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Saturday, February
2, 2002, Chandigarh, India  
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GAIL ties
up with Escotel, Escorts Tele Tatas,
Reliance bid for VSNL Hero Honda
sales jump 51.7 pc
CORPORATE NEWS |
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India’s exports
growth shrinks Wideformat
Solutions opens office in city Power reforms plan
in North shelved British Airways to
help ‘Samadhan’ PM urged to review
Indo-Nepal treaty ‘Use cheaper
fuel for making cement’ Union Bank net
rises 77.4 pc
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GAIL ties up with Escotel, Escorts Tele New Delhi, February 1 According to the agreement, GAIL will provide bandwidth capacity to Escotel in western Uttar Pradesh and Escorts Telecom Limited in the two circles of eastern Uttar Pradesh and Rajasthan on an exclusive basis for the next five year, extendable for a further period. The agreement also envisages availing of capacity from GAIL by the Escort group of companies in the Haryana circle and in other routes. GAIL is emerging as a major telecom infrastructure provider. Already, 4,000 km of communication network is in position, of which 1,800 km are on large bandwidth capacity OFC-based system. At present, it is in the process of phased rollout of its OFC network in the north-western part of the country and planned expansion in the southern part of the country. In the first phase of the rollout plan, GAIL is expanding its network to 3,700 km and will interconnect Delhi and Mumbai. For the purpose it is utilising its existing OFC network in north-western India for achieving connectivity. "The link is in the final stages of installation providing linkage among 37 major cities in Rajasthan, Gujarat, Maharashtra, Haryana, UP and MP", Chairman and Managing Director of GAIL P. Banerjee told newspersons here. GAIL entered the telecom sector in January, 2001, as the first category II infrastructure provider of the country and leased bandwidth through the first Service Level Agreement to Bharti Telesonics. "In the second phase of the rollout plan, GAIL will provide a total redundancy to the Delhi-Mumbai link and extend connectivity to Punjab in the north and Hyderabad in the south spreading across 7,300 kms covering 60 cities. The second phase is targeted to be completed by December 2002", Mr Banerjee said. Besides Escotel, GAIL is also actively interacting with other major players such Tata Power, Tata TeleServices, Fascel, BG Broadband, Shyam, Dishnet, MTNL, VSNL, HCL, Satyam and Birla AT&T to lease out capacity from the OFC network. Mr Banerjee said GAIL is drawing up its business plans in the telecom sector to invest Rs 800 to Rs 1,000 crore in the next two to three years and Rs 3,200 crore by 2010. "Though earnings from the telecom sector are expected to be in the range of 3 to 5 per cent of the total revenue in the initial period, it is expected to contribute significantly to the gross profit of the company in the years to come", he
added.
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Tatas, Reliance bid for VSNL
New Delhi, February 1 Tatas spokesperson told PTI from Mumbai that the Group has put in its bid for management control in the VSNL by acquiring 25 per cent government stake put on the block for a strategic partner. Decks were cleared yesterday for inviting financial bids in India’s International communication carrier VSNL after the Delhi High Court rejected the petition of Modi Corporation saying it could not participate in the disinvestment process at this stage. Reliance spokesperson also confirmed that the group has put in its bid for acquiring stake in VSNL. V. Srinivasan, representative of Sterling, told PTI from Chennai "we are not bidding as government did not give us more time. Till this morning we were hoping to put everything together but in the absence of government not considering the request, we decided to opt out." The Disinvestment Ministry would now take the bids to the core group of secretaries (CGD) on February 4 after completing evaluation and the Cabinet Committee on Disinvestment would decide on the strategic buyer on February 5. The government is offloading 25 per cent of its 53 per cent stake in the telecom monolith to a strategic partner along with management control, another 1.9 per cent would be offered to
employees.
PTI
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Hero Honda sales jump 51.7 pc
New Delhi, February 1 Cumulative sales (April-January, 2001-02) grew 37.6 per cent at 11.63 million units against 8.45 lakh units sold in the same period last fiscal, a company spokesman told PTI.
Fiat India
Fiat India Ltd said today its car sales have jumped by a massive 268.4 per cent in January to 2,701 units from 733 units a year ago due to rising sales of the recently-launched premium small car Palio. The company sold 2,474 units of the Palio during the month while the rest comprised the premium small car Uno, mid-size car Siena and stationwagon Siena Weekend, a Fiat India spokesperson told PTI over phone from Mumbai.
TVS Motor
TVS Motor Company Limited’s motor cycle sales has risen by 48 per cent last month with 46,196 units sold as compared to 31,148 vehicles sold in January 2001.
GMI
General Motors India (GMI) has recorded a 16.1 per cent rise in January sales at 648 cars over 558 cars sold in the year-ago month.
Bajaj Auto
Bajaj Auto Ltd (BAL) has recorded a 91 per cent growth in motorcycle sales at 62,665 units in January, 2002, compared to 32,797 units during the corresponding month last year.
