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Infosys Q2 profit up by 35.57 pc
IA hikes fares by 10 per cent
Toyota to build compact car in Karnataka
Govt urged to take tough stand on farm sector
Bank of India to adopt 101 villages
Chinese threat to Indian handicrafts
ONGC, Mittal Steel launch two companies
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Nissan apologises
Gates Corp sets up second plant in India
India, Fiji to boost trade
Markets closed today
TCS net up 81 pc, declares 300 pc dividend
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Infosys Q2 profit up by 35.57 pc
Bangalore, October 11 Riding on the continuing outsourcing boom, India's second largest software exporter said its revenues grew to Rs 2,294 crore, a 31.16 per cent year-on-year jump. The Nasdaq-listed Infosys also revised upwards its revenue guidance, projecting it to be in the range of Rs 9,361 crore and Rs 9,383 crore, a 31.30 to 31.61 per cent growth, for the fiscal ending March 31, 2006. "We have seen a robust growth during the quarter due to our offering a broad array of services to our clients", Infosys CEO, President and Managing Director Nandan M Nilekani told reporters. The company's revenue reached $1 billion in the first half of the current fiscal. "It took us the whole of fiscal 2004 to reach a revenue of $1 billion. We reached the same level in the first six months of this year", he said. Continuing its hiring spree, Infosys made the highest-ever recruitment for any quarter in its history with a gross addition of 8,026 employees, taking the total headcount in the company and its subsidiaries to 46,196 employees. Infosys said its earnings per share rose to Rs 22.26 from Rs 16.71 reported for the corresponding quarter of the previous fiscal, a 33.21 per cent jump. For the year ending March 31, 2006, it said, the EPS was expected to be between Rs 89 and Rs 89.40, a 29.38 per cent to 29.96 per cent rise. — PTI
Murthy retires in Aug, 2006
Infosys Technologies' founder N.R. Narayana Murthy will retire as Executive Chairman of the company in August 2006, company's Chief Executive Officer and Managing Director Nandan Nilekani said today. When asked whether Murthy would continue as chief mentor of the company, Nilekani said: "We will take a right decision at the right time." Murthy had also earlier gone on record saying that he would step down as Chairman of Infosys in August 2006.
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IA hikes fares by 10 per cent
New Delhi, October 11 Jet Airways and Air Sahara had recently announced a 10 per cent increase in their domestic fares from October 14. However, the Indian Airlines has annouced that its price hike would be effective only from October 18. The hike would be effective across the board in all categories, an Indian Airlines spokesman said here. In addition to an increase in the normal economy and business class fares, there will be a proportionate increase in other fare levels such as promotional, excursion and check fares. Tickets issued on or re-issued on or after October 18 will be at the revised fare irrespective of the dates of travel. Meanwhile, Indian Airlines (IA) has floated tenders to lease 12 wide-bodied aircraft. Its subsidiary, Alliance Air,will lease two business jets for operations of the ONGC. This is the second time this year that IA has floated the tenders for wide-bodied aircraft as the previous tenders did not receive any firm response. The arrival of the wide-bodied planes would enable IA to launch its services to newer destinations, including East Asia. The airline has already sought government permission to fly to these destinations. The IA has also reworked its induction plans for 43 Airbus aircraft, under which A-319s which were to be used by Alliance Air, would now be operated by the parent company for strengthening its domestic network. The airline’s plans to acquire 43 aircraft — 19 A-319s, four A-320s and 20 A-321 planes at a cost of Rs9,890 rore —has recently got the government nod. As per the tentative delivery schedule, the first purchased aircraft would join the fleet in the second half of next year and the remaining 42 would be inducted at an average rate of one plane per month. The Alliance Air-ordered Business Jets would be used for movement of ONGC personnel, specially the crisis management team, to various locations in India and overseas. The two planes, which would be dry-leased for five to seven years from March-August next year, would be operated and maintained by the IA subsidiary.
