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| Tuesday, May 1, 2001, Chandigarh, India   
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Reliance net profit drops
Grasim net shoots up 204 pc; dividend 80 pc
Ranbaxy net profit is below expectations
Banks lose Rs 5,000 crore
Plan to set up patent office |
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Curb cheap acrylic imports from Nepal
PCs don't help kids learn MT
getting lucrative
ACC back in black with Rs 57 cr net
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Reliance net profit drops Mumbai, April 30 The higher results have been achieved despite a drop in the net profit and income during the fourth quarter. The company, after the board meeting, has recommended a dividend of 42.5 per cent as against 40 per cent last year. Sales increased by 38 per cent during this period to Rs 28,008 crore against Rs 20,301 crore last year. The profit for the year would have been higher by Rs 163 crore had there been no change in the method of providing depreciation. Manufactured exports, including deemed exports more than doubled to Rs 2,960 crore from Rs 1,478 crore. Total exports from RIL and Reliance Petroleum, in which RIL has 64 per cent controlling interest, crossed Rs 9,370 crore, making it the largest exporter from India. During the year, the company repatriated Rs 3,858 crore of its foreign currency
assets lying abroad. The profit for the year includes Rs 547 crore as against Rs 328 crore last year on account of foreign exchange difference on repatriation. The company, during the fourth quarter ending March 31, posted lower net profit at Rs 540 crore as compared to Rs 654 crore for the corresponding period last fiscal. RIL said the directors have proposed an increase in the FII limit to 49 per cent of the equity capital and necessary resolution would move at the forthcoming annual general meeting. On the buyback proposal, it has decided to continue with the programme for an amount of upto Rs 1,100 crore, a maximum of Rs 303 per share. The buyback offer, which was announced last year, is valid upto May 18, 2001. Reliance Petro to
pay 5 pc Reliance Petroleum (RPL) has posted the net profit of
Rs 1,464 crore for the year ended March 31,2001. The sales were also recorded at Rs 30,963 crore for the same period. RPL news release said here today, the directors of the company recommended a maiden dividend of 5 per cent constituting a dividend payout (including
dividend tax) of Rs 262 crores. RPL has become the largest private sector company in India, in terms of sales, and is second only to Reliance Industries in terms of terms of net profits, based on performance in its very first year of operations. RPL ranks amongst the top five private sector companies in
India, with market capitalisation of Rs 26,000 crore. PTI, UNI
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Grasim net shoots up 204 pc; dividend 80 pc Mumbai, April 30 The net profit for the fiscal year ended March 31,2001 also recorded higher by 62 per cent at Rs 377.9 crore as against Rs 233.1 crore of the previous year. Mr D.D. Rathi, group Executive President, and Chief Financial Officer (CFO), Grasim, told mediapersons here today that considering the excellent results posted for the year under review, the directors have recommended a dividend of 80 per cent against 70 per cent last year. Besides the direct outgo of dividend, the company will bear corporate tax on dividend amounting to Rs 7.48 crore. The company’s net turnover has recorded at Rs 4840 crore for the year ended March 31,2001, which was higher by 12.8 per cent over the previous year, while for the fourth quarter, the turnover stood higher by 14.7 per cent at Rs 1262.7 crore against Rs 1101.2 crore in the corresponding period of the last year. The VSF division has recorded an excellent performance during the year reaching an all time high in production and sales volumes. Given the likelihood of the fibre plant at Nagda being close, due to the acute shortage , the company took a conscious decision to build up its inventory by running all its fibre
plant (including the Nagda plant) at full capacity till mid-April. This proactive step has been to fulfil customer needs uninterruptedly and maintain near normal sales during the April/June quarter of the current financial year, Mr Rathi added. VSNL net up 87 pc Videsh Sanchar Nigam Ltd (VSNL) today announced an increase in the net profit by 87 per cent to Rs 1577.60 crores for the year to March 31 as compared to Rs 840.30 crore last year. The state-run monopoly overseas telecommunications provider and the country’s biggest internet access provider said net profit jumped to Rs 1577.60 crore, or Rs 55.35 a share, from Rs 840 crore year earlier, or Rs 88.45 a share. Net sales rose to Rs 7315 crore, up 3.6 per cent from Rs 7061 crore in the year-ago period. The New York Stock Exchange listed VSNL’s net profit was boosted by strong growth in other income which more than doubled to Rs 562 crore from Rs 263 crore a year earlier.
