 |
|
Corporate news
BSE guides investors
PTL profit jumps 100 pc
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Steel policy deferred
Ranbaxy drug rofecoxib banned
Bunge revitalises Dalda
ONGC may get nod to buy back 12.02 pc equity
Rs 4,091-cr
Nalco expansion plan okayed
RIL gets $ 300-m syndicated loan
|
|
TCS revenue crosses $1b
Tribune News Service and PTI
Chandigarh/Mumbai, October 13 Announcing the company’s first results after its recently concluded initial public offering, TCS chief executive officer and managing director S Ramadorai attributed the increase in revenues to “strong market conditions, demand for high-end products and cost-efficiency measures,” he said. The company’s consolidated revenues for the six month period stood at Rs 4,630.43 crore, about $ 1.02 billion, he said. TCS posted a 43.58 per cent growth in revenues to Rs 2,430.70 crore during the second quarter, while its revenues rose 13.93 per cent and net income 14.10 per cent over the previous quarter, he said, quoting the results published on US GAAP basis. Under the Indian GAAP, the company recorded a net profit of Rs 342.19 crore for the reporting quarter on a total income of Rs 2,044.82 crore, he said, adding TCS’ net profit for the six-month period ended September 2004 stood at Rs 760.91 crore on a total income of Rs 3,823.51 crore. The figures for the corresponding period a year ago were not released as TCS was a Tata group subsidiary in 2003, and the listing took place in August 2004. TCS had issued 17.49 lakh shares to its employees and 77,590 shares to employees of its subsidiaries, while 12,380 shares are yet to be allotted. TCS incurred a one-time employee compensation charge of Rs 186.65 crore from the allocation of the shares, which was put under ‘exceptional items’. Hughes
Telecom software company Hughes Software Systems today announced a 52 per cent year-on-year rise in net profit in the second quarter at Rs 25.8 crore on the back of a strong growth in volume. The total income of Hughes rose by 36 per cent to Rs 118 crore during the July-September quarter. “The growth in net profit by 52 per cent to Rs 25.8 crore in the second quarter of 2004-05, as against Rs 17 crore in Q2 of 2003-04, was volume driven while prices remained stable,” HSS president and managing director Arun Kumar told reporters here. The ramp-up in relationships with key accounts and business from new clients contributed towards the growth, he said. The company registered a significant growth in services segment while BPO remained stable, Mr Kumar said.
|
|
BSE guides investors
Ludhiana, October 13 “The idea is to make investors aware of the benefits of investing in Weekly Options, which command lower premium due to shorter maturity, apart from enabling them to have a short-term view,” said Ms Aditi Shandilya, deputy manager, BSE, while talking to The Tribune. Responding to demand from market participants for shorter maturity options, BSE introduced Weekly Options in September, she said. “They differ from monthly options primarily in terms of maturity period. While monthly options have a maturity period of one month, two months or three months, in case of weekly options, the first contract is for one week and two weeks duration. Thereafter, every week, fresh contract is launched with a two-week maturity,” she explained, adding, “monthly options expire on the last Thursday of every month while in case of Weekly Options, series will expire every Friday.” Narrating the benefits that an investor can derive from these options, Ms Shandilya said owing to lower premium that is a result of shorter maturity period, Weekly Options cost one less than Monthly Options. This enables an investor to take larger positions for a similar capital outlay. Besides, Weekly Options will enable an investor to take a short-term view in the underlying scenario and provide them a short-term insurance for their short-term portfolio. A team from BSE, along with officials of the Ludhiana Stock Exchange Association are guiding investors on these new options. Mr Jagjit Singh Arneja, senior officer, Ludhiana Stock Exchange Association, informed that investor awareness programmes were conducted in Chandigarh and Ludhiana. While the programme in Jalandhar was held today, the team, including the LSE director, Mr Manoj Sarna, and relationship manager, BSE, Mr Bhanu Prasad, will guide investors on Weekly Options tomorrow at Amritsar. “We tell them the basics of what weekly options and futures are apart from giving them tips on investment,” said Mr Arneja. He informed that the Ludhiana Stock Exchange was also conducting awareness programmes as a apart of Securities and Exchange Board of India’s security market awareness campaign. The LSE has already conducted 50 programmes this year, he revealed, adding that the target was to conduct
|
|
PTL profit jumps 100 pc
New Delhi, October 13 The financial results were announced by the company at its meeting held here today. The net profit of the company has increased to Rs 10.80 crore during the second quarter as against Rs 6.10 crore during the corresponding period last fiscal. The company had registered Rs 42.02 crore net profit during the financial year 2003-04. Releasing the financial results, after the board meeting, Mr Yash Mahajan, Vice-President and Managing Director of the company, said: “The growth in profits has been fuelled by the increase in sale of tractors to 5880 in the quarter against 4640 registered during the corresponding quarter last year. The net revenue of the company during the 2nd quarter reached Rs 194 crore, higher by 48 per cent, as compared to the corresponding period last year.” For the half year ended on September 30, 2004, net revenue reached Rs 376 crore, an increase of 50 per cent over April-September 2003 period. Profit before tax for this six-month period reached Rs 31.7 crore against Rs 15.6 crore for the corresponding period of the last financial year.
