 |
Thursday,
January 30, 2003, Chandigarh, India  
|
CORPORATE NEWS
TRAI relents on dial-up surfing
Firms rush to cash in on World Cup |
|
||||||||||||||||||||||||||||||
|
SBI net surges 28 pc Mumbai, January 29 The State Bank of India (SBI)), has posted an increase of 28.20 per cent in its net profit for the third quarter ended December 2002, at Rs 787.06 crore as compared to Rs 613.89 crore recorded in the corresponding period a year ago.
Promote organic farming in Shivalik belt
Joshi Autozone scores hat-trick Sony net profit at $1.06b
|
||||||
CORPORATE NEWS
Mumbai, January 2 Net sales for the reporting year stood lower at Rs 9,954.85 crore as against Rs 10,667.56 crore in FY’01, mainly due to phasing out of traded exports and impact of divestments, HLL Chairman M.S. Banga told newsmen here today. The impact of drought has also had a certain impact in rural areas but the FMCG giant intends to continue its focus on “power” brands and new products, including bottled water during 2003, an HLL official said. The board has recommended a final dividend of Rs 3 per share (face value of Re 1 each) along with an interim dividend of Rs 2.50 per share taking the total to Rs 5.50 per share in FY-02 against Rs 5 in the last year, he said. The Mumbai High Court has approved the scheme for issuing bonus debentures of Rs 6 each for every equity share and payment of special dividend of Rs 2.76 per share and is expected to be completed in quarter ending June, pending approval from RBI. For the fourth quarter ended December, HLL’s net profit stood at Rs 466.51 crore (Rs 436.38 crore) while net sales were clocked lower at Rs 2,634.50 crore (Rs 2,696.68 crore). The Q4 net profit includes Rs 76 crore, an exceptional item charge, on account of retirement benefits necessitated by falling interest rates and higher annuity cost of LIC. Mahindra & Mahindra Mahindra & Mahindra has reported a 15.96 per cent rise in net profit at Rs 30.79 crore for the third quarter ending December 31, 2002, as against Rs 26.55 crore in the same period last fiscal. The net profit for the nine-month period ending December was Rs 96.86 crore, which includes Rs 38.33 crore due to sale of holding in Mahindra Sintered Products Ltd, as against a nominal profit of Rs 4.76 crore in the same period last year.
Indian Oil Indian Oil Corporation reported a 36.8 per cent jump in net profit to Rs 777 crore for quarter ended December 31, 2002 as compared to Rs 568 crore for the same quarter previous year. Company’s net profit for April-December 2002 also rose by 146.69 per cent to Rs 3,915 crore from Rs 1,587 crore during the corresponding period of 2001. The Corporation registered a gross turnover of Rs 87,288 crore for the nine months ended December 31, 2002.
Zydus Cadila Zydus Cadila has posted an 18 per cent growth in net profit at Rs 17.3 crore in the third quarter ended December 31 ’02 as compared to Rs 14.7 crore in the corresponding period of the previous year. The company improved its operating margin by 11 per cent to Rs 26.6 crore from Rs 24 crore. Profit before tax was also up by 49 per cent to Rs 25.2 crore from Rs 16.9 crore a year ago.
Ballarpur Ind Leading paper maker Ballarpur Industries today reported a 41.6 per cent rise in its net profit at Rs 19.65 crore during the second quarter ended December 2002 over Rs 13.88 crore in the same period last year. Net sales during October-December 2002 increased by 3.9 per cent at Rs 386.54 crore against Rs 371.83 crore a year ago. For the half year ended December 2002, BILT recorded a 48.6 per cent rise in net profit at Rs 40.84 crore over Rs 27.49 crore a year earlier. Net sales grew by 2.1 per cent to Rs 772.79 crore during July-December 2002 from Rs 756.79 crore in the same period last fiscal.
Cadila Healthcare Cadila Healthcare Ltd has posted an impressive 267.87 per cent increase in net profit at Rs 17.29 crore for the third quarter ended December 31, 2002, as against Rs 4.7 crore in the same period of previous year. Total income in the reporting quarter stood at Rs 166.93 crore as compared to Rs 152.27 crore in the Q3 of FY’01.
German Remedies German Remedies Ltd’s (GRL) net profit fell by 43.78 per cent to Rs 3.39 crore for the third quarter ended December 31, 2002, as compared to Rs 6.03 crore in the same period of the previous year. The decline in profit was mainly due to exceptional items of expenditure charged against current year’s income, both during current quarter and nine months like VRS payment among others made to the Andheri plant employees.
