Tuesday, July 31, 2001,
Chandigarh, India







THE TRIBUNE SPECIALS
50 YEARS OF INDEPENDENCE

TERCENTENARY CELEBRATIONS
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CORPORATE NEWS

Reliance Petro net surges 52 pc
Mumbai, July 30
Reliance Petroleum Ltd (RPL) has posted a 52 per cent rise in net profit at Rs 456 crore for the first quarter ended June 30, 2001, compared to Rs 300 crore in the corresponding period of previous fiscal.

  • Saw Pipes
  • J. B. Chemicals
  • Indal net soars
  • Wockhardt
  • Kinetic Motor Company
  • India Cements
  • Arvind Mills
  • IDBI net dips
  • TCI
  • TVS Electronics

Govt conditions for A-I, IA bidders
New Delhi, July 30
The government will proceed with the disinvestment of Air-India and Indian Airlines even if a single price bid offer is made, provided the single bid exceeds the reserve price, Disinvestment Minister, Mr Arun Shourie informed the Rajya Sabha in written reply here today.



EARLIER STORIES

 

India’s IT growth continues
New Delhi, July 30
Slowdown in the USA represents big business potential for India, the Gartner Inc, a leading IT research and advisory firm has said.

Kesoram net spurts to Rs 11.29 crore
Kolkata, July 30
B.K. Birla Flagship Kesoram Industries Limited today reported a sharp turnaround during the first quarter of 2001-2002 with a net profit of Rs 11.29 crore against a net loss of Rs 4.66 crore in the same period of the previous fiscal.

  • Gujarat Goldcoin
  • Tata Metaliks
  • Moser Baer
  • Sterlite Industries
  • Aventis Pharma
  • Indian Rayon
  • Kodak India
  • Nocil
  • Balrampur Chini
  • Rossel Industries
  • RPG Cables

IDBI may turn ‘sick’ if bonds are taxed
New Delhi, July 30
A Parliamentary Committee has slammed the Centre for not granting ‘infrastructure undertaking’ status to IDBI and denying tax exemption to its long-term bonds, without which the financial institution may turn “sick” in the days to come.

SIDBI net falls by Rs 33 cr
Mumbai, July 30
Small Industries Development Bank of India (SIDBI) has posted a lower net profit of Rs 75 crore during the quarter ended June 30, 2001, registering a decline by Rs 33 crore from Rs 108 crore reported in the corresponding period of last year.

Notification hits edible oil trade
Ludhiana, July 30
The controversial notification of the Excise and Taxation Department, Punjab issued on July 23 has hit the edible oil trade in Punjab. The trade of the edible and non-edible oil worth crores of rupees daily has virtually come to a halt thanks to the notification. Under the notification, the government has proposed first stage tax on all the edible and non-edible oil on the first stage at a rate of 4 per cent without clearly differentiating between them, with effect from July 10.

How to triple profit margins
T
he biggest economic difference between the modern knowledge-based firm and a traditional business is in its approach to pricing. Successful knowledge-based companies set prices on EVC — the economic value to the customer.

SBP functions
Chandigarh, July 30
Mr A.K. Purwar, MD State Bank of Patiala addressed branch managers of branches falling in the districts of Amritsar, Kapurthala, Gurdaspur & J&K State at Amritsar today.

Treat HMT, Pinjore as separate entity
New Delhi, July 30
Congress MP from Haryana Lachman Singh today demanded in the Rajya Sabha that the Pinjore unit of the HMT should be treated as a separate entity as it was a profit making unit.

ROUND-UP

Business expert is Miss India-Canada
Toronto, July 30
Twenty-three-year-old business professional Neelam Verma has been crowned Miss India-Canada 2001.

  • Ruby Tuesday to open 20 outlets
  • Raymond forays into women’s wear
  • Self-ironing shirt!
  • India fashion week from Aug 6

Top








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CORPORATE NEWS

Reliance Petro net surges 52 pc

Mumbai, July 30
Reliance Petroleum Ltd (RPL) has posted a 52 per cent rise in net profit at Rs 456 crore for the first quarter ended June 30, 2001, compared to Rs 300 crore in the corresponding period of previous fiscal.

Sales for the Q1 increased by 48 per cent to Rs 8,865 crore as against Rs 5,983 crore in same period of last year, RPL said in a release here today.

