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Tuesday, April 23, 2002, Chandigarh, India  
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CORPORATE NEWS Hughes Software net drops 17 pc New Delhi, April 22 Hughes Software Systems (HSS) has reported over 17 per cent dip in its net profit at Rs 52.2 crore in the fiscal 2001-02 as against Rs 62.9 crore profits in the previous year.
Chandigarh, April 22 Implementation of government-sponsored schemes remained the top priority of banks in Punjab this year, while in case of the Prime Minister's Rozgar Yojana, the achievement of the banks was 102 per cent (9220 cases) compared to the target of 9000 cases and Margin Money Scheme of the KVIC was also successfully implemented, said Mr A.K. Bhargava, General Manager, Punjab National Bank, Head Office, New Delhi, while addressing the State Review Meeting to review the performance of the banks in the state here today.
Bt cotton cultivation from next year |
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FCI plans 3 storage points New Delhi, April 22 Innovative production practices involving improved labour productivity and optimal utilisation of production lines has been the primary drivers of in the sharp turn to black from red in the financial bottomline of Maruti Udyog Limited (MUL), analysts here said.
HDFC Bank unveils Silver Credit Card
Industrialists meet PM
Samsung sets up Super Digital Plaza
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Hughes Software net drops 17 pc
New Delhi, April 22 Net sales, however, increased 18.33 per cent to Rs 234.9 crore in 2001-02 compared to Rs 198.5 crore in the previous year, HSS President and Managing Director Arun Kumar told reporters here. During the fourth quarter ended March 31, 2002, the net profit was down by a massive 42.5 per cent to Rs 12.7 crore compared to Rs 22.1 crore profit posted in January-March 2000-01. Net sales also dipped 6.45 per cent to Rs 58 crore in January-March, 2002, as against Rs 62 crore sales in the quarter a year ago. Total income from operations increased 18 per cent to Rs 248.1 crore in 2001-02 but dipped by over 5 per cent to Rs 61.2 crore in the quarter January-March, 2002. On the outlook for 2002-03, Arun Kumar said sales would grow by about 15 per cent while profit after tax margin by around 25 per cent of total income. “In order to further derisk our business and create more new
opportunities, HSS has decided to enter into the BPO segment. This will be started as an independent operation,” he said.
Guj Ambuja net dips Gujarat Ambuja Cements has posted a net profit of Rs 54.38 crore for the third quarter ended March 31, 2002, down from Rs 59.94 crore in the corresponding quarter the previous year. However, the company’s net sales rose 11 per cent to Rs 430.35 crore during the quarter from Rs 386.25 crore in the same period a year ago, a company release said. The construction work on the new cement plant at
Chandrapur, Maharashtra, has been completed and commercial production will start soon, the release said. The growth in demand of cement in the domestic market in FY ‘01-02 was about 10 per cent at around 100 million tonnes and it is likely to pick up further during this year, it said.
BILT net falls The net profit of Ballarpur Industries Ltd (BILT) during the nine months period ended on March 31 has dropped to Rs 51.53 crore from Rs 58.36 crore during the corresponding period of the previous year. The turnover of the company also dropped to Rs 1,133.41 crore from Rs 1,151.57 crore, according to the financial results approved by the company’s Board of Directors today. However, the operating profit for the period slightly improved to Rs 230.44 crore from Rs 229.89 crore. Percentage wise, the operating profit was 20.33 per cent of the turnover as against 19.96 per cent during the corresponding period last year. The operating profit of the quarter ended on March 31 registered a slight improvement to Rs 77.10 crore compared to Rs 76.76 crore earned during the previous quarter.
