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Slash roaming rates, says IT Minister
IPCL reports 188 pc jump in profit
Shares sold at ‘loss’
Anil’s letter sent for IPCL comments
Delhi to roll back VAT on diesel
Five millionth Maruti car today
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PACL to go under hammer, finally
Mitsubishi pact with IFFCO
Glenmark outlicenses asthma drug for $ 53 m
S&P’s offer on Crisil through
BSA and Nasscom to curb piracy
Kashmir to have mega food park
Corporate results
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Slash roaming rates, says IT Minister
New Delhi, April 26 “Mobile charges for roaming are very, very high... I think they should be much lower than existing rates. BSNL does not charge roaming, why can’t the private operators also take this initiative to bring them down,” Mr Maran said at the cellular summit organised by the Cellular Operators Association of India. The Government, on its part, would do everything to remove all the hurdles coming in the way of growth of telecommunication, the minister said, adding that “but the operators also must reciprocate from their side.” Replying to the industry’s demand that the government should reduce the licence fee and allow BSNL to share the infrastructure especially for the rural areas, Mr Maran said “don’t waste your time in Delhi making rounds to the ministry... Go to the rural areas and connect India. We on our part will do everything to see that all hurdles are removed one by one.” Mr Maran also launched a low-price cellular handset of Motorola costing about Rs 1,500, saying that “this would prove to be the crucial factor for future growth of telephony in the country and will go a long way in achieving the target of 250 million subscribers by 2008.” Meanwhile, Telecom regulator TRAI today defended the cut in international and domestic leased line tariff, saying that it will result in better utilisation of capacity. “Of the 16 terabytes of international leased line capacity available only 0.5 terabytes are being used. Unless tariffs go down there will be no utilisation of capacity,” TRAI Chairman Pradip Baijal said at a CII conclave on regulatory issues in the infrastructre sector.
— PTI
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Bharti, Hutch effect 33 pc cut
Within hours of Communication and IT Minister Dayanidhi Maran asking private cellular operators to reduce the roaming charges, Hutch and Airtel today slashed the roaming airtime rates for their customers across India by 33 per cent from Rs 3 per minute to Rs 1.99 per minute.
The reduction in roaming rates will come into effect from May 1, the leading telcos said in separate statements here. The reduction will bring down the roaming call charges from Rs 3.75 per minute to Rs 2.59 per minute.
— UNI
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IPCL reports 188 pc jump in profit
Mumbai, April 26 The net profit stood at Rs 273 crore in the previous fiscal. The Board of Directors has recommended a dividend of Rs 4.50 per share for FY-05, resulting in a payout of Rs 128 crore, including dividend tax, IPCL said in a release
here. IPCL’s net turnover during the reporting fiscal was slightly high at Rs 8,199 crore from Rs 8,098 crore in 2003-04, it said. The raw material costs, including traded goods, fell to Rs 3,747 crore as against Rs 4,522 crore in the last fiscal. Net profit for the fourth quarter ended March 31, 2005, rose to Rs 336 crore against Rs 99 crore for the corresponding quarter previous fiscal while total income was flat at Rs 2,682 crore (Rs 2,642 crore). Exports of manufactured products during FY-05 rose 154 per cent to Rs 1,638 crore from Rs 644 crore in FY-04 while production increased to 5.18 million tonnes against 4.6 million tonnes in the corresponding
year. IPCL’s domestic sales rose by 24 per cent to Rs 6,493 crore and accounted for 80 per cent turnover excluding trading sales. The company said increase in global demand for petrochemical products outpaced increase in supplies and polymer prices entered in a new up cycle. Domestic demand too strengthened resulting in increased operating rates and earnings. Polymer production of the company increased 14 per cent during the year to 1186 KT and polypropylene production rose 23 per cent to 272 KT.
— PTI
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Shares sold at ‘loss’
The Anil Ambani camp alleged that Reliance Capital Ltd sold IPCL shares to a group company at a loss of Rs 1,000 crore to shareholders and breached its “fiduciary” responsibility towards minority investors.
The statement came from Reliance Capital Director Anil’s close associate Amitabh Jhunjhunwala who said “the loss of fair value for Reliance Capital on this account is in the tune of Rs 1,000 crore. The sale of RCL’s strategic stake in IPCL at par value is indefensible,” Jhunjhunwala said in his statement issued here. However the Mukesh Ambani camp denied that Reliance Capital shareholders had lost money in the
deal. RCL and RIL through its wholly-owned subsidiary had invested Rs 4.44 crore each in the equity of Reliance Petroinvestments Limited, which in turn invested Rs 2,639 crore to buy 11.2 crore shares of IPCL at Rs 231 per share.
