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HPCL ready for tieup with Punjab Govt
Reliance petrol dealers restive
Punjab Tractors’ Q1 PAT up
Norms for MF investments
in overseas securities eased
NIIT Global to acquire US co
Union Bank to raise home loan rates
NTPC gets $300-m loan from ADB
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Telcon to invest Rs 250 cr
Microsoft to open $150-m centre in Pune
Nippon Paint to set up units in Gurgaon, Chennai
Intel launches advanced processors
CORPORATE RESULTS
BANK ACCOUNT
Lupin bonus
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HPCL ready for tieup with Punjab Govt
New Delhi, July 27 “Although we have not made any formal proposal to the government, but we are ready to offer an equity stake to the state government or any of its agencies to execute the project in time,” Chairman and Managing Director of the company M.B. Lal told The Tribune. HPCL, which has incurred heavy losses of Rs 607.67 crore for the April-June quarter on account of not being able to raise fuel prices in line with the rise in cost of production, is finding it difficult to finance the project in which the state has high stakes. Last year, it had entered into a tie-up with British gas major BP to execute the Bathinda refinery with a capacity 15 MT, but the foreign partner later fled away citing financial reasons. Mr Lal said, “We are looking for a strategic joint venture with any domestic or international partner, interested in this refinery project. However, so far neither any company or the state government has come forward to have an equity stake in the project”. He said the company was otherwise planning to raise funds from the market for 60:40 debt equity ratio for the project. Sources in the Petroleum Ministry said it would not be easy for the company to execute the project in near future unless the state government came forward to have an equity stake or helped the company to find a strategic partner. “The state could have at least 25 per cent in equity by committing around Rs 800- Rs 1000 crore in the project.” Asked about the viability of the project at a time when the Indian oil marketing companies were facing surplus refinery capacity, the CMD said, “There is abundant market for Indian refineries’ product in the international market. We are also interested in the market, since there are good refinery margins”. He said gross refining margins during the quarter were $9.59 per barrel (April-June 2005 $4.89 per barrel) for Visakh refinery and $8.82 per barrel (April-June 2005 $3.97 per barrel) for Mumbai refinery before adjusting refinery discount for sharing under-recoveries on petrol, diesel, kerosene and LPG. Meanwhile, sales volume grew 7.6 per cent with the company clinching 19.5 per cent market share, he said.
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Reliance petrol dealers restive
Kapurthala, July 27 These petrol pumps had been doing good business since their installation in 2005 but their sale reduced drastically since May as RIL made a steep hike in the rates of petrol and diesel. Diesel and petrol are Rs 2.50 and Rs 2.76 costlier at Reliance pumps as compared to other pumps in Punjab. According to Mr Pathania, 1,432 petrol pumps of Reliance were operating in the country. Out of them, more than 800 are DODO (dealers owned, dealers operated), whereas the rest are either COCO (company owned, company operated) or CODO (company owned, dealers Operated). As many as 79 pumps are located in Punjab, 60 in Haryana and six in Himachal Pradesh and only one in Delhi. As many as 55 of the 79 pumps in Punjab are DODO and CODO while others are either COCO or are under construction. Each of the 55 petrol pump dealers invested between Rs 1.5 crore to Rs 2 crore. Mr Pathania said each dealer had to spend nearly Rs 2 lakh every month to run it. While nearly Rs 60,000 and Rs. 20,000 were spent on the salary of 23 employees and power bill, respectively, Rs 1 to Rs 1.25 lakh was paid as monthly instalment for the loan taken to set up the pump. More than 800 DODO dealers would hold a demonstration at Dhirubhai Ambani Knowledge City, New Mumbai, on August 3 and 4. When contacted, Delhi-based Reliance North India Chief Operating Officer K.M. Murlidharan asked The Tribune to contact Mr Tushar Pania based in Mumbai, who could not be contacted despite repeated attempts.
