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Friday,
November 1, 2002, Chandigarh, India  
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CORPORATE NEWS
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Golden day for Reliance
Fiscal deficit rises to Rs 57,746 cr Domestic TV firms in the reckoning ACC net drops
ICICI Bank net profit at Rs 285.3 cr
Held for selling used underwear
Festival offer from Connect
Hitachi returns to profit Mazda lifts first half
profit
Awareness week
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CORPORATE NEWS Mumbai, October 31 The company has posted a net profit of Rs 1,920 crore for the first half of the year ending September 30, 2002, the highest ever reported by a private company in any half-year, registering a rise of 25 per cent. In the
corresponding period last year, RIL had reported a net profit of Rs 1,536 crore. A delighted RIL Chairman & Managing Director, Mr Mukesh Ambani, said: “We are happy that Reliance Industries has become the first Indian private company to record a net profit of over Rs 1,000 crore in one quarter.” He immediately dedicated this “unique” achievement to “the great visionary, the late Dhirubhai Ambani, saying it was the inspiration and dedication of the founder, which had made this possible. The company recently merged with Reliance Petroleum Limited (RPL), becoming the only company in the world with fully integrated world scale operations in oil and gas exploration & production refining & marketing petrochemicals, power & textiles. The gross turnover, including inter-divisional sales and excise duty for the half year ended September 30, 2002, of the company was Rs 31,782 crore, up by 6 per cent from the corresponding previous year. Cadbury Cadbury India has posted a 18.46 per cent rise in its net profit at Rs 21.62 crore for the third quarter ended October 6, 2002, compared to Rs 18.25 crore in the same period last year. HFCL HFCL has reported a reduction in the net profit during the half year ended September 30, 2002. The net profit of the company stood at Rs 15.45 crore as compared to Rs 26.43 crore as compared to the corresponding period of the previous year. A company release said the net profit had been lower due to high incidence of interest. Apollo Tyres Apollo Tyres said today its net profit had soared by over eight times to Rs 27.35 crore for the quarter ended September 30, 2002, over Rs 3.22 crore in the same period last year. Lupin Lupin Ltd registered an increase of 17.5 per cent in the net profit during the second quarter of the current fiscal. The company earned another income amounting Rs 3.39 crore which increased by 78 per cent over Rs 1.9 crore in the corresponding period last year, the company said in a statement. Khaitan Khaitan (India) Ltd’s net loss during the second quarter of the current fiscal came down to Rs 0.46 crore from Rs 0.68 crore in the corresponding quarter last fiscal. IBP IBP Company today reported a net profit of Rs 36.24 crore during the second quarter ended September, 2002, as compared to Rs 32.51 crore in the corresponding quarter of the previous fiscal. Ceat CEAT Ltd has earned a net profit of Rs 6.34 crore in the second quarter of the current fiscal compared to a loss of Rs 4.53 crore in the corresponding quarter last year. The net profit during the first six months of the current fiscal stood at Rs 12.29 crore compared to a loss of Rs 7.48 crore in the corresponding period last year, according to Mr Paras K Chowdhary, Managing Director. Nestle Nestle India suffered a drop of 16.3 per cent in the net profit in the second quarter of the current fiscal when it earned Rs 44.08 crore. Despite the sluggish market conditions, the company’s domestic sales increased by 5.7 per cent compared to the corresponding quarter last year. Blue Star Infotech Blue Star Infotech has earned a net profit of Rs 4.41 crore in the second quarter of the current fiscal, a 35 per cent increase over the corresponding quarter last year. EIH EIH Ltd today reported a net loss of Rs 3.58 crore for the second quarter ended September 30, 2002, as compared to a net profit of Rs 1.73 crore in the corresponding period previous year. Kale Consultants Kale Consultants Ltd has posted a 29 per cent rise in net profit at Rs 43 lakh for the second quarter ended September 30, 2002 compared to Rs 33 lakh in the same period last fiscal.
Agencies
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Golden day for Reliance
Mumbai, October 31 Mukesh Ambani said the firm had discovered about 7 trillion cubic feet volume of natural gas in the deep water block in the basin. This is equivalent to about 1.2 billion barrels or 165 million tonnes of crude oil.
UNI
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Fiscal deficit rises to Rs 57,746 cr
New Delhi, October 31 The fiscal deficit till September was marginally higher than Rs 55,496 crore till August and 57,262 crore during April-September 2001. The Centre’s deficit, which works out to 2.26 per cent of GDP, was relatively flat mainly on account of improvement in revenue collection although expenditure was comparatively higher during the first half of this fiscal. While total receipts to the exchequer was Rs 1,04,704 crore amounting to 38.1 per cent of the budgeted Rs 2,74,785 crore, total expenditures touched Rs 1,62,450 crore till September which works out to be 39.6 per cent of the Budget target of Rs 4,10,309 crore. Revenue receipts amounted to Rs 91,826 crore, which is 37.5 per cent of the targeted Rs 2,45,105 crore.
