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Indian FDI outflow crosses $ 5 b, says Unctad report
Tax holiday in food processing tempts
France
Amara Batteries ties up with Maruti
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Corporate News
RBI may hike rates: NCAER
Kribhco presents Rs 56.45 cr dividend to Prime Minister
Honda unveils Unicorn
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Indian FDI outflow crosses $ 5 b, says Unctad report
New Delhi, October 21 Releasing the report, Mr Karl P. Sauvant, Director of Unctad's Investment Division, said, "The increasing competitiveness of Indian firms and their interest to expand globally, particularly in IT-related services and pharmaceuticals, are driving its outward FDI growth." India's annual average outward FDI flows during 2001-2003 reached $ 1.1 billion, which is comparable to those of Malaysia and almost double those of Greece. The report, entitled 'India's outward FDI; a giant awakening', attributes the phenomenal outward flows to the increasing competitiveness of Indian firms and their interest to expand globally. "Access to markets, natural resources, distribution networks, foreign technologies and strategic assets like brand names, are the main motivations. The liberalisation of government policies and relaxation of regulations on the FDI abroad have also helped", said Mr Karl Sauvant. Indian firms have been investing abroad for many years. But it is only since the late- 1990s that outward FDI flows have risen rapidly, albeit from low levels. Its outward FDI stock was $ 0.6 billion in 1996. Forecasting this trend, UNCTAD said Indian outward FDI was poised to grow, particularly in IT and software services. India's membership in various regional integration arrangements also provided Indian firms with a favourable platform to strengthen their presence in the partner economies. "Not least, the encouragement and the significant liberalisation of policies by the Government of India will continue to play an instrumental role in the expansion of Indian firms abroad", the report added. Referring to the destination of Indian firms, the reports says, " the most important destinations of Indian outward FDI to-date are the USA, which accounted for 19 per cent of total cumulative outflows during 1996-03".
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Tax holiday in food processing tempts
France
New Delhi, October 21 French Agricultural Minister Herve Gaymard, who visited the Paris Food Fair, in which Indian companies and organisations associated with the food processing sector participated, indicated Paris’s interest in investing in India. The minister agreed to continue mutual cooperation in the food processing sector. Mr Gaymard expressed confidence about greater economic and commercial relations between his country and India, an official press note said. Indian delegation pointed out that the country is the third largest food producer in the world and the government was increasingly focussing on investments in the food processing sector. The country exports not only primary produce but processed foods as well. The government has recently allowed a tax holiday for processing fruits and vegetables for five years and a reduced rate thereafter. Tax incidence on dairy machinery, meat products and other processed foods have also been reduced. The four-day food fair was inaugurated by Union Minister of Food Processing Subodh Kant Sahai. Fifty Indian companies participated in the fair. The range on display extended from basmati rice, beans, wines, ready-to-cook meals, and curries, snacks, and spices and meats and fish products. India’s exports to France grew by 20 per cent in 2003-04 to $ 1,289.8 million as against $ 1,074.09 million in the previous fiscal. Bilateral trade between India and France stood at $ 2,344.35 million in 2003-04, showing a growth of 8.0 per cent, an official statement said. India’s imports from France stood at $ 1,054 million in 2003-04 with balance of trade in its favour by $ 235.25 million. Its share in France’s global trade stood at a
minuscule 0.38 per cent.
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Amara Batteries ties up with Maruti
New Delhi, October 21 Amara Raja is expecting to supply over 100,000 batteries to the car manufacturer over the next one year. Amara Raja supplies automotive batteries exclusively to DaimlerChrysler, Ford and Swaraj Mazda and preferentially to Ashok Leyland, Fiat, General Motors, Hindustan Motors, Honda, Mahindra & Mahindra and Tata Motors. The company manufactures batteries for cars, tractors, HCVs (trucks), LCVs, SUVs, MUVs, three-wheelers and home inverters. Mr Jayadev Galla, Managing Director of Amara Raja Batteries, said the order from MUL would imply increased volumes and higher capacity utilisation at ARBL’s Tirupati plant. ARBL is in the process of scaling up its automotive manufacturing capacity at the plant to 1.5 million units per annum from the current one million units. Amara Raja was earlier this year conferred with the Ford World Excellence Award, a global recognition of its quality, process and delivery standards, which has made it eligible to supply to Ford, globally. On the export front, ARBL became the first automotive battery company from India last year to foray into the Japanese market. The company has captured a 20 per cent market share in Singapore to become the second largest player there within the first year of its operations.
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TCS announces 300 pc interim dividend
Chandigarh, October 21 The board has declared an interim dividend of Rs 3 per equity share of Re 1 each and the record date for the purpose of payment has been fixed as October 29, 2004, the company said in a release here. Corporation Bank Corporation Bank has reported a drop in its net profit at Rs 27.39 crore for the second quarter ending September 30, 2004 as compared to Rs 144.93 crore in the corresponding quarter of the previous fiscal. Total income also saw a drop in the period under review to Rs 685.81 crore as against Rs 732.81 crore in the second quarter of previous fiscal, Chairman and Managing Director Cherian Verghese told newsmen here today.
