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| Wednesday,
July 25, 2001, Chandigarh, India   
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Telco posts 98.90 cr net loss in Q1 Hind Lever net up 21 pc
IDBI Bank net rises
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Action against BPL, Videocon, Sterlite Videocon to decide on VSNL today Europe braced for new e-mail virus Microsoft meets officials
for settlement talks |
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Modis to
hive off tyre business Exporters for early insurance claims Crompton net declines Canam
enters into placement tie-up
WB criticises sops on farm products
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Telco posts 98.90 cr net loss in Q1 Mumbai, July 24 Net sales/income from operations for Q1 was lower at Rs 1,697.38 crore as against Rs 1,797.66 crore in same period of last year. Other income stood at Rs 6.66 crore in JQ 2001 (Rs 28.46 crore in Q1 of last year). It includes profit on sale of investments Rs 3.61 crore and compensation received on termination of the joint venture agreement Rs 3.05 crore. The net loss has been arrived at after considering extra-ordinary items amounting to Rs 8.01 crore being employee separation costs. |
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Hind Lever net up 21 pc Mumbai, July 24 The board, which met here today, has resolved to pay an interim dividend of Rs 2.50 per share of one rupee for the year 2001 (Rs 1.50 per share for 2000), HLL chairman M.S. Banga told newspersons. Net sales were marginally higher at Rs 2,931.25 crore in JQ 2001, as against Rs 2,879.72 crore in JQ 2000, he said. Other income stood at Rs 91.2 crore in the reporting Q2 as against Rs 77.37 crore in June 30, 2000, he added. The results include an estimated business restructuring cost of Rs 16.25 crore charged in the quarter (Rs 30 crore in Q2 of last year) while it was Rs 22.5 crore in half year (Rs 60 crore). Raymond Raymond Ltd has posted a net loss of Rs 46.40 million for the quarter ended June 30, 2001 as against a net loss of Rs 361.70 million for the quarter ended June 30, 2000. Ingersoll Rand Ingersoll Rand India Ltd has posted a profit after tax of Rs 96.30 million for the quarter ended June 30, 2001 as against Rs 83.70 million for the corresponding period last fiscal. |
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IDBI Bank net rises Mumbai, July 24 The total income for the reporting quarter stood higher at Rs 164.31 crore as against Rs 149.66 crore in the quarter ended June 30, 2000. Showing improvement in its performance, the bank’s net interest income for Q1 was up by 18 per cent at Rs 28.7 crore while its costs of deposits stood at 8.6 per cent, lower by 59 basis points than that for the quarter ended in March 31, 2001. Other income from non-fund based banking activities such as fees, commission, foreign exchange earning and money market trading has jumped by 84 per cent to Rs 44.86 crore in comparison with the previous year. Eicher Motors Eicher Motors reported a 104 per cent rise in net profit at Rs 2.5 crore for the first quarter ended June 30, 2001 over Rs 1.2 crore in the same period last fiscal. ABB India net rises Asea Brown Boveri (ABB) India has clocked a growth of 24 per cent in its net profit at Rs 14.4 crore during first six months of 2001 compared to Rs 11.6 crore in the same period last year.
Agencies |
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Spice slashes rates in Punjab Chandigarh, July 24 The new rates will be applicable from tomorrow. Announcing this at a press conference here today, Mr. Vinod Sawhney, MD, said," Spice services will be available for as low as 75 paise per pulse for outgoing and 25 paise per pulse for incoming calls". In the pre-paid segment, where the initial cost of acquisition is pegged at Rs 995, the airtime rates have been dropped from Rs 4.50 per pulse to Rs 3.25 per pulse for outgoing calls and from Rs 2.75 per pulse to Rs 2 per pulse for incoming calls. High growth curve in the industry led to the reduction in rates, said Mr Sawhney. "In comparison to last years addition of around 1.5 million subscribers, this year the industry has already added close to a million subscribers in the first six months". More competitors in the state are expected and it would only help increase cellular penetration and not reduce Spice's share. "Punjab has tremendous potential which remains to be tapped". Spice, which is yet to break even estimates the revenue inflow by the end of this year to be Rs 225 crore compared to Rs 190 crore last year. The four new usage based plans are—Spice Fortune and Spice Jackpot for high-end users , Spice Prize for low usage subscriber and Spice Bumper for medium usage subscribers.