Berger Paints Berger Paints India today reported a 17.57 per cent drop in its net profit to Rs 9.66 crore for the third quarter ended December 31, 2002, as compared to Rs 11.72 crore in the corresponding period previous year.
Agencies |
|
TRAI relents on dial-up surfing New Delhi, January 29 “We would certainly like to address the issue”, TRAI Chairman M.S. Verma told news persons here today. “We would like to think of some solution for this”, he said while speaking to newspersons on the sidelines of a conference organised by Assocham here. “We will try to find if there is a solution either technological or some other solution. We will also try to talk to operators,” Mr Verma added. The Internet Service Providers Association of India (ISPAI) had said yesterday that it would approach the regulator to address the issue following the decision to reduce the pulse rate of landline local calls from three minutes to two minutes per call. “TRAI’s tariff announcement will make internet access more expensive for dial-up customer. There have been steps taken in the past to bring down the cost to the customer so that he spends more time on the net. This (move of TRAI) goes the other way. I think this will drive usage of the net down,” Mr Ramaraj had said. Mr Verma, however, ruled out any review of the tariffs as announced on January 25. “There would not be any review. We have done our best. There are so many corners, if we touch one, eight to ten others would also have to be changed and we will be back to square one”, he said adding: “ There can be negotiation within the new framework. Minimum trial time should be given to the new order”. The TRAI Chairman said that though WLL and basic services are governed by the same licensing agreement, WLL is being given a different treatment as it is slightly different from basic telephony.
TRAI proposal
The latest tariff revisions by TRAI will erode the cost-advantages and affordability of WLL, basic telephone operators said today. “The ability to offer affordable service will become difficult”, Managing Director of Tata Teleservices S. Ramakrishnan said here. Mr Ramakrishnan, who was elected the President of the Association of Basic Telecom Operators (ABTO), said today that the IUC regime will result in pushing up costs for the end customer. “This works against the original intent of the government while introducing WLL to rapidly increase the teledensity and affordability of telephones across different sections of the society”, Mr Ramakrishnan said. While equating the access charges being paid by each of the interconnected networks, TRAI has, however, restricted WLL services being offered by basic service operators to SDCA whereas cellular services are fully mobile.
|
|
Firms rush to cash in on World Cup
New Delhi, January 29 A host of companies ranging from soft drink makers to electronic majors to automobile companies to financial services providers have embarked on an aggressive marketing campaign with the World Cup as the selling theme. Hardly a consumer product in the country has not been linked to the World Cup to be held from February 8 to March 23. "It (the marketing campaign) is something that comes naturally to India as a country where cricket is a religion," said Kapil Chug, a consultant with retail industry research firm KSA Technopak. "Everyone knows that the Indian consumer is going to be glued to TV sets. So the most logical thing is to catch on to the buzzword and grow with it," Chug told IANS. "Every company today is trying to do it." All the companies — World Cup main sponsors like LG and Pepsi, their business rivals Samsung and Coca-Cola and other firms such as HSBC and Philips — are trying to outdo one another in promotions, ranging from the simple to the outlandish. "We have earmarked $30 million for the marketing exercise during the World Cup," said Ganesh Mahalingam, General Manager (marketing) of LG Electronics India. As part of the LG campaign, the company is offering one LG World Cup Gold Pass on buying any product. The winner of the pass will get to see the cricketing action live for the entire period with a companion. Also on offer are 600 LG World Cup Silver Passes for individual matches and hundreds of thousands of LG World Cup souvenirs. Samsung has launched the Team Samsung India First offer for the colour television category. This promotion, valid between January 15 and March 25, entitles a customer to win a "sure shot gift" with a four-year warranty with any Samsung colour TV purchased during the promotion. The total value of the gifts is Rs.250 million, while the total cost of the promotion is Rs.300 million. "We are looking at spending around Rs.500 million on cricket in the first quarter itself," said R. Zutshi, Director of Samsung India. According to the Consumer Electronics and Television Manufacturers Association, sales of colour TVs are expected to post a growth of 50 per cent in the January-March quarter over the same period last year. PepsiCo India last week announced the launch of a slew of new products and promotional campaigns ahead of the World Cup. As part of its marketing initiative, Pepsi launched a limited edition variant called Pepsi Blue, an icy blue coloured cola. Pepsi is also set to introduce a World Cup commemorative soft drink in "non-returnable" bottles with images of popular Indian cricketers on them. The 250 ml bottles will be priced at Rs.12. The soft drink major's other promotion campaigns include the launch of various contests under which four winners would be taken to South Africa for the World Cup final on March 23. Mantraonline.com has also rushed to cash on the World Cup craze by launching new services and "user friendly" initiatives.
