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Tuesday,
July 9, 2002, Chandigarh, India  
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CORPORATE NEWS
Indica
sales in top gear
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ONGC
plans to buy Birla stake in MRPL Clear
dues or face action: PSIDC Hong
Kong most expensive
No plan
to review interest rate cut
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CORPORATE NEWS New Delhi, July 8 Net sales rose by 33.8 per cent at Rs 1,274.37 crore during April-June 2002-03 over Rs 951.99 crore in the year-ago quarter, a company statement said. Motorcycle sales had increased by 37.3 per cent year-on-year to 4.21 lakh units from 3.06 lakh units in the corresponding quarter last fiscal. Announcing the results after a board meeting here, Hero Honda Managing Director Pawan Kant Munjal said the operating margin had improved to 15.58 per cent during the review quarter from 12.52 per cent a year ago. “The improvement in operating margin is a significant achievement considering that it is a net of the “celebration offer” of Rs 1,001 being offered by the company on all its models since the first day of the current fiscal,” he said. Munjal said the latest offering ‘Dawn’ had received a good response and 27,223 units had been sold since its launch in late April this year. “As part of our continuing efforts to offer the best products, we are planning to launch two more bikes in the current financial year,” he said. Hero Honda is a joint venture between the Munjals-promoted Hero group and Japan’s Honda Motor Co. with each partner holding 26 per cent stake. The company’s total income has increased from Rs 954.59 crore in JQ-2001 to Rs 1290.40 crore in JQ-2002. During the quarter ended June 30, 2002 the company sold 421,679 motor cycles as compared to 306,930 motor cycles for the corresponding period last fiscal.
Crompton in profit
Crompton Greaves Ltd has posted a net profit of Rs 60 lakh in the first quarter ended June 30, 2002, as compared to a net loss of Rs 5.68 crore for the same period a year ago. The total income (net of excise) rose from Rs 348.6 crore in JQ-2001 to Rs 370.93 crore in JQ-2002.
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Indica sales in top gear
Mumbai, July 8 Indica sales grew by 48 per cent at 7,056 units in the reporting month, the company said in a release here today. For the first quarter ended June, the total Indica sales stood at 38,961 units (33,191 in June, 2001) and 11,905 vehicles it added. Sales of commercial vehicles registered a 27 per cent increase at 7,700 units while for Q1 the company saw a rise of 45.6 per cent at 21,376 units (14,694). Tata Engineering said the passenger car business recorded sales of 9,154 units in June, a growth of 35 per cent. The company ended the quarter with a total domestic sale of 17,590 vehicles and an overall market share of 11.5 per cent in this segment. Utility vehicle sales saw an increase of 4 per cent at 2,097 units while cumulative sales for the reporting quarter stood at 5,684 units, the company added. TVS sales zoom 40 pc
TVS Motor Company sold 2.73 lakh units during the first quarter (April-June) of 2002-03, up 40 per cent compared to the same period last year, even as it was actively looking at setting up a manufacturing plant in South East Asia, top company officials said today. Motor cycles accounted for 1.6 lakh units, a growth of 75 per cent, while TVS’ other offerings such as scooters, scooterettes and mopeds grew “marginally”. Overall growth in sales of units is 40 per cent, the company’s Vice-President (Sales and Marketing) R. Chandramouli told PTI here.
Chandramouli said the company’s top priority now is to increase the production of its highly successful Victor, a four-stroke, 110 cc motor cycle, which currently has a booking period of two months across the country.
PTI
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Reliance Ind, Petro shares emerge stronger
Dubai, July 8 A senior banker tracking the scrip suggested that there might be some sentimental selloff today when the markets reopen. The share was quoted at Rs 263 by Friday’s close, after having touched a peak of Rs 290 just recently. In recent weeks, the share’s lower range was around Rs 250. Said Venu Krishan, UTI’s General Manager for the Gulf, “There has been no major selloff by expatriate Indians based in the region of their equity holdings in UTIs equity schemes. The changes in inflow and outflow have been related to sentiments on the equity market.” Ram Buxani, founder Chairman of the Overseas Indian Economic Forum, said: “Dhirubhai was the ultimate NRI who was able to turn around things in India and reach the pinnacle. In a stock market environment where there were many fly-by-night operators, he ensured that every investor in his companies made money.”
