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Saturday,
October 19, 2002, Chandigarh, India  
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Wipro net
profit inches up 2 pc
Infosys
wins ‘most admired’ award |
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Sekhri
recommends ‘revolutionary changes’ HDFC Bank
net grows 29.4 pc Neither
Rahul bought nor Shishir sold any shares: Shekhar
Govt may
rationalise tax structure Deputation
meets PSEB Chairman Bhiwani
Mills to launch Grasim products Sonata net
dips 37.1 pc GRAPHIC: IMPORT
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Wipro net profit inches up 2 pc
Bangalore, October 18 Revenue from continuing operations for the six-month period (April-September, 2002) was Rs 1,990 crore, an increase of 21 per cent year-on-year, the
Bangalore-headquartered company said in a statement after the Board of Directors approved the audited results for the quarter. Revenue of Wipro Technologies, the company’s global IT business, for the quarter increased 19 per cent year-on-year to Rs 680 crore, it said. The company said 30 new customers were added in global IT services during the quarter, including seven that are on the Fortune 1,000 list. Gross recruitment at Wipro Technologies for the quarter was 1270 employees. It had 11,298 employees as of September 30, 2002, which represents an increase of 753 employees from June 30, 2002. Commenting on the numbers, Wipro Chairman Azim Premji said a challenging global business environment has made India-based offshore initiatives a key priority for global corporations. “Wipro is well positioned to take advantage of this opportunity with its wide range of offshore service offerings for enterprise clients and its depth of R & D skills for the technology clients. We should see the momentum in volume growth in the last two quarters,” Premji added.
PTI
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Infosys wins ‘most admired’ award New Delhi, October 18 This award recognises the mature knowledge management practices of the company. Infosys is the only Indian company to have won this award. The awards were announced at the World Knowledge Forum in Seoul. A panel of senior executives and leading knowledge management experts in Asia chose the Asian MAKE winner. The panel rated organisations against a framework of eight key knowledge performance dimensions that are the visible drivers of competitive advantage. Establishing an enterprise knowledge culture, developing and delivering knowledge-based goods and services and maximising value of intellectual capital are some examples of the performance dimensions considered. The MAKE programme is administered by Teleos, an independent knowledge management research company. In 2002, MAKE studies for Asia, Europe, North America and Japan were introduced. Infosys is the first company in India to make it to the final list of around 50 companies globally, from which the top 10 were declared as the global MAKE winners, during 2001 and 2002. Commenting on the award, Rory Chase, Managing Director of Teleos said, “Infosys Technologies is the only company founded in India, which has been named a most admired knowledge enterprise 2002. The 2002 Asian MAKE panel has recognised Infosys for its knowledge-based services/solutions, collaborative enterprise knowledge sharing and its ability to maximise the value of the company’s intellectual capital.” Responding to the news of the award, Mr S Gopalakrishnan, Chief Operating Officer, Infosys Technologies, said in a statement, “At Infosys, we realised fairly early that the knowledge management (KM) initiative has to be, of essence, people-centric. Nevertheless, technology has been an important dimension in our efforts to demonstrate the multiple possibilities of KM to our people, draw them to the movement, and help keep them committed’’. Other winners of the Asian MAKE awards include Asahi Brewery (Japan), Fuji Xerox (Japan), Kao (Japan), NTT Data (Japan), Pacific Century Cyberworks-PCCW (Hong Kong), Samsung SDS (Korea), Sony (Japan), Taiwan Semiconductor Manufacturing Company - TSMC (Taiwan), Toyota (Japan).
UNI
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Sekhri recommends ‘revolutionary changes’ Chandigarh, October 18 Sekhri, presented a copy of his recommendations to be considered for the new industrial policy being framed for the year 2002 to Chief Minister Capt Amarinder Singh, an official spokesman said here. The recommendations submitted and drafted by Sekhri are aimed at bringing revolutionary changes in the industrialisation in the State. Sekhri’s recommendations were based not only on extensive meetings with the industrial groups, including the representatives of small-scale industries from all over the state, but also on a vast comparative study of incentive being given in states other than Punjab, the spokesman claimed. To generate employment avenues, Sekhri emphasised the need of setting up of industrial units, especially in those areas where there were fewer industries and the level of unemployment was maximum. The minister also blamed the previous state government headed by SAD-BJP combine for not showing any interest towards setting up of new industrial units and maintaining the already existing units in the state. He said that special incentives were required for the small- scale industries, which could bring the industry at par with the states near the ports, in order to compete with the world entrepreneurs in WTO regime. Suggesting further, Sekhri said that the Punjabis living within Punjab could save the economy of the state. Local entrepreneurs should be encouraged, as all efforts of The previous government to woo NRIs and other outside investments had gone wasted, he said. Agreeing to the present fiscal situation, the minister said that any incentive to be given in this regard should be linked with additional resource generation. Regarding infrastructure development, the minister said that modern infrastructure at par with progressive industrial states need be developed with active partnership of private sector with good connectivity of roads, rail and air. The minister also suggested that the state government should
spare a portion of Central Excise Duty, which was remitted to the state government by Central Government, with the industries. To save the existing industries, he recommended that interest subsidy upto 7 per cent should be provided to the existing small-scale industries. He said that the project with fixed capital investment of Rs 10 crore and above in border districts and investment of Rs 25 crore and above in the rest of the state may be given the status of special significance. Such projects may be entitled to additional incentives to be considered by an Empowered Committee under the Chairmanship of Chief Minister, Punjab. Land at subsidised rates, exemption from octroi and central excise duty may be considered as the incentives given to the industrial units, he added.