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Chandigarh, July 27 The company’s profit before tax reached Rs 26 crore as against Rs 20 crore (excluding extraordinary income) of previous year’s first quarter. The profit after tax (PAT) for the quarter at Rs 17.7 crore is up by 28 per cent from last year’s Rs 13.8 crore (excluding extraordinary income representing gain on sale of shares). The above PAT translates into an earning per share of Rs 2.91 per share for the quarter against last year’s corresponding Rs 2.27 (excluding EPS of Rs.9.37 on extraordinary income on sale of Swaraj Mazda Ltd.’s shares). —TNS
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Norms for MF investments
in overseas securities eased
Mumbai, July 27 The RBI notification said the aggregate ceiling for overseas investment by the funds had been increased from $1 billion to $2 billion with immediate effect. Besides, a limited number of qualified Indian mutual funds have been permitted to invest cumulatively up to $1 billion in overseas exchange traded funds (ETFs), subject to SEBI permission. Mutual funds are currently permitted to invest in ADRs/GDRs of Indian companies, rated debt instruments and equity of overseas companies listed on a recognised stock exchange overseas and having a shareholding of at least 10 per cent in a listed Indian company. But now, with a view to enabling MFs to tap a larger investible stock overseas, this requirement of 10 per cent reciprocal shareholding in listed Indian companies by such overseas companies has been dispensed with. The apex bank stated that detailed operational guidelines, including eligibility criteria, limits, identification of recognised stock exchanges, , monitoring of aggregate ceilings, etc. would be issued by SEBI.— PTI |
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NIIT Global to acquire US co
New Delhi, July 27 “This acquisition is consistent with our stated plans for accelerated growth in developed economies,” NIIT CEO Vijay Thadani said here. The transaction was expected to close within two weeks.— PTI |
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Union Bank to raise home loan rates
New Delhi, July 27 “For the time being we have decided not to revise the prime lending rate (PLR), but we have plans to hike interest rate on retail loans, including home loans and personal loans, by next week,” he told reporters, after launching the electronic funds transfer facility for exporters here today. Although he did not mention how much interest rate would be increased, but bank sources said the UIB was likely to hike the rate by 0.25 per cent to 0.5 per cent on home loan from the present rate of 9.5 per cent to 10 per cent. On steps taken to meet Basel-II norms, Mr Nair said the bank had been authorised to raise Rs 2008 crore, through hybrid instruments. |
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NTPC gets $300-m loan from ADB
New Delhi, July 27 “Piloted by the Private Sector Operations Department of the ADB, the Bank’s own share of this loan to NTPC will be $75 million while the remaining $225 million will be provided by private commercial banks under complementary financing scheme,” India’s representative in ADB Ashok Saikia said. The loan will be the bank’s first such lending to a state-owned enterprise without a government guarantee under the Bank’s Innovation and Efficiency Initiative (IEI) through pilot financing instruments, the ADB said. The loan will help fund capital expenditure for two projects — the Sipat Super Thermal Power Plant in Bilaspur, Chhattisgarh, and the Kahalgaon Super Thermal Power Plant Stage II Project in Bhagalpur, Bihar.
— PTI |
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Telcon to invest Rs 250 cr
New Delhi, July 27 Telcon, the largest manufacturer of construction equipment in India, with Tata Motors holding 60 per cent stake and the rest with the Japanese partner, said in a statement the new plant would be located at Kharagpur and would be spread over an area of 60 hectares. The company said construction work for the new plant would start by December this year and operations would commence by March 2008. The facility would have additional facilities for a vendor park.
— PTI |
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Microsoft to open $150-m centre in Pune
Pune, July 27 Maharashtra Government IT Secretary Arvind Kumar told reporters here yesterday that the state had slipped from being number one to the fifth position in software exports. It is being overtaken by Bangalore, Hyderabad, Chennai and Noida. “We have to make efforts to attract more companies to the state. Talks are on with IBM as well and we are looking at developing Nashik and Nagpur which has become an international cargo hub now,” he added.
