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Thursday,
January 31, 2002, Chandigarh, India  
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CORPORATE NEWS
Reliance Petro net dips 1.4 pc
SBI net spurts 179 pc at 614 cr
PTL market share up, net down |
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UTI to offload
4 pc stake in
UTI Bank
National roaming charges slashed
Eli Lilly
pays $ 15 m to Ranbaxy
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CORPORATE NEWS
New Delhi, January 30 VSNL, however, reported a dip in its net profit by over 10 per cent in the third quarter over the corresponding period last year. The dividend cheque presented to Communications and Information Technology Minister Pramod Mahajan by VSNL Chairman and Managing Director S K Gupta represents the interim dividend of Rs 75 per share for 52.97 per cent of VSNL shares held by the government. The total interim dividend payout by VSNL comes to Rs 2,356 crore, including the dividend tax. However, VSNL net profit in the third quarter fell to Rs 3.57 billion or Rs 12.53 a share, from Rs 4 billion or Rs 14.04 a share a year earlier. The government plans to sell a 25 per cent stake next month to a strategic partner and another 1.97 per cent to VSNL’s employees.
Dr Reddy’s Lab
Dr Reddy’s Laboratories Ltd has posted a net profit of Rs 1,615.30 million for the quarter ended December 31, 2001 as compared to Rs 319.39 million in the corresponding period last fiscal. Total income increased to Rs 4,030.41 million in the reporting quarter from Rs 2,032.61 million in the same period last year.
Shipping Corp
Shipping Corporation of India Ltd has posted a net profit of Rs 379.70 million for the quarter ended December 31, 2001 as compared to Rs 1,291.80 million in the corresponding period last fiscal.
Essar Oil
Essar Oil Ltd has posted a higher net profit at Rs 7.68 crore for the third quarter ended December 31 as compared to Rs 3.52 crore in the same period last year.
Reliance Capital
Reliance Capital Ltd has posted a 14.29 per cent increase in net profit at Rs 25.59 crore for the third quarter ended December 31 as compared to Rs 22.39 crore in the same period of previous year.
MRF
MRF Ltd has posted a net profit of Rs 91.60 million for the quarter ended December 31, 2001, as compared to Rs 96.40 million in the corresponding period last year. Net sales also declined to Rs 4,354.60 million in the reporting quarter from Rs 4,589.10 million in the same period last year.
J.K. Paper
J.K. Paper today declared about six per cent higher sales turnover at Rs 151.73 crore for second quarter ended December 31, 2001 with Rs 4.09 crore net profit after accounting for deferred tax liability of 2.58 crore.
BPL
BPL Limited’s net profit slumped to Rs 11.50 crore for the third quarter ended December 31, 2001 compared to Rs 20.05 crore in the corresponding period of the previous year.
BSES
BSES Ltd has posted a 12.9 per cent increase in net profit at Rs 86.79 crore for the third quarter ended December 31 as compared to Rs 76.87 crore in the same period last year.
Shyam Telecom
Shyam Telecom Ltd has posted a net profit of Rs 26.51 million for the quarter ended December 31, 2001 as compared to Rs 61.49 million in the same quarter last year. Total income decreased to Rs 585.27 million in the reporting quarter from Rs 650.21 million in the corresponding quarter last year.
Madras Cements
Profit After Tax (PAT) of Madras Cements Ltd dipped to a low of Rs 1.22 crore in the third quarter of the current fiscal, from Rs 11.34 crore in the corresponding quarter of previous year.
SREI International
SREI International Finance Ltd, the infrastructure project finance company, has registered a 29 per cent growth in its profit after tax at Rs 7.66 crore for the third quarter ended December 2001 over Rs 5.90 crore in the corresponding quarter of previous fiscal.
Century Textiles
Century Textiles & Industries Ltd has posted a net loss of Rs 4.4 crore for the third quarter ended December 31 as compared to a net profit of Rs 8.81 crore in the same period last fiscal.