PTI |
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HDFC Bank net grows 29.4 pc Mumbai, October 18 The net profit of the bank for the quarter ended September 30, 2002, was Rs 89.7 crore, up 29.4 per cent, over the corresponding quarter last year and up 8.8 per cent over the previous quarter ended June 30, 2002. The total income of the bank was at Rs 1,163.7 crore for the half year as against Rs 945.2 crore in the corresponding period of the previous year. Its net revenue (net interest income plus other income) for the first half of the current fiscal were Rs 582.6 crore, up 36.3 per cent over Rs 427.5 crore in the H1` ‘02. HDFC Bank, which approved accounts for the quarter and half year ended September 30, 2002, at its meeting today, said other income grew by 41.1 per cent to Rs 202.8 crore, of which fees and commissions were Rs 11.7 crore, growing 54 per cent over the corresponding period of the previous year.
UNI
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Neither Rahul bought nor Shishir sold any shares: Shekhar New Delhi, October 18 Dismissing reports that Rahul Bajaj has bought some shares of Bajaj Electricals from brother Shishir, Shekhar Bajaj told PTI over phone from Mumbai: “Neither has Rahul bought a single share of the company nor has Shishir sold any . These reports are based on speculation. Promoter stake in the company is constant over the last few months”. Shekhar Bajaj’s comments come amid unconfirmed reports that Shishir Bajaj wants to exit group companies as part of a family restructuring. He said there has been no market transaction of Bajaj Electricals’ shares within the Bajaj family. As per stock exchange data, the family members who hold a stake in the company include Rahul (5.79), Shishir (3.38), Shekhar (4.0), Madhur (2.69), Niraj (2.66) as on September 30 this year. Bajaj Auto holds a significant 19.9 per cent stake in Bajaj Electricals, with the total promoter stake amounting to 49.1 per cent throughout this fiscal. Shekhar Bajaj said any change in individual shareholding “must be a result of change of ownership of the various trusts through which the family controls Bajaj Electricals”. “I can say that Shishir has not sold any shares either to a family member or outside the family, in the open market”.
PTI
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Govt may rationalise tax structure New Delhi, October 18 Finance Minister Jaswant Singh while describing tourism as one of the important drivers for realising economic growth targets and generating employment said that a two-member committee, under his economic adviser Vijar Kelkar, had been formed to look into the existing tax structures in the sector as well as suggest policies for its growth. Speaking during the CII summit on tourism here last evening he said “the tourism, travel and hospitality sector is the one which requires to be recognised and given a fillip to as internationally it is a very important sector and contributes nearly 12 per cent to the global GDP”. Mr Singh said this in response to CII’s demand to reduce the “existing
cumbersome” tax structure which, when cumulated, went as high as 30 to 40 per cent against the neighbouring countries where it was around 5-10 per cent. The Finance Minister said the government’s efforts to give a boost to the tourism, travel and hospitality sector could be gauged by the fact that there was a separate
chapter for it in the tenth plan document.
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Deputation meets PSEB Chairman Ludhiana, October 18 The Chairman PSEB promised to consider this demand as the Secretary Industry Punjab had already assured the industry that no duty would be charged on any capacity of power generators. The delegation also brought to the notice of the chairman certain flaw in the clubbing of the power connections where the consumers were being subjected to heavy arrears and the officials of the PSEB were not visiting the units as required before finalising the clubbing of the power connections.
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Bhiwani Mills to launch Grasim products Bhiwani, October 18 This was revealed by Executive President J.C. Soni, while talking to mediapersons on the mill premises here today. Mr S. Krishnamoorthy, Executive President (Sales and Marketing) said new machine were to be set up in the mill as the company had decided to double its production by the end of the current financial year. The present production of seven lakh metre would be enhanced to nearly 12 lakh metre. Mr Krishnamoorthy said the group had started Mr India and Mr International for the first time in the country for its brand building. Earlier, the 18 contestants of “Mr International” to be held on October 26 in New Delhi, had visited the mill.
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Sonata net dips 37.1 pc
New Delhi, October 18 The total revenue fell by 10.7 per cent to Rs 21.32 crore during July-September this year from Rs 23.88 crore a year earlier, a company release said here. For the first six months ended September, 2002, the net profit went down by 50 per cent to Rs 7.07 crore from Rs 14.14 crore in the year-ago period. The company Board of Directors recommended an interim dividend of 20 per cent.
PTI
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