manufactured exports, including deemed exports, were Rs 1,569 crore (Rs 1,684 crore). The company has revalued its plant & machinery located at Patalganga and Naroda during fiscal 1997-98. Consequent to the revaluation, there is an additional charge for depreciation of Rs 84 crore for the period ended September 30, 2001, and an equivalent amount has been withdrawn from the general reserve. This has no impact on the profit for the period, Ambani said.
PTI
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PNB north zone net soars 61 pc Chandigarh, October 31 Mr U.S. Bhargava, General Manager (north zone), while announcing the results of the zone for this period at a press conference here today, said the bank was taking special initiatives to adopt the latest technology and improve customer relations. “A tie-up with Infosys has been done where a software for interconnecting all bank branches will be developed,” he said. The bank plans to open 300 ATMs by the end of March, 2002. The total income during this period increased from Rs 417.66 crore during subsequent period last year to Rs 485.74 crore this year. A 41 per cent increase in the gross profits has been registered this year at Rs 894.44 crore . The bank has 262 branches in the zone, including 26 fully computerised ones. A provision of tele-banking facility had been made at 14 centres and four more centres would come up soon, said Mr Bhargava. The bank has come up with a festival bonanza where no processing fee in housing, car, consumer, pension and personal loans will be charged. Half per cent reduction in the rate of interest in consumer and personal loans and housing loans (subject to conditions) will also be applicable till December 31, this year, he said.
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ACC ACC has turned around and posted a net profit of Rs 17.03 crore in the second quarter ended September 30, 2001, compared to a net loss of Rs 15.53 crore in same period of last year. Net sales in the Q2 were higher at Rs 713.98 crore as against Rs 656.92 crore in corresponding quarter of previous fiscal, ACC said in a release here today. The company has sold 26.29 lakh tonnes in the reporting quarter (25.29 lakh tonnes in Q2 of last year), including the traded cement, it said. For the first half ended September 2001, the net profit was Rs 60.98 crore (Rs 25.03 crore net loss) while net sales stood at Rs 1,545.13 (Rs 1,403.08 crore). Alfa-Laval Alfa-Laval India has recorded a 59.76 per cent rise in the net profit at Rs 9.23 crore for third quarter ended September 30, 2001, compared to Rs 5.78 crore in same period of previous fiscal. SREI Int SREI International Finance has registered 11.30 per cent growth in the net profit for the first half year ended September, 2001. Central Pulp Mills The turnover of the Central Pulp Mills has increased four fold and its operating profit nearly five times, The company announced the results for its first quarter ended September 30, 2001 with a turnover of Rs 143.71 crore and operating profit of Rs 30.98 crore. Profit after providing for interest, Depriciation and current tax , was Rs 6.90 crore. The net profit was Rs 4.23 crore. Can Fin Homes Can Fin Homes has registered a 21 per cent rise in its net
profit at Rs 8.87 crore for the half year ended September, 2001, against Rs 7.32 crore in the corresponding period last year. The current fiscal’s Q2 net profit at Rs 5.10 crore is 16 per cent higher than the previous year’s corresponding figure of Rs 4.38 crore, it said in a statement here. IDBI Bank IDBI Bank has posted a net profit of Rs 14.73 crore during the quarter ended September 30,2001, compared with a net loss of Rs 10.10 crore, reported for the corresponding quarter of the previous year. According to a bank release, net interest income for the quarter jumped from Rs 14.50 crore in the previous year to Rs 44.10 crore in the current year, showing an impressive increase of 204 per cent. LOSERS Adlabs Films Adlabs Films has recorded a 35 per cent decline in the net profit at Rs 1.88 crore for the second quarter ended September 30, 2001, compared to Rs 2.89 crore in same period of previous fiscal. Net sales in the Q2 also decreased to Rs 11.08 crore from Rs 11.45 crore in corresponding quarter of last year, the company said today. Vardhman Spinning The net profit of the Vardhman Spinning and General Mills has come down to Rs 2.16 crore for the second quarter, ending September 30, from Rs 5.58 crore during the corresponding period of the previous year. LML LML Ltd today reported an increased second quarter net loss of Rs 18.8 crore against Rs 16.9 crore in the same period last year. Total income has, however, increased by 7.6 per cent to Rs 110.3 crore during July-September 2001-02 from Rs 102.5 crore in the year-ago quarter. Bata Bata India today reported a net loss of Rs 4.45 crore during its third quarter ended September, 2001 against a net profit of Rs 0.38 crore in the corresponding quarter of previous fiscal. Following the discouraging third quarter result, the company’s unaudited financial results for nine-month showed a net loss of Rs 1.68 crore against a net profit of Rs 10.55 crore last year. United Breweries United Breweries has suffered a loss of Rs 13.71 crore during the half year ending on September 30, despite an improvement in revenue and profits of the brewing business. HPCL HPCL has reported a 36.95 per cent fall in net profit at Rs 140.30 crore for the second quarter ended September 2001, compared to Rs 222.54 crore in same period of last fiscal. IPCL IPCL has recorded a 73.75 per cent decline in net profit at Rs 23.92 crore for the second quarter ended September 30, 2001, compared to Rs 91.12 crore in same period of last year. BPCL BPCL has recorded a sharp decline of 49.32 per cent at Rs 181.9 crore for the second quarter ended September 30, 2001 compared to Rs 358.9 crore in same period of previous fiscal. SAIL SAIL has reduced its loss during the last quarter of this fiscal showing an improvement of 13 per cent over the previous quarters despite severe slowdown in the steel sector.
