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| Wednesday, January 31, 2001, Chandigarh, India   
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Cipla’s Q3 net up 54 pc on exports
SBI’s net profit plunges; SAIL cuts losses
Don’t oppose WTO: UK envoy Growth rate hiked to 6.4 per cent |
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Indica with power steering
launched Bank of Punjab, TCI, LIC help for
quake-hit |
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Cashing in on
Temptation
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Cipla’s Q3 net up 54 pc on exports BOMBAY, Jan 30 — Cipla Ltd, India's third-largest drugs company by domestic sales, on Tuesday posted a better-than- expected 54 percent rise in profit in the October-December quarter, due primarily to surging exports. Net profit rose to 535.4 million rupees ($11.53 million) or 8.93 rupees per share, from 348.2 million or 5.81 rupees per share a year earlier. Sales rose 48 percent to 2.76 billion rupees. A Reuters poll of analysts forecast profit would rise 28.6 percent to 448 million rupees, on sales of 2.36 billion rupees, up 25.9 percent. "Exports have done exceptionally well," Cipla joint managing director M K Hamied told Reuters. He said exports more than doubled to around 700 million rupees from 280 million in t he year-earlier period. "We have had a strong performance in major export markets like the United States, Latin America, the Middle East and South Africa," Hamied said. Domestic sales also rose sharply, growing 30.5 percent to 2.05 billion rupees from 1.57 billion in the year-ago period, according to Hamied. "Our newer brands such as the anti-asthma product Bambudil, anti-obesity drug Obistat, the anti-depressant Venlor and the painkiller Rofixx have shown promise," he said. "The results are far better than expected and this is due to an even better-than expected export performance," said SG Asia analyst Jesal Shah. "The products exported are high value-added items and fetch much higher margins than sales in India," he said. Outlook
bright
"Based on these numbers, the company could show a full-year net profit higher than market leader Ranbaxy's 1.8 billion rupees," Shah said. Ranbaxy, India's largest drug company by sales, last week reported net profit fell to 1.81 billion rupees in 2000 from 1.97 in 1999. Cipla's net profit for the nine months to December rose 40 percent to 1.44 billion rupees, and sales rose 34 percent to 7.87 billion. Cipla shares, a constituent of the benchmark Bombay index, closed up 3.2 percent at 1,098.75 rupees on Tuesday before the results were released, while the index rose 3.25 percent on the day. "Cipla shares are likely to remain strong, and I see them touching my six-month target of 1,160 rupees even earlier," said Shah. Hamied said sales would top 10 billion rupees for the year, and profit growth would continue to be strong going forward. "I expect fourth-quarter profit to maintain the rate of growth seen in the third quarter," he said. "This is a good result, and we should see the performance continuing in the next quarter," said ABN AMRO analyst Giridhar Iyengar.
— Reuters
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SBI’s net profit plunges; SAIL cuts losses State Bank of India has posted a net profit of Rs 1,262.70 crore during the nine-month period ended December 31, 2000, registering an increase of 14.48 per cent from Rs 1102.95 crore reported in the corresponding period of last year. The bank has earned profit during the last nine-months in spite of expenses amounting to Rs 462 crore on account of the Indian Millennium deposits in the third quarter of the financial year 2000-2001 and derecognition of interest income on non-performing securities guaranteed by state governments, in terms of revised RBI instructions, for the period of April-December 2000 amounting to Rs 99 crore. However, the unaudited results released by India’s largest commercial bank showed that its net profit during the quarter ended December 31, 2000 declined sharply to 220.05 crore from Rs 400.50 crore recorded in the corresponding period a year ago. SAIL lowers losses Steel Authority of India (SAIL) has improved its performance by reducing its losses by 66 per cent during the nine-month period ending December 2000, at Rs 698 crore from Rs 2049 crore in the same period last fiscal. Compared to a cash loss of Rs 1140 crore in April-December 1999, the steel major recorded a cash profit of Rs 166 crore during the current fiscal.
Essar Shipping Essar Shipping has posted a net profit of Rs 20.03 crore for the third quarter ended December 2000, compared to Rs 3.56 crore posted in the same period of the previous year. Profit from operations has increased by Rs 62.85 crore for the nine month period due to rise in net charter earnings and reduction in lease/bareboat rentals and interest costs.
Today’s Writing Today’s Writing Products Ltd, manufacturers of Today’s brand of ball pens, has reported a 44 per cent increase in net profit to Rs 1.41 crore in the third quarter ended December 31, 2000 as compared to Rs 98.50 lakh profits in the corresponding period of last fiscal. The company turnover increased 13.36 per cent to Rs 17.36 crore in October-December as against Rs 15.50 crore in the same period in 1999-2000.
