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| Thursday, July 26, 2001, Chandigarh, India   
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CORPORATE NEWS
ICAR ties up with Genetic Institute
Events management emerging as big industry |
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IRDA: want to buy UTI equity, follow
norms
PNB to install 300
ATMs by March Hiten Dalal gets time to surrender
Polaris not comparable with Hughes
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CORPORATE NEWS Mumbai, July 25 The growth in net profit was achieved due to increased operating profit at 1,463 crore (Rs 1,086.76 crore in Q1 of last year), despite larger provisions made during the quarter, SBI said in a release here today. The total provisions made for Q1 amounted to Rs 883.22 crore (Rs 625.06 crore), mainly due to increased provision for non-performing assets at Rs 450 crore (Rs 350 crore), it said. Net interest income of SBI went up 14.59 per cent to Rs 2,145.80 crore (Rs 1,872.65 crore) while the total interest earned stood at Rs 7,141.42 crore (Rs 5,923.05 crore).
Samsung India
Samsung India Electronics Ltd (SIEL) has posted a 38.3 per cent rise in its sales at Rs 1247.4 crore for six months ended June 2001 (H1), as compared to Rs 902 crore in the same period last year. Korean company’s home appliance and electronic division contributed Rs 640.2 crore, while IT and telecom division clocked in turnover of Rs 607.18 crore in the January-June period.
Clariant India
Clariant (India) Ltd has posted 23.8 per cent higher net profit at Rs 5.02 crore during the first quarter of the financial year ended June 30,2001 as compared to Rs 4.06 crore of the corresponding quarter of the previous year. The operating profit margins also improved to 11.6 per cent of sales as against 10.7 per cent of last year’s first quarter.
Sesa Goa
Steel maker Sesa Goa Ltd has posted 149.43 per cent rise in net profit at Rs 8.15 crore for the quarter ended June 30, 2001 as against Rs 3.26 crore in the corresponding period of previous fiscal.
Hindustan Ink
Hindustan Inks and Resins Ltd (HIRL has posted an impressive 102.8 per cent increase in net profit at Rs 15.19 crore for the first quarter ended June 30, 2001 as compared to Rs 7.49 crore in the same period last year.
Parke Davis
Parke Davis India Ltd., has posted a profit after tax of Rs 56.10 million for the quarter ended June 30, 20001, compared to Rs 72.90 million of the previous fiscal year.
Ashok Leyland Fin
Ashok Leyland Finance Ltd has posted a net profit of Rs 63.30 million for the quarter ended June 30, 2001 as against Rs 59.70 million for the quarter ended June 30, 2000. Total income for the quarter ended June 30, 2001 is at Rs 657.80 million as against Rs 585.80 million for the quarter ended June 30, 2000.
Winsome Yarns
The company has announced a share buy-back from the open market beginning August 3, with a total outlay of Rs 5.60 crore. The closing date of September 28, 2001 or an earlier date as may be decided by the board of directors of the company. Winsome Yarns shares are being traded between Rs 5 to Rs 6 per share currently. The 52 week high share price of the company is Rs 7 while the low is Rs 3. By offering by-back, the company has provided an exit route to shareholders keen on getting better valuation in the currently depressed market.
Amra Batteries
The Board of Directors of Amara Raja Batteries Ltd (ARBL) at their meeting held today has approved the unaudited financial results for the first quarter ended June 2001.
EIH
EIH Ltd, the Oberoi group company, announced a net profit of Rs 11.02 crore for the quarter ended June 30, 2001 against Rs 15.20 crore in the corresponding period last year, registering a drop of 27.82 per cent from the same period last year.
Agencies
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Cadbury’s profit up
by 6.9 pc London, July 25 Net income advanced to £ 201 million (£296 million) from £ 188 million a year earlier. Sales increased 26 per cent to £ 2.46 billion. Chief Executive John Sunderland’s shopping spree has added Snapple juices and Hollywood gum, lines that are growing faster than carbonated soft drinks and chocolate. “This good performance in the first half leaves us on track to meet our target of double-digit earnings growth for 2001,” the company said.