Exports for the reporting quarter rose from Rs 479 crore to Rs 1,440 crore, an increase of 200 per cent, in Q1 of the current fiscal, it said.

Throughout saw a rise of 26 per cent to 7.3 million tonnes from 5.8 million tonnes in Q1 of last year, RPL added.

Saw Pipes

Saw Pipes Ltd (SPL) has posted a 162.96 per cent increase in net profit at Rs 31.08 crore for the year ended June 30, 2001 as compared to Rs 11.82 crore in the previous year.

Total income stood at Rs 366.46 crore as compared to Rs 293.30 crore in the year ended June 30, 2000.

J. B. Chemicals

J. B. Chemicals & Pharmaceuticals Ltd has reported a 21.19 per cent rise in net profit at Rs 6.99 crore for the first quarter ended June 30, 2001, compared to Rs 5.77 crore in corresponding period of the previous fiscal.

Indal net soars

Indian Aluminium Company Limited (Indal), an Aditya Birla Group company has posted a net profit of Rs 287 million during the first quarter of financial year ended June 30, 2001, registering an increase of 12 per cent from Rs 256 million reported in the corresponding period of last year.

Wockhardt

Pharma major Wockhardt Ltd has posted a 70.68 per cent rise in net profit at Rs 22.7 crore for the second quarter ended June 30, 2001, compared to Rs 13.3 crore in corresponding period of the previous fiscal.

Income from operations increased by 14 per cent at Rs 168.8 crore for reporting Q2 as against Rs 148 crore in same period of last year.

Kinetic Motor Company

Kinetic Motor Company Limited posted a healthy 20.30 per cent growth in its net profit during the first quarter of the current financial year and is set to launch two new models shortly.

India Cements

Indian Cements has recorded a better net profit of Rs 1161 lakh in the first quarter of the current fiscal as against Rs 567 lakh during the same quarter of the 2000-01 fiscal.

Arvind Mills

Arvind Mills Ltd has reported a lower net loss at Rs 67.9 crore for the first quarter ended June 30, 2001, compared to Rs 94.9 crore in corresponding period of previous fiscal.

IDBI net dips

Industrial Development Bank of India (IDBI) today reported a 18.65 per cent dip in net profit at Rs 181.90 crore in the first quarter of this fiscal as against Rs 223.60 crore during the same quarter last year.

TCI

Transport Corporation of India Limited, a flag ship company of TCI Group, today announced their results for the first quarter ended June 30. The gross profit of the company at Rs 504 lakh has shown a substantial increase, which is 19.7 per cent higher than Rs 421 lakh recorded last year.

TVS Electronics

Net profits have taken a dip for TVS Electronics Ltd (TVS-E) in the first quarter of the current fiscal to Rs 25 lakh from Rs 41 lakh in the same quarter of the previous 2000-01 fiscal. TNS, Agencies

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Govt conditions for A-I, IA bidders
Tribune News Service

New Delhi, July 30
The government will proceed with the disinvestment of Air-India and Indian Airlines even if a single price bid offer is made, provided the single bid exceeds the reserve price, Disinvestment Minister, Mr Arun Shourie informed the Rajya Sabha in written reply here today.

The Minister’s reply said that the government, in consultation with various organisations, have put in place a transparent procedure including standardisation of valuation methodology which should obviate controversy.

Mr Shourie said that government has decided to obtain in addition , valuation reports from two independent valuers, other than the global advisors.

Listing out the conditionalities for bidders of Air-India and Indian Airlines, the Minister said that the strategic partner should have a combined networth in excess of Rs 1000 crore or $ 225 million.

The bidder could get disqualified if it is discovered at any time that the bidder is the subject matter of winding up/ insolvency or other proceedings of a similar nature.

The bidder would also get disqualified if at any time it is discovered or determined by the government that the bidder is a person who constitutes a threat to the security requirements of the country or has any conflict of interest with Air- India or its affiliates, Mr Shourie said in his reply.
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India’s IT growth continues
Tribune News Service

New Delhi, July 30
Slowdown in the USA represents big business potential for India, the Gartner Inc, a leading IT research and advisory firm has said.

At the coming Gartner Summit, 2001, scheduled for August 7-8, held in New Delhi, the IT Market Trends Track will explore how the US IT service market, being the traditional focus of many Indian vendors, is changing profoundly and consequently presenting any challenges but also lucrative opportunities to Indian vendors.