HEG net up 25 pc The Board of Directors of HEG today approved its Q3 results. The sales have increased by 7.65 per cent from Rs 121.63 crore in corresponding period last year to Rs 130.94 crore in this quarter while the net profit has registered a growth of 24.63 per cent from Rs 8.08 crore in the previous year to Rs 10.07 crore this year. The sales for the first nine months have increased by 8.7 per cent while the net profit has shown a rise of 8.4 per cent. DSQ Software DSQ Software Ltd has received a $ 100 million five-year long term contract from a major East Coast based US insurance company. The company has taken over 30,000 sq feet of additional space for housing 300 software professionals in Chennai’s Tidel Park. Over 80 per cent value of the contract will be achieved through offshore development. The contract includes e-commerce, application development and maintenance.
Tata Telecom Tata Telecom Ltd has turned around with a net profit Rs 62 lakh for the third quarter ending December as against a net loss of Rs 2.79 in the corresponding period last year. For the nine months ending December, the company reported a lower net loss of Rs 4.25 crore as against Rs 7.89 crore the previous fiscal.
Rama Synthetics Indo Rama Synthetics has posted a 186 per cent rise in the net profit at Rs 6.21 crore even as the turnover
witnessed a 10 per cent dip to Rs 441.15 crore in the third quarter of the current year. Net profit stood at Rs 2.17 crore and turnover Rs 490.08 crore in the corresponding period of the previous fiscal.
Raymond The Rs 1,400 crore textile major, Raymond Ltd, has acquired the files business of Kolkata-based HGI Industries (formerly known as Hindustan Gas Industries), a part of the Aditya Vikram Birla group, for Rs 17.5 crore. A memorandum of understanding was signed to this effect, Raymond said in a release here today. “After the divestments of our cement and steel divisions, this acquisition is the first step towards consolidation of our core strengths thereby maximising and enhancing share-holder value”, Raymond Chairman and Managing Director Gautam Singhania said.
Blue Star Blue Star has reported a net profit of Rs 8.04 crore from total income of Rs 330.95 crore for the nine-month period ended December 31, 2000. New order inflow for the core airconditioning and commercial refrigeration businesses for the nine-month period jumped by 32 per cent n comparison with the previous year.
Saregama PBT up by 550 pc Saregama India Limited has come out with spectacular results with profit before tax (PBT) at Rs 4.90 crore for the quarter ended December, 2000 showing an increase of 550 per cent over Rs 0.75 crore in the corresponding period of the last year. Managing Director Abhik Mitra told reporters after a board meeting that 32 per cent increase in sale of cassettes at 3.47 crore units in the nine-month period against 2.62 crore units last year had contributed handsomely to the buoyant results. |
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Don’t oppose WTO: UK envoy CHANDIGARH, Jan 30 — The UK sees India as an attractive destination for investment and opening up of the economies is the only way to succeed. Those who are opposing WTO are not right in doing so. This was stated by Mr Tom Macan, Deputy High Commissioner, British High Commission who was here to attend the Indo-British partnership session at CII today. The 13-member team of experts from the British High Commission will interact with representatives of more than 80 companies over the next two days. The team represents British Trade International, which operates in India as trade partners UK and Invest UK. Mr. Ramesh Inder Singh, Secretary Industries and Commerce, Punjab and Mr S C Chaudhary, Commissioner and Secretary Industries, of Haryana, made presentations on competitive advantages offered by these states as investment destinations. Mr Mecan said the concentration of small and medium enterprises in the region offered interesting opportunities for the development of bilateral trade. “Of the 250 companies contacted more than 80 have expressed interest in meeting us”, he said. Regarding the areas where the two countries can use their synergies, he emphasised on software development and IT education. “Apart from this our country has excellent infrastructure to offer in the field of bio-technology. India also offers abundant opportunities in the infrastructure sector”, said he. Mr David Slater of Invest UK, gave a presentation on the advantages which the British economy offers for investment. Mr Ramesh Inder Singh, Secretary Industries, Punjab said the state aimed at building knowledge based industry for which emphasis on IT, bio-technology and pharmaceuticals was being laid. Mr S.C. Chaudhary, Commissioner and Secretary, Haryana, said the state offered impressive infrastructural facilities, industrial parks close to the national capital, good industrial relations, responsive administration as its competitive advantages.
