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| Thursday, February 1, 2001, Chandigarh, India   
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Reliance sets new corporate records
Reliance Petro net profit at Rs 441 cr
Punjab Tractors’ Q3 net inches up |
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Telco registers higher
loss MTNL defers cell phone launch SSI net profit rockets 187
pc Hotel industry declines 8 per
cent Internet helps NRIs rally for quake
aid
Man with breast cancer 110-year-old
to wed Want to retire before 62
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Reliance sets new corporate records MUMBAI, Jan 31 — Reliance Industries Limited (RIL) has established several new corporate records of sales of Rs 21,564 crore and net profit of Rs 2,106 crore during the nine-month period ended December 31, 2000, which is the highest in the private sector. According to a company release, the net profit shot up by 20 per cent to Rs 2,106 crore as against Rs 1,749 crore of the corresponding period of the previous year. Sales for the nine months rose by 41 per cent to Rs 19,287 crore as against Rs 13,707 crore, while the operating profit increased by 28 per cent to Rs 4,049 crore (3,153 crore). Earnings per share (EPS) for the nine months stood at Rs 19.9 and cash earning per share (CEPS) at Rs 29.6. For the third quarter ended December 31, 2000, RIL posted a higher net profit of Rs 759 crore as against Rs 627 crore of the corresponding quarter of the previous year. Total sales for the third quarter rose to Rs 6,555 crore as against Rs 5,034 crore of the previous year’s third quarter. The total paid-up equity share has remained unchanged at Rs 1,054 crore. RIl’s contribution to the national exchequer in the form of various taxes increased by 12 per cent to Rs 3,073 crore over the corresponding period. Production increased from 6.4 million tonnes to 7.9 million tonnes representing a 24 per cent growth. Manufactured exports including deemed exports increased by over 200 per cent to Rs 2,292 crore as against Rs 759 crore for the corresponding previous period. Total exports including merchant exports of petroleum products were Rs 4,569 crore. The combined exports from Reliance Industries and Reliance Petroleum during the nine months were over Rs 7000 crore. This ranks Reliance as the largest exporter from India, the release added.
— UNI
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Reliance Petro net profit at Rs 441 cr Reliance Petroleum has reported a net profit of Rs 441 crore and net sales of Rs 9,149 crore for the third quarter ending December 31, 2000. During the maiden nine months ending December, the company posted a net profit of Rs 1,167 crore and net sales of Rs 23,457 crore, the highest ever by any Indian private sector company. Addressing newsmen here today, Managing Director Anil Ambani said the performance has been achieved as a result of RPL's unmatched global competitiveness and its high level of capital and operating productivity. The 27 million tonne grassroot refinery processed 19.4 million tonnes of crude April-December and exports touched Rs 4,714 crore, placing the company as India’s top manufacturer exporter based on nine months results. The refinery, he said, has operated at 101 per cent in the third quarter and 96 per cent for the nine months of operation. The contribution to the national exchequer in the form of various taxes and duties stood at Rs 6,352 crore. Following the government decision to hedge in petroleum products, the company, in close association with Shell, has set up a full fledged trading floor with the state of the art trading systems for procurement of crude oil, trading of finished products and risk management. The company said investments for a stake in Petronet v k ltd (10 per cent), a Central India pipeline project (26 per cent) and Petronet India Ltd (10 per cent) would facilitate distribution of petroleum products across the country in a seamless and cost efficient manner. Asian Paints Asian Paints posted a 10.4 per cent rise in net profit for the third quarter ending December at Rs 25.66 crore as against Rs 23.24 crore for the same period last fiscal. For the nine months, the net profit stood at Rs 74.67 crore (Rs 62.75 crore the previous year) and sales of Rs 911.32 crore (Rs 803.19 crore).
Mukta Arts Mukta Arts Limited has reported a net profit of Rs 205.37 lakh for the quarter ended December, 2000. The company during this quarter earned a gross income of Rs 505.49 lakh. The company has entered into a contract with Windmill Holding Ltd for the sale of satellite rights of eight movies for limited telecast for $ 3.13 million. Against this an advance of only $ 2,50,000 has been received. In view of default and violation of the clauses of the contract, the board has advised initiating necessary action in
respect of the termination of the contract.
Indusind Bank Indusind Bank has registered a 22.22 per cent increase in the net profit at Rs 62.44 crore for the nine months ended on December 31, 2000, as compared to Rs 51.09 crore for the corresponding period in the previous year. Bank of Madura Bank of Madura’s profit after tax (PAT) increased by 90 per cent in the quarter ended on December 31 last to touch Rs 15.27 crore as against Rs 8.02 crore during the same period last year. Panacea Biotech Panacea Biotech Ltd (PBL), a Rs 240 crore-pharmaceutical company, recorded a sales turnover of Rs 97.67 crore for the quarter ended on December 31 last, an increase of Rs 84.67 crore from the corresponding period of the previous year. Its net profit for the same quarter increased to Rs 16.13 crore from Rs 11.94 crore, according to the company’s Director, Marketing, Rajesh Jain. The sales for the first nine months of the current fiscal shot up to Rs 172.98 crore from Rs 142.61 crore from the corresponding period of last year.
