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Friday,
April 11, 2003, Chandigarh, India  
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Infosys
net up 18.56 pc, to pay 290 pc
FICCI to
visit UN office of Iraq programme |
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Govt plans
to amend SBI Act Industry
grows by 6.4 pc Truckers
demand industry status Ambala
Rly division adjudged the best Seven
firms in fray for HPCL
Hero
Honda net jumps 25.4 %, announces 900 pc dividend
Nokia
to slash 1,800 jobs
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Infosys net up 18.56 pc, to pay 290 pc
Bangalore, April 10 The company posted a net profit of Rs 259 crore in the fourth quarter ended March 31, 2003 as compared Rs 210.33 crore, registered in the same quarter of the previous year. Total income in Q4 of the last fiscal increased to Rs 1047.32 crore from Rs 703.47 in the comparable period of 2001-02. Total income in the last financial year increased to Rs 3,722.30 crore from Rs 2,670 crore in FY-02. The Board of Directors recommended a final dividend of 290 per cent - Rs 14.50 on each share of par value of Rs 5 each, amounting to Rs 96.05 crore. The company’s turnover during 2002-03 grew by 39.14 per cent to Rs 3,522.69 crore from Rs 2,603.59 crore of the previous year. Commenting on the performance, Infosys CEO, President and Managing Director Nandan M. Nilekani said uncertainties relating to the US economy continued to have an impact on the industry growth though “the global delivery model has become mainstream as offshore outsourcing gains momentum.” He said “2002-03 was a challenging year for the Indian Software Industry.” For the current fiscal, the company projected a consolidated income between Rs 4,484 crore and Rs 4,565 crore. The company reported an earning of Rs 1,019.85 crore for the quarter ending March 31, registering a 6.39 per cent increase over the previous quarter income of Rs 958.64 crore. However, the increase was 49.96 per cent as compared to the same quarter of the previous year when the company reported an income of Rs 680.14 crore. The company had earlier announced an interim dividend of Rs 12.50 per share, amounting to Rs 82.76 crore. The total dividend for the year amounted to Rs 27 per share, totalling Rs 178.81 crore. Though the company made a marginal dent in domestic market, the lion’s share of its revenue is generated from sale of software services and products overseas. The last fiscal saw the total overseas income grow by 38.83 per cent to Rs 3,543.61 crore from Rs 2,552.47 crore in 2001-02. The domestic turnover touched Rs 79.16 crore, up by 54.89 per cent as compared to the previous year’s figure of Rs 51.12 crore. For the year ending March 31, the company reported a utilisation rate of 77.60 per cent. It was 70.10 per cent in 2001-02. Infosys said it continued to partner Global 2000 and other established corporations to transform their business through innovative application of technology. This had helped the company grow even in challenging economic conditions. Further, there continued to be an increased interest in offshore outsourcing. This had worked to Infosys advantage with the company adding 28 clients to its portfolio.
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Iraq war, SARS scare affect Infosys The US-led war on Iraq and the scare mounted in the South East Asian region by the spread of Severe Acute Respiratory Syndrome (SARS) had effected the prospects for Indian Software
giant Infosys during the quarter ending March 31, 2003. Company head for Worldwide Sales and Senior Vice President Basab Pradhan, commenting about the performance for the fiscal 2002-03, said that “during the quarter, there were some cancellation of visits by clients and prospects due to the Iraq war and the SARS scare.” He, however, said companies with a strong track record stand to gain in the emerging scenario where clients were consolidating their external spend with a few key partners.
UNI
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FICCI to visit UN office of Iraq programme
New Delhi, April 10 The UN had passed resolution 1,472 on March 28, 2003, notifying the continuation and extension of the ‘Oil for Food Programme’ in Iraq to
meet emergency needs out of the approved and funded contracts to be delivered in 45 days at strategic ports in Syria, Turkey, Jordan, Kuwait and Iran. The office of the Iraqi Programme, has nominated six UN organisations to take care of the delivery of goods against these contracts till May 12, 2003.
