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Murthy launches CII drive against graft
RIL Q2 net profit jumps 10 pc, turnover up 29 pc
Indian receives first A-319 plane
Reliance, Hutch, Idea to share cell sites
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Corus Board ‘recommends’ Tatas’ takeover offer
Corporate Results
Kotak Bank PAT up at Rs 94 cr
PM lays stone of Hero Honda unit
Merger of BIC, NTC under study
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Murthy launches CII drive against graft
Bangalore, October 19 The campaign aims at creating a national debate, consciousness and positive action to inculcate values of transparency, accountability and efficiency in spheres of economic activity, the CII said. Mr Murthy gave a call to the youth to contribute towards making India a power to reckon with in the global market, at a time when “there is a global sense of confidence and acceptability about India.” “For the first time in the history of post-Independence India, there is sense of confidence, enthusiasm and acceptability about India in the global market and this is the time for the youth to consolidate upon what has been done so far,” Mr Murthy said. The youth today not only had tremendous responsibility but also the potential to transform the face of India and accelerate its economic growth “through their energy, enthusiasm, integrity, dedication and sacrifice,” he said.—PTI |
RIL Q2 net profit jumps 10 pc, turnover up 29 pc
Mumbai, October 19 “I am happy with RIL’s performance considering the challenges faced by us due to the volatility both in crude and product prices along with the natural calamity faced by us at our Hazira plant,” RIL Chairman Mukesh Ambani told reporters here. The company also recorded a higher turnover of Rs 29,550 crore, which was 29 per cent up from the year-ago quarter. RIL had reported a net profit of Rs 2,481 crore and a turnover of Rs 22,893 crore in the same quarter last fiscal, a company press note said. Net profit for the half-year ended September 30 also jumped by 10 per cent at Rs 5,526 crore while the turnover for the period stood at Rs 55,716 crore — a 30 per cent increase. The operating profit for the quarter ended was Rs 4,587 crore, an increase of 17 per cent, from Rs 3,934 crore during the same period last year. The gross refinery margin was 9.1 per cent. The exports of manufactured products for the quarter under review was up by 142 per cent to Rs 19,413 and half- yearly growth was 115 per cent at Rs 32,683 crore, the company said. Reliance Energy Q2 PAT up 17 pc
Anil Ambani-controlled Reliance Energy Ltd today posted a 17 per cent increase in profit after tax at Rs 186.39 crore for the quarter ended September 30 as compared to Rs 159.57 crore in the year-ago quarter. The total income rose to Rs 1,583.70 crore for the second quarter in 2006-07, up by 36 per cent from Rs 1,161.36 crore in the year-ago period, the integrated power utility company said.— PTI |
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Indian receives first A-319 plane
New Delhi, October 19 The airline had ordered 19 A-319, 20 A-321 and four A-320 at an estimated cost of $ 2 billion. India will be receiving more aircraft next year with the delivery schedule being stepped up. It will receive six aircraft next year and 12 in 2008, 18 in 2009 and the last six in 2010. Indian officials here said that all these planes would come in two class configuration with the A-319 having 122 seats, A-321 with 172 seats and A-320 having 140 seats. Barring the aircraft which landed today, the remaining 42 planes joining the fleet next year will have in-flight audio-visual entertainment systems on the seatbacks. |
Reliance, Hutch, Idea to share cell sites
Mumbai, October 19 The agreements were signed between RCL and Hutch last evening and the deal with Idea Cellular was inked this morning, a Reliance spokesperson said here. “A model guideline for infrastructure sharing has been worked out... which incorporates the areas of co-operation between RCL-Hutch and RCL-IDEA Cellular,” the company official said. Under this model, the sharing of costs for existing as well as future passive infrastructure had been factored in. Under the agreement, both companies will have access to each others’ cell sites across the country. A Hutch spokesperson, however, did not comment on the issue. “Sharing of passive infrastructure would result in faster rollout, significant savings in capital expenditure and would also reduce the operational expenditure, thereby adding inherent strengths to the efficiencies,” he said. Each cell site capex costs around Rs 28-35 lakh for passive infrastructure creation based on the city, which essentially goes towards the creation of towers and establishing passive links, power backup and the cell site control housing unit. Under the agreement, Reliance, the largest CDMA operator in South Asia which recently has expressed enhanced nationwide focus in GSM services, will get access to over 16,000 and 7,000 existing cellsites of Hutch and Idea Cellular, respectively. There would be a rental charged to the company which is seeking infrastructure on a pre-determined calculation mechanism, the official said. Reliance Communications has a capex plan of $1 billion this fiscal for wireless business and a similar amount earmarked for next fiscal. Currently, it is present in 21 CDMA and eight GSM circles. The total subscribers of Reliance stand at over 26 million. Hutch offers GSM services in 16 GSM circles having around 18.4 million subscribers.—PTI |
Corus Board ‘recommends’ Tatas’ takeover offer
London, October 19 However, Corus spokesperson Annanya Sarin maintained that "if the Board takes a decision, it has to be announced immediately to the stock exchange. Other than that, there is nothing more to add to the statement made earlier (Tuesday)." The Financial Times' online edition, quoting sources close to the discussions, claimed that the Board had recommended Tatas' offer of 455 pence a share of the company and a formal announcement is likely tomorrow. Corus, on October 17, confirmed receiving a preliminary offer from Tata Steel. A Dow Jones report earlier said many of the potentially thorny issues such as clearance from the Trustee of Corus' huge pension fund have already been negotiated. Corus shares have been trading at levels higher than Tatas' proposed bid price of 455 pence a share since the offer was announced on expectations that another bidder will attempt to trump Tata Steel's deal. But such a move was unlikely since Corus has previously talked to nearly all potential buyers. The deal, if clinched, would make Tata Steel the world's sixth largest steel-maker and enhance its capacity to 23 million tonnes a year from just 5 million tonnes at present. Meanwhile, Community, the British steel workers union sought safeguards on wages and pension for Corus employees. Tata Steel must provide "guarantees on the terms and conditions of employment for Corus' UK employees, particularly on pay and pensions," The Guardian newspaper quoted the union as saying.
