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IDBI Bank to
merge with parent organisation
Vaisheshika wins
National Award TCS issue off to
slow start |
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Orient Fans gets
order from USA
Andhra Bank net
rises 27 pc
46 pc decline in
HLL profit
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IDBI Bank to merge with parent organisation Mumbai, July 29 The decision was taken at the IDBI board meeting at Hyderabad this morning. Similarly, IDBI Bank in its board meeting in Mumbai approved the proposal of merging the first-generation bank with its parent IDBI. IDBI is following the steps of ICICI, which transformed itself into a bank to tap the lucrative retail banking sector. Mr Damodaran told reporters that the IDBI merger would happen in the current financial year. He said the two entities would now work out the share-swap ratio, complete the valuation and seek shareholders and regulators nod. The new entity would “reposition” itself as a bank that focuses on development financing as mandated in legislation, while offering retail banking facilities, Mr Damodaran said. Asked whether IDBI would aim at overtaking ICICI Bank, which emerged as the second biggest commercial bank following the reverse merger with ICICI, Mr Damodaran said, “We have decided to use SBI’s size as the right benchmark.” “Therefore, anything smaller than SBI is not a good enough benchmark for us,” he said, adding the merger of IDBI and IDBI Bank was the first step towards attaining the size and strength that can be comparable with the bigger players. Both, ICICI and IDBI were formed by the Acts of Parliament.
Bailout grant
According to reports, the deal would help IDBI, which is burdened with huge non-performing assets, to turn around. The government has already announced a bailout package of Rs 90 billion to help save IDBI. The Rs 9,000 crore budgetary provision for Stressed Asset Stabilisation Fund will have a ‘positive impact’ on IDBI, international credit agency Fitch said today. “The move aims to resolve the legacy asset quality problems of IDBI through the transfer of its non-performing loans to a Special Purpose Vehicle (SPV),” Fitch said, adding it would have a positive impact on the FI. Fitch , however, cautioned this assistance would only partially address IDBI’s asset problems. The FI has other problem assets that are not reported as such due to technical reasons.
55 pc less profit
IDBI has posted a net profit of Rs 23 crore in the first quarter of this fiscal, which is 55 per cent lower than Rs 51 crore recorded in April-June 2003. The total income during the quarter stood at Rs 1,598 crore as against Rs 1,379 crore in April-June 2003, IDBI informed the Bombay Stock Exchange today. The financial institution, slated to become a banking entity under Companies Act, has extended its financial year 2003-04 till September 2004.
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Vaisheshika wins National Award Ambala, July 29 Talking to The Tribune, the president of the company, Dr Anil Jain, said he was delighted on his company being selected for the National Award. “Vaisheshika Electron Devices has specialised in the manufacture of resistance calibration standards, temperature, pressure and force standards. The instruments of our company have been used in light combat aircraft, Jaguars and MiG projects of the Indian Air Force,” he said. He stated that the Indian Space Research Organisation and Hindustan Aeronautics Limited have been using Vaisheshika calibration standards in Polar Satellite Launch Vehicle and Advanced Light Helicopter projects. “We are exporting instruments to Sudan, Ethiopia, Singapore and Malaysia,” he said. Dr Anil Jain, who is also Adjunct Professor at BITS, Pilani, said recently the company installed and commissioned a 50-KN capacity dead weight calibrator at the National Physical Laboratory and a 250-ton universal calibrating machine for the calibration of load cells at the Defence Research and Development Laboratory in Jagdalpur, Orissa. “We are maintaining high standards of technology, research and development by having technical collaboration with the Central Scientific Instruments Organisation, Chandigarh, as well as Birla Institute of Technology and Science,” he said. Dr Anil Jain stated that they had recently started manufacturing agri-electronics instruments like Digital Iodine Value Meter, Digital Oil Spectrophotometer and Digital Cereal Grain Analyser for the oil and pulses industry under the technology modernization programme of the ministry of Agriculture.
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TCS issue off to slow start Mumbai, July 29 According to stockbrokers here, the TCS issue has been slow to pick up since the face value of every share is just Re 1. TCS hopes to mobilise as much as US $ 3 bn from the IPO. The scrip has been put on a price band of Rs 775 to Rs 900. About 60 per cent of the total TCS share issue has been reserved for institutional investors. The offer is expected to gain momentum in the coming days before it closes on August 5. The shares are a combination of a fresh issue and an offer for sale by existing shareholders, together accounting for 13 per cent of the enlarged capital base.