Senior analysts such as Craig Baty, Rolf Jester, Ian Bertram and Bertrand Bidaud with address the summit.

Quoting from a recent Gartner Dataquest review of the Asia Pacific IT services market, Rolf Jester, Director IT Services, Gartner Asia Pacific, said, “The Asia Pacific IT services market continues to grow at 25 per cent compound annual growth rate (CAGR) through 2004, indicating continued growth in this market, US slump or not.”

Given India’s unique mix of IT services revenues in which revenues from exports are more than double the domestic, the US slowdown did raise alarm bells among Indian IT vendors who started issuing profit warnings to the market, the Gartner noted.

However, while the slowdown as presented its fair share of challenges, it is not without lucrative opportunities, Craig Baty, Group of Vice President, Gartner Dataquest Asia Pacific and Gartner Research Japan said.

Ravindra Datar, Principal Analyst, Gartner (India), IT services, who said, “India offers to the world a low-cost-high-quality base for IT services and IT enabled services.

With Indian IT services companies dominating the global list of SEI CMM Level IV & V, and with the substantially low operating costs, India remains and attractive location for IT and non IT companies to set up their offshore development centres and back office operations”.
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Kesoram net spurts to Rs 11.29 crore

Kolkata, July 30
B.K. Birla Flagship Kesoram Industries Limited today reported a sharp turnaround during the first quarter of 2001-2002 with a net profit of Rs 11.29 crore against a net loss of Rs 4.66 crore in the same period of the previous fiscal.

A hefty jump of about 106.82 per cent in other income to Rs 5.21 crore from Rs 2.52 crore coupled with a sharp decline of about 16.70 per cent in interest charges to Rs 19.67 crore from Rs 23.61 crore last year, had a positive impact on profitability.

Net sales spurted by 10.20 per cent to Rs 353.64 crore from Rs 320.92 crore on better realisation from not only cements, but other units as well, the officials said.

Gujarat Goldcoin

Gujarat Goldcoin ceramics turnover is Rs 400 million crore and the projected turnover for the year 2001-2002 is expected to be Rs 550 million, an increase of nearly 30 per cent. The company announced an investment of Rs 450 million in the coming 2 years demonstrating an emphatic commitment to chart out the growth plans. The current investment stands at Rs 460 million.

Tata Metaliks

Tata Metaliks Limited posted a 122 per cent jump in net profit to Rs 3.78 crore during the first quarter of the current fiscal over Rs 1.72 crore in the corresponding period last year.

Moser Baer

Moser Baer India Ltd, maker of data storage media, has posted a 48.2 per cent rise in net profit at Rs 45.38 crore for the quarter ended June 30, 2001, over a 106.4 per cent rise in sales at Rs 145.14 crore.

The company had recorded a net profit of Rs 30.74 crore and a sales turnover of Rs 70.30 crore in the same quarter last fiscal, Moser Baer said in a statement after the board of directors meeting held here today.

Sterlite Industries

Sterlite Industries (India) Ltd has posted a 21.69 per cent rise in net profit at Rs 127.91 crore for the financial year ended June 30, 2001, compared to Rs 105.11 crore in the previous fiscal.

The board has recommended an equity dividend of 110 per cent. Dividend outflow, including dividend tax, aggregates Rs 33.68 crore.

Aventis Pharma

Aventis Pharma formerly known as Hoechst Marion Roussel has reported a 58.44 per cent rise in the net profit at Rs 12.2 crore for the second quarter ended June 30, 2001, compared to Rs 7.7 crore in corresponding period of previous fiscal. The Board has declared an interim dividend of Rs 2.50 per share of Rs 10 each for the financial year ending December 31, 2001 aggregating Rs 6.33 crore, the company said in a release here today.

Indian Rayon

The Indian Rayon and Industries has reported a marginal rise in the net profit at Rs 9.91 crore for the first quarter ended June 30, 2001 as against Rs 9.83 crore in the same period last year.

Kodak India

Kodak India Ltd has reported a 75.36 per cent dip in net profit at Rs 2.53 crore for second quarter ended June 30, 2001, compared to Rs 10.27 crore in the corresponding period of previous fiscal.

Net sales in Q2 have increased Rs 201.66 crore from Rs 177.9 crore in the same period last year.

