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Reliance net profit up 39 pc
Mittal group emerges biggest steelmaker
CII report upbeat on Indo-Myanmar trade
Birlasoft to invest $ 15 m in India
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PNB promotes crop diversification
Bhel’s order book crosses Rs 30,000 cr
Sundram ties up with German firm
In graphic: Sector-wise Foreign Direct Investment
Corporate results
L&T Q2 gross revenue up 43 pc
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Reliance net profit up 39 pc
Mumbai, October 25 According to a statement issued to the Bombay Stock Exchange today, total income of the company (net of excise) has increased to Rs 16,460 crore from Rs 12,944 crore during the period under review. The net profit and turnover for the six months ended September 2004 stood at Rs 3,189 crore (Rs 2,367 crore in H1 of 2003-04) and Rs 30,444 crore (Rs 25,194 crore), respectively. Mr Anil Ambani, Managing Director, Reliance Industries Ltd, said the company’s bottomline has received a boost from doubling of refining margins and an increase in prices of its products. According to Mr Ambani its refinery, the third largest in the world, is running at 96 per cent capacity. The company’s operating margin on net sales rose to 19.6 per cent compared to 18.4 per cent at the end of September 2003 due to higher product selling prices, partially offset by higher crude prices, and continued focus on cost reduction and productivity. Exports including deemed exports rose by 28 per cent to Rs 10,036 crore ($ 2.18 billion) in the H1. The refinery operated at 96 per cent capacity and processed 15.94 million tonnes of crude in the first half, it said. However, Reliance shares were down 2.2 per cent at Rs 536.20 due to bearish sentiment in the market ahead of Tuesday’s mid-year review of monetary policy by the Reserve Bank of India. Prices of petrochemical products manufactured by Reliance were up between 9 and 39 per cent from last year. Meanwhile, Reliance Infocomm, in which Reliance Industries holds 45 per cent suffered a net loss of Rs 50 crore in the second-quarter. According to Mr Ambani, the company is expected to turn profitable by March 2005.
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Mittal group emerges biggest steelmaker
London, October 25 Ispat said it has agreed to acquire LNM Holdings for $ 13.3 billion in shares and the International Steel Group for $ 4.5 billion in cash and shares. Mr Lakshmi N Mittal will be the chairman and chief executive of Mittal Steel, it was officially announced. Simultaneously, Ispat International and International Steel Group Inc announced today that their Boards of Directors have unanimously approved a definitive agreement under which the two entities would merge. “The combined Mittal Steel will be the largest and most global steel company in the world and will be listed on the New York Stock Exchange and Euronext Amsterdam,” the official announcement said. LNM Holdings is one of the world’s largest and most profitable steel companies and also has substantial mining assets. Its revenues were $ 9.9 billion and operating income was $ 3.2 billion in the first nine months of 2004.
— PTI
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CII report upbeat on Indo-Myanmar trade
New Delhi, October 25 The report, prepared by the Confederation of Indian Industry (CII) and the Union of Myanmar Federation of the Chamber of Commerce and Industry (UMFCCI), was released here today by Commerce and Industry Minister Kamal Nath in the presence of his Myanmarese counterpart Mr Aung Thaung. Mr Nath said border trade between India and Myanmar had not achieved its full potential and an enhanced border was essential to step up the bilateral trade. He said with a view to accelerating border trade, the second point at Zowkhathar-Rhi, in addition to the Moreh-Tamu point, was inaugurated a few months ago and underlined the need to speedily develop the required infrastructure facilities at this point. Mr Nath said India had emerged as the largest export market for Myanmar, accounting for 25 per cent of the Myanmar trade. He said the government had formulated a series of policies aimed at developing the industrial potential of the North-East region. “Most of this is in the form of roads, airports, power, railways, telecommunications, banking and finance. We have also formulated a policy for concessional freight tariffs for movement of goods. These factors make the north-eastern region a natural base for trade with Myanmar”, Mr Nath said. As regards the negative balance of trade with Myanmar, Mr Nath said India did not wish any artificial balancing of trade but was looking for genuine expansion, exploiting the full potential of trade between the two countries.
