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Infosys profit grows 28 pc
US dumping duties on Indian steel
Reliance to launch $750 m
eurobond
Industry opposes land-use policy |
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Mallya seeks money in Shaw Wallace case HDFC Bank Ltd has posted a net profit of Rs 1.30 billion for the quarter ended December 31, 2003, as against Rs 988.80 million for the quarter ended December 31, 2002. The Board of Directors of HDFC Bank approved the banks accounts for the quarter and nine months ended December 31, 2003, at its meeting today.
Qualcomm to set up R&D centre
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Infosys profit grows 28 pc
Bangalore, January 9 Infosys posted a revenue of Rs 1,235.26 crore for the quarter ended December, a growth of 28.86 per cent over Rs 958.64 crore in the third quarter last year. Bullish on strong growth driven by increased outsourcing, Infosys upped its guidance for the last quarter between Rs 1,319 crore and Rs 1,331 crore. For the entire fiscal, its projections are between Rs 4,823 crore and Rs 4,835 crore, surpassing its earlier estimates of touching the $ 1 billion mark. “We have reorganised Infosys to face new challenges — increased expectations from clients, a fast-changing economy and a new competitive scenario,” Infosys CEO, President and Managing Director Nandan M Nilekani, said. The software major had a net addition of 2,689 employees, including 545 laterals during the quarter to touch a total strength of 21,809 persons and intended to add 1,500 more in the quarter ending April. “This (results) should be a foundation for (faster) growth,” Nilekani told reporters, citing that the revival of the US economy and the “initiatives of increasing work offshore continue to yield results”. Infosys added 30 clients to touch a total of 350. Infosys, Nilekani said, had enhanced focus on vertical markets and on providing business solutions leveraging technology and “putting infrastructure in place for a next generation IT services company”. “Each vertical head gets independence in driving the business, looking at alliances and acquisitions,” for differentiating themselves in the marketplace, he said, adding that the challenges remained in “ensuring the changes worked in the marketplace”. Infosys incorporated its Chinese subsidiary at Shanghai in this quarter with a planned investment of $ 5 million (Rs 22.78 crore), besides completing the acquisition of Expert Information Services Pty Ltd in Australia, which it acquired last lonth for $ 23.24 million (Rs 105.86 crore). “IT spending in the US is linked to GDP growth and there is strong growth there. In the Asia Pacific region, GDP growth is not strong, but IT spending is going up. Financial services and retail are growing faster than other verticals,” Infosys Head Worldwide sales and Senior Vice-President Basab Pradhan said. Infosys said a second lawsuit was served in the current quarter against it and its former director Phaneesh Murthy, but maintained it had no material impact on the company. Infosys BPO subsidiary Progeon earned a revenue of Rs 21.79 crore with a net profit of Rs 37 lakhs in the third quarter, besides hiring 362 people to touch a total strength of 1,400. — PTI
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US dumping duties on Indian steel Washington, January 9 The US International Trade Commission (USITC) took the decision in a 6-0 vote on Thursday after an "affirmative final determination" that such imports from India, Brazil, Mexico, South Korea and Thailand were hurting or threatening the US industry. The US imported in 2003 steel wire worth $3.3 million from India. The decision will result in an imposition of countervailing duties of 62.92 per cent on the imports from India to offset subsidies. The imposition of anti-dumping duties equal to the dumping margins requires final affirmative determinations both from the Department of Commerce on dumping and from the USITC on injury. The Commerce Department issued its affirmative final determinations in December. The department calculated the final dumping margins as follows: —Brazil: Belgo Bekaert S.A. and all others, 118.75 per cent. — India: Tata Iron and Steel Company, 102.07 per cent; all others, 83.65 per cent. —Mexico: Camesa, 62.78 per cent; Cablesa, 77.20 per cent; all others, 62.78 per cent. —South Korea: Dong-Il Steel Mfg. Co. Ltd., 54.19 per cent; Kiswire Ltd., 54.19 per cent; all others, 35.64 per cent. —Thailand: Siam Industrial Wire Co., Ltd., and all others, 12.99 per cent. In 2002, US imports of PC strand amounted to $4.4 million from Brazil, $3.3 million from India, $14.6 million from Mexico, $11.2 million from South Korea and $1.8 million from Thailand. Dumping is the import of goods at a price below the home-market or a third-country price or below the cost of production. A dumping margin represents by how much the fair-value price exceeds the dumped price. A subsidy is a grant conferred on a producer by a government.
