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Thursday,
January 10, 2002, Chandigarh, India  
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JPC asks
UTI to speed up probe
CORPORATE NEWS
Mahajan
named ‘IT man of the year’ NIIT, IBM
join hands Hind
Lever, Infosys to get Oswal awards |
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Bids for
SCI invited by February 18 Car,
scooter, bike sales rev up
Satnam
to offer ready-made food
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JPC asks UTI to speed up probe New Delhi, January 9 Talking to newspersons on the deposition by UTI Chairman M. Damodaran and other officials of the fund, JPC Chairman Prakash Mani Tripathi said the JPC members were of the view that the committee set up by the UTI to fix mala fide intentions in such investments was very slow. It has to be established whether those decisions were “prudent” or “imprudent”, the members told the UTI. The JPC conveyed the directive when the UTI sought to impress upon the members that the trust despite the “present general impression” about it was performing better than a large number of private sector mutual funds. The UTI Chairman and its officials today reported the status of implementation of the recommendations of the three committees of Dipak Parikh, Malegam and Tarapore. The JPC was informed that the UTI Board had almost rejected the Malegam Committee recommendations for distancing the government from the fund by selling off 60 per cent of the shareholdings to a strategic partner whose reputation could restore the investors’ confidence in the fund.
TNS
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CORPORATE NEWS
Mumbai, January 9 The total income for the reporting quarter stood lower at Rs 40.23 crore as against Rs 118.98 crore in corresponding period last year, the company said here today. The board has also cancelled the acquisition of US-based Fortuna Technologies Inc as per the directions of SEBI. ITC Bhadrachalam
ITC Bhadrachalam Paperboard has recorded a 16.87 per cent jump in its net profit for the third quarter ended December 31, 2001, to Rs 7.42 crore as compared to Rs 6.35 crore in the corresponding period last financial year. The net sales for the quarter stood at Rs 135.64 crore against Rs 141.87 crore in the same period last year, recording a marginal decline of 4.34 per cent from the same quarter in the previous year. The other income for the quarter stood at Rs 1.29 crore against Rs 2.24 crore in the same period last year. The interest and finance charges have subsequently declined to Rs 8.12 crore from Rs 11 crore in the same period last year, company sources said. Earlier, shareholders of both companies, ITC Ltd and ITC Bhadrachalam Paperboards have given their consent regarding the scheme of amalgamation of the latter with the former. The shareholders approval was taken by both companies following the orders of the high courts. The companies were amalgamated to garner better synergies of management between the companies. Moreover, the amalgamated entity is expected to generate internal resources and additional revenue for the diversified conglomerate.
Kirloskar Pneumatic
Kirloskar Pneumatic Co Ltd posted a net loss of Rs 9.16 crore for the quarter ended December 31, 2001 as compared to a net loss of Rs 5.53 crore for the same quarter the year earlier. The total income for the quarter is at Rs 163.90 million as compared to Rs 164.20 million for the same period a year ago, the company said.
KG Khosla Compressors
KG Khosla Compressors has posted a net profit of Rs 2.44 crore for the quarter ended December 31, 2001 as against a net loss of Rs 13.40 million in the same period last year. Total income for the quarter ended December 31 was at Rs 33.14 crore as compared to Rs 30.5 crore for the quarter ended December 31, 2000, the company said in a release here today.
Exide buyback
Exide Industries buyback offer at a maximum price of Rs 70 per share for an aggregate amount not exceeding Rs 25.17 crore commences tomorrow. The last date for the buyback is December 23, 2002 or when the company has completed the process to an extent of 40,00,000 shares under the offer or the date as may be decided by the board of directors, whichever is earlier.
Godrej buyback
The shareholders of Godrej Consumer Products Ltd (GCPL) have approved the buyback proposal to purchase fully paid-up equity shares of Rs 4 each at a maximum price of Rs 100 for an aggregate amount not exceeding Rs 9.30 crore. The approval from the shareholders was received through a postal ballot, the result of which was announced in the extra-ordinary meeting held today, GCPL said in a statement here.
