Who gains & loses from contract labour
NEW DELHI, July 22 — Sharp differences between employers and employees over hiring contract labour emerged today at a meet organised by FICCI.

Panipat refinery to have power plant
NEW DELHI, July 22 — The IOC and Marubeni Corporation, Japan, have signed a shareholders agreement for the joint venture power company for setting up a residue-based power plant in Panipat.

Indian & MIT wrangle
WASHINGTON, July 22 — The Massachusetts Institute of Technology and an Indian are wrangling over the issue of sharing of profits of a new company started by the latter for the manufacture of a “software radio”.

Castrol, Apollo Tyres net profits up
Castrol India Limited today announced a 9.25 per cent growth in net profit for the quarter ending June 30, 1999 at Rs 51.94 crore from Rs 47.54 crore for the same quarter last year.

Allahabad Bank logs record net
CHANDIGARH, July 22 — Mr Harbhajan Singh, CMD, Allahabad Bank, presented a cheque for Rs 27.14 crore to Mr Yashwant Sinha, Union Finance Minister being the dividend for the year 1998-99.

Donations for Kargil
Hindustan Zinc Limited has contributed Rs 30 lakh towards National Defence Fund.

Castrol, Apollo Tyres net profits up

Castrol India Limited today announced a 9.25 per cent growth in net profit for the quarter ending June 30, 1999 at Rs 51.94 crore from Rs 47.54 crore for the same quarter last year. Castrol’s sales for the quarter stood at Rs 324 crore, up 11.34 per cent from Rs 291 crore a year earlier.

The company announced an interim dividend of 50 per cent. Its net profit for the six-month period ended June 30 was Rs 95.89 crore, up 10.35 per cent from 86.9 crore in the same period last year. The income for the six-month period was Rs 574 crore, up 8.71 per cent as compared to Rs 528 crore last year.

Parke-Davis India has registered a 12.9 per cent jump in net profit during April-June 1999 to Rs 3.83 crore over Rs 3.39 crore a year ago. Its net sales for the first quarter this year were Rs 48.08 crore, down from Rs 51.05 crore in the first quarter last year.

Cummins India Limited has registered a 33.80 per cent jump in net profit during the first quarter of the current fiscal to touch Rs 17.57 crore from Rs 13.13 crore in the same quarter of the previous year.

Apollo Tyres has registered a 162 per cent surge in the net profit during the first quarter of 1999-2000 at Rs 8.98 crore from Rs 3.43 crore in the same quarter last quarter. Its sales for the quarter stood at Rs 326 crore, up 93 per cent from 169 crore a year ago.

Amara Raja Batteries Limited has recorded a 78.8 per cent drop in the net profit during the first quarter of the current fiscal to Rs 2.38 crore as compared to Rs 11.26 crore a year earlier.

Cipla has recorded a 29.12 per cent growth in net profit during the first quarter of fiscal 1999-2000 to Rs 32.15 crore from Rs 24.90 crore in the same period last year. Its sales stood at Rs 200 crore, up 24.22 per cent from Rs 161 crore a year earlier.

Godfrey Phillips India Limited has recorded a 7.49 per cent drop in net profit for the first quarter of the 1999-2000 financial year to touch Rs 11.73 crore from Rs 12.68 crore a year earlier.

ICI India has recorded a 3.5 per cent growth in net profit during April-June, 1999 to Rs 20.05 crore from Rs 19.36 crore a year earlier.

PSI data Systems Limited has posted a 79.5 per cent surge in net profit for the second quarter (April-June) to Rs 1.77 crore as against Rs 99 lakh a year ago. The income for the second quarter was at Rs 13.76 crore, up 34.2 per cent from Rs 10.25 crore in the same quarter last year.

Global Trust Bank has recorded a 13.04 per cent growth in net profit for the first quarter of the current fiscal to touch Rs 21.06 crore from Rs 18.63 crore for the same quarter last year.

Philips India Limited on Thursday reported 158.65 per cent spurt in profit after tax (PAT) at Rs 5.38 crore during the first six months of the current accounting year against Rs 2.08 crore in the corresponding period last year.

Mirza Tanners Limited has reported a 24 per cent growth in net profits to reach Rs 3.59 crore for the first quarter of 1999-2000 against Rs 2.89 crore the same period last year.

Aurobindo Pharma Ltd (APL) has posted an increase of 105 per cent in profits for the quarter ending June 30 at Rs 18.59 crore.

