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Friday,
January 31, 2003, Chandigarh, India  
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Intellectual
property board soon CORPORATE NEWS * Cummins * Bharat
Electronics Allahabad
Bank net rises 185.4 pc * Bank
of India
* Andhra Bank
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Dabur
demerges pharma business Tax
website unveiled Pay
subsidy to PSEB: engineers Oil
firms staff to go on strike PSIEC
breakthrough in recovery Steel
prices hit bicycle industry
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Intellectual property board soon New Delhi, January 30 “The draft rules for the Patent Law amended in 2002 are being finalised and the process for establishment of IPR Appellate Board is also on its final stages,” he said. The government has committed over Rs 120 crore for infrastructure creation and upgradation of intellectual property offices. This includes
computerisation, networking of all patent and trademark offices, new buildings and improved facilities, including e-filing, electronic register and online search capabilities. More than 50,000 patent documents have been digitalised and digital database library of 1.5 lakh trademark certificates and 1250 trademarks journals created. The recruitment of 181 new examiners is in progress. Integrated IP office buildings covering patents, designs, trademarks in all four metros for which land has already been procured in Delhi, Kolkata and Mumbai are being built, he said, adding that the modernisation project has helped increase the output of patent offices by as much as three times.
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CORPORATE NEWS
Mumbai, January 30 ABB India vice president and managing director Ravi Uppal told reporters here that the revenue for the year was up by 14 per cent at Rs 12,006 million compared to Rs 10,558 million last year. He said that the annual order intake of the company was up by 20 per cent. In the fourth quarter ended December 31, 2002, ABB India posted a 34 per cent increase in its net profit at Rs 411 million compared to Rs 307 million in the corresponding period last year. The revenue of the company for the fourth quarter had gone up by 6 per cent to Rs 3,847 million compared to Rs 3,634 million a year ago. Cummins
Cummins India has posted a net profit of Rs 24.49 crore for the quarter ended December 31, 2002, registering an increase of 56.88 per cent from Rs 15.61 crore in the corresponding period last year. Total income of the company has also increased to Rs 241.66 crore in the quarter under review from Rs 176.59 crore in the corresponding quarter last year.
I-flex
I-flex Solutions has posted a net profit of Rs 52.69 crore for the third quarter ended December 2002, registering a rise of 50.58 per cent over Rs 34.99 crore in the corresponding period last fiscal. The company’s total income has increased from Rs 114.93 crore in Q3 FY-02 to Rs 156.38 crore in the quarter ended December 31, 2002.
D-Link India
D-Link India has posted a net profit of Rs 3.97 crore for the quarter ended December 31, 2002, registering an increase of 83 per cent from Rs 2.16 crore recorded of the corresponding period a year ago. Total income of the hardware maker has also shot up from Rs 35.37 crore to Rs 41.55 crore during the period.
Bharat Electronics
Public Sector Bharat Electronics today reported a net profit of Rs 53.10 crore for the third quarter of the current fiscal on a turnover of Rs 482.59 crore. The profit was more than double when compared to the Rs 25.75 crore net profit it had earned during the same quarter last year on a turnover of Rs 403.40 crore. For the nine months of 2002-03, the Company had made a net profit of Rs 126.23 crore, as against Rs 62.10 crore it had earned during the corresponding period of previous fiscal, the company said in a release here today.
DCM Sriram
DCM Sriram Consolidated (DSCL) today said its net profit has surged by 295.8 per cent to Rs 12.31 crore for the quarter ended December 2002 from Rs 3.11 crore in the same period of the previous year. For the nine months period ended December 2002, DSCL posted a 91.7 per cent jump in net profit at Rs 30.85 crore against Rs 16.09 crore a year ago, a company statement said.
Philips India
Philips India Limited, a subsidiary of the Netherlands-based Royal Philips Electronics N.V., improved results for the quarter ended December 31, 2002. Sales and income from operations grew by Rs 33 million over the fourth quarter of 2001, and operating profit (after depreciation and interest but before exceptional items) improved substantially on account of better price realisation and cost management. Kotak Mahindra Kotak Mahindra Finance Ltd today reported a 4.2 per cent growth in its profit after taxation to Rs 11.29 crore for the third quarter ended December 31, 2002, as compared to Rs 10.83 crore in the corresponding period previous year.
