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Wednesday,
January 30, 2002, Chandigarh, India  
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CORPORATE NEWS
Mumbai, January 29 Industrial Development Bank of India (IDBI) has reported a decline in the net profit to Rs 352 million in the quarter ended December 31, 2001, as compared to Rs 1,548 million in the corresponding quarter last fiscal.
Mumbai, January 29 Pfizer India Ltd has registered a 20.32 per cent increase in net profit at Rs 47.49 crore for the financial year ended November 30, 2001 as compared to Rs 39.47 crore in the corresponding period of previous year. |
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North India engineering exports record 25 pc growth Preferential tariff for wind energy proposed
Max New York Life offers new products
156 cr FDI proposals cleared
ICICI Bank inks pact with AirTel
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CORPORATE NEWS New Delhi, January 29 The company’s exports grew 31 per cent to Rs 308.6 crore during the quarter while earning per share was also higher at Rs 20.72 against Rs 15.74 in the same quarter of the previous fiscal, according to a statement. Ranbaxy recorded 17.5 per cent higher global sales for the year at $ 596 million; aggregate profit before tax of the operating subsidiaries and affiliates for the year was a little over $ 7 million. Sales in the US market were pegged at $ 113 million registering 73.8 per cent growth; those on europe grew 41 per cent to $ 41 million. Mahindra & Mahindra Mahindra & Mahindra Ltd (M&M) net has dipped by 35.98 per cent at Rs 28.04 crore for the third quarter ended December 31 as compared to Rs 43.80 crore in the same period of the previous year. Net sales/income from operations were higher at Rs 917.79 crore as compared to Rs 904.87 crore in the quarter ended December 31, 2000, M&M said in a statement here today. Nilkamal Plastics Nilkamal Plastics Ltd has posted a 94.85 per cent rise in net profit at Rs 2.96 crore in third quarter ended December 31, 2001, compared to Rs 1.52 crore in same period of previous fiscal. Hindustan Inks Hindustan Inks & Resins Ltd has posted a 24.85 per cent rise in net profit at Rs 10.45 crore for the third quarter ended December 31, 2001, compared to Rs 8.37 crore in same period of previous
fiscal. Tata Telecom Tata Telecom Ltd today reported a 89 per cent rise in net profit for the third quarter ended December 2001 to Rs 3.46 crore as compared to Rs 1.83 crore in corresponding period previous year. During the period in reference, the company has recorded a turnover of Rs 69.90 crore as compared to Rs 44.49 crore in the corresponding period previous year, reflecting a rise of 57 per cent. RayBan Sun Optics RayBan Sun Optics India Ltd has posted a net profit of Rs 0.93 million for the quarter ended December 31, 2001 as compared to a net loss of Rs 53.66 million in the corresponding period last fiscal. Monsanto India Monsanto India Ltd has net profit soared to Rs 183.30 million for the quarter ended December 31, 2001 as compared to Rs 88.70 million for the same quarter last fiscal. DCM Shriram Ind DCM Shriram Industries Ltd has posted a net profit of Rs 56.30 million for the quarter ended December 31, 2001 as compared to Rs 1.40 million in the corresponding period last fiscal. Total income decreased to Rs 832.30 million in the period under review from Rs 901.40 million in the corresponding period last year. Tata Infomedia Tata Infomedia Ltd has posted a net profit of Rs 26.54 million for the quarter ended December 31, 2001 as compared to Rs 32.22 million in the corresponding period last fiscal. E. Merck E. Merck (India) Ltd has posted a 16.01 per cent increase in net profit at Rs 44.71 crore for the financial year ended December 31, 2001 as compared to Rs 38.54 crore in the same period last year. The board has recommended a final dividend of Rs 7 per share, taking the total divided paid/proposed for 2001 to Rs 10 per share, including Rs 3 per share as interim dividend paid earlier. Tata Telecom Tata Telecom Ltd, has recorded a turnover of Rs 69.90 crore for the third quarter ending December 31, 2001 as compared to Rs 44.49 crore in the corresponding previous period — a 57 per cent growth. Berger Paints Berger Paints India Limited today announced profit after tax of Rs 11.52 crore during the third quarter of current financial year which was 40.32 per cent higher than Rs 8.21 crore reported in the corresponding quarter of previous fiscal. Sterlite Ind Sterlite Industries (India) Ltd has posted a lower net profit at Rs 36.31 crore for the second quarter ending December 31 as against Rs 37.63 crore in the corresponding period the previous fiscal. EIH EIH Ltd has posted a massive decline in net profit by 88.20 per cent at Rs 2.99 crore for the third quarter ended December 31 as compared to Rs 25.36 crore in the corresponding period last fiscal. Gulf Oil Gulf Oil India Ltd has posted a higher net loss at Rs 1.96 crore for the third quarter ended December 31 as compared to a net loss of Rs 1.21 crore in the same period last year. Kale Consultants Kale Consultants Ltd has posted a 33.15 per cent rise in net profit at Rs 72.7 lakh for the third quarter ended December 31, 2001, compared to Rs 54.6 lakh in same period of previous fiscal.
