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| Wednesday, November 1, 2000, Chandigarh, India   
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Reliance net rises 20 pc, Wipro grows Companies Act
synergised with IT Act Chautala to
visit IT expo on Nov 3 ‘Trade fund’ to woo retail investors VSNL posts profits |
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Vardhman profit rises PTL net falls 12.95 pc Japan to
expand ties with India Intel picks up
stake in Career Launcher Insecticides
Act to be simplified Transport strike from November 3
People versus corporates ‘Millionaire
...
is down’
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Reliance net rises 20 pc, Wipro grows Reliance Industries (RIL) on Tuesday reported a 20.09 per cent rise in the net profit at Rs 735 crore for the second quarter of this fiscal from Rs 613 crore in the corresponding period last year. The company sales turnover stood at Rs 8,394 crore during the period ended September 30 against Rs 4,836 crore in the previous Q2. For the first half, RIL registered a record net profit at Rs 1347 crore, up 20 per cent over Rs 1122 crore. Wipro Glaxo India Apollo tyres Morepen Lab Exide L&T IDBI Eicher Mico Bata India BPL Voltas Videocon ITC Bhadrachalam Duncans Silverline Procter and Gamble Indo-Asian Fusegear LML Computech Intl — TNS & agencies |
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Companies Act
synergised with IT Act NEW DELHI, Oct 31 — The government has directed all Regional Directors and Registrars of Companies to allocate a Corporate Identity Number (CIN) to each company registered on and after November 1,2000 to make corporate sector most investor-friendly. The CIN assigned to a company will indicate listing status, economic activity (industry), state in which incorporated, year of incorporation, ownership and sequential number assigned by Registrars of Companies (ROCs). This will help investors chose the companies for their investments. The Department of Company Affairs (DCA) has stated this in a circular to Regional Directors and Registrars of Companies. The introduction of CIN follows implementation of the recommendations of E-Corporate Business Working Group to Synergise the provisions of the Companies Act, 1956 with the Information Technology Act, 2000. With this, the process of introduction of E-Corporate Governance commences in the Department of Company Affairs. Measures are also afoot to follow the CIN with the introduction of e-filing of various returns like annual report, balance sheet accounts and so on shortly. The CIN has been designed to help identify easily companies belonging to a state, industry, ownership or age. It will be a 21-digit number. The first letter denotes the listed or unlisted company. The first five digits represent the economic activity of the company, the second two represent the state in which the registered office of the company is located, the next four indicate the year of incorporation of the company, still next three indicate ownership code. The last digits in the CIN are the unique number assigned to every company in any particular economic activity, in a particular state, particular year of incorporation and a particular ownership category. |
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Chautala to
visit IT expo on Nov 3 CHANDIGARH, Oct 31 — Haryana Chief Minister Om Prakash Chautala will lead a high-level official delegation to IT.Com 2000, a world IT Expo being held at Bangalore on November 3 on the invitation of Karnataka Chief Minister SM Krishna as a part of his continued efforts to make Haryana a leading state in information technology. Mr Chautala’s visit to this hi-tech exposition IT to seek the assistance of top ranking IT companies for Haryana is a significant step after his foray into the South-East Asian countries, which has already opened new vistas of collaboration with foreign countries in the thrust areas like information technology sector, theme parks, e-governance, education and automobiles. As the IT.Com will be a global investment meet, Mr Chautala would put in efforts to utilise this platform to crystallise investment in the state by following three-pronged strategy. Mr Chautala and his team would follow up the preliminary work done during their recent visit abroad by focussing on Singapore based companies. The delegation will also concentrate on the IT companies from the USA and other foreign countries to share experiences in IT and also have meeting with a team from the Silicon Valley for establishing a cyber city.
