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Thursday,
August 1, 2002, Chandigarh, India  
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Reliance Ind net surges 17 pc
RPL net rises 5 pc
Langah had little role to play: officials
IBM to acquire PwC Consulting
English to Hindi, at a click |
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Steel prices rise due to power cuts
Tax concessions for investors
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Reliance Ind net surges 17 pc
Mumbai, July 31 The company recorded sales of Rs 6,462 crore, the highest in the private sector. Commenting on the results, Mr Mukesh Ambani said, ‘’We are enthused by Reliance’s strong performance in the first quarter, and are looking forward to significant growth and further improvement in our financial performance in the future.’’ Mr Anil Ambani said, ‘’We are happy with RIL’s performance, in an environment that witnessed improved operating conditions for the global and domestic petrochemicals industry. Sales, excluding trading sales, for the quarter stood at Rs 6,397 crore against Rs 6,390 crore in the same quarter a year ago. Operating profit for the quarter increased by 7 per cent to Rs 1,394 crore as against Rs 1,302 crore for the corresponding quarter the previous year. Cash profit of India’s largest petrochemicals company shot up by 11 per cent to Rs 1,125 crore against Rs 1,014 for the corresponding previous quarter. Mr Anil Ambani said uncertainties surrounding the monsoon in India, and continuing concerns regarding the global economic environment, lend a note of caution to the overall business climate. According to a Reliance release, the company’s contribution to the national exchequer in the form of various taxes was Rs 923 crore. RIL and RPL combined contribution to the national exchequer was Rs 2,998 crore. UNI
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Mukesh Ambani is Reliance CMD
Less than a month after his father’s demise, 45 year old Mukesh, who was the Vice-Chairman, was unanimously elected CMD at the Board meeting of Reliance Industries while his younger brother Anil, who is 43, was appointed the Vice-Chairman and MD.
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RPL net rises 5 pc Mumbai: Reliance Petroleum Ltd (RPL) has posted a 5 per cent rise in the net profit at Rs 480 crore for the first quarter ended June 30, 2002, compared to Rs 456 crore in the same period of previous fiscal. Sales/income from operations showed an increase of 7 per cent in the reporting quarter at Rs 9,474 crore as against Rs 8,865 crore in Q1 of previous year, an RPL release said here today. Exports of RPL products to the USA, Europe, Japan and other markets stood at Rs 1,965 crore ($104 million), it said, adding that other income grew four times at Rs 96 crore (Rs 24 crore). The proposal for merger of RPL with Reliance Industries from April, 2001 has received a nod from shareholders and the Mumbai High Court while the hearing for it is in progress in Gujarat high court, the release said. “We are encouraged by RPL’s continued good performance, with capacity utilisation touching a record 111 per cent in Q1. We believe that deregulation of the marketing of transportation fuels in India offers immense opportunities for enhancement of performance,” Managing Director Anil Ambani was quoted as saying. The two year negative growth trend for high speed diesel, which accounts for 45 per cent total sales, has been arrested and it shows a marginal 0.04 per cent growth. PTI
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Langah had little role to play: officials Chandigarh, July 31 The Vigilance Bureau had yesterday in a statement stated that former minister Sucha Singh Langah got the work allotted to the company to help Mr Parkash Singh Badal’s relatives. The Pearl company was allocated four works. The Morinda by-pass work was worth Rs 19.60 crore and not of Rs 43 crore as claimed by the Bureau. Besides, the Pearl company — Pearl Buildwell International Limited and Apex Consortium limted (PBIL-Apex Consortium) — was allocated another work of Rs 21.87 crore to widen the Kharar-Khamano section. The Apex consortium is a UAE based company with which Pearl has a joint venture. Pearl was also allocated the work of widening the Zirakpur-Rajpura section for Rs 25.27 crore. Another work allotted to it was on Patiala-ki-Rao worth Rs 3 crore, according to PIDB officials. PIDB officials told this reporter that no politician was involved at any stage in the allotment of PIDB projects. The PIDB has a well laid-out system. First parties have to pass through the “pre-qualification” process for getting registered with the PIDB to undertake projects. The pre-qualification procedure is held by the executive committee. Then a limited tender (only those companies that qualify can apply) is floated. The tenders are processed by a technical committee comprising the Chief Engineer and other technical and legal experts. After this executive committee accepts the tender on the basis laid down procedure. Moreover, the PIDB works under the Finance Department. Its then Minister was Capt Kanwaljit Singh. The Minister Public Works is not connected with the Board at any level as far as decision making is concerned. In fact, its functional framework is such that politicians have very little role to play. The Board’s Chairman then was Mr Parkash Singh Badal and the Vice-Chairman, Capt Kanwaljit Singh. |
