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Sunday,
April 27, 2003, Chandigarh, India  
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CORPORATE NEWS Indian
Depository Receipts on cards
Forex reserves cross $ 76b
No interest on bonds after maturity: RBI |
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BankMuscat eyes stake in Centurion
410 cr package for sugar mills
Now mobiles to guard your homes
Parking: leave it to BMW car
New international airport for Srinagar
About millionaires and frauds Exempt pesticides from VAT Punjab yet to take decision on VAT Wool bank for Dehra Dun Indica launched in Sri Lanka Sharjah free zone woos firms E-instruments exports grow 70 pc CSIR launches association Industry hails decision on VAT
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CORPORATE NEWS Mumbai, April 26 The Aditya Birla group company said here today in a statement that its net profit from operations for 2002-03 stood at Rs 118.6 crore against Rs 117.1 crore last year. Its exports also increased by 12 per cent to Rs 3,92.8 crore. Inspite of slow domestic and low international metal and alumina prices, the company was able to maintain its topline and bottomline with marginal improvement and
achieve a significant rise in exports, Indal said.
Indo-Gulf Fert Indo-Gulf Fertilisers Limited has positioned itself to bid for the acquisition of National Fertiliser Corporation Limited (NFCL), during its disinvestment programme. The company would firm up its valuation process and offer its price for National Fertiliser only after carrying out a due diligence exercise, according to Indo-Gulf CEO Debu Bhattacharjee. Asked about Trombay-based Rashtriya Chemical Fertiliser Limited, Mr Bhattacharya said the company would participate in the bid as and when it came up for disinvestment. The company had become cash rich with virtually no debt on a equity base of Rs 485 crore, he said. Indo-Gulf Fertilisers, which disinvested its copper business in favour of another AV Birla Group company last year, recorded a net profit of Rs 172.80 crore during 2002-03 on a turnover of Rs 675.21 crore. There was no comparable figures because of the demerger of the company last year, Mr Bhattacharjee said. The company’s Board of Directors had recommended a dividend of Rs 2.60 per share, he said. The company, as a ‘stand alone’ fertiliser player, recorded 8.65 lakh metric tonnes of urea during the year at a 100 per cent capacity utilisation and was in line with the assessed capacity determined by the government.
VisualSoft Despite fluid markets and economic downturn, VisualSoft posted a net profit of Rs 8.42 crore and a total income of Rs 34.28 crore during the fourth quarter ended March 31, 2003. The total income for the financial year touched Rs 126.61 crore and the net profit stood at Rs 32.23 crore while the growth rate in the solutions segment was 27 per cent exceeding an earlier guidance of 25 per cent, the company’s Chairman and Managing Director D V S Raju told reporters here today. “Despite the war in Iraq and fears over spread of SARS, we are looking at the conservative growth rate of 20 per cent next year. Our focus will continue on building strategic relationship with customers,” he said. On the growth prospects of the Indian IT industry, Raju said, “The industry should be happy if it can grow between 15 and 20 per cent next year”.
Philips Philips India Ltd has posted a higher net profit of Rs 23.93 crore for the first quarter ended March 31, 2003 as compared to Rs 19.08 crore in the same period last year. The total income for the quarter rose marginally to Rs 363.85 crore from Rs 360.81 crore, the company informed the Bombay Stock Exchange today. Company Managing Director K Ramachandran said “after the good overall performance in 2002, our performance this quarter continues to reflect our focus on sustainable profitability”.
Agencies |
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Indian Depository Receipts on cards New Delhi, April 26 Strongly advocating the cause of IDRs, the guidelines for which are being presently formulated by the government, Chairman of SEBI G.N. Bajpai said irregular market behaviour and misconduct in 1980s and 1990s had forced more and more Indian companies to look at overseas bourses for raising money. “The benefit of wealth creation is being reaped by overseas investors. Why can’t we have it the other way round”, Mr Bajpai said while speaking at a seminar of the Indian Institute of Law (IIL) here. While observing that India’s record in attracting foreign direct investment was not praiseworthy, at the same time, the country was able to attract portfolio investment to the tune of $ 16 billion, which was quite significant in itself. “We propose to encourage flow of foreign equity in India to ensure certain degree of value creation. Foreign Institutional Investors (FIIs) are movers of Indian capital markets, not shakers”, the SEBI Chairman said. |
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Forex reserves cross $ 76b Mumbai, April 26 The RBI weekly statistical supplement showed that the entire growth of $ 326 million in Forex reserve was contributed by the ever-increasing foreign currency assets, which moved up by $ 326 million to $ 72,539 million during the week, while the gold reserves and the special drawing rights (SDRs) remained steady at $ 3,534 million and $ 4 million. The continuous intervention by the Central bank in the Forex market to check the rupee’s appreciation, coupled with the gains of other non-US currencies, including the euro and the pound sterling, held in the reserve were the factors that pushed up the Forex reserve, dealers said. The Forex reserve dipped by $ 2,477 million in the week ended February 28, this year after the Government purchased $ 3,035 million from the RBI in the next week to repay some of the costly loan.
UNI |
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No interest on bonds after maturity: RBI
Mumbai, April 26 The Central Bank, in a statement, said it had advised investors to present the matured relief bonds under various schemes for encashment. This applied to 9 per cent Relief Bond 1987, 10 per cent Relief Bond 1993, 9 per cent Relief Bond 1993 and 10 per cent Relief Bond 1995, it said. The RBI had also issued advices to all individual investors holding matured bonds for immediate encashment, it added.
