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July 20, 2001, Chandigarh, India   
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CORPORATE NEWS
Textile exports targeted at $ 50b
NHAI bond issue opens today
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Firm stopped from using ‘Honda’ mark AB Corp IPO at an opportune time Microsoft pulls Java
from Windows XP Haryana Govt signs MoU
with STPI Bids for 4th cellular slot received NIIT Q3 net down by 93.22 per cent Wool industry registers 69 pc exports growth
Import threat over Aksh Optifibre
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CORPORATE NEWS Mumbai, July 19 Net sales/income from operations for the quarter stood higher at Rs 70.33 crore as against Rs 28.62 crore in the quarter ended June 30, 2000. During the present quarter Digital Equipment entered into an agreement with Compaq for transfer of DEC/EDI product software along with IP rights, the first IP that the company would own.
SRF net dips 15 pc
SRF today posted a 15.3 fall in net profit to Rs 15.23 crore for the quarter ended June 30, 2001 as compared to Rs 17.98 crore during the corresponding period in the previous fiscal due to aggressive exports from South East and Far East Asian nations producing nylon tyre cord fabrics. “Despite adverse economic conditions and pressures on margins from South and Far East Asian exporters through columns and prices, our
performance has shown improvement if we set aside the non-operating income of over Rs 6 crore last year,” SRF Chief Executive Officer Ravi K.Sinha said in a statement here today.
Siemens net down 49 pc
Siemens Ltd has reported a 48.97 per cent drop in net profit at Rs 7.57 crore for third quarter ended June 30, 2001, compared to Rs 14.84 crore for the corresponding period of the previous fiscal. Net sales and services (excluding excise duty) for Q3 stood higher at Rs 281.48 crore as against Rs 231.63 crore for the quarter ended June 30, 2000. As on June 30, 2001, Siemens has applied to buy back 2,13,907 shares amounting to Rs 4,33,94,851 for which the extinguishment only took place in July 2001.
PTI
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Textile exports targeted at $ 50b New Delhi, July 19 The garment sector alone was expected to contribute around $ 25 billion of the target, Mr Rana told a meeting of the Asian-American Importers Association of New York. For the first time for the last 50 years, the government had provided a textile package in the Budget to encourage the textile sector. The Minister said Indian exports to the USA in textile and clothing was about $ 2.2 billion. India was eager to increase the export of its products in spite of stiff competition from China, Korea and other south-east countries. However, the recent slowdown in the US economy was taking its toll on the Indian exports. Imports of capital goods like textile machinery have been made easier by reduction in the Customs duty. Similarly, excise duty on textile machinery has also been rationalised. The Minister assured the importers present that India would achieve higher standards of quality and productivity.
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NHAI bond issue opens today New Delhi, July 19 The Minister of State for Road Transport and Highways, Maj Gen B.C. Khanduri (retd) said the credit rating agency, Crisil has assigned “Triple A” rating to the bond issue. There are six arrangers — SI Caps, DSP Merril Lynch, Kotak Mahindra, ICICI Securities, J.M. Morgan and R.R. Financial. MCS Ltd. — which are registrars to the issue. So far NHAI has raised Rs 656 crore under Section 54 EC, an amount of Rs 2,944 crore is to be raised in the financial year 2001-2002. Face value of the bond is Rs 10000. Minimum application will be for 10 bonds and multiple of one bond thereafter. Three investment options will be available to investors, which will give them a choice to adjust to their cash flow requirement. Rate of return to the investors will be around 8.70 per cent for three years period. Under the Income Tax Act lock-in period of three years has been prescribed to avail long-term capital gains exemption.
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Firm stopped from using ‘Honda’ mark
New Delhi, July 19 Giving relief to Honda Motors Co Ltd, Justice J.D. Kapoor in an ex parte order restrained the Punjab-based firm Sunil Enterprises from manufacturing and marketing its goods with the trade mark “Honda”, which were identical and deceptively similar to the goods of the Japanese company. “The defendants (Sunil Enterprises), their stockists, dealers are stopped from using the trade mark Honda on screws, nuts, bolts and hooks or any other allied and cognate goods and trade marks identical with that of the Japanese company which amounts to passing off their goods as those of Honda Motors,” the court said. Appearing for the auto major, senior advocate Rajiv Nayar and Manmohan Singh alleged that even after receiving the legal notice the Amritsar-based company did not stop from manufacturing and trading in the spare parts and passed off the goods as those of Honda Motors under the brand name Honda, k-fold, and ace used by the Japanese company. The trade mark Honda has become exclusively associated with the auto giant, Nayar said adding the proprietor of the local company applied the same mark for registration and it continued with the manufacture of goods applying the marks k-fold and Honda using identical symbol to falsely indicate that the said marks were registered. Alleging that Punjab-based company had adopted its trade mark with mala fide intention to encash on the reputation of the auto giant, Honda Motors’ advocate said the spare parts sold under the world famous mark in unauthorised manner would mislead the consumers for the goods of Japanese company.
