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Friday,
July 19, 2002, Chandigarh, India  
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CORPORATE NEWS Haryana plan to redress
industry’s grievances PTL
selloff process to start from next week |
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Frequent
power cuts hit industry Solan
farmer wins ICAR award Investsmart
offers investment options Recommendations
on pension rejected Chambers
welcome Kalam’s election
Ford back in profit
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CORPORATE NEWS
New Delhi, July 18 Post bonus, the paid-up capital of Ranbaxy will increase to Rs 185.4 crore from Rs 115.9 crore at present, the company said in a statement here. For the first half ending June 30, sales grew by 34 per cent to Rs 1,267.3 crore. The consolidated global sales of Ranbaxy Laboratories Ltd and its subsidiaries for the quarter under review stood at Rs 946.4 crore while those for six months ended June 30, 2002 were Rs 1704.9 crore. Net profit for Q2 stood at Rs 170.9 crore while that for H1 was pegged at Rs 268.7 crore. The company’s domestic sales grew consistently above then average market growth rate for the last eight months; in the retail segment the company grew by 14 per cent against a market growth a 11.8 per cent, as per the statement. Also during the period under review Ranbaxy Laboratories undertook a restructuring exercise in its field operations to increase productivity and market share but CEO and Managing Director D.S. Brar said the exercise was “not aimed at any cost reduction”. The company posted 185 per cent growth in the first half in the US market with Rs 12.5 crore sales against Rs 4.4 crore in the
corresponding period of the previous fiscal. Wockhardt Life
MUMBAI: Wockhardt Life Sciences Ltd (WLSL) today sold its IV fluids business to Baxter India, a subsidiary of Baxter International Inc, for $ 40 million. The proceeds from the sale of IV fluids business, which was contributing a turnover of over Rs 80 crore, would be used to retire the debt of Wockhardt Life Sciences, WLSL sources said here today. In addition to market leadership in IV fluid business, Baxter would inherit an established customer franchise and countrywide marketing
organisation of 165 people, WLSL said in a release and added that IV fluids market in India was valued at Rs 325 crore, growing at over 12 per cent annually. Camlin for 1:1 bonus
The Board of Camlin Ltd has proposed to issue bonus shares in the ratio of one new equity share for every one existing equity. The board, which met here to approve the Q1 results, also recommended a dividend of 25 per cent for the year ended March 31, 2002. During the first quarter of the current fiscal, Camlin reported a turnover of Rs 63.48 crore, representing a growth of 9.13 per cent. The company posted a net profit of Rs 3.28 crore as compared to Rs 2.56 crore in the corresponding period last year, registering a growth of 27.77 per cent. Coca Cola grows 26 pc
Coca Cola India today reported a 26 per cent growth in sales volume in the carbonated soft drinks (CSD) segment, which accounts for the lion’s share of the beverage portfolio, for the quarter ended June 30, 2002 as compared to the same period last year. Company sources said here the continued success of Coca Cola’s
packaged drinking water, Kinley and the introduction of Sunfill took the company’s overall sales growth during the April to June period to double digits. “All brands of the company including the Coca Cola, Thumps Up, Maaza, Fanta, Limca and Sprite showed an encouraging performance and maintained the lead position in their respective categories,”.
Agencies
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Zee Tele net
at Rs 47.7 cr
Mumbai, July 18 In a statement today, the satellite broadcaster said its total consolidated revenue in the first quarter was Rs 248.8 crore against Rs 233.5 crore a year ago. Zee gave segment-wise revenue and operating profit figures, but did not mention the net profit for the flagship Zee Telefilms.
