The Tribune, Chandigarh, India

	Corporate Results Maruti net trebles to Rs 687 crore Tribune News Service New Delhi, January 23 Robust sales and an improved economy has led to Maruti Suzuki India Ltd (MSIL) post an over three-fold jump in its net profit at Rs 687.53 crore for the third quarter ended December 31, 2009. The company posted a net sales of Rs 7,333.77 crore for the December quarter, up by 62.51 per cent from Rs 4,512.64 crore in the same period the previous fiscal. The company will also invest Rs 1,700 crore to expand its capacity by 2.5 lakh units annually. "In the October-December quarter, 2009, favourable conditions in the domestic markets supported by the government's stimulus package and ease of automobile finance helped achieve good sales," the company has said. The company sold 2.58 lakh units in the Q3, up 48.72 per cent from 1.73 lakh units it sold in the same quarter ended December, 2008. During the quarter, exports were led by the A-star. On its expansion plan, the company said it would invest Rs 1,700 crore to expand its capacity and the additional capacity would begin commercial production by 2012. The company currently has a capacity to produce a million units annually from its existing facilities, 7 lakh at Gurgoan and 3 lakh at Manesar. Godrej Consumer Godrej Consumer Products today reported a jump of over two fold in its consolidated net profit at Rs 85 crore for the quarter ended December 31, 2009, over the same period last year. The total income rose to Rs 528.6 crore for the third quarter ended December 31, against Rs 353.9 crore in the same period the previous fiscal, Godrej Consumer Products said. The board of the company has proposed a third interim dividend for the year 2009-10 at the rate of Re 1 per share. Bharat Forge Bharat Forge today posted net profit of Rs 37.99 crore for the third quarter ended December 31. It stood at Rs 4.35 crore for the corresponding period last fiscal. Income from operations stood at Rs 507.81 crore for the latest quarter, while the same was at Rs 453.05 crore for the same period previous fiscal, Bharat Forge said. NIIT Ltd NIIT Ltd today said its consolidated net profit rose 72.72 per cent to Rs 9.5 crore for the third quarter ended December 31, 2009, over the same period last year. The total revenue rose to Rs 283.6 crore for the quarter ended December 31, against Rs 278.9 crore in the same period the previous fiscal, NIIT Ltd said. Essar Oil Essar Oil today reported a net loss of Rs 226 crore for the third quarter ended December 31, 2009. The company had net loss of Rs 1,230 crore for the quarter ended December, 2008, Essar Oil said."The results for the period ended December 31, 2009, are not comparable with the previous period ending on December 2008, in view of the start of commercial production of refinery from May 1, 2008," the company said. Airtel net up In spite of the intense competition and the resultant price war, Bharti Airtel posted a 2.4 per cent rise in the third-quarter net profit. The consolidated total revenues for the nine months ended December 31, 2009, of Rs 29,559 crore grew by 9 per cent and EBITDA of Rs 12,205 crore grew by 9 per cent on a year on year basis. — PTI, TNS
	PM assures Punjab industry on concessions Tribune News Service Ludhiana, January 23 A delegation of the industry led by Ludhiana MP and Manish Tewari today met Prime Minister Manmohan Singh in New Delhi and sought his intervention in extending the concessions to Punjab as were being provided to Himachal and Uttrankhand to ensure that the industry did not suffer in the state. The delegation representing various industrial sectors included Onkar Singh Pahwa, J.R. Singal, S.P. Oswal, Sunil Kant Munjal, Vinod Thapar, Varinder Kapoor, D.S. Chawla, U.S. Ahuja, Parveen Aggarwal, Jasbir Singh, S.S. Bhogal and Pawan Dewan. The representatives of the industry sought parity with Himachal Pradesh and Uttrakhand in concessions. They also sought special central assistance for Punjab Agricultural University as it did not have money even to pay pension to its retired employees. Tewari said the Prime Minister assured the delegation to examine and look into the issue. He reiterated the resolve of his government for the uniform development of all regions. On the issue of central aid to PAU, the Prime Minister pointed out that the government had earlier also sanctioned Rs 100 crore special grant for the university and he would see what can be done in future.
