Thursday, October 28, 1999
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B U S I N E S S | Thursday, October 28, 1999 |
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3 CMs to
discuss economic agenda
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Gold continues downhill
march
SBI trophies for social services Oswal mill told to buy sugarcane India Cements acquires Sri Vishnu
Cement |
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3 CMs to
discuss economic agenda CHANDIGARH, Oct 27 — The Chief Minister of Punjab, Haryana and Himachal Pradesh will deliberate on economic issues of regional importance at a session being organised by the CII here on October 30. The CII has invited Dr Rakesh Mohan, Director General, NCAER, to make a presentation to the three Chief Ministers on state finance. The key issues to be taken up include:
The CII expects that State leadership to address new realities of shift in the economic decision-making from the Centre to State. Populist must get replaced by economically viable schemes and the northern States must move towards a common market. According to the CII,
public goods are not free goods but have an economic cost
and a market price, be it electricity, public transport
or water. |
40 lakh
Central excise evasion detected CHANDIGARH, Oct 27 — The Central Excise (Preventive Staff) of Chandigarh Commissionerate-II has detected evasion of Central excise of Rs 40 lakh by suppliers of rail coach parts and processed fabrics at Kapurthala and Amritsar. According to Mr Inder Raj Soni, Commissioner, Chandigarh Commissionerate-II, the detection was made on the basis of intelligence. Acting on a tip off, a team of preventive staff led by Mr Rajiv Kapoor, Deputy Commissioner, detected two major cases of evasion of Central excise worth Rs 25 lakh by suppliers of rail coach spareparts to the Kapurthala Rail Coach Factory. The modus operandi adopted by these suppliers, Mr Soni said, was that they were receiving some of the raw materials like MS sheets from the rail coach factory and using these for manufacture of railparts. While clearing these finished goods, the manufacturers were resorting to undervaluation by paying duty only on the job charges received from the rail coach factory in contravention of the Central excise law. A case has been registered against Royal Enterprises, Kapurthala, for the evasion of Central excise worth Rs 24 lakh. Similarly, in another case it was noticed that Mohan Rail, Kapurthala, had adopted the same modus operandi by clearing rail coach parts by paying duty on job charges only, and thus undervaluing their products. However, the company has voluntarily deposited the evaded duty of Rs 1 lakh on the spot at the time of the visit of the preventive officers. At Amritsar, Mr Soni
said, two cases against the two processors were detected
by conducting 'nakas' at sensitive points during odd
hours. The processing units were clearing processed
fabrics without proper account in their records. The
offending fabrics were cleared in their van as well as
auto-rickshaw which have been seized. A scrutiny of the
statutory records reveals that these processors did not
discharge their full duty liability for the past four
months. As a result, the two cases of Central excise
evasion amounting to Rs 14 lakh have been booked against
the offending units. |
ACC net
slumps 87 pc ACC net profit fell by a steep 86.76 per cent in the second quarter of 1999-2000 leading to a 58.81 per cent drop for the first half of the current year. Net profit for April-September 1999 dropped to Rs 8.69 crore compared to Rs 21.10 crore in the corresponding period of last year. The company net profit for three months ended September 30, 1999 stood at a meagre Rs 1.67 crore against Rs 12.62 crore in the same quarter of 1998-99. The fall in net profit was despite net income from operations in the first half increasing by 11.50 per cent to Rs 1,328.19 crore. The growth in the second quarter was 9.12 per cent to Rs 627.72 crore. With the bottomline levels in the first half, ACC appears unlikely to reach the 1998-99 net profit figure of Rs 56.84 crore, in the current year. Hindustan Lever Limited has registered a 27.7 per cent rise in its net profit at Rs 285.20 crore on a 7 per cent increase in turnover at Rs 2,451.59 for the third quarter ended September 30, 1999. For the nine months ended September 30, 1999 it has reported a 25.8 per cent increase in net profit at Rs 724.82 crore over a 7 per cent increase in turnover at Rs 7645.31 crore. HLL reported a PBT of Rs 374.29 crore for the reporting quarter while the PBT for the nine month period stood at Rs 956.62 crore (nine months 1998, Rs 813.05 crore). Britannia Industries Ltd’s net profit jumped 24 per cent to Rs 12.7 crores during the quarter ended September 30, 1999, compared to Rs 10.2 crores in the same quarter last year. Net sales during the quarter were up by 15 per cent to Rs 305.4 crore during July-September 1999, according to a release by Britannia. ICI India has reported a 20.37 per cent rise in net profit during the second quarter ended September 30 at Rs 