Wipro Q2 net up 40% to Rs 216 cr
Bangalore: Wipro's second quarter results have beaten market expectations, posting a 40 per cent growth in net profit to Rs 216 crore in the July-September quarter compared to Rs 154 crore in the corresponding period last year.
Sales have grown by 16 per cent to Rs 874 crore up from Rs 754 crore in the July-September 2000.
Earnings per share (EPS) has grown to Rs 9.30 from Rs 6.70 in the corresponding quarter in the previous year.
On a sequential basis, Wipro's income has grown by 11 per cent.
Though the company has managed to reduce its exposure to the US markets from 65 per cent to 55 per cent, its revenues from top ten clients have gone down by 2 per cent.
Revenues from the R&D group has increased by 9 per cent, while revenues from verticals like telecom and embeded technologies have gone down by nearly 10 per cent.
Wipro's has reduced its employee strength by 384 employees in the current quarter. But the biggest dampener is the future growth guidance given by the company. The company has indicated a sequential growth of 5 per cent in the coming two quarters on a sequential basis.
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HCL Infosystems Q1 net down 35%
New Delhi: Technology company HCL Infosystems has registered a fall in its profits in the July-September quarter. The companys net profits have fallen from Rs 19 crore to Rs 12.5 crore, a decline by 35 per cent.

Sales have dropped 20 per cent to Rs 235 crore in the current quarter from Rs 293 crore in the July-September quarter last year.

Earning per share has also crashed to Rs 3.91 from Rs 6.02 in the year-ago quarter.
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Polaris July-Sep net up 10%
New Delhi: Polaris Software Labs have declared flat results for the quarter ending September 30, 2001, recording 10 per cent growth in net profits to Rs 15.42 crore from Rs 14.03 crore in the corresponding quarter last year.
Sales have increased by 12 per cent to Rs 72.41 crore from Rs 64.43 crore in the year-ago quarter.
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MTNL to list on NYSE
New Delhi: Mahanagar Telephone Nigam Limited (MTNL) is all set to list on the New York Stock Exchange (NYSE) on November 8.
The period of four weeks, during which GDR holders may convert their GDRs into ADRs, will end on October 26.
After VSNL, MTNL will become the second telecom PSU to be listed on the NYSE.
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Carnegie Mellon to pull out from Sankhya Vahini
Washington: US-based Carnegie Mellon University has decided to withdraw from the Rs 1,000 crore next-generation network called Sankhya Vahini in collaboration with the Indian government.
The decision to withdraw from the controversial project which held the promise to revolutionize data transmission, Internet usage and other aspects of IT in India was conveyed on behalf of Carnegie Mellon University (CMU) by Dr V S Arunachalam, president of IUNet Inc. to telecom secretary Shyamal Ghosh.
In his communication to Ghosh, Arunachalam said "even almost two years after the Cabinet approval, the project has not been sanctioned. Two years in Information Technology is considered a lifetime."
Sankhya Vahini was to be the next generation data network offering dramatically higher bandwidths for its users.
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Valuers finalised for MUL disinvestments
New Delhi: Government has shortlisted six accountancy firms for appointment as valuers and would also engage a global advisor to facilitate disinvestment of Maruti Udyog Ltd (MUL).
"We have identified three Indian chartered accountancy firms from which to select one, besides two foreign CA firms out of three shortlisted", Heavy Industries Minister Manohar Joshi told the Economic Editors Conference here.
The Indian Firms shortlisted for appointment as a valuer are Bansi Mehta and Co, S.B. Billimoria and Co and C.C. Chowksi and Co. The two foreign valuers would be selected from KPMG, Ernst and Young, and Arthur Anderson.
A global advisor would also be appointed for the purpose. As part of disinvestment of the automobile giant, Government has finalised a Rs 400 crore preferential capital issue.
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LIC picks up 30 per cent stake in IDBI Trusteeship
Mumbai: Life Insurance Corporation (LIC) has acquired a 30 per cent stake in IDBI Trusteeship Services, a subsidiary of Industrial Development Bank of India (IDBI). The other major shareholders of IDBI Trusteeship Services are: General Insurance Corporation (GIC), and IFCI who hold 15 per cent each and IDBI, which holds 40 per cent.
IDBI Trusteeship Services is likely to induct a few more investors including an international partner and also the Kolkata-based National Insurance Company.
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Enron Q3 net loss at $618 million
Washington: US energy major Enron has reported a $618-million net loss for the third quarter of this year.
Announcing the results at Houston, Enron CEO Kenneth Lay said the non-recurring charges totaling $1.01 billion after tax were recognised during the quarter which resulted in a net loss of $618 million.
The companys total recurring net income increased to $393 million in third quarter as against $292 million a year ago.
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Pfizer profit rises 28% in Q3
New York: Pfizer Inc, the worlds number 1 drugmaker, on Wednesday reported a 28-per cent rise in third-quarter profits, aided by sales of blockbuster drugs and savings from last years acquisition of Warner-Lambert Co.
Pfizer said it expects to boost earnings by 20 per cent next year as it squeezes more savings from the acquisition and scores zooming sales from two Warner-Lambert products - anti-cholesterol drug Lipitor and epilepsy treatment Neurontin.
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EID Parry net down 22% at Rs 14 cr in Q2
Chennai: EID Parry (India) Ltd on Thursday reported a 22-per cent drop in its net profit, despite a 6-per cent increase in net sales during the second quarter ended September 30.
The company reported a net profit of Rs 14.35 crore over a net sales of Rs 467.02 crore.
The total expenditure of the company for the quarter under review went up by 7.30 per cent to Rs 429.33 crore, up from Rs 399.87 crore during the same period previous year. However, the interest outgo was lower at Rs 15.08 crore during the period.
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Morepen Labs doubles ciprofloxacin output
New Delhi: Morepen Laboratories Ltd has doubled production of Ciprofloxacin after it received several inquiries for the bulk drug from several companies. The company sells about 12-15 tonnes per month in domestic and international market which is being raised to 25 tonnes in the wake of stock-out situation.