Indian Hotels Indian Hotels Company Ltd has posted a net profit of Rs 22.31 crore for the quarter ended September 30, 2004, up nearly 5.4 times from Rs 3.48 crore in the corresponding period a year ago. During the July-September quarter, its total income increased 26 per cent to Rs 181.38 crore from Rs 143.31 crore last year.
Castrol Castrol India Ltd has posted a 9 per cent growth in net profit to Rs 31.06 crore for the quarter-ended September 30, 2004 as compared to Rs 28.56 crore for the corresponding quarter previous year, an increase of 8.8 per cent. Announcing the results, the company said its total income (net of excise) grew 7 per cent to Rs 309.58 crore in the quarter-ended September 30, 2004 as compared to Rs 290.3 crore in the corresponding quarter previous year.
IBP IBP Company Ltd has posted a net loss of Rs 60.89 crore for the quarter-ended September 30, 2004 as compared to net profit of Rs 50.34 crore for the quarter-ended September 30, 2003. Announcing the results, the company said its total income had increased to Rs 3,070.84 crore in the quarter-ended September 30, 2004 as compared to Rs 2,339.76 crore for the corresponding quarter previous year.
ICICI Prudential ICICI Prudential Life Insurance Ltd, a private life insurer, has posted a 169 per cent rise in its new business income at Rs 498 crore for six months ended September 30, 2004 over the same period last year. The joint venture company issued 2.14 lakh policies in six months for a total sum assured of over Rs 6,400 crore.
HDFC Bank HDFC Bank Ltd has posted a 30 per cent growth in net profit to Rs 152.29 crore for the quarter-ended September 30, 2004 as compared to Rs 117.14 crore for the quarter-ended September 30, 2003. Announcing the results, the bank said its total income grew by 19 per cent to Rs 867.42 crore in the quarter-ended September 30, 2004 as compared to Rs 730.91 crore in the corresponding quarter previous year. Meanwhile, the board of HDFC Bank apart also approved the raising of additional capital up to $ 300 million through issue of American Depository Shares (ADS), which included the green shoe option up to 15 per cent.
Nicholas Piramal Nicholas Piramal India Ltd has posted a net profit of Rs 54.39 crore for the quarter-ended September 30, 2004 as compared to Rs 50.52 crore for the quarter-ended September 30, 2003, an increase of 8 per cent. Announcing the results, the company said its total income (net of excise and sales tax) has increased from Rs 356.97 crore in the September quarter, 2003 to Rs 360.92 crore in the quarter-ended September 30, 2004. As per the consolidated result, the group has posted net profit of Rs 55.77 crore for the quarter-ended September 30, 2004 as compared to Rs 52.13 crore for the quarter-ended September 30, 2003. Total Income (net of excise & sales tax) has increased from Rs 373.14 crore in the September quarter 2003 to Rs 382.12 crore in the quarter-ended September 30, 2004.
NDTV NDTV, India's leading news broadcaster, has posted an impressive performance for the quarter-ended September 30, 2004. Consolidated income has gone up by 221 per cent to Rs 364.16 million for the second quarter as against Rs 113.31 million reported in second quarter previous year. NDTV reported profit after tax of Rs 28.17 million for the quarter-ended September 30, 2004 as against a loss of Rs 197.5 million reported in the second quarter previous year. For the half-year ended September 30, 2004, consolidated income has gone up by 307 per cent to Rs 769.5 million as against Rs 188.84 million for the corresponding period previous year.
NFL National Fertilizers Ltd has posted a net profit of Rs 22.02 crore for the quarter-ended September 30, 2004 as compared to Rs 51.35 crore for the quarter ended September 30, 2003, a fall of 57.11 per cent. Announcing the results, the company said its total income has decreased from Rs 1188.57 crore in the September quarter, 2003 to Rs 918.8 crore in the quarter-ended September 30, 2004. — TNS and agencies
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RBI may hike rates: NCAER
New Delhi, October 21 “All things considered and going by the past modus operandi of the RBI, it will raise rates by 0.5 per cent now, leaving room for further increases in December,” states the NCEAR report. Asserting that the only way for interest rates was to move upwards, NCAER said that inflation had crossed 7 per cent and is likely to remain in that range for some time.
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Kribhco presents Rs 56.45 cr dividend to Prime Minister
New Delhi, October 21 The company Chairman, Mr Chandra Pal Singh, presented the cheque to the Prime Minister in the presence of Minister for Chemicals, Fertilisers and Steel, Mr Ram Vilas Paswan. A company release claimed that this was the highest dividend paid by any cooperative society to the exchequer.
— UNI
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Honda unveils Unicorn
Chandigarh, October 21 A newly developed Honda 4-stroke, 150 cc engine and incorporating cutting edge technologies developed by Honda’s global R&D team empower Unicorn. It is an engineering masterpiece with international design appeal. The motorcycle was unveiled by Mr Jasjit Bawa, Head, Sales Promotion Department, HMSI. The motorcycle is priced reasonably at Rs 49,945.
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