— PTI |
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Ranbaxy Q3 PAT jumps by 651 per cent
New Delhi, October 19 The company said its profit after tax stood at Rs 140.4 crore as compared to Rs 18.7 crore in the corresponding quarter of the past fiscal. The consolidated sales during the quarter stood at Rs 1640.4 crore as against Rs 1,303.9 crore in the year-ago period, a growth rate of 26 per cent. Ranbaxy CEO and Managing Director Malvinder Mohan Singh said: “This can be attributed in large measures to the growth being driven in some key geographies and efficiencies gained from sustained cost containment measures.” The Board approved the payment of an interim dividend of 50 per cent at Rs 2.50 per share of par value Rs 5 each for the year ending December. During the quarter, Ranbaxy recorded 38 per cent increase in sales in the emerging markets of Brazil, Russia, China, India at $139 million. Lupin Q2 net up
Lupin Ltd has posted a 29 per cent rise in net profit at Rs 58.30 crore for the quarter ended September 30 as compared to Rs 45.19 crore in the corresponding quarter last year. Total income (net of excise) rose to Rs 512.09 crore for the second quarter in 2006-07, up by 23 per cent from Rs 415.55 crore for the same quarter in 2005-06. The group reported a consolidated net profit after minority interest of Rs 51.85 crore and the consolidated total income (net of excise) of the group stood at Rs 505.69 crore during Q2 this year. Panacea Biotec
Panacea Biotec has reported a 103.5 per cent increase in its net profit at Rs 465.3 crore for the quarter ended September 30 as compared to Rs 228.7 crore in the corresponding quarter last year. The company's turnover for the quarter under review grew by 32 per cent at Rs 1,742.7 crore as against Rs 1,320 crore in the year-ago period. For the half-year ended September 30, the company posted 117.5 per cent jump in its net profit at Rs 962.9 crore compared to Rs 442.7 crore in the same period previous fiscal, it said. The company's turnover in the period grew by 40 per cent at Rs 4,076.6 crore as against Rs 2,912 crore in H1 FY2005. Larsen & Toubro
Larsen & Toubro Ltd (L&T) has posted a net profit of Rs 201.22 crore for the quarter ended September 30as compared to Rs 143.05 crore for the quarter ended September 30, 2005, up by 40.66 per cent. The company said its total income (net of excise) had increased from Rs 3,511.79 crore for the quarter ended September 30, 2005, to Rs 3847.80 crore for the quarter ended September 30. Exide profit up
Exide Industries Ltd has posted an increase of 50.41 per cent in net profit after tax at Rs 43.74 crore for the quarter ended September 30 as compared to Rs 29.08 crore for the same period last year. The total income (net of excise and sales tax) increased by 33.81 per cent to Rs 453.58 crore for the quarter ended September 30 from Rs 338.96 crore a year ago, Exide Executive Chairman and Chief Executive Officer S B Ganguly said. During the second quarter the company announced its plans to set up a new factory in Haldia, West Bengal, for its industrial range of batteries. IPCL Q2 net up
Indian Petrochemicals Corporation Limited (IPCL), a Reliance group company, has posted a net profit of Rs 351 crore, up by 9.34 per cent from Rs 321 crore in the previous corresponding quarter of last fiscal. The turnover jumped to Rs 3,477 crore for the quarter as against Rs 2,946 crore in the same period last year. For the half-year ended September 30, the company’s net profit increased by 10 per cent to Rs 609 crore as against Rs 554 crore in the same period last fiscal on a turnover of Rs 6,848 crore, up by 15 per cent as compared to Rs 5,936 crore in the corresponding quarter of last year. The net turnover increased by 16 per cent to Rs 6,066 crore as against Rs 5,209 crore in the corresponding period last year. This increase comprises volume growth of 10 per cent and a price increase of 6 per cent While domestic sales increased by 17 per cent to Rs 5,312 crore as compared to Rs 4,530 crore in the same period last year, accounting for 88 per cent of the net turnover, exports increased by 11 per cent to Rs 754-crore as compared to Rs 679 crore in the previous corresponding period last year.