Nocil

National Organic Chemical Industries Ltd (NOCIL) has posted a net loss of Rs 5.28 crore for the quarter ended June 30, 2001 as compared to a net profit of Rs 4.2 crore in the corresponding period last fiscal.

Balrampur Chini

Balrampur Chini Mills Ltd announced a net profit of Rs 10.32 crore for the quarter ended June 30, 2001 against Rs 10.21 crore in the corresponding period last year, registering a growth of 1.07 per cent from the same period last year.

Rossel Industries

Rossel Industries Ltd posted a net profit of Rs 3.92 crore for the quarter ended June 30, 2001, compared to Rs 68 lakh in the corresponding period last year.

RPG Cables

RPG Cables Ltd pruned its net loss to Rs 3.14 crore for the quarter ended June 30, 2001, against Rs 4.36 crore in the same period last year. Agencies
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IDBI may turn ‘sick’ if bonds are taxed

New Delhi, July 30
A Parliamentary Committee has slammed the Centre for not granting ‘infrastructure undertaking’ status to IDBI and denying tax exemption to its long-term bonds, without which the financial institution may turn “sick” in the days to come.

“There is a need for declaring IDBI as an ‘infrastructure undertaking’ under Section 10(23)(G) and also for permitting it to issue capital gains bonds under Section 54EC of the Income Tax Act keeping in view its pioneering role in financing the development of infrastructure in the country,” the Committee on PSUs said in its report.

As it was impossible for the FI to raise funds at competitive rates, the committee said, “it would make IDBI sick in the days to come, as is evidenced in the recent decline of 27 per cent in its profits at Rs 691 crore for 2000-01 compared to Rs 947 crore in previous year.”

Even after sanctioning Rs 41,242 crore to infrastructure sector till March 2000, IDBI was denied “infrastructure undertaking” status and tax exemption on its Capital Gains Bonds were lifted, although the same facility was offered to Nabard, National Highways Authority of India (NHAI) and Rural Electrification Corporation (REC) in the Budget for 2001-02.

Exempting IDBI’s long-term bonds would also assist it to enhance its funding to mega infrastructure projects, it said.

The committee, however, took a dig at IDBI’s lower disbursements of Rs 16,895 crore for the period ended March, 2000 towards infrastructure even as total sanctions stood at Rs 41,242 crore during the period.

In the wake of lower interest rate regime, the committee said government should lay down guidelines so as to ensure a portion of pension funds, provident funds and postal savings are compulsorily invested with IDBI.

“The overall impact of current reduction of rates would further erode IDBI’s operating margin due to the fact that the maturing assets are more than the maturing liabilities in the next 2-3 years,” it said.

The committee said IDBI should be allowed to invest its idle foreign currency funds in portfolio management schemes of internationally reputed banks as part of efforts to reduce its cost of capital. PTI
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SIDBI net falls by Rs 33 cr

Mumbai, July 30
Small Industries Development Bank of India (SIDBI) has posted a lower net profit of Rs 75 crore during the quarter ended June 30, 2001, registering a decline by Rs 33 crore from Rs 108 crore reported in the corresponding period of last year.

According to a SIDBI release, this was the first quarter after the bank came under the purview of income tax which mainly brought down the profit. The bank made a provision of Rs 37 crore for the quarter ended June 30, 2001.

The bank earned an income of Rs 409 crore as against Rs 398 crore during the corresponding quarter of the previous year indicating a growth of 2.8 per cent. The first quarter of operations recorded a higher profit before tax of Rs 112 crore from Rs 108 crore of the same period of the previous year. UNI
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Notification hits edible oil trade
Tribune News Service

Ludhiana, July 30
The controversial notification of the Excise and Taxation Department, Punjab issued on July 23 has hit the edible oil trade in Punjab. The trade of the edible and non-edible oil worth crores of rupees daily has virtually come to a halt thanks to the notification. Under the notification, the government has proposed first stage tax on all the edible and non-edible oil on the first stage at a rate of 4 per cent without clearly differentiating between them, with effect from July 10.

Punjab Oil Millers’ and Traders’ Association in a memorandum submitted to the Excise and Taxation Minister Mr Adesh Partap Singh has pointed out that they were shocked at the notification, under which they have been asked to deposit 4 per cent sales tax on the oil trade held from July 10 onwards. But they had not collected any tax since the notification came to their notice only on July 23.

