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January 17, 2001, Chandigarh, India   
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Tisco net profit soars, Bajaj Auto’s plunges J.S. Sekhon heads Power Regulatory Dhindsa opens IPCL complex at Gandhar MNC’s cheaper cement unnerves rivals |
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Indian wheat may replace Chinese corn Chautala woos Japs
with hostel, language training school offers Sansui dealers win cars Awards for kisan clubs
Now sue
over Internet Of pounds
& kilos 
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Tisco net profit soars, Bajaj Auto’s plunges THE net profit of Tata Steel has risen 46 per cent in the first nine months ended December 31, 2000 at Rs 344.43 crore. The post-tax profit of the company during the first nine months in the previous year was Rs 236.36 crore, according to a company release. However, the company’s net profit in the third quarter of the current financial year dipped by nearly 14 per cent at Rs 127.69 crore. Tata Steel posted a net of Rs 146.18 crore in the same period last year. The company has also announced its intention to acquire 1,74,62902 fully paid-up equity shares of Rs 10 each at Rs 27 per share and 46,130 partly paid-up equity shares of face value of Rs 10 each at Rs 2 per share of Tata SSL Ltd at an aggregate cost of Rs 47.16 crore. Bajaj Auto has posted a massive decline in its net profit by Rs 100.16 crore to Rs 28.48 crore during the quarter period ended December 31, 2000 as against Rs 128.64 crore reported in the corresponding period a year ago. The company’s net profit was down by Rs 178.49 crore at Rs 198.63 crore during the nine month ended
December 31, 2000 as against Rs 377.12 crore reported during the corresponding
period a year ago. Hero Honda Motors decided on Tuesday to go in for splitting its shares in the ratio of 1:5 for increasing the liquidity of the company’s stock. The decision for stock split was taken at a meeting of the Board of Directors under the chairmanship of Brijmohan Lal Munjal. One share of Rs 10 (face value) would be converted into five shares of Rs 2 each. Hero Honda Motors has posted a sales volume of 39 per cent and turnover of 44 per cent at the close of the third quarter. The company sold 2,75,164 motor cycles in the quarter October to December 2000 as compared to 1,98,541 in the corresponding period last year. Also the market share in the motor cycle segment increased to 47 per cent in this quarter as compared to 42 per in the corresponding period last year. The sales turnover increased by 44 per cent to Rs 851 crore from Rs 591 crore. Profit after tax registered an impressive rise to Rs 70.18 crore from Rs 48.52 crore, an increase of 45 per cent. The operating margin in the third quarter was an impressive 12.38 per cent. The
cumulative operating margin of 11.74 per cent is higher than last year of 11.69 per cent. TV IB posted a 79 per cent higher net profit of Rs 24.18 million during the first quarter ended December 31, 2000 as compared to Rs 13.5 million of the corresponding period of the previous year. The operating profit of the company during the first quarter shot up by 92 per cent to Rs 89.40 million as compared to Rs 46.51 million of the corresponding quater of the previous year. EPS for the quarter rose by 32 per cent to Rs 2.21 as compared to Rs 1.68 of the
corresponding period of the previous year. Glenmark Pharmaceuticals Ltd’s net profit rose y 33.15 per cent at Rs 5.21 crore for the quarter ended December 31 compared to Rs 3.91 crore in same period of previous year. Trigyn Technologies on Tuesday announced the launch of its subsidiary eVector Incorporation to focus on the flagship product eVector, an intelligent mobility engine that facilitated mobile enablement of businesses and business applications. Rational Software Corporation has announced results for the third fiscal quarter and nine months ended December 31, 2000. Revenue was $215.5 million and $573.3 million, respectively, compared to $146.2 million and $391.8 million for the same period last year. Usha Beltron has achieved a record production in all its units in the month of December 2000. The newly commissioned power plant at Jamshedpur has operated at more than 90 per cent PLF. The company is expanding its steel making from current 220,000 T to 350,000 T at a cost of about Rs 80 crore which is expected to be completed by the end of the financial year. — Agencies |
