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Friday,
October 18, 2002, Chandigarh, India  
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Ranbaxy net profit rockets 79 pc
HDFC net up 21 pc
India’s call to EU countries
8 pc growth not unrealistic: Pant
Markfed to set up stores at ports |
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Crisil to grade film, TV productions
Haryana Roadways earns 105.55 cr profit Kapil to open innings with Kinetic
New measures to attract FDI
LG posts $ 94 m net profit
In graphic: Foreign currency assets
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Ranbaxy net profit rockets 79 pc
New Delhi, October 17 Ranbaxy recorded a net profit of Rs 1.59 billion in the July-September period compared with Rs 891 million year ago on the net sales which rose 49.4 per cent to Rs 8.04 billion. It said its exports nearly doubled to Rs 5.21 billion. “The results signify the enhanced momentum of the company’s business in international markets,” Ranbaxy Managing Director D S Brar said in a statement. “Our sales in the United States are reaching the desired critical mass,” he added. The statement pointed out Ranbaxy sold $ 75 million worth generic version of Glaxo SmithKline Pharmaceutical’s Ceftin antibiotic in the USA since its launch in March and it had a market share of 87 per cent of the new prescriptions. The company said its global sales topped $ 573 million in the nine months ending September, posting a growth of 37 per cent from a year earlier. Overseas sales of ready-to-take medicines almost doubled to $ 340 million and sales from US subsidiaries in the nine months rose to $ 207 million against $ 70 million. During the third quarter, the company outpaced the market by achieving a growth rate of 10.6 per cent against an industry growth of 9.9 per cent. Besides, it increased its market share from 4.73 per cent to 4.83 per cent. The company’s anti-diabetic product sales achieved 66.3 per cent growth against the segment growth of 31.3 per cent, the statement added. Kodak India
Kodak India has reported a jump in its net profit at Rs 5.59 crore for the third quarter ended September 30, 2002, compared to Rs 84 lakh in the period last year. Total income in the reporting period has increased to Rs 167.7 crore as against Rs 150.43 crore in Q3 of last fiscal, the company said today. |
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HDFC net up 21 pc Mumbai: The HDFC has posted a net profit of Rs 167.15 crore for the quarter ended September 30, 2002, registering a rise of 20.69 per cent as compared to Rs 138.49 crore in the corresponding period a year ago. The HDFC Board has approved the issue of bonus shares in the ratio of one equity share for every equity share at its meeting held here today. The Board also decided to consider the buyback of the equity shares of the corporation up to 5 per cent of the paid up equity capital after receipt of the requisite approvals. The exact number of shares to be bought back, the price at which the shares would be bought back, the mode of buyback and terms would be decided by the board after the receipt of all regulatory approvals, including in particular under Section 77A (2)of the Companies Act, 1956, the HDFC said in a notice to the Bombay Stock Exchange. The Board, at its meeting, had also decided to convene an extra-ordinary general body meeting of the members on December 2, 2002, to obtain their approval for re-classification and increase in authorised capital and consequent to such increase, changes in memorandum and articles of association. UNI
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India’s call to EU countries Ludhiana, October 17 This call for joint collaboration to European countries was made at the third India-EU business submitted at Copenhagen in Denmark where the Prime Minister’ of India and Denmark were also present. The Indian textile scene was presented at the summit by Mr S.P. Oswal, Chairman, National Textile Committee of the CII. According to Mr Oswal, it was decided at the summit which was held on October 9 to have joint working group of businessmen of both the countries. The working group would be business to business and comprise the representatives Eurotax of the EU and CII and ICMF (Indian Cotton Textile Manufacturers Federation). Mr Oswal told that in an exclusive interview here today on his return from Denmark that EU accounts for more than 32 per cent of the Indian Textile and Clothing Exports. Indian Textile and Clothing Exports has increased from Euro 2921 million in 1995 to 3995 Euro millions in 2000. However, while Indian exports to EU have grown by only 6 per cent CAGR (Compound Annual Growth Rate) during 1995-2000, the EU exports to India have increased by 20 per cent. According to Mr Oswal during the discussion, there were three major complaints by Eurotax-Apex Body of the Textile — first market aces in India was poor. Indian custom duties were higher on garments and fabrics and the Apex body wanted India to reduce the same. He said that it was explained that India had already reduced the custom duties considerably and the same has come down below the 94-bound rates. They were further assured that the Government would consider more reduction in the same. The second complaint, said Mr Oswal was that the customs procedures of Indian were cumbersome and the same impeded the trade. They had the suspicion that this was being deliberately done by the authorities to present imports. “We tried to dispel this apprehension and the Secretary Textile of Indian Government Mr Mahapatra who was also present assured that the government was committed for simplifacation of the same,” said Mr Oswal. Thirdly the Eurotax referred to some of the unknown tariff like the SAD (Special Additional Duty) and CVD (Counter Veiling Duty). It was explained by the Indians that these were meant for domestic purposes just as the VAT in Europe. Mr Oswal said that there was misconception among the Euro countries that India was still a protected market and it was explained that India was not a protected market any more. Mr Oswal said, ‘It was emphasised that it would be desirable that the manufacturers of European Union should collaborate with the Indian manufacturers in the form of joint ventures and market alliances. The European producers could protect their markets and helps the Indian manufacturers as well. Mr Oswal said that the joint working group would sort out the mutual problems and put the same before the Euro and the Indian Government. The Euro also wanted Indian to amend the patented law and suggested that design should also be patented. Danish Prime Minister who is the chairman of the EU emphasised that there should be business to business discussion and evolve common programme which the concerned government would consider. According to Mr Oswal, the Indian Textile Imports have grown from about $ one billion in 1995 to about $ 1.5 billion 2000. However, the share of EU imports in it has declined from approximately 11 per cent in 1995 to less than 8 per cent in 2002. |
