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Friday, February
1, 2002, Chandigarh, India  
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CORPORATE NEWS
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Bank of Punjab net soars 42 pc
CII for 15 pc customs duty
Ind-Swift net up 29 pc
MTNL profit slips 31.2 pc
Govt to invite VSNL bids today
HDFC to enter non-life
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Reliance net rises 20.17 pc at 822 cr
Mumbai, January 31 The company’s total sales/income from operations stood lower at Rs 5,766 crore as compared to Rs 6,555 crore in Q3 of last year, RIL said in a statement here today. However, the company’s net profit before extraordinary items was down by 4.1 per cent at Rs 464 crore for the Q3 as against Rs 484 crore in the Q3 of December 2000. For nine months ended December, the net profit increased to Rs 2,142 crore (Rs 1,887 crore) while the total sales and income from operations declined at Rs 18,390 crore (Rs 21,564 crore). This includes extra-ordinary income of Rs 358 crore being capital gains from divestment of Larsen & Toubro shares. On the consolidated basis, RIL’s net profit in Q3 and nine months stood at Rs 1,027 crore and Rs 2,795 crore respectively. “The slowdown in demand for some of our major products, and the sharp decline in product selling prices, have impacted margins”, RIL Managing Director Anil Ambani said. He said as RIL had expected, the downturn in petrochemicals industry has been extended as a result of the unfortunate global events and its adverse impact on global economic growth. United Breweries
United Breweries Ltd has reported a net loss Rs 21.51 crore for the quarter ended December 31, 2001, compared to a net profit of Rs 4.75 crore for the same period in the previous year. The three months happens to be the ‘off-season’ quarter of the business year when beer sales are at its lowest ebb.
Amara Raja Batteries
Amara Raja Batteries, a leading manufacturer of automobile batteries, today reported lesser profit for the third quarter of the current fiscal as compared to the corresponding period of last year. The company, which earned a profit of Rs 5.91 crore in the third quarter of last year, had earned only Rs 4.63 crore during the current year.
Castrol India
Castrol India Ltd has posted a 13.92 per cent drop in net profit for 2001 at Rs 115.67 crore as compared to Rs 134.38 crore in the year ended December 31, 2000. Net sales for the year under review was higher by 3.8 per cent at Rs 1,284.6 crore as compared to Rs 1,237.8 crore last year.
Nirma
Nirma Ltd has posted a net profit of Rs 478.10 million for the quarter ended December 31, 2001 as compared to Rs 267.30 million in the corresponding period last year. Net sales declined from Rs 5,243.80 million in the quarter ended December 31, 2000 to Rs 4,908.40 million in the reporting quarter.
Orchid Chemicals
Orchid Chemicals and Pharmaceuticals Ltd’s net profit has dipped to Rs 2.25 crore in the third quarter ending December 31 against Rs 5.96 crore recorded in the same period of the corresponding year. Sales and operating income of the company stood at Rs 95.71 crore
against Rs 90.19 crore.
Saw Pipes
Saw Pipes Ltd has posted a net profit of Rs 30.84 million in the quarter ended December 31, 2001 as compared to Rs 137.94 million in the same period last fiscal.
Sterlite Optical
Sterlite Optical Technologies Ltd has suffered a 91.06 per cent decline in net profit at Rs 7.99 crore for the third quarter ended December 31 as compared to Rs 89.46 crore in the same period previous year.
Power Finance Corpn
Power Finance Corporation (PFC) today reported an over 6 per cent decline in the third quarter net profit at Rs 291 crore as compared to Rs 312 crore in the corresponding period of last fiscal. The company, however, registered a 5 per cent growth in Profit Before Tax (PBT) at Rs 377 crore for the period ending December 2001 as compared to Rs 359 crore over the same period last year, PFC said in a statement said.
Pentamedia Graphics
In line with the universal downward trend of the software industry, India’s entertainment graphics major, Pentamedia Graphics, today reported that its profits in the third quarter of the current fiscal was down by Rs 9.46 crore. The company earned a profit of Rs 33.45 crore during the quarter as compared to Rs 42.91 crore for the corresponding period last year.
McDowell
McDowell and Company Limited has registered a 7 per cent increase and it stood at Rs 247.12 crore during the quarter ended December 31 last as compared to the corresponding period previous year’s Rs 231.38 crore. The profit before tax of the company stood at Rs 10.07 crore as against Rs 12.24 crore in the corresponding quarter last year.
Adani Exports
Adani Exports Ltd has posted a net profit of Rs 172 million for the quarter ended December 31, 2001 as compared to Rs 166.90 million for the quarter ended December 31, 2000.
IPCL
Indian Petrochemicals Corporation Ltd (IPCL) has posted a lower net profit by 17.05 per cent at Rs 19.22 crore for the third quarter ended December 31 as compared to Rs 23.17 crore in the same period last year. Net sales declined to Rs 10,72.73 crore in the reporting quarter to Rs 1,167.77 crore in Q3 2000.