17.96 crore compared to Rs 14.92 crore during the corresponding period last year. Parke-Davis (India) has recorded a 42 per cent increase in its net profit at Rs 8.14 crore for six months ending September 30 despite a marginal growth in sales of Rs 101.01 crore (Rs 100.83 crore). For the quarter ending September 30, net profit was Rs 4.31 crore (Rs 2.32 crore) on sales of Rs 52.93 crore (Rs 49.7 crore). IDBI has reported a sharp drop in net profit in the second quarter of 1999-2000 by 40.23 per cent to Rs 205 crore even as its income from operations went up during the same period by a modest 6.18 per cent to Rs 1,924 crore compared to Rs 1,812 crore in the second quarter last year. Torrent Pharmaceuticals Ltd (TPL) has recorded a net profit of Rs 18.80 crore for the quarter ended September 30, 1999, representing an increase of over 75 per cent over last year’s Rs 10.70 crore in the corresponding period. ABB Ltd has posted a 32.30 per cent fall in net profit at Rs 3.08 crore for the quarter ended September 1999 on a net sales of Rs 183.02 crore, which is a drop of 8.44 per cent over the same period last year. Nirma Ltd has registered a gross sales and net profit of Rs 405.30 crore and Rs 64.32 crore, recording a growth of 19.80 per cent and 65 per cent respectively over the corresponding period of the previous year. At Rs 824.60 crore, the gross turnover for the first half is up by 26.4 per cent and at Rs 115.47 crore, net profit is up by 67.2 per cent. Hindustan Motors on
Wednesday reported a net loss of Rs 22.70 crore during
the second quarter ended September 30, 1999. In the same
quarter of previous financial year, the company had
reported a net profit of Rs 3.21 crore. |
Ballarpur net vaults by 345 per cent NEW DELHI, Oct 27 (UNI) — Ballarpur Industries Limited (BILT) has registered a 345 per cent growth in net profit during the second quarter of this financial year against Rs 2.97 crore during the corresponding period the previous year. The Board of Directors at a meeting today granted approval to the company’s plant to acquire pulp business of APR, a group company. The company will be issuing fully-paid equity shares of Rs 10 each directly to the shareholders of APR Limited in the ratio of 3:10. The company attributed
the rise in its earnings to all-round operational
efficiencies at the paper units at all levels
post-restructuring to run BILT as a focussed paper
company. |
ICICI Bank net profit up 46 per cent MUMBAI, Oct 27 (PTI) — ICICI Bank Ltd has reported a 46.71 per cent climb in its net profit to Rs 44.10 crore in the first half of the current fiscal from Rs 30.06 crore in the corresponding period last year. Net profit in the quarter ended September 30, 1999, has gone up by 79.05 per cent to Rs 23.85 crore from Rs 13.32 crore in the corresponding quarter last year. Total income rose 61.14 per cent to Rs 442.57 crore in the April-September period this year as against Rs 274.64 crore in the same period in the previous year, according to the bank’s audited financial results for the first half of the running fiscal released here today. Total income in the second quarter of the current fiscal has risen 43.6 per cent to Rs 220.37 crore from Rs 153.48 crore in the same period in the previous year. The interest income of
the bank during the first six months of 1999-2000 has
increased 65.52 crore to Rs 387.58 crore from Rs 234.16
crore last year. Other income also climbed 35.84 per cent
to Rs 54.99 crore from Rs 40.48 crore. |
Amritsar
industrialists air grievances AMRITSAR, Oct 27 — A high rate of taxation, non-payment of industrial subsidy, lack of infrastructure and high bank interest were among the issues local industrialists aired during an open house discussion organised by the Deputy Commissioner in association with the Department of Industries here on Monday. A leading businessman, Mr Dilbir Singh, criticised the State Government for not releasing cash subsidy for the last about five years to the new units which has added to their burden. He echoed the sentiments of other small-scale entrepreneurs reeling under high bank interest rates with no subsidy given. Mr Dilbir Singh recalled the assurance given by the Principal Secretary to the Chief Minister, Mr Ramesh Inder Singh, during his visit to the city in July this year, that the Punjab Government had kept a provision of Rs 45 crore for this purpose but nothing had come their way till date. The industrialists urged the State Government to give subsidy on a priority basis to the units in this border district. Mr J.S. Brar, who manufactures quality agriculture implements, said the engineering units here lacked the quality testing labs which affected the improvement and production of new items and thus were unable to meet competition. Mr Brar regretted that industrial focal points were not offering plots to genuine entrepreneurs. Unscrupulous persons were trading in land, leading to profiteering. He suggested the Government should not extend the amnesty scheme to those who fail to construct plots earmarked for industrial units. A large number of industrialists targeted their ire at the