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8 pc growth not unrealistic: Pant New Delhi, October 17 “Our goal is to ensure an annual GDP growth of 8 per cent. This is an ambitious, but not realistic target, considering the trend in the growth rates of Indian economy over the past few years”, Mr Pant said. He said that tax reforms, prudent fiscal discipline, labour reforms, an integrated national market, privatisation of PSUs and good governance were the basis of the platform on which the projection of the 8 per cent growth rate has been made. “We propose to reorient out public expenditure pattern to focus on the rapid creation of physical and social infrastructure”, Mr Pant said adding that the objective of the government is to remove bottlenecks in the way of economic reforms. The government will carry out institutional reforms aimed at increasing the efficiency of public utilities, he said. |
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Markfed to set up stores at ports Chandigarh, October 17 Mr S.S. Channy, MD, Markfed, in a press note released here, claimed that these stock points would save the exporters from the risk of non movement of by stocks via trains, besides release of stocks at a short notice. The Markfed had shipped out 15 MTs of wheat worth $ 129 million by September 30, this year. He said the Markfed had set up a target of exporting foodgrains worth Rs 626 crore during the current year. It expects to emerge, he said, as a leading wheat exporter by attaining a share of 20 per cent in total wheat exports. He said the Markfed was likely to export about 2.5 lakh MTs of wheat worth Rs 1000 crore by March, 2003.
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Crisil to grade film, TV productions
Mumbai, October 17 “The comprehensive and objective analytical framework would assist banks, institutions and other lenders in evaluating film and television software producers”, Crisil said in a statement here. Lenders could use the framework to systematically classify risks and objectively assess various risk issues before determining their exposure levels and interest rates for the entertainment industry. As for borrowers, so far, they have sourced funds at exorbitant interest rates from the informal market. Now, the grading framework would act as a key facilitator in accessing institutional funds. In case of film producers, it would assign a grade for a specific movie indicating the rating agency’s opinion on the producer’s ability to complete a particular project and recover costs incurred. PTI
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Haryana Roadways earns 105.55 cr profit Chandigarh, October 17 While disclosing this here today, the Transport Minister, Mr Ashok Kumar Arora, said that the Haryana Roadways earned an all time high profit of Rs 105.55 crore before tax during the last financial year in comparison to Rs 62.83 crore in 2000-2001. He said the profit of Haryana Roadways was only Rs 26 crore in 1999-2000 and its profit had enhanced by 300 per cent as a result of efficient management during last about three years. Mr Arora said that in the last two years, 1500 new buses had been added in the fleet of Haryana Roadways. There was a plan to replace 355 buses. |
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Kapil to open innings with Kinetic Chennai, October 17 The former Indian captain, addressing a press conference here organised by Kinetic Engineering as part of its brand promotion, said apart from being a brand ambassador for Kinetic Boss, a new four-stroke motor cycle, he wanted to become a partner of the company. “The basic idea is not just being brand ambassador... it is more than that. I want to have a stake in the company and involve myself in the company’s turnover,” he said. Kapil said he had signed a contract with the company for three years. “If the relationship goes well, I would be with the company and the company would be with me for a longer period.”
UNI |
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New measures to attract FDI New Delhi, October 17 “Ninety-three per cent investors relate to the downstream implementation at the state levels. The committee which was appointed to streamline the procedures at the state level will soon submit its report”, Chairman of the Foreign Investment Promotion Board
(FIPB) and Secretary, the Department of Industrial Policy V. Govindarajan said at the
India-Asean Business Summit here today. India has adopted a very liberal FDI regime and FDI is allowed in most of the sectors excepting a small negative list. |
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Punjab posts 775 cr exports Chandigarh, October 17 He said the Punjab had recorded exports of Rs 775 crore during the financial year 2001-2002. The exports from Himachal Pradesh were to the tune of Rs 165 crore, J&K to the tune of Rs 2.75 crore and from Chandigarh Rs 1.75 crore. |
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rHandloom fair inaugurated New Delhi, October 17 Speaking at the inauguration of a handloom fair here Rana said India would tap new markets like Australia and New Zealand besides building up presence in other markets like Canada and European Union for achieving this target. He said that the country would also benefit from withdrawal of Generalised System of Preferences accorded to apparel exports from Pakistan by EU.
PTI
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Farm banking BoP branch BIS Day Godrej scheme Onida
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