ICICI Bonds from Jan 21
CHANDIGARH, Jan 20 — In the sixth tranche, under the series “ICICI Safety Bonds” — January ‘99”, ICICI is offering for public subscription, unsecured redeemable bonds in the nature of debentures aggregating Rs 300 crore with a right to retain oversubscription of up to Rs 300 crore.

Reliance net drops to Rs 402 crore
Tribune News Service, PTI

NEW DELHI, Jan 18 — Reliance Industries (RIL) today announced an over 7 per cent fall in net profits for the third quarter of 1998-99 at Rs 402 crore despite an over 5 per cent increase in total income at Rs 3,751 crore.

However, the profits for the first nine months of current fiscal were 4 per cent higher at Rs 1,323 crore compared to Rs 1,275 crore a year ago, with sales turnover going up to Rs 10,947 crore from Rs 9,836 crore, a company release said today after its board meeting.

Explaining the poor performance during October-December 1998, the release said RIL had to incur additional expenses of Rs 105 crore on account of damage at Hazira Petrochemical complex due to an accident at its jetty.

Claims of approximately Rs 244 crore for physical damage loss of revenue etc, were pending, it added.

Reliance Industries Limited today announced an impressive performance during the nine months ended December 31, 1998, with its production increasing by 33 per cent from 3.95 million tonnes to 5.27 million tonnes.

According to the company’s unaudited results, its sales during the period was to the tune of Rs 10,947 crore as against Rs 9,836 crore in the corresponding period of the previous year, and the net profits touched Rs 1,323 crore, the highest in the private sector.

Operating profit for nine months increased by 16 per cent to Rs 2,472 crore as against Rs 2,128 crore in the previous year and cash profit increased to Rs 1,931 crore from Rs 1,757 crore in the previous year.

The total paid up equity share capital has been unchanged at Rs 932 crore and earnings per share for the nine months was Rs 14. Cash earnings per share for the nine months works out to Rs 20.50.

The company’s contribution to the national exchequer in the form of various taxes increased by 8 per cent to Rs 2,195 crore over the corresponding period in the previous year.

Total exports including deemed exports increased from Rs 208 crore to Rs 512 crore, an increase of over 145 per cent.

A company release said here that RIL’s operations helped the nation save foreign exchange to the tune of Rs 7172 crore.

Commenting on the results, Mr Anil D.Ambani, Managing Director of the company said the results were impressive as during the last quarter, Reliance had to face a major challenge arising from the damage caused by an unloading vessel to the primary feedstock supply system at the Hazira petrochemicals complex.

He said that Reliance’s expansion plans at the Jamnagar petrochemicals complex was proceeding ahead of schedule and would help increase production volumes by 50 per cent to more than nine million tonnes per annum over the next two years.

The commissioning of the Jamnagar complex would enhance Reliance’s global competitiveness and leadership position in the petrochemicals industry and would enable the company to emerge as India’s largest manufacturer exporter.

Bajaj Auto launches 4-stroke scooter

NEW DELHI, Jan 17 (PTI) — Bajaj Auto Ltd has launched the world’s first four-stroke scooter “Legend” along with three other models as part of its efforts to maintain supremacy as a market leader in the two-wheeler segment.

The new models are priced in the range of Rs 19,000 for scooterette “Spirit” to Rs 42,000 for the motor cycle “Caliber” ex-showroom in the northern region.

Unruffled by the decline in the company’s profitability during the third quarter of the current fiscal, Bajaj’s Vice-President Rajiv Bajaj told newsmen after the launch yesterday that the new models would help “regain” the lost market share.

Stating that profits were mainly affected by the “customers shifting to other competing models,” Rajiv Bajaj said that his company would launch two more models — “Saffire” a four-stroke scooter and “Prowler” a 125 cc motor cycle by May this year.

Bajaj, which launched nine models in 1998, is confident that the new models Legend, Bravo (both scooters), Kawasaki Caliber (motor cycles), and Spirit (scooterette) — would shore up the net profits, which declined by 30 per cent at Rs 86.16 crore in the third quarter.

“The new models would gain a monthly sales of 30,000 to 40,000 units taking the company’s sales figures to at least 1.3 lakh units by March 1999, he said.

The auto company will also launch four-stroke three-wheelers in both petrol and diesel versions, a motor cycle and a new model of its scooterette Sunny by September this year.

Claiming that legend put the company ahead of other international scooter manufacturers, Bajaj said that the model was equipped with the sophisticated electronic engine management system called the throttle regulated ignition control system.