	Mittal visits RTO for licence Mumbai, January 23 Officials and onlookers were in for a surprise when business tycoon L N Mittal recently turned up at the Regional Transport Office (RTO) at Tardeo here to get his learning driving licence. Confirming the visit, a Transport department official told PTI, "The state government has adopted computerised licence system since December 2006 and it is necessary to have the person's thumb impression and computerised photograph on the licence. So, Mittal had to personally come to the office." Donned in a gray suite and holding a file in his hand, one of the richest persons in the world, Mittal went to the RTO office in Central Mumbai on Thursday afternoon in his black E-class Mercedes Benz. The billionaire NRI was accompanied by his personal secretary, sources in the RTO said. People who recognised him were surprised to see him walking towards the office and others were just curious to know who he was. — PTI
	Aviation Notes Ailing NACL needs autonomy by K.R. Wadhwaney The National Aviation Company Limited (NACL) can yet be saved from bankruptcy if it is given full autonomy delinking from political interference in day-to-day functioning. Its woes have multiplied only because of ill-advised political dabbling at every stage from the highest to the lowest with Indian Airlines, losing its identity altogether. Aviation analysts are firm that its welfare lies in returning to two-airline formula, as was the case before the merger. Both were on high road to recovery when uncalled for merger was initiated. The government was misguided that the merger would lead to happier days. But more than two-year functioning reveals that the merger has brought nothing but miseries and additional losses. The totally unrealistic Rs 50,000 crore fleet acquisition plan requires a probe by specialist aviation experts. If done, many skeltons will tumble out as to why Boeing and Airbus Industrie stationed in India if the manufacturers invest crores on salaries and perks of their staff in India, they must have worked out strategy and formula for recovery. The entire deal is a different kind of scam, which must be probed dispassionately with open mind to reach the bottom of the deal. The question is as to why NACL ordered for such a huge fleet when political bosses had not worked on flying of aircraft without an adequate route utilization. The study reveals that there was budgetary provision for this huge purchase and the national carrier was already in the red. The need of the hour is to have a re-look at the purchase of aircraft. The Yechury committee's detailed summary in the Rajya Sabha is not “damning”. It needs to be acted upon. The report highlights that “the entire aircraft fleet acquisition programme lacks transparency”. This is actually an under-statement. The programme smells of filthy fish, which is as much in Hubli as outside water. According to reports, many aircraft are lying on ground. The study reveals that the aircraft sitting on the ground entail more expenditure than flying because when it is in the air it brings in some revenue. Similarly, utilization of leased Boeing 777s for a long duration was flimsy. Why were aircraft leased? This is another fit subject for the Parliamentary Standing committee to probe. What is shocking is that while foreign carriers are making full use of bilaternal agreements, NACL is unable to make use of such agreements. This is not all. But the national outfit, wrongly advised by political bigwigs, discontinues flying on profitable routes and continue to operate on loss-making routes to run into further trouble. The analysts believe that the review of NACL is not the answer. The need is full body surgery by renowned aviation surgeons.
	Investor Guidance Senior Citizen Scheme better by A.N. Shanbhag Q: I retired just a couple of months ago and am trying to gather information from wherever possible to enable me to make a sound investment of partial funds (not very big sum) received by me. I was considering Post Office MIS which gives retired persons like me an assured income each month. Do you think this is a good scheme in which to invest a part of one’s retirement funds? I have already invested part of the funds into Senior Citizen Scheme giving 9 per cent interest. — Sadhana A: Post Office MIS is a good investment in terms of low risk and high safety. However, we feel that the 9 per cent payable quarterly by Senior Citizen Saving Scheme is better than 8 per cent payable monthly (plus 5 per cent bonus at the end of its term) by MIS. Both the schemes are equally safe. Excess amount in SCSS Q : A senior citizen invested, over a period of time, Rs 15,70,000 in SCSS-04 (Senior Citizen Scheme), through oversight. Within a month, he approached the bank, admitting his mistake, with a request to return his Rs. 70,000, without interest, and cancel that SCSS-04 account. The bank refused that request, stating that the SCSS a/c cannot be closed before one year and the a/c holder will not get interest for that period. In short, the money will remain blocked without interest for one year. Under the circumstances what should senior citizen do? What do the rules say? What do you advise? — Sharma A : As per SCSS rules, as soon as it comes to the notice of the deposit office that a deposit exceeds the ceiling, it shall request the depositor in writing, to withdraw the excess amount immediately. This excess shall carry interest at the rate applicable from time to time to the POSB account (3.5per cent at present) and it shall be payable from the date of deposit of the excess amount to the end of the month preceding the month in which the depositor is requested to withdraw the same. The amount of excess interest, if any, already paid to the depositor shall be deducted. If an account has been opened in contravention of the SCSS Rules, the account shall be closed immediately and the deposit, after deduction of the interest, if any, paid on such deposit shall be refunded. It is unfortunate that the handlers of the SCSS do not know the scheme details well. NRI status Q: I have been living abroad for the past 15 years. Since last year, I have been visiting India regularly, spending a month in India and the next month abroad. However, I ensure that I am in India for less than 182 days. Plan to continue doing the same. Will I be able to maintain my non-resident status? — Rahul Joshi A : Yes, the key thing is to live for less than 182 days in India during a financial year (as against a calendar year). Note that the financial year in India ranges from April to March. As long as you ensure that you are in India for less than 182 days in the financial year, you can continue to retain your NRI status. The authors may be contacted at wonderlandconsultants@yahoo.com