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| Tuesday, August 1, 2000, Chandigarh, India   
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M&M profit drops 33 pc CHANDIGARH, July 31 — Punjab Tractors Limited has recorded a 29.4 per cent drop in net profit for the quarter ended June 30, 2000, at Rs 24.70 crore as against Rs 35 crore a year ago. US firm to copyright chicken B.M. Lal to be MRTPC
Chairman MTNL profit jumps 13.5 per cent ICICI offers housing loans
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Canada revises
processing fees
IOC net dips 21 pc
MUMBAI, July 31 (PTI) — Mahindra & Mahindra today reported a 33.13 per cent drop in its net profit to Rs 34.28 crore for Q1 ended June 30, 2000, against Rs 51.27 crore during the corresponding quarter the previous year. Net sales and income from operations dropped by 2.77 per cent to Rs 848.49 crore (against Rs 872.67 crore). The company said sales tax rationalisation as well as drought and famine conditions in some states affected the buoyancy of the rural markets resulting in a slowdown of demand on domestic utility vehicles. There was a 13 per cent drop in vehicle sales, 13,624 units this Q1 against 15,581 the previous quarter. However, it performed better in the light commercial vehicle market by selling more units — 1,904 units against 1,464 units. The share in the tractor market also improved as it sold 19,792 tractors against 19,661 the previous Q1. The company will launch its “Bolero” as a utility vehicle this fiscal and in the current quarter will enter the market with a new tractor in the 35 HP segment. The “Scorpio” range of utility vehicles, which are to spearhead M&M’s entry into the manufacture in the next generation of vehicles and eventually become the platform for all its multi-utility vehicles, are to be launched next year. During the Q1, M&M made an investment through its subsidiary Mahindra Information Technology Services in the equity capital of Mahindra Info Tech Inc, making it a wholly-owned subsidiary. Certain long-term investment in a subsidiary amounting to Rs 3.66 crore were also
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PTL net profit falls 29 pc CHANDIGARH, July 31 — Punjab Tractors Limited has recorded a 29.4 per cent drop in net profit for the quarter ended June 30, 2000, at Rs 24.70 crore as against Rs 35 crore a year ago. Its sales for the quarter were Rs 249.78 crore, registering a 21.2 per cent decline from Rs 317.13 crore in the correspondent quarter of the previous year. The company’s total expenditure for the period stood at Rs 210.08 crore as against Rs 266.43 crore a year ago. Significantly, PTL has regained its No. 2 slot in industry with a market share of 18.3 per cent for the first quarter of the current fiscal 2000-01, said Mr Yash Mahajan, the company’s Vice-Chairman and Managing Director in a statement here
today. PTL’s gross profit margin for the first quarter has moved up to 18.5 per cent (last year 18.4 per cent) on a total revenue of Rs 215 crore. Despite subdued market conditions, the company has generated an impressive gross profit of Rs 39.7 crore, entirely from operations with only Rs 76 lakh of other income, he
said. PTL has retained its pivotal position in the stronghold markets of Punjab, UP, Madhya Pradesh and Gujarat, while posting significant gains in the emerging markets of Bihar, Maharashtra, Andhra and Tamil Nadu. PTL’s April-June quarter sale of 10,500 tractors include 2,100 of the Swaraj 744 model in the 40-50 HP range. For the financial year 2000, PTL has declared a total dividend of 260 per cent. It has also announced a 2:1 bonus for which August 5 has been fixed as the record date. After the bonus issue, near 92 per cent of the equity of Rs 60.75 crore would comprise bonus shares. |
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US firm to copyright chicken A US biotech company plans to create a strain of chicken genetically engineered to have an extra large breast to yield more meat, with a DNA copyright tag inserted among its genes to stop anyone breeding it without permission. If successful, the firm, AviGenics, based on the campus of the University of Georgia in Athens, would be one of the first to enable GM meat to appear on US supermarket shelves, opening up new tensions with Europe over genetic engineering in food. AviGenics is already one of three US companies racing to turn poultry into drugs factories — adding human genes to chickens to create “transgenic” birds, which would then produce human proteins such as insulin in their egg whites. AviGenics claims to have already created transgenic roosters that have successfully passed on to new generations of chicks the human gene for a substance called alpha interferon, used to treat hepatitis and certain cancers. The company hopes to use the same technology to create a new kind of everyday eating chicken. Instead of adding human genes to make birds lay drug-rich eggs, genes — not necessarily human — would be added, or chicken genes removed, to give the birds bigger breast muscles, faster growing rates or greater disease resistance. To keep proprietorial control over these valuable new animals, AviGenics is working on a novel kind of trademark, a unique sequence of DNA which would be introduced into the chicken’s genes. The “trademark” would not only be locked into each of the chicken’s millions of cells, but also would be handed on to the bird’s offspring indefinitely. Contacted by The Guardian last week, the