Agencies
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Allahabad Bank net rises 185.4 pc Chandigarh, January 30 The interest income increased by 14 per cent to Rs 635 crore from Rs 555 crore, while other income shot up by 31 per cent to Rs 139 crore from Rs 106 crore. Announcing the results,
Allahabad Bank Chairman and Managing Director, Dr B. Samal said the massive improvement in the level of NPA was the main reason behind the higher profits. He said the bank is focussing on recovery of NPAs, taking the cue from the Securitisation Act. “The bank has so far issued notices to 902
borrowers with outstanding balances adding up to Rs 303 crore. The capital adequacy ratio is 11.23 per cent. “Considering the improved CAR position, the bank has cancelled its earlier plan to raise Rs 100 crore of Tier II capital through private placement.
Bank of India
Bank of India (BOI) has posted a net profit of Rs 196.89 crore for the quarter ended December 31, 2002, registering an increase of 27 per cent from Rs 155.16 crore in the corresponding period last fiscal. Total income of the bank has also increased to Rs 1,847.72 crore from Rs 1,604.68 crore of the previous year’s corresponding quarter.
Andhra Bank
The net profits of the Andhra Bank has reached Rs 262.40 crore during nine months period ended December 31, 2002, registering 98.7 per cent growth, as against Rs 132.05 crore achieved during the corresponding period of last year. The bank’s operating profits increased to Rs 539.33 crore during the first three quarters, from Rs 304.69 crore during the corresponding period of the previous year, recording an increase of 77 per cent. The bank’s total business as on December 31, 2002 stood at Rs 30,713 crore, which included Rs 19,929 crore deposits and Rs 10,784 crore as advances.
Agencies and TNS
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Dabur demerges pharma business
New Delhi, January 30 Approving the demerger here, the Board of Directors said Dabur India would now largely comprise the FMCG business that would include personal care products, healthcare products and Ayurvedic Specialities while the pharmaceuticals business would contain Allopathic, Oncology formulations and bulk drugs. Dabur Oncology Plc, a subsidiary of Dabur India, would also be part of the pharmaceutical business. The company has appointed Ernst & Young for implementing the demerger. Dabur India Vice-Chairman Anand Burman would continue to head the pharmaceuticals business. The company said the number of additional shares that would be allotted to existing Dabur shareholders and the name of the new pharmaceutical entity would be finalised soon. The new pharmaceuticals company would also seek listing in Stock Exchanges after getting necessary regulatory approvals. This move would help create a global presence for Dabur’s Pharmaceuticals business and provide focus to maximise penetration in global markets. “The FMCG business would also benefit from this move as it will lead to better and more efficient management of its resources and facilitate more accurate benchmarking with industry,” said Mr P.D. Narang, Dabur Group Director, Commercial and Corporate Affairs.
UNI
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Tax website unveiled Jalandhar, January 30 The Chief Commissioner of Income Tax, Ludhiana, Mr Sudhakar Varma, after inaugurating the website here, said the website would provide information about current status of applications for PAN, latest refund position, status of processing of annual income tax returns. “Besides, the site will enlist names and telephone numbers of all assessing officers of the Jalandhar I, Phagwara, Jalandhar II, Hoshiarpur, Jalandhar III and Jalandhar IV ranges. We have also included suggestions box in the site for the tax payers,” Mr Varma said, adding that the circulars issued by the Central Board for Direct Taxes (CBDT) from time to time had also been enlisted on the site for updating the information of public. The department had targeted to collect Rs 690 crore during 2002-2003 from Jalandhar and Ludhiana having about 5 lakh taxpayers in its net. Mr Anil Kumar, Commissioner, Income Tax and Mr S.K. Anand, Commissioner, Income Tax (Appeals) also attended the function.
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Pay subsidy to PSEB: engineers Ludhiana, January 30 The petition has also pointed out that the PSERC order had also directed the government for payment of cash subsidy of Rs 100 crore in equal instalments starting from October. The petition maintains that the non payment of the subsidy by the government despite clear orders constitutes a deliberate violation of the orders issued under Section 29 of the ERC Act, 1998.
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Oil firms staff to go on strike New Delhi, January 30 “We have served a notice of complete strike in the oil PSUs from the day the government invites bids,” Oil Sector Officers Association (OSOA) President Ashok Singh told newspersons here today. “The strike will start with HPCL and see participation from all national oil companies”, Mr Singh said. The strike call has been supported by trade union of public sector telecom and power companies. Mr Singh termed the opinion of the Attorney General on disinvestment of HPCL as “misleading” . Since HPCL was created by an Act of Parliament, the “government is legally bound to repeal the Bill” especially in the context of aims and objectives as enunciated at the time of establishment of HPCL. “The AG has not gone with the spirit of the Act”, Mr Singh said. A meeting of all unions of public sector undertakings will be convened next month to formulate the strategy.
