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Saturday,
February 1, 2003, Chandigarh, India  
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Reliance net up 24.05 pc at 1,083 cr
Colgate net jumps 33 pc
ICICI Bank net rises
India’s GDP growth pegged at 5.6%
Centre to mop up 700 cr from Maruti IPO
Rolls-Royce, HAL tie-up on anvil |
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IFCI prunes losses
Cut Excise Duty on agro products
Hiten Dalal gets 7-yr RI Airtel launches
5 tariff plans Employees to get addl DA
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Reliance net up 24.05 pc at 1,083 cr Mumbai, January 31 Net turnover in the reporting quarter stood at Rs 10,973 crore as compared to Rs 10,266 crore in the Q3 of FY’01, RIL said in a statement here today. “We have ushered in a new era of growth with announcement of a largest gas discovery...it has substantially improved Reliance’s overall risk profile”, chairman and managing Director Mukesh Ambani said. For nine months ended December, RIL’s net profit was at Rs 3,003 crore up by 24.65 per cent from Rs 2,409 crore in the same period of previous fiscal. Net turnover for the period was at Rs 33,142 crore over Rs 32,096 crore, the statement added. RIL’s interest expenditure decreased by 17 per cent to Rs 1,221 crore due to repayment/pre-payment or refinancing of higher cost long term debts and continuing prudent financial and cash flow management. The company’s foreign exchange denominated interest liabilities on foreign currency debt were now a small portion of its export revenues, the statement said. Depreciation for the nine months period was lower at Rs 1,960 crore (Rs 2,077 crore). This reflects the impact of depreciation on written down value method on petrochemical plants, which has resulted in a higher charge of depreciation in earlier years, it added. RIL Vice-Chairman and MD Anil Ambani said the company’s future growth would be driven by investments in oil and gas exploration and production, retail marketing of petroleum products, power, IT and communications. The statement said RIL’s production of oil and gas and petrochemicals, including toll conversion increased to 8.9 MT during nine months period against 8.6 MT in the same period of previous year. However, exports of refining products were lower at 4.51 MT compared to 6.32 MT in nine month period ended December 2001. Reliance, along with its two 100 per cent subsidiaries, Reliance Power Ventures Ltd and Reliance Industrial Investments and Holdings Ltd, have made an open offer for acquiring further 20 per cent of equity stake in BSES Ltd at Rs 230.10 per share. The offer opened on January 17 and will close on February 15. Colgate net jumps 33 pc COLGATE Palmolive India Limited today reported a net profit of Rs 21.1 crore for the third quarter 2002-03, up 33 per cent from Rs 15.9 crore for the same period last year. For the nine months ending December 31, the net profit was up 22 per cent to Rs 58.9 crore. While sales improved in third quarter by two per cent, sluggish consumer demand resulted in 9 per cent decline in sales from Rs 295 crore in third quarter of 2001-02 to Rs 270 crore in the current quarter. In absolute terms, the operating profit increased by 27 per cent and 39 per cent for third quarter and nine months respectively over the previous year.
ICICI Bank net rises ICICI Bank has posted a net profit of Rs 330 crore for the third quarter ended December 31, 2002 as against Rs 70.02 crore in the same period last fiscal. The total income for the reporting quarter rose to Rs 2,826.53 crore as against Rs 717.47 crore in the same period, the bank said in a release here today. The results for the quarter ended December 31, include results of the erstwhile ICICI Ltd and its subsidiaries, amalgamated with the bank with effect from March 30, 2002 and hence, the financials for the quarter are therefore not comparable. Interest earned during the quarter was up substantially to Rs 2,258.71 crore as compared to Rs 541.59 crore.