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J.S. Sekhon heads Power Regulatory CHANDIGARH, Jan 16 — Justice J.S. Sekhon will be the new Chairman of the Power Regulatory Authority set up by the Punjab Government. This was stated by Mr. R.I. Singh, Principal Secretary to the Chief Minister and Secretary, Industries, Punjab, at a meeting with the Punjab Committee of the PHD Chambers of Commerce and Industry here today. The meeting was conducted to review the impact of the government policies on the investment and to highlight suggestions to further improve the industrial environment in the state. Mr R.I. Singh said that the disinvestment committee headed by Mr P.H. Vaishnav, former Chief Secretary of Punjab will identify those PSUs which can be privatised. Mr Amarjit Goyal, Chairman, Punjab Committee, PHDCCI, suggested that in order to deal with the unemployment problem in the state, the District Industries Centres (DICs) should be converted into Micro-Enterprises Development Centres (MEDCs). This initiative will be helpful for the new enterprises which will be able to take assistance of the experienced hands for strategic consultancy support, said Mr. Goyal. Mr R.S. Sachdeva, Co-Chairman, Punjab Committee, PHDCCI, highlighted the nuisance created by the truck unions in the state. “These unions do not allow hiring of trucks from the open market and this results in paying of 30 to 50 per cent more than the market rate for the truck tariff by the industry”. He suggested that the government should take suitable steps so that the transport system is made reliable, prompt and speedy. The presidents of the various industrial associations of Punjab attended the meeting. Other issues relating to sale tax & tax reforms, information technology, pollution control and industrial focal points in the state were also discussed. |
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Dhindsa opens IPCL complex at Gandhar GANDHAR (Baroda), Jan 16 — The government is working on promoting comprehensive chemical estates in the country, the Union Minister for Chemicals and Fertilisers, Mr Sukhdev Singh Dhindsa, said here today while dedicating a Rs 4,300 crore complex of Indian Petrochemicals Corporation (IPCL) to the nation at Gandhar, near Baroda in Gujarat. Such specialised industrial estates dedicated to chemical industries, as a whole would provide comprehensive infrastructure facilities, which would attract leading domestic and global players, Mr Dhindsa said. “Besides minimising the project cost, such estates would protect the environment too,” he said. The Union Minister said the preliminary ideas developed by the ministry indicated that one such facility consisting of a large refinery, a petrochemical unit, chlor alkali unit, ammonia and methanol facility, power plant central water supply and disposal facility and disaster management facility preferably connected to port and railway could be set up at a cost of Rs 50,000 crore. “This kind of facility cannot be promoted by the Union Government alone and will need the active support from the state governments,” he said, adding that the Centre would extend all possible help in such an endeavour and urged the state governments to take the initiative. Mr Dhindsa said the setting up of Gandhar Gas Cracker Complex had accelerated the development process in this remote area. The Gandhar project has been implemented in two phases at a cost of Rs 4,335 crore. While the first phase was commissioned in 1996, the second phase was commissioned in 2000. The complex has a unique fully integrated production facility to produce PVC from salt and gas. The complex has a fully integrated chlor-alkali plant, power plant, gas cracker and PVC plant. This facility gives IPCL an edge in the caustic soda and PVC business. Talking to newspersons later, Mr Dhindsa said IPCL’s Vadodara plant would be sold to Indian Oil Corporation as agreed earlier. However, the exact amount of the deal was being worked out, he said. On disinvestment of 25 per cent government stakes in IPCL, the Union Minister said, “such a move has been the policy decision of the government.” He, however, did not indicate whether IPCL disinvestment would figure in the next meeting of the Cabinet Committee on Economic Affairs. IPCL today has an asset base of over Rs 8,700 crore and its net sales turnover without excise would be well over Rs 5,000 crore this year and gross profit would be about Rs 1,150 crore. Gandhar is the second gas cracker complex which IPCL has set up, apart from its gas cracker complex in Nagothane, Maharashtra. The complex is situated in the historic port city of Gandhar, which was rich and prosperous between the eight and the 18th century. This west-coastal town of Gujarat was the hub for trading and export of spices, dry fruits, silk and pearls. The port city has once again come into prominence with the discovery of huge reserves of oil and gas in recent years. IPCL has also commissioned a captive jetty in the estuary of Narmada at Jageshwar near Gandhar complex. It is capable of handling liquid hydrocarbons at cryogenic temperatures. At present, there are eight Naphtha/gas cracker complexes with an installed capacity of 24 lakh tonne per annum in the country. Of these, IPCL owns three cracker complexes with an installed capacity of 8.3 lakh tonne per annum of ethylene. Petrochemical industry has been growing at a rate of 14 to 15 per cent per annum, which is double the GDP growth rate of the country. The current consumption of petrochemicals is like commodity plastics (30 lakh tonne), synthetic fibres (16 lakh tonne) and elastomers (one lakh tonne). However, the country’s per capita consumption is below the world average. India’s per capita plastics consumption is 3 kg against a world average of 17 kg, in synthetic fibres the country’s consumption is 1.6 kg as against the world average of 4 kg. |
