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Wednesday,
July 31, 2002, Chandigarh, India  
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SBI net
profit soars 31.64 pc i-flex net
surges 51pc GAINERS LOSERS Bank
deposits cross 50,000 cr |
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VSat
facility for industrial centres in J&K Rs 500
cr package for UTI
GDP
growth estimate cut
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SBI net profit soars 31.64 pc
New Delhi, July 30 The operating profit of the bank grew by 17.29 per cent to Rs 1,715.96 crore in the first three months of this fiscal as against Rs 1,463 crore in the year-ago period. The higher profit was despite provisions of Rs 400 crore for non-performing assets, Rs 474.95 crore for taxes and another Rs 65.85 crore for investment depreciation. Speaking to reporters after the board meeting, SBI chairman Janaki Ballabh attributed the impressive results to the growth of the retail segment. “Our retail business is growing very fast,” he said. The bank’s housing loan went up by Rs 1,018 crore to Rs 9,218 crore in June, 2002, from Rs 8,200 crore in March, 2002. Fresh disbursement of housing loans was to the tune of Rs 1,250 crore. The SBI’s deposits grew by 12 per cent to Rs 2,29,912 crore till June, 2002, compared to Rs 2,05,626 crore in June, 2001, while advances were up by 10 per cent to Rs 1,20,278 crore during the same period, a bank release said. The bank’s capital adequacy ratio was at 13.19 per cent in June, 2002, compared to 13.34 per cent in the year-ago period. The SBI’s earnings per share improved to Rs 14.50 in June, 2002, from Rs 11.02 in June, 2001. The SBI logged interest income of Rs 7,535.88 crore in the first quarter this fiscal compared to Rs 7,213.44 crore in April-June, 2001, while other income increased to Rs 1,034.50 crore from Rs 918.45 crore. Total income of the bank grew to Rs 8,570 crore in April-June, 2002, from Rs 8,132 crore in the year-ago period. The bank’s total expenditure was at Rs 6,854 crore, which is slightly higher than Rs 6,669 crore during the year-ago period. Operating expenses increased only 3.64 per cent mainly due to savings in staff costs after the voluntary retirement scheme of last fiscal.
PTI
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i-flex net surges 51pc
Mumbai, July 30 The company’s revenue for the reporting quarter rose by 53.42 per cent at Rs 132.42 crore as against Rs 86.31 crore in Q1 of 2001-02, i-flex Chairman and Managing Director Rajesh Hukku said in a statement here today. The net income in Q1 of FY’03 registered a growth of 51 per cent at Rs 44.23 crore (Rs 29.30 crore). The staff cost has nearly doubled to Rs 36.04 crore (Rs 18.26 crore). “The first quarter of the fiscal 2002 has been vibrant for the company. We are on target in terms of growth plans and have made significant forays into the North American and European markets”, Hukku said. The products revenues showed an increase of 75 per cent to Rs 88.46 crore during the quarter. Flexcube continues to contribute 98 per cent of product revenues. Revenues from the IT software solutions and services division increased by 23 per cent this quarter to Rs 43.96 crore from Rs 35.81 crore, the statement said. i-flex’s revenues in this quarter from the USA stood at 30 per cent, from West Asia and Africa 26 per cent, Asia Pacific 24 per cent, Europe 19 per cent and Latin America at 1 per cent.