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‘Trade fund’ to woo retail investors NEW DELHI, Oct 31 (UNI) — The Delhi Stock Exchange has decided to create “Trade guaranteed fund” and extend terminal networking from 75 at present to 100 cities by the end of the year as part of efforts to
instil confidence in small investors. Addressing a meeting organised by the Associated Chambers of Commerce and Industry of India (Assocham) yesterday, DSE President Bharat Bhushan Sahny said, “The exchange has also established an Investor Protection Fund for speedy redressal of the complaints received from the investors.” Mr Sahny also said, revival of the capital market is essential to protect the interest of the retail investors through a series of measures and greater transparency. Unfortunately, compared to the size of the country the number of players in the capital market are only 19 million shareholders, 23 million unit holders and five million debenture holders. He said, though the situation has slightly improved in the last few years, lot more remains to be done in order to improve the equity culture. Responding to the suggestion made by Assocham past President H.L. Somany, to revive the sentiment of the retail investors and enthuse them to return to the stock market, Mr Sahay said, during the last five years automation in the stock market has helped to induce transparency in operations and DSE conducts 55,000 to 75,000 trades per day and generate a business of over Rs 250 crore. To elaborate further, he said, today 99.7 per cent of shares traded in Delhi are on Demat to ensure that only genuine shares are traded. In order to ensure quick deliveries and settlement, the DSE has appointed four bankers to function as clearing bankers so that inter-state cheques are cleared expeditiously. Computerisation has also made it possible to have two way quotes on the stock exchange. Mr Somany stressed the need for serving retail investors at a reasonably ‘fair market’ and be assured that the system works. Unfortunately, for India, the situation is not conducive for investors. In fact, experts view that between 1992 and 1996, 72 per cent of the amount invested has been lost. This has shattered investors confidence and the retail investor is wary of channelising his savings in the capital market. Besides, the market system must provide a means of protecting investors from the risk of defaulting brokers land sub-brokers. There is need for improved disclosure norms and enhancing the quality of and access to information. Entry barriers should be reviewed, over the counter exchange should be promoted and Demat trading should be expedited. |
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VSNL posts profits NEW DELHI, Oct 31 (UNI) — Videsh Sanchar Nigam Limited (VSNL) today posted a net profit higher than last year at Rs 730.1 crore and a stronger total revenues which stood at Rs 3676 crore. The net profit of the company was Rs 701.7 crore in the first half of last year. Announcing its unaudited financial results for the first half of the financial year 2000-2001, VSNL has revealed a higher total revenue at Rs 3676 crore as against Rs 3569 crore in the corresponding period. Revenues from value-added services were higher at Rs 340 crore while it was Rs 295 crore as on September 1999. The Internet revenues also grew by 32 per cent to Rs 129 crore. It was Rs 98 crores in 1999. |
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Vardhman profit rises LUDHIANA, Oct 31 — The net income and profits of Vardhman Polytex Limited and Vardhman Spinning and General Mills Limited have registered a increase for the quarter ended on September 30 as compared to the corresponding quarter of the previous year. However, the net income as well as profits of Mahavir Spinning Mills Limited has shown a marginal decline during that period as compared to the corresponding period in the previous year. The net income of Vardhman Polytex Limited increased to Rs 73.52 crore in comparison to Rs 58.39 crore in the corresponding quarter of previous year, showing an increase of 26 per cent. The net income of Vardhman Spinning & General Mills Limited has increased to Rs 127.70 crore in comparison to Rs 110.68 crore. The income of Mahavir Spinning Mills Limited has marginally decreased from Rs 179.38 crore to Rs 173.23
crore.