PTI
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AB Corp IPO at an opportune time Kolkata, July 19 “Yes, we want to come out with an IPO at an opportune time. We have not fixed the date for IPO, but we want to tap the market though the quantum has not yet been decided,” AB Corp promoter and megastar Amitabh Bachchan said during an interaction with the press last night. Bachchan said, “we are in the process of rebuilding AB Corp which is now almost back in the black with 99 per cent of the debts being cleared.” Asked whether the company would start making TV software, the Big B said, “we were very much in TV software, till the financials of the company changed sharply. Because of losses we had to stop it. Now with things gradually coming to normal we will definitely explore the possibilities. “Two or three projects are in the pipeline for AB Corp. One of these was recently released ‘AKS’ which is doing quite well,” he said. To a query, Bachchan said, “AB Corp will not only enter purely commercial ventures, but would also look at other options.” Bachchan, however, made it clear that he would now not solely depend on professionals for running the company. “I have enough experience of working with professionals, who at some point suggested closing down ABCL.” Bachchan said, AB Corp was talking with various regional language directors for making films, including West Bengal’s Rituparno ghosh. “We have not yet decided anything, but meeting constantly.” Of the five films, he was working with at present, AB Corp would have a presence in at least two. “There are plans to do a film opposite Abhishek which would be directed by Rakesh Mehra.” Bachchan, who avoided reference to the Mumbai film industry as Bollywood, said, “I don’t appreciate a term like it. It is the Indian Film Industry, which in my opinion will be the third largest in the world in the next five to 10 years.”
PTI |
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Microsoft pulls Java from Windows XP San Francisco, July 19 Java is a standard software used to animate Web pages. Microsoft had just settled a bitter legal battle with rival Sun Microsystems, which had charged that Microsoft had violated licenses by trying to alter Java. Sun engineers created Java and distributes it for free, on condition that Java code not be altered. The company accused Microsoft of trying to distribute an altered version of Java that would have favored internet development towards Microsoft products, such as its Internet Explorer. That legal dispute was settled earlier this year. Windows XP is scheduled to be released to consumers in October. In its landmark decision three weeks ago, a US court of appeals found that Microsoft had used illegal monopolistic business practices in an attempt to cripple Java’s progress. A Microsoft spokesman, who asked not to be named, confirmed published reports yesterday and said the decision to leave java out of Windows XP was “purely a business decision” to cut back on “unnecessary lines of code” in the operating system. Without Java code, users of Windows XP will not be able to see any animation on many Web pages that use Java. The Microsoft spokesman said Windows XP user can enable Java Web pages by adding “plug-in” software, that will be available on the Microsoft Web site.
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Haryana Govt signs MoU
with STPI Chandigarh, July 19 The Haryana Secretary for Information Technology, Mr Dharam Vir, signed the MoU on behalf of the state government whereas the Director-General, STPI, Mr S.N. zindal, signed on behalf of the STPI in the presence of Mr Chautala. Mr Chautala urged Mr Zindal to help Haryana in setting up software parks in the area between Panchkula and Morni as it was highly suitable for software. he urged Mr Zindal to visit the pollution-free area of Morni to see for himself the scenic and beautiful environs that were so conducive for the development of software parks. |
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Bids for 4th cellular slot received New Delhi, July 19 “We all signed our bids and submitted in a sealed envelope to the Department of Telecommuni-cations (DoT),” one of the bidders told PTI adding that the bids are not likely to be opened today. When contacted DoT officials confirmed the development saying the financial bids have been received but declined to commit a timeframe for opening the bids. Meanwhile no official comments were available from DoT.
PTI |
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NIIT Q3 net down by 93.22 per cent New Delhi, July 19 Total income for the third quarter ended June 30, 2001 fell 25.2 per cent to Rs 155.57 crore as compared to Rs 204.25 crore in the same quarter last year. The development production and execution expenses have increased from Rs 6.55 million in April-June 2000 to Rs 7.48 crore in the quarter ended June 30, 2001. The results were released before the start of trading. NIIT shares ended 0.35 per cent lower at Rs 300.30 on Wednesday versus the 1.41 per cent fall on the Bombay index. The 19-year-old NIIT has seen its finances come under pressure in the past quarter as demand for its shorter-term education courses fell due to a downturn in the software sector, analysts said.
PTI |
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Wool industry registers 69 pc exports growth New Delhi, July 19 According to data made available by the Woolmark Company, the value of exports has risen to Rs 1665.84 crore in 2000-01 from Rs 982.18 crore in the previous fiscal year. Speaking to newspersons here, the Regional Director of the Woolmark Company, Dr S.K. Chaudhuri said that China has a competitive edge over India, primarily because of economies of scale in production. Dr Chaudhuri also said that the duty structure is also not conducive enough for the industry to become competitive in the global market. For instance, wool tops attract a total import duty of 47.76 per cent, while greasy wool below 32 micron attracts 19.6 per cent and that above 32 microns attracts 9.2 per cent, he said. |
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Haryana Tourism SHCIL scheme Zx Zoom launched ICICI Lombard Motorola’s contract |
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R. L. Ravichandran, vice-president,
Bajaj Auto Business Development and Marketing, with the 175cc Kawasaki Eliminator, India's first cruiser bike, in New Delhi
on Thursday. Bajaj hopes to target a growing number of bikers who motorcycle for pleasure in the world's second largest motorcycle market. The bike is priced at
Rs 87,012.