— TNS
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Anil’s letter sent for IPCL comments
Mumbai, April 26 of corporate governance and the company’s listing agreement with the bourses. Both the premier stock exchanges — BSE and NSE — have forwarded Mr Anil Ambani’s letter to the IPCL Board for seeking clarification in connection with his removal from the board on January 20, 2005, sources said. RIL sources, when asked to comment on Mr Anil Ambani’s letter, told UNI: “We will give the official version at an appropriate time.” Sources said on the directive of
SEBI, the exchanges have initiated a look into the detailed circumstances under which Mr Anil Ambani, who is engaged in a battle with elder brother and RIL Chairman Mukesh over the control of the Rs 99,000-crore Reliance empire, ceased to be the Vice-Chairman and Director of IPCL Board, as communicated by the petrochemicals company in a two-page press note last evening. Taking note of media reports relating to the status of the younger Ambani brother in
IPCL, SEBI had asked stock exchanges to check the company’s adherence to listing agreement and norms of corporate governance.
— UNI
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Delhi to roll back VAT on diesel
New Delhi, April 26 The implementation of the decision, taken by the government about a fortnight back, had been kept in abeyance for approval by the empowered committee on VAT.
— UNI
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Five millionth Maruti car today
New Delhi, April 26 Company officials said here it was appropriate to celebrate the arrival of Mr Koizumi with the launch of its five mllionth car. MUL is expected to roll out one of the versions of Wagon R, one of the most successful vehicles not only in Japan but also in India, as part of the celebrations. Incidentally, the collaboration between the MUL and the Suzuki Motor
Company (SMC) is due for further improvement with the latter currently in the process of increasing its commitment to India. It has announced that Maruti will be its research and development hub for Asia outside Japan. The Maruti board recently also approved a proposal to invest an additional Rs 3272 crore in a new car plant and engine facility in Manesar in Haryana. Even though the Japanese Prime Minister would not be present for the rolling- out ceremony ,the event reflects the commitment of the company towards the Indian public. MUL also becomes the company in India to achieve the 50 lakh target ever since it launched its operations in 1982.
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Honda’s profit up
Honda Motor, Japan’s third-largest carmaker, had its biggest profit in five quarters on higher sales of Accord sedans in Asia and Pilot sport-utility vehicles in the U.S., its most important markets. Net income rose 27 per cent to 94 billion yen ($ 888 million) in the three months ended March 31, less than 101 billion yen estimate of analysts surveyed last week. Sales rose by almost 10 per cent to 2.35 trillion yen.
— Bloomberg
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PACL to go under hammer, finally
Chandigarh, April 26 According to Principal Secretary, Industries, and Chairman, PACL, Mr S.C Aggarwal, PSIDC owns 44.2 per cent stake (9,090,000 shares) and is the single largest shareholder in this company, besides being a promoter. The current market price of the share is between Rs 56 and 59. As many as six leading companies are in the race for these holdings of PSIDC. They are Sterlite group, Hindustan Zinc; Grasim Industries; Ind-Swift Ltd; Alchemist Limited; Goel Gases, New Delhi, besides a Member of Parliament of UP, who has already acquired Oswal sugar mills at Mukerian. Sources add that the PSIDC shall earn Rs 60 crore from this sale on the current market price to tide over its financial problems.
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Mitsubishi pact with IFFCO
New Delhi, April 26 Plants will be set up at the ammonia/urea fertiliser plants owned by IFFCO at Aonla and Phulpur, a press note said. The recovery plant helps supply sufficient carbon dioxide for urea production, thereby maintaining the current production levels and also meeting the extra amount of gas required for future production capacity expansion. The carbon dioxide recovery technology is currently possessed by only three companies in the world, Fluor Daniel, ABB and MHI.
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Glenmark outlicenses asthma drug for $ 53 m
Mumbai, April 26 “As per the agreement, Teijin Pharma will have the exclusive right to develop, register and commercialise GRC 3886 for all potential indications for which the product might receive approval in the Japanese market,” GPL managing director and CEO Glenn Saldanha told reporters here today. GRC 3886 is an orally available PDE4 inhibitor discovered by Glenmark, which can be used for the treatment for chronic obstructive pulmonary disorder (COPD) and asthma. To a query, Saldhana said the tie-up was part of the company’s strategy to have such arrangement with strong regional companies for the regulated markets of North America, Japan and Europe.
— PTI
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S&P’s offer on Crisil through
Mumbai, April 26 The investors, who have shown interest in the offer, have expressed intent to surrender their over 41.6 per cent per cent stake in the Indian rating agency, merchant banking sources said here. S&P holds 9.43 per cent stake in Crisil and with over 41.6 per cent response it (S&P) would acquire over 51 per cent stake and the majority control in the Indian entity, they said. ICICI Bank had already decided to offer its entire 10.7 per cent stake in Crisil Ltd following a hike in the open offer price. Mr Rakesh JhunJhunwala, a significant investor with over 10 per cent holding, said he was tendering half of his stake in the open offer. Standard & Poor’s on April 10 raised the price of its conditional open offer for shares of Crisil from Rs 680 to Rs 775 per share and increased the offer size by 10 per cent to 65.57 per cent.