Stating that advanced technology was its unique selling proposition (USP), he said the premium scooter, priced at Rs 32,000 (ex-showroom), was the best, considering factors such as combustion, fuel management and emission.

Bajaj Auto is non-committal on entering the “crowded” car market in the near future.

“The company enjoys a 40 per cent market share in the two wheeler market, but entering the four-wheeler market is altogether different,” Rajiv Bajaj said.

ICICI Bonds from Jan 21
Tribune News Service

CHANDIGARH, Jan 20 — In the sixth tranche, under the series “ICICI Safety Bonds” — January ‘99”, ICICI is offering for public subscription, unsecured redeemable bonds in the nature of debentures aggregating Rs 300 crore with a right to retain oversubscription of up to Rs 300 crore. The issue will open for subscription on January 21, 1999 and will remain open till February 9, 1999.

The AAA ratings for the bonds have been reaffirmed by the three credit rating agencies: AAA by CRISIL, LAAA by ICRA and CARE AAA by CARE. The ratings signify highest safety with regard to timely payment of principal and interest.

Addressing a press conference here today, Mr O.P. Srivastava, Chief Executive of the ICICI Credit said the issue offers various options under five types of bonds — Easy Instalment Bond, Encash Bond, Tax Saving Bond, Regular Income Bond and the Money Multiplier Bond (in the nature of Deep Discount Bond).

Mr Srivastava said by investing in the Tax Saving Bond, investors can save tax under Sec 88 (Options I and II), and long term capital gains tax under Sec 54 EA (Option III) of the Income Tax Act, 1961.

ICICI will open its five retail outlets in Punjab at Amritsar, Jalandhar, Ludhiana, Patiala and Bathinda before March 31, 1999, thus raising its total outlets to 32 in the country. These outlets look after the interests of shareholders, bond holders and FD investors of ICICI, adds Mr Srivastava.

IDBI Bank to enter market

MUMBAI, Jan 18 (PTI) — IDBI Bank will enter the capital market with its maiden public issue of equity at a price of Rs 18 per share from February 9-16 to mobilise Rs 72 crore.

“We believe that the issue has been attractively priced,” bank’s Managing Director (MD) D.K. Mukherjee said at a press conference here today.

Responding to a query on the bank trying to capitalise on its promoter IDBI whose shares are now being quoted much lower than the issue price, Mukherjee said “we have given justification for the issue price.”

IDBI has 80 per cent shareholding in IDBI Bank and SIDBI owns the remaining 20 per cent, after the issue, public holding in IDBI Bank would amount to 28.5 per cent.

Of the four crore equity shares on offer, four lakh shares have been reserved for employees of the bank and another 40 lakh for IDBI equity shareholders on a competitive basis.

During 1997-98, the bank recorded a growth of 265 per cent in deposits, 446 per cent in net profit and 70 per cent in advances.

For the year ended March 31, 1998, net profit of the bank was Rs 20.05 crores.

Govinda, Rambha star in cola wars

NEW DELHI, Jan 18 (UNI, TNS) — The race to reach the top in cola sales charts on the strength of celebrities is heating up with Pepsi signing up “Chhote Miyan Govinda and Coca-Cola India roping in Judwaa-girl Rambha for endorsing their respective products.

While Govinda would join hands with “Bade Miyan Amitabh Bachchan and try to relive the screen magic providing “Zor ka jhatkaas” for Mirinda Lime, Rambha would feature in Coke’s marketing initiatives.

Coca-Cola’s fast-paced new advertising campaign featuring Daler Mehndi has many firsts to its credit. The biggest is that Daler Mehndi created history by dubbing the Tamil version of the advertisement himself. This is the first time that Daler has sung in Tamil, according to a Coca-Cola press release issued here today.

Punjab leads in telephones
Tribune News Service

NEW DELHI, Jan 18 — Telephone availability per 100 persons in the country, excluding the four metro cities, is the highest in Punjab.

Barring the four metros of Delhi, Mumbai, Chennai and Calcutta, Punjab has 4.04 phones per 100 inhabitants in the State which is better than the national average.

Official figures indicate that for a projected population of 965.8 million, average tele-density in the country crossed to two per 100 inhabitants in December 1998, as compared to only one per 100 inhabitants in 1995.

While computing circlewise average tele-density, leaving the metro cities, Punjab was followed by Kerala telecom circle with a figure of 3.82.