Hyundai
The Hyundai Motor Corporation India Ltd (HMIL) registered a 10.4 per cent increase in its sales in January by crossing 10,010 units.
Agencies
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CORPORATE
NEWS
New Delhi, February 1 During the financial year ended December 31, 2001, the company recorded a higher and impressive earning per share of Rs 6.34 on a face value of Rs 5 each. Mukta Arts’ total income in 2001 registered a three-fold rise to Rs 50.65 crore against Rs 12.52 crore in the previous year. The increase in the income was mainly on account of the release of the films ‘Yaadein’ and ‘Rahul’.
Grasim Industries Grasim Industries Ltd, the flagship company of the Aditiya Birla Group, posted a net profit of Rs 89.86 crore for the quarter ended December 2001 as compared to Rs 83.14 crore in the quarter ended December 31, 2000. Total income for the quarter was Rs 1,148.44 crore as against Rs 1,207.20 crore in the corresponding period last fiscal. During the quarter an exceptional charge of Rs 37 crore was provided for payment to the employees of its fibre and pulp plants at Mavoor, which have been since shut down.
Silverline Tech Silverline Technologies Ltd has reported a net profit of Rs 117.73 million for the quarter ended December 31, 2001 as compared to Rs 350.29 million for the quarter ended December 31, 2000.
Snowcem India Snowcem India Limited has registered a sharp decline in its third quarter net profit at Rs 2.35 crore over Rs 7.04 crore in the corresponding quarter of the previous fiscal. The decline in net profit was mainly on account of a sharp dip in net sales to Rs 30.49 crore from Rs 55.55 crore in the same quarter of last fiscal.
Arvind Mills Arvind Mills Ltd has posted a net loss of Rs 216.30 million for the quarter ended December 31, 2001 as compared to a net loss of Rs 862.40 million for the quarter ended December 31, 2000. Total income for the quarter ended December 31, 2001 is at Rs 3618.40 million as compared to Rs 3071.30 million in the quarter ended December 31, 2000.
ONGC Oil and Natural Gas Corporation (ONGC) reported a marginal increase in its net profit to
Rs 1409.66 crore in the quarter ended December 31, 2002 when compared with a net profit of Rs 1403.80 crore posted in the same period the previous year. ONGC’s net profit for the first nine months of the current fiscal posted a handsome increase of 16 per cent to Rs 4552.66 crore as compared to
Rs 3937.33 crore in April-december 2000-01.
Daewoo India The Indian subsidiary of South Korea’s troubled automaker Daewoo Motor has reduced its third quarter net loss by 25.3 per cent at Rs 85.74 crore even as net sales fell by a massive 75.2 per cent to Rs 37.54 crore. The company had recovered a net loss of Rs 114.81 crore over net sales of Rs 151.58 crore during October-December 2000, a Daewoo Motors India official said today.
Essar Steel Hit by falling prices and shrinking export market, Essar Steel Ltd has posted a net loss of Rs 142.15 crore for the third quarter ended December 31, 2001 compared to net profit of Rs 15.08 crore in the corresponding period last fiscal.
Britannia Britannia Industries Ltd (BIL) has posted an 44.58 per cent increase in net profit at Rs 22.7 crore for the third quarter ended December 31 as compared to Rs 15.7 crore in the same period previous year.
IOC Indian Oil Corporation (IOC) reported a 9.31 per cent increase in its net profit to Rs 567.79 crore for the quarter ended December 31, 2001 as compared to Rs 519.4 crore in the same quarter last year. Total income during October-December, however, dipped 11 per cent to Rs 28,583.79 crore as against Rs 3,2174.29 crore in the corresponding period in 2000-01.
Videocon Intl Videocon International Ltd has posted a marginal 1.81 per cent rise in net profit at Rs 39.79 crore for the third quarter ended December 31, 2001, compared to Rs 39.08 crore in same period of previous fiscal. Total income in the period under review has increased to Rs 929.52 crore as against Rs 860 crore in Q3 of last year.
Panacea Biotech Panacea Biotech has posted a seven per cent rise in its third quarter (October-December) net profit at Rs 14.48 crore. Profit before tax of the company rose 16 per cent to Rs 24.01 crore.
Agencies
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India’s exports growth shrinks New Delhi, February 1 In rupee terms, the exports were Rs 154445.09 crore growing by 5.05 per cent over the value of exports during April-December, 2000-2001. According to latest trade data, exports during December 2001 are valued at $ 3697.88 million which are 1.11 per cent higher than the level of $ 3657.31 million in December 2000. In rupee terms the exports were Rs 17719.35 crore, 3.64 per cent higher than the value of exports during December,2000. Imports during April-December,2001-2002 are valued at $ 38362.28 million representing a growth of 0.31 per cent over the level of $ 38242.34 million in corresponding period last year. Oil imports during the nine-month period 2001-2002 are valued at $ 10626.63 million which are 14.64 per cent lower than oil imports valued at $ 12449.65 million in the corresponding period last year. Non-oil imports during the period under review are estimated at $ 27735.65 million which are 7.53 per cent higher than the level of such imports valued at $ 25792.69 million in April-December, 2000-2001. Imports during December 2001 were $ 3967.93 million which are 1.02 per cent higher than the level of $ 3927.86 million in the same month last year. In Rupee terms the imports increased by 3.54 per cent. The trade deficit for April-December, 2001-2002 is estimated at $ 5790.30 million which is lower than $ 5876.89 million reported in the same
period last year.