IANS
|
|
SBI net surges 28 pc
Mumbai, January 29 The total income of the bank has advanced to Rs 9,066.92 crore in the third quarter from Rs 8,366.46 crore in the corresponding quarter last fiscal. The bank posted a net profit of Rs 2,367.45 crore for the nine- month period ended December 31, 2002, registering a growth of 30.37 per cent compared to Rs 1,815.93 crore during the same period last year. The operating profit for the nine-month period was at Rs 5,267.40 crore, up by 23.74 per cent, over Rs 4,256.69 crore in the period ended December 31, 2001. The bank’s net income went up by 6.82 per cent from Rs 6,749.60 crore in the nine- month period to Rs 7,210.20 crore. The average level of advances during the nine-month period ended December 2002, were Rs 1,18,984 crore as compared to Rs 1,05,905 crore in the period ended December, 2001, which was higher by 12.35 per cent. The increase in the interest income on advances was 3.38 per cent. An average yield on advances declined to 9.17 per cent from 9.96 per cent due to the declining interest rates. Shares of the SBI at the NSE ended lower by 2.55 per cent to Rs 282.65. Bank of Baroda net at 264.38 cr
Bank of Baroda (BoB) has posted a net profit of Rs 264.38 crore for the quarter ended December 31, 2002 registering an increase of 61 per cent compared to Rs 158.13 crore in the quarter ended December 31, 2001. Total income has increased from Rs 1704.26 crore in Q3 of FY-02 to Rs 1,905 crore in Q3 of FY-03. The bank informed the Bombay Stock Exchange (BSE) that a board meeting will be held on February 6 to consider a proposal of declaration of interim dividend. It has fixed March 1, 2003 as the record date for payment of interim dividend.
Vijaya Bank net rises 19.4 pc
Vijaya Bank today reported a 19.4 per cent rise in net profit at Rs 52.60 crore for quarter ended December 2002 as compared to Rs 44.05 crore in the corresponding period of previous year, and said it would open 20 new branches by March end. For the nine months ended December 2002, net profit was Rs 131.11 crore, up from Rs 101.20 crore, a 29.6 per cent growth, according to a bank press release. Total deposits stood at Rs 15,413 crore last month.
Agencies
|
|
Promote organic farming in Shivalik belt
Chandigarh, January 29 These views were expressed by the agricultural experts today gathered here to participate in the two day workshop on ‘Introduction of High Value Added Crops in the Shivalik’ today. Dr S.S. Johl, Vice Chairman, State Planning Board, Punjab, urged the state government to subsidise the electricity for tubewell connections in the Shivalik belt of the state.
TNS
|
|
Joshi Autozone scores hat-trick
Chandigarh, January 29 Joshi Autozone an ISO-9002 company has been winning Maruti’s awards for excellence in sales, services and marketing for the last five years and have already 17 awards to its credit.
TNS
|
Sony net profit at $1.06b Tokyo, January 29 Sony also weathered what was supposed to have been a bleak Christmas season with brisk sales of digital cameras and flat-panel TVs, even as prices for mainstay items like PCs and DVD players weakened. The company posted a consolidated net profit of $1.06 billion in the key fiscal third quarter ended December 31, which usually brings the bulk of full-year profit as consumers splurge on year-end gift-giving.
Reuters
More Lufthansa flights to Chennai NEW DELHI: Lufthansa today stressed that it will circumvent the conflict zone but will not stop flying to India in the event of a war in the Gulf. While clarifying that a thorough investigation had been carried out into the straying of a cargo plane of the airlines into the no-fly zone and flying over the Prime Minister’s residence, carrier officials said Lufthansa will, infact, add three more flights a week to Chennai from April 2.
TNS
Lower GDP growth predicted NEW DELHI: India’s economic growth may dip in the latter half of this fiscal from 5.8 per cent recorded in second quarter, mainly due to a decline in rural demands following drought, the Institute of Economic Growth warned today. “The current growth in manufacturing and also the overall GDP may not be sustained given the decline in rural demands following drought, which is expected to show up in the last two quarters of 2002-03,” the IEG said in its “Monthly Monitor”.
PTI |
bb
Canon India ILOG, HCL tie up Radaan Media Bank of Punjab |
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | In Spotlight | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 122 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