PTI, UNI
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Biotech park to be set up in Punjab Chandigarh, April 22 He said the targets under the Annual Credit Plan (service area approach) for 2002-03 have been fixed at 19.1 per cent higher than the previous year target. To boost the credit flow to the industrial sector, various specialised SSI branches were opened and implementation of the Nayak Committee guidelines had been followed effectively. Mr P.N. Khurana, General Manager, PNB, Punjab zone said the Punjab Government has decided to focus on the biotechnology sector over the next seven years. The Punjab State Council for Science and Technology is eliciting views for the departments concerned on the draft biotechnology policy before presenting it to the Cabinet. Sharing the details of the policy, he said the state government has decided to set up a biotechnology park in the state on 200 acres for which three sites have been shortlisted. The state government has also approved the setting up of a centre of excellence for biotechnology with an investment of Rs 61 crore, which is proposed to be set up in Chandigarh. Mr T.S. Sarangal, Director, Industries, Punjab, said co-ordination between banks and government departments has helped attain targets under the PMRY. Mr Madan Lal, General Manager, RBI, said it has advised One-Time Settlement up to the limits of Rs 25,000 for small and medium borrowers. |
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Bt cotton cultivation from next year Ludhiana, April 22 The meeting was originally scheduled to be presided over by the Chief Minister Captain Amarinder Singh but he was not available because of his preoccupation. The Punjab Agricultural University team was led by the vice-chancellor Dr K.S. Aulakh while the senior officers of the Punjab Agricultural Department, Punjab Markfed and Secretary Cooperative Department Dr B.C. Gupta also participated in the meeting. According to Dr Aulakh , the Rassy seed company of Coimbatore has two varieties with BT genes namely RCH-134 and RCH-138 which would be tested at the research station of the PAU at Faridkot this year. However, the seed of non-hybrid like LHH 144 developed by the PAU, GK-151 and Ankur-651white gold would be released to the farmers this year. Dr Aulakh said that LHH 144 variety was the only variety in the country which was resistant to cotton leaf curl virus diseases. The PAU experts also suggested to the Department of Agriculture that it should adopt villages for the integrated pest management as was done by the PAU last year. The PAU adopted three villages in Mansa district last year for integrated pest management. The experts expressed their concern over the alleged sale of spurious pesticides and insecticides to the farmers in the cotton belt and sought more testing facilities to ascertain the veracity of the pesticides. The Punjab farmers use pesticides worth over Rs 300 crore every year for spray on cotton and they are dependent on the dealers because of non-availability of sufficient funds. The result of that the dealers exploit them and supply them allegedly substandard pesticides. It has learnt that there are only three testing laboratories in Punjab where the analysis of the samples is done. These laboratories are allegedly not upto the mark. The dealers allegedly grease the palm of the politicians who protect them. This year, six lakh hectares of land would be brought under cotton and the pesticides worth about Rs 600 crore would be used for sprays . The farmers were advised to sow cotton from April 15 to May 15. But the canal water is not yet being made available to them for sowing of cotton. The Chief Engineer canals who was present in the meeting told the canal would be released from April 23. He said that some bridge was under construction because of which water could not be released earlier. The delay in release of water is causing worry to the farmers as the same is causing delay in sowing of cotton.
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FCI plans 3 storage points Jalandhar, April 22 The FCI was also in the process of setting up of three huge silos in Punjab with the help of other organisations to cope with the problem of storage of foodgrains. Talking to mediapersons here today, Mr
V.K.Singh, the Senior Regional Manager of the FCI, hinted that major changes were likely to be affected in the present procurement policy after the receipt of report of the committee of agriculture experts headed by Dr Abhijit Sen. The committee was scheduled to submit its recommendations for streamlining and revamping of the present procurement system in May. Mr Singh said though the FCI was likely to chalk out a long-term strategy to aid diversification, farmers should come forward by entering the field of diversification in agriculture products and by going in for cash crops to fetch maximum profits. He, who was touring Punjab in connection with the arrival of wheat, was happy to note that the quality of produce was very good this time, aptly, fitting in the standards laid down by the agency. The FCI had already purchased 7.5 lakh tonne of wheat so far and would achieve its target of 30 lakh tonne of wheat very soon. “We have enough storage capacity in the state and godowns having about 30 lakh tonne foodgrain storage capacity had been arranged from the private parties last year,” he said. The FCI was planning to set up three bulk storage points having capacity of 3 lakh tonne each in Barnala, Nabha and Moga. These would be linked directly to the consuming states through rail link for transportation of foodgrains. |