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PSIEC breakthrough in recovery
Chandigarh, January 30 Mr P.S. Aujla, Managing Director, PSIEC claimed that estimated recovery from the allottees to plots of Phase VIII A & B was around Rs 70 crore. Ranbaxy, which owes Rs 21 crore on account of enhanced cost, have also offered to discharge its liability and modalities are being finalised, said Mr Aujla. He disclosed that corporation has received the additional cost from about 150 allottees of small plots in Phase VIII focal point Mohali. Hindustan Times, 21st Century, Malbro Exim have also made full payments. He urged upon the defaulters to expedite remittances of additional cost, as further delay would add additional interest liability upon them.
TNS
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Steel prices hit bicycle industry Steel prices are on fire. Steel has now become out of reach of the user industry. Industry already in deep slump cannot run even symbolically with the prevailing steel prices. Bicycle industry which is the hub of Punjab’s economy is in such a bad shape that all sale avenues are fast drying up. Big and small are all in the same boat. In the matter of steel pricing Central Government itself is responsible. It has encouraged even erring companies to go in for the kill. On an average domestic steel prices have increased by around 45 per cent since March 2002. Prices have been hiked three times in the new year and seventh time since March 2002. This cannot happen without cartel zation, which in turn not possible without a hidden pat from government. How? Bank and Financial Institutions advanced Rs 35,000 crore to steel companies when the sector was passing through recession. The utilisation was not monitored. These companies also got Rs.15,000 crore which has gone up to 20,000 crore, with interest burden. There are reports that these companies were not only slack in implementing the project but had diverted funds to non-core business in power and tele-communication. This is a clear case of financial management. Under the securitisation Act these companies deserve punishment. Instead they have got a package. Industry big and small in other sectors is being subjected to harsh treatment. Under RBI guidelines such siphoning of funds to willful default and no fresh bank/financial institution money can be given. Will any -body in the government explain this aberrations? The soft package has emboldened the beleaguered companies to go in for the kill. Instead of capturing mere market share by reducing price they are increasing the prices. It is true that steel has become costlier in the international market. Had our companies reduced the rates earlier to match the international prices? C/S countries cannot dump steel due to upturn there. U.S.A. has restricted imports China’s import of steel has continued to surge. In OECD countries steel capacities were curtailed during recessionary trend and shortage is felt now leading to rise in prices. Most of the steel scrap in the international market is going to China. Balance sheets of steel companies are open to public gaze. Profits are unprecedented and rising. At who’s cost? Naturally the squeezing of the users is the ballooning of the producers. Will government antenna ever catch this sordid drama? The government can satisfy on the plea that are in the midst of free market economy. True. Can cartelisation be allowed any mode of economy? Then there are safety nets in the free market economy. To cool down the prices of any commodity import is the only solution. Import was to be such as to beat and over pricing of the domestic producers. To meet the current explosive situation imports should be encouraged by lowering duties. Some stingent conditions were imposed in the past to discourage imports to save the domestic steel producers. No user ever protested against this. Now to correcting the erring steel producers reversal of trend is the only answer. Duties may be brought nearer to zero level with no other condition like quality etc. in place. Industrial circles feel that government hardly believe version the affected industry. The government with its intelligent network should verify the facts on the ground. Any delay may cost the nation very heavily. The government may be feeling pretty comfortable with rising volumes of steel exports. But steel exporting is unable to compete. Exports of engineering goods will naturally decline. On balance nation may lose on net export on our hand and render vast section of industry sick if trend of steel prices goes unchecked.
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Alcatel
to enhance VSNL fixed network New Delhi, January 30 |
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PSB issues notices Patiala, January 30 Disclosing this here today, Bank Zonal Manager H.S. Hoon said following the issuance of recent notices, the bank had already received Rs 15.35 lakh and more money was being adjusted. He said the bank was able to settle 22 cases during a separate recovery camp which netted it Rs 66 crore. Mr Hoon said the bank was expecting more than Rs one crore in recovery in the loan accounts settled after serving of notices under the Securitisation of assets.
TNS
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bb
Corpn Bank IndusInd scheme Kelkar proposals Rin Supreme NFL upgraded EIB Oriental Bank Navision India |
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