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Action against BPL, Videocon, Sterlite New Delhi, July 24 The 25 companies had been charged by Sebi for irregularities like price manipulation and violation of the Takeover Code, an official release said while listing the names of the companies. BPL, Videocon and Sterlite have been prohibited from accessing the capital market for a period of four years, three years and two years, respectively, on account of their involvement in price manipulation in connivance with Harshad Mehta. “In addition, the Department of Disinvestment has framed guidelines regarding qualification of bidders seeking to acquire stakes in public sector enterprises and qualification of advisers for the disinvestment process,” it said. “Decision will be taken, where applicable, regarding individual companies after observing the due process prescribed in the guidelines of the Ministry of Disinvestment,” it added. Harshad Mehta has been debarred for lifetime from dealing with in securities, for manipulating prices of BPL, Videocon and Sterlite. Apart from Harshad Mehta, 21 broker firms have been prohibited from undertaking fresh business till the completion of enquiry proceedings and action thereon. The brokers listed by the government include foreign broking outfit CSFB India Securities, outfits of former BSE president Anand Rathi Securities, Navratan Capital and Securities, Rathi Global Finance, Rathi Capital and Securities.
PTI |
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Videocon to decide on VSNL today New Delhi, July 24 “We have written to government informing about our decision to withdraw the bid for Indian Airlines,” Videocon Chief V.N. Dhoot said. Meanwhile, officials in the Disinvestment Ministry said that show cause notices would be issued in a day or two to the tainted companies to ask why they should not be disqualified from the disinvestment process in accordance with the guidelines announced earlier this month. When contacted, Disinvestment Secretary Pradeep Baijal confirmed the withdrawal of Videocon bid for Indian Airlines, where Hindujas were the other bidder for 26 per cent government stake but did not elaborate on the reasons. Dhoot, however, said that he had not yet received any communication from the government on the status of his company’s bid for stake in PSUs. “We will decide on our position vis-a-vis VSNL by tomorrow,” Dhoot said adding that he was unaware about the provisions of the show cause notice under the guidelines. “We decided to withdraw from the Indian Airlines due to inordinate delays in disinvestment process in the Airline,” Dhoot said. Meanwhile, the government is expected to send show cause notices by Wednesday to Videocon, Hindujas, who bid for both Air India and Indian Airlines, and Sterlite Industries which is in the race for Hindustan Copper, Hindustan Zinc and Hindustan Cables. While Hindujas are likely to be given the notice on security considerations in the wake of they being chargesheeted in the Bofors case, other two companies are being asked to explain why they should be considered after the SEBI order barring them from accessing the capital market on charges of share price manipulation. The government would have to start the disinvestment process all over again for Indian Airlines in case of an adverse verdict against both the Hindujas and Videocon, official sources said.
PTI |
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Europe braced for new e-mail virus London Hot on the heels of the Love Bug and the Anna Kournikova worm, comes SirCam, a nasty strain which first appeared last week and is spreading rapidly across the Internet. Last week, virus scanners were registering only one or two copies of SirCam a day and it was assumed it would fade into obscurity. But yesterday, with the tally of infected mails rising to almost 4,000 within 24 hours — most of them originating in America — security experts warned European users to put up the barricades. Like all previous mass mailer viruses, SirCam arrives in the form of an e-mail attachment. If opened by the recipient, it sends itself to every name on the victim's address book. By spreading in this way, viruses such as the Love Bug quickly became global outbreaks, causing millions of pounds worth of damage to computer systems. But SirCam has an even nastier trick up its sleeve. Before forwarding itself on, it raids the infected PC's My Documents folder — where most users store their most private or sensitive material — and randomly selects a file which it sends out with the infected e-mail. Confidential commercial files such as client lists or new product information could be sent around the world in seconds, as could more revealing personal documents such as job applications or private letters. ``There are serious implications for security and privacy,'' said Alex Shipp, senior anti-virus technologist at MessageLabs, a British-based virus scanning service which has intercepted almost 8,000 infected e-mails since last week. ``The virus could pick any file that is in there and if it picks something questionable, the user could be seriously embarrassed.'' To add insult to injury, SirCam, which is believed to have originated in Latin America, also goes through the computer's web cache — the store of Internet sites the user has visited — and e-mails itself and the document to any addresses it finds on there. SirCam's novel design and behaviour are disturbing evidence of the increasing technical sophistication of virus writers. SirCam, however, has been able to thrive because it does not always put the same message in the email subject line. Instead, it puts the name of whichever file it has raided from the My Documents folder. The body of the e-mail is also semi-random, but always contains the same lines at the beginning and end, in either English or Spanish. In the English version, the first line is ``Hi! How are you?'' and the last is ``See you later. Thanks.'' The virus is not activated until the attachment to the email is
opened. By arrangement with The Guardian |
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Microsoft meets officials for settlement talks Washington, July 24 The two sides discussed procedures for renewed talks in the historic antitrust case, spokeswoman for Attorney General Eliot Spitzer of New York, one of the 18 states suing Microsoft, said yesterday. Spokeswoman Juanita Scarlett said Microsoft’s lawyers met with Justice Department antitrust chief Charles A. James, as well a Spitzer. Two other attorneys general in the case, Iowa’s Tom Miller and connecticut’s Richard Blumenthal, also attended. The participants yesterday refused to discuss the meeting. Over the course of the four-year case, the two sides have held extensive negotiations over a possible settlement-each time falling short of a deal. Meeting came just days after both sides made overtures. US President George W. Bush’s administration on Friday named a new lead trial attorney, Philip Beck, bringing a fresh face to a legal battle that at times turned acrimonious. Microsoft recently announced changes to its windows operating system to answer some of the legal concerns in the case. The company also settled with one of the states that originally filed the antitrust charges.