PTI
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Domestic TV firms in the reckoning New Delhi, October 31 After cashing in on the boom in the early eighties, domestic electronic majors such as Oscar, Beltek, Weston and Bush had almost exited from the scene as a plethora of multinational brands such as LG, Samsung and Sony hit the market with aggressive promotions. However, more than a decade later, they have hit back with a pricing strategy primarily tailor made for the rural, semi-urban and smaller non-metro cities. Director of Oscar International A Khurana said there was a huge potential in the bottom-end of the price line for consumer electronics products, especially the rural and semi-urban areas. Thus from an average peak sale of 5,000 units per month in 1991, the peak sales of colour televisions of Oscar at present is in the range of 18,000. “The difference in the price between our products and those of MNCs are big, but the quality is the same, if not better”, she said. A 21-inch colour television set offered by these homegrown brands are less than Rs 7,000 compared to the Rs 10,000 to Rs 15,000 band offered by the MNCs. Beltek, was once a household brand between 1982 and 1986. However, a major fire in the in assembly plant in Noida and the subsequent acquisition of ITT of Germany (Beltek’s technology partner) hit the operations of the company hard. Vice-President of Beltek (India) Limited Mr R S Khandari said, “Today, on an average, we are selling 14,000 CTVs, 15,000 VCDs and multi-players and 6,000 black-and-white TVs a month”, Mr Khandari said. |
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ACC net drops
Mumbai, October 31 The total income of the company (net of excise) had increased from Rs 657.2 crore in the second quarter, 2001, to Rs 689.91 crore in the period ended September 30, 2002, the company said here. The company in its outlook issued to the BSE said the cement industry expected a growth rate of 10 per cent in the first half of 2003 as compared to 5.30 per cent in the corresponding period last fiscal. The momentum in the growth rate is expected to continue in the second half of the current year. The demand drivers are expected to be the impetus given to the housing and road construction sector coupled with other infrastructure development.
UNI
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ICICI Bank net profit at Rs 285.3 cr
Mumbai, October 31 The total income for the three month period stood at Rs 4,002.29 crore as against Rs 559.8 crore in Q2 last year. For the six months ending September, the net profit was Rs 538.2 crore (Rs 131.4 crore) and total income was Rs 6,856.91 crore (Rs 1,155.29 crore). The results for Q2 and the first half include results of ICICI Ltd and its subsidiaries, ICICI Personal Financial Services Ltd and ICICI Capital Services Ltd which were merged with the bank with effect from March 30, 2002.
PTI
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Held for selling used underwear
Tokyo, October 31 Yasunobu Lee, a resident of Tokyo, operated a shop called, Final Fantasia, in Tokyo’s downtown Shibuya district. Teenage girls, who were hired by Lee, stayed at the store and when a customer comes and chooses a girl whom he wants to have her underwear, the girl would take off her panties in front of the customer. More than 1,800 high school girls had contracts with Lee to sell their underwear. The used garment was priced at about 4,600 yen ($ 37).
DPA
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Festival offer from Connect
Chandigarh, October 31 The customers would get an extra value of 10, 15, 20 and 25 per cent on phone cards with denomination of Rs 100, Rs 200, Rs 500 and Rs 1,000. Mr Kaul said the customers buying phone cards during the festival season would get a chance to win one gold coin and four Connect mobile connections with handsets through lucky draw.
TNS
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Hitachi returns to profit
Tokyo, October 31 The firm posted a group net profit of 12.9 billion yen in the six months to September, reversing a 110.5 billion yen loss suffered in the same period last year.
AFP
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Mazda lifts first half profit Tokyo, October 31 The automaker, one-third owned by Ford Motor Co, now expects group net profit for the April to September period to come in at 5.5 billion yen ($44.74 million), compared with a May forecast of two billion yen.
Reuters |
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Awareness week
Jalandhar, October 31 Kribhco
Chandigarh: Kribhco Punjab and Haryana organised a function in connection with celebration of Vigilance Awareness week beginning from October 31. The chief guest of the programme was Mr C.L. Bains, Chief Election Commissioner, Punjab and the function was presided over by Mr H.S. Sidhu, Director-Kribhco. TNS
PNB
Kurukshetra: On the birth anniversary of former Deputy Prime Minister of India, Sardar Vallabhbhai Patel, ‘The Vigilance Awareness Week’ was inaugurated by Punjab National Bank, Kurukshetra Regional Manager, Mr P.S. Bedi at the premises of PNB Regional Office here today.
OC
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Price index up Verka milk bar |
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Mumbai, October 31