Radico Khaitan
Radico Khaitan Ltd today declared 40 per cent higher net profit at Rs 13.68 lakh for 12 month ended December 31, 2001 with a 79 per cent growth in sales turnover of Rs 560.3 crore.
Thermax Ltd
Thermax Ltd has registered a net profit of Rs 2.6 crore for the third quarter ended December 31 as against a net loss of Rs 4.47 crore in the same period of previous year.
Jindal Steel
Jindal Steel & Power Limited (JSPL) today reported a net profit of Rs 29.43 crore for the quarter ended December 31, 2001 up from Rs 27.59 crore during the corresponding quarter last year.
GAIL
Gas Authority of India (GAIL) net profit for the quarter ended December 31, 2001 increased by about 26 per cent to Rs 306 crore against Rs 243 crore for the corresponding previous quarter. Profit before tax for the quarter has increased by 27 per cent to Rs 477 crore from Rs 376 crore.
Raymond
Raymond Ltd has posted a 12.05 per cent drop in net profit at Rs 18.61 crore for the third quarter ended December 2001 compared to Rs 21.16 crore in the same period last fiscal.
Ciba Speciality
Ciba Speciality Chemicals (India) Ltd has posted a net profit of Rs 2.9 crore for third quarter ended December 31 as compared to Rs 50 lakh in the same period of previous year.
Escorts
Escorts Ltd has posted a net loss of Rs 210.60 million for the quarter ended December 31, 2001 as compared to net profit of Rs 78.70 million for quarter ended December 31, 2000.
BPCL
Bharat Petroleum Corporation Ltd (BPCL) has posted a net profit of Rs 719 million for the quarter ended December 31, 2001 as compared to Rs 1136 million for the corresponding period last fiscal year.
Hindalco Ind
Hindalco Industries Ltd has posted a net profit of Rs 1,655 million for the quarter ended December 31, 2001, as compared to Rs 1,651 million for the same period last year.
Ceat
Ceat Ltd, an RPG-Group company, has posted a net profit of Rs 1.39 crore in the third quarter of 2001-02, as compared to a loss of Rs 5.21 crore in the same period previous year.
India Cements
India Cements Ltd has posted a net loss of Rs 262.50 million for the quarter ended December 31, 2001, as compared to a net profit of Rs 126 million in the corresponding period last fiscal.
TNS, Agencies |
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Reliance Petro net dips 1.4 pc New Delhi, January 30 Subdued domestic demand in a recession-hit economy saw RPL sales slipped 10.7 per cent to Rs 8166 crore in October-December as compared to Rs 9149 crore sales in the same quarter last year. Net profit, however, increased 18 per cent to Rs 1,269 crore in the first nine months of the current fiscal as against Rs 1,080 crore profits in the same period in 2000-01. Sales were up 9 per cent to Rs 25,497 crore in April-December as compared to Rs 23,457 crore sales in the first nine months of 2000-01. During the nine months ended December 31, 2001, RPL maintained its capacity utilisation at a record level of 107 per cent, aided by strong export performance. RPL processed 21.8 million tonnes of crude during April-December against 19.4 million tonnes during the corresponding previous nine months. Its exports at Rs 6,001 crore ($ 1,263 million) were the highest in the Indian corporate sector. RPL’s exports in the same period crossed $ 1.26 billion with gasoline and diesel accounting for bulk transactions. Most of the exports were to the USA and Europe, it said. The company, which operates 27 million tonnes refinery at Jamnagar in Gujarat, said it “has already applied for marketing rights for the controlled products (petrol, diesel), as it meets all criteria specified in this regard by the government.” RPL proposes to enter the business of retail marketing of controlled products in India, once it is granted the marketing rights.
