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January 24, 2001, Chandigarh, India   
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Global Tele Q3 net profit vaults 111 pc
NIIT’s net profit jumps up 61 pc
Banks to pay phone bills online Bajaj Auto to foray into insurance sector ‘HP power disputes to be settled in 3 months’ Hindalco net profit rises 11.3 per cent Tara Deshpande, US firm pact for e-book
Old remedies for new age Don’t rely
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Global Tele Q3 net profit vaults 111 pc MUMBAI, Jan 23 (Reuters) - Global Tele-Systems Ltd on Tuesday reported net profit more than doubled in the October-December quarter and sales rose 30 percent, meeting analysts' lofty expectations. Net profit rose 111.4 percent to 570.56 million rupees ($12.3 million), from 269.95 million in the year-ago period. Sales increased to 2.08 billion rupees from 1.60 billion. "The results are bang in line with my estimate," said Priya Rohira, an analyst with Pranav Securities. "Global has adopted an ASP (application service provider) business model and that is going to be the next driver for the software industry and will drive their own performance." Global's shares rose 0.49 percent to 754.55 rupees on the Bombay Stock Exchange ahead of the results, which were released after the market closed. The company said profit was boosted by a better product mix, higher exports and increased service revenue. Gross margins rose to 47 percent compared to 38 percent in the year-ago period. Margins improved because of the effort to get out of hardware and focus on software services, particularly on being an application service provider (ASP), the company said. An ASP typically hosts and manages software solutions for enterprises that do not have the resources to manage software applications themselves. Global hived off its low-margin consumer telecom division in February and expects to get out of the hardware business altogether by 2003. Global said revenue from its e-commerce, software and Internet division surged to 1.40 billion rupees from 816.09 million in the year-ago period, while engineering services revenue fell to 683.57 million from 737.80 million. Products like E-Procurement and E-Enterprise which enable corporations to communicate more effectively with suppliers and distributors were being used by clients like Hindustan Lever Ltd, ITC and Dabur, it said. The company is also scaling up its call centre operations and analysts expect this to be one of the major drivers of revenue growth. "Global is getting good rates for its call centre services and has also signed on some big clients. If they can build on this service, they can really improve their performance," said an analyst with a foreign research house. Global said it was focusing on building and maintaining basic services networks, GSM networks, and voice and multimedia networks for corporations. It has entered into contracts with companies like Lucent Technologies and Cisco Systems to design, deploy and maintain data networks, which analysts said would really boost its engineering services income. PTI adds: Morepen Laboratories has announced a technology and marketing joint venture with Switzerland-based DiaMed AG to exclusively market the latter’s rapid malaria test kits (OptiMAL) and ID micro typing systems for blood group serology in India. ICICI Bank ICICI Bank has posted a profit after tax of Rs 40.50 crore in the third quarter of the current financial year as compared to Rs 28.26 crore for the corresponding quarter of the previous year. The growth of 43 per cent in PAT was due to an increase of 137 per cent in net interest income and 106 per cent growth in core fee income. TVS-Suzuki The net profit of TVS-Suzuki for October to December, 2000 stood at Rs 16.18 crore. However, the net profit for the corresponding period of the previous year was higher at Rs 19.61
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NIIT’s net profit jumps up 61 pc NEW DELHI, Jan 23 (Reuters)— NIIT on Tuesday announced a 61 percent jump in first-quarter net profit, toward the low end of analysts' expectations. Net profit rose to 298.3 million rupees ($6.44 million) or 7.72 rupees per share for the quarter ended December 31, from 185.2 million or 4.79 rupees per share in the year-ago period. Net sales rose 26.5 percent to 1.56 billion rupees from 1.23 billion. The profit and sales figures were toward the low end of analysts' expectations. A Reuters poll of 10 brokerages earlier this month found, on average, profit was expected to rise 83.8 percent to 340.5 million rupees. The forecasts ranged from an increase of 46.3 to 104 percent. Analysts said profit appeared to have been boosted by improving margins. "We had expected a bottomline of 281 million rupees and topline of 1.8 billion. Considering that the firm has reported net sales of 1.56 billion, the higher profit is a result of improved margins," said Chetan Shah, software analyst at DBS Securities. The firm, India's largest computer education company with a network of 2,000 centres, said its operating profit margin rose to 23.32 percent at the end of the first quarter from 20.58 percent in the year-ago period. NIIT shares on Tuesday rose 1.65 percent to 1,752.35 rupees on the Bombay Stock Exchange ahead of its results, which were released after the close of trading. NIIT said revenues from software business grew 54 percent to 1.71 billion rupees in the first quarter, while growth in revenue from education was comparatively slower at 35 percent. The education business accounted for 44 percent of NIIT's global revenue and software 56 percent. Vijay Thadani, NIIT's chief executive officer, said that the company had added 31 new clients and won fresh orders worth $35.14 million in the first quarter. "There is a closing order book of $86 million, of which $62 million is executable over the next 12 months," Thadani told Reuters. New clients included Veriprise, IBM Life Sciences and Unilever Singapore. The firm also bagged repeat orders from Deutsche Bank and SEI Investments. Thadani also said the company had added 307 professionals in the October-December quarter, taking its total staff to 4,910. |
