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Kalam spells 7-point
action plan for SBI
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Hero Honda Q4 net up 29 pc, declares 1,000 pc dividend
Hero Cycles to launch Cyclomoto
HM plans to restructure Uttarpara plant
Hyundai plans
Infosys scouts for land in WB GE to invest $250 m in India
RIL wins oil block in East Timor
Mittal ready for minority stake in Arcelor-Severstal
Vodafone posts loss
Punjab Tractors’ MD to step down CORPORATE RESULTS
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Kalam spells 7-point
action plan for SBI
New Delhi, May 30 Speaking at the SBI's bicentennial celebrations here, Dr Kalam said the bank should increase the agriculture and agro-processing credit to 20 per cent (from 10 per cent) of the total loan disbursal within the next three years. To raise agricultural growth to over 4 per cent is vital for increasing the overall GDP growth to 10 per cent, he said pointing out that when both manufacturing and services sectors are showing robust growth, agriculture is lagging behind. The President asked the bank to allocate Rs 5,000 crore for SBI Cap Venture for funding innovative scientists and technologists from 2007-08 for faster societal transformation, including development of ICT products, software development and software services. He asked the bank to create and nurture five rural development projects similar to bio-fuel project and sea weed project which has employment generation potential for at least 50 lakh rural youths. The SBI should adopt and fund at least one lakh sick SSI units so that latest technology can be infused to overcome problems and make them profitable ventures. Citing potential of medical tourism, Dr Kalam said the bank could provide funds at competitive interest rates for creation of corporate hospitals. For transforming India into a developed nation and bring prosperity to all one billion plus people, the President said, “We have identified five areas where India has core competencies for integrated action — agriculture and food processing; education and healthcare; information and communication technology; infrastructure for all parts of the country such as reliable and quality electric power and surface and air transport and self-reliance in strategic sectors.” Calling upon the bank to invest in the rural areas, he said: “We must realise Bharat Nirman Programme, with an allocation of Rs 1,74,000 crore for the duration of four years and Rural Employment Guarantee Scheme for 200 districts of the nation ensures availability of adequate funding support for rural development missions.” PTI adds: Meanwhile, SBI Chairman A.K. Purwar said the bank would complete the acquisition of Giro Commercial Bank of Kenya and PT Bank Indo Monex of Indonesia in two months. “We will acquire these two banks in two months,” he told reporters on the sidelines of an SBI function here. An SBI official said the bank would initially acquire a 55- 60 per cent stake each in these two banks and would gradually increase its holding.
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Hero Honda Q4 net up 29 pc,
New Delhi, May 30 Total turnover for the company in the quarter was up 16 per cent at Rs 2,298.9 crore against Rs 1,976 crore in Q4 FY’05. Profit for the year 2005-06 was up 20 per cent at Rs 971.3 crore against Rs 810.4 crore a year ago. Total turnover for 2005-06 was up 17 per cent at Rs 8,866.7 crore as against Rs 7,558.5 crore. The company also said it would set up its third plant in Jaipur at an investment of Rs 320 crore with an installed capacity of 5 lakh units, expandable to 10 lakh units. Hero Honda Managing Director Pawan Munjal said the company would also set up a fourth plant in India. Meanwhile, the company today announced that eight new models would be launched in this fiscal, including a fuel injection model in the 125-cc segment. "We will be having eight new bike launches this fiscal and this includes both new models and variants," Hero Honda Managing Director Pawan Munjal said. He said the company would be launching a fuel-injection model next month with 'Glamour F1'. "Honda debuts this technology globally in 125-cc with Hero Honda," he said. He said the company would also appoint brand ambassadors to promote its various models. — PTI
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Hero Cycles to launch Cyclomoto
Ludhiana, May 30 "We are going to launch our new invention called Cyclomoto which is an engine-driven bicycle next month," Hero Cycles Limited Managing Director (Marketing) Suresh Munjal said. The company aims to target schoolgoing children below the age of 16 years for this bicycle and initially the company would bring out 300 units of Cyclomoto. Cyclomoto, a petrol-driven bike, would have 24.75 cc engine, to be attached at the rear side of the bicycle. "The riders would not require licence to run it and they would also not be required to wear helmets,” said a senior official. — PTI
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HM plans to restructure Uttarpara plant
Kolkata, May 30 Hindustan Motors has written to the West Bengal Government for ‘restructuring its Uttarpara plant and re-use additional land there,' quite sometime ago, a spokesperson of Hindustan Motors said today. Although the spokesperson did not disclose how additional land would be used, he said, "With the industrial scenario in the state changing positively, we expect to get the nod of the state government to our proposal." Hindustan Motors' Uttarpara plant, where Ambassador cars are manufactured, is spread over 700 acre on the outskirts of Kolkata. More than half of the plant land is lying unutilised for a long time. A source at the West Bengal Industrial Development Corporation (WBIDC) also confirmed receiving such the plea from the Hindustan Motors and said that the matter was being considered and a decision would be taken in due course. There has not been any expansion of the Uttarpara plant as the sale of Ambassador cars, which had been the largest selling car in the country till mid-1980s, dwindled following the arrival of modern cars led by Maruti Suzuki. Currently between 10,000 to 12,000 units per annum are produced at the plant.
