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Tuesday,
July 30, 2002, Chandigarh, India  
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CORPORATE NEWS
Colgate Palmolive
net rises Drought unlikely to
hit economy: Jalan |
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CD to detect fake
currency note JCT Electronics may
start production New Gurgaon to have
economic zone Cars, bikes lure
overseas buyers Punjab units to
show products in Botswana PNB net up
19.9 pc Oriental Bank net
rises 20 pc Award for
physically challenged LIC’s ‘Anmol
Jeevan’
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CORPORATE NEWS
Mumbai, July 29 In a notice to the Bombay Stock Exchange, VSNL said its total income during April-June, 2002, decreased 13 per cent to Rs 1,428.5 crore from Rs 1,642.1 crore a year earlier. Ajanta Pharma
Ajanta Pharma today announced a net profit of Rs 21 lakh in first quarter of the current fiscal year, up from Rs 8 lakh in the corresponding period of last year. The company recorded a sales of Rs 17.95 crore during April to June. Its gross profit totalled Rs 4.69 crore and cash profit rose to Rs 1.98 crore.
TVS
TVS motor company has posted a 150 per cent jump in the net profit at Rs 26.78 crore for the quarter ended June 30, 2002, against Rs 10.76 crore in the same quarter last year. Announcing the results here today, Venu Srinivasan, the company’s Managing Director, said the sales during the period went up by 53 per cent to touch Rs 532.16 crore as against Rs 412.99 crore during the
corresponding period last fiscal. “The solid performance was largely on account of increased motor cycle offtake, which stood at 1.63 lakh units for the quarter ended on June 30 last,” he said. The motor cycle segment overall emerged as a major growth driver for the company, he said, adding that it sold 1,63,000 units in the quarter as against 87,000 units during the same period last fiscal, a growth of 88 per cent.
IndusInd Bank
IndusInd Bank has reported a 53.74 per cent rise in the net profit at Rs 17.48 crore for the first quarter ended June 30, 2002, compared to Rs 11.37 crore in same period of previous fiscal. Total income in the reporting period also increased by 19.92 per cent at Rs 239.91 crore as against Rs 200.06 crore in Q1 of FY-02, a bank release said here today. Deposits rose by 21.51 per cent at Rs 6,449.65 crore (Rs 5,307.93 crore in Q1 of last year) while advances were higher by 11.30 per cent at Rs 3,582.45 crore (Rs 3,218.77 crore), it added. During the quarter, the bank’s investments rose to Rs 2,777.76 crore (Rs 2,469.22 crore).
Bata India
Bata India Ltd has posted a net profit of Rs 2.1 crore for the second quarter ended June 30, 2002, registering a decline of 62.32 per cent as compared to Rs 5.56 crore in the same quarter of 2001. Total income (net of excise) declined from Rs 221.84 crore in the quarter ended June 30, 2001 to Rs 207.04 crore in the quarter ended June 30, 2002.
Jindal Steel & Power
Jindal Steel & Power Ltd has posted a net profit of Rs 31.59 crore for the quarter ended June 30, 2002, registering a growth of 23.59 per cent compared to Rs 25.56 crore for the previous corresponding quarter. Total income has increased to Rs 179.44 crore in this quarter from Rs 130.94 crore.
Polaris Software
Polaris Software Lab Ltd’s net profit in the first quarter ended June 30, 2002 decreased 8.24 per cent to Rs 13.69 crore from Rs 14.91 crore a year earlier. Polaris said its total income fell to Rs 68.45 crore in April-June 2002 quarter from Rs 71.33 crore a year earlier. The consolidated net profit for the first quarter was flat at Rs 14.36 crore compared with Rs 14.31 crore a year earlier.
Apollo Tyres
Apollo Tyres has posted a net profit of Rs 21.62 crore for the first quarter ended June 30, 2002, registering a smart rise of 137.32 per cent as compared to Rs 9.11 crore in the same quarter of 2001. Total income (net of excise) rose from Rs 370.17 crore in the quarter ended June 30, 2001 to Rs 385.81 crore in the quarter ended June 30, 2002.
EIH
EIH Ltd has posted a net profit of Rs 66 lakh for the first quarter ended June 30, 2002, posting a drop of Rs 40 lakh as compared to Rs 1.06 crore in the same quarter of 2001. Total income decreased from Rs 109.32 crore in the quarter ended June 30, 2001 to Rs 91.12 crore in the quarter ended June 30, 2002.
