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Wednesday,
January 29, 2003, Chandigarh, India  
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CORPORATE NEWS
Big
Haryana units giving tax in Delhi Cultivate
medicinal plants in Kandi area Liquor
contractors’ meet held |
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Interest
expenditure of firms dips IDBI net
spurts 14.28 per cent SBBJ net
grows 32 pc Apeda
certification for farm products Crackdown
soon on accountancy firms
YMCA
institute may get WB aid
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CORPORATE NEWS
Mumbai, January 28 The net profit stood at Rs 22.19 crore for the third quarter ended December 31, as compared to Rs 23.91 crore in same period of previous fiscal. The total income in the period under review has, however, increased to Rs 141.13 crore as against Rs 101.83 crore in Q3 last year, the company said in notification to the BSE here today. On consolidated basis, the Zee Tele group has posted a net profit of Rs 70.88 crore (Rs 52.11 crore in Q3 of last fiscal) while the total income rose to Rs 325.02 crore (Rs 295.76 crore. In the fourth quarter of FY’03, there is low visibility in the advertising revenue scenario because of shift advertising revenue to cricket, particularly during the duration of matches. The company remains confident of the continued expansion in subscription revenues, it said. Zee Chairman and Managing Director Subhash Chandra said “at the end of September, we announced that our priority objective was to streamline the organisational resources and to improve the programming content across businesses. Escorts
Escorts Ltd has posted a net profit of Rs 261.40 million for the third quarter ended December 31, 2002 as compared to net loss of Rs 210.60 million in the quarter ended December 31, 2001. Total income has increased to Rs 3,052.60 million in the period under review from Rs 2,039.60 million a year ago. The board has approved the sale of 27.21 per cent of its holding in Goetze India Ltd, it said.
Grasim
Grasim Industries Ltd has posted a net profit of Rs 1,329.50 million for the third quarter ended December 31, 2002 as compared to Rs 898.60 million in the quarter ended December 31, 2001. Its total income increased to Rs 11,808.30 million in the period under review from Rs 10,720 million in the same period last year.
Merck
Merck Ltd has posted a 10.57 per cent drop in its net profit at Rs 39.98 crore for the financial year ended December 31, 2002, compared to Rs 44.71 crore for previous year. The board of directors has recommended a 50 per cent dividend (Rs 5 per share) for the year 2002.
Nirma
Nirma Ltd has reported a 20.95 per cent rise in net profit at Rs 64.31 crore for third quarter ended December 31, 2002, compared to Rs 53.17 crore in the corresponding period of previous year. Total income in the quarter under review increased to Rs 539.1 crore as against Rs 494.95 crore in the same quarter of previous year
Satnam Overseas
Basmati rice exporter Satnam Overseas Limited today reported a net profit of Rs 2.10 crore, up by 3.5 per cent, for the third quarter ended December 31, 2002 as against Rs 2 crore during the same quarter last year. According to a company release, net profit during the first nine months of the current fiscal 2003 went up by 50 per cent to Rs 6.10 crore as compared to Rs 4.10 crore during the same period last year.
Tata Tea
Tata Tea Ltd has posted a net profit of Rs 169.70 million for the quarter ended December 31, 2002 as compared to Rs 206.70 million in the quarter ended December 31, 2001. Companies net sales had decreased to Rs 1,914.10 million in the period under review from Rs 1,975 million a year ago.
TVS Motors
TVS Motor Company Ltd has posted a net profit of Rs 324.80 million for the third quarter ended December 31, 2002 as compared to Rs 106.80 million in the quarter ended December 31, 2001.
Apollo Hospitals
The Apollo Hospitals Group has registered an 8 per cent increase in net profit to Rs 6 crore during the third quarter of the current fiscal. Its turnover grew by 23 per cent to Rs 111 crore in the third quarter from Rs 90 crore during the comparable period.
Apollo Tyres
Apollo Tyres said today its net profit has soared by over four times (326.2 per cent) to Rs 25.47 crore for the quarter ended December 2002 from Rs 5.97 crore in the same period last year. Total income (net of excise) jumped by 30 per cent to Rs 404.54 crore during October-December 2002 from Rs 311.12 crore a year earlier.
Mirza Tanners
Mirza Tanners today reported a 35 per cent dip in the net profit at Rs 2.5 crore for quarter ended December 31, 2002 as against Rs 3.85 crore in the same period previous year. The company’s sales also decreased by 22 per cent to Rs 38.34 crore from Rs 49.24 crore during the review period, a release said.
Eicher Motors
Eicher Motors said today its net profit has jumped by 78.5 per cent to Rs 10.48 crore for the quarter ended December, 2002 from Rs 5.87 crore in the same period last year.
Agencies
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Big Haryana units giving tax in Delhi Chandigarh, January 28 Ms Baljit Bains, Chief Commissioner, Income Tax, Haryana, says, “The total corporate tax collections from Haryana could have been between Rs 300 crore and Rs 500 crore, now about Rs 135 crore, had all manufacturing units in the state been depositing their corporate tax here. Despite our best efforts, most of these companies are depositing corporate tax in Delhi.” Interestingly, the total corporate tax collections in the state have increased from Rs 89 crore to Rs 100 crore by January 14, 2003. The department is set to cross the target of Rs 137 crore for the current financial year. It is despite the fact that none of the big manufacturing units like Maruti Udyog, Hero Honda, Mitsubishi, Narcol, Perfetti and Suzuki are filing returns in the state. Officials in the state Excise Department point out that since most of big companies are major contributors to the state sales tax, they deposit their corporate tax in Delhi to evade the strict monitoring of the Income Tax department and the state Sales Tax Department.
