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Friday,
August 1, 2003, Chandigarh, India  
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Reliance Ind profit surges 20 pc
Gujarat Ambuja Cements net zooms 94 pc
Dr Reddy’s Lab, PTL profits
decline
Panel moots easy norms for pacts
US business award for Indian woman
Hind
Lever net grows 12 pc |
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Infosys ADS listed at $49
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Reliance Ind profit surges 20 pc Mumbai, July 31 The turnover increased 17 per cent to Rs 13,509 crore from Rs 11,593 crore, a Reliance Industries press release said here today. The net turnover for the reporting quarter grew to Rs 12,501 crore as against Rs 10,650 crore in April-June 2002, it said. “The increase in sales in Q1 reflects the impact of rise in product selling prices of three per cent and increase in sales volume of seven per cent compared to the same quarter last year.” The other income during Q1 of the current fiscal was down at Rs 187 crore as against Rs 201 crore in the first quarter of last fiscal. The exports, including deemed exports, were up by 37 per cent to Rs 3,466 crore in April-June 2003 (Rs 2,535 crore in Q1 last fiscal), it said. The company’s operating margins were higher at 13.3 per cent for the quarter and this was achieved with higher degree of integration, greater focus on speciality products and continued focus on costs, productivity, the release said. “We are satisfied with the strong performance in the first quarter and are looking forward to the future with renewed confidence on growth prospects for all our business, including oil and gas exploration and production,” RIL Chairman and Managing Director Mukesh Ambani was quoted as saying. The sales volume showed an increase, with the end of various disruptions arising from Iraq war and SARS epidemic, Reliance Vice-Chairman and Managing Director Anil Ambani was quoted as saying. “The growth in export revenues, in an environment of appreciating domestic currency, reflects the international quality of our products,” he added. The expenditure on voluntary retirement scheme of Rs 76 crore for over 400 workers and staff at Patalganga near Mumbai has been treated as extra-ordinary item. The interest expenditure decreased by 14 per cent to Rs 349 crore due to refinancing of high cost long term debt and continued prudent financial and cash flow management, the release said. About its oil and gas business, Reliance said Panna-Mukta fields produced 2.81 lakh tonnes of crude oil and 8.4 billion cubic feet of gas during the first quarter. The capacity utilisation at Jamnagar refinery touched 114 per cent, comparing favourably with utilisation rates of other refineries in India and abroad, it said, adding that exports of refined products on the first quarter of this fiscal stood at 2.16 million tonnes (1.39 million tonnes in the Q1 of 2002-03). The production of PFY, PSF and PET increased by 9 per cent to 2.28 lakh tonnes and that of PVC and other products grew by three per cent at 4.55 lakh tonnes, it said. The Linear Alkyl Benzene production in Q1 touched 30,000 tonnes, an increase of 15 per cent over same quarter’s last year. —
PTI |
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Gujarat Ambuja Cements net zooms 94 pc
Mumbai, July 31 The company’s total income (net of excise) has increased from Rs 360.61 crore in the June quarter of 2002 to Rs 481.15 crore in the June quarter of 2003. The company’s Board of Directors has proposed an equity dividend of Rs 40 with the interim dividend at 30 per cent. The total dividend for 2002-03 works out to be 70 per cent. The company has posted a net profit of Rs 221.73 crore for ended June 30, 2003, which is 18.87 per cent higher compared to the net profit of Rs 186.52 crore for the year ended June 30, 2002. Its total income (net of excise) has increased from Rs 1,405.73 crore in 2001-02 to Rs 1,770.96 crore in 2002-03.
Outlook positive
Projecting a business outlook for the current year, Gujarat Ambuja Cements has stated that despatches of cement during the first quarter of 2003-04 have been lower at over 4 per cent due to transport strike in April 2003. Cement demand continues to be good and in May-June, it has grown at an average of 9 per cent. However, the company is confident that the cement growth during the remaining part of this year would be good and expect an 8 or 9 per cent growth during 2003-04. —
UNI |
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Dr Reddy’s Lab, PTL profits
decline
New Delhi, July 31 After the exclusivity period for Fluoxetine — a generic version of Eli Lilly and Co’s Prozac — ended in January 2002, DRL’s profits have been falling for some quarters. DRL said its total revenue grew by 6 per cent at Rs 481.2 crore in the April-June quarter. Revenue outside the country at Rs 306.3 crore contributed 64 per cent of the total revenue, a year-on-year growth of 7 per cent, it added.
