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Thursday,
July 11, 2002, Chandigarh, India  
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Infosys clocks 14.11 pc growth in net Graphic: Top 20 software companies
Hoarders push up potato price Jaswant
rules out interim budget
IA reduces fares on 9 more routes Graphic: Tourist arrivals |
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Suit against Dick Cheney ‘without merit’
Ashok Leyland sales up 21 pc
Ranbaxy to supply anti-AIDS drugs
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Infosys clocks 14.11 pc growth in net
Bangalore, July 10 The Bangalore-based, Nasdaq-listed company’s revenue for the April-June period rose to Rs 764.62 crore from Rs 612.52 crore, a year-on-year growth of 24.83 per cent. The first quarter numbers declared by the IT sector leader represent a sequential growth of 12.42 per cent and 3.10 per cent in revenue and the net profit. The results beat market expectations. Analysts had projected a revenue of Rs 707.4 crore and the net profit of Rs 214.4 crore. The company also upheld its now famous tradition of exceeding its own guidance (revenue: Rs 684 crore-Rs 694 crore, and net profit: Rs 205 crore-Rs 211 crore). “Revenue growth during the quarter has been robust”, CEO, President and MD, Nandan M. Nilekani told reporters. “We continue to remain cautious due to delays in client and prospect visits from adverse travel advisories and due to a challenging global business environment”. Head-Sales and Marketing, Phaneesh Murthy, said the recent US travel advisory following escalating tension on the Indo-Pak border has had no impact on the company’s performance in the first quarter but added the effect might be felt in the next couple of quarters if the issue persisted.
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No plan to return cash Infosys has no plans to return its burgeoning cash reserves to shareholders, Nandan Nilekani said. Speaking to reporters he said the cash reserves were "strategic and adequate". "It will give us flexibility to respond to marketing conditions and marketing. The fact that we have not done acquisition is not anything negative. We have done the right alliances", he said. Cash and cash equivalents of the company increased by Rs 62.27 crore during the quarter, from Rs 1,026.96 crore to Rs 1,089.23 crore, after incurring a capital expenditure of Rs 53.79 crore. Meanwhile, Chief Operating Officer S Gopalakrishnan said the company was looking at opening a representative office in China in the near future. |
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To recruit 1,000 in 3 months Infosys Technologies plans to recruit 1,000 persons in the current quarter (July-September, 2002), a senior company official said today. The company declared its first quarter numbers, Head, Customer Delivery, D Shibulal said the number includes 800 freshers. Infosys increased its total employee strength to 11,304 as on June 30 this year, up from 10,738 three months earlier. The company said all recruitment offers that had to be deferred last year due to business reasons have been honoured this year, and the recruits would join the organisation in batches during this quarter and the next quarter. |
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Projects cautious business outlook The company projected a cautious outlook for the quarter ending September 30, 2002, when it said its income was expected to be between Rs 762 crore and Rs 781 crore. For the fiscal year ending March 31, 2003, Infosys projected income to be between Rs 3,108 crore and Rs 3,195 crore. He said the EPS is expected between Rs 33 and Rs 34. Income for the fiscal ending March 31 was expected to cross Rs 3,195 crore and the EPS likely to be around Rs 146, he added. Infosys said the outlook continue to remain cautious due to "delays in client and prospect visits arising from adverse travel advisories and a challenging global business environment."
PTI |
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Hoarders push up potato price Chandigarh, July 10 Traders admit that they are making good profit in potato business and the prices are further expected to reach Rs 15-18 per kg, once the rainy season sets in, due to controlled supply by some leading hoarders. They claim as compared to last year the supply of seed potato, which contributes up to 40-45 per cent of the total supply to the market, has also witnessed an increase to Gujarat, Andhra Pradesh and other southern states. Markfed has also announced to export potatoes in a big way from the state. Commenting on the causes of the price increase, Prof M.S. Sidhu, senior economist at PAU, Ludhiana, says, ‘‘the total production of potato in Punjab has decreased to around 14-15 lakh tonne due to crash of prices last year. On the other hand, the cold storage capacity has increased to about 13 lakh tonnes, resulting in hoarding and increase in the prices. However, the traders, not farmers, have benefited from the spurt in the prices.’’ Agriculture experts point out that the total area under potato has decreased by about 15 per cent, due to bad experience of the farmers last year. Small farmers have not planted potato this season as most of the farmers were forced last year to dump potato on roads and in the cold stores, resulting in heavy losses. But it is the cartel, they say, which has created an artificial scarcity in the market hitting the common man. Interestingly, the Union Government’s scheme to build up extra storage capacity in the region, says a senior official at the Nabard’s regional office here, has also indirectly contributed to the increase in the prices. Nabard has sanctioned 58.5 crore to build 49 cold stores in Punjab and Haryana adding an additional capacity of 1.68 lakh metric tonne. Most of these entrepreneurs have stored