— UNI |
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Nippon Paint to set up units in Gurgaon, Chennai
Chennai, July 27 Addressing a press conference here, Mr Satoshi Yamamoto, General Manager International Nippon Paint, said the company was happy to enter India, which he described as one of the largest and fastest growing markets in the world. To begin with, the company would make available Nippon paints, imported from its facilities abroad, before it set up two units, in the city and Gurgaon, in the next two years. The capacity, in the proposed plant, could be scaled up to 40,000 tonnes, he said. The company had already identified lands in Gurgaon, he added. India would be the 16th country for Nippon to set up its facilities. It had made forays into 35 countries in Asia, Europe, Australia and America, he added.
— UNI |
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Intel launches advanced processors
Bangalore, July 27 The new product line not only offers high performance but also consumes about 40 per cent lower power than its Pentium processor. Desktops with core 2 processors will be priced around Rs.29,500 in the domestic market. “The core 2 duo desktop processor is an energy-efficient product, packed with 291 million transistors and consumes 40 per cent less power than other processors in the Pentium or Celeron range,” Intel Technology India Managing Director Ramamurthy Sivakumar said here today. Built using Intel’s 65 nanometer silicon process technology, the core 2 duo processor family consists of five desktop PC processors tailored for business, home and enthusiast users, such as high-end gamers and five mobile PC processors designed to fit the needs of a mobile lifestyle. |
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Maruti Q1 net soars 63 per cent
New Delhi, July 27 The company’s total income (net of excise) in the quarter ended June 30, 2006, stood at Rs 3,268.7 crore, up 20 per cent from Rs 2,723.6 crore in the same period last fiscal. After witnessing single-digit growth in sales volumes last year, Maruti’s numbers, including exports, increased 18.9 per cent in the April-June 2006 period at 1,44,948 units against 1,21,866 units a year ago. Sales in the domestic market were up 19.2 per cent at 1,37,104 units. Company General Manager Finance Ajay Seth said despite the pressure on margins due to higher cost of inputs, Maruti improved operating margins (EBITDA) by 310 basis points to 19.3 per cent in Q1 FY07 against 16.2 per cent in the first quarter of last fiscal. Consumption of raw materials and components, spare parts, dies and moulds and stores for Maruti moved 11.2 per cent during the quarter at Rs 2,381.2 crore against 2,141.4 crore in the same period last year. Indian Hotels
A Tata group entity, Indian Hotels Company Ltd, today posted an over two-fold increase in profit after tax at Rs 38.50 crore for the quarter ended June 30 as compared to Rs 16.91 crore for the same quarter in 2005-06.The total income increased by 29.90 per cent to Rs 270.00 crore for the quarter ended June 30 from Rs 207.84 crore for the corresponding quarter a year ago. The Board has also approved a stock split of its shares in the ratio of 1:10 wherein one share of Rs 10 face value would be sub-divided into 10 shares of Re 1 each. MICO net doubles
Motor Industries Company Ltd has reported an over two-fold increase in net profit at Rs 242.78 crore for the quarter ended June 30 as compared to Rs 102.31 crore for the same quarter in 2005. Total income rose to Rs 930.99 crore for the second quarter ended June 30, up by 21.60 per cent from Rs 765.59 crore in the year-ago period. Profits for the quarter ended June 30 include other exceptional items, including a profit of Rs 1.1 crore from the sale of property. NALCO Q1 net up
National Aluminium Company Ltd (NALCO) has posted an over two-fold increase in net profit after tax at Rs 622.30 crore for the quarter ended June 30 as compared to Rs 280.56 crore for the same quarter in 2005-06. The total income (net of excise) increased by 53.90 per cent to Rs 1,568.91 crore for the quarter ended June 30 from Rs 1,019.37 crore for the corresponding quarter a year ago. Arvind Mills