Himachal Pradesh had a tele-density of 3.03, which was lower than that of Andaman and Nicobar islands (3.12).

Gulf Oil net profit surges 30 pc

NEW DELHI, Jan 18 (UNI) — Gulf Oil India Limited registered a 30.3 per cent surge in net profit during the nine months ended December 31, 1998 to touch Rs 7.01 crore from Rs 5.38 crore for the previous nine months period.

The turnover of the company increased to Rs 176.75 crore as compared to Rs 167.49 crore for the corresponding period.

The sales and profit in the third quarter of 1998-99 stood at Rs 65.50 crore and Rs 2.94 crore respectively.

Though the turnover at Rs 176.75 crore recorded an increase of 5.5 per cent, the significant increase in profitability was achieved due to aggressive innovative marketing strategies, particularly in the industrial and institutional segment, improved procurement planning and supply chain management, a statement issued today said.

The improved results have been achieved in spite of a decline in overall industry volumes and hyper competition in the market.

Delhi invites ‘powerful’ suggestions
Tribune News Service

NEW DELHI, Jan 18 — The Delhi Government has invited suggestions for the strategy paper on the power sector from the general public in order to get some “unique” ideas to improve the power situation.

“We are hopeful that some of the suggestions may be better than what has been outlined in the strategy paper,” a senior Delhi Government official said.

Meanwhile, the PHDCCI, while welcoming the strategy paper on power sector in Delhi, felt that mere announcement of the document would not lead to the solution of the acute power shortage in the Capital.

In a statement, Mr Ashok Khanna, president of the PHDCCI, stated that the privatisation of the transmission and distribution of electricity in Delhi envisaged in the strategy paper should be implemented immediately, instead of planning this course of action on a long-term basis.

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Western Hatcheries profit up
PUNE, Jan 18 (PTI) — Western Hatcheries Limited here has posted a 41 per cent increase in its profit before tax during the nine-month period ended December 31, 1998, to Rs 12.84 crore from Rs 9.09 crore during the corresponding period last year. The income of the company during the period has gone up by 14 per cent to Rs 149.73 crore as compared to Rs 130.58 crore for the corresponding period last year, company Chairperson Anuradha J. Desai said while releasing the unaudited results for the quarter ended December 31, 1998.

Grasim rejects closure demand
KOZHIKODE, Jan 18 (PTI) — Even as the multi-pronged mass agitation by environmentalists, doctors, scientists, lawyers and students against the Grasim Industries Ltd (GIL) here is gaining momentum, the management has rejected their demand for immediate closure of the factories. The management asserted that they did not pollute the area, including the Chaliyar basin. “We are operating under the parameters prescribed by the state pollution control board (SPCB) and are following necessary treatment facilities to ensure pollution-free operations”, a top management official told PTI.

Gold firm
NEW DELHI, Jan 18 (PTI) — A divergent trend was witnessed on the bullion market today when silver moved down on lack of support and gold firmed up on domestic buying support. The quotations: Siver .999 (ready) 7650, delivery 7680, coins buyer 10,400 and seller 10,500. Standard gold 4385, ornaments 4235 and sovereign 3750.

SBI seminar
Tribune News Service
CHANDIGARH, Jan 18 — A seminar was organised by the SBI on the Punjab Engg College campus today. The faculty members and students were explained the educational loan scheme “Gyan Jyoti”, besides other schemes, including the recently launched SBI Card. Mr O.P. Singhal, Asstt General Manager, SBI Region-I Chandigarh, was the chief guest and Dr Rajnish Prakash, Principal, was the guest of honour.

Commodities
From Our Correspondent
CHANDIGARH, Jan 18 — Wheat 625 to 635, dara 630, superior 640 to 650, maize 580 to 600, sarson 1800 to 2000, taramira 1700 to 1800, toria 1500 to 1800, rice basmati 2750 to 4800, parmal 850 to 1000, sella 800 to 1050, maida (per bag 90 kg) 720, suji 720, atta 665 (per quintal) 1700 to 2000, urd dal 1700 to 2100, moong 2000 to 2300, moong dal 2000 to 2300, moong dhuli 2400 to 2700, masoor 1600 to 1800, malkamasoor 1600 to 1800, kablichanna 1900 to 2500, kalachanna 1200 to 1400, dalchanna 1250 to 1500, arhar 2400 to 3000, rajmashchitra 2200 to 3400. Sugar: M-grade 1520 to 1535, S-grade 1460 to 1470, khandsari 1400 to 1500, gurkhurpa 900 to 1000.