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MNC’s cheaper cement unnerves rivals ROPAR, Jan 16 — The arrival of the France-based cement multinational, Lafarge Ltd., in the Indian market, has spread panic among the local cement manufacturers. Lafarge Ltd has taken over the sick Jamshedpur cement unit of TATA. The company has launched it’s product in the market at a low price of Rs 90 per bag against Rs 170 per bag by the Indian companies. Though, due to the limited production by Lafarge in India, its product is available only in Uttar Pradesh, Delhi and some parts of Madhya Pradesh. It has already affected the sales of the indigenous cement manufacturers. The production in the Gujrat Ambuja Cement Ltd (GACL) plant here was stepped up for a week in December. The sources in GACL said the cheaper rates of the Lafarge cement had affected the sale of GACL’s product in Delhi and Uttar Pradesh. To discuss the scenario in the Indian market after the arrival of the multinational, the Cement Manufacturers Association (CMA) at a meeting decided to impress upon the government to check the anti-competition policies of the multinational. The leading cement manufacturers in the country like GACL have started evolving their own strategies to counter the challenge posed by the multinational and GACL has already started a move to buy 14 per cent stake in ACC and about 5 per cent in TATA Cements. The company is also planning to takeover some other sick units in the country. Vikrant Cements GACL have also launched their plants at Bathinda, to cater to the markets in Rajasthan and the adjoining areas. About the lower price of cement offered by the multinational, highly placed sources in GACL said it was the strategy of the company to break the distribution channels of the indigenous companies. The multinational, as a strategy to enter into new markets, has kept huge amounts for sales promotion activities and as such is selling its product at lower rates. Once its product stabilises in the Indian market, it would hike cement rates to make up for the earlier lose, the sources alleged. However, consumers and cement traders here were enthusiastic over the arrival of the cement multinational in the market. The local cement manufacturers were working as a guild. They increased the cement prices irrationally much to the chagrin of consumers and also offered minimum margins to traders, they alleged. |
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Indian
wheat may replace Chinese corn SINGAPORE, Jan 16 — India’s heavily subsidised wheat exports are filling in for Chinese corn, for which Beijing has yet to decide its 2001 export policy, traders said today. In addition to South Korea and the Philippines, feed mills in Malaysia and Indonesia are looking into replacing Chinese corn with wheat from India, which provides generous subsidies estimated at more than $60 per tonne, they said. The Indian government has promised the financial aid for wheat exports of up to two million tonnes by the end of March to make space in the warehouses for the country’s new crop. The campaign comes in handy for many feed mills as it is difficult to obtain low-priced Chinese corn at present when Beijing is yet to decide if it will extend its subsidies for corn exports of around 368 yuan (about $44) per tonne, traders said. In the latest deal to South Korea, prices for Indian wheat stood at around $114.30-$116.25 per tonne, C&F, compared with current Chinese corn prices of around $110 per tonne, FOB. — Reuters |
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Chautala woos Japs
with hostel, language training school offers NEW DELHI, Jan 16 — Haryana Chief Minister Om Prakash Chautala today invited Japanese investors to set up their industrial units in the state. He promised them the establishment of a Japanese Hostel with Japanese restaurants and a Japanese language school in Gurgaon. The Chief Minister was addressing the Japanese External Trade Organisation-led investment climate research mission which had visited Haryana as a follow-up of his visit to Japan three months back. The delegation had 60 members and was led by Mr Yoshihiko Saeki. Highlighting the fact that 60 per cent of Japanese investment in India was in Haryana, Mr Chautala said that Haryana was the ideal state for investment in India because of its strategic location. Highlighting the success of his government in helping to find a solution to the industrial relations problem in the Suzuki-led Maruti Udyog, the Chief Minister informed the gathering that at the height of the problem also the management was able to manufacture 1,200 cars every day. Mr Jagdish Khattar, Managing Director of MUL, was also present. According to an official spokesman, the Chief Minister called upon Japanese businessmen to advise him on other facilities required by them to establish their units in the state. The Ambassador of Japan, Mr Hiroshi Hirabayashi, praised Haryana for its quick decisions in promoting industries. In addition to a world class infrastructure of roads and other facilities, Gurgaon also provided excellent residential facilities in the shape of condominiums and independent housing and the state-of-the art leisure facilities like golf courses and theme parks. The JETRO president Yoshihikio Saeki lauded the Chief Minister’s enthusiasm and efforts. |