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IBM to acquire PwC Consulting
New York, July 31 The move announced yesterday is aimed at strengthening IBM’s share of the computer services sector, which provides companies with both expertise and advice as well as hardware and software for networking and data needs. “The combination of IBM and PwC Consulting will create a powerful, unmatched capability to help clients solve their business issues, exploiting world-class technology for improved business performance,” the company said in a statement. PwC Consulting, as it’s sometimes called, is slated to have an estimated fiscal-year 2002 consulting revenues of approximately $ 4.9 billion, IBM stated. The consultancy employs some 30,000 employees. IBM will blend the company into the Business Innovation Services unit of IBM’s Global Services division to create a new business unit, IBM said. IBM Global Services General Manager Ginni Rometty will head the new unit. PricewaterhouseCooper Consulting is a division of the auditors PricewaterhouseCooper. Since the Enron and WorldCom scandals hit, corporate reformers have been calling for the major corporate auditing firms to separate from their consultanting businesses. These critics say the need to sell consulting services creates a conflict of interest for the independent auditing of large corporations. Hewlett-Packard tried last year to buy PwC Consulting, in a move to bolster its corporate computing services, but a downturn in the technology sector worldwide tabled that effort. AFP
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English to Hindi, at a click
New Delhi, July 31 The translation engine, called Anuvaadak-5.0, is the country’s first computer translator from English to Hindi with an in-built grammar checker for both pre-translation and post-translation stages. It incorporates a substantial dictionary of 600,000 header words of general, agricultural, scientific, technical, banking and legal subjects with 90,000 phrases. The software has been brought about by a Delhi-based software development company, Super Infosoft. It allows the usage of about 100 free fonts ranging from elegant to artistic. Linking and translation facility for excel sheets, word documents, power point slides, MS access databases and Oracle databases has been provided. The software has been developed by Ms Anjali Roychaudhary, Managing Director, Super Infosoft. She is a teacher by profession and took three years to develop this software. This has a spellchecker for both English and Hindi and saves text in both languages. The software is priced at Rs 1.5 lakh. The company has acquired intellectual property rights for translation between two languages and has received a lot of enquiries from various countries. UNI
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Steel prices rise due to power cuts Ludhiana, July 31 The prices have risen by more than Rs 1,500 per tonne and the MS rounds were quoted at Rs 16,200 per tonne today against Rs 14,500 per tonne a few weeks ago. Similarly, structural steel has also witnessed a rise in the price. The steel prices are rising despite the fact that there is low demand for these because of power cuts and the slump in the market. The rise in the steel prices is attributed to 30 per cent fall in the steel production. The arc and induction steel plants have been subjected to 14 hours’ power cuts daily and these are being supplied power for 10 hours only. There are around 150 arc and induction steel plants in the state, mainly located at Ludhiana, Mandi Gobindgarh, Malerkotla, Amritsar and Jalandhar. The raw material used for making steel has witnessed a fall in prices. |
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GAINERS
Mumbai, July 31 The results, however, are not comparable as ICICI Limited and two of its subsidiaries were merged with ICICI Bank on March 30, 2002. The net interest income for the quarter was Rs 336 crore. ICICI Bank earned fee income of Rs 195 crore in Q1-2003 as compared to Rs 61 crore in Q1-2002. Raymond
Raymond has reported a net profit of 4.31 crore for the first quarter ended June 30, 2002, compared to a net loss of Rs 4.64 crore in same period of previous fiscal.
IOC
IOC today reported a 12.7 per cent increase in its net profit to Rs 624.98 crore in the first quarter ended June 30, 2002, as opposed to Rs 554.44 crore profit posted in the corresponding quarter a year ago.
JCT
JCT Limited has posted a net profit of Rs 1.21 crore in the three months period as against a net loss of Rs 11.75 crore in the corresponding period last year.
Arvind Mills
Arvind Mills has posted a net profit of Rs 25.58 crore for the first quarter ended June 30, 2002, compared to net loss of Rs 67.88 crore in same period of previous fiscal.