enforcement wing of the sales tax which was harassing the business community. The higher rate of taxation and lack of infrastructure were causing concern to SSI units, especially paint units. A spokesman of paint manufacturers said that high sales tax, octroi and bank interest rates were making their units unviable. A leading basmati rice exporter, Mr Amrik Singh, expressed anguish over the lack of State Government support to exports. While under the Central rules all exporters were exempted from local taxes, including sales or purchase tax, the Punjab Government was forcing them to pay the same thus making their exports uncompetitive and unviable. He urged the Deputy Commissioner to seek a clarification of account of purchase tax which was as high as 4 per cent along with 1 per cent cess. Added to that was the market fees and rural development fund. Mr Mohinder Singh Kochar, who had set up a mink blanket manufacturing plant with foreign collaboration two years ago, lamented that while the State industrial policy had given blanket exemption on sales tax for a period of eight years, the department was not giving any relief on 2.2 per cent purchase tax on acrylic fibre. The DC, Mr Narinderjit
Singh, assured them that he would personally monitor
their grievances. He asked industrialists to take woes to
the single window system where a senior officer of the
department concerned would be called to redress their
problems. |
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NEW DELHI, Oct 27 (PTI) — Gold prices nosedived on the bullion market today on fresh wave of selling by stockists influenced by a steep fall in its prices in the international markets and closed with hefty losses. Silver also turned weak for want of support and settled lower. Standard gold and ornaments lost Rs 65 each at Rs 4560 and Rs 4410 per ten gram respectively. Sovereign was unchanged
at Rs 3900 per piece of eight gram. Silver .999 (ready)
declined by Rs 35 at Rs 7935 per kilo and weekly delivery
by Rs 30 at Rs 7935 per kilo. Silver coins were quoted at
previous levels of Rs 11,200/11,400 per 100 pieces. |
UCO’s
deposits rise by 822 crore CHANDIGARH, Oct 27 —Uco Bank today announced its half-yearly results for the period ended September 1999. The Operating profit of the bank is Rs 40.35 crore, the deposits and advances have gone up to Rs 14,662 crore, and Rs 6292 crore showing an increase of Rs 822 crore and Rs 581 crore respectively over March 1999. The Zonal Manager of bank’s Chandigarh zone, R.K. Samaiya said that the zone has registered a net profit of Rs 7.51 crore in the first half of the current fiscal compared to Rs 4.05 crore for the corresponding period last year. The deposits have also grown from Rs 1062 crore as on March 1999 to Rs 1140 crore. Mr Samaiya said the loss
making branches have substantially come down from 34 to
10. The bank has already launched special settlement
scheme for reduction of NPAs. |
SBI
trophies for social services CHANDIGARH, Oct 27 — Mr Prabhakar Sharma, Chief General Manager , SBI Chandigarh Circle, today awarded trophies to the branches for community service banking activities during 1998-99. Mr Sharma said the branches have conducted 3,573 community service banking activities during 1998-99, which is a record since the inception of the Circle. These include 74 blood
donation camps, in which 4403 units of blood were
donated; 994 medical check-up camps/veterinary/family
welfare camps, 341 tree plantation drives in which about
43,000 saplings were planted and 136 adult literacy
classes were organised in remote areas. Campaigns were
undertaken to clean the environment and slum areas. |
Oswal mill
told to buy sugarcane PHAGWARA, Oct 27 — District Magistrate V.K. Singh today invoked Section 144, CR. PC, against the local Oswal Sugar Mill ordering its management to sign by October 29 an agreement with cane-growers for the purchase of sugar cane. An official press note here said the management had also been ordered to start the purchase of cane in the first week of November at a price fixed by the Government. These orders will remain in force till February 15 next year. The orders had been
issued due to the mills, dilly-dallying on the issue
which had led to resentment among cane-growers, and to
maintain law and order. |
India Cements acquires Sri Vishnu Cement HYDERABAD, Oct 27 (UNI) — The India Cements group acquired Sri Vishnu Cement Limited (SVCL) after reaching a compromise settlement today. Under the compromise memorandum, the India Cements group has acquired 88.50 per cent of the paid-up capital of Sri Vishnu Cement Ltd (SVCL), including the disputed 39.5 per cent holding in SVCL held originally by Raasi Cement Ltd at a total cost of about Rs 115 crore. As the acquisition by
India Cements and ICL Securities, an India Cements
subsidiary, amounts to approximately 90 per cent of
equity of SVCL, ICL Securities, with India Cements acting
in concert, will come out with an open offer to acquire
the remaining holding in the company, India Cements
Managing Director N.Srinivasan said. |
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