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Banks to pay phone bills online CHANDIGARH, Jan 23 — ICICI Bank and HDFC Bank today entered into an agreement with BSNL, Chandigarh, for the payment of phone bills through the Internet. The agreement was signed between Mr. Kulbir Singh, Director, Finance, BSNL and Mr Anand Kumar, Regional Head, ICICI Bank, and Ms Neena Singh, Regional Business Manager, (North), HDFC Bank. Customers of these banks will now get the facility of making the payment of their phone bills online. The billing details will be electronically uploaded on the bank’s website. Customers will be able to view their billing details on the Internet and can accordingly make the payment. “Payments online can be made till the last date and the user’s account will be immediately debited after which it will be remitted to BSNL, said Mr. Anand Kumar. After completion of the transaction, the system will generate a unique transaction ID (as a proof of payment) which can be used for future reference if
required. The data of BSNL will be updated electronically. Both banks will offer the facility free of charges. “Payment through the internet will ensure increased customer convenience and our customers can now pay their bills through ATMs, phone banking, mobiles also”, said Ms. Neena Singh. Officials of these banks informed that they are also in the process of entering into some agreement for payment of electricity and water bills through the Internet .
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Bajaj Auto to foray into insurance sector BAJAJ Auto will make a foray into the insurance sector soon with a possible tie-up with German insurance giant Allianz AG. “Talks are at an advanced stage with Allianz and a memorandum of understanding (MoU) will be struck before March-end,” Bajaj Auto General Manager Sanjiv Bajaj told PTI in Pune. Bajaj Auto has applied to the Insurance Regulatory and Development Authority (IRDA) last year for general insurance foray. It had recently decided to enter life insurance and was scouting for a foreign partner who has expertise in life insurance business. Polaris Software has deferred a decision for finalising details of its proposed American Depository Receipt (ADR) float, which was to be taken up at the Board of Directors’ meeting in early-January. Arun Jain, Chairman and CEO of Polaris told PTI that the $ 150 million ADR proposal would now be taken up at next meeting, the date for which was yet to be finalised. HCL Technologies announced on Tuesday a five-year strategic partnership with NCR Corporation for $ 200 million to provide software development consultancy services. It will provide software development consultancy and engineering services to NCR over the next five years. The deal would be worth $ 40 million US a year over the term. Aptech has picked up a 37.5 per cent stake in US-based e-learning solutions company, Turbograd Inc, now renamed as Mentorix Technologies Inc.
— PTI |
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‘HP power disputes to be settled in 3 months’ CHANDIGARH, Jan 23 — “The Himachal Pradesh State Electricity Board has decided to settle all consumer disputes with three months”. This was stated by Mr Harsh Gupta, Chairman, HPSEB, during an interactive session organised by the CII at Parwanoo yesterday. Mr Gupta assured the industry that the Board would activate all regional/zonal grievances committees. Two focussed workshops would be organised by CII on minimisation of procedural delays with case studies and on rationalisation of peak load violation penalties with the Chairman and senior officials of the board in the next two months, according to a CII release. Capt Alok Sharma, Chairman, CII Himachal Pradesh State Council, highlighted the power-related problems faced by industry. He urged the HPSEB Chairman to do away with archaic laws that still governed the day-to-day functioning of the Board. Mr Sachit Jain, Past Chairman, CII Himachal Pradesh State Council, emphasised that quality of power was a crucial element for the development of industry in the State. The availability of adequate power, or lack of it, would make a world of difference to the growth of industry and in attracting fresh investments to the State, he felt. A large number of industry representatives from all over Himachal Pradesh attended the meeting. Mr R.P. Sood, Member Operations, Mr J.P. Gupta, Chief engineer (Commercial) and other senior officials from the Board were also present. |
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Hindalco net profit rises 11.3 per cent KOLKATA,Jan23 (Reuters)—Hindalco announced on Tuesday its net profit rose a less-than-expected 11.3 percent in October-December, but called the outlook "extremely promising." Third-quarter net profit rose to 1.70 billion rupees ($36.7 million) or 23 rupees per share, from 1.53 billion rupees or 20 rupees per share a year earlier. Sales rose 11.7 percent to 5.61 billion rupees, while other income rose 13.9 percent to 393 million rupees. On average analysts had expected net profit to rise 15 percent, due to an increase in the international price of aluminium and the depreciation of the Indian rupee, which inflates the value of export earnings and makes competing imports more costly. "Net profit is in line with my expectations," said Pritam Lala, an analyst with Jet Age Securities, Calcutta. But