Agencies
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IDBI net declines Mumbai, January 29 Income from operations was down by 9.95 per cent to Rs 19,094 million in Q3 from Rs 21,203 million in the period last year. Other income also declined to Rs 213 million in Q3 from Rs 392 million in the third quarter last year. IDBI has provided Rs 2,173 million towards bad and doubtful debts/investments written off in the current quarter against Rs 1,973 million in the corresponding quarter last year. Bank of Baroda Bank of Baroda has posted a net profit of Rs 1,581.30 million in the quarter ended December 31, 2001 as compared to Rs 1,507.90 million in the same period last year. Total income for the reporting quarter was at Rs 17,042.60 million as compared to Rs 15,817.40 million in the corresponding quarter last fiscal. Vijaya Bank Vijaya Bank has posted a net profit of Rs 440.50 million for the quarter ended December 31, 2001 as compared to Rs 161.60 million in the same period last year. Total income for the reporting quarter is at Rs 4,560.80 million as against Rs 3,781.50 million in the corresponding quarter last fiscal. Federal Bank Federal Bank has reported a net profit of Rs 219.30 million for the current quarter ended December 31, 2001, as compared to Rs 147.70 million in the corresponding quarter last fiscal. Total income increased from Rs 2,568.20 million in the same quarter last year to Rs 3,255.30 million in the reporting quarter. Global Trust Bank Global Trust Bank has posted a net profit of Rs 89.10 million for the quarter ended December 31, 2001, as compared to Rs 344.40 million in the corresponding quarter last year. Centurion Bank Centurion Bank Limited has reported a net loss of Rs 52.18 crore after accounting for a provision of Rs 67.61 crore during the nine-month period ended December 31,2001 as against a net profit of Rs 31.20 crore during the corresponding period last year. However, the bank earned an operating profit of Rs 15.43 crore during the reporting period as compared to Rs 48.68 crore in the corresponding period last fiscal.
Agencies |
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Pfizer net soars 20.32 pc Mumbai, January 29 The company has also declared a 50 per cent dividend for the year ended November 30. Total income for the year under review stood at Rs 382.09 crore as compared to Rs 339.4 crore in the same period last year, it added. For the fourth quarter ended November 30 the company has recorded a 6.64 per cent increase net profit at Rs 11.39 crore as compared to Rs 10.68 crore in the corresponding period last fiscal, while total income was at Rs 104.69 crore as against Rs 95.42 crore, it added.
PTI |
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North India engineering exports record 25 pc growth Ludhiana, January 29 Expressing his satisfaction over the performance of engineering exports, he said, ‘‘The north region has achieved that growth despite worldwide recession and withdrawal of various incentives by the government. The engineering exports from the region including bicycles and parts, hand tools, primary iron and steel,
aluminium and its products, auto-parts, two wheelers, and small and medium type vehicles, had a share of around 25 per cent in the overall engineering exports from India.” He said the council was now concentrating on promotional activities. It had started organised campaigns in Nairobi in Kenya during 1999, followed by
programmes in Sri Lanka, Egypt and Venezuela during the previous year. In view of the overwhelming response from the member-exporters, the council has decided to organise an exhibition of engineering and hi-tech products in Birmingham, the UK from April 29 to May 2, 2002. The council is also planning to organise a buyer-seller meet, India Meet - 2002, with 70 Latin American buyers in Delhi and Mumbai between March 18 and March 21, he added. Mr Ralhan lamented that non-withdrawal of value cap on a large number of engineering items in the DEPB rate list had adversely affected the growth of exports in the concerned categories. The EEPC has also asked the Centre Government to subsidise CE certification (European norms) on the pattern of ISO standards and Bar Coding, to boost exports to the European
market. The government should rather consider to provide free certification to exporters, like China, he said. The Council has also decided to award the star exporters in a function, to be held here on January 30, to recognise their outstanding export performance. |
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Preferential tariff for wind energy proposed New Delhi, January 29 Speaking at a meeting organised jointly by the Assocham, Max Mueller Bhawan and IIT, Delhi here, the Minister of State for Non-Conventional Energy Sources, Mr M. Kannappan said that the ministry has proposed a minimum 10 per cent of electricity generation from renewable sources. The Minister said a formal policy and legislative framework is underway to realize over 4,000 MW through renewables in the 10th Plan period. He said a renewable energy policy statement had been prepared providing a policy, fiscal, institutional, regulatory and legislative framework. The Minister said that the Draft Electricity Bill proposes to do away with the requirement of licensing for generation and distribution of electricity in rural areas within a prescribed ceiling. It also provides for tariff determination to be guided by the policy for promotion of co-generation and generation of electricity from renewable sources. |
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Max New York Life offers new products Chandigarh, January 29 The children endowment product has been designed to cater to the two important life stages needs of a child- education and marriage, said Mr Anuroop Tony Singh, CEO and MD of the company. The product is offered with a Payor Benefit Rider, which at a nominal charge, provides for waiver of future premium in case of death or disability of the parent or guardian paying the premium, said he. The policy-Endowment to age 60 can be used to accumulate a retirement fund and can be invested to supplement post retirement income. |
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156 cr FDI proposals cleared New Delhi, January 29 The major investment proposals pertain to sectors such as chemicals and petro-chemicals, dairy and milk-based products, heavy electrical equipment, consultancy and software development. Among the proposals was that of French firm Group Danone, which has been allowed to set up fully owned subsidiary to manufacture and market dairy and milk based products in India. |
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