Maruti posts net loss of Rs 269 crore
New Delhi: Maruti Udyog Limited has posted losses for the first time in 17 years. The company posted a net loss of Rs 269 crore. The company is hopeful of coming out of the red by the end of the current fiscal year.

The company announced plans for entering the insurance business as well as car financing and the used car market in order to improve its balance sheet.

The loss by the company comes just two months before the company is scheduled to come out with a preferential share issue of about Rs. 400 crores, where the Government would forego its rights for consideration of a renunciation premium. The Indian Government and Suzuki Motor Corporation hold 50 per cent equity each in MUL.The Government had formally announced on Thursday that it would be divesting its stake in the company by the end of the current fiscal year.

MUL Managing Director Jagdish Khattar told a press conference after the annual general meeting of the company that plans had been drawn up to set up subsidiaries for insurance business while entering into other new areas such as used car business, car finance and corporate lease and fleet management.

MUL's loss of Rs. 269 crores during 2000-01 comes on a turnover of Rs. 9,253 crores. The operating profit was Rs. 93 crores last year. The company had posted a net profit of Rs. 330 crores on a turnover of Rs. 9,670 crores in 1999-2000.
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MTNL to list on NYSE
New Delhi: The Mahanagar Telephone Nigam Ltd (MTNL) is set to be listed on the New York Stock Exchange (NYSE).

The company has made its successful public filing with the NYSE on September 27, 2001 after getting the clearance of the Securities and Exchange Commission, MTNL announced in a statement.

The listing will be done through conversion of Global Depositary Receipts into American Depositary Receipts (ADRs). About 11 per cent equity is in the hands of the GDR holders.

The government-owned MTNL provides basic and cellular telephony services to about four million subscribers in the cities of Delhi and Mumbai. It also has an all-India Internet Service Provider (ISP) licence.

The company earned a net profit of Rs 1,504 crore on income of Rs 5,785 crore for the year ended March 31, 2001.
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United India Insurance skips dividend
New Delhi: Chennai-based United India Insurance has skipped dividend after posting a Rs 8-crore net profit for the year 2000-01.

Two other state-owned general insurers,New India Assurance and National Insurance, too have posted significantly lower profits and would be paying much lower dividends. Only Oriental Insurance has registered an increase in net profit of Rs 20 crore to Rs 74 crore and decided to pay a 25 per cent dividend against 60 per cent last year.
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BHEL posts Rs 312 crore net profit
New Delhi: Bharat Heavy Electricals Ltd on Friday reported a net profit of Rs 312.6 crore for the fiscal year 2000-01 on a turnover of Rs 6,348 crore.

The company has declared a dividend of 30 per cent. BHEL has secured overseas and domestic orders worth Rs 5,557 crore including major contracts for NTPC. Its total order book now stands at over Rs 12,500 crore.

The company would now be concentrating on high growth business areas like hydro power, transmission and distribution and after-market sales.
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Amul to launch fat-free, sugar-free ice cream
Ahmedabad: There is good news for diabetics and calorie-conscious people. Amul will shortly be launching fat-free and sugar-free ice creams.

Besides fat-free and sugar-free icecreams, Amul also plans to market its Snowcap Softy throughout the country. At present, it is available only in a few outlets in Gujarat and Mumbai.
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Bajaj to join hands with Suzuki
Mumbai: Bajaj Auto is considering joining hands with the Japanese major Suzuki, now that the latter has severed links with TVS.

A team of Bajaj Auto officials would be visiting the Kawasaki headquarters in Japan next month to explore the possibility of teaming up with Suzuki as well for rolling out ungeared scooters in India.

Bajaj Auto is also holding exploratory talks with Quingqi, Chinas second largest two-wheeler manufacturer, which also has a technical tie-up with Suzuki.

The tie-up with Suzuki is crucial for Bajaj Auto because Kawasaki, its technical collaborator, does not manufacture scooters.
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Jindal Strips to pay 40 pc
New Delhi: Jindal Strips Ltd, the largest stainless steel manufacturer in the country has decided to pay 40 per cent dividend this year with its net profit at Rs 53.25 crore on a turnover of Rs 1,447 core.

Company Chairman O.P. Jindal told the annual general meeting that exports had increased by 31 per cent during 2000-01 despite severe recession in the global steel market. The company has also developed new markets in South America, Europe and West Asia during the year.
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Kulron to roll out new products
Bangalore: Kurlon, the maker of branded mattresses, plans to expand its market base by releasing new products.
Kurlon managing director T Sudhakar Pai said that the company has been growing at about 20 to 25 per cent each year. The company now plans to introduce rubberized coir mattresses which will increase its marketshare.
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GAIL's net up Rs 265 crore
New Delhi: Gas Authority of India Ltd (GAIL) on Friday announced a net profit of Rs 1,126 crore as against Rs 861 crore in 1999-2000. The increased turnover was due to an all-round increase in gas handling, polymer and LPG sales.
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Mysore Breweries MD asked to step down
Bangalore: Mysore Breweries Ltd managing director KP Balasubramaniam has been asked to step down by South African Breweries, the new owners of the company. He is now likely to remain as the non-executive chairman of the company for about two years.

The decision was announced at the companys board meeting held on Friday. SAB India has acquired 94 per cent stake in Mysore Breweries Ltd.

This was the first board meeting held after MBL was bought over by global brewery giant South African Breweries (SAB) through its Indian subsidiary. The company has inducted five members on the board including SAB India managing director Roy Bagattini, SAB International managing director Andre Parker, SAB India financial controller Paul DSilva, and JS Dhamija. Except for Mr Balasubramaniam, all the other previous directors have resigned.
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Wipro to advise Best Buy
Bangalore: Wipro Technologies will provide consultancy service to the the US-based Best Buy in implementing the latters IT strategy. Wipro has set up an offshore development centre for Best Buy for this purpose.

Best Buy, specialty retailer of consumer electronics, personal computers, entertainment software and appliances in the US has added Wipro as its preferred IT provider.

Wipro will help Best Buy in developing electronic subscription capture, which is primarily an account management application used for selling services and subscription plans.

Best Buys investment in technology areas is in excess of over US$ 200 million.
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ITI to prune staff
Bangalore: The public sector telecom major, Indian Telephone Industries (ITI) plans to reduce its staff strength by 6000 to 7000 the next three to five years. According to ITI chairman and managing director Lakshmi G Menon the ideal staff strength for the company will be in the range of 15,000 as against the present 21,000.
In the current fiscal, 1087 people had opted for the VRS package while in the last fiscal 537 employees had done so.

Though the company has recorded its highest ever turnover of Rs 2144.20 crore in the year 2000-01, the net profit nose-dived to Rs 27.55 crore from Rs 45.79 crore in 1999-2000.
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