— PTI
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BSA and Nasscom to curb piracy
New Delhi, April 26 “Awareness plays a very important role in curbing piracy. Along with BSA, we will set up a toll free hotline number we will reward any one reporting under-licensing and or use of illegal software at workplace,” Kiran Karnik, President Nasscom told reporters at the sideline of the launch. According to Nasscom, the domestic IT software and services market is around Rs 16 billion in 2003-04. Karnik said the Nasscom-BSA alliance would work closely with software resellers to educate end customers and corporates about the perils of piracy. Speaking on the occassion Jeffrey Hardee, VP and Regional Director, Asia-Pacific BSA said: “This launch of anti-piracy hotline number 1600110033 validates BSA’s vision to help all businesses legalize, address under licensing issues and maximize their software resources.” In addition to the hotline, BSA has also launched its website, www.bsa.org/india.
— PTI
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Kashmir to have mega food park
Srinagar, April 26 He was talking to mediapersons at the inauguration of a two-day “National Conference and Business meet on Food Processing Destination J&K” here this afternoon. The minister said the setting up of a mega food park had already been discussed with the ministries concerned and Jammu and Kashmir was ideal for one such park.
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Corporate results
New Delhi, April 26 The company also posted a 58 per cent increase in gross revenue in 2004-05 to Rs 5,546 crore from Rs 3,502 crore. OVL, supported by ONGC’s Engineering Service, is at present engaged in laying a 741-km long multi-product pipeline from Khartoum to Port Sudan. Already 130 km has been laid and the project is scheduled to be completed by August, 2005. OVL’s investment commitment overseas stands at $ 4.3 billion, of which about 64 per cent has been actually invested till March, 2005. This makes OVL the biggest Indian Multinational Corporate. The OVL secured equity participation in six oil and gas assets in five countries in 2004-05, besides launching a 741 km multi-product pipeline project in Sudan. OVL now participates in equity of 15 assets in 12 countries: Vietnam, Russia, Sudan (3 assets), Iran, Iraq, Libya (2), Myanmar, Syria, Ivory Coast, Australia, Qatar and Egypt.
Ingersoll-Rand loses
Ingersoll-Rand has posted 21.1 per cent decline in net profit at Rs 12.39 crore for the quarter ended March 31, 2005 as compared to Rs 15.71 crore for the corresponding quarter of the previous year. Announcing the results, the company said the net profit includes extraordinary gain of Rs 8.52 crore from the sale of drilling solutions business and sale of investments. Its total income has increased to Rs 128.46 crore for the quarter ended March 31, 2005 as against Rs 122.71 crore in the same period last year. The Board of Directors has recommended a final dividend of Rs 3 per share (30 per cent) for the year ended March 31, 2005.
Blue Dart dividend
Blue Dart Express Ltd today declared a dividend of 30 per cent on the equity capital for the financial year 2004-05. The board of directors have recommended a dividend of 30 per cent on the equity capital of the company, Blue Dart informed the Bombay Stock Exchange.
Ballarpur Ind profit up
Ballarpur Industries today reported a 36.11 per cent rise in net profit at Rs 44.21 crore for the quarter ended March 31, 2005 compared to Rs 32.48 crore for the corresponding quarter in 2003-04. Total income has increased marginally to Rs 518.09 crore in the third quarter from Rs 515.05 crore in the year-ago period, the company informed the Bombay Stock Exchange.
Cipla Limited
Cipla Ltd has posted a profit available for appropriation of Rs 105.58 crore for the quarter ended as on March 31, as compared to Rs 101.74 crore for the corresponding period last year. Announcing the results, the company said its total income (net of excise) has decreased from Rs 580.59 crore in Q4-04 to Rs 550.43 crore for the quarter ended March 31. It has posted a profit available for appropriation of Rs 406.38 crore for the year ended as on March 31 this year as compared to Rs 295.59 crore a year ago. Total income (net of excise) has increased from Rs 1958.59 crore in Q4-04 to Rs 2317.86 crore for the year ended March 31, 2005.
Nicholas profit dips
With ambiguity over Value Added Tax (VAT), the consolidate net profit of Nicholas Piramal for FY‘05 ended March 31 has dipped by 17 per cent to Rs 164.05 crore as against Rs 199.6 crore for the last fiscal. The board has declared a dividend of Rs 3 per share (150 per cent) of the face value of a share of Rs 2 each, the company said in a press note here today. The group’s total income decreased by five per cent to Rs 1,341.65 crore for the year ended March 31, 2005 where the same was at Rs 1,417.22 crore in FY-04. The group has posted a consolidated loss of Rs 13.43 crore for the fourth quarter ended March 31, 2005 where as the consolidated profit was at Rs 80.80 crore for the same period last year while its consolidated total income fell to Rs 246.40 crore for the reporting quarter where the same was at Rs 340.8 in Q4-04.
— Agencies
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Communication and IT Minister Dayanidhi Maran said today the roaming charges of private cellular operators were “very high” and the industry must look into it to bring them down.
