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Rail Budget
evokes mixed response TRAI terms for
intra-circle mergers PNB-IFCI merger
gets board nod Unichem to set up
unit in USA Herbal egg hits
market; patent filed |
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SEBI to ease
norms for ONGC, Gail sale Esteem diesel
prices cut
SBI, ITC, M&M profits
rise
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Rail Budget evokes mixed response New Delhi, January 30 President of the Federation of Indian Chambers of Commerce and Industry (FICCI) said the “initiatives taken by the Railway Minister in the interim Railway Budget are commendable. It is heartening that the operating efficiency of the Railways has resulted in lower expenses, leaving additional resources with the Minister which can be passed on to the consumer in the form of betterment of Railway services and higher Railway safety.” CII President Anand Mahindra said the multi-pronged focus on efficiency by replacement, renewals, de-bottlenecking, security, safety and connectivity would provide a strong boost to the economic growth process. “The Railways have an important role to play in sustaining and building the competitiveness of the Indian industry and freight tariff is a crucial factor in it”. PHDCCI president Ravi Wig, however, reacted critically to the Budget, and said that “given the fact that the Railways was the only high capacity transport mode that can meet the long-term needs of economy, the Railway Budget has not done much to rise above the short-term focus”. “It has failed to rise above the short-term focus, lacks commercial orientation and does not include measures to improve its financial health,” he said. To regain its lost customers in several key freight areas because of high tariff, the Railways urgently need to review and revise freight classification. “More freight would come to Indian Railways if they become price competitive, provide economical rates, improve terminal management, move the goods with speed and safety”, Mr Wig said. ASSOCHAM president M. K. Sanehi described it as “populist which has missed opportunity for improving railway finances”. Hoping that the full Budget after the Lok Sabha poll would address the issues of more revenues and optimal utilisation of railway land, Mr Sanghi however, welcomed the Interim Budget’s focus on passengers and customer services, including security and safety provisions. FICCI president Modi said the innovative customer
focused services such as e-ticketing and train reservations through mobile phones and the introduction of 17 new trains in order to establish better connectivity between the states and the national capital.
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TRAI terms for intra-circle mergers New Delhi, January 30 In its recommendations on intra-circle mergers and acquisition guidelines, TRAI said that the market share of the merged entity should be greater than 50 per cent and the concentration ratio of top two firms in a post-merged scenario should be greater than or equal to 75 per cent. TRAI would also consider allowing mergers where one of the merging parties is a failing firm and if the firm and its assets would have to exit the market in the near future irrespective of the merger. Also there should be no serious prospect of restructuring the business without the merger. The merging parties should take up the responsibility that the condition of the ‘‘failing company’’ must improve. The maximum spectrum that could be held by a merged entity should be capped at 15 MHz per operator per service area for metros and category A circles and 12.4 MHz per operator per service area in category B and C circles. The merged spectrum would be with the merged company. Any further allocation should be as per the spectrum guidelines that would be issued separately. All telecom mergers are to be notified to TRAI. The merged entity should obtain the approval of the licensor which is the Department of Telecommunications (DoT) for the proposed merger. The regulator reserves the right to intervene or inquire into expected or completed mergers. “As the present industry is in a stage of flux and would need some time before the market stabilizes, the TRAI is of the opinion that the Merger Guidelines would be reviewed after one year”, the regulator said.
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PNB-IFCI merger gets board nod
Mumbai, January 30 Speaking to reporters here today on the sidelines of the board meeting, Mr Kohli said that no time limits has set for merging IFCI with PNB. “The authorities will be soon appointing the chartered accountant to carry out due-diligence and the bad loans of the IFCI will be transferred to an asset
reconstruction company’’, Mr Kohli informed. Asked about selection of PNB for merging IFCI, Mr Kohli said, “The government was in
dialogue with many banks, but PNB was ideal to do this as it has many advantages. We have maximum common accounts. This may be the one of the reason’’, he added. There is no deadline fixed in this merger proposal. “The first thing will be transferring the bad loans of IFCI after the proposed due-diligence’’, Mr Kohli added.
PNB profit up
The net profit of PNB for the quarter-ended December 2003 increased by 37.3 per cent to reach Rs 259.80-cr from Rs 189.25-crore for the quarter-ended December 2002. During this quarter, the bank has made total provision of Rs452-crore compared to Rs362-crore in the corresponding quarter last year.
— UNI
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Unichem to set up unit in USA
New Delhi, January 30 The US subsidiary will also look for opportunities for marketing alliances in the North American markets, Unichem said after its board meeting today. The Board of Directors has also passed a resolution approving the issue of bonus shares in the ratio of 1:1 and the sub-division of the nominal value equity shares of the company from Rs 10 per equity share to Rs 5 per equity share, after issue of the bonus shares. The board increased in the authorised capital of the company from Rs 25 crore to Rs 50 crore in order to meet any future requirements. Approving Employees Stock Option Scheme for its eligible employees, it said the aggregate of the equity shares which would be offered under the stock option scheme shall not exceed 5 per cent of the enhanced equity capital of the company, after issue of bonus
and stock split.
— UNI
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Herbal egg hits market; patent filed
New Delhi, January 30 Priced at Rs 22 for a pack containing six eggs, the odourless Organegg is enriched with natural vitamins, proteins and minerals, Tagma Director Sanjiv Wadhera said at its launch here. He claimed, ‘‘It not only possesses many health promoting, immuno-stimulating therapeutic and functional properties but is also low in cholesterol with 80-120 mg per egg as compared to 200-240 mg in conventional egg, and that makes it heart-friendly.’’ The innovation has been brought about by feeding hens exclusively on a vegetarian diet fortified with herbs galore, a few of them being cholesterol-lowering. Clarifying that Organegg is not a medical egg but a food supplement to maintain the body’s defence system, he said the product has no side effects as ‘’we are using herbs which are consumed by human beings’’. “We cannot divulge the details of herbs we are using as the company has already applied for a patent,’’ he said, adding that the Rs 4-crore firm eyes five per cent of the overall egg market by year-end and expects to triple its turnover by 2005. “We are also planning to float a Rs 25-crore public issue next year,’’ he added.