Agencies |
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India’s GDP growth pegged at 5.6% New Delhi, January 31 Gross Domestic Product (GDP) at factor cost at constant prices ( 1993-94) was estimated at Rs 12,65,429 crore in 2001-02 as against Rs 11,98,685 crore in the previous year. At constant (1993-94) prices the national income ( i.e. net national product at factor cost) in 2001-02 is estimated at Rs 11,15,157 crore as against Rs 10,50,177 crore in 2000-01 showing a rise of 6.2 per cent during the year. At current prices, national income in 2001-02 is estimated at Rs 18,64,292 crore as compared to Rs 17,02,4545 crore in 2000-01, clocking a rise of 9.5 per cent during the year. The 5.6 per cent GDP growth was spurred by high growth in agriculture (5.7 per cent), hotel and restaurants (11.2 per cent), trade (8.7 per cent), communication (17 per cent), real estate, ownership of dwelling and business services (5.7 per cent) and other services (7.7 per cent), quick estimates of national income, consumption expenditure and saving and capital formation, released by the Central Statistical Organisation said here today. The per capita income in real terms is estimated at Rs 10,754 in 2001-02 as against Rs 10,306 for the previous year, registering an increase of 4.3 per cent. The per capita income at current prices is estimated at Rs 17,978 in 2001-02 as against Rs 16,707 for the previous year depicting a growth of 7.6 per cent. Private final consumption expenditure in the domestic market at current prices works out to Rs 14,92,894 crore in 2001-02 as against Rs 13,59,358 crore in 2000-01. Gross domestic savings (GDS) at current prices in 2001-02 is estimated at Rs 5,49,963 crore accounting for 24 per cent of the GDP at market prices as against 23.4 per cent in the previous year. The savings of the private corporate sector has gone up from Rs 86,142 crore in 2000-01 to Rs 92,06 crore in 2001-02. The saving of the public sector showed a decline from a minus Rs 48,022 crore in 2000-01 to minus 57,662 crore in 2001-02. The decrease in the public sector saving is mainly attributable to dissavings of the government administrative departments from minus Rs 1,13,636 crore in 2000-01 to minus Rs 1,31,394 crore in 2001-02. |
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Centre to mop up 700 cr from Maruti IPO New Delhi, January 31 Disinvestment Secretary Pradeep Baijal said that the Maruti IPO is expected to take the total proceeds from PSU disinvestment to Rs 4,300 crore during the current fiscal year. “We expect to complete the maiden public issue for the sale of government equity in MUL by March 17”, Mr Baijal told newspersons on the sidelines of a seminar organised by the All India Management Association (AIMA). He, however, said that the government was not expecting to complete the disinvestment process of any other PSUs during the current fiscal year. “I can’t give a timetable. But I feel in the current financial year we can complete only Maruti,” Mr Baijal said. He said that MUL will be disinvestment in two phases which is expected to generate Rs 1400 crore. As of now, the government has realised about Rs 3,500 crore from disinvestment of public sector undertakings during the current fiscal year. The proposed public issue will mark the second stage of disinvestment of MUL after the acquisition of management control by Suzuki Motor Corporation. SMC has agreed to underwrite the offering at Rs 2300 crore. |
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Rolls-Royce, HAL tie-up on anvil New Delhi, January 31 While announcing that the Rolls-Royce will bid for supply of engines for the aircraft which Air India plans to purchase under its $ 2.2 billion aircraft acquisition plan, the company said it along with the HAL would make a major announcement on their further business plans on the first day of the Aero-India, 2003, at Bangalore. Although the company executives refused to divulge further details but a tie-up is probably on way for licensed production of the medium range transport aircraft to replaceAntonov-32.