chief executive of AviGenics, Carl Marhaver, confirmed that his company was working to create genetically engineered and trademarked poultry for the dining table, but did not want to comment further. Referring to recent protests in Minneapolis during a conference on animal genetics, he said he did not want the firm “to become an exhibit in an anti-GM article”. AviGenics does not plan to raise and market GM chickens itself, but to make its new strains available to large, well established poultry breeders. “Poultry breeders are concerned about improving the quality of life for their flocks. Genetic modification of the chicken genome will eventually impact disease resistance, improving the quality of life for birds.” Until now it had been thought that the first GM animals likely to reach the consumer were farmed fish, genetically engineered to grow faster and bigger or to survive in colder waters than their natural cousins. Research into GM fish is particularly advanced in Canada. Concerns have already been voiced about the dangers of GM fish escaping and mating with their wild counterparts. But proponents of GM chickens could argue that centuries of selective breeding have already produced birds as different from their wild ancestors as a musclebound GM superchicken would be from one of today’s standard broilers. In the short term, AviGenics’ investment in GM chickens for food seems to depend on its success or failure in producing GM chickens to make drugs. The technology behind genetic engineering of birds is difficult. Sceptics point out that the companies working with chickens, citing commercial secrecy, have been coy about publishing their work in scientific journals. But if chickens can be made to lay the golden eggs of high-value pharmaceuticals, they will be more cost-effective for would-be “pharmers” than other, existing, GM animals being developed to produce drugs in their milk, such as sheep, cows, goats and rabbits.
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B.M. Lal to be MRTPC
Chairman NEW DELHI, July 31 (PTI) — The government today announced appointment of Justice B.M. Lal as Chairman of MRTP Commission following clearance from Chief Justice of India A.S. Anand, who earlier had taken serious objection to non-consultation on the issue by the former Law Minister Ram Jethmalani. Law Ministry sources said the government announced the appointment after it received the consent of Chief Justice on Friday. The new Chairman is likely to take oath this week, the sources added. Justice Anand had drawn the Prime Minister’s attention to the violation of tradition of consultation when Jethmalani requested him to administer oath of office to Justice B.M. Lal, who retired as Chief Justice of Patna High Court. Justice Anand was of the opinion that it was mandatory on the government’s part to consult him on such appointments, but Jethmalani’s view was that there was no need for such consultation when a retired judge was being appointed. This led to angry exchange of letters between the former Law Minister and the Chief Justice. The CJI had written to Jethmalani saying “You will surely agree that the practice of consultation with the head of the judicial family is a salutory one. It inspires confidence in the minds of the litigating public about the independence and competence of the judicial body whatever be its nomenclature — exercising vast and important powers.” The Chief Justice sent his views on the appointment of Justice Lal to the government on July 28. The sources in the Law Ministry said
the new Chairman is likely to be administered oath of office this week.
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MTNL profit jumps 13.5 per cent MTNL on Monday announced 13.5 per cent jump in net profit for the quarter ended June 2000 at Rs 369 crore compared to Rs 325 crore in the corresponding period last year.MTNL’s turnover for the period registered a growth of 10.9 per cent and stood at Rs 1,400.7 crore during April-June 2000 as against Rs 1,263.7 crore in the same period last year. During last financial year, company had reported a net profit of Rs 1,087.8 crore on a turnover of Rs 5,182.2 crore. Company’s earning per share (EPS) at the end of June 2000 was Rs 23.43 against the annualised EPS of Rs 17.27 for 1999-2000 at the share capital of Rs 630 crore. Rhone-Poulenc: The company’s net sales have risen to Rs 64.86 crore, representing a 17 per cent rise over the corresponding period (Rs 5.38 crore) last year. The earnings per share had risen to Rs 15.78 for the quarter over Rs 12 for the corresponding period last year. Indo Rama: Eicher: NRB Bearings: Aptech: —agencies
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ICICI offers
housing loans CHANDIGARH, July 31 — From tomorrow onwards residents of Chandigarh, Panchkula and Mohali can take loans for the purchase, construction and extension of houses from ICICI Home Finance Company. The rates of interest are “competitive” and the loan is offered at the doorstep without any additional payment. Announcing this at a press conference here today, an official of the company ruled out home loans on the basis of power of attorney. “Loans can be extended only for recognised legal transactions”, he said. Chandigarh will be the 14th city in the country where ICICI home loans will be available. Ludhiana and Jalandhar are also on the company’s agenda for expansion. The interest rates offered to the customers are as follows: Tenure Rate of interest (For resident Indians) 1-5 years 11.25 per cent For non-resident Indians