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Sansui dealers win cars CHANDIGARH, Jan 16 — Sansui will offer cash discounts and on the spot money back schemes on the company’s products this year. This was announced by Mr Anand Khera, Vice-President, at a dealer’s conference today. “The company expects to sell more than 5.5 million colour TV sets this year as compared to 5 million in 2000”, he said. He unveiled new CTV models of the company. The company also announced the launch of “Nakamichi” home audio components in Punjab. A lucky draw for the dealers was held in which Narinder of Jalandhar won a Honda City and another dealer, Raj Kumar Puri from Amritsar, won Maruti 800 standard. |
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Awards for kisan clubs CHANDIGARH, Jan16 —Kisan Clubs of Adda Cholang in Hoshiarpur district and Hamirgarh Dudian in Sangrur district were presented the best performing Kisan Club awards by Nabard. Mr A Ramanathan, Chief General Manager, said these clubs had shown excellent performance among the 150 clubs run by NABARD in association with different banks in Punjab. These clubs organise interaction between farmers and experts from universities, government departments , prepare plans for their respective villages and also arrange for sanitation and health camps for the villagers. Representatives from several banks also participated in the function. |
Now sue over Internet LONDON: Litigants will be able to sue over the Internet and judges deal with preliminary applications by e-mail, under British government plans unveiled on Monday to bring the Victorian county court system into the 21st century. People will be able to launch small claims by computer, filling in a claim form on screen and sending it through to a processing centre by a mouse click. A working prototype demonstrated yesterday by the lord chancellor’s department minister, David Lock, is ready to be put on a website. But ministers want to provide more back-up help for users before going live. Under the plans, outlined in a consultation paper, Modernising the Civil Courts, county court offices, where paperwork is processed, would be rationalised and centralised. The aim is to move as far as possible to a “virtual” or paperless court for the early stages of a case, though trials would still take place in a courtroom. Many steps which now have to be taken by post, such as asking for a judgment against a defendant who has produced no defence, will be able to be done by telephone or internet. Via the Internet and call centres, litigants will have 24 hours a day, seven days a week access to information about the progress of their cases and how to file a claim. People without access to a computer will still be able to use the internet system through the Citizens’ Advice Bureau or libraries, and could still go to a hearing centre in person or apply by post. Video-conferencing was used for the first high court application to decide the fate of the conjoined twins Jodie and Mary (their parents did not want to make the decision to separate them, so medical team brought case to court), although the judge, Mr Justice Johnson, had complaints about its efficiency. Other pilots planned include: 1. A scheme at Preston county court to be launched on February 5 to explore the use of email to reduce the need to attend court. Litigants will email the judge with interim applications - those that need decisions before the case goes to trial. 2. Touch screen kiosks, to be launched shortly to provide advice, information and court forms at libraries in Telford and Madeley in Shropshire. They will include a video link to the local Citizens’ Advice Bureau so customers can access on-screen advice. London’s 16 county courts may be rationalised down to about four. In other centres, underused courts could be closed and hearings held in rooms at magistrates’ courts, coroners’ courts or local council buildings.
— The Guardian
Of pounds
& kilos LONDON: A greengrocer in England has been put on trial for weighing bananas in pounds and ounces rather than in kilos. Dubbed the “metric martyr” by the tabloid press today, Steven Thoburn of Sunderland is embroiled in a test case that could affect tens of thousands of shopkeepers throughout Britain. Thoburn (36), a father of two, faces a criminal record and a $ 3,000 fine for refusing to convert his scales from pounds and ounces to metric measures, as required by a Brussels directive adopted by Britain. The Daily Telegraph reported today that his supporters had raised funds to fight the case, which could go all the way to the House of Lords. Alan Duncan, the Tory trade and industry spokesman, was expected to travel to Sunderland to throw his party’s support behind Thoburn, the paper reported. Thoburn’s stand has also attracted the support of celebrities, including the “Harry Potter” author J.K. Rowling, famed astronomer Sir Patrick Moore, actor Sir Ranulph Fiennes and West End musical empressario Sir Tim Rice.
— DPA |
bb
TV Today Cisco centres Ebony ETC Sony India Ambassadors Tata Finance Kotak Mahindra Raymond BAFL net up |
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