Bloomberg |
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ICAR ties up with Genetic Institute New Delhi, July 25 The cooperation involves development of low cost and complimentary techniques for conservation of genetic resources, exchange of information and training of scientists. The agreement was signed by Dr R S Paroda, Director-General of ICAR and Dr Geoffry Hawtin, Director-General of the IPGRI here. The technologies developed through joint efforts will also ultimately promote
conservation and use of plant genetic resources in other countries of the South Asian region — Bangladesh, Sri Lanka, Nepal, Bhutan and Maldives though South Asia network of plant genetic resources. IPGRI is also facilitating the collection of germplasm from other countries though material transfer agreement. The joint work will involve promoting conservation and use of underutilised crops like small millets, blackgram, amaranth, buckwheat, sesame and safflower. These are low input crops with high nutrition value, cultivated by poor farmers in marginal lands. Conservation and use of genetic diversity of these crops for developing better varieties will help these farmers to improve their yield and incomes. These crops have potential to provide much needed diversification to the food basket of the country. Establishment of field gene banks for mango, citrus and litchi is another significant collaborative programme. Development and refinement of technologies though joint efforts will provide a boost to the field level conservation of diversity of these fruit crops, not only in Indian but also in various Asian countries. The
cooperation also lays special emphasis on conservation of forest genetic resources of country including bamboo and rattan. Their diversity has not been exploited so far and can be used for the development of superior varieties of these forest produce of high importance for the rural industries.
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Events management emerging as big industry Chandigarh, July 25 Events management is now emerging as a new growth industry, capable of generating economic benefits and employment. Organising events also helps to generate investment in building up the infrastructure besides providing opportunities to access new technology and the exchange of ideas and to establish business and professional contacts as well as other social and cultural aspects. Burgeoning of satellite channels and the popularity of Indian and foreign artists have been other factors responsible for the recent spurt in growth. Many businesses, communities and destinations marketing organisations are now engaged in the concept selling, systematic planning, development, marketing and management of commercial and trade shows, cultural and entertainment programmes, festivals and fairs, sports events, religious and heritage and other such events, the list is continually developing and expanding. Events are also categorised according to their size and scale. Common categories are: mega events, hallmark events, major events, and heritage events. Events are also classified according to their purpose, or to the particular sector to which they belong. Events in India have gained a momentum with the hosting of such events as Auto Expo, International Trade Fair at Delhi, Film festivals, carnivals, product launches besides many other sporting and cultural
events. India will host PATA’s ( Pacific Asia Travel Association) 51st annual Conference - PATA 2002 in New Delhi next April. Themed “Tourism - Looking Ahead and Beyond”, the five-day conference (April 14 to April 18) will be held at the Ashok Hotel. Moreover, Indian women garnering the Miss Universe and Miss World titles and the hosting of Femina Miss India, Graviera Mr India and similar events have given a fillip to the development of the beauty industry augmenting the number of fashion events being held in the country. An important aspect of events management is its multi-disciplinary nature creating skills, experience, and talent at various tiers of the industry. Events create maximum employment through direct and indirect jobs in the form of event organisers and managers, equipment handling, sound and light technicians, security, transport services, catering services, PR officials, guest handling, protocol, stall management, to mention a few. Indirect jobs like advertising, designing and printing of stationary, flower vendors, souvenir making, etc. are created giving employment to a large number of people. Even a small conference would require all these facilities as such giving employment directly and indirectly to a number of people. In the past few years Chandigarh has also emerged as one of the important events destination in Northern India. This can be attributed to various factors of the city like:- regional offices of many corporate, financial and medical institutions, clean environment, well planned and modern city of India, easy air, road and rail accessibility being in the centre of the northern region of the country. In Chandigarh a number of events are organised throughout the year such as The Festival of Gardens, Mango and Teej Festivals, Chandigarh Carnival. These and other more prestigious events hosted in Chandigarh include the AgroTech, Architects Conference, North India States Tourism Mart 1996 and India Tourism Mart 2001 organised be ITFT, Fashion Pageants, Musical and Entertainment Programmes, and various medical conferences at PGI provide a lot of opportunity for the youth of Chandigarh to participate in these events. The NRIs also contribute significantly towards the development of the events industry in the Chandigarh. However, no event can be successful without the management of human resource, an essential aspect of the event management. To achieve this objective, Institute of Tourism and Future Management Trends (ITFT) being the first event management training institute in North India, has taken a pioneering step in training professionals by introducing a Post-Graduate Programme in Conference and Events Management. It also organises 3-month certificate course in basic Event Management for those who have completed their +2.