Bharatiya International Limited, a leather garments exporters and manufacturers, announced a 27.5 per cent jump in net profits at Rs 1.34 crore in the first quarter of 1999-2000 fiscal.

— UNI

Who gains & loses from contract labour

NEW DELHI, July 22 (UNI) — Sharp differences between employers and employees over hiring contract labour emerged today at an interactive meet organised by FICCI.

While employers said contract labour cannot be wished away due to its advantages of lending flexibility and adaptability to the labour market, trade unions maintained that contract labour can be exploited.

Trade union leaders said the ultimate result being that a vulnerable section of society which belongs to this category can be deprived of economic emancipation.

The differences surfaced at a bipartite discussion on Restructuring Contract Labour Regulation and Abolition Act 1970 organised by FICCI and the All India Organisation of Employers (AIDE).

It was chaired by Labour Secretary L.Mishra and attended by FICCI President Sudhir Jalan, AIOE Vice-President A.K. Agarwal, Mr Y.K. Modi. Mr Umraomal Purohit, General Secretary of the Hind Mazdoor Sabha, Mr I.P. Anand, a member of the ILO governing body, Mr S.L. Passey, National Secretary of the INTUC, Mr K.L. Mahendra, General Secretary of INTUC, Mr R.K. Somany, Vice-President of the Employers Federation of India, Mr M.A. Hakeem, Secretary General of the Standing Committee on Public Enterprises (Scope) and Mr R.K. Gupta, President of the BMS Delhi State.

Mr Mishra said the slow spillover of reforms in the labour laws is because they cannot be brought about in a unilateral framework. The changes have to be discussed at a time in a tripartite forum.

Mr Modi, who spoke for employers, said despite the increasing pace of globalisation and free import of goods into the country, employers cannot bring about changes in their business because of inflexibility in labour laws.

In countries like China, he said, contract labour is being institutionalised and workers move from industry to industry depending on the demand. If the Act is withdrawn and workers are put on the rolls of a company, it will lead to cost escalation and closure of several firms. Moreover, this will limit the scope of employment generation.

However, Mr Purohit said contract labour is often staggered and fragmented. It cannot fend for itself. Government intervention is necessary to protect their genuine interests.

Mr Passey referred to the need for extending same safety and health standards to contract workers as enjoyed by regular staffers. Workers at low levels are deprived of most benefits and this requires a careful intervention by the Government.

Mr Somany said only skilled development and knowledge will ensure security to contract workers. At the same time, he emphasised the need for legal reforms.

Mr Mahendra/Spoke about unfair contracts through which the principal employer does everything except hiring the labour. A contractor supplies the labour which is left vulnerable.

Mr Hakeem referred to the weak enforcement of the Act and said a re-look of the Act governing contract labour should be taken at the earliest. He said exploitation is not one way. It also takes place from the other side when labour unions exploit the managements.

Panipat refinery to have power plant
Tribune News Service

NEW DELHI, July 22 — Indian Oil Corporation (IOC) and Marubeni Corporation of Japan have signed a shareholders agreement for the joint venture power company for setting up a refinery residue based 301 MW power plant in Panipat.

Indian Oil and Marubeni will hold 26 per cent equity each in the joint venture and the balance 48 per cent will be offered to ONGC, financial institutions, public, project associates and others. It will have a debt equity ratio of 70:30 and is estimated to cost Rs 1,528 crore. The project is scheduled to be completed in 33 months. The joint venture power plant will use heavy residue from Indian Oil’s Panipat refinery as fuel, ensuring its continuous disposal and value addition.

After the agreement, the two companies will now jointly incorporate, establish and promote the joint venture company. The agreement has paved the way for the registration of the JVC “Indian Oil Marubeni Power Company Ltd”.

Indian Oil has already entered into an agreement with Haryana Vidyut Prasaran Nigam Ltd (HVPNL), which will purchase the power generated from the plant. The purchase agreement with HVPNL is under review.

Allahabad Bank logs record net
Tribune News Service

CHANDIGARH, July 22 — Mr Harbhajan Singh, CMD, Allahabad Bank, presented a cheque for Rs 27.14 crore to Mr Yashwant Sinha, Union Finance Minister being the dividend for the year 1998-99.

Allahabad Bank achieved an all-time high net profit of Rs 135 crore recording an increase of 4.5 per cent over previous year. The capital and reserves of the bank stood at Rs 760.49 crore. The capital adequacy ratio of the bank was 10.38 per cent as on 31.03.1999 against the stipulated norm of 8 per cent. The bank launched various new products during the year 1998-99.