HLL shuts tea plant
Hindustan Lever Ltd (HLL) said today it had closed down its tea packaging facility in Kanhan, near Nagpur, due to unviability and had given “voluntary separation scheme” (VSS) to all employees there. An HLL spokesperson said all 364 employees at Kanhan had been given VSS in December last year as the facility had become unviable. “The factory at Kanhan had become unviable. Reasons for this unviability include sluggish growth of the Indian tea industry and high conversion (processing and packaging) cost of tea at Kanhan,” the spokesperson said Agencies
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Mahajan named ‘IT man of the year’
New Delhi, January 9 The Lifetime Achievement Award for the same period has been conferred posthumously on Dewang Mehta. “The 52-year old (Pramod) Mahajan has not only managed to push path-breaking legislation over the last year to help Indian IT strengthen its roots within the country, but he also helped establish the India Inc brand overseas,’’ the special Dataquest panel that announced the awards, said . “The minister also seamlessly took upon himself Dewang Mehta’s unfinished agenda to see India through its journey to being the next IT superpower,” the panel added. The special Dataquest panel comprised NIIT Chairman and Managing Director Rajendra S. Pawar (also Chairman of the panel), Hughes Software Systems President and Managing Director Arun Kumar, HP India President Arun K. Thiagarajan; Xansa Executive Chairman Saurabh Srivastava, NSE Chief Information Officer Satish Naralkar, Cyber Media Publisher and Managing Director Pradeep Gupta, and Cyber Media Editor-in-Chief Shyam Malhotra. Accepting the award, Pramod Mahajan said: “A sunrise industry like IT needs focussed attention from policy-makers, and I think the creation of the IT ministry has only helped boost its growth. We have implemented a majority of the reforms recommended by the IT Task Force set up in 1998.” Announcing the unanimous choice of former Nasscom President Dewang Mehta for the Lifetime Achievement award, the panel noted: “he accomplished a lot in his short lifespan, short of his two other dreams, one of owning a commercial pilot’s licence and the other directing his own masala movie”.
UNI
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NIIT, IBM join hands
New Delhi, January 9 NIIT will provide advanced training in cutting-edge IBM software technologies for the complete range of Data Management, Tranformation and Integration software in India. Professionals trained by NIIT will be skilled to develop applications and support IBM and its customers worldwide on these technologies. NIIT and IBM will undertake joint marketing initiatives to promote leading IBM software technologies. NIIT will work towards placement of the students trained on IBM software technologies with IBM customers and partners. In the first phase, NIIT will offer training programmes at its Centres for Advanced Technology Studies, located in all major cities .
UNI
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Hind Lever, Infosys to get Oswal awards
Mumbai, January 9 Hero Honda Motors CMD
B.L. Munjal will give away the awards on January 11 at the BSE convention hall here. In terms of the size of wealth created, HLL bags the top position with Rs 37,738 crore created during the period 1996-2001. In terms of the speed of wealth creation, Infosys tops the list, a press note issued here stated.
UNI
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Bids for SCI invited by February 18
New Delhi, January 9 “Companies, joint ventures and consortiums, interested in participating in the proposed disinvestment, are required to submit their Expression of Interest (EoI) by February 18,” official sources said here. Elaborating on the eligibility criteria for bidding, sources said: “the interested parties would need to have a combined net worth in excess of Rs 800 crore as per the latest annual accounts and a satisfactory business and management track record.” Pointing out that in the event of strategic partner being a joint venture or consortium, the foreign holding should not exceed 25 per cent, sources said the government would pay due attention to the security requirements of the country, while selecting the strategic partner.
PTI
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Car, scooter, bike sales rev up
New Delhi, January 9 Sales of Hindustan Motors, however, dropped while troubled Daewoo Motors did not disclose its sales figures. Total car sales rose for the third successive month at 36,627 units over 30,864 units sold in December 2000, data released by the society of Indian Automobile Manufacturers (SIAM) showed today. Cumulative sales (April-December 2001) increased 2.4 per cent to 3.94 lakh cars from 4.04 lakh cars sold in the year-ago period, the data showed. Maruti posted a 6.6 per cent rise selling 24,313 cars (22,791 cars in December 2000). Sales of commercial vehicles, an indicator of economic growth, dropped by 6.6 per cent at 10,642 vehicles (11,403 vehicles). Multi-utility-vehicle sales increased 2.8 per cent to 9,328 units (9,070 units). In the two-wheeler segment, scooter sales continued with its revival recording a 25 per cent rise at 62,346 units in December (49,873 units). Bajaj Auto continued to lead the revival in domestic scooter sales posting a 67.8 per cent rise at 29,295 units in December over 17,453 units in the year-ago month. However, sales of other scooter makers like
LML, Kinetic and TVS Motor Co. Dropped during the month. PTI
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