he indicated the results pointed to reduced profit margins, since the result had been achieved on higher-than-expected sales. Ahead of the results, Hindalco shares closed 3.5 percent lower at 772.30 rupees on the Bombay Stock Exchange, while the benchmark index ended 0.69 percent higher. Net profit for the nine months through December rose 15 percent to 5.21 billion rupees because of higher sales of value-added products, better international prices, lower costs and soaring exports, Hindalco said in a statement. Exports rose 26 percent to 2.92 billion rupees and prospects for further growth were encouraging, it said. That's because in major consuming areas other than North America, the company foresees reduced supplies of aluminium because of production cuts and low inventory levels. Demand is expected to exceed supply. "Consequently, the outlook for Hindalco during Fiscal 2000/01 (April-March) and the near term is extremely promising," it said. Hindalco's Director A.K. Agarwala told reporters the company exported about 18 percent of its output. He also said the company expects value-added products will account for 54-55 percent of its overseas sales this year, up from 52-53 percent last year. Nicholas Piramal PTI, UNI add: Nicholas Piramal has registered a 19.5 per cent rise in the net profit at Rs 13.42 crore during the third quarter ending December 31 compared to Rs 11.23 crore in the corresponding period last year. Total sales were up by 17.57 per cent during this period at Rs 132.50 crore (Rs 112.69 crore in the corresponding period last year.) For the nine-month period, the net profit was Rs 47.08 crore (Rs 36.8 crore) and sales stood at Rs 409.16 crore (Rs 347.73 crore), the company said in a release here today. Ballarpur Ind Ballarpur Industries today reported a near doubling of the net profit to Rs 25.51 crore at Rs 390 crore sales turnover for the quarter ending December 31, 2000. These figures, which relate to the restructured BILT, accordingly include the financial performance of the APR Pulp unit but exclude those of Unit Ashti vested in APR Packaging Ltd., a company state said here. Havell’s India The Havell’s group today announced substantially higher earnings and sales figures for the quarter ended December, 2000. Earnings for the second quarter grew by a whopping 130 per cent to Rs 306
lakh from Rs 133.67 lakh in the corresponding period last year. Total sales grew to 4209 lakh from Rs 2744.20 lakh, up a healthy 53.89 per cent from the corresponding quarter in the previous financial year. VisualSoft VisualSoft Technologies has announced a net profit of Rs 2064.63 lakh in Q3 ended December 31 last year with a total income of Rs 4165.26 lakh registering a 122.78 per cent increase over the corresponding period last year. The Board of Directors at their meeting here on Tuesday, recorded the unaudited financial results noting that the company’s net profit in Q3 had registered a 174.24 per cent growth over Rs 752.86 lakh in Q3 ended December 31, 1999. The income from software sales of Rs 4051.07 lakh for the current quarter included product related sales of Rs 2093.77 lakh. Marico Ind Marico Industries has posted a 30 per cent jump in the net profit at Rs 10.1 crore for the third quarter ended December 31, 2000, against Rs 7.76 crore in the corresponding period last year. The company’s turnover, however, has declined marginally to Rs 169.43 crore during the third quarter as compared to Rs 172.10 crore in the corresponding period last year. Essar Steel Essar Steel has registered a net profit of Rs 15.08 crore for the quarter ended December 31, 2000, as against a loss of Rs 116.05 crore reported in the corresponding period of last year. The company has registered a net profit of Rs 20.97 crore for the nine-month period ended December 31, 2000, as against a loss of Rs 395.56 crore for the corresponding period of the previous year. Vashisti Detergents Vashisti Detergents has reported a net profit of Rs 1.5 crore for the quarter ending December 31 as compared to Rs 1.4 crore as compared to the
corresponding period in the previous year. Net sales for the quarter was Rs 54.66 crore as compared to Rs 45.21 crore reported for the corresponding period of last year. |
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Tara Deshpande, US firm pact for e-book NEW DELHI, Jan 23 (PTI) — Actress and writer Tara Deshpande today joined hands with US software major Adobe Inc for writing India’s first electronic-book — The motive. “The electronic book, a murder mystery woven around the death of a Mumbai-based politician, will be written with contributions from all wannabe writers from across the world,” Deshpande said. While Deshpande will set the mood for the storyline by writing the first chapter, the second chapter will be thrown open for contributions from across the globe. “Contributors will be allowed to take on the story from the first chapter and give it whatever twist they want in the second chapter. The third chapter will again be written by me, after selecting the final write-up from among various contributions for the previous chapter,” Deshpande said, adding that she would write alternate chapters of the book. The e-book will have seven chapters in all, with Deshpande reserving the right to write the final chapter concluding the mystery. The book which will initially be available only in the electronic form initially, will be available for reading on a subscription basis from the website. “The e-book may go for a print version at a later stage, she said. While Adobe will be the technology partner for the electronic venture, firstandsecond.Com bring the book to the public. |
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Inflation? What inflation? James Kilts to head Gillette Microsoft, Yahoo!