— UNI
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| SEBI to ease norms for ONGC, Gail sale
Mumbai, January 30 “The regulator will do whatever is necessary to facilitate the process of disinvestment,” SEBI Chairman G. N. Bajpai said when asked about the market regulator’s response to request from the Union Disinvestment Ministry to relax certain norms like announcement of price band. The regulator would relax norms, if necessary, for divestment of the listed PSUs, Bajpai said when asked about the proposed public float for ONGC and Gail. SEBI would look at changes (norms) as disinvestment would provide depth to Indian capital markets, he told reporters on the sidelines of a function organised by the Institute of Chartered Accountants of India. Bajpai said any changes made in guidelines would be applicable for the sale of the government’s residual holding in recently privatised companies as well as future disinvestments happening through public issue.
Places market on high alert
Sensing high volatility in the market, Securities and Exchange Board of India has placed its monitoring system on ‘high alert’ to investigate any
unusual movements and take prompt corrective action to protect investors interest. “We are watching every movement, when market goes up or there is a fall, and take action when we understand it is time to intervene,” Bajpai said. Investors participating in the stocks market should assess risk-reward link and make informed decisions, he said.
— PTI
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Esteem diesel prices cut
New Delhi, January 30 The Esteem diesel would cost Rs 4.83 lakh (ex-showroom, Delhi) while the car with power steering would sport a price tag of Rs 5.09 lakh, company sources said. The company, which also had introduced a new variant of Baleno yesterday, has cut prices of the Esteem and Baleno models as part of a move to garner a higher market share in the mid-size and premium mid-size categories, they said.
— PTI
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SBI, ITC, M&M profits rise
Mumbai, January 30 ITC
ITC Ltd today registered a 18 per cent growth in the net profit at Rs 380.70 crore for the quarter ended December 31, 2003, as compared to Rs 323.51 crore in the corresponding period last year. The total income for the three months ended October to December, 2003, grew by 11 per cent to Rs 1,665.18 crore as against Rs 1,501.84 crore in the same period last year.
Mahindra & Mahindra
Mahindra & Mahindra has posted a 184 per cent jump in its net profit at Rs 87.42 crore for the third quarter ending December 31, 2003 as compared to Rs 30.79 crore in the same period of last fiscal. The net sales and income from operations for the quarter under review grew by 38 per cent to Rs 1,327.64 crore as against Rs 960 crore in Q3 last year, the company said in a release here today. The net profit for nine months ending December stood at Rs 202.91 crore (Rs 96.86 crore in Q3 of FY ’03) while net sales and income stood at Rs 3,439.07 crore (Rs 2,609.07 crore), the release added.
Larsen & Toubro
Larsen & Toubro Ltd has posted a net profit of Rs101.43-crore for the quarter-ended December 31, 2003, as against Rs 80.67-crore in the comparable quarter of the previous year, up 25.73 per cent. Announcing the results, L&T said for the period under review the company’s total income (net of excise) increased from Rs 2,363.13-crore in the Q3-02 to Rs 2,969.93-crore up 25.68 per cent in the quarter-ended December 31, 2003.
Panacea Biotec
Panacea Biotec has reported a 135 per cent increase in its net profit to Rs 27.69 crore for the quarter ended December, 2003, as against Rs 11.78 crore reported in the corresponding quarter ended December 2002.
i- flex
i-flex Solutions has registered a consolidated net profit of Rs 35.64 crore for third quarter ending December 31, 2003. On a standalone basis, the company has posted a drop in the net profit at Rs 36.11 crore (Rs 52.69 crore in Q3 of last year). The total income has increased from Rs 152.15 crore to Rs 181.19 for the quarter ended on December 31, 2003.
Punjab Tractors
Punjab Tractors today announced October - December 3rd quarter net revenue of Rs. 166 crore. The quarter has generated a profit before tax of Rs. 19 crore against Rs 15 Crore posted for same period last year, up 27%. Net profit (after tax) for the 3rd quarter at Rs. 13.50 crore has shot up 35% over the corresponding quarter of previous fiscal year 2002-03.
NIIT
NIIT today reported a profit after tax of Rs 0.5 crore for the quarter ended December, 2003, compared to a loss of Rs 8.6 crore in the year-ago period. The company’s global system-wide revenues were, however, up by 21 per cent year-on-year at Rs 236.7 crore. NIIT’s operating profit was also up at Rs 15.3 crore, an increase of 265 per cent year on year.
HPCL
HPCL has posted a 130.80 per cent jump in its net profit at Rs 775.71 crore for the third quarter ended December 31, 2003, as compared to Rs 330.62 crore in the same period last fiscal. The net sales were up during this period at Rs 14,259.45 as against Rs 14,219.89 crore in the Q3 of 2002-03, the company said in a release here today.
Castrol
Castrol Indian today reported a 10.16 drop in the net profit for the fiscal ended December 31, 2003, at Rs 137.38 crore as against Rs 152.92 crore posted in 2002.
— TNS, Agencies
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Tagma Agrotech today launched herbal and
low cholesterol eggs under the brand Organegg and said it has already filed a
patent. Priced at Rs 22 for a pack containing six eggs, the odourless Organegg
is enriched with natural vitamins, proteins and minerals, Tagma Director Sanjiv
Wadhera said at its launch here.