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Toyota to build compact car in Karnataka
Bangalore, October 11 The high-power committee, headed by Chief Minister N. Dharam Singh, yesterday cleared the proposal of the company, which already had a manufacturing unit at Bidadi on the city outskirts. The joint venture between Toyota and the Kirloskar Group, set up on October 6, 1997, started operations in December 1999. The plant had an annual production capacity of 60,000 vehicles, with the models now produced being Corolla, Camry and Innova. The initial investment in the unit was Rs 1,500 crore. Toyota had been toying with the idea of building compact cars in India and was looking for a suitable model. State Finance and Industries Minister P.G.R. Sindhia, briefing newspersons on the proposals cleared by the high-power committee, said TKM planned to have an installed capacity of 1,50,000 cars and aimed at providing employment to around 2,600 persons. The committee also cleared a Rs 10,912-crore proposal of Jindal Vijaynagar Steel Plant to enhance the production capacity from the current 3.8 million tonnes per annum to eight million tonnes per annum at its unit in Torangal in Bellary. The investment would be in two phases, with the first one amounting to Rs 6,242 crore.
— UNI
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Govt urged to take tough stand on farm sector
New Delhi, October 11 “A tough stance on the issue has become imperative for India as OECD countries are still spending over $341 billion to support agriculture in their respective countries. Subsidies of such magnitude are clearly detrimental to the interests of low-cost farmers in poor countries whose markets could increase substantially due to the comparative cost advantage,” the PHDCCI said in a statement. If developed countries reduce support to their agricultural sector and to agro commodity exports, there is a tremendous scope for increase in exports of developing countries. Taking 1997 level as a base, exports would go up three folds from $20 billion to $60 billion, of this, share of Asia would increase from $12 billion to $23 billion, i.e. an increase of 85 per cent, it said. Although, India has a miniscule 0.8 per cent share in the world trade, however, it would stand to gain in at least four agro commodities. With India's agricultural sector providing employment to 67 per cent of its population and contributing 21 per cent to the GDP, it is time for the country to negotiate a final draft at WTO that would not stall the growth and sustenance of the crucial sector, the industry chamber said. The chamber pointed out that the past experience has shown that Agreement on Agriculture
(AOA) has not brought about anticipated deepening of world trade in Agriculture or spatial (equitable) redistribution of agricultural production or improved returns to farmers in developing countries or greater transparency in agricultural trade, which is detrimental to the interests of the farmers in countries like India.
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Bank of India to adopt 101 villages
The bank plans to open branches in Sirsa, Kaithal, IMT Manesar and DLF Gurgaon. At the national level, the bank has a proposal to open 30 branches and 50 extension counters during the current fiscal. The number of ATMs would also be increased from 300 to 500 by March 2006. He said the bank had got the approval from the RBI to extend its overseas operations at Beijing, Doha (Qatar), Ho-chi Minh city (Vietnam), Dar-es-salaam (Tanzania) and Antwerp (Belgium). The bank also plans to open branches in Bangladesh, Dubai, Myanmar, Canada and Malawi. The bank has also introduced Shatabdi Krishi Vikas cards for providing credit for crops as well as to cater to the farmers' needs. The bank has issued 7,57, 992 kisan credit cards till date. Meanwhile, the operating profit of the bank for the quarter-ended June 2005 was Rs 367 crore and net profit was Rs 172 crore. The net profit increased by 5.56 per cent over the corresponding period last year. To strengthen the IT infrastructure, the bank plans to network 1,200 branches by March 2006 and the remaining 1,400 by December 2006.
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Gold crosses Rs 7,000
Mumbai, October 11 But silver finished a low at Rs 11,715 per kg on sluggish demand by local dealers. Pure gold (99.9 purity) opened at a new peak at Rs 7,005 per 10 gm from it last close. Later, it closed at a new high of Rs 7,000 per 10 gm since Independence. Standard gold (99.5 purity) also resumed high at Rs 6,970 per 10 gm and finished at an all-time high of Rs 6,965 per 10 gm. Both the prices closed with a gain of Rs 10 each from its yesterday's
close. — UNI
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Chinese threat to Indian handicrafts
New Delhi, October 11 “In the $ 235 billion world market of handicrafts and gifts, India’s share is just 2 per cent with annual exports of $ 3.3 billion as against $ 71 billion from China,” said Mr Rakesh Kumar, Executive Director, Export Promotion Council for Handicrafts. The handicraft exports are likely to surpass the target of $ 3.2 billion during the current fiscal against last year’s achievement of $ 2.5 billion. The council is holding a five -day Indian Handicrafts and Gift Fair
(IHGF) here from October 13, which is expected to attract over 8,000 overseas buyers.