PTI
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GAINERS
Mumbai, July 30 ICI: ICI India today reported a 72.6 per cent growth in net profit during the April-June quarter at Rs 8.13 crore as compared to Rs 4.71 crore during the same period last fiscal. BASF India: BASF India has posted a 5.51 per cent increase in net profit at Rs 11.69 crore for the first quarter ended June 30 as compared to Rs 11.08 crore in the same period previous year. Mirc Electronics: Mirc Electronics has posted a net profit of Rs 9.78 crore for the quarter ended March 31, 2002, registering a significant rise of 194.54 per cent as compared to Rs 3.32 crore for the quarter ended March 31,2001. Wockhardt: Pharmaceutical company Wockhardt has posted a net profit of Rs 30.8 crore for the second quarter ended June 30, 2002, registering a growth of 35.68 per cent as compared to Rs 22.7 crore for the same quarter of 2001. Morepen: Morepen Laboratories said today that its net profit during first quarter for the current fiscal totalled Rs 8.52 crore on a turnover of Rs 132.5 crore. During April to June last fiscal, the net profit was Rs 7.76 crore while the sales turnover was Rs 117.42 crore. Blue Star: Blue Star has reported an improvement of 16 per cent in net profit at Rs 2.35 crore for the quarter ended June 30, 2002, on a total income of Rs 114.65 crore. OBC: The Oriental Bank of Commerce today reported a 20.4 per cent increase in net profit at Rs 102.74 crore during the first quarter of this fiscal. Nestle: Nestle India today announced a net profit of Rs 584 million, up by 30.4 per cent, for the quarter ended June 30, 2002, as compared to Rs 448 million during the corresponding quarter last year. Dabur: Dabur India said today its net profit jumped 31 per cent during first quarter of current fiscal year due to higher sales and greater efficiencies. The net profit rose during April to June to Rs 11.5 crore from Rs 8.8 crore in the year ago period. Sales rose 7 per cent to Rs 266 crore from Rs 249 crore. Voltas:
Voltas Ltd has posted a net profit of Rs 2.77 crore for the quarter ended June 30, 2002, posting an increase of Rs 1 crore as compared to Rs 1.77 crore for the quarter ended June 30, 2001.
Agencies
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LOSERS
Mumbai, July 30 Indal’s sales were down to Rs 310.24 crore from Rs 332.28 crore a year earlier. LML: LML today said its net loss has widened to Rs 25.22 crore for the quarter ended June 30, 2002 from 14.7 crore in the same quarter last year due to a continuous decline in sales. NIIT: NIIT Ltd said today it posted a 56.33 per cent drop in its net profit for the third quarter ended June, 2002, at Rs 2.31 crore against Rs 5.29 crore during the corresponding period last fiscal. NIIT income from operations for the third quarter also fell by 19 per cent to Rs 85.74 crore against Rs 105.82 crore in the third quarter ended June, 2001, Rajendra S. Pawar, Chairman, NIIT, told reporters here. GlaxoSmithKline: GlaxoSmithKline Consumer Healthcare today announced its profit before tax declined 19.6 per cent to Rs 76.01 crore during the first half of current calendar year. IDBI Bank: IDBI Bank Ltd has recorded a decline of 39 per cent in its net profit for the quarter ended June, 2002, to Rs 11.10 crore compared to Rs 18.20 crore in the corresponding quarter last fiscal. Rallies:
Rallies India, a Tata Group company, has recorded a net profit of Rs 3.23 crore for the first quarter ended June 30, 2002 as compared to Rs 20.36 crore in the corresponding quarter last fiscal.
Agencies
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Bank deposits cross 50,000 cr Chandigarh, July 30 This was stated by Mr T.S. Narayanasami, Executive Director, Punjab National
Bank, here today. He was addressing the 80th State Level Bankers' Committee (SLBC) meeting. He claimed that in order to help farmers in marketing their products, credit limit for marketing of crop (pledge finance) had been enhanced from Rs 1 lakh to Rs 5 lakh. The repayment schedule of such credit had also been enhanced from 6 months to 12 months, he said. He disclosed that the priority sector advances in Punjab had increased from Rs 9,542 crore in 2000-01 to Rs 10,641 crore by March, 2002, thus showing a growth of 5.4 per cent. Regarding advance to the SSI sector during that period, he said: ‘‘It has increased Rs 3,754 crore, thus showing a growth of 5.4 per
cent. The banks have also issued credit cards to 1,53,683 farmers amounting to Rs 817.78 crore.’’ Mr T.R. Sarangal, Director, Industries, Punjab, lamented that the despite sharp increase in deposits, banks had failed to increase their credit proportionately in the state. Appreciating the efforts of the banks to implement Annual Credit Plan, Mr Madan Lal, Regional Director, Reserve Bank of India, said:‘‘ The branches should make full use of updated village profiles, potential linked plans, prepared by Nabard. Among others, Mr P.N. Khurana, Zonal Manager, PNB, Mr K.S. Saroj, Managing Director, PAIC, Mr A.K. Bhargava, GM, PNB, representatives from other banks and state government departments participated in the meeting.