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PTL net falls 12.95 pc NEW DELHI, Oct 31 (UNI) — Punjab Tractors Limited has posted a 12.95 per cent drop in net profit at Rs 30.9 crore for the second quarter of 2000-01 as compared to Rs 35.5 crore a year ago. Net sales for the second quarter stood at Rs 246.5 crore as compared to Rs 230.19 crore last year. Other income has decreased from Rs 7.32 crore in the second quarter of 1999-2000 to Rs 90 lakh this year. Despite industry decline continuing in the second quarter of current fiscal, Swaraj Tractor sales registered an increase reaching 11,638 units as against 11,233 units for same period last year. This growth has been accompanied by an improvement in market share for the quarter to 18.7 per cent from 17.7 per cent posted for the second quarter of 1999. In this performance new models have made a large contribution both to volume growth and in margin improvement. |
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Japan to
expand ties with India NEW DELHI, Oct 31 — A visiting high-power business delegation from Japan has brought a letter from Japanese Premier Yoshiro Mori for Prime Minister Atal Behari Vajpayee which expresses a strong desire to expand ties. The high power delegation, consisting of Association of Economic Associations (Keidanven) and Japan Chambers of Commerce and Industry, held detailed discussions with the External Affairs Minister, Mr Jaswant Singh and the Finance Minister, Mr Yashwant Sinha. The delegation is being jointly led by Mr Iami who is also the head of Nippon and Mr Kawmato who is the head of Honda Motors. Mr Singh and Mr Sinha, during their respective interaction with the visiting delegation, said that Japan should look into investments in India not only in the IT sector but also in old sectors like infrastructure and food processing. The delegation called on the President, Mr K.R. Naryanan today evening. |
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Intel picks up stake in Career Launcher NEW DELHI, Oct 31 (PTI) — Global chip maker, Intel Corporation, has acquired a stake in Career Launcher India, a senior company official of the web-based education provider said today. “We have received funding from Intel Capital, the strategic investments arm of Intel Corp, in the form of minority equity,” Career Launcher Chairman Satya Narayanan R told reporters here. He, however, declined to disclose details but said Intel would not have any member of the company’s board of directors. “The investment would be used for developing a web platform for delivering content for schools and colleges, increase training programmes and study centre,” Narayanan said. He said the company was actively looking at mergers and acquisitions to expand its network in the country and to offer other educational products like engineering and medical “We are also planning to go international within the next two years,” Narayanan added. Career Launcher is targeting a turnover of Rs 8 crore in the current fiscal and Rs 100 crore within three years, he said.
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Insecticides
Act to be simplified NEW DELHI, Oct 31 — Minister for Chemicals and Fertilizers, Sundar Lal Patwa has said the Insecticides Act will be simplified to make the use of pesticides more farmer and environment friendly. Addressing members of the Consultative Committee attached to his Ministry, Mr Patwa said his department also plamed to work further on the debureaucratisation and simplification of procedures in an effort to bring the existing regulatory framework in India in line with the international practices. The department is also examining ways in which a proactive role can be played in promoting the pesticides industry, particularly its export potential. He also emphasised that with the liberalisation of the economy and opening up of the world market, the pesticides industry faces new challenges in the times to come. The Minister said stipulations under the WTO and Intellectual Property Rights are in particular relevant to the pesticides industry.
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Transport strike from November 3 NEW DELHI, Oct 31 — The indefinite strike from November 3 called by the All Indian Motor Transport Congress against the hike in diesel prices, suffered a set back today, with a truckers dissociating from it. “The strike call is given by goods booking companies and transport contractors (transporters), who have already passed on the inflationary impact of hike in diesel prices to the customer. Truckers have nothing to do with the strike call,” said the president of Goods Vehicle Owners’ Association President, Mr B Channa Reddy. Stating that the transporters’ organisations were shedding ‘crocodile tears’ on diesel price hike, he said transporters have already hiked freight charges but have declined to share it with the truckers who are actually bearing the burden of the hike.
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Rupee at new all-time low MUMBAI, Oct 31 (PTI) — The rupee ended at yet another new all-time low against the u s currency today on the back of a late spurt in dollar
demand from corporates and importers amidst stringent supplies. In nervous but choppy trade at the interbank foreign exchange (forex) market, the rupee logged a fresh record-low closing quote of Rs 46.85/87 per dollar, a whopping 22 paise decline from the overnight finish of Rs 46.62/65.