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Flying on JRD’s dream, A-I to expand
Mumbai, July 29 Addressing a gathering of 3,000-plus Air-India employees at the old Airport Complex in Santacruz, North-West Mumbai, on the birth centenary of J R D Tata, the father of Indian Civil Aviation, he said, “We have already submitted a plan to the Ministry of Civil Aviation for acquisition of aircraft. Another plan is being prepared. We want to have a fleet of over 70 aircraft from the present fleet of a little over 30.” Mr Thulasidas said an ambitious plan for growth is also ready and the capacity will be increased on major routes to Europe and the United States. Besides this, Air-India Express Ltd is also being set up to service routes to the Gulf and South-East Asia. “This will have a lower cost structure,” be pointed out. The Air-India chief said that there will also be outsourcing in “certain sections” and the carrier will restructure itself with a human face. “We have to grow in terms of yield, profitability, size, fleet and meet the customer needs in the emerging civil aviation scenario, the main focus of which is stiff competition,” he added. Meanwhile, Union Civil Aviation Minister Praful Patel today unveiled the statue of JDR Tata, founder of Tata Airlines, to mark his birth centenary celebrations.
— UNI, PTI
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Orient Fans gets order from USA Amritsar, July 29 The Sales Manager of the Orient Fans, Mr N.N. Sharma, told The Tribune here today that the company was expected to make 25 lakh fan units this year. This would be 10 per cent more than last year. He added that they had exported more than 5.7 lakh fans during the year. The fans have captured markets in West Asia, Africa, Sri Lanka, Bangladesh and Nepal. He added that the company was hoping to also enter Pakistan as trade agreement under SAAFTA was expected to be formalised by 2005. Earlier, Mr Sharma presided over a dealers’ meeting from Punjab, Himachal Pradesh, Jammu and Kashmir and Chandigarh and distributed incentives to them for exceeding their targets.
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46 pc decline in HLL profit
Mumbai, July 29 The company, which has been marking down the prices of its products, has suffered a whopping 46 per cent decline in net profit at Rs 244.49 crore for the second quarter ended June 30, 2004 as compared to Rs 450.93 crore for the quarter ended June 30, 2003, according to a company statement. According to a press note issued to the BSE today, the total income for the quarter ended June 30, 2004 is at Rs 2641.90 crore as compared to Rs 2799.58 crore for the quarter ended June 30, 2003. The board has recommended an interim dividend of Rs 2.50 per share for the year ending December 31, 2004. M.S.Banga, Chairman, commented, “In an unprecedented competitive scenario, we have held volume market shares in most categories, notably in laundry and shampoo. Competitive pricing and higher brand support have impacted our profits in the short-term.”
Cancer drug maker Dabur Pharma Ltd (DPL) today said its net profit in the fiscal first quarter increased 9 per cent to Rs 4.9 crore from Rs 4.5 crore in the year-ago period. Its turnover in the April-June quarter of this fiscal has risen by 11 per cent to Rs 58.8 crore from Rs 52.9 crore a year earlier.
Lupin
Leading drugmaker Lupin Ltd today said its net profit in the fiscal first quarter’ fell 26 per cent to Rs 20.64 crore from Rs 28.06 crore a year earlier. However, its sales in the April-June quarter of this fiscal rose to Rs 300 crore from Rs 260 crore in the year-ago period. The Mumbai-based pharma firm said its research and development expenditure jumped to Rs 17.29 crore from Rs 5.37 crore.
Ashok Leyland
India’s second-largest truck and bus-maker Ashok Leyland Ltd today said its net profit in the quarter ended June 30, 2004, more than doubled to Rs 31.94 crore from Rs 14.81 crore in the year-ago period and announced a dividend of 75 per cent for 2003-04. Besides a 155.7 per cent jump in net profit, its net sales jumped 39 per cent to Rs 820 crore in the April-June quarter of this fiscal while profit before tax stood at Rs 48.64 crore, up 123.8 per cent over the corresponding period last year. The company’s turnover for 2003-04 was Rs 3,927.3 crore and net profit Rs 193.6 crore.
Sail
The public sector Steel Authority of India Ltd (Sail) has posted a net profit of Rs 1,111.59 crore for the quarter ended June 30, 2004, as compared to Rs 254.69 crore for the quarter ended June 30, 2003, thereby recording a quantum jump of 336 per cent. Announcing the results, the company said its total income (net of excise) has increased from Rs 4,278.67-crore in the JQ-03 to Rs 5,327.04-crore in the quarter-ended June 30, 2004.
Finolex Cables
Finolex Cables Limited (FCL) has declared its results for the first quarter ending on June 30, 2004. Net sales are up by 19.3 per cent to Rs 1332.3 million as compared to Rs 1116.5 million for the corresponding quarter of the previous year. Net profit is Rs 67.9 million as compared to Rs. 97.9 million for the corresponding period in the previous year.
— TNS, Agencies
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Ambala cantonment-based Vaisheshika Electron Devices, whose instruments have been used in national defence projects, including light combat aircraft, has been selected for the prestigious National Award for quality products in instrumentation for 2002.The award has been announced by the office of Development Commissioner, Small Scale Industry, Government of India.