potatoes, and are now trying to get maximum benefit by supplying in a controlled manner. |
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Jaswant rules out interim budget New Delhi, July 10 "There is an optimism in the air about economic recovery. This optimism and the momentum of the recovery needs to be maintained", he told newspersons after the conclusion of the Trade and Industry Council meeting here. The Trade and Industry Council meeting, which was attended by CII President Ashok Soota, FICCI President R.S. Lodha, Ratan Tata, Kumaramangalam Birla, Nusli Wadia, Rajeev Chandrashekhar, Sanjeev Goenka, and Assocham chief K.K. Nohria among others, was of the view that there were strong signs of economic recovery which need to be sustained by a policy impetus. The main agenda of today’s meeting was to hold discussions on the Petroleum Regulatory Bill and the Electricity Bill 2001. The Finance Minister said the consumer was the ultimate beneficiary of the growth process. "Unless the consumer consumes how can the economy expand", he said. Mr Jaswant Singh also said the government will soon come out with new accounting standards and norms to safeguard against any further
occurrence of Xerox-like controversies. |
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IA reduces fares on 9 more routes
New Delhi, July 10 As against the existing fare of Rs 11,875, a Delhi-Cochin or Delhi-Thiruvananthapuram ticket will from August 1 to October 31 cost Rs 6,685 if purchased 21 days in advance. The other sectors added to the APEX scheme are Delhi-Calicut (Rs 6,455 as against Rs 10,220), Delhi-Aurangabad (Rs 5,535 as against Rs 6,045), Delhi-Coimbatore (Rs 6,570 as against Rs 10220), Mumbai-Lucknow (Rs 5,880 as against Rs 7,205), Mumbai-Patna (Rs 6,210 as against Rs 7,025), Ahmedabad-Bangalore (Rs 4,375 as against Rs 7,055) and Mumbai-Coimbatore (Rs 3,135 as against Rs 5,510). The national carrier had last week announced fare reduction ranging from 12 to 64 per cent on 41 sectors. Private carrier is also offering similar fares on 37 sectors from August 1 to October 31. A confirmed ticket issued on APEX fares can be cancelled up to 21 days prior to departure on payment of a refund fee of Rs 100. UNI
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Suit against Dick Cheney ‘without merit’
Washington, July 10 The lawsuit filed by the public interest legal group Judicial Watch alleges that while Cheney was Halliburton's Chief Executive Officer, he and its other directors inflated revenue reports, which increased the stock's value. White House spokesman Ari Fleischer said he had spoken to Cheney's office and "they believe the suit is without merit, and that's where it stands." Fleischer said the Securities and Exchange Commission would take its investigation of Halliburton "wherever it leads," dismissing suggestions investigators would come under pressure to back off if Cheney was implicated in any wrongdoing.
Reuters
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Ashok Leyland sales up 21 pc
New Delhi, July 10 Of this, exports jumped up by 127.1 per cent to 452 vehicles, a company release said. The June sales were also higher by 21.3 per cent compared to 2,460 vehicles sold in May this year. Domestic sales of medium-duty passenger vehicles during June 2002 shot up by 62.8 per cent to 1,135 vehicles from 697 units in the year-ago
month. PTI |
Ranbaxy to supply anti-AIDS drugs MUMBAI: Ranbaxy Laboratories Ltd today announced that its anti-AIDS drugs, Zidovudine 300 mg tablets, Nevirapine 200 mg tablets, Lamivudine 150 mg tablets and Lamivudine 150 plus Zidovudine 300 mg tablets were now under the purview of WHO-approved list of anti-AIDS drugs. Ranbaxy will now become a pre-qualified supplier of these drugs to the UN agency, the company said. These products will be manufactured at the company's Dewas plant in India.
UNI
Funskool launches ‘superior softies’ BANGALORE: Funskool today launched a range of new categories of toys called the ''Superior softies''. Made in China from Korean designs, the new collection was suitable for all age groups, the company sold, adding that they came in various animal figures.
UNI
Reva to go global by Jan next CHENNAI: Reva, the first Indian electrical passenger car launched last year, is to go global by January next year when exports are expected to start in a regular manner, a top executive of Bangalore-based Reva Electric Car Co (Pvt) Ltd said. "We expect at least 25 per cent of our sales revenues to come from exports from next year", Chetan Maini, Managing Director of the company, told reporters while launching Reva Classe, the luxury version of the car in the city today. The non-AK standard version would cost Rs 2.81 lakh, excluding road tax and insurance. PTI
IBM Corp posts $515 m loss NEW YORK: IBM Corp. on Tuesday said for the past five quarters it booked a total after-tax loss of $515 million from its discontinued hard disk drive operations. The added disclosure came in a regulatory filing a week ahead of the company's second-quarter earnings announcement, when it had planned to release the information for the year-earlier period, and at a time when investors are examining all financial statements closely. According to the filing, IBM's hard-disk drive operations subtracted $92 million from net income in the first quarter of 2002 and $423 million for the four quarters of 2001.
Reuters
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SBI project Garment fair Kinetic Boss Wipro notebooks Jalan’s term Chamber in pact Samtel net drops UTI Bank net up
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