TNS |
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IFCI prunes losses New Delhi, January 31 With financial restructuring coming to the rescue, IFCI had bettered its bottomline in the latest quarter this fiscal, as it had reported a whopping Rs 514.58 crore net loss during April-December period in 2002-03 and the net loss was Rs 48.09 crore in the third quarter a year-ago. It also improved its operating profit to Rs 14.50 crore for the quarter ended December 2002 as compared to Rs 396.90 crore operating loss registered in the first half of 2002-03. HPCL HPCL today posted a strong 149 per cent bottomline growth for the nine-month period, April-December, 2002. The net sales rose from Rs 33,467 crore to Rs 38,758 crore during the same period. The company’s net profit for the third quarter increased from Rs 61 crore to Rs 331 crore, a solid growth of 444 per cent. The net sales in the third quarter have also jumped by 28 per cent to Rs 14,210 crore. JK Paper JK Paper has reported a jump of 125 per cent in the net profit at Rs 9.19 crore for the second quarter ended December 31, 2002 against Rs 4.09 crore in the corresponding quarter last year. The company achieved a turnover of Rs 164.73 crore for the quarter with the operating profit of Rs35.82 crore and cash profit of Rs 26.32 crore. Finolex Cables Finolex Cables net profit has dipped 82.07 per cent to Rs 4.71 crore in the third quarter ended December 31, 2002, as compared to Rs 26.27 crore in the same period of the previous year. GlaxoSmithKline GlaxoSmithKline Consumer Healthcare, has registered a 32.9 per cent fall in net profit to Rs 85.01 crore in the third quarter of the current fiscal from Rs 126.63 crore during the corresponding quarter of the previous year. Its profit before tax also fell by 29.8 per cent to Rs 136.36 crore from Rs 194.18 crore during this period. Kale Consultants Kale Consultants has posted 35.48 per cent lower net profit at Rs 46.9 lakh in the third quarter ended December 31, 2002, as compared to Rs 72.7 lakh in the same period of previous year. For the nine month period ended December, the company’s net profit was at Rs 1.02 crore (Rs 19.4 lakh) while net sales were at Rs 36.02 crore (Rs 34.3 crore), it added.
Agencies |
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Cut Excise Duty on agro products New Delhi, January 31 The Chamber recommended that the excise duty on food items which are presently attracting a duty of 16 per cent, be brought down to six per cent. Keeping in view the meager accrual, the malting industry should be allowed excise duty relief because it is an exclusively barley based industry which is largely grown in Punjab, Haryana, Rajasthan and Uttar Pradesh, the Chamber said. This, apart from contributing towards the growth of the malting industry, would also reduce the administrative work of the government. |
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Hiten Dalal gets 7-yr RI Mumbai, January 31 Besides Dalal, others convicted include A.D. Narrotam, stock broker and bank officials S.S. Raje and Anil Narichania. The designated judge Justice A.B. Palkar also slapped a fine of Rs 30,000 each on all accused. He gave them a reprieve of four weeks to appeal against the verdict in the upper court. Apart from seven years of rigorous imprisonment, Narichania would face an additional one year of rigorous imprisonment under the Prevention of Corruption Act. For Raje, who has been found guilty under Sections 409 and 477 (a), his seven-year term under both counts would run concurrently.
PTI |
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Airtel launches 5 tariff plans New Delhi, January 31 Under the new Airtel Freedom 349 plan, post-paid customers will pay a monthly rental, including CLI, of Rs 349.While outgoing calls will be charged at Rs 1.99 per minute, incoming mobile to mobile (M to M) calls will be free and incoming charges in other cases will be 50 paise. Under the Airtel Freedom 599 plan, customers will pay a monthly rental of Rs 599 (inclusive of CLI), outgoing charges of 50 paise per minute and free mobile to mobile incoming and incoming charges of 50 paise per minute in other cases. The Airtel Freedom 999 plan will provide 50 minutes of free mobile to mobile STD calls. Under this plan, customer will be required to pay Rs 999 monthly rental (including CLI), 50 paise per minute for outgoing calls and free incoming calls. If one opts for Airtel Freedom 1699 plan, one gets free incoming and outgoing calls, 100 minutes of free mobile to mobile STD calls and 25 minutes of free ISD calls by paying Rs 1,699 monthly rental, including CLI. For its pre-paid Airtel Magic
customers, a start-up kit of Rs 299 which includes processing fee will be available. The customers will get free airtime up to Rs 50 (valid for seven days) and free mobile to mobile incoming calls. The charges for outgoing calls will be Rs 2.40 per minute. For incoming calls, other than mobile to mobile, the charges will be 50 paise per minute. |
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Employees to get addl DA Shimla, January 31 However, the 12-monthly moving average increased from 476.08 to 477.73 during this month, entitling the Central and state government employees to 3 per cent additional dearness allowance with effect from January 1, 2003. The Central and state government employees would now be entitled to 55 per cent dearness allowance from January this year.
PTI |
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Spice Quicky Krishna Bank Prosoft ICC chief Puravankara Central Bank BSNL services |
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