UNI
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Ranbaxy net profit is below expectations Mumbai, April 30 Net profit rose to Rs574 million ($12.26 million) or Rs 4.95 per share, from Rs391 million or 3.37 per share in the same period a year earlier. Net sales rose 18.7 per cent to Rs 4.46 billion from Rs 3.76 billion a year ago. Analysts had expected the net profit would increase 61.65 per cent to Rs 632.06 million, on a 9.76 per cent rise in sales to Rs 4.2 billion, according to the average of estimates received in a Reuters poll of brokerages earlier this month. In March, Ranbaxy received a payment of $5 million from German drug giant Bayer AG for rights to make and sell a once-a-day form of the anti-infective ciprofloxacin. "It's a bad result if one looks beyond the headline numbers," said ABN Amro analyst Giridhar Iyengar. "Expenditure is up sharply and the increase is particularly sharp in raw material costs." Iyengar figures pretax profit actually fell six percent if that licensing payment is eliminated. Ranbaxy shares on Monday closed up 4.86 per cent at Rs500.90, below their intraday high of Rs 512. The benchmark Bombay Stock Exchange index gained 2.82 per cent. Ranbaxy's results were released just minutes before the end of trading. Exports rise Domestic sales for the quarter rose just 9.14 per cent to Rs2.18 billion, while exports surged 29.5 per cent to Rs2.27 billion, the company said. Ranbaxy said its large anti-infective segment was under pressure with lower growth rates, but did not provide details. Consolidated global sales for the first quarter rose 19 per cent to $126 million, the company said. Overall expenditure rose to 3.82 billion from 3.16 billion, while raw material costs rose to 2.33 billion from 1.57 billion. Ranbaxy said a once-a-day dosage form of the anti-infective ciprofloxacin developed for German drug and chemicals giant Bayer AG had entered phase III clinical trials. It said a drug developed by it for the treatment of non-cancerous prostate swelling was now in phase II of trials in India and in phase I in the USA. It had developed a new once-a-day form of another anti-infective, ofloxacin, which it planned to launch in India in the fourth quarter of 2001.
Reuters |
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Banks lose Rs 5,000 crore New Delhi, April 30 According to official estimates, the total exposure of the banking system by way of investment in the capital market, as on January 31, 2001, stood at Rs 8770.55 crore, which formed 1.97 per cent of the banks’, outstanding advances. The All India Chartered Accountants’ Society (AICAS) has said that the loss could be well in excess of Rs 5,000 crore resulting from an open defiance of guidelines and prudential norms prescribed by the RBI. Official figures say that losses accrued to the system due the Madhavpura Bank scam alone amounted to Rs 272.19 crore. Public sector banks have bore the brunt of the losses in the recently unearthed scam with nationalised banks losing as much as Rs 218.71 crore. While losses pertaining to old private sector banks is estimated to be Rs 25.10 crore, those suffered by new private sector banks is Rs 14 crore. Foreign banks are estimated to suffer a loss of Rs 15.10 crore. RBI guidelines stipulate that subject to overall exposure to sensitive sectors, a bank’s exposure to capital market by way of investments in shares, debentures and units of
mutual funds (other than debt funds) through primary or secondary markets should not exceed 5 per cent of its total outstandings domestic credit as on March 31 of the previous year. These guidelines also stipulate that, as a prudential measure, banks’ investment in equities should not exceed 20 per cent of its net worth. The AICAS is of the view that considering the size of the banking sector in the country, including its geographical spread, nature and quantum of business, direct supervision of the RBI has not been able to keep pace with the increasing challenges and threats by the unscrupulous elements who were misusing the system. The society has pointed out that the system of regular inspection and concurrent audit of large branches commenced by the RBI as internal exercise has not proved very effective mainly because the banking sector saw this as an unnecessarily cost. Moreover, the appointment of Auditors, scope as well as reporting requirements were neither uniform nor adequate and the follow up of such reports is almost absent except in the case of a few banks, AICAS pointed out. |