M&M net down Mahindra & Mahindra limited posted lower net profit of Rs 43.81 crore during the third quarter ended December 31, 2000 as against Rs 77.77 crore of the corresponding period of the previous year. The net profit for the nine month period ended December 2000, also dropped to Rs 91.26 crore as against Rs 189.40 crore in the corresponding period of the previous year.
— Agencies
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Punjab Tractors’ Q3 net inches up CHANDIGARH, Jan 31 — Punjab Tractors Limited today reported a net profit of Rs 35.80 crore for the third quarter that ended December, 2000, against Rs 34 crore in the corresponding period of the previous year. The operating profit for Q3 at Rs 55 crore improved 5 per cent for a margin of 20.5 per cent. With nil net interest, profit before tax (PBT) rose to Rs 51.1 crore (margin 19 per cent). The earning per share for the quarter on the post-bonus equity translates to Rs 5.9 per share. For the first nine months of the current fiscal (April-December 2000) the company reported a lower net profit of Rs 104.50 crore against Rs 133.26 crore in the same period in the previous year. The company’s sales totalled 35,211 tractors, a market share of 18.5 per cent. Except for the first quarter drop in sales when industry also fell 15 per cent, PTL has improved both volumes and market share during the second and third quarters. Overall, PTL has maintained its No 2 slot in the industry. On a total revenue for the nine months of Rs 730 crore, the operating profit generated amounts to Rs 141.6 crore (margin 19.4 per cent). While PBT stands at Rs 130.5 crore, EPS on an expanded post-bonus equity base of Rs 60 crore has touched Rs 15. This performance has been achieved primarily on the strength of PTL’s expanded, six-tractor model portfolio, increased sale of new models particularly the S-744 model in the 40-50 HP range, upgraded service back-up and widened dealer network which today stands at 332 against 257 in March, 1996. An addition of another 20 dealerships is planned over the next 4-6 months, said a company release here today. Demand for tractors stayed soft throughout the quarter and across the country, with aggregate industry sales reaching 68,800 tractors, down 7 per cent from Oct-Dec 99 quarter. All major states registered a decline in demand.
Mahavir Spinning Mahavir Spinning Mills’ net income in the third quarter ended on December 31, 2000 has increased by 3.90 per cent from Rs 175.17 crore in the corresponding quarter of the previous year to Rs 182.01 crore. Vardhman Spinning Vardhman Spinning and General Mill’s profit after tax which was Rs 10.01 crore in the same quater of the previous year has declined to Rs 1.04 crore. Vardhman Polytex Vardhman Polytex’s profit after tax which was Rs 4.02 crore in the same quarter of the previous year, has increased to Rs 5.55 crore.
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MUMBAI, Jan 31 — Tata Engineering & Locomotive Company Limited registered a higher loss of Rs 121.44 crore during the third quarter ended December 31,2000 as against the loss of Rs 60.36 crore of the corresponding quarter of the previous year. The net sales/income also dropped to Rs 1762.02 crore during the third quarter as against Rs 2368.98 crore of the previous year’s corresponding period. For the nine month period, the company incurred a lose of Rs 353.79 crore as compared to Rs 59.94 crore of the previous year’s correponding period, while the net sales/income also came down to Rs 5459.24 crore from Rs 6019.11 crore. According to a company release, the sales of commercial vehicles and passenger cars of Tata Engineering were severely affected by the increase in fuel prices and sale tax rate, which resulted in a drop in market demand during the third quarter. The proposal for a right issue of convertible/non convertible debentures or any other equity related instruments was deferred to the next board meeting. Meanwhile, Mr R Gopalakrishnan, Executive Director of Tata Sons and a director of Tata Engineering, will take responsibility for overseeing the day-to-day operations of Tata Engineering, reporting to the Chairman and the board till such time as a Managing Director is appointed, the release added.