Sri Rama Multi Tech
Slowdown in fast moving consumer goods and the lower dispatches in the March-April period due to communal disturbances in Gujarat affected the profitability of Sri Rama Multi-Tech Ltd for the quarter ended June 30, 2002. The company has posted a net loss of Rs 24.02 crore for the quarter ended June 30, 2002, as compared to a net profit of Rs 10.15 crore for the quarter ended June 30, 2001. Total income (net of excise) has decreased from Rs 56.78 crore in the quarter ended June 30, 2001 to Rs 29.07 crore in the quarter ended June 30, 2002.
Madras Cements
The profit after tax of Madras Cements nosedived to Rs 8.65 crore in the quarter ended on June 30, 2002 from Rs 30.17 crore in the same quarter of the year 2000-01.
Agencies
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M&M posts 7.8 cr net
Mumbai, July 29 The net sales and income for the period under review grew by 21 per cent to Rs 828.43 crore as against Rs 685.12 crore in first quarter of 2001-02, the company said in a statement here today. The turn-around has been attributed to an increase in volumes, both in the automotive and farm equipment sectors, ongoing cost restructuring exercise and benefits arising out of the initiatives taken by the company last year, the statement added. The company said the outlook for the industry in general for the coming months looked promising but the uncertainty in respect of the monsoon in different parts of the country may dampen the demand and influence its performance. The demand for utility vehicles (UVs) remained flat as the industry volumes grew by only 1.3 per cent during the quarter. However, with a sales of 13,241 UVs in the quarter, a 9 per cent growth over the first quarter of the previous year, its market share increased to 49 per cent (45.4 per cent in the previous quarter).
PTI
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Colgate Palmolive net rises
Mumbai, July 29 The net profit rose despite a 14.48 per cent decline in sales at Rs 262.2 crore in the quarter compared with Rs 306.6 in the March-June quarter of 2001. Total expenditure registered a fall of 18.34 per cent to Rs 231.90 crore as against Rs 284 crore last year. Sluggish consumer demand and planned reduction in the high trade inventory level led to the decline in sales, a company press release said here today. The firm’s efforts to cut operational costs and improve efficiencies yielded positive results in the quarter. Operating profit for the quarter increased by 34.5 per cent to Rs 30.4 crore against Rs 22.6 crore last year.
UNI
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Drought unlikely to hit economy: Jalan New Delhi, July 29 “There is no problem with the inflation rate as of now,” the RBI Governor said after a meeting with Finance Minister Jaswant Singh here today. The inflation rate based on Wholesale Price Index increased by 0.49 per cent to 2.48 per cent during the week ended July 13. Dr Jalan felt the economy would continue to grow by 6 to 6.5 per cent this fiscal despite the drought situation in some parts of the country. The prevailing drought condition would not have any impact on the liquidity or monetary situation. “I don’t see any problem on the
liquidity and monetary side” he said when asked about the likely fallout of the drought on monetary policy. Dr Jalan said on the liquidity side, the monetary side and forex exchange side there was no problem in handling whatever was the requirement. On the possibility of revising the RBI-benchmark bank rate in view of the drought situation, he said there was no relationship between the two as long as liqudity situation was good. The central bank maintained its bias towards softer interest rates and it would continue as of now. The RBI in its credit policy had announced that the bank rate would be cut by 0.5 per cent from the present level of 6.5 per cent. Dr Jalan was, however, non-committal on the timing of the rate cut. Meanwhile, reports said the government has mopped up Rs 72,000 crore in less than four months, which is more than 50 per cent of the Budget target of Rs 1,42,867 crore for 2002-03. The gross borrowing till last week was higher than Rs 70,750 crore raised during the same period last fiscal, PNB Gilts said in a report today. The Centre’s net borrowing stood at Rs 56,734 crore till July 26, which is 69 per cent of the Budget estimate of Rs 95,859 crore, it said. The net borrowing so far this fiscal was higher than Rs 13,422 crore in the year-ago period. Referring to excess liquidity, record $ 59 billion forex reserves, better revenue mop-up and targeted Rs 51,300 crore from disinvestment, PNB Gilts said “all this augurs well for the softer interest rates despite the possibility of the monsoon failure and its consequent impact on inflation.”