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Plan to set up patent office New Delhi, April 30 He said there was a need for creating an enabling environment for research and innovation. This includes establishing a strong patent regime, developing a culture of “patenting” in academia and industry and setting up of a world class patent office and supporting human resource in quantity and quality. Addressing a conference on Indian pharmaceutical industry Vision 2010, here today, Mr Dhindsa said certain fiscal and non-fiscal incentives for R and D in the pharma sector was under consideration. Indian pharmaceutical products should be of the quality that can be compared with USFDA or MCF of the UK regulatory standards in manufacturing he added. Mr Dhindsa said:" The vision for the pharma industry is directly linked to the lives of the people of India meaning thereby that in 2010, we should have a “Healthy India” with health standards comparable with the levels prevalent in the developed world. An average Indian should be able to access any medicinal system of his or her choice, including safe, affordable and world-class medicines." For the Indian pharmaceutical industry, the goal should be to have the highest market share of production in the global generic pharmaceuticals market, create world scale manufacturing facilities backed by modern technologies and regulatory practices. India should have a strong brand image as the least cost highest quality suppliers of pharmaceuticals to any one, anywhere, any time. In the field of research and development, he said the goal should be to make India a global centre for R and D by fully utilising its superb intellectual capital and skills. |
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Curb cheap acrylic imports from Nepal Ludhiana, April 30 Since there is no Customs duty in Nepal on imports of acrylic fibre against about 25 per cent customs duty in India, the cost of acrylic yarn produced in the country increases by about Rs 17 per kg in comparison to Nepalese producers. India has lost about Rs 84 million on account of import of acrylic fibre. Under the Indo-Nepal treaty, the import of man-made fibre and related products was allowed duty free from Nepal. The stipulation was that origin of fibre to the extent of 50 per cent should be either from India or Nepal. In December, 1996 the clause regarding the origin of fibre was amended resulting in the complete withdrawal of the origin condition. Consequently, the Nepalese spinners have started importing acrylic fibre from other countries in abundance as there is no import duty there. The production capacity of the Nepalese Industry has gone up from 2000 tonne in 1996 to 16,000 tonnes in 2000. The export out of total production has also increased from 8 per cent to 87.5 per cent in the same period. Interestingly, the Reliance group has also set up its unit in Nepal to serve the Indian market. Industry sources allege that Nepalese manufacturers are able to produce acrylic yarn at Rs 68.95 per kg against Rs 95 per kg by domestic producers. The landing cost of Indian and Nepalese yarn increases to Rs 120.55 and Rs 85.93 per kg respectively. It has badly hit the Indian acrylic spinning industry. Incidentally, about 70 per cent of the total 100,000 tonnes demand is served from Ludhiana alone. There are about 150 units in the city, the smaller ones have been badly affected. Industry sources say they have to pay not only Customs duty on fibre but also anti-dumping duty on acrylic fibre. Mr V.K. Goyal, Chief Executive, Vardhman Spinning and General Mills, says, “The profit margin in acrylic yarn industry is just Rs 6-7 per kg. The difference of Rs 17 per kg in the cost of production has made a number of domestic units sick. The others are contemplating shutdown or cut down in production.” The domestic spinning industry fears that the import of acrylic yarn from Nepal may reach 25,000 tonnes in 2003, which was about 18,000 tones in 2001. A number of foreign companies are already in the process of setting up of spinning units in Nepal to serve the growing Indian market. It is about Rs 1400 crore per annum a present. The local spinning industry has demanded amendments to the Indo-Nepalese treaty to save the domestic units. Mr Goyal says,‘‘ The government should ask the Nepal government to impose an equal Customs duty as is applicable in India. The other alternative could be to allow duty free import of yarn only for Indian or Nepalese fabric. The government can also put quantitative restrictions on the import of yarn to protect the interests of the domestic industry.’’ |
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PCs don't help kids learn MOST parents buy a child a computer because they believe it is both educational and a help in “getting ahead” for a technological