— Agencies |
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Bank Account
Mumbai, October 19 The consolidated total income increased by 45 per cent at Rs 903.49-crore as compared to Rs 619-crore in Q2 FY 06, the bank said. The bank’s stand-alone PAT for Q2 FY 07 was up by 12 per cent YoY at Rs 34.80-crore while net interest income (NII) shot up by 64 per cent from Rs 86.15-crore in Q2 FY 06 to Rs 141.28-crore this quarter The bank has 78 full-fledged branches across 49 towns and proposes to increase this to around 110 branches by March, 2007, across 65 towns and cities. Canara Bank
Canara Bank has posted a net profit of Rs 361.77 crore for the quarter ended September 30as compared to Rs 306.51 crore for the quarter ended September 30, 2005, an increase of 18.02 per cent. The bank said its total income had increased from Rs 2490.19 crore for the quarter ended September 30, 2005, to Rs 2,993.23 crore for the quarter ended September 30, 2006. Chairman and Managing Director M.B.N. Rao said the bank would raise $ 300 million from the international market to strengthen its capital adequacy position. IDBI Q2 net up 6 pc
Industrial Development Bank of India (IDBI) Ltd has posted a 6 per cent increase in net profit at Rs 139.40 crore for the quarter ended September 30 as compared to Rs 131.84 crore in the corresponding quarter last year. Total income rose by 5 per cent to Rs 1641.24 crore for the second quarter this year from Rs 1568.17 crore during the year-ago period, the bank said. PNB launches gold coins
Punjab National Bank forayed into retail gold business by launching gold coins and said it expected to sell gold coins worth Rs 100 crore in a year’s time, PNB Chairman S. C. Gupta said. PNB was sourcing gold coins of 24 carat hallmark from PAMP (Produits Artiistiques Metaux Precieux) of Switzerland, in the category of 5 gm, 8gm, 10 gm and 20 gm, for being sold in 267 core banking solution branches initially. PNB will declare the daily price of gold coins based on the prices prevailing in the wholesale London bullion market. The coins could be bought through cash, cheque, pay order and drafts. Bank of Rajasthan
Bank of Rajasthan has posted a 952 per cent rise in net profits at Rs 55.23 crore for the quarter ended September 30 as against Rs 5.24 crore in the corresponding quarter last year. The bank’s total income increased by 98 per cent at Rs 232.12 crores during the reporting quarter as against Rs 117.09 crores in the corresponding quarter of FY 06. The earning per share for the quarter is Rs 5.13, the bank said.
— Agencies |
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PM lays stone of Hero Honda unit
Hardwar, October19 "We have plans and strategies in place to once again try and garner higher market share," Hero Honda Managing Director Pawan Munjal quipped, when asked about the rising shares of Bajaj Auto in the Indian motor cycle market. Mr Munjal said the company had plans for annual production capacity of 4.4 million units by the middle of next year and would launch six new bikes in the Indian market by the end of this fiscal. Prime Minster Manmohan Singh today laid the foundation stone of Hero Honda's new plant in Uttaranchal where the company would invest a total of Rs 1,900 crore along with ancillaries by 2010. Hero Honda Chairman Brijmohan Lall said the company was confident of maintaining the production level and profitability margins at last fiscal's level.
— PTI |
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Merger of BIC, NTC under study
New Delhi, October 19 Chairing the Parliamentary Consultative Committee attached to the Ministry of Textiles, Mr Vaghela said besides the merger of BIC and NTC, revival of two units of National Jute Manufacturing Corporation Limited at Kinnison and Khadah was under consideration. The revival of the Jute units is before the Board for Reconstruction of Public Sector Enterprises, the Minister said and informed that India had overtaken China in export of carpets. Mr Vaghela also said the Ministry of Textiles was trying to get the extension of Technology Upgradation Fund Scheme for the textile sector. |
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SBoP holds loan mela
Barnala, October 19 |
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PTL profit up
Chandigarh, October 19 The operating profit for the period between April and September 2006 was Rs 61.9 crore, up from Rs 55.7 crore last year. Profit before tax reached Rs 53 crore as against Rs 44.6 crore last year, registering 19 per cent growth. Profit after tax for the first half of the fiscal is Rs 36 crore. |
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NFL dividend
Chandigarh, October 19 |
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Bangalore, October 19
