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Fortis hospital in
Bathinda by March Corporate news
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Fix uniform rates of Cenvat, VAT: industry
ICICI Bank net spurts 40 pc HCL Tech net soars 22.17 pc Bharti constitutes Mobility Board
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Fortis hospital in
Bathinda by March Ludhiana, October 31 Chairman of Fortis Healthcare, Harpal Singh said in an interview that apart from Mohali, Amritsar and Ludhiana where the company has already invested around Rs 250 crore, another centre will be operational in Bathinda by February-March next year. The investments will lead to the establishment of five “centres of excellence”, like the one that exists in Mohali. Some of the places earmarked for such centres include Noida which will have an orthopaedic and neurology centres of excellence, Gurgaon will have an oncology centre, while Mohali will remain the super-speciality cardiac centre. The Fortis model, according to Mr. Harpal Singh, aims at providing all facilities at one place for the convenience of patients. Nearly 80 per cent of problems will be taken care at the 20 secondary level hospitals and only patients needing specialised care will be transferred to the five super-speciality hospitals. Every medical node of Fortis will be connected with one another to share patient records, Mr Harpal Singh said. The company is committed to work closely with state governments to improve the healthcare system. People, he said, must realise that healthcare is a service industry and good healthcare is possible only if it is viewed that way. The health care systems in the UK and Canada had collapsed because healthcare falls
under the purview of the government rather than the private sector as in the United States.
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Corporate news New Delhi, October 31 The company’s total income in the period stood at Rs 43.8 billion (net of excise), a growth of 32.9 per cent over the same period last year. Despite a near three-month strike at one of its major component vendor, the company’s sales grew 31 per cent in April-September 2003. “Although production was affected owing to a strike at one of the suppliers during August and September, the company was able to sell 212512 units during the first half of the fiscal,’’ MUL said. The company’s sales in the domestic B segment, where it sells the Zen, WagonR and Alto, grew by 23 per cent while those of the bread-and-butter Maruti 800 went up 35 per cent. Total exports, at 22,424 units, were up 98 per cent during April-September 2003, compared to the same period last year. The company said it paid out Rs 294.2 million towards VRS cost to employees who opted for the scheme. The company said profit in the second quarter of this fiscal stood at Rs 1.24 billion on a sales rise of 18 per cent.
GAIL India Gail India has posted a net profit of Rs 487.12 crore for the quarter ended September 30, 2003 as compared to Rs 406.13 crore for the same quarter last year. Total income has increased from Rs 3047.08 crore during the same period as against Rs 3,171 crore in the quarter a year ago.
Essar Shipping Essar Shipping has posted a net profit of Rs 21.10 crore for the second quarter ended September 30, 2003 as compared to Rs 7.12 crore for the same quarter in the last fiscal, an increase of 196.34 per cent.
BASF India BASF India has posted a 22.85 per cent rise in net profit at Rs 10.43 crore for the second quarter ended September 30, 2003, compared to Rs 8.49 crore registered in same period previous fiscal. Total income (net of excise) has increased to Rs 159.13 crore in the period under review from Rs 135.92 crore in Q2 of last year.
Mukta Arts Mukta Arts Ltd has reported an 85 per cent decline in net profit at Rs 15.7 lakh for the second quarter ended September 30, 2003, compared to Rs 1.06 crore in the same period previous fiscal. Total income in the period under review has, however, more than doubled to Rs 7.61 crore from Rs 3.08 crore in Q2 of last year.
Aurobindo Pharma Aurobindo Pharma has posted a net profit of Rs 32.15 crore for the quarter ended September 30, 2003, compared to Rs 20.52 crore for the quarter ended September 30, 2002, an increase of 56.67 per cent. The total income has increased from Rs 308.32 crore in the September quarter of 2002 to Rs 353.78 crore in the quarter ended September 30, 2003.
Elder Pharma The Rs 233 crore Elder Pharmaceuticals has posted a net profit of Rs 4.65 crores for the second quarter ended September 2003 against Rs 3.65 crore in corresponding period of previous year thereby marking 27.24 per cent growth. The income from the operations has increased to Rs 66.83 crore for Q2 as compared to Rs 61.11 crore during last year in the same period.
Finolex Ind Finolex Industries has posted a marginal increase in net profit at Rs 14.42 crore in second quarter ended September 31, 2003, compared to Rs 14.01 crore posted during the same period of the previous fiscal. The company’s board approved an interim dividend of 10 per cent (Re one per share), tax free to shareholders, resulting in an outgo of around Rs 14 crore.