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Cultivate medicinal plants in Kandi area Chandigarh, January 28 Speaking at a two-day workshop on ‘High Value Crops in Shivalik,’ she called upon the farming community of Shivalik area to cultivate crops, which have high market demand. These crops included, she said, Ashwagandha, Tulsi, Safed Musli, Kali Tulsi, Sounf, Sarpgandha, Dhania, Chilli, Haldi and Soya in addition to aromatic plants like rose and
Lemograss. The workshop is jointly organised by the Department of Agriculture and Cooperation and World Bank assisted Integrated Watershed Development Project (Hills-II), Punjab. Dr S.S. Johl, Vice Chairman, State Planning Board, Punjab, asked the state government and decision makers to develop ‘specific pockets of high value crops in the state’ to get rid of the traditional ‘wheat-paddy rotation’ and to check the glut in the market. Among others, Dr Kulbhushan Sharma, Joint Director, Agriculture, IWDP project, Mr P.K. Verma, Financial Commissioner, Development, Punjab, Mr Dipak Singh, Director (RFS), Ministry of Agriculture, Dr T.C. Jain, World Bank consultant.
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Liquor contractors’ meet held Jalandhar, January 28 The meeting was presided over by the Excise and Taxation Commissioner, Mr Suresh Kumar. Most of the liquor contractors contended that the department should form small groups of liquor vends ranging between Rs 5 to 6 crore to break the monopoly of major liquor barrons, hailing from Uttar Pardesh and presently holding about 70 per cent of liquor trade in the state. They suggested that the Indian Made Foreign Liquor (IMFL) quota should be reduced to prevent unhealthy competition for sale of IMFL brands at low rates and would boost the sale of country made liquor. The contractors demanded strict vigil by the excise and police officials to curb the sale of illicit and smuggled liquor. Besides, the tax structure should be streamlined to reduce impact of liquor sale from Chandigarh at lower rates.
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Interest expenditure of firms dips New Delhi, January 28 Based on the corporate performance during the quarter ended December 31, 2002, Ficci observed the movements of interest expenditure of 295 companies in the manufacturing and trading sector for the third quarter of 2002. A comparison of these companies for the corresponding quarter in 2000 and 2001 showed a decline to the extent of 7.6 per cent in the quarterly interest expenditure. The highest drop was noticed in case of the Nuclear Power
Corporation which reduced its interest cost from Rs 148 crore for the third quarter of 2000 to Rs 91 crore for the same quarter in 2002, a decline of Rs 57.59 crore. While ITC witnessed a fall of Rs 18 crore over the same period, other prominent corporations which showed similar trend are Ranbaxy Laboratories, MRF, Wipro and Hindustan Lever. Comparing the third quarter of 2002 with net sales, it was observed that the net sales have shown an increase in absolute terms. The growth rate of quarterly net sales of these companies was 6.2 per cent, the chamber observed.
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IDBI net spurts 14.28 per cent
Mumbai, January 28 The income from operations has decreased to Rs 1,797 crore in the reporting quarter from Rs 1,909 crore in Q3 of previous year, an IDBI release said here today. The provisions for bad assets and write-offs in Q3 stood at Rs 222 crore as against Rs 217 crore in October-December of previous year. The net profit and income for the nine month period ended December 2002 were down at Rs 193 crore and 5,497 crore respectively as compared to Rs 242 crore and Rs 5,966 crore in corresponding periods of previous year.
PTI
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SBBJ net grows 32 pc Chandigarh, January 28 The bank’s gross profit has gone up to Rs 360.44 crore from Rs 281.33 crore, showing a growth of 28.12 per cent. The total income of the bank up to December 2002 has increased to Rs 1,307 crore from Rs 1,197 crore last year, registering an increase of 9.19 per cent. Despite continued softening of interest rates, the bank has been able to increase its net interest income to Rs 403.34 crore against Rs 361.88 crore in the corresponding period last year, posting a year-on-year growth of 11.34 per cent. The increase in the net interest income during the quarter is 24 per cent over the corresponding quarter of last year. Non interest income of the bank up to December, 2002 has increased to Rs 236.62 crore as against Rs 189.09 crore, at the end of December, 2001 registering a year on year growth of 25.14 per cent. Mr N.K. Puri, Managing Director, said the total deposits and advances of the bank have gone up to Rs 12,587 crore and Rs 6,778 crore from Rs 11,479 crore and Rs 5,703 crore, indicating a growth of 9.65 per cent and 18.85 per cent.
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Apeda certification for farm products New Delhi, January 28 Senior officials of APEDA said initially this scheme will cover products like meat, rice, fruits and vegetables. The certification mark “Quality Produce of India” will be owned by Apeda and only such exporters whose products conform to the prescribed parameters will be licensed to use the trade mark for exports, the officials said. The certification will be granted on the basis of compliance with hygiene standards, implementation of quality assurance system such as ISO-9000, food safety system such as HACCP, backward linkage, residue testing of pesticides and contaminants, laboratory facilities and nature of complaint. At present, various organisations are involved in pre-shipment certification of products suitable for exports. However, this certification does not directly communicate to the ultimate consumer about the quality assurance measures implemented during the processing of the product.
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Crackdown soon on accountancy firms London, January 28 Trade and Industry Secretary Patricia Hewitt will announce measures resulting from a year-long review by the government’s co-ordinating group on auditing and accounting set up in the wake of the Enron scandal. The measures seeking to end the “cosy” relationship among some companies and their auditors will: instruct powerful new industry regulators to monitor consultancy work; demand fuller disclosure by companies of non-audit work conducted by auditors; require accountants to list any clients from whom they derive more than 5 per cent of their total fees; impose a two-year “cooling-off period” on anyone seeking to join a company from its auditors; require individual auditors to rotate after five years. Hewitt wants to end the possibility of conflicts of interest that arise when accountants receive business from companies they audit.
The Guardian
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