— IANS
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New Delhi, January 9 It includes cars like the highest-selling ‘M800’, ‘Alto’ ‘WagonR’ and ‘Zen’. The lowest price hike of Rs 671 has been effected on Maruti’s premium small car Alto which would now cost Rs 2.65 lakh, Rs 2.85 lakh and Rs 3.66
lakh (all Ex-showroom Delhi) for the ‘LX’, ‘LXi’ and ‘VXi’ variants respectively. The price of the bread-and-butter model Maruti800 Standard’ and Standard AC models has been upped by Rs 1,526 to Rs 2.04 lakh and Rs 2.27 lakh. Price of the 8-seater and 5-seater ‘Omni’ van has been increased by Rs 1,239 to Rs 2.23 lakh and Rs 2.21 lakh respectively. For the three models of premium small car ‘WagonR’, ‘LX’, ‘LXi’ and ‘VXi’, there has been a Rs 1,500 rise to Rs 3.27lakh, Rs 3.54 lakh and Rs 3.78
lakh respectively. The price of two versions of the premium small car ‘Zen’ namely ‘LX’ and ‘LXi’ has been hiked by Rs 2,000 to Rs 3.34 lakh and Rs 3.61
lakh while that of the ‘VXi’ variant has been increased by Rs 1,069 to Rs 3.91
lakh. The mid-size car ‘Esteem’ has become dearer by Rs 1,053 to Rs 4.67 lakh, Rs 5.00 lakh and Rs ,5.40
lakh for the ‘LX’, ‘LXi’ and ‘VXi’ versions respectively. Models like ‘Gypsy, ‘Baleno’ and ‘Versa’ have been spared from the latest price hike.
— PTI
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Reliance to launch $750 m
eurobond
Singapore, January 9 The deal will be one of the largest non-sovereign overseas debt issues that India has in the pipeline, if not the largest. Attracted by the low global interest rates and weakening foreign currencies, Indian corporates are charging into overseas markets to raise funds. An economic boom has also boosted investor confidence in India, Asia’s third-largest economy. Indian companies raised $1.4 billion in the 11 months to November last year in overseas loans and bonds, against $1 billion in the whole of 2002, according to data from debt market news service Basis Point. Last month the IDBI received government approval to raise $ 300 million through an overseas bond issue. Analysts say Asian oil and power companies are poised to boost overseas bond issues beyond 2002’s record $ 8 billion in the next few years to bankroll much-needed expansion. The low interest rates and investor enthusiasm for Asia’s economic growth have encouraged the companies to issue debt. “The Indian economy is doing very well. Its foreign exchange reserves are increasing, which bodes well for corporate issues from India’s companies,” said a bond trader at DBS Asset Management in Singapore. Analysts said the launch by Reliance — which also has oil refining and
telecom operations — is expected to be well received among investors, given the solid track record of India’s largest private-sector company. Reliance is the most valuable petrochemical company listed in Asia, with a market capitalisation of $ 18 billion. Its stock has surged 103 per cent in the past year, making it one of the best-performing chemical shares listed in the region.
— Reuters
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Industry opposes land-use policy Solan, January 9 The association in a representation to the Director today, while highlighting the problems pertaining to the draft, contended that after new industrial package in Himachal there was a heavy inflow of industrial units. While more area was required for development of the industries it was observed that the present allocation of 40 per cent should be enhanced to at least 50 per cent. The floor area ratio should be increased for small, medium and large plots with maximum coverage of 75 per cent, 65 and 60 per cent. The association also proposed to exclude the basement from the calculation of the floor area ratio. Association president R.S. Guleria said to the lack of coordination between the Town and Country Planning Department and the Industries Department, industrialists purchased land outside the proposed planning area, and such land should be regularised. Asserting that the categorisation of various plots should be made on the basis of plot size, the association had further demanded the scrapping of the earlier categorisation that was done on the basis of small, medium and large scale industrial plots as it created confusion.