Aptech Aptech has posted a 67 per cent rise in its profit after tax (PAT) at Rs 3.90 crore for the quarter ended September 30, compared to the same period a year ago. The company’s total revenue grew by 5 per cent to Rs 43.32 crore during the quarter.
ICI India ICI India has posted a net profit of Rs 6.83 crore for the second quarter ended September 30, 2003 as compared to Rs 19.75 crore for the same quarter last fiscal, a steep decline of 65.41 per cent. The company said its total income (net of excise) has increased from Rs 177.9 crore in the SQ-02 to Rs 180.07 crore in the quarter ended September 30, 2003.
Rolta India Rolta India today reported a 9.6 per cent rise in net profit at Rs 22.34 crore during the quarter ended September 30, 2003 as against Rs 20.42 crore per cent posted in the same period of the previous fiscal. Total income for the reporting quarter rose to Rs 65.22 crore over Rs 60.27 in the earlier fiscal.
Ballarpur Ind Ballarpur Industries has posted a net profit of Rs 31.2 crore for the quarter ended September 30, 2003 as compared to Rs 25 crore in the same period last year. The company’s Board of Directors, at their meeting held today, also recommended payment of dividend of 20 per cent for the year 2002-03 on the shares under lying GDRs proposed to be issued by the company.
Tata Telecom Tata Telecom today said that it has posted a profit after tax of Rs 8.57 crore in second quarter of this financial year compared to Rs 3.33 crore in the same period last year. The company recorded a revenue of Rs 94.57 crore compared to Rs 70.5 crore in the corresponding period of the previous year, an increase of 35 per cent. —
Agencies |
Fiscal deficit up at Rs 81,014 cr New Delhi, October 31 “Fiscal deficit is expected to be contained at 5.6 per cent of the GDP and there is nothing that has happened to make me believe that fiscal deficit will overshoot the target”, Chief Economic Advisor Ashok Lahiri said here. Lahiri’s comments came a day after the figures released by the Controller General of Accounts (CGA) showed that the fiscal deficit rose by 40 per cent in the first six months of the current fiscal to touch Rs 81,014 crore as compared to Rs 57,746 crore in the corresponding period last year. The fiscal deficit in April-September this year amounted to 52.7 per cent of the budget estimates of Rs 1,53,637 crore. In the first half of 2002-03, the fiscal deficit was 42.6 per cent of the budget estimates. Crisil, which released its mid-year outlook, has projected that the fiscal deficit would overshoot the budget estimate by 0.2 per cent to touch 5.8 per cent of the GDP. Though the direct tax collections had surged and no surprises were expected on expenditure front, the fiscal deficit would still go up because of shortfall in disinvestment proceeds which will miss the target by a large amount, Crisil said. Lahiri, who was participating in an Assocham conference organised to release Crisil’s mid-year outlook, however, pooh-poohed such contentions saying that there was marked improvement in tax collections with corporate taxes showing a whopping 24.5 per cent growth and customs duty collections being on track. But he admitted that excise collections were below target as there were initial troubles in textiles and income tax collections too were not upto the expectations. The overall revenue collections were expected to be more or less on track as the year proceeded, he said. The cash management scheme introduced in nine major ministries this year has enabled the government to keep its expenditure under control, thereby helping to check fiscal deficit. He allayed fears that food and fertilisers subsidy would go up this year on account of 20 per cent increase in food production saying increased procurement would translate into subsidy only in subsequent years when the grains are actually released from the Central Pool for distribution. —
PTI
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Fix uniform rates of Cenvat, VAT: industry Ludhiana, October 31 The Centre is keen to implement from April, 2004, and the industry fears that Cenvat and VAT may create more problems. Mr R.P. Bhatia, Zonal Chairman of the association said here today that many countries in the world collect VAT at one stage only which is known as national VAT and no separate Central and state taxes are collected. These countries have levied very minimum rate of VAT. In India, it will be between 25 per cent and 40 per cent if both Cenvat and VAT are charged at the prevailing rates. Moreover, the Central Excise Department, while charging Cenvat, has different system of imposing taxes on job work and capital goods along with the different rates of state taxes. If the state government is determined to introduce VAT along with Cenvat separately, mass consumption items like tobacco, textile goods, sugar, iron and steel and some other key items in the core sector should be converted under Cenvat charging additional duty in lieu of sales tax so that such segments of the industry will be required to deal with only the Central Excise Department. The additional central excise duty can be distributed among the states. He has emphasised that certain items produced by the tiny and small scale sectors can be subjected to only VAT and not Cenvat. He has urged the state government to convene a meeting with the industry before introducing any such reforms. |
| ICICI Bank net spurts 40 pc Mumbai, October 31 Announcing the results, the bank today said its total income has decreased 31.22 per cent, from Rs 4,002.29 crore in the September quarter of 2002 to Rs 3050.71 crore in the quarter ended September 30, 2003. According to the consolidated results, the Group has posted a net profit of Rs 361.18 crore for the quarter ended September 30, 2003, compared to Rs 273.13 crore for the quarter ended September 30, 2002, an increase of 32.23 per cent.