Mr Sushil Kumar Jain, President, Punjab Oil Millers’ and Traders’ Association said, “The term edible oil has not been defined in the notification.

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How to triple profit margins
Peter Doyle

The biggest economic difference between the modern knowledge-based firm and a traditional business is in its approach to pricing. Successful knowledge-based companies set prices on EVC — the economic value to the customer.

This explains why a consultancy such as McKinsey has profit margins triple those of an advertising agency such as Saatchi, or why a pharmaceuticals leader such as Merck earns much higher returns than say IBM or Compaq.

The traditional approach to pricing is based on cost plus. At Saatchi or Compaq management estimate the full cost of producing the product or service then add on a profit margin. Unfortunately with today's tough competition and excess capacity, such profit margins are soon squeezed.

Knowledge-based businesses such as McKinsey and Merck start differently.

They ask not what does it cost to produce our product or service, but what economic value does it offer the customer.

For example, a consultancy believes that it could improve a client's after-tax cash flow by £ 1m annually. At current interest rates the value of such an increase to the client's shareholders is around £ 12m. The consultant would see a reasonable price for its work as £ 3m, i.e. 75 per cent of the EVC going to the customer and 25 per cent to the provider.

In contrast, a traditional service provider would estimate the job as taking say 5,000 man hours at £ 200 an hour and price it at around £ 1m. To see how the former can maintain such a price premium we need to look at its approach to business.

While traditional firms start by thinking about their product, the knowledge-based firm focuses on understanding the client's needs. They realise that clients don't want products, they want solutions that create value for their shareholders.

To provide such value vendors need to know more about the client's business than the client. This is why knowledge-based businesses are organised around industry groups rather than by function.

Step two is to estimate the economic value to the customer of the solution they are to provide. Understanding the customer's business processes can provide enormous profit leverage.

For example, a customer might pay £20,000 for a machine, but spend another £ 100,0000 over the machine's life on power, labour, maintenance and running costs. If a new competitor came out with a machine that could cut these running costs by 20 per cent, then its EVC would be £40,000.

It would be worth the customer paying up to twice the price to obtain the new machine.

Step three is to build a relationship with the customer to achieve continuing business. EVC is not rip-off pricing. Its aim is to deliver more value to the customer not less. Knowledge-based businesses are customer rather than production orientated.

Traditional companies see their objective as being excellent in what they produce. So an ad agency wants to produce the best advertising, a computer company the best computers. But modern customer-orientated businesses want to be the best at helping clients create shareholder value. By arrangement with The Guardian

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SBP functions
Tribune News Service

Chandigarh, July 30
Mr A.K. Purwar, MD State Bank of Patiala addressed branch managers of branches falling in the districts of Amritsar, Kapurthala, Gurdaspur & J&K State at Amritsar today. He laid stress on improving the customer service in view of the stiff competition being faced by the bank in its area of operation and advised the managers to ensure speed/efficiency in delivery of bank’s services. Mr R.S. Nanda, GM (P&D) also spoke on the occasion.

Best branch

State Bank of Patiala Kala Jhar (Channo) branch has been declared the best branch of the Patiala Zone for the year 2000-2001 said Mr S.K. Sreen DGM of the bank. Mr J.R. Devgan GM honoured the Manager, Mrs Shakuntla Puri of the branch.

Bathinda: Oldest customer of State Bank of Patiala Garish Gupta today inaugurated its city branch. Mr Mahadev Balani, DGM, was present on the occasion. Mr Balani said with the changing banking scenerio this bank has extended banking hours, seven-day banking and providing ATMs at selected branches. OC

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Treat HMT, Pinjore as separate entity
Tribune News Service

New Delhi, July 30
Congress MP from Haryana Lachman Singh today demanded in the Rajya Sabha that the Pinjore unit of the HMT should be treated as a separate entity as it was a profit making unit.

Raising this issue during Question Hour in the upper house, Mr Singh accused the government of not paying adequate attention to the Pinjore unit even as labour is lying idle.

He also pointed out that while the government was repeatedly saying that HMT was running in loss, the Pinjore Unit of HMT was making profit.