Web sites down Cell phone text helps people revolt Thaksin promises not to raise debt ICICI spends 2 bn in social development |
Old remedies for new age SINGAPORE: Ancient remedies for New Age lifestyles — acupuncture, meditation and spas — with a twist for more Western tastes and modern problems are being rediscovered in Asia's richer countries such as Singapore. Holistic or wellness companies have mushroomed recently as these businesses thrive on growing income levels and greater exposure to alternative products. Industry professionals say consumers are more open to adopting a blend of Asian, Western and complementary therapies to improve health and well-being. "Singaporeans are moving beyond the 5C's (car, condo, credit card, club membership and career). People want to experience health in a way that addresses their needs as a whole person — with body, mind, emotions and soul," said Helen Chang, founding organiser of the Be. Holistic Festivals. In the last decade, these consumers have become perceptibly more concerned with health and the quality of living, she said. The main forces driving people back to age-old practices seem to be coming from the stresses of living in a modern society. Cancer patients, for example, prefer to try healing with Qi or energy, while those who are depressed or empty, seek solace in meditation and other therapies instead of taking medication. "Young people who are stressed out by exams have joined our meditation sessions. It helps them to calm down," said Shih Lian-Juh, from Taiwan, who leads meditations at the aesthetic Zen Garden located off the busy Orchard Road shopping belt. Parents in search of cures for a variety of paediatric complaints such as constipation, bed-wetting, asthma and squint, have turned to infant massage therapy, available at the Wellness Sanctuary, which offers a blend of old and new therapies. For the stressed out, the company also provides health and lifestyle counselling, aromatherapy and body work. The broader appeal of wellness products are that they cater to the prevention of illnesses. "People are seeking preventive measures against ageing, ailments like high blood pressure, rheumatism, aches and pains," said Peter Sng, president of the Spa Association (Singapore). The spa industry is worth more than S$200 million ($116 million) and has enjoyed double-digit growth in both revenue and number of spas. "Singaporeans have read widely and travelled widely and know about the benefits of spa and alternative therapies," he said. Even companies recognise their benefits. Several now subsidise the cost of yoga classes, which are conducted on site during lunch breaks. "They want their employees to have better health and apply for less medical leave," said full-time yoga instructor, Peter Chuah, of the Ananda Marga yoga society. "For employees, they can get rid of stress in the middle of the working day without going anyway." —Reuters
Don’t rely on wine
WASHINGTON: Despite what your local bartender says, it is far from proven that red wine can protect you from a heart attack and there are many better ways to stay healthy, heart experts said on Monday. Diet and exercise may be a lot less fun than downing a few drinks, but they are a surer route to preventing heart disease, American Heart Association experts said in this week's issue of the group's journal Circulation. "We want to make clear that there are other risk-reduction options that are well-documented and free of the potential hazards associated with alcohol consumption," Dr. Ira Goldberg, a member of the association's Nutrition Committee and professor of medicine at Columbia University in New York, said in a statement. "Our advice: If you want to reduce your risk of heart disease, talk to your doctor about lowering your cholesterol and blood pressure, controlling your weight, getting enough exercise and following a healthy diet. There is no scientific proof that drinking wine or any other alcoholic beverage can replace these effective conventional measures."
— Reuters |
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Film school Apollo Tyres Sugar mill They alleged that the local cooperative spinning mill had been sold by the state government at throwaway price. They demanded to adjust the surplus employees of sugar and spinning mills of the district and payment of more than Rs 1 crore pending wages to these employees.
Abode System Velvet units |
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