— UNI NEW DELHI, Jan 31 — Mahanagar Telephone Nigam Ltd (MTNL) today deferred the launch of its much-awaited cellular services Dolphin in Delhi to February 7 in order to conduct
network optimisation tests, a top company official said. “The Minister for Communication Ram Vilas Paswan will inaugurate the service on February 7 and on February 8 we shall start giving connections. Meanwhile the network optimisation will continue in various parts of the national capital,” MTNL Chairman and Managing Director Narendra Sharma told PTI. MTNL had last month touched off a virtual tariff war among the cellular operators by announcing up to 50 per cent lower tariffs than being charged by the existing two operators, AirTel and Essar. MTNL had announced Rs 1.50 for an incoming call of one minute duration, Rs 2.70 for an outgoing call and had pegged monthly rental at Rs 400. Sharma today said that the corporation would offer new connections in the Capital from February 8 onwards. Asked whether MTNL was planning to offer different tariff packages to customers, Sharma ruled out the possibility saying “our current package is best suited under the existing conditions.” MTNL had started booking of the connection from January 15 and according to corporation sources more than 10,000 applicantions have been registered. |
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SSI Ltd posted a 187 per cent jump in net profit at Rs 25.08 crore for the second quarter ending December as against Rs 8.74 crore in the corresponding period last fiscal. Income from operations also rose sharply to Rs 115.42 crore in the second quarter (Rs 42.41 crore the previous year) while other income was up by Rs 7.97 crore (Rs 28.53 lakhs), the company said in a statement here on Wednesday. For the six month ending December, the company made a net profit of Rs 52.66 crore (Rs 15.5 crore), income Rs 216.95 crore (Rs 76.58 crore) and other income stood at Rs 20.1 crore (Rs 87.34 crore). Kinetic Motor Kinetic Motor Company on Wednesday reported a 13 per cent rise in its third quarter net profit at Rs 3.58 crore over Rs. 3.17 crore in the same period last year. During April-December 2000-01, KMCL posted a 89 per cent rise in net profit at Rs 12.17 crore as against Rs 6.45 crore in the same period last year.
Tata Chemicals Tata Chemicals Ltd has more than doubled its net profit at Rs 251.81 crore for the third quarter ended December 2000 as against Rs 111.82 reported in the corresponding period the previous year. For the nine month period ended December, net profit was Rs 295.41 (Rs 174.20 crore) while net sales stood at Rs 1,161.51 crore (Rs 1,076.47 crore).
Orient Info Orient Information Technology Ltd has posted an impressive performance during the third quarter ended December 31, 2000 with the net profit shooting up by 197 per cent to Rs 600.23 lakh as compared to Rs 202.01 lakh of the previous year’s third quarter. For the nine month period, the net profit rose by 185 per cent to Rs 1569.10 lakh as against Rs 551.42 lakh of the corresponding period. Total revenue for the nine month also increased by 123 per cent to Rs 6441.97 lakh as against Rs 2892.46 lakh of the previous year’s nine month, the release added.
L&T net up 72 pc L&T has reported a 72.13 per cent rise in net profit at Rs 33.29 crore for the quarter ended December 2000, compared to Rs 19.34 crore in same period of previous year. For the nine months ended December, the net profit fell to Rs 64.66 crore (Rs 186.20 crore in same period of last year) while net sales stood at Rs 5345.75 crore (Rs 5047.56 crore).
Tata Finance Tata Finance has posted lower net profit of Rs 1028.80 lakh during the second quarter ended December 31, 2000 as against Rs 1370.02 lakh of the corresponding quarter of the previous year.
— Agencies |
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Hotel industry declines 8 per
cent NEW DELHI, Jan 31 — The performance and profitability of quality chain hotels and independent hotels in India shows that the Indian hotel industry showed a decline of 8.1 per cent in the income before fixed charges (IBFC) from 39.2 per cent in 1998-99 to 36.6 per cent in 1999-2000. The decline has occurred not so much due to a decrease in revenue (-1.5 per cent) but more due to an increase in departmental costs and expenses (+5.8 per cent). The annual survey, conducted by the Pannell Kerr Forster Consultants, reveals that on a per available room basis, rooms revenues declined by 5.9 per cent over the last year largely resulting from a 7.9 per cent decrease in achieved average room rate, although there was a 1 per cent increase in occupancy. Another hotel department that saw a huge decrease in revenues was telephone, which fell by 17 per cent over the last year, clearly the outcome of the increasing usage of mobile phones and e-mail. Commenting on these results, Ms Neelima Chopra, Vice President of the PKF Consultants, said: “The challenge before the Indian hotel industry is one of productivity. Increasing competition and new supply is pushing down revenues on per room basis. At the same time, operating costs are increasing, up by 5.8 per cent this year, following 10.9 per cent last year.” However, hotels have definitely woken up to the opportunity in food and beverage, with revenues per available room from this department increasing by 6.8 per cent and 7.7 per cent respectively. Revenue from Other Operated Departments has also shown impressive gains, increasing by 21.4 per cent over the previous year. The greatest increase in department costs on a per available room basis was in the rooms department (+8.7 per cent), largely contributed by increasing payroll. Food and beverage costs also increased by 8.1 per cent. The hotel industry was successful in controlling administrative and general expenses, which declined by 14.7 per cent. However,