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Birlasoft to invest $ 15 m in India
Noida, October 25 The company today unveiled its 700-seater software development centre here, set up with an investment of $ 5 million. This is Birlasoft’s third facility in India and second one at Noida. Its first facility in Noida employs 750 engineers. “Of the new $ 15 million investment, we will invest $ 5 to 7 million in starting another centre in Chennai, which is likely to be operational in six months and will house 700-750 persons,” Birlasoft CEO Kamal Mansharamani told newspersons here. He said for growing business, Birlasoft will focus on Europe, which currently contributes around 8 per cent to the company’s revenue while the major chunk of 70 per cent comes from the US market. “Our focus for the next four to six quarters will be on increasing European business,” Mr Mansharamani said.
— UNI
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PNB promotes crop diversification
October 25, Lakhowal (Ludhiana) A step in the direction is the financing of a project by Punjab National Bank in Lakhowal village, 25 km from Ludhiana. The project was inaugurated today by Mr Harwant Singh, General Manager, PNB. It involves the processing of tuberose concrete, nagarmotha and several other seeds and flowers to produce oils that are used for making perfumes and medicines. While the bank has initiated several such projects wherein companies are provided with finance, apart from subsidy, the farmer too stands to benefit by engaging in contractual farming and getting an assured return. “It is the first time that we have shifted from wheat-paddy to tuberose concrete. The trial run has been successful and we are expecting a good yield and high returns,” said Harminder Singh Mann of Mann Farms. He disclosed that they have entered into a four-year contract with the company, which will buy their yield at Rs 15 per kg or an assured sum of Rs 70,000 per acre in case the yield is not as per the expectation. Several farmers have entered into a contract with H.B.Aroma, which is engaged in the processing of flowers. “Earlier, we had to rely on other states for the raw material, aromatic plants. But with farmers coming forward, we will be able to meet the entire demand from within the state,” disclosed Mr Harvinder Singh, proprietor, H.B.Aroma. This would mean an almost 40 per cent saving for the company. The company is providing technical knowhow and seed to the farmers. Mr Harwant Singh, GM, PNB, said 10 farmers having a land of 110 acres were engaged in growing aromatic plants for this unit. “The contractual terms are going to be highly remunerative for the farmers,” he said. Mr Singh informed that the bank had financed other similar projects with a view to increasing agricultural credit. “A similar project was recently sanctioned by the bank in Gujjarwal,” he disclosed. Besides, the bank has sanctioned Rs 32 lakh to various farmers for growing medicinal crops whereas two projects (for growing aloe vera), involving an amount of Rs 2 crore, were under consideration, Mr Singh said. He said the bank was promoting edible oil processing, honey processing, seed processing, mushroom cultivation, bee-keeping and fishery projects for which their hi-tech agriculture branch in Ludhiana had sanctioned over Rs 15.65 crore. The bank also organised a kisan goshthi on the occasion where farmers were told the benefits and ways of going in for crop diversification.
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Bhel’s order book crosses Rs 30,000 cr
New Delhi, October 25 The company had an outstanding order book position of about Rs 28,000 crore at the end of the first quarter of this fiscal. Talking to reporters on the sidelines of a seminar here today, Bhel CMD A. K. Singh said the company was in the process of submitting bids for a mega-power project on an EPC basis in Kuwait. Bhel is bidding for the project in a consortium with some multinational companies. He said the company’s capacity was overbooked for the next three years to take care of its turnover for the period.
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Sundram ties up with German firm
Chennai, October 25 Bleistahl incroporated in Germany has a total turnover of about € 45 million and facilities in Brazil, Germany, Iran and South Africa. This is the first joint venture entered into by SFL and also the first joint venture for Bleistahl in India. The production facility will be set up as a 100 per cent export-oriented unit. The new joint venture company will be known as Sundram Bleistahl Private Limited. While SFL will invest 76 per cent of the equity capital, Blesitahl will hold the balance 24 per cent. The new factory will be located Tamil Nadu and the production is expected to commence in the second quarter of the financial year 2005-06.
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