Nocil
National Organic Chemical Industries (Nocil) posted a net loss of Rs 62.70 million for the quarter ended December 31, 2001, as compared to a net profit of Rs 4 million for the corresponding quarter last fiscal.
Mirc Electronics
Mirc Electronics posted a net profit of Rs 159.40 million for the quarter ended December 31, 2001 as against Rs 129.30 million in the same quarter last year. Agencies |
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Economic growth down to 4 pc New Delhi, January 31 According to latest data released by the CSO, the growth rate in the previous year was 6.1 per cent as against the earlier estimate of 6.4 per cent. The poor showing of the economy in 2000-01 was due to agriculture, banking and insurance registering negative growth rates. While the growth estimate for agriculture sector during the year was minus 0.4 per cent, it was minus 2.2 per cent for the banking and insurance sector. The growth estimates for other sectors are: manufacturing 6.7 per cent, construction 6.8 per cent, communication 15 per cent, real estate, ownership of dwelling and business
services nine per cent and other services 7.4 per cent. The negative growth of 0.4 per cent in the gross domestic product (GDP) of agriculture sector has mainly been on account of decline in production of rice by 5.4 per cent, wheat by 10 per cent, pulses by 20.4 per cent, oilseeds by 11.2 per cent and cotton by 16.3 per cent as compared to the previous year. While coarse cereals registered a growth rate of 4.2 per cent in 2000-01 as compared to the previous year, the production of sugarcane remained at the same level. The livestock sector, which accounts for over 26 per cent of the total value of the agriculture sector, also registered a negative growth of 3.5 per cent in 2000-01. The negative growth of 2.2 per cent in banking and insurance sector during 2000-01 has mainly been on account of decline in the output of the non-banking financial institutions. The GDP at factor cost at constant (1993-94) prices in 2000-01 is estimated at Rs 11,93,922 crore as against Rs 11,48,500 crore in 1999-2000 registering a growth of four per cent during the year as against the growth rate of 6.1 per cent during the previous year. At current prices, GDP in 2000-01 is estimated at Rs 18,95,843 crore as against Rs 17,55,638 crore in 1999-2000, showing an increase of eight per cent during the year. At constant (1993-94) prices the national income in 2000-01 is estimated at Rs 10,44,915 crore as against Rs 10,07,743 crore in 1999-2000, showing a rise of 3.7 per cent during the year. At current prices, the national income in 2000-01 is estimated at Rs 16,79,982 crore as compared to Rs 15,57,781 crore in 1999-2000, showing a rise of 7.8 per cent during the year. The per capita income in real terms, that is at 1993-94 prices, is estimated at Rs 10,067 for 1999-2000, registering an increase of 1.9 per cent during the year. The per capita income at current prices is estimated at Rs 16,487 in 2000-01 as against Rs 15,562 for the previous year
depicting a growth of 5.9 per cent. |
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Problem of plenty yet again Ludhiana, January 31 The procuring agencies of the Punjab Government are already having wheat stocks worth 15 million tonnes and rice 70 lakh tonnes. Besides, 112 lakh tonnes of paddy is lying in godowns. The main problem of the state is that the Central Government is pressing the state government to introduce de-centralisation of wheat and paddy procurement to reduce the burden of the Central Government. Because of the election in Punjab, the Central Government is agreeing to the demand of the state government not to press for its introduction. Under the de-centralisation of procurement the agencies will act as traders and this will put an end to the market intervention (procurement of all stocks arriving in mandis). Under the de-centralisation, the Central Government will fix the minimum support price (MSP) and the traders will also be free to purchase wheat and paddy. However, the Central Government will meet the difference in the market price and the minimum support price to offset the losses of the farmers. A question before the official procuring agencies is that will they be able to absorb the huge quantity of crops. Huge funds are required for implementing the scheme. The agencies are buying wheat and paddy worth about Rs 1,500 crore every year. Will banks extend aid to the agencies while the financial position of the state is not very sound? The Punjab Government already owes huge amount of money to the banks which it had got to purchase the wheat and paddy in the past. It is estimated that the stock of wheat and rice now lying in the state are worth about more than Rs 20,000 crore. Moreover, how far the Central Government will pay compensation to the states as a difference in market price and the minimum support price. To review the situation and make arrangement for storage of wheat, Mr N S Rattan, Financial Commissioner (Development), Punjab, has held a meeting with officials of the state procuring agencies. Mr Rattan said there would be no problem in storing wheat.
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Bank of Punjab net soars 42 pc
Chandigarh, January 31 The operating profit of half year has gone up to Rs 50.42 crore from Rs 39.22 crore of previous year. The capital adequacy ratio was comfortable at 11.20 per cent on December, 2001 as compared to 11.02 pc as on 31.3.2001. The bank is aiming for year on year 50 per cent growth in its retail assets comprising auto loans, home loans and personal loans segment. Mr Tejbir Singh, Executive Director of the bank said, “Increasing penetration through ATMs, phone banking, internet banking as well as mobile banking figured high on the agenda.