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Hyundai plans
New Delhi, May 30 Earlier in the month, HMIL said that it would set up a second engine and transmission plant in Chennai within two years with an investment of about $600 million. About 800 persons would be hired for its R&D programme at
Hyderabad. — UNI
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Kolkata, May 30 The four-member team, which arrived here this morning from Bangalore, was driven straight to Sikarpur area of Rajarhat from the airport by a team of state government officials and shown about 850 acres of farm land in the area for the proposed unit, as desired by Infosys chief N Narayanmurthi after his talks with Chief Minister Buddhadeb Bhattacherjee earlier this year. The proposed unit, to be set up on an area of 100 acres, is likely to employ about 3,000 IT professionals within the next two to three years. From Sikarpur the team went to some neighbouring mouzas which also fall under the Rajarhat police station area. — UNI
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RIL wins oil block in East Timor
New Delhi, May 30 Reliance, which currently has oil properties in Oman and Yemen, had bid for two of the 11 offshore blocks tendered by East Timor, but could manage only one contract area, an industry source said. "The company had bid for area 'K' and area 'E', but won only the former when the awards were finalised last week," the source said. A Reliance spokesperson could not be contacted for comments. The company is building a 29 million tonnes per annum refinery adjacent to its existing 33 million tonnes a year refinery at Jamnagar in Gujarat. Besides foraying into domestic oil and gas exploration and production in a big way, it is acquiring assets abroad to supplement its crude needs. Of the 11 offshore contract areas offered by East Timor in the bidding round, six received a total of nine bids by the deadline of April 19.
— PTI |
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Mittal ready for minority stake in Arcelor-Severstal
Frankfurt, May 30 “It may be that at the end of the day we’ll hold 40 per cent of the combined Arcelor and Severstal group,” Mr Baan told the Financial Times Deutschland. Last week, Mittal launched a concrete takeover offer for Arcelor on condition it secure more than 50 per cent of the European steel-maker. If Severstal, which belongs to Alexei Mordashov, secures 32 per
cent of Arcelor, it will be nearly impossible for Mittal to acquire the majority. “With more than 20 per cent, we’ll be able to call a general assembly any time,” Mr Baan said. “That would give us a lot of power. We’d rather have that sort of influence than no influence at all.”
— AFP |
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London, May 30 The massive bottom-line deficit was caused by the company writing down the value of its assets, including the worth of its 100 billion pounds acquisition of Germany’s Mannesmann in 2000. Vodafone wrote down 23.5 billion pounds in its accounts, but ahead of that charge it achieved profits of 8.79 billion pounds for the year to March 31, compared with 7.8 billion pounds a year earlier. — PTI
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GE to invest $250 m in India
Mumbai, May 30 GE chairman and CEO Jeff Immelt today announced an increase of $100 million in their $145 million investment in country's infrastructure, which was announced in November, 2005.