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VSat facility for industrial centres in J&K
Srinagar, July 30 This was disclosed by the Industries and Commerce Minister, Dr Mustafa Kamaal, at a meeting with representatives of the Federation Chamber of Industries, Kashmir (FCIK) here today to take stock of the problems confronting small scale industrial sector in the valley. “The entrepreneurs can now have online facilities to get required information regarding industrial ventures with the push of a button,” the minister said. The minister called for united and coordinated efforts for the revival of the militancy-ravaged industry in the state. While the government would continue its efforts to upgrade infrastructural facilities in various industrial estates, the industrialists, too, should shoulder their responsibilities in the upkeep of industrial sheds allotted to them.
UNI
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Rs 500 cr package for UTI New Delhi, July 30 The package was announced as part of the first batch of supplementary demands for grants of Rs 8,007 crore in the Lok Sabha by Minister of State for Finance, Mr Gingee Ramachandran. Mr Ramachandran said it would involve a cash outgo of only Rs 3,913 crore as the additional expenditure is matched by savings by the department concerned and enhanced receipts and recovery totalling Rs 4,094 crore. The Rs 500 crore budgetary support provided for the UTI is to meet the shortfall between assured repurchase price and net asset value of its flagship scheme US-64. The cash-strapped UTI requires about Rs 8,000 crore for redemption of various schemes, including MIP-97-II (Monthly Income Plan) which is maturing on August 31. Meanwhile, the UTI said it had adopted a 3-pronged strategy to improve its performance while planning to reduce the equity component in the US-64 scheme to 55 per cent by the fiscal end. UTI Chairman M.Damodran said the mutual fund would offer a "trigger option" to enable investors to enter or exit the flagship scheme at their desired price level. "We will bring down equity component slightly to 55 per cent from the current 59 per cent in US-64 by this fiscal end," he said. The UTI, managing assets worth about Rs 50,000 crore, adopted a gradual approach for reducing its equity holding as a major offloading by the fund would affect the Sensex and Nifty to a great extent. Presenting the supplementary demands, Mr Ramachandran said it provides Rs 720 crore loan to BSNL for implementing village public telephone programme. The demands also apportioned Rs 200 crore for providing central pool assistance to the North-Eastern region and Sikkim. A sizeable Rs 1,346 crore has been allocated to the Urban Development Ministry for meeting expenditure on the Delhi Metro Rail Corporation on matching loans from Japan Bank for international cooperation.
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GDP growth estimate cut MUMBAI: Global rating firm and investment bank Merrill Lynch has said the Indian Government might have to disburse at least Rs 3,000-4,000 crore to state governments to deal with the drought situation, which could place further pressure on the Centre’s fiscal deficit. The firm has also cut India’s GDP estimate to 5.10 per cent from earlier 5.60 per cent for fiscal 2002-03 in the wake of poor rainfall at the onset of the monsoon. Research firm Morgan Stanley has also revised its growth estimate for India’s GDP to 5.10 per cent from earlier 5.6 per cent for the current fiscal.
UNI
Boris Becker for ‘body care’ NEW DELHI: Tennis icon Boris Becker today launched Siyaram Silk Mill’s “Body Care fabric” at Hotel Maurya Sheraton here. “The fabric has been created for the health and fashion conscious. Using the new RF 2000 technology, the fabric is hydro-massaged, rendering it skin-friendly and comfortable”, said Mr R.K. Poddar, Vice-Chairman and Managing Director, while addressing a press conference. He said the company planed to capture 5 per cent market share with “Body Care”, in the branded segment in the first year itself.
TNS BMW eyes Asian market expansion BANGKOK: German luxury car maker BMW AG unveiled its expansion plans for Asia on Monday, saying the region would be the main area of growth over the next decade. Norbert Reithofer, board member for global production, said BMW would start the assembly and export of its flagship 7-series limousines from its Thai assembly plant in Rayong in early 2003.
Reuters
United Breweries loses Rs 30.48 cr MUMBAI:
United Breweries Ltd has posted a net loss of Rs 30.48 crore for the quarter ended June 30, 2002 as against a net profit of Rs 1.67 crore recorded in the previous corresponding quarter. Total income of the company has declined to Rs 21.12 crore in the quarter from Rs 117.3 crore in the comparable quarter of the previous year.
UNI |
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In video: Former tennis star Boris Becker is the brand ambassador
of Siyaram. (