Arvind Mills Ltd has registered a 85 per cent drop in its net profit at Rs 6.7 crore for the first quarter ended June 30 as compared to Rs 45.09 crore in the corresponding period last year. The firm’s total income decreased by 15 per cent to Rs 359.32 crore for Q1FY07 from Rs 423.24 crore for Q1FY06. GlaxoSmithkline
GlaxoSmithkline Consumer Healthcare Ltd has posted a 6.21 per cent rise in profit after tax at Rs 30.92 crore for the quarter ended June 30 as compared to Rs 29.11 crore for the corresponding quarter in 2005. Total revenues (net of excise) increased to Rs 283.02 crore for second quarter ended June 30, up 13.73 per cent from Rs 248.84 crore in the year-ago period. Alstom Projects
Power and transmission company Alstom Projects India Ltd has posted an increase of 73.13 per cent in net profit at Rs 11.6 crore for the quarter ended June 30 as compared to Rs 6.7 crore for the same quarter in 2005-06. The total income increased 23.79 per cent to Rs 230.5 crore for the quarter ended June 30, from Rs 186.2 crore for the corresponding quarter a year ago. Colgate Palmolive
Colgate Palmolive India Ltd has posted a net profit after tax of Rs 36.06 crore for the quarter ended June 30 as compared to Rs 27.98 crore for the corresponding quarter last year, an increase of 28.87 pc. The total income has increased from Rs 272.26 crore for the quarter ended June 30 last year to Rs 324.35 crore for the quarter ended June 30.
— Agencies |
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SBI Q1 profit dips by 34 pc, marginal hike in total income
New Delhi, July 27 The bank’s total income also decreased by 1 per cent to Rs 10,598.75 crore for Q1FY07 from Rs 10,742.85 crore for Q1FY06. The group’s net profit went down by 27 per cent at Rs 963.01 crore for the first quarter ended June 30 as against Rs 1322.67 crore for the corresponding period a year ago. Its total income, however, increased by 5 per cent to Rs 15290.27 crore for Q1FY07 from Rs 14483.50 crore for Q1FY06. IOB net up
Indian Overseas Bank has posted an increase of 21.20 per cent in net profit at Rs 222.03 crore for the quarter ended June 30 as compared to Rs 183.19 crore for the same quarter in 2005-06. The total income increased by 23.62 per cent to Rs 1492.01 crore for the quarter ended June 30 from Rs 1206.84 crore for the corresponding quarter a year ago. The bank will raise $200 million overseas in the form of 5-year syndicated loans. IOB Chairman and Managing Director T Narayanasamy said that the money would be raised through rupee funding. IOB also planned to raise Rs 700-800-crore over the next nine months to bolster its capital adequacy, he added. On the merger of Bharat Overseas Bank (BOB) with the IOB, Mr Narayanasamy said: “we are on the right track” and that some news about the merger would be available within a month. Syndicate Bank
Syndicate Bank has posted an increase of 10.71 per cent in net profit at Rs 180.58 crore for the quarter ended June 30 as compared to Rs 163.11 crore for the same quarter in 2005-06. The total income increased by 24.50 per cent to Rs 1365.00 crore for the first quarter ended June 30 from Rs 1096.32 crore for the corresponding quarter a year ago. Allahabad Bank dividend
Allahabad Bank Chairman and Managing Director O.N. Singh has handed over a cheque for Rs 98.68 crore to Finance Minister P. Chidambaram as the dividend for fiscal 2005-06. The bank announced a 40 per cent dividend for the year to the shareholders for 2005-06 against 30 per cent last year. The total business of the bank stood at Rs 78,561 crore as on March 31, 2006, against Rs 62,914 crore in 2004-05.The EPS improved to Rs 16.06 for 2005-06 as against Rs 15.63 during 2004-05. The capital adequacy ratio improved to 13.37 per cent.—Agencies, TNS |
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