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Awareness week NEW DELHI, Oct 31 — NFL has decided to bring about transparency in the decisions taken in all areas of management to enable improvement in productivity, the Chairman and Managing Director of the fertiliser company, Mr Dinesh Singh said here today. He said the NFL would spread this message during the Vigilance Awareness week (October 31 to November 4) being observed at its units in Bathinda, Panipat, Nangal and Vijaipur. |
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SBI CHANDIGARH,
Oct 31 (TNS) — State Bank of India, Chandigarh Circle organised a
function to launch “Vigilance Awareness Week”. The awareness week
is being observed from Oct 31 to Nov 4 in the circle. Mr D.L. Manwani,
General Manager, administered the oath to all staff members to
eradicate corruption with cooperation of every sector of society. |
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PNB CHANDIGARH, Oct 31 (TNS) — Punjab National Bank, Regional Office, here is observing “Vigilance Awareness Week” from October 31 to November 4. The staff members took oath for bringing about integrity and transparency in all spheres of life. The oath was administered by Mr Keshav Aggarwal, Deputy General Manager of the bank.
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CII programme CHANDIGARH, Oct 31 — In the two-day training programme” Towards a better process through statistical process control and process failure mode effect analysis” organised by CII here, Mr Rajan Anand, Counsellor, CII (TQM Division) emphasised the need to adopt systematic approach through team-work. The programme was attended by senior and middle management staff involved on design and development, quality assurance, Maintenance and manufacturing, from the northern region. |
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rc
People versus corporates WASHINGTON: Leading corporate groups all over America have asked their top executives to campaign for George W. Bush in a big way. They are pouring tens of millions of dollars into ads, direct mails and e-mail campaigns. The corporate America wants to see a Republican in the White House notwithstanding the prosperity and good economy ushered in during the eight-year Clinton-Gore administration. The business groups normally back the Republican Party, but this time with even more money and determination. According to figures compiled by the non-partisan Centre for Responsible Politics, about 60 per cent of business contributions have gone to the Republicans this time. The corporate sector’s agenda is also to reward Congressmen who helped the process to normalise trade relations with China which opened a huge market for them. The Congress approved a trade treaty with China which gave a go by to annual voting on the trade status with that country. Many Democrats in the House opposed the treaty while the Republicans backed the move wholeheartedly buying the corporate argument that globalisation meant more markets and thereby more profits. The industrial unions which usually backs the Democratic Party fiercely opposed the treaty fearing US companies would close plants here in favour of cheaper labour overseas. The populist election programme of the Democrats on health care, prescription drugs and the attack that tax cuts announced by Republican presidential candidate George Bush would benefit just one per cent of the wealthy group has also put off the corporate giants. A major share of the $ 35 million pumped into the campaign by the industry went in favour of Mr Bush. The corporates also oppose the patient’s rights legislation supported by Democrats that would make it easier for the workers to sue employers, insurers or health care providers. With less than a month to go for the elections, the campaign seems to be not Gore vs Bush, but people vs corporates.
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UNI ‘Millionaire
... is down’ NEW YORK: Unlike its Indian counterpart “Kaun Banega
Crorepati,” American TV network ABC’s hit game show “Who wants to Be a Millionaire” is losing some of its viewers, forcing its Producer to consider a facelift. According to a New York Times report, viewership for the game show is down about 16 per cent from where it was at the close of the session and more significantly, last season’s trend toward an aging in the show’s audience has continued. This season, the report said, “Millionaire...” is down about 25 per cent among viewers between the ages of 18 and 49, the main group that ABC sells to advertisers, a shortfall that is forcing ABC to give away commercial time free to some advertisers. Although with about 20 million viewers a night — the show has ratings far superior to most other shows on television — there is cause for alarm at ABC due to decline in viewership as the network has become extremely dependant on the show, not generating any other outright hits last season and apparently adding none this season either.
— IANS |
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Bills delivery Jayahey.com Lal Path Labs Microsoft Edutech Info
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