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Wideformat Solutions opens office in city Chandigarh, February 1 The problem of maintaining and accessing wide format records (maps, drawings, architectural designs, land records, engineering and civil construction drawings, etc) is very acute and has been
addressed. Technology available today can be put to use for scanning any heritage designs, restoring them and preserving them as digital images for easy dissemination and access through the Internet. With this in mind Cadd Centre India, Chennai and Wideformat solutions, Chandigarh organised a presentation and seminar this evening highlight cutting-edge technologies available today in the field of scanning, digital archiving, printing and copying of Wideformat records. Wideformat Solutions will provide solutions and services to users in Chandigarh, Punjab, Haryana, Himachal Pradesh and Jammu & Kashmir.
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Power reforms plan in North shelved Chandigarh, February 1 ‘’The ministry has now given up pushing Punjab, Haryana, Delhi, Rajasthan, Uttar Pradesh and others states to sign a tripartite agreement allowing the RBI to deduct funds of Central grants which are meant for states against dues towards central power units,’’ sources told the Tribune here today. The central power units were sending day-to-day reports to the Power Ministry on the progress to push the states for signing the agreement between the Central and the state governments and the RBI after the expiry of the last date on December 31 but could not persuade the states despite the committee of Chief Ministers agreeing on the agreement. Haryana is reported to have done the whole home work and is likely to put up the matter before the state Cabinet but Punjab and other states are just avoiding making any
commitment at the moment, sources said. The agreement was recommended by Montek Singh Ahluwalia on the promise of the Centre to waive off thousands of crores of rupees dues of the state electricity boards and the states agreeing to issue bonds towards remaining debts. The waiver came with a condition that the states would have to agree to a future plan to reform their electricity boards and if payments were not made in the future, the RBI would be authorised to deduct it from the grants. The states also seem to be waiting for striking a better bargain in terms of conditions on repayment of power surcharge dues, the sources said. The Central Government has also identified 60 districts for managing power supply under the Accelerated Power Development Programme to be run by 100 per cent central grants.
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British Airways to help ‘Samadhan’
New Delhi, February 1 The British Airways World Cargo team from South Asia raised over Rs 2 lakh for Samadhan through fund-raising activities at a carnival held in Delhi in November, 2000. The carnival was attended by over 600 guests, including leading cargo agents and their families from across India. Samadhan, established in 1981, identifies intellectually disabled children, involves their families and the local community to help in their rehabilitation and integration into the mainstream of society. The new project — Communication Network on Disability — located at Samadhan’s Human Resource Centre in Dwarka, in West Delhi, lays the foundation for an organised system for the collection, documentation and dissemination of valuable information on disability.
TNS
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PM urged to review
Indo-Nepal treaty Ludhiana, February 1 According to Mr M.M. Vyas, President of the Ludhiana Spinners Association, the CM after hearing the views of the delegation, wrote a letter immediately, which was faxed on the spot. In his letter, the CM has pointed out that prior to December, 1996, there was a provision in the treaty that at least 50 per cent of the fibre/yarn, blended in the imported acrylic yarn should be either of Indian or Nepalese
origin.
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‘Use cheaper fuel for making cement’
New Delhi, February 1 According to National Council for Cement and Building Materials, the cement industry has already started using Petcoke as an alternate fuel for the manufacture of cheaper and quality cement. Presenting national energy awards to the ten best performers in energy performance, environmental excellence and quality improvement, Mr Rudy stressed on the need for increasing the production of blended cements by using industrial wastes like flyash to bring down its cost within the reach of the common
man. TNS
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Union Bank net rises 77.4 pc Chandigarh, February 1 The operating profit is up by 63 per cent increasing to Rs 225.40 crore from Rs 138.50 crore, UBI Assistant General Manager R.K. Malhotra said here. The total income of the bank has shown a growth of 14.7 per cent during the nine months rising to Rs 3,345 crore from Rs 2,916 crore. Mr Malhotra said that the aggregate deposits have gone up by Rs 3,000 crore reaching Rs 36,750 crore — an increase of 9 per cent till December 2001. The year on growth over December 2000 is 15 per cent, he added. He said that in advances the bank achieved a year on year growth of 24 per cent with total advances being Rs 20,860 crore-an increase of 15 per cent.
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