— PTI |
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Punjab Tractors’ MD to step down
Mumbai, May 30 Mr .P Sivaram, currently Director-Finance, has been appointed as Chief Operating Officer, the SAS Nagar-based company said. Mr Sivaram has also been nominated by the company to the Board of Swaraj Mazda Ltd. The Board has made Mr R.C. Bhargava and Mr A.M. Sawhney as nominee Directors in the Board of Swaraj Mazda Ltd and Swaraj Engines Ltd (associate companies), respectively, in place of Mr Mahajan following his decision to step down. The Board has nominated Mr A.M. Sawhney as a nominee Director in the Board of Swaraj Automotives Ltd in place of Mr Mahajan. The Board has further decided to appoint Accenture as its strategic consultants.
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Bombay Dyeing reports net loss
Mumbai, May 30 Total income (net of excise) for the fourth quarter in 2005-06 dipped 24.73 per cent to Rs 218.85 crore from Rs 290.73 crore in the year-ago period, the company said. For the year 2005-06, the net profit stood at Rs 61.34 crore as against Rs 26.56 crore for the year 2004-05. The total income (net of excise) for FY 2005-06 was Rs 1,034.14 crore as compared to Rs 1,049.39 crore in FY 2004-05. Mirc Electronics
Mirc Electronics, makers of ONIDA colour televisions, has posted a profit after tax of Rs 4.03 crore for the quarter ended March 31, 2006, as compared to Rs 3.89 crore for the quarter ended March 31, 2005 — an increase of 3.59 per cent. The company said its total income (net of excise) is Rs 291.22 crore for Q4 FY 05-06 as against Rs 230.25 crore in Q4 FY 04-05. It has posted a profit after tax of Rs 32.79 crore for the year ended March 31, 2006 (FY 05-06) as compared to Rs 27.78 crore for the year ended March 31, 2005 (FY 04-05). Total Income (net of excise) is Rs 1224.96 crore for FY 05-06 as against Rs 1096.18 crore for FY 04-05. As per the consolidated results, the Group has posted a profit after tax of Rs 26.44 crore for the year ended March 31, 2006 (FY 05-06) whereas the same was Rs 23.03 crore for the year ended March 31, 2005 (FY 04-05). Total Income (net of excise) is Rs 1237.87 crore for FY 05-06 whereas the same was Rs 1109.32 crore for FY 04-05. The Board of Directors has recommended a dividend of 75 per cent Tata Power Q4 net dips
Tata Power Company Ltd has announced an 18.6 per cent dip in its net profit at Rs 138.82 crore against Rs 170.55 crore for the quarter ended March 31, owing to the higher income of Rs 180 crore, it received last year on sale of its Tata Petrodyne. The energy conglomerate also announced plans to augment generation capacity by over 4,500 MW involving a capital expenditure of Rs 18,000 crore over the next three-four years. Recommending a dividend of Rs 8.50 per share, the company said its revenue from the power supply stood at Rs 1,106 crore against Rs 860.94 crore for the last quarter. At year-on basis, the company registered a growth of 10.7 per cent at Rs 610.54 crore against Rs 551.36 crore for the last fiscal. This is the first time the firm has crossed the Rs 600 crore mark. The revenues for the year were higher at Rs 4,562.79 crore against Rs 3,930.44 for the previous year. Ipca Laboratories
Ipca Laboratories Ltd has posted a net profit of Rs 17.96 crore for the quarter ended March 31, 2006 as compared to Rs 14.59 crore for the quarter ended March 31, 2005, a rise of 23.09 per cent. The company said its total income (net of excise duty & sales tax) has increased from Rs 164.39 crore in Q4 FY 04-05 to Rs 180.69 crore for Q4 FY 05-06. It has posted a net profit of Rs 63.98 crore for the year ended March 31, 2006 (FY 05-06) as compared to Rs 80.71 crore for the year ended March 31, 2005 (FY 04-05). Total Income (net of Excise Duty & Sales Tax) has increased from Rs 685.45 crore in FY 04-05 to Rs 753.30 crore for FY 05-06. As per the audited consolidated results, the Group has posted a net profit (after exceptional items) of Rs 61.50 crore for the year ended March 31, 2006 (FY 05-06) as compared to Rs 74.08 crore for the year ended March 31, 2005 (FY 04-05). The Board has recommended a final dividend of Rs 3 per share (30 per cent) for the financial year 2005-06. Together with the Interim Dividend of Rs 2.50 per share (25 per cent) already declared and paid, the total dividend for the financial year amounts to Rs 5.50 per share (55 per cent).
— Agencies |
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