Tata Chemicals
Tata Chemicals has posted a 158 per cent rise in the net profit at Rs 34 crore for the first quarter ended June 30, 2002, as against Rs 13 crore in the corresponding quarter of the last fiscal.
Tata Tea
Tata Tea posted a net profit of Rs 19.35 crore in the first quarter of the current fiscal, an increase of 27 per cent over the same quarter last year. TNS & agencies |
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LOSERS
Mumbai, July 31 SAIL
SAIL has reduced its loss to Rs 309 crore in the first quarter of the current fiscal from Rs 376 crore incurred during the corresponding quarter last year.
Bharti
Bharti Tele-ventures today announced a 143 per cent rise in its losses at Rs 67.62 crore for the quarter ended June, 2002, even as the company registered a 56 per cent jump in its cash profit.
Punjab Tractors
Punjab Tractors said yesterday its net profit had declined by 44.8 per cent to Rs 14 crore for the quarter ended June 30, 2002, from Rs 25.4 crore in the same quarter last
fiscal.
Rolta
Rolta India today posted a net profit of Rs 25.13 crore for the quarter ended June 2002 as against Rs 30.23 crore during the corresponding period last year. Agencies |
Tax concessions for investors NEW DELHI: Jaswant Singh today announced a slew of tax concessions to small investors, including raising the ceiling to Rs 15,000 for tax deduction under 80L of the Income Tax Act, and total removal of service tax on life insurance. Replying to the debate in the Lok Sabha on the first batch of supplementary demands for 2002-2003, Mr Jaswant Singh also announced that dividend up to Rs 2,500 would not be subject to deduction of tax at source, against the present Rs 1,000.
UNI
WagonR Pride for Rs 3.93 lakh NEW DELHI: Maruti Udyog today launched a special limited edition version of its premium small car WagonR. Called WagonR Pride, the vehicle has been priced at Rs 3.93 lakh (ex-showroom Delhi). It would have stylish body graphics, sporty roof rails, alloy wheels and high-mount stop lamp besides power steering and central door-locking facility, a company release said.
PTI
3.3m Indians subscribe to Net NEW DELHI: Only an estimated 1.65 per cent of the country’s population uses the Internet, for which there are 3.3 million subscribers, the Lok Sabha was informed today. Assuming an average of five users per registered Internet subscriber, estimated internet users is 16.5 million, Minister of State for Communications and Information Technology Sanjay Paswan said in a written reply. The percentage of Internet users in the USA is 58.5, in the UK 55.32, Canada 53.26, Japan 39.16 and China 2.65.
PTI
Oracle to recruit 2,200 professionals BANGALORE: Oracle India plans to add 2,200 more employees, set up an internet sales division and expand its e-consultancy services shortly, a top Oracle executive said. A shared services centre would also be set up as part of the expansion plans, Oracle Executive Vice-President for Asia-Pacific Derek Williams told reporters after the inauguration of Oracle Technology Park here last night. Oracle has shared services centres at Rockland in the USA, Dublin and Sydney and the India centre would begin functioning here in September with an initial workforce of 70, he said.
PTI
Govt clears 46 FDI proposals NEW DELHI: The government today cleared 46 FDI proposals involving Rs 214 crore. The major investment proposals pertain to sectors such as insurance, manufacture of automotive components and plastic parts, manufacture of electrical and automotive components, mines, telecommunication, software development and information technology-related services. The list of proposals was cleared by the Minister for Industry and Commerce, Mr Murasoli Maran.
TNS
SEBI debars 4 Chandigarh firms MUMBAI: SEBI has debarred some plantation companies and their officials from operating in the capital market for five years effective from July 29. SEBI debarred these entities following their failure to comply with its earlier order directing them to refund the money collected with returns which is due to investors within one month as per the terms of the offer. The entities are Four Season Farms (Mumbai), Goldenland Development (India) Chandigarh, Himgiri Plantations (New Delhi), Supergold Forests, Surabhi Agrotech, (Chandigarh), United Capital Services (I), (Chandigarh), Versatile Resorts & Gardens international, (Greater Noida).
UNI
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Price index
Allahabad Bank Whisky launched Corporation Bank VoIP in 6 cities Birla Home Fin BHEL loss Visa debit cards Dr Reddy’s Lab
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Mumbai: In a smooth transition in the Rs 60,000 crore Reliance empire, the issue of a successor to the late patriarch of the group, Dhirubhai
Ambani, was today settled with the eldest son Mukesh Ambani taking over the Chairman.