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How Maruti goes out of red New Delhi, April 22 Following the dismal financial performance during 2000-01 where MUL recorded a net loss of Rs 269 crore, the think-tank decided to focus on enhancing quality of manufacturing processes rather than resort to the orthodox method of cost cutting by reducing staff strength. During 2001-02, the company posted a net profit of Rs 55 crore. Automobile analysts said by the end of 2001-02 most of the quality parameters showed a major improvement, which reflected directly in the overall financial bottomline. For instance, the in-house warranty cost per vehicle has been reduced by 83 per cent. In direct pass vehicles, another quality parameter, from an average of 19.5 per cent in 2000-01, the direct pass rate has gone up to 80.3 per cent in March, 2002. The analysts said this showed itself reduction of time and cost repairs beyond the production line. |
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HDFC Bank unveils Silver Credit Card Chandigarh, April 22 The card has features like comprehensive insurance package, purchase protection, lower interest rates, various payment options and attractive discount programmes. The card insurance package covers the card holder against loss of life and hospitalisation insurance in case of an accident. While the interest rate for this card will be 2.95 per cent per month for the first year and 2.50 per cent on renewal from second year onwards, existing customers of the bank will get special benefit and can avail the credit card at 2.5 per cent interest from the first year. Apart from these features HDFC bank will offer two reward points for every Rs 100 spent through the card. |
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Industrialists meet PM Ludhiana, April 22 A deputation of the Chamber of Industrial and Commercial Undertakings Ludhiana led by Mr Parkash Singh Badal former Chief Minister Punjab met the Prime Minister in Delhi on Saturday and placed before him the difficulties of the small scale cycle parts units as a result of imposition of 4 per cent Central Excise Duty on the cycle parts. |
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Andhra Bank inks pact with United Insurance New Delhi, April 22 An MoU was signed in the presence of Minister of State for Finance Balasaheb Vikhe Patil. United India Insurance CMD V. Jagannathan and Andhra Bank CMD B. Vasanthan said it is a business alliance which will facilitate the public at large for prompt insurance and banking services at a single window. |
Samsung sets up Super Digital Plaza
New Delhi, April 22 Inaugurating the site, Samsung Managing Director S.S. Lee said this was part of a series of five such Super Plazas the company was planning for the country. The plaza showcases the entire Samsung digital portfolio — Plasma televisions, DVD Players, projection TV, Plano Digital Flat TV and the entire portfolio of home appliances. UNI
Ericsson CEO says 20,000 jobs to go STOCKHOLM: Swedish telecoms equipment maker Ericsson will sack some 20,000 persons this year and in 2003 as the loss-making company does not expect an upturn in the industry for the foreseeable future, its chief executive said on today. “The programme we have initiated for this year will reduce our costs for the year by 10 billion crowns and it will also correspond to roughly 10,000 jobs,” Kurt Hellstrom told Reuters in an interview. “In 2003...its going to mean another 10,000.” Ericsson, the world’s biggest maker of mobile networks and with Sony the No. 3 handset supplier, is struggling to return to profit amid a spending freeze by operators who are suffering from the global economic slowdown and large debts. Reuters
GM final deal to buy Daewoo delayed SEOUL: A final agreement for General Motors Corp (GM) to buy core assets of South Korea’s Daewoo Motor Co will not be signed today, as expected, due to the time it takes to compile a contract, Daewoo’s main lender said. State-run Korea Development Bank (KDB) said last week that GM had tentatively agreed to sign a final contract on April 23 to buy operations from bankrupt Daewoo, boosting its Asian presence and reviving South Korea’s third biggest automaker. “Yes the signing date has been delayed due to the amount of time it takes to put together the main contract,” Shim Sang-hoon, a spokesman for the main lender said. Reuters
Micron to take over
Hynix’s business SEOUL: US chip manufacturer Micron Technology signed a preliminary agreement with South Korea’s Hynix Semiconductor to take over its hard drive line for $ 3.4 billion, Hynix said on Monday in Seoul. Micron will give Hynix 108.6 million shares in the deal. Micron will also pay $ 200 million for a 15 per cent share in Hynix’s non-hard drive branch.
DPA
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