1-5 years 11.25 per cent
Canada revises
processing fees NEW DELHI, July 31 — The Canadian High Commission has revised immigrant and visitor application processing fees effective from August 14 to reflect fluctuations in the exchange rate of the Indian rupee against the Canadian dollar. The revised fees will be Rs 15,000 for application for permanent resident, Rs 3,000 for dependant under age 19, who is not spouse, and Rs 15,000 for dependant (19 and over, spouse). Returning resident permit will cost Rs 2,250 while right of landing fee has been fixed at Rs 29,250. Regarding visitor fees, individual-single entry has been fixed at Rs 2250; Individual-multiple entry Rs 4,500 and Maximum family rate at Rs 12,000. Student authorisation will cost Rs 3,750, employment authorisation-individual Rs 4,500 and group fee (for entertainment group) (2 to 14 persons) Rs 13,500. Fees are for processing of the application only and are non-refundable except for the right of landing fee. Bank drafts are to be made in favour of the Canadian High Commission payable at New Delhi. |
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Bill on state panels NEW DELHI, July 31 — Union Finance Minister, Mr Yashwant Sinha, today introduced a Bill in the Lok Sabha seeking to restructure the State Financial Corporations. The Bill seeks to provide these corporations with more authorised share capital and an enlarged number of shareholders. The State Financial Corporations (Amendment) Bill also seeks to permit issue of share capital upto 49 per cent to the public and allow these to reduce or convert the existing share capital. Restrictions on issue or sale of bonds, debentures and borrowing of money by the State Financial Corporations are proposed to be removed.
Restructuring of their boards of directors and executive committees is also proposed to enable these to exercise greater functional autonomy and operational flexibility.
IOC net dips 21 pc NEW DELHI, July 31 — Indian Oil Corporation Ltd (IOC) today announced a fall of about 21 per cent in net profit at Rs 509 crore during the first quarter of current fiscal despite a 37.3 per cent increase in turnover. The net profit at Rs 509 crore for the first quarter is lower than the net profit of Rs 646 crore achieved during April-June 1999-2000. However, gross turnover for the first quarter of 2000-01 was higher at Rs 26,740 crore as against Rs 19,478 crore during the corresponding period last year. |
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Tax collection CHANDIGARH, July 31 (TNS) — Mr A.K. Bhargava, General Manager, Punjab National Bank, Northern Zone in a statement released here said that in northern zone consisting of Haryana, Himachal, J&K and UT Chandigarh, three more branches of PNB Sector 9 Chandigarh, Industrial Area Chandigarh and Khera Bazar Jagadhri have been authorised to collect direct taxes in addition to the 61 branches already doing this
job.
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J&K Bank NEW DELHI, July 31 (PTI) — Jammu and Kashmir Bank has posted a 30 per cent increase in net profit during the first quarter of 2000-01 at Rs 37.07 crore. The bank has also declared a dividend of 35 per cent for the year 1999-2000 as against 30 per cent of the previous year. The total income of the bank for the first quarter of the current fiscal was Rs 280.32 crore, an increase of 31 per cent over Rs 214.67
crore.
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SBI camp CHANDIGARH, July 31 — State Bank of India today organised a comprise-cum-recovery camp at its ADB Naraingarh branch, to settle chronic loan accounts. Those borrowers who have their loans accounts at ADB Naraingarh. Naraingarh, Sarawan, Pathreri and Khatouli branches were called at this camp. Many cases were considered and settled on the spot.
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Heartcare on Internet Dr Bimal Chhajer, founder of Saaol Health and Research Foundation, speaking at the launch function here said that users could visit the site www.saaol.com and pick up 14 detailed forms. These forms are to be filled by patients and their personal physician/cardiologist giving accurate details about the patient’s medical history. Based on this information, detailed personalised guidance will be offered to the patient. There are over three crore CAD patients in India today of which 25 lakh die of heart failure every year. — UNI Zee Malamaal
— a birthday gift President of Zee Telefilms Sainath said “Zee Malaamal” was not aimed at eclipsing “Kaun Banega Crorepati”, being compered by Amitabh Bachchan. Zee plans to penetrate the non-Hindi speaking regions by launching channels in Punjabi, Gujarati and Marathi. “And to get closer to viewers on the occasion of its “birthday”, Zee will go interactive live and find out the opinions within a day”, he said.
— UNI Business to
Teenagers Launched in 1998, it is now a fairly comprehensive portal and has attracted advertisers wishing to target the youth market. All the work has been done after school, at weeknds or during the holidays. The market for online services for teenagers is frenzied, with the launch of a number of bid players such as MyKindaPlace, Wowgo and Swizzle. Drawing from the existing Business to Business and Business to Consumer abbreviations, the sector has developed its own acronym — B2T for Business to Teenagers.— The Guardian |
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