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Secretaries’ meeting on VAT held Chandigarh, July 25 This was decided at a meeting of the Principal Secretaries and Commissioners of Commercial Taxes hosted by Punjab here today. The meeting was attended by representatives from J&K, Punjab, Haryana, Rajasthan, UP, Uttaranchal, Delhi and Chandigarh. The purpose of the meeting was to evolve a common strategy for implementing VAT in these states. Mr Adesh Pratap Singh Kairon, Excise and Taxation Minister, Punjab, presided over the meeting. It was also decided that the drafting of legislation should be based on common principles which will be evolved through interaction between the participating states through smaller working groups. Each state will work out its own revenue neutral rate, which is the rate of tax at which the present revenue is being collected. The states will also ensure that software and hardware are compatible to free flow of information between them. There will be no deviation from national consensus on withdrawal of industrial incentives and implementation of uniform floor rates.
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IRDA: want to buy UTI equity, follow norms New Delhi, July 25 “They have been asked to follow the prudential guidelines. If they follow that, we have no objection (to their buying equity from UTI),” Rangachary told reporters on the sidelines of a seminar at PHDCCI. The warning comes after LIC and GIC reportedly expressed willingness to buy some of UTI’s equity at market price. Asked whether IRDA would probe into LIC and GIC’s investment in the tainted Cyberspace Infosys, he said “I can’t expect them to be good boys when the norms were not there.” IRDA’s warning comes in the wake of the new investment norms which allows LIC to hold 20 per cent of shares, debenture or bonds issued by a company or 5 per cent of LIC’s controlled funds, whichever is less, while GIC arms are allowed 20 per cent exposure in equities of a company or 10 per cent of their total assets, which ever is less. Market sources contemplate that if UTI offloads major chunk of its holdings to LIC and GIC, the insurance companies may breach the prudential norms. IRDA has barred insurance companies promoted by big business houses, including Reliance, the Tatas and Birlas, to invest more than 5 per cent of funds in their group companies.
PTI |
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PNB to install 300
ATMs by March Chandigarh, July 25 To meet competition, the bank has also formulated a strategy to move towards centralised banking so as to offer "anytime anywhere" banking to its customers. "We have proposed to install more than 300 ATMs by March, 2002, including those in strategic offsite locations , said Mr Bhargava. The bank, which had a deposit base of Rs 56,131 and total business of Rs 84,000 as on March 31 last, would facilitate tele-banking and remote access. While the total priority sector credit by March 31, 2001, was Rs 10,857 crore, credit to the small scale industry amounted to Rs 3,911 crore and agriculture credit was Rs 3,867 crore. The bank issued more than 2.28 lakh Kisan Credit Cards during this period against the target of 86,000 cards given by the RBI. "The bank registered business of Rs 10,000 crore in the zone and also recorded an increase of 17 per cent in the deposits
in the region", said he. Commenting on the initiatives in retail banking, he said lending under housing loans, car loans, etc by end of March, 2001, was Rs 148 crore . The net credit, as a result, was Rs 2,871.13 crore which was an increase of 19 per cent over March, 2000. Priority sector advances during this period were more than 59 per cent against the national target of 40 per cent. To improve customer service, the bank would emphasise maximum usage of information technology. While 23 offices have been fully computerised, another 233 have been partially
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Hiten Dalal gets time to surrender Mumbai, July 25 Imposing certain conditions, Justice D.K. Deshmukh ordered Dalal to surrender before him on August 8 at 11 a.m. The judge observed that he was considering Dalal’s plea on the principles of natural justice because his presence was required in another case pending before him. The judge also noted that Dalal’s period of conviction would commence from the day of his arrest and therefore no prejudice would be caused to anyone if he was granted two weeks time to surrender. The judge, however, directed Dalal not to leave the limits of Mumbai and Thane and mark his presence before the court every day at 11 a.m and 4.30 p.m. Dalal had moved the court yesterday seeking two weeks time to surrender in view of the Supreme Court confirming his conviction in a case relating to securities scam of 1991.
PTI |
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Mohan Fibre Investor Forum Fast clearance Philips India Customers’ meet Aptech |
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