future. Unfortunately, neither of these is necessarily true. Computers do not help young children learn. In fact, too much monitor screen time at a young age may actually undermine the development of the critical skills that children need to become successful in life. Early computer use may also dampen a child’s creativity and imagination, motivation, attention spans, and the desire to persevere. This is the warning that is being sounded by a growing number of educators, child development experts and doctors worldwide. Here are some ways computers affect children. 1. Computers are the most sophisticated thinking tools ever designed. With computers, children don’t need to think so hard. All they have to do is learn to navigate the software by responding to the screen in some way. This may lead them to simply guess at answers, without thinking the questions through, just to manipulate the software. Some software prevents students from thinking beyond the options presented, ultimately dulling their imagination (which is important in encouraging creativity) and feelings of empowerment. 2. Before the advent of IT, students were taught cursive writing skills. Some educators believe the act of writing letters of the alphabet—with its
special relationships—may help students learn to spell and understand the meaning of words. Spelling in turn goes hand in hand with reading. Children who type on a keyboard don’t need to learn how to spell as computer spell checkers take care of that for them. They are thus undermining an important skill in life. Having machines do the thinking for children also limits their intelligence. 3.The time spent with computers may distract children from directly communicating with one another, face to face, weaving together the rich variety of spoken and unspoken cues such interactions encourage. This, literacy experts warn, may place children at risk of language delays. Poor concentration
4. Success in school requires children to pay attention in a focussed way and to develop their memories and listening skills. It is hypothesised that the multiple options of many software programmes and the endless chains of links the Internet provides make it tough for a child to keep her mind focussed on a particular subject or task. The need for children to take breaks from the computer to avoid physical stress makes it even harder for children to sustain their concentration. Frustration tolerance
5. The speed and seeming ease of use of the computer has led to a growing number of children with decreased frustration tolerance (or a lack of patience). They are children who are unable to cope with the slightest of frustrations, and lash out aggressively. They are demanding, impatient, disrespectful of authority, even contemptuous of their peers, unemphatic and easily “wounded”. Psychiatrists are taught that frustration tolerance is an ego strength that human beings need in order to make a successful adaptation to life. Frustration is a feeling state that emanates from our innate aggression. If it cannot be tolerated, aggression is the result. Tolerance requires the development of empathy. And empathy requires time to think about another person while putting aside one’s needs or wishes. Computer use does not encourage these virtues. Simple everyday activities, like excursions into nature where children can spend time observing the plants and animals, pondering the rivers and lakes, and marvelling at the ocean, on the other hand, can help children to be more patient. Less sociable
6. Despite their touted abilities to create virtual communities, computers are physically anti-social. They tell children it’s OK to sit by themselves, rather than seek out other people for physical interaction and shared play. Computer users have been noted to be reticent, less inclined to take the small risks that build competence and creativity and more likely to have trouble negotiating the politics of the playground. A 1998 study at Carnegie Melon University found that teenage computer users showed signs of increased loneliness and
isolation. TWN Features
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MT getting lucrative New Delhi, April 30 Medical transcription, under which audio dictations by doctors abroad are converted into reports by operators in India, has turned into big business with Nasscaom estimating the US market alone to be worth around $ 20 billion. According to the Stevens International Consulting Services research data, the manpower for the sector was estimated to be in the range of 45,000 workers in the year 2005. Medical transcription is also proving lucrative in India as the country is able to provide the services at much cheaper rates than what is charged abroad. In the USA, a person who does Medical transcription has to be paid close $ 2500 to 3000 per month. In this background, India has emerged as a major market. The country with a huge English speaking manpower base, 12-hour virtual time difference and the cost advantage is the most preferred destination for US companies to award contracts. According to the Pan-American Institute of Medical Transcription, training for medical transcription was normally confined to South India but is now spreading to the North. There are any number of Medical transcription centres in Haryana and Punjab. Northern India is emerging as a major training ground for Medical transcriptions. Training includes knowledge about medical terminology, medical documentation, rules and regulation and computer awareness, besides having to comprehend American English well.