Vijaya Bank
Karnataka-based public sector Vijaya Bank has posted a whopping 172.6 per cent increase in net profit at Rs 44.05 crore in the third quarter of 2001-02, as compared to Rs 16.16 crore in the year ago period. Total deposits grew by 25.7 per cent to Rs 14,442 crore in the third quarter of the present fiscal as against Rs 12,632 crore in the corresponding period in the previous year, the bank said in a statement here today. This year-on-year growth is higher than the combined growth of 14.4 per cent by the scheduled commercial banks, the bank claimed.
Overseas Bank
The Indian Overseas Bank has registered an operating profit of Rs 131.20 crore for the third quarter of the current financial year, after absorbing Rs 20.57 crore as pro rata expenses for the VRS, representing a 23.17 per cent increase over the same period last year, a top executive of the bank said. The bank reached a deposit level of Rs 30,441 crore as on December 2001 as against Rs 25,207 crore in December 2000, representing a year-on-year growth of 20.76 per cent, IOB Chairman S.C. Gupta told reporters here.
IDBI Bank
IDBI Bank has recorded a net profit of Rs 8.94 crore during the third quarter ended December 31, 2001 as compared to Rs 7.39 crore for the corresponding period of the previous year. This amounts to an increase of 21 per cent in net profit.
TNS, Agencies |
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CII for 15 pc customs duty New Delhi, January 31 In a pre-Budget memorandum to the government, the CII pointed out that with a weight of 9.6 per cent in the index of industrial production, the capital goods sector is bearing the brunt of the economic slowdown. According to the CII, the key constraints which have inhibited the growth of this sector are negative protection, distorted customs duty structure, shortage of funds and reduced capital expenditure and poor offtake. The chamber urged the government that the purchase preference of 10 per cent for the public sector should be allowed to lapse on March 31, 2002, and not extended as further extension would hamper the competitiveness of the sector. While acknowledging that the removal of the zero duty regime in 1999-2000 in the case of fertiliser projects and refining of crude petroleum and the imposition of 5 per cent customs duty along with a countervailing duty had reduced the cost disadvantage to the domestic industry to some extent, the CII pointed out that the indigenous industry still suffered a cost disadvantage because of poor infrastructure and other local levies. The CII suggested that the zero customs duty should be withdrawn and a minimum customs duty of 15 per cent should be imposed to enable the indigenous manufacturers to be competitive.
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Ind-Swift net up 29 pc Chandigarh, January 31 The bulk drugs company, Ind-Swift Laboratories Limited, turnover for Q3 was higher by 31% at Rs 308.84 million as compared to Rs 235.41 million for the same period last year. Net profit before tax also grew by 38% to Rs 16.92 million. The bulk sales in the international market were up by 15% for the nine months ending December 2001 as compared to the same period last year. The sales were driven by products like clarithromycin, roxythromycin, atorvastatin, clopidogrel, ziduvodine, sources informed.
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MTNL profit slips 31.2 pc
New Delhi, January 31 With 5 million customers in Delhi and Mumbai NTNL’s profit eroded owing to higher tax payouts and increased costs. The third-quarter net profit fell to Rs 3.28 billion or Rs 5.21 a share, from Rs 4.77 billion or Rs 7.57 per share a year earlier. However, the net income from services rose 12.3 per cent to Rs 16.5 billion from Rs 14.69 billion a year ago. The staff cost of MTNL, which employs more than 50,000 people, has also taken its toll on the bottomline which is up by nearly 26 per cent. While administrative and operating expenses rose to Rs 3.05 billion from Rs 1.76 billion.
UNI
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Govt to invite VSNL bids today
New Delhi, January 31 The
Disinvestment Ministry will invite the financial bids for sale of the controlling stake in the international telecom carrier tomorrow, officials sources said here today. The government holds a 52.97 per cent stake in VSNL and plans to reduce it to 26 per cent by selling 25 per cent along with management control to a private strategic partner and another 1.97 per cent to the employees of the New York Stock Exchange listed firm. The
Reliance, Tata Telecom, a Consortium led by Sterling are in the fray for buying the VSNL controlling stake.
UNI |
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HDFC to enter non-life
Vijayawada, January 31 On the entry of commercial banks into housing finance, he said there was no threat to the HDFC which holds 50 per cent of the market share in the sector, providing loans to 1.90 million people. Its cumulative loan approvals as on December 31 last had crossed Rs 37,000 crore and disbursement Rs 30,000 crore, he added. UNI
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Price index falls Sigma plant LG sales up Johnson & Johnson McDowell sales Yogendra Prasad
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