|
|
Steel policy deferred
New Delhi, October 13 He said the Cabinet decided to defer the policy following his proposal. The Cabinet decided to set up a committee under the chairmanship of Cabinet Secretary B K Chaturvedi to decide about the timeframe and other details for putting the draft policy on website, Mr Paswan told mediapersons on the sidelines of a seminar on health. The draft policy has been prepared by bureaucrats but the opinion of other stakeholders, including the public, is also required to frame the policy, the Steel Minister said. “As such, I proposed to put the draft policy on a website to seek the views of stakeholders,” he said. It is not enough to set a target of 100 million tonnes of steel production by 2020 against the present 36 million tonnes as was incorporated in the draft policy, he said. “As the policy, has already been delayed, I thought the draft should be presented to the cabinet,” Mr Paswan said.
|
|
Ranbaxy drug rofecoxib banned
New Delhi, October 13 The Government had banned the sale of Rofecoxib — the generic version of Merck’s arthritis drug Vioxx — after it was discovered that its prolonged usage caused side effects such as heart attacks and strokes. The National Pharmacovigilance Advisory Committee also recommended cautious use of other selective Cox-II inhibitory drugs in patients suffering from cardiac disorders. The step has been taken in view of the evidence on risk associated with rofecoxib. Rofecoxib, a new class of non-steroidal anti-inflammatory drug (NSAID) which acts through the inhibition of cycloxygenase-II (Cox-II), was approved by the USFDA in 1999 for relief of symptoms of osteo-arthritis, rheumatoid arthritis, management of acute pain and treatment of primary dysmenorrhea. The approval to Merck, USA, was based on extensive phase-II clinical trials that showed adequate safety profile of the drug. In a clinical study conducted in 2000 by Merck, there was, however, an indication of some adverse cardio-vascular events with the use of the drug. The USFDA had advised for appropriate label change to Merck in 2002. The drug has been extensively used all over the world, including India, where a number of pharmaceutical industries have been marketing rofecoxib formulations since June 2000. Recently, Merck, who were conducting a long-term trial for the use of rofecoxib for the prevention of adenomatus polyp, observed that during 18 months, cardiovascular risks, including stroke and heart attacks, increased.
|
|
|
Bunge revitalises Dalda
New Delhi, October 13 Speaking on the occasion, Bunge Regional General Manager (Asia) Christopher White said: “India, being one of the most important vegetable oil markets, has great possibilities for Bunge.” While terming the Indian market as a complicated one, Mr White said, “we have charted out a revitalisation programme for the Dalda vanaspati, which includes quality improvement, competitive pricing policy and giving additional thrust on distribution channels.” Bunge, a hundred per cent subsidiary of the New York-based Bunge Ltd, launched Dalda oil in five variants all over the country. While northern India will have refined soyabean oil, refined groundnut oil and filtered mustard oil, southern India will see filtered gingelly oil, refined sunflower oil and refined groundnut oil hitting the markets. Commenting on the negative perceptions about vanaspati’s health properties, Mr White said these are greatly exaggerated. “Dalda is a healthy fat and is important in the growing years,” he said. However, Bunge Vice-President Shvetal Vakil refused to disclose by when the brand is expected to break even. “We do expect to get returns. But it is too premature to disclose any figures ,” he said. —
UNI
|
|
ONGC may get nod to buy back 12.02 pc equity
New Delhi, October 13 Union Petroleum and Natural Gas Minister Mani Shankar Aiyar has also supported the move of buyback, which in turn will increase the government holding from the current level of around 72 per cent to more than 80 per cent.
|
|
Rs 4,091-cr
Nalco expansion plan okayed
New Delhi, October 13 The expansion includes increasing the mines capacity by 2,50,000 tonnes, raising the refinery capacity by 5,25,000 tonnes, and the smelter capacity by 1,15,000 tonnes. The plan will also include raising the power capacity to 240 MW, Minister of State for Coal and Mines Dasari Narayan Rao told newspersons after the CCEA meeting. He said the money would be raised through internal accruals and market borrowings. “We will not take any money from the government,” he said. —
UNI
|
|
RIL gets $ 300-m syndicated loan
Chandigarh, October 13 The loan has a final maturity period of seven years and the facility has recently been signed in Mumbai, said a release. Reliance Infocomm Project finance head Jagannatha Kumar said: “The transaction, the first-ever cross-border borrowing by Reliance Infocomm, and the largest debt raising in the international syndication market by an Indian telecom company, has received an overwhelming response.”
|
bb
Kribhco Panacea SBI loans CyberMedia IPO |
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
IT major Tata Consultancy Services Ltd (TCS Ltd) said today its revenues crossed $ 1 billion mark in the first half of the financial year 2004-05, and net income grew 51.81 per cent to Rs 576.40 crore in the second quarter.