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Growth rate hiked to 6.4 per cent NEW DELHI, Jan 30 — The government today revised upwards the economic growth for 1999-2000 from 5.9 per cent to 6.4 per cent, but it was still below 6.8 per cent clocked during the previous financial year. Releasing the revised estimates for economic growth for 1999-2000, the Central Statistical Organisation pegged the gross domestic product (GDP) at Rs 1,151,991 crore at 1993-94 price level as against Rs 1,145,436 crore in the advance estimates released in February last year. The fall in overall GDP growth during 1999-2000 at factor cost from the previous year came despite a hefty 9.4 per cent growth in capital formation and a 12.6 per cent increase in domestic savings, according to the data released by CSO here. The lower growth, to an extent, could be attributed to a fall in the rate of private consumption expenditure to 4.1 per cent from 7.2 per cent in the previous year although government consumption expenditure grew by a sizeable 15 per cent, up from 11.7 per cent in the previous financial year. The slowdown in GDP growth is also accounted for by a sharp dip in agriculture and allied sector growth to 0.7 per cent from a high of 7.1 per cent in the previous year. However, the silver lining was a steep increase in manufacturing sector growth to 6.8 per cent from 2.5 per cent along with improved performance by the services sector like financial sector which grew by 10.1 per cent in 1999-2000 as against 8.4 per cent in previous year.
— PTI
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Indica with power steering launched MUMBAI, Jan 30 — Tata Engineering today launched Indica V2 range models and two new power steering versions. Presenting the V2 range, Tata Enginering General Manager Rajiv Dube said the company has brought together the improvements and refinements that have gone on the Indica since its launch. The changes have been done in the suspension system, engine, gear box technology and also wider tyres, he said. Under the Indica V2 range, the DLS (Euro I solid colour) model will have a ex-showroon price of Rs 3,58,837 lakh in Mumbai while the DLS (Euro I metallic colour) would cost Rs 3,63,089 lakh. For the Euro II range, the DLS (EII S) would cost Rs 3,68,683 lakh and Rs 3,66,601 lakh in Mumbai and Delhi respectively. The pricing of DLS (EII M) would be Rs 3,72,934 lakh (Mumbai) and Rs 3,70,751 lakh (Delhi). In case of LSi (S) under the Indica 2000 range, the price was Rs 3,55,543 lakh (Mumbai) and Rs 3,53,777 lakh (Delhi), while for LSi (M) it was Rs 3,59,795 (Mumbai) and Rs 3,57,927 lakh (Delhi).
— PTI Bank of Punjab, TCI,
LIC help for quake-hit CHANDIGARH,
Jan 30
— To help the Gujarat earthquake victims, LIC will accept death certificates issued by any local authority in case the municipal death certificate cannot be obtained. LIC agents have also been authorised to certify deaths in the absence of such certificates. Remission of interest on delayed payment of premium for three months, issue of duplicate policies free of cost, revival of lapsed policies with 50 per cent concession in late fee are the other relief measures for the policy holders. LIC has also set up relief camps in the state. All branches of the Bank of Punjab will be providing free draft facility to transfer any relief contribution to the “Prime Minister’s National Relief Fund “ or any other similar fund for relief to the quake victims. Transport Corporation of India will provide free service to transport relief material like medicines, food, grains etc. People wanting to send relief material to Gujarat can contact the regional offices at Chandigarh (telephone no. 790331), Delhi, etc. |
cr
Cashing in on
Temptation NEW YORK, Jan 29 — A TV watchdog group said on Monday it is urging America’s 100 top brand-name companies not to advertise on Fox-TV’s “Temptation Island” because of the “reality” show’s “objectionable” content, in which scantily-clad beauties and hunks try to break up couples. The move came after three big-name advertisers, Sears, Roebuck and Co., Quaker Oats Co. and Best Buy Co. Inc. said they had pulled their ads from the show, even though it is a ratings winner. “This is the type of action that comes when advertisers take a look at what’s on TV,” said Mark Honig, executive director of the watchdog group Parents Television Council (PTC). “There are lots of ratings winners, but shows are more than just ratings and advertisers are looking at content to see whether it’s something the company wants to be associated with.” Sears, which said it is a member of a “family-friendly” advertising consortium, said it advertised during the first episode of “Temptation Island” on Jan. 10 only because it was a free “make-good” commercial to make up for a previously-paid ad on another Fox show. But “Temptation Island” was not the kind of programme that fitted the Sears image, it said. He said the non-religious, non-profit group, which has over 600,000 individual members across America, was preparing a warning letter about another Fox show, “Boston Public.” The show, about teachers and teenagers at a Boston high school, airs in family viewing time, he said, “and its content is one of the worst for sexual situations and language.” In the past, the PTC has urged advertisers not to promote World Wrestling Federation’s “Smackdown” shows and another Fox drama, “Manchester Prep,” which never saw the light of day. A promotional clip for the drama about life at a fictitious New England prep school contained a scene in which two teenage girls discuss reaching a sexual climax while riding horses. “That never made it on the air. I think Mr Murdoch pulled it,” said Honig, although he could not say whether it was a result of advertiser pressure.
— Reuters |
co
Flaw in software discovered Three wheels good, four wheels better Oil imports not hit by quake |
bb
ACI notebook Vasu Apparels CCD meet put off HMT wins awards |
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