PTI
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BankMuscat eyes stake in Centurion Dubai, April 26 A group of investors led by Sabre Capital Worldwide, including BankMuscat, will acquire a 66 per cent stake in India’s Centurion Bank, Times of Oman reported. BankMuscat is expected to pick a 26 per cent stake in Centurion Bank by merging its Indian operations — Bangalore branch — with the beleaguered Indian bank. If the deal comes through, BankMuscat will contribute over Rs 75 crore of the Rs 129 crore being brought in by Sabre. Lately, the CBO had asked banks with foreign operations to constantly review their business practices, policies and strategies. Investors feel that it would be a great deal for BankMuscat, if the merger materialises. Sabre will provide the bank with a unique combination of market knowledge, extensive networks and a proven track record of success fully leading the growth, acquisition and management of banks in emerging markets, including India.
UNI |
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410 cr package for sugar mills Nawanshahr, April 26 The state government, with a view to providing relief to 16 cooperative sugar mills, had converted into grant a loan of Rs 300 crore and interest there on taken by the cooperative mills from the Rural Development Department. The government had provided Rs 79 crore for clearing the dues of the cane growers and Rs 31.67 crore for enabling the mills to settle their bank loans. Besides, to clear the sugar stock piling in the sugar mills, the government had chalked out a comprehensive ‘Sugar Export Scheme’. This scheme, if granted permission, would be helpful in clearing the huge stock of sugar lying in the mills and provide encouragement to the farmers. Mr Ramesh Dutt Sharma, State Minister for Cooperatives, criticised the negative attitude of the Central Government towards the cooperative sugar mills. He demanded that the permission to export sugar should be immediately granted. He said the government had mooted the idea of setting up power generation and alcohol plants at cooperative sugar mills with a view to making them successful industrial units. The power generation device had been running successfully at the Cooperative Sugar Mill, Faridkot, he added. Mr R.L. Kalsia, Managing Director, Sugarfed, Punjab, said besides setting up power generation and acohol production plants at cooperative sugar mills, the top priorities were improving crushing capacity and bringing in transparency in the functioning of the mills. He hoped that with the introduction of Ring/pit plantation, the production of sugarcane would increase. |
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Now mobiles to guard your homes Sydney, April 26 The security tool, developed by Mobile phone giant Nokia, uses motion sensor cameras capable of transmitting images of intruders to the householders. The device, called Observation Camera, can detect movement in a room and send a picture to the householder's mobile or email address, allowing them to raise the alarm or identify the occupant, according to a report in The Sydney Morning Herald. Nokia says it could act as an important security tool for both private homes and business. The camera is similar to those already on the market but has additional technology, which allows it to transmit photographs over mobile phone networks. To receive pictures, users will have to have one of the growing number of phones which can send and receive picture messages. Nokia has refused to confirm how much the camera would cost but there has been speculation the price could be anything between 300 and 500 pounds. They are expected to begin selling in stores by June. The camera, which weighs 200g and measures 120mm long by 85mm wide, also has the facility to record and send noise along with pictures. "The camera allows you to keep a watch on what is happening at home, in the office, outside a warehouse, your garage, summerhouse, wherever you are conscious about the need for security," a Nokia spokesman said.
ANI |
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Parking: leave it to BMW car
London, April 26 BMW is introducing a computer-controlled car that can park itself. The car points out a space to the driver and then manoeuvres itself in. Engineers are currently testing the system on a 25,000 pound X5 model. The car is equipped with a radar and sensors to scan the roadside and point out a suitable space. Once a spot has been found the driver pulls up, presses a button on the dashboard and lets the car do all the hard work. A BMW spokesman explained in a report in The Sun: "The car uses its radar and sensors to look sideways for a space it can put itself into. The electronic steering system then enables the car to reverse into the bay and straighten up." The new gadget relies on a satellite navigation system. After entering the destination, the driver is given a list of suitable locations to park. The system then directs the motorist, taking into account traffic conditions. Once at the destination, sensors on the car switch on and begin to seek out a suitable space.
ANI |
New international airport for Srinagar Late last month, it was Labour Minister Sahib Singh Verma, who was in the news for holding a Jet Airways flight to ransom. He reportedly manhandled a lady staff on the scheduled flight from Mumbai to Delhi. The findings of the probe had not been made public although an inquiry was completed more than a fortnight ago. The reasons for not making it public are obvious. Now recently Minister for Civil Aviation Shah Nawaz Hussain was in the news also for the wrong reasons. He was in Bhubaneshwar to unveil a statue of late Biju Patnaik at the airport. The function got delayed for several reasons. The flight AI-878 from Bhubaneshwar to Delhi kept waiting for the minister to board the plane. The minister’s inordinate delay led to confusion and chaos at the airport. When the minister eventually made it about an hour behind the scheduled departure, he was virtually ‘gheraoed’ by angry passengers. He came out of the aircraft. He flew to Mumbai instead of Delhi. The minister subsequently went on record as saying that he took a longer route for the sake of passengers. The entire incident was mishandled. First, the flight should not have been delayed. If it had to be delayed, the commander could have said it was being delayed because of technical reasons. Srinagar airport
Plans have been made to construct an international airport at Srinagar, which can be a very big hub for tourists. The airport will be ultra modern with all facilities and amenities for passengers and visitors. While laying the foundation stone for the Rs 60-crore project for a new airport terminal, Prime Minister Atal Behari Vajpayee said it would be of the international specifications. The airport is expected to cater to the needs of all types of international flights from different destinations and countries. According to the Civil Aviation Minister, the new terminal would be ready for operation in 24 months. Mr Hussain said Srinagar would be the first airport where a terminal would be raised by steel panels on the pattern of Kuala Lumpur, Singapore and Dubai. |
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Tariff order Hindustan Zinc Welspun net up Bank of Punjab NDRI seminar Jaswant flayed Metro Rail fares WTO matters |
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