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CD to detect fake currency note SAS Nagar, July 29 The CD, which is at present being designed to be placed for public demonstration at the upcoming RBI Monetary Museum, is also likely to be on sale there. Starting with, life-size panels of various denominations of the Indian currency are used. Each panel further opens up a whole new world of various visible and invisible features of that particular currency note. Those who can differentiate between a real currency note and a fake one will also be surprised to find a large number of features invisible to the naked eye that can be easily seen with the help of a magnifying glass. But one really does not need a lens to look for some of the typical features of a real note which are generally enough to set aside a fake note from a real one. The panel which states the words- Reserve Bank of India- is in the form of raised lettering for the benefit of the blind. There are features like water mark, signatures of the Governor, the intaglio, the size etc, which can be located only if looked for carefully. The number of rupees panel has a florescent blue backdrop. A feature easily identifiable in the dark but available only in some of the new notes. Similarly, the letters-RBI — printed on the security thread and the eye-level denomination written on the end of the note are features one can identify if seen carefully. Among the features one can only see with the help of a magnifying glass are the multi-directional lines, a micropanel and a microprint of the RBI. The CD also has an inbuilt quiz on Indian currency notes, their features etc.
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JCT Electronics may start production Chandigarh, July 29 The company has put a notification, dated July 24 that “workers who want to resign voluntarily can submit their resignation letters at factory gate. They would be paid legal dues including wages for lock out period in addition to 15 days ex-gratia payment for every completed year of service.” About 200 workers have already opted for the retirement, though the target is to offer retirement to as much employees as possible by July 31. The insiders in the management, agree that the company would have to make an additional investment to revive the plant, besides cut in wages. Mr Harish Thapar, General Manager (Personnel) admits, “The company has to pay about Rs 700 crore to the banks and other financial institutions. However, once we are able to match the cost of production with our competitors, about Rs 4,000 to Rs 6,000 per worker, the plant would become viable. We were producing about 85,000 colour tubes at that plant, besides another plant in Gujarat.” Mr Aadesh Tyagi, President, JCT Electronics Workers Union, says, “The company had announced lock out in May last year citing increase in cost of production resulting in economical
unavailability. The case was referred to Labour Commission for reconciliation, but without any result for the next one year. About 1400 workers of the company have not been paid any salary, worth Rs 13 crore, for that period, resulting in dead lock.” “The management is asking to cut down the monthly wage bill of about Rs 1.47 crore by about Rs 62 lakh, but we have offered to sacrifice additional benefits like LTC, medical allowance and others worth Rs 30-32 lakh said union leaders. Hopefully an agreement would be reached and the work may start once again.” Mr K.K. Pandit, General Manager (Works), is non-committal about the starting of the plant. He says, “The actual position would be clear after the expiry of the date for the acceptance of voluntary resignation by workers.”
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New Gurgaon to have economic zone Panchkula, July 29 Sources in the HSIDC informed TNS that a site spread over 3,000 acres has already been identified for creating an SEZ. Proposal has already been sent to the Ministry of Commerce for its final approval. The sources say Gurgaon has the maximum concentration of export oriented units ( EOUs) so it has been chosen for the SEZ , within the NCR at Garhi Harsaru. This will be christened as SEZ New Gurgaon. An estimated 2,000 units, are expected to be developed in this zone. This will help accelerate export-led economic growth say officials in the HSIDC. The SEZ will be conceived and developed as an integrated self contained industrial township which will include land for industrial use, land for industrial workers, housing for those who set up the EOUs commercial and institutional purposes, recreational facilities, independent water works, provision for helipad trade towers and shopping malls, fire station, etc. A flyover on national highway will also be constructed to provide free flow of traffic to the SEZ. An office complex housing all industry related government departments , including the HSIDC and financial corporations and institutions, will also be set up. According to the guidelines issued by the Ministry of Commerce and Industry, the zone will have a designated duty-free enclave which will be treated as a foreign territory for trade operations and duties and tariffs. Income tax rebate will also be given to the units till 2010. The thrust will be on promoting foreign direct investment and resultant export.