Heavy Industries Minister Manohar Joshi, in his reply, ruled out the possibility of treating the Pinjore unit as a separate entity.
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ROUND-UP

Business expert is Miss India-Canada

Toronto, July 30
Twenty-three-year-old business professional Neelam Verma has been crowned Miss India-Canada 2001.

Verma, who has a business degree from Toronto's York University and works as a strategic marketeer with an investment firm, was crowned at the International Plaza Hotel in Toronto July 28.

Bollywood actress and former Miss India Zeenat Aman crowned Verma at the function attended by 700 people.

When Verma travels to Mumbai, she would be retracing the path of actresses and television stars like Ruby Bhatia, Komal Sahni and Gita Bali, all of whom won the title before making it big in tinsel town. IANS

Ruby Tuesday to open 20 outlets

New Delhi: US-based concept restaurant chain Ruby Tuesday Inc. will invest Rs 100 crore in India over the next five years to open 20 outlets across the country.

“We will invest Rs 100 crore over the next five years for our expansion plans which include opening up of 20 outlets in the country”, Mr John Brisco, President, international franchise, of the company told PTI.

So far, the chain has invested $ 1.5 million in its India operations which included its only restaurant in Delhi. PTI

Raymond forays into women’s wear

New Delhi: Raymond today announced its foray into womenswear with the launch of ‘Be:’ pret line of designerwear through an exclusive outlet.

The new line will be sold via exclusive, company owned retail outlets in the first phase of expansion and “six such outlets will be launched in Delhi, Mumbai and other major metros initially”.

Terming the ‘Be:’ launch as a unique initiative by a major corporate house to corporatise designerwear in India, he said the clothes available at these outlets will be “affordable”. PTI

Self-ironing shirt!

Washington : An Italian fashion house has developed a shirt that irons itself and rolls up its sleeves in hot weather.

According to a report in “The Washington Post”, the shirt boasts of “shape memory”, which allows the garment to recall a shape to return to when heated to a pre-set temperature. PTI

India fashion week from Aug 6

New Delhi: The Fashion Design Council of India has announced that Channel V will be the official broadcaster as well as the co-sponsor of the Lakme India Fashion Week to be held in Mumbai from August 6-12.

Six specially edited 30-minute capsules will be telecast, covering emerging trends, hair styles, celebrity interviews and behind the scene features. OC

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BIZ BRIEFS

New food joint
Gurgaon, July 30
The Vatika Grand group has inaugurated its multi-cuisine outlet called Food Court — adjacent to the picturesque Leisure Valley and the HUDA Gymkhana Club. Vatika Grand has already opened food chains in Delhi and Gurgaon. TNS

Central Bank
Chandigarh, July 30
Central Bank of India has introduced Tele-banking facility at its Panchkula branch. Today it was inaugurated by Mr V.N. Saxena, Director of the Bank. Mr R.P. Sharma, DGM of bank’s Chandigarh zone said this branch is providing 7-days’ banking facility. TNS

Steel export
Chandigarh, July 30
The steel industry has offered a suspension agreement with the USA under which it will attempt to limit the quantity supplied as well as the prices of steel exported to the USA. In the ongoing CII’s Steel CEOs mission to the USA led by Steel Secretary N.N. Khanna, discussions for concluding this agreement would be undertaken. TNS

Sugar recovery
Chandigarh, July 30
The 14 Sugar Co-operative Mills of Punjab have registered an average sugar recovery of 9.79 per cent against 8.95 per cent last year. Mr Jagjit Puri, Managing Director, Sugarfed, at the meeting held for review of working of Punjab Sugarfed, said the recovery of the co-operative mills in the state has been more than that of the private mills. TNS

Trutoil IT office
Chandigarh, July 30
Corporate office of Trutoil IT solutions was inaugurated in Sector 17 here today . Trutoil will shortly launch a website Institute in Chandigarh.com which will provide detailed information about the educational institutes, colleges etc, courses offered , fee structure and other details . Mr Mustaq Mansoor and Mr Prakash Singh are developing the website in which no charges will be made from the institutes. TNS

Rewari industry
Rewari, July 30
The Rewari Industrial Association has made a written representation to the Chairman, Central Board of Excise and Customs, New Delhi, drawing his attention to the highly anomalous situation now prevailing between the 100 per cent Export Oriented Units and Non Export Oriented Units and which is causing severe disadvantages to the 200 odd small scale industries. OC

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