PTL
Punjab Tractors (PTL) today reported a 59 per cent decline in the first quarter profits, year-on-year, at Rs 5.7 crore. The company, in which Commonwealth Development Corporation (CDC) bagged a 23.49 per cent stake on Friday for Rs 218.13 crore, has seen a decline in profits with the last fiscal ending on a disappointing note after the net profit fell almost 58 per cent to Rs 42.3 crore from Rs 100 crore in the previous year. Punjab Tractors informed the BSE that total income in the April-June, 2003, period decreased from Rs 161.7 crore to Rs 119.4 crore this quarter. —
UNI |
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Panel moots easy norms for pacts New Delhi, July 31 "A law should be enacted to allow limited liability partnership form of organisations for professionals," Naresh Chandra, head of the panel and a former Indian Ambassador to the USA, told a press conference here. The government had set up the panel to look into ways for streamlining and improving the regulations for easing the compliance burden, especially for the smaller companies. "In a limited liability partnership form of organisation, the firm will be mainly controlled by one or two persons while other partners will have a limited liability," said Chandra after submitting recommendations to the government. Provisions related to insolvency, winding up and dissolution of companies as contained in the Companies Act should be suitably modified for the limited liability partnership companies, he added. The panel also recommended amendment in the Companies Act to provide for a "simplified exit" for private companies. "As per existing norms, private companies can wind up their businesses either voluntarily or through a court order. Both these processes are very cumbersome and involve lot of paper works," said a panel
member. The panel also suggested the creation of a new category of companies called small private company. —IANS |
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US business award for Indian woman New York, July 31 Bhatia was selected for the national award by the office of Advocacy of Small Business Administration (SBA). The award will be presented during the Small Business Week honours in Washington, scheduled to be held from September 15-21, a press release said. Small Business Week honours small business owners and advocates for their contributions to the American dream by offering educational and networking opportunities, it said. In 1993, Himanshu Bhatia founded the company along with her husband, Gulab. Since then, Rose International has grown from a localised, five-employee company to a nation-wide firm employing nearly 300 persons. —
IANS |
Infosys ADS listed at $49 Bangalore, July 31 Infosys said the underwriters had a seven-day option to purchase up to 7,82,000 additional ADSs, representing 3,91,000 equity shares. —
PTI Indian
restaurant in Boeing 747 London: Indian gastronomy in Britain is set to touch a new high. Salik Miah, a multi-millionaire owner of a chain of Indian restaurants, has converted an ageing Boeing 747 jumbo jet into a restaurant that is all set to give a new profile to the curry lovers’ club. Salik Miah paid a small fortune to British Airways for the Boeing 747. The aircraft is undergoing modifications in an airfield in Kent, and will soon be transported to its new home, a two-acre plot in Potter's Bar, Hertfordshire. The aircraft last flew in 1983. Technically it can still fly; its cockpit is intact. —
IANS Jalan to step down by Aug 28 Mumbai: The RBI Governor, Dr Bimal Jalan, will step down from office by August-end amid reports that he will be nominated to the Rajya Sabha in the election which will be held between August 26 and 28. Dr Y. V. Reddy, Governor-designate, is expected to arrive in Delhi in the first week of August from Washington. —
UNI United Bank cuts rates on deposits Kolkata: United Bank of India today announced a downward revision of the rates of interest of all its domestic term deposits with effect from tomorrow. The bank sources here said as per the new revision the rate of interest for domestic term deposits (DTD) for a minimum 15 to 29 days and for 30 to 45 days would now be 4.50 per
cent, while the same for 46 to 90 days would be 5 per cent, followed by 5.25 per cent for 91 to 179 days and 5.50 per cent for 180 days to less than one year of DTD. —
UNI TRAI
okays SMS on basic phones New Delhi: The Telecom Regulatory Authority of India
(TRAI) today allowed all basic phone service providers to offer SMS to their subscribers. “The authority, after considering the background information, licence terms and conditions, has decided that basic service licencees could provide SMS,” TRAI said in a letter sent to the basic service operators. Since WLL mobile service is a part of basic telecom services, the basic operators would be allowed to offer the SMS facility to its customers. —
PTI Union Bank cuts
home loan rates Mumbai: Union Bank of India has reduced interest rates on home loans by 0.25 to 0.5 per cent effective tomorrow even as it has tied up with Maruti Udyog Ltd and Ford India to offer auto finance at a discounted rate of interest. “The floating rate for home loans of tenure up to five years has been slashed by 0.5 per cent to 8 per cent while that for 5-10 years, it will be 8.75 per cent (9 per cent earlier)”, Union Bank General Manager Retail Banking Department V. S. R. Murthy said. —
PTI Implement new norms, PFC told Chandigarh: The Punjab Border Districts and Allied Industries Association today decried inordinate delay on part of the Punjab Financial Corporation (PFC) in implementing the new guidelines on the one-time settlement (OTS) scheme for settling cases of the loanees. The fresh guidelines on the OTS were issued by the Sidbi to the heads of all state financial corporations on July 14, on the pattern of the guidelines issued by the Reserve Bank of India (RBI) for nationalised banks for the settlement of cases. —
TNS |
bb
Price index up Plan for women
Apple procurement Arcot Systems Kotak Bank Selloff panel Krishak Bharati Global Telelink |
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