energy costs continued to soar by 9.1 per cent. Increased competition is evidently leading to a greater focus on property maintenance and standards. Marketing did not attract much additional expense, increasing by just 2.4 per cent per available room. The results of the survey are significant due to the reliability and validity of the database that has been drawn from the audited results of participating hotels from the majority of quality hotel chains and independent hotels throughout India. The annual country trends 2000 survey places the Indian hotel industry in the perspective of hotels across the Europe, Middle East and Africa. |
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Internet helps NRIs rally for quake aid NEW DELHI, Jan 31 — There is now a virtual control room to aid India’s earthquake relief. Far-flung Gujaratis originating from the quake-ravaged Kutch region in western India are harnessing the Internet to organise supplies, logistics and search for relatives following last Friday’s massive earthquake. Until last week, Panjokutch (Our Kutch) (www.panjokutch.com) was just a community website that helped arranged marriages, carried travel ads and posted job information. Now it serves as an information hub for quake relief. Its tasks range from online registration of aid donors to locating lost relatives. A message on Panjokutch.com from Shree Swaminarayan Temple in Willesden in north London conveys the desperate quest for information from relatives far from the disaster scene. “All the followers of the temple have relatives in Kutch and it has been devastating to have no news of their wellbeing.” Other sites There are a host of other sites such as www.kutchinfo.com which details specific needs for quake-hit villages. Gujarati magazines like Chitralekha (www.chitralekha.com) are also part of the effort. And Bombay’s Grain, Rice and Oilseed Merchants Association (www.groma.org) has a victim relief site. AlertNet (www.alertnet.org), run by the Reuters Foundation of global news and information group Reuters Group Plc <RTR.L>, is another site helping disaster relief communication. The loose-knit sites which have sprung up over the last few years have transformed disaster response, coordinating individuals, communities and aid agencies. Emails are flying across the web, bulletin boards give fast updates and search boxes supply specific information. It is all being used to seek and direct volunteers and truckloads of medicines, food and other supplies. Pankaj K. Shah, managing trustee of the non-profit S.K. Shah Charitable Trust, which runs Panjokutch.com, said the site’s main aim now was to inform anxious relatives of victims. “We’re getting responses from all over the world,” he told Reuters on Wednesday. “For every appeal on the site, we get four or five truckloads of food,” he added, saying it had also written to 22,000 organisations worldwide seeking aid. Details of relief needs sought over the web are meticulous, with goods needed ranging from biscuits and milk powder to cotton rolls and analgesics. Panjokutch.com has search boxes for village-wise information, organised alphabetically with date and time. People across the globe can seek or give details on victims and buildings.
Reuters |
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Man with breast cancer NEW YORK: A 50-year-old man with advanced breast cancer has sued his employer and health insurance providers on the grounds that they discriminated against him by refusing to pay for stem cell transplants, a treatment he said was provided to women with the same disease. Nickolas Zervos of Brooklyn said in his suit, filed late Monday in Manhattan federal court against Verizon and insurers Empire Healthchoice and United Healthcare that he suffers from Stage IV metastatic breast cancer. The suit said he has been employed by Verizon, formerly Bell Atlantic and NYNEX, as a technician for 30 years. “This decision was not based on the patient’s sex. It was based solely on current clinical evidence,” said Sharon Cohen-Hagar, a Verizon spokeswoman.
— Reuters 110-year-old
to wed RIYADH: Saudi doctors have given a 110-year-old farmer the go-ahead to marry for a third time to a bride half his age. Abdullah al-Maeedh al-Qahtani attributed his longevity and “phenomenal good health” to his daily diet of home-made brown wheat bread, honey, milk and dates, the Saudi Gazette daily reported on Wednesday. It quoted Dr Yahya Ibrahim of Suleiman Faqeeh Hospital in the Saudi Red Sea port city of Jeddah as saying that medical tests on Qahtani showed he was in excellent health. “His heart is fluttering for a Syrian woman who will revive memories of his younger age,” the Saudi Gazette said. The unidentified would-be bride will join Qahtani’s family of 70 children and grandchildren from his two previous marriages.
— Reuters Want to retire before 62 SINGAPORE: Most Singaporeans want to stop working before they reach the official retirement age of 62. This is one of the results of a study on attitudes towards aging and retirement among older workers in Singapore. The Straits Times has said. Only one in every 10 respondents of the people surveyed — all of whom were aged 40 and above — said that they wanted to work until they were 62. Most respondents said, however, that they would like to work part-time after retirement because being busy would keep them occupied and preserve their self-esteem.
— DPA |
bb
Macan meets CM P.B. Nimbalkar HDFC Bank New NFL CMD Price Index falls Dena Bank |
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