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Cars, bikes lure overseas buyers
New Delhi, July 29 A total of 61,569 vehicles were shipped during April-June this year over 38,874 units exported during the same period last year, data compiled by the Society of Indian Automobile Manufacturers (SIAM) showed. Car exports went up by a robust 44 per cent to 14,592 units as compared to 10,127 units a year ago on the back of a 49.8 per cent growth of Ford which exported 9,109 units of Completely Knocked Down kits of mid-size car
‘Ikon’. Maruti Udyog also posted a 41.7 per cent rise to 3,377 units (2,382 units exported during April-June 2001-02). Hyundai saw a rise of 108.7 per cent to 1,284 units while Tata Engineering posted about a six-fold jump to 419 units. However, exports of utility vehicles nosedived by 60.4 per cent to 267 units (675 units) as all the players in the segment saw decrease in
exports. Tata Engineering and Mahindra and Mahindra (M&M) posted downslide of 66.4 and 23.3 per cent to 165 and 23 units respectively while Maruti posted a dip of 55.3 per cent to 62 units. Exports of commercial vehicles zoomed ahead by 15.1 per cent to 2,282 units (1,982 units). Exports of Medium and Heavy (M&H) commercial vehicles went up by 125 per cent to 1,039 units while that of Light Commercial Vehicles
(LCVs) dipped by 18.3 per cent to 1,243 units. M&H goods carrier posted 123.3 per cent jump to 487 units led by Ashok Leyland and Tata
Engineering with 50 and 123.3 per cent rise at 168 and 247 units respectively. Exports of motor cycles and
step-thrust increased by 127.8 per cent to 25,523 units (11,203 units). Bajaj Auto saw a 242 per cent jump to 10,638 units (3,110 units) while rival Hero Honda posted a 31.8 per cent rise to 4,667 units (3,540 units). Yamaha Motor and TVS registered rise of 152.7 and 68.3 per cent to 8,410 1,308 units respectively while Royal Enfield posted a decline of 7.33 per cent to 341 units respectively. However, scooter and scooterette exports dived by 15.4 per cent to 6,271 units (7,418 units). Scooter exports of Bajaj and LML skidded by 44.9 and 17.6 per cent to 1,507 and 1,947 units respectively even as Majesti Auto witnessed a rise of 64.3 per cent to 1,341 units.
PTI
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Punjab units to show products in Botswana Ludhiana, July 29 According to Mr Ravi Sehgal, marketing agent of the company the fair will serve a dual purpose, firstly it will provide an opportunity to the state’s industry to show their products to buyers from six nations that include South Africa, Zambia, Zimbabwe, Mozambique, Namibia and Swaziland. After the fair whatever the company earns out of this liaison effort, it will donate to a local charitable body — the Nishkam Sewa Centre that runs old people’s home, hospitals, etc. The products that will be put up at the exhibition include garments, kitchenware, handicrafts, artificial jewellery, sports goods, auto parts, cycles, cycle parts, leather goods, industrial and engineering goods, machinery parts, fabrics, etc
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PNB net up 19.9 pc
Chandigarh, July 29 The gross profit during the first quarter ended June 2002 was Rs 521.27 crore compared to Rs 394.08 crore in the corresponding period last year, registering a growth of 32.3 per cent. Mr Kohli further added that the total income increased to Rs 2059 crore in three months ended June 2002 from Rs 1837 crore registering a growth of 12.1 per cent. Interest income amounted to Rs 1760 crore for the first quarter of FY 2002-2003, registering a growth of 12.2 per cent. Aggregate deposits of the bank at the end of June 2002 amounted to Rs 63,987 crore as compared to Rs 56,143 crore in June 2001, registering a growth of 14 per cent. Mr Kohli said the priority sector credit at Rs 15044 crore at the end of June 2002 was 44 per cent of net credit which was above the national goal of 40 per cent.
TNS
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Oriental Bank net rises 20 pc
Kolkata, July 29 The bank also registered an increase of Rs 358 crore in its deposits during the first three months from April to June, thereby touching Rs 28,846 crore.
UNI
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Award for physically challenged Chandigarh, July 29 The award carries a shield, citation and cash prize of Rs 50,000. He was selected by a panel of judges unanimously constituted by Mukti, an NGO, including Mr T.N. Seshan, former Chief Election Commission of India, Mr S.L. Chitale, Chairman, Rotary Club of Madras Rehabilitation Centre and Prof Chandra Sainath, IIT, Chennai. Mr Venkatesan has been selected for his outstanding achievement in sports, service to society in general and physically challanged community in particular. He has participated and organised several rallies highlighting the need for eye donations, blood donations and other worthy causes, besides donating blood for 29 times. He is presently employed with Red Cross Society, Chennai.
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LIC’s ‘Anmol Jeevan’ Mumbai, July 29 The plan was suitable for those who do not consider insurance policy as a tax saving and investment avenue, he said. The premium could be paid by way of yearly, half-yearly, quarterly and single instalment, Banerjee said adding “loans would not be granted under this plan as there are no additional benefits for policy holder on maturity”.
PTI |
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Spice new series Separate counter SBP hi-tech branch Canara Bank |
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