TNS
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Govt plans to amend SBI Act
New Delhi, April 10 “A Bill to amend the SBI Act is being drawn up,” top Finance Ministry officials told PTI adding it would also enable RBI to transfer its holding to the government. The proposed Bill to amend SBI Act of 1955 might be ready before the monsoon session of Parliament. Amendments in the SBI Act has been proposed to enable State Bank of India to increase its authorised capital, bring the voting rights of shareholders in conformity to the provisions of Banking Regulations Act. The amendment was also required to enable SBI to rationalise the powers of the board, acquire business of other banks and other matters relating to shares, in line with the Companies Act. Similar amendments have been proposed in SBI (Subsidiaries Banks) Act of 1959 to enhance the authorised capital and reduce SBI’s stake in its subsidiary to 51 per cent, sources said. The proposals had been forwarded to the government by RBI last fiscal. The government was also considering a proposal to allow SBI to treat the GDR proceeds separate from its FII holding, sources said. RBI had also sent a proposal to the government for amending necessary legislations to enable it to divest its stake in National Housing Bank and National Bank for Agricultural and Rural Development. The move follows after RBI felt that it was not prudent to own stakes in banks that are regulated by it. The apex bank wants to distance itself from NHB and Nabard as they have now become profitable entities and can manage their affairs without assistance from RBI. RBI holds a little over 51 per cent in SBI while NHB and Nabard are wholly-owned subsidiary of the apex bank.
PTI
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Industry grows by 6.4 pc New Delhi, April 10 The Index of Industrial Production (IIP) increased by 5.7 per cent at 174.8 points during the first 11 months of the fiscal year 2002-03 according to figures released by Central Statistical Organisation today. Manufacturing sector clocked a 6.5 per cent growth in February compared to 2.9 per cent a year ago. The aggregate growth of manufacturing sector was 5.8 per cent during the first 11 months as against 2.8 per cent in the year ago period. Mining sector registered 7.2 per cent growth in
February from 2.1 per cent a year ago, while the cumulative growth stood at 5.7 per cent during the 11 month period as against a meagre 1.1 per cent in April-February 2001-02. Electricity sector remained largely stable clocking only a marginal growth of only 0.1 per cent during February 2003 compared to 2.9 per cent a year ago.
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Truckers demand industry status Chandigarh, April 10 The truck operators have claimed that the diesel prices have increased by over 33 per cent over the past one year, besides an increase in price of premium charged by insurance companies. Talking to TNS on the phone, Mr Jagdish Chander, President, the Ludhiana Transporters Welfare Association, said a meeting of all major truck operator unions of Punjab and Chandigarh was held at Ludhiana yesterday. The meeting unanimously decided to join hands with the Motor Transport Congress against the government’s indifferent behaviour towards the road transport sector. He urged the Centre to fix minimum tariff per km for the road transport sector like the state transports. The lack of regulation on the number of trucks in the market and
decline the freight rates were causing financial losses, especially to small operators. The industrial status would enable them to raise easy finance and claim relief in excise and sales tax. Mr J.M. Saxena, General Secretary, All India Motor Transport Congress, claimed that there would be no booking of trucks for medium range destinations on April 11 and all booking would remain suspended on April 12.
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Ambala Rly division adjudged the best Chandigarh, April 10 The Ambala division was adjudged as the “best performing” division in Northern Railway. An efficiency shield for best all-round performance was awarded by Mr R.K. Singh, General Manager, Northern Railway, to Mr Keshav Chandra, Divisional Manager, Ambala, at a function in New Delhi today, a press release said. Other departmental shields for accounts, personnel, bridge, operating,
signal maintenance, carriage and wagon, best hospital and station were also awarded. Besides these, individual awards for outstanding contribution during 2002-2003 were also awarded to five officials of the division. They are Mr R.C. Gupta, Mr Mahabir Singh, Mr Laj Pat Rai, Mr P.C. Rana and Mr Bir Sain Singh. Three staff members of the division have also been nominated for the Minister of Railway award. Mr Ashok Kumar Goel, Mr Mahipal and Mr Sunil Kumar will be awarded at the presentation ceremony on April 16 at Chennai.
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Seven firms in fray for HPCL
New Delhi, April 10 The Inter-Ministerial Group (IMG) on HPCL shortlisted eight firms meeting the networth, turnover and profitability criteria, out of the 10 companies which put in initial bids on March 17, government sources said here. However, one company, in the intervening period, to IMG had expressed desire to bid for government’s 34.01 per cent stake in HPCL along with another company who had already put in an expression of interest (EoI), leaving seven consortiums in all. Others who were shortlisted today include the Essar group of companies, Saudi Aramco and Chevron Texaco of the USA, sources said.
PTI
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