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ACC back in black with Rs 57 cr net Mumbai, April 30 The board has recommended a dividend of Rs 2 per share, aggregating to Rs 37.62 crore (including tax on dividend). The company’s total income for the reporting year stood at Rs 2,649.1 crore as compared to Rs 2,382 crore in same period of last fiscal, it said. In view of the closure of the synthetic ferric oxide plant due to adverse market conditions and unremunerative price realisation, an amount of Rs 30 crore has been charged to profit & loss account towards “write down of assets”. ACC said in order to meet the adverse impact, if any, in respect of the company’s investment in its subsidiary, an additional provision for contingency of Rs 13 crore (net) has been made during the current year. The company achieved cost reductions in power by Rs 42 crore, in fuel by Rs 7 crore and Rs 14 crore in manpower due to the reduction of over 4,000 employees over the last three years. Depreciation was higher at Rs 141.28 crore (Rs 124.51 crore) on account of commissioning of Chanda, Madukkarai and various other projects and full year impact of captive power plants of 25 MW each at Jamul and Kymore commissioned in November 1999. SSI has achieved an impressive turnover of Rs 10,372.44 lakh in the first quarter of 2000-01 as against Rs 5,345.21 lakh during the corresponding period in the previous fiscal. According to the audited financial results for the first quarter released here after the company’s Board Meeting today, profit for the period increased to Rs 1,760.97 lakh from Rs 1,050.30 lakh during the first quarter of 2000. Total revenues for the 12-month period ended on March 31 last went up to Rs 32,068.39 lakh from Rs 13,003.63 lakh during the year ended March 31, 2000 while profits rose to Rs 7,305.04 lakh from Rs 2,600.73 lakh. PANACEA BIOTEC reported a 35 per cent growth in its net profit at Rs 35.14 crore as against Rs 25.93 crore for the year ended March 31, 2001. The company’s net profit for the quarter ended March 31, 2001 grew by 33 per cent to Rs 11.04 crore from Rs 8.30 crore and profit before tax has gone up by 37 per cent to Rs 16.44 crore from Rs 11.97 crore during the same period the previous year. BSL announced 14 per cent increase in net profit at Rs 5.53 crore over Rs 164 crore turnover for 12 months ended March 31, 2001. NUCLEUS SOFTWARE EXPORTS today reported a 619 per cent increase in its net profit to Rs 9.55 crore for the year 2000-2001. ADLABS FILMS (AFL) has posted an impressive 122.95 per cent rise in the net profit at Rs 11.54 crore for the year ended March 31, 2001 as compared to Rs 5.17 crore in the previous year. KNOLL PHARMACEUTICALS net profit fell by 22.53 per cent at Rs 9.18 crore for the first quarter ended March 31, 2001 as against Rs 11.85 crore in the same quarter in the previous fiscal. The Q4 results were adversely affected due to price reduction in few formulations and delay in getting compensatory price increase in other price-controlled ones. The company’s total income for the reporting quarter stood at Rs 83.78 crore as compared to Rs 76.52 crore in the corresponding period of last fiscal. CENTURY TEXTILES’ net profit has jumped by 56.28 per cent to Rs 53.95 crore in the year ended March 31, 2001 as compared to Rs 34.52 crore in the same period last year. The Board has recommended a 10 per cent dividend as against 6 per cent in the previous year.
PTI, UNI |
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Price index Sundaram Fast Powerware Shital Fibres Food park for JK |
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