Corporation Bank Corporation Bank has posted a net profit of Rs 144.93 crore for the second quarter ended September 30, 2003 as compared to Rs 118.7 crore for the same quarter in the previous year, an increase of 22.09 per cent. The bank said its total income has increased from Rs 645.62 crore in the September quarter of 2002 to Rs 732.87 crore in the quarter ended September 30, 2003.
Bank of Baroda Bank of Baroda has posted a net profit of Rs 259.56 crore for the quarter ended September 30, 2003, compared to Rs 137.22 crore for the corresponding quarter of the last fiscal, an increase of 89.15 per cent. The bank said its total income has increased from Rs 1907.97 crore in the September quarter of 2002 to Rs 2049.31 crore in the quarter ended September 30, 2003.
State Bank of Indore The State Bank of Indore registered a 128 per cent increase in net profit during this fiscal’s first half, with the figure touching the Rs 85.37-crore mark from Rs 37.50 crore in the corresponding period last year.
IndusInd Bank The IndusInd Bank has posted net profit of Rs 76.23 crore for the second quarter of the current financial, up by 200 per cent over its profits for the corresponding period of the previous year. The bank’s consolidated net profit for the first six months of the year also shot up by 135 per cent to Rs 100.87 crore as against Rs 42.86 crore in the corresponding period last year.
Bikaner bank The State Bank of Bikaner and Jaipur has registered a net profit of Rs 140.55 crore during the first six months of the current fiscal ended on September 30, 2003, as against Rs 90.55 crore during the corresponding period last year, registering a growth rate of 55.22 per cent. The operating profit of the bank has reached Rs 279.47 crore from Rs 179.81 crore during the same period, registering a growth of 55 per cent. During the second quarter ended on September 30, the bank’s net profit has increased from Rs 43.88 crore to Rs 71.50 crore, registering a growth of 62.94 per cent. The total income of the bank has reached Rs 953.42 crore during the first half year. —
Agencies |
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HCL Tech net soars 22.17 pc
New Delhi, October 31 The company’s total income increased to Rs 296.48 crore from Rs 217.55 crore in the July-September quarter of 2002, registering 36.28 per cent growth. HCL Technologies gross revenue was Rs 560.78 crore during July-September, 2003, against Rs 442.44 crore during the same period last year, up 27 per cent year-on-year. Compared with Q4 of last year (April-June 2003), the gross revenue grew by 19 per cent. The net income grew 24 per cent year-on-year to Rs 94.6 crore as against Rs 76.06 crore during Q1 of the last fiscal ended June, 2003. However, the net income was down by 1 per cent as compared to the previous quarter. The Board of Directors of HCL Technologies declared the interim dividend of Rs 2 per share, which is 100 per cent on a face value of Rs 2 per share. The board has also approved the delisting of shares of the company from the Delhi Stock Exchange. HCL Technologies added 36 new customers during the three-month period, taking the total to 4,414. Its offshore business contributed 81 per cent to the total revenue. Europe contributed 19 per cent to the total revenue and Asia Pacific pooled in 21 per cent. The company added 1,962 new employees in this quarter taking the total to 12,003. The company’s software services business grew 20 per cent over the previous quarter. HCL Technologies infrastructure services business posted growth of 11 per cent and government practice increased 12 per cent quarter-on-quarter. The company’s quarter-on-quarter margins were up 130 basic percentage. —
UNI |
Bharti constitutes Mobility Board Chandigarh, October 31 |
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Inflation up
Price index steady Hero Honda BHEL bags orders Canara Bank |
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