Agencies
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Dry port project at Dappar hangs fire Ludhiana, October 31 However, exporters and importers from the region are forced to send and receive their consignments either from Ludhiana or Delhi dry port resulting in heavy losses and delay in delivery. Mr Vineet Ohri, Commissioner, Customs, blamed the PSWC for the delay in the project. Talking to The Tribune here today, he said the project has been delayed due to inadequate infrastructure. The PSWC has given an undertaking last month, pledging the payment of staff salary to be posted there. "I have written to the Commerce Ministry for the sanction of the staff. The functioning of the dry port is expected to start next month after getting sanction from the Ministry.’’ He was here to attend a function organised by the Engineering Export Promotion Council (EEPC) today. Mr Arun Goel, MD, PSWC, when contacted on phone at Chandigarh, disclosed that the corporation had already invested about Rs 12 crore to build up infrastructure according to the guidelines of the Ministry of Commerce and Finance. He said,‘‘ We have received a letter from the Commerce Ministry to start the functioning. However, no staff has been provided by the Commissioner, Customs.’’ A team of Customs officials led by an Additional Commissioner, Customs, had visited the spot to inspect the infrastructure, and submitted a report. However, no progress has been made for the past six months resulting in heavy losses to the corporation and industry. The Customs officials, however, said, they were not keen to start the new dry port, as the business at the Ludhiana dry port had already declined due to recession and war in Afghanistan. It would be further affected. Mr Ohri said,‘‘ There was no surplus staff at the Ludhiana dry port.’’
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Grasim profit up
Mumbai, October 31 Total income for the quarter ended September 30, 2001 is at Rs 1,226.90 crore against Rs 1,213.4 crore in second quarter 2000. As a part of its restructuring, Grasim has shut down its Mavoor plants. Consequently, the company has provided for an extra-ordinary charge of Rs 37 crore towards payment to 2,300 employees and write down in the value of fixed assets retired from active use. As part of its endeavours towards manpower rationalisation, a sum of Rs 15 crore has been paid towards voluntary retirement scheme (VRS) at its other plants.
PTI |
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Tourism industry ‘disappointed’ New Delhi, October 31 The industry was expecting some announcements from the government at yesterday’s Chief Minister’s meeting on tourism. But with none coming forth, they expressed
disappointment that the extra effort needed to promote tourism was not coming from the government’s side. Mr Subhash Goyal, president of the Confederation of Tourism Professionals of India, said the industry was disappointed that no concrete announcement for it was made at the meeting. The industry was expecting the opening up of the visa control with the visa on arrival scheme being announced. At least initially visa on arrival should be given to tourists from countries like Japan, the USA, Australia and European nations, which are tourism generating markets.
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UK Trade Minister
meets Rudy New Delhi, October 31 Mr Alexander said this in a meeting with the Minister for State for Trade and Industry, Mr Rajiv Pratap Rudy. He pointed out that the UK was India’s second largest trading partner after the USA with an annual bilateral trade of over $ 5 billion. The UK is also India’s largest trading partner in Europe, as well as the largest cumulative investor in India with its total investments exceeding $ 3 billion. |
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SBP loans TCS-Best Buy Shaw Wallace Thirdware arm NABARD rates Price index falls ICICI bank HFC loans |
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