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ONGC, Mittal Steel launch two companies
New Delhi, October 11 The agreements were inked by ONGC Chairman and Managing Director Subir Raha and Mittal Group Chairman L N Mittal within 10 weeks of the signing of the MoU for the joint ventures. Equity for each of the joint venture is $ 50 millions. ONGC Videsh Ltd (in case of OMEL) and ONGC (in case of OMESL) will hold 49.98 per cent stake, and Mittal Investment Sarl will hold 48.02 per cent stake. The balance will be held by SBI Caps. Mr Raha said the joint ventures would effectively supplement the efforts of the ONGC Group of companies in securing global footprint. — UNI
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Tokyo, October 11 But the company said it had no plan to recall the vehicles as the asbestos posed no health risks and the sealing part in which it was used was not on a government list of components in which asbestos is banned. Nissan has found parts containing asbestos were installed in 165,804 vehicles produced in Japan between 1995 and 1999 for the domestic market, it said, adding the models were mostly commercial vehicles. "We had previously announced that parts containing asbestos in our vehicles for the domestic market had all been replaced by the end of 1994," said the company, controlled by Renault of France. "We retract the statement and sincerely apologise for the inaccurate information," it said in a statement. — AFP
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Gates Corp sets up second plant in India
New Delhi, October 11 Gates India, which is the wholly-owned subsidiary of Gates Corp, also has a manufacturing facility at Lalru, near Chandigarh. The total investment done by the company in India now stands at more than Rs 100 crore. The Faridabad facility, inaugurated today by Tomkins Plc CEO James Nicol and Gates Corp Group President (Power Division) Lou Braga, will have the capacity to assemble about six lakh hydraulic and industrial hose per annum. Major clients of the company include Caterpillar India, Escorts Construction, Greaves, Gujarat Apollo, JCB-India, L&T-Case and Schwing
Stetter. — UNI
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India, Fiji to boost trade
New Delhi, October11 Four Memoranda of Understanding (MoU) and agreements to this effect were signed between the two countries last evening after talks between Prime Minister Manmohan Singh and the visiting Fiji Premier, Laisenia
Qarase.
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TCS net up 81 pc, declares 300 pc dividend
Mumbai, October 11 Total income has increased 22.30 per cent to Rs 2,515.73 crore for the second quarter from Rs 2,056.90 crore in the corresponding quarter in previous fiscal, the company informed the Bombay Stock Exchange. The Board of Directors have also recommended second interim dividend of Rs 3 per equity share of Re 1 each of the company, it said. On a consolidated basis, the company and its subsidiaries have posted a net profit of Rs 693.71 crore this quarter as compared to Rs 323.09 crore in the previous quarter. Their total income has increased to Rs 2,982.60 crore for the second quarter from Rs 2,448.19 crore in same period last year. iGate Global iGate Global Solutions today reported a 84.8 per cent increase in net profit at Rs 5.62 crore in the second quarter ended September 30, as against Rs 3.04 crore in the corresponding quarter of the last fiscal. The company informed the BSE that the company's total income was Rs 156.18 crore for the second quarter ended September 30, as compared to Rs 150.44 crore in the same quarter in the previous year. CMC Q2 net down IT solutions provider CMC Ltd announced a 25.39 per cent decrease in the net profit at Rs 9.46 crore for the quarter ended September 30 as compared to Rs 12.68 crore for the same quarter last fiscal. The total revenue has increased by 11.61 per cent to Rs 197.56 crore from Rs 177 crore in the second quarter in the year-ago period, the Hyderabad-based company said. The group has reported consolidated profit of Rs 10.55 crore in the second quarter during the current year compared to Rs 12.94 crore last year. The total revenue grew to Rs 210.01 crore from Rs 184.03 crore last
fiscal. — Agencies
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Oil price above $ 62 Rupee slides further Federal Bank rating on watch Daewoo wins $480m rig order Samsung plan Essel Propack Rs 83-cr order
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Bangalore, October 11
Chandigarh, October 11