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| Mallya seeks money in Shaw Wallace case
New Delhi, January 9 “The court has ruled that a trust formed by my father holds 50 per cent in Shaw Wallace. There is another hearing to be held in the case that will clear the things further,” Dr Mallya told UNI here. He, however, said he would not move to take control of Shaw Wallace. “All assets of Shaw Wallace have been siphoned off. I think we would have to settle for money,” Dr Mallya said. The Hong Kong High Court had decided in favour of the UB group Chairman in a case in which he had claimed 50 per cent stake in Shaw Wallace. The order, passed yesterday, said there was a company controlled by a trust in which Mr Mallya was a beneficiary and a Chhabria-controlled company to take control of Shaw Wallace. Both Mr Mallya and Mr Chhabria had concealed the fact that they had entered in to a joint venture from the Indian authorities as investigations against them were pending in a Foreign Exchange Relation Act case. However, Mr Chhabria refused to implement the joint venture even after investigation ended. The case was filed by Mr Mallya 17 years back to enforce the joint venture. The Hong Kong upheld the UB group’s chairman contention. At present Chhabrias holds 53 per cent stake in Shaw Wallace. — UNI
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HDFC Bank net rises
Mumbai, January 9 The Board of Directors of HDFC Bank approved the banks accounts for the quarter and nine months ended December 31, 2003, at its meeting today. For the quarter ended December 31, 2003, the bank has posted a strong performance with the total income of Rs 779.4 crore as against Rs 640.8 crore in the corresponding quarter ended December 31, 2002. Net revenue (net interest income plus other income) was Rs 475.4 crore for the quarter ended December 31, 2003, an increase of 39.5 per cent over Rs 340.8 crore for the corresponding quarter of the previous year. Interest earned (net of loan origination costs) increased by 31.4 per cent over the corresponding quarter ended December 31, 2002, to Rs 658.3 crore. The net interest income (interest earned less interest expended) for the quarter ended December 31, 2003, increased by Rs 153.4 crore to Rs 354.3 crore, driven by average asset growth of 36.2 per cent and an improvement in core net interest margin which crossed 3.7 per cent. Other income for the quarter ended December 31, 2003, was Rs 121.1 crore, consisting primarily of fees & commissions of Rs81.3 crore, foreign exchange & derivatives revenue of Rs 28.2 crore, and profit on sale of investments of Rs11.6 crore as against Rs 66.7 crore, Rs 25.1 crore and Rs 47.1 crore for the quarter ended December 31, 2002. Operating expenses for the quarter increased by Rs 56.5 crore to Rs 209.12 crore and were 44 per cent of net revenue and 26.8 per cent of total income. Provisions and contingencies for the quarter were Rs 83.1 crore, principally comprising general & specific loan loss provisions of Rs 47.4 crore and amortization of premia (for investments in the Held to Maturity category) of Rs 26.5 crore. — UNI
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Qualcomm to set up R&D centre
New Delhi, January 9 “India is going to be a major source of research and development for Qualcomm and we will have a centre here this year where developers will write software for CDMA-based technology”, Irwin Mark Jacobs, Chairman and CEO, Qualcomm Inc, told newspersons here today. Pointing out there would be “significant” investment as and when the centre opens this year, Jacob said the company was looking at various places and had not yet finalised on any particular area. The centre could be used for writing software for CDMA based applications later, he said. “We are working towards that and we will make a formal
announcement. We have just begun to look at recruitment of potential employees for the centre”, he said.
— PTI
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Inflation rises to 5.75 pc FCI bonds New Ford model Ranbaxy tablets Plan for Haryana Generator loan Tata Tea function Jubilant to pay |
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