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Haryana plan to redress industry’s grievances Chandigarh, July 18 Mr Chautala said here today that this new programme would have a two-pronged strategy. On the one hand it would enable the entrepreneurs to get their grievances redressed at their doorstep and on the other it would provide him concrete feedback on giving impetus to industrial development in the state. Mr Chautala said during the meetings, the Minister of State for Urban Development, Mr Subhash Goyal; the Chairman, Warehousing corporation, Mr Niranjan
lal Bansal; the Principal Secretary to the Chief Minister, Mr M. K. Miglani; senior officers of the Industries Department, including the Secretary and the Director, and also senior officers of the Haryana State Industrial Development Corporation, the Haryana Financial Corporation and the power utilities would accompany him. The Chief Minister will hold meeting with various industrial associations of Faridabad district on July 23 at Faridabad and with those of Rewari and Mahendragarh at Rewari the same evening. He will meet the representatives of industrial associations of Rohtak, Bhiwani and Jind at Rohtak on July 24. The same evening, He will visit Hisar to have meetings with the associations of Hisar, Fatehabad and Sirsa. He will meet the representatives of the industrial associations of Sonepat at Sonepat on July 25, with those associations of Yamunanagar on July 26 and with the associations of Ambala at Ambala the same evening. Mr Chautala will meet the associations of Panipat and Karnal at Karnal and of Kaithal and Kurukshetra at Kaithal on July 28. He will meet the associations of Jhajjar district at Bahadurgarh on July 31. |
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PTL selloff process to start from next week Chandigarh, July 18 There is lot of anxiety among the workers and the management over the likely impact of disinvestment process. The insiders in the management disclosed that it was not only the current share prices, varying around Rs 160, but the total assets, brand name, vast dealer network and long term potential growth of the tractor market that would determine the value of bids. Ms Vini Mahajan, Director of the directorate and Mr Mukul Joshi, Principal Secretary, Department of Industries, Punjab also met a group of investors in Mumbai today before finalising the process of disinvestment. The officials disclosed that though the government had yet to decide the percentage share to be offered to the bidders, however, the company could fetch good premium of 25-40 per cent over its current market value. Different stock market experts, they said, had assessed the value of PTL varying from Rs 400 to Rs 800 crore, however, the bidder would have also to make a bid for its subsidiaries— Swaraj Mazda and Swaraj Engines. They said the entire disinvestment process, which is likely to be completed before December, should be transparent and the government should make efforts to fetch the maximum price. Talking to The Tribune, Mr P.H. Vaishnav, Chairman, Public Sector Disinvestment Commission, opined, “No doubt, the Punjab State Industrial Development Corporation (PSIDC) has a share of 23.5 per cent in PTL, besides UTI’s 18 per cent, LIC’s 11 per cent and IDBI’s 9 per cent share. The commission is in favour of transferring managerial control to improve the long-term viability of the company and to bail out the PSIDC from its present crisis. It has an outstanding of more than Rs 600 crore at present.” He added though the company was earning good profits at present, but the commission had recommended disinvestment keeping in view the long term interests of the company and the state. Mr Tarvinder Dhingra, a stock market analyst at Ludhiana, claimed that though the company had very high standing in the market. However, the bid offers would depend on whether the managerial control was offered to the bidder or not. The company insiders disclosed that MNCs like New Holland, who have just 2-3 per cent share, had shown interest in the company earlier as well. It was interested to grab 20 per cent of tractor market with the acquisition. Mahindra and Mahindra, Eicher Motors and some NRIs from Punjab interested in bidding had, however, told Ms Mahajan that they would be financially constrained to bid for such a large sized offering.
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Frequent power cuts hit industry Ludhiana, July 18 Mr Inderjit Singh Pradhan, president, Chamber of Industrial and Commercial Undertakings, said the industrial production had been affected adversely due to the frequent power cuts while he industry was already passing through a difficult phase because of the rise in steel prices. The industry was being subjected to weekly offs and closures at night time from 8 pm to 6 am daily. This had brought down the industrial production, he added. Meanwhile, PSEB sources said the Board was purchasing about 276 lakh units of power daily from the Central project to meet its power needs. The Power Trading Corporation of India has been asked to negotiate 100 MW of power (about 25 lakh units) for Punjab. The PSEB-run hydroelectric plants are generating less power due to the low level of water in the reservoirs. The Anandpur Sahib hydel project is generating 31 lakh units while the Mukerian hydel plant is generating 29 lakh units. |
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Solan farmer wins ICAR award New Delhi, July 18 The ICAR has instituted the award with a prize money of Rs one lakh to recognise outstanding contribution and distinguished farming attributes of individual farmer in the area of agricultural productivity and allied activities. Mr Verma has been awarded for his outstanding contributions in innovative farming practices. Mr Verma is the first farmer of the Sapron valley to start cauliflower cultivation for seed production in 1965. He has planted kiwi orchid and able to get 1.5 quintals of quality fruits per plant and has developed method of hand pollination. He also introduced strawberry as an intercrop for additional income. He also designed and improved various farm implements and introduced cross-bred cow. |
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Investsmart offers investment options Chandigarh, July 18 Mr Sandeep Presswala, vice-president of the company, in a press note issued here today, said: “The company provides services throughout the country through its network of 25 branches in 12 cities. Being an advisory firm with a strong network, Investsmart offers an array of investment options and advises the customer on which option would best suit his requirements.” He added that the company had a core competency in institutional and retail financial advisory services and was a leader in the field of research and financial advice. An illustrious pedigree with the parentage of the HDFC, SBI, UTI, Central Bank of India and various international finance corporations, Investsmart was a trustworthy organisation, he claimed. |
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Recommendations on pension rejected
New Delhi, July 18 In a written reply, Minister for Small Scale Industries Vasundhara Raje said the recommendation and the demand was examined by the government and after taking into account various factors including financial implications, the government decided not to accept it. However, Raje denied that a similar recommendation was also made by the Supreme Court in a judgement relating to the case of pensioners.
PTI
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Chambers welcome Kalam’s election New Delhi, July 18 Mr Arun Kapur, president, PHDCCI, said Dr Kalam’s vision for India would put the country on a growth path. Mr K.K. Nohria, president, Assocham, said Dr Kalam’s stress on agricultural and food processing, electric power, education, health, IT and strategic sectors like nuclear, space and defence technologies would trigger higher economic growth and enable India to become a superpower. |
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Allahabad Bank SBP branch Uco Bank Ambuja Cements E&Y award |
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