Donations for Kargil

Hindustan Zinc Limited has contributed Rs 30 lakh towards National Defence Fund (NDF). The amount has been contributed by the employees of the company by donating one day’s salary. An amount of Rs 50 lakh was also presented by the management of the company to the Ministry of Steel and Mines towards the NDF, a company release said.

Havell’s group, engaged in manufacture of switchgear and other electrical products presented a cheque of Rs 17 lakh to Prime Minister A.B. Vajpayee for the Kargil relief fund. The amount includes one day’s salary of all employees of the group and contributions from its dealers and stockists. Union Communication Minister Kabindra Purkayastha today presented to Mr Atal Behari Vajpayee a cheque for Rs 3.72 crore from employees of the Department of Posts to the National Defence Fund.

Air India employees today presented cheques totalling Rs 1.22 crore to the National Defence Fund and Army Central Welfare Fund. A cheque of Rs 33 lakh was also due to be presented shortly raising the total contribution of the employees to over Rs 1.5 crore. — TNS, agencies

Indian & MIT wrangle

WASHINGTON, July 22 (PTI) — The Massachusetts Institute of Technology (MIT) and an Indian are wrangling over the issue of sharing of profits of a new company started by the latter for the manufacture of a “software radio”. Vanu Bose (34), son of the famous Amar Bose who invented Bose speakers, has started a company for using a patent he developed for his Ph.D at MIT. However, the institute argues that the patient for anything done on its property should belong to it. The Wall Street Journal has reported.

On protests from Vanu, the MIT lowered its demand to $75,000 in licensing from Vanu Inc over eight years, 3 per cent equity in the company plus 1 per cent royalties on hardware, 5 per cent on software, 2 per cent in firmware and 3 per cent in licensed services. “We shouldn’t give away technology just because someone wails a lot,” said a MIT representative. However, negotiations still seem to be on with no decision in place as yet.

Guns on offer for India

LONDON, July 22 (PTI) — Several major companies, including one each from France, the United Kingdom and South Africa, have evinced interest in about $ 2 billion 155 mm towed Howitzer gun contract from India, industry sources have said. India plans to buy at least 200 completed platforms and then build an inventory of about 1,200 to 1,500 guns under licence in the country for the manufacture of 152mm/52 calibre towed Howitzers for mechanised formations.

The sources said that some American armament firms were showing interest in Indian gun market for the first time and were even putting pressure on the U.S. Defence Department to allow the companies to do business with India. Among the companies of other countries who have shown interest in the contract are Giat Industries (France), Marconi (UK) and LIW (South Africa).

PNB branch shifted
From Our Correspondent

LUDHIANA, July 22 — Punjab National Bank today shifted its specialised SSI branch from Chowk Bharat Nagar to Cheema Chowk, Industrial Area, here. Mr Sarabjit Singh, Additional Commissioner, Municipal Corporation, inaugurated the branch and Mr S.K. Chawla, General Manager of the bank (Punjab zone) presided. Those present included Mr J.S. Khullar, Director, S.I.S.I and Mr R.P. Malik, Dy General Manager, SIDBI.

Study on utensil units
From Our Correspondent

YAMUNANAGAR, July 22 — The National Productivity Council, New Delhi, has been entrusted by SIDBI, Lucknow, to study the Jagadhari utensil manufacturing units — the size and structure of firms, interfirm level linkages, the existing status of technology employed, identification of barriers for adopting improved technology and to bring out cost effective measures to upgrade existing technology of the industry cluster.

Bullion
Gold Std Rs 4010
Gold 22-Ct Rs 3860
Silver Ready Rs 7715
Silver delivery Rs 7715

Safety devices
NEW DELHI, July 22 (TNS) — Indo Asian Fusegear Ltd has launched a series of operational safety and power conservative products. .

Zeba outlet
CHANDIGARH, July 22 (TNS) — Zeba, a Mumbai-based company engaged in home textiles, today opened an outlet in Chandigarh. The 100 per cent franchisee store, run by a couple — Jagdeep Chadha and Ratna Chadha — displays home textiles, carpets and durries, soft furnishings for upholstery etc. Zeba exports its products to the USA, the UK, Germany, Sweden and Japan.

Sprite
NEW DELHI, July 22 (TNS) — Coca-Cola India has launched “Sprite” in Delhi after successfully launching it in other parts of the country. Sprite is available in 300 ml glass bottles, 1.5 litre per bottles and 330 ml cans.