Business as usual at Reliance group
offices
MUMBAI: It was business as usual at the headquarters, offices and factories of the Reliance group today as the staff turned out in full strength in a befitting tribute to the work ethic established by the founder Chairman Dhirubhai Ambani who died on Saturday night. Stepping into the offices punctually, the staff placed flowers on portraits and photographs of their mentor gracing the entrances to the Reliance offices and factories. Mr Ambani’s elder son Mukesh occupied his chair at the Reliance Centre at Ballard Pier, while brother Anil stepped into group’s Maker Chamber IV office at Nariman Point to take stock of the business operations. The Reliance sources, however, noted that the decision on Mr Ambani’s successor as Chairman of the group would be taken only after the completion of the 10-day mourning. Meanwhile, millions of investors look up to the two brothers to carry to the sprawling $ 12.5 billion business empire that Mr Ambani built from scratch. At the
BSE, shares of Reliance Industries Ltd (RIL) and Reliance Petroleum Ltd
(RPL) recovered from the shock of the group Chairman’s death and posted smart gains in
hectic trading today. RIL shares were up by Rs 8.1 at Rs 271.40. RPL shares also gained Rs 0.80 to close at Rs 24.40 over the previous close of Rs 23.60. While about 12,99,687 shares of RIL worth Rs 35.18 crore had changed hands till 1 p.m. today, RPL reported a turnover of Rs 1.53 crore involving about 6,32,326 shares. The bench-mark sensex of the BSE was up about 25.53 points at 3359.14 points. The Bombay Yarn Merchants’ Association and Mulji Jetha and Mangaldas Market, regarded as Asia’s largest cloth market, both in south
Mumbai, today suspended trading as a mark of respect to the textile tycoon who created the “Only
Vimal” brand. UNI
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Mumbai his ‘karmabhoomi’ “I
can never fully repay the debt I owe to
Mumbai,’’ the late Reliance group Chairman Dhirubhai Ambani had once said.
Mumbai was indeed the “karma-bhoomi’’ of Dhirajlal Hirachand
Ambani, who died aged 69 on Saturday night. Dhirubhai came to Mumbai in 1959 with just Rs 500 in his pocket. When he embarked on his last journey on Saturday, he left behind an empire worth over Rs 75,000 crore. “I was born in Gujarat. It is true. But I was re-born in
Mumbai,’’ Dhirubhai had said on December 16, 2000, at a felicitation function by the Brihanmumbai Municipal Corporation the biggest civic body of Asia. “Mumbai gave me the opportunity when I looked for it. Mumbai gave me the courage when I faced challenges. Mumbai gave me the strength when difficulties came in my way. Mumbai has always nourished me kindly,’’ he had said amid thunderous applause at the civic reception in his honour.
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ONGC plans to buy Birla stake in MRPL
New Delhi, July 8 “We are considering all possibilities at present. Nothing has been finalised as yet. We will take a decision at an appropriate time,” ONGC CMD Subir Raha told reporters here. Declining to elaborate the ONGC’s plans for MRPL, Raha said “the issue (of buying Birla’s stake) is being discussed internally.” The A V Birla group is wanting to exit the 9 million tonne per annum joint venture refinery with HPCL as it has been incurring heavy losses for the past couple of years. The A V Birla group and HPCL have 37.38 per cent stake each in MRPL, while the remaining shares are in public hands. Buying Birla’s stake in the joint venture MRPL would give the ONGC, which has recently been authorised to market petrol and diesel, a foothold in downstream petroleum. The ONGC has been accorded permission to set up 600 retail petrol selling stations, sources said adding that the permission is conditional to it showing firm source of supply. Raha also declined to say if the ONGC had opened informal talks with the A V Birla group on stake buy or sent fillers.
PTI
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Clear dues or face action: PSIDC Chandigarh, July 8 ‘‘We have send a proposal to the government in this regard and are a waiting the clearance from the Finance Ministry to recover the loans under Section 32 ( G) of the State Finance Act. Corporations in Karnataka, Maharashtra and Kerala have already been provided such powers to send defaulters behind the bars in the Land Revenue Act,’’ he said. The PSIDC was also appointing agents to speed up the process of recovery. They would find out the whereabouts of borrowers/guarantors and identify their movable and immovable assets and serve notice and summons under Section 29 of the SFC Act. It would help recover outstanding dues worth over Rs 1,000 crore from defaulting companies, which had failed to fructify over the years. Refuting the allegations of negligence, Mr Khanna, said,‘‘ We have already taken over more than 30 companies to recover the amount under Section 29. About Rs 20 crore has been already recovered against a target of Rs 30 crore in equity cases and Rs 50 crore in loan cases during the current fiscal.’’ Regarding the disinvestment process, he said, ‘‘proposal has been sent to the Disinvestment Directorate to sell our share in Punjab Tractors Ltd., Punjab Alkalies and Chemicals
Ltd. and Electronic Systems Punjab Ltd”. Insiders, however, pointed out that while the nexus of some officials and politicians in the previous government prevented the management to recover loans from the defaulting companies, but Capt. Amarinder Singh, ordered the PSIDC and the PFC to take stringent measures to recover the dues. However, the PSIDC has so far failed, allege PSIDC Employees Union leaders, even to initiate any action against influential persons. In other cases, 20-25 per cent of the total amount is being recovered.
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Hong Kong most expensive
Singapore, July 8 Higher prices in the basket of goods belonging to the personal care, domestic supplies and transport categories, led to Hong Kong’s ascent to the most expensive city rank. Moscow is now considered the second most expensive place to live in, followed by Tokyo which has fallen from first position last year, the survey by multinational firm Mercer Human Resource Consulting showed.
AFP
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SBI rates cut BSE Net trading Huppe in pact Parvatiya bank PNB housing loan Yellow pages BSE margin HP cuts price |
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