AP |
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Modis to hive off tyre business New Delhi, July 24 Continental is interested only
in the tyre business of MRL — a company which has run into losses
— and would consider infusing funds into MRL only when the company’s
present operations have been restructured, sources said here today. As
per the latest available balance sheet for 12 months ended September
2000, MRL went into red with Rs 38.1 crore net loss over Rs 812.44
crore turnover from a Rs 8.83 crore net profit in the corresponding
period of previous fiscal. “This year (October 1999 - September
2000) has been the worst in the annals of your company,” says the
annual report adding lower tyre production by MRL and recessionary
market conditions have pushed it into the red. Further, of the three subsidiaries of MRL, ModiStone Limited also posted a net loss of Rs 4.15 crore net loss for the year ended September 2000; MRL holds 55.31 per cent stake in Modistone. The other two subsidiaries, Superior Investment India Ltd and Spin Investment India Ltd, are wholly-owned investment companies; while Superior posted a net profit of 0.24 crore for the year ending September 2000, Spin posted rs 0.97 crore net profit. As per government regulations, MRL can offload up to 51 per cent equity to Continental, but nothing can be finalised till the promoters succeed in mopping up over 50 per cent controlling stake in Modi Rubber. After the open offer closed yesterday, the combined stake of the two brothers has reportedly fallen short of the 50 per cent mark with the financial institutions holding on to their stake. B.K.
Modi, V.K. Modi and their investment companies had mounted an open
offer for additional 35 per cent stake in MRL at Rs 90 per share;
sources said that even after the offer was fully subscribed, majority
still eludes the Modis. PTI |
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Exporters for early insurance claims New Delhi, July 24 In an interactive meeting between exporters and bankers organised by the ECGC and Punjab National Bank the exporters said quite often claims were rejected on “flimsy” grounds. They also called for a change in the premium payment structure in which banks could bear the cost of the premium. Calling for a further reduction in the cost of credit, the exporters said delay in settlement of claims adversely affecting their business. |
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Crompton net declines Mumbai, July 24 The total income for Q1 stood higher at Rs 348.6 crore for the reporting quarter as compared to Rs 206.3 crore in Q1 ended June 30, 2000.
Nalco Chem Nalco Chemicals announced a net profit of Rs 1.06 crore for the quarter ended June 30, 2001 against Rs 1.27 crore during the same period last year, registering a 16.53 per cent drop from the same period last year.
PTI |
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Canam
enters into placement tie-up Chandigarh,
July 24 Speaking at the seminar here today, Mr Anuraj Sandhu, Senior Vice President Canam World Visas, who has just concluded his tour to USA, UK and Canada said that now Canam has multiple options of having settlement facility for its clients in Canada in the cities of Toronto, Vancouver and Calgary. According to Mr Sukhmeet Grewal, Senior Vice President Canam, has also entered into a alliance with Prostaff Global Recruiters, a placement firm in the UK for the employment for nurses in USA and UK. He added that skilled professionals and trade people willing to settle abroad are valued as an important pool of knowledge and talent that gives them an opportunity to compete in global market. |
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Naukri.com Chandigarh, July 24 |
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Bank of India Office-bearers CII snap poll Prudential ICICI SBI branch |
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