PTI |
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SBI net spurts 179 pc at 614 cr Mumbai, January 30 The bank’s total income rose by 15.2 per cent in the period under review to Rs 8,366 crore as compared to Rs 7,262 crore in Q3 2000, SBI Chairman Janki Ballabh said here today. The interest expended during the reporting quarter was higher at Rs 5,194.42 crore as compared to Rs 4,490.50 crore in the same period last year, he said in a release. For the nine month period ended December 2001, the bank’s net profit rose by 43.81 per cent to Rs 1,815.93 crore as against Rs 1,262.70 crore in the same period last year, the release said adding the total income stood at Rs 24,943.43 crore (Rs 21,086.31 crore). The growth in net profit was achieved due to increased operating profit, despite larger provisions made for the current nine month period, he said. The total provisions made for the nine month period amounted to Rs 2,440.76 crore (Rs 2,097 crore) due to increase provision for non-performing assets (NPAs) at Rs 1,150 crore, higher tax provision at Rs 1,129.5 crore and investment depreciation at Rs 163.43 crore, he said. The payments to employees for the Q3 include Rs 88.63 crore towards writing-off on a pro-rata basis for voluntary retirement scheme. The interest income for nine months increased by 12.91 per cent to Rs 6,582.99 crore (Rs 5,830.32 crore), he added.
PTI |
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PTL market share up, net down Chandigarh, January 30 With a sale of 31,872 tractors during April-December 2001, PTL has improved its market share to 20.6% against last year’s 18.7%, retaining its No. 2 position in the industry. Mr Yash Mahajan, Company Vice-Chairman & Managing Director, attributes the gain in the market share to product upgradation to global levels, widening of the product range, and the dealer network. Swaraj tractors have found a positive response in states like Andhra Pradesh, Tamil Nadu, Maharashtra and Bihar. The company has maintained its margin at the operating level to 19.4%, generating a profit of Rs 134.3 crore, despite the 10% drop in volumes during the nine month period ending December 21, 2002. After providing for increased interest of Rs 6.8 crore, corporate PBT has crossed Rs 118 crore for the nine month period (margin 17.0%) compared to Rs 130.5 crore of the previous year. |
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UTI to offload 4 pc stake in UTI Bank
New Delhi, January 30 "In accordance with the guidelines of the Reserve Bank of India, UTI will offload four per cent equity in UTI Bank by March this year," UTI Bank Chairman and Managing Director P.J. Nayak told PTI here today. Although Nayak declined to give further details of the proposed divestment, industry sources said the bank had held initial talks with Life Insurance Corporation (LIC) for a preferential allotment to Financial Institutions (FIs).The move has come in the wake of UTI holding 44.88 per cent equity in the bank as on December 31, 2001. The banking regulator had stipulated that the promoter’s holding cannot be more than 40 per cent.
PTI |
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Jet Airways to maintain fleet New Delhi, January 30 Announcing its plans to start operations on the Delhi-Patna sector by March-end, the airline’s Executive Director Saroj Dutta said today that the recent borrowings by Jet Airways — $15 million from the US-based International Finance Corporation (IFC) and $45 million from Infrastructure Development Finance Corporation (IDFC) — will “finally lead to IPO one day”. “But when that will happen is not yet decided,” he said in reply to questions. “We are looking at the possibilities”. The airline was talking to IDFC for another loan tranche of $10 million and a decision is “likely in the next few days”. |
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National roaming charges slashed New Delhi, January 30 The tariffs will be effective from March 1, 2002. The authority has also decided that there will be no entry fee for roaming. Further, a maximum limit of Rs 100 has been specified for monthly rental for national and regional roaming. A maximum surcharge of up to 15 per cent has been allowed, but this surcharge can be applied only on airtime component. In general, roaming attracts two charges, a fixed charge for access to the facility and variable charges that depend on usage. The fixed charge can comprise an entry fee and a monthly rental. In addition, the subscriber is also required to pay airtime charge and the applicable fixed network charge, as well as a surcharge up to 15 per cent on total billed amount for the call (normally airtime plus the applicable fixed network charges). While the prevailing monthly rental for roaming shows some variation, an airtime rate of Rs 10 per minute is most commonly charged by service providers.
UNI |
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