Morepen is among the top five manufacturers of Ciprofloxacin, which it produces at its US FDA approved plant in Himachal Pradesh.
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Reliance sets up logistics company
Mumbai: The Reliance Group has set up a logistics company to manage the movement of vast volumes of petrochemicals and oil products being produced by its companies.
The company, Reliance Logistics, responsible for distribution, transportation and logistics has recruited a large group of people.
Reliance Industries produces 10 million tonnes of petrochemicals while the throughput of Reliance Petroleum is 27 million tonnes annually.
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Bids for HZL by November
Mumbai: Financial Bids for Hindusthan Zinc will be invited in the first week of November to enable the government, which plans to offload a 26 per cent stake in HZL, finalise the strategic partner by the second week of next month.
The department of divestment (DoD) was earlier planning to complete the divestment of HZL by the second week of December. The government controls 75.92 per cent stake in Hindustan Zinc. BNP Paribas is financial advisor for the divestment.
Hindustan Zinc is the countrys largest producer of zinc.
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Modicare launches new cosmetics line
Kolkata: Modicare has introduced a new line of cosmetics under the brandname Essensual 20. The brand will compete with other brands like Oriflame, Avon and Aviance.
The company has signed up former Miss India Gul Panag as its brand ambassador for Essensual 20. While the raw materials used for the products are being sourced from Europe, the packaging is being done in Taiwan.
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HLL shelves import of Unilever brands
Mumbai: Hindustan Lever has shelved its plans of bringing in a whole range of international brands from parent Unilever's portfolio into India.The company was planning to import a large number of Unilever brands, particularly in the premium segment.

The only major Unilever brand that is being currently imported is Axe deodorant.

The company will be pruning its total portfolio of 110 brands to 40, which will also include 10 regional brands that can be supported.

The company intends to grow these power brands by concentrating brand management resources through market appropriation, people resources and innovation resources behind these brands.
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ABN Amro plans to buy out local bank
Mumbai: Dutch bank ABN Amro is planning to acquire an Indian bank to expand its retail presence here. The objective behind the proposed acquisition is to go big on the retail front. The bank is soon to open a processing centre in Mumbai. It incorporated as ABN Amro Central Enterprises Services India Private Ltd last week.

This will be the bank's fourth processing centre after the ones in the US, Brazil and the Netherlands.

ABN Amro is eyeing a bank which is client-driven, having presence in metros and also having multi-channel marketing and retail focus.
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RBI begins liquidation of Laxmi Co-op
Ahmedabad: The Reserve Bank of India (RBI) has asked the Gujarat Registrar of Co-operative Societies (RCS) to pass an order for the winding up of the crisis-hit Shree Laxmi Co-operative Bank Ltd (SLCB) and to appoint a liquidator for the purpose.
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Zenith Computers plans 150 showrooms
Mumbai: The Mumbai-based computer manufacturer, Zenith Computers, is planning to set up a network of 150 showrooms by the end of the current fiscal year. These outlets would be set up in smaller towns and cities where the reach of personal computer manufacturers is relatively poor.
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Mid-Day plans outdoor media mart outside Mumbai
Mumbai: Mid-Day Multimedia (MML) is exploring the possibility of replicating its outdoor advertising business model to other cities. The company has identified Chennai where it has acquired a small-sized outdoor media company for beginning its operations.

The company currently garners 30 per cent of its revenues from the outdoor advertising business.
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Mahindra Intertrade to buy foreign toys brands
Kolkata: Mahindra Intertrade (MIL), a wholly owned subsidiary of Mahindra and Mahindra, has decided to acquire the sales, distribution and marketing rights of a series of international brands of toys.

The company, which has already launched the Lego brand of toys, plans to launch soft toys from the Walt Disney stable and leisure wear and accessories from Aqua.

Although Lego toys would be outsourced from Denmark, MIL has plans to tap Indian manufacturers to source most of its products.
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IOC assigns TCS for heritage conservation
Mumbai: The Indian Oil Foundation, a non-profit trust of Indian Oil Corporation (IOC), has appointed Tata Consultancy Services (TCS) to plan and develop several heritage sites in the country.

The foundation has identified Qutb Minar, Khajuraho, Hampi, Kanheri Caves and Konark for its conservation plan.

TCS will undertake landscaping, signages, interpretation facilities in and around the monuments, upgrading electrical facilities for the illumination and lightings.
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CRY to partner with Archies
New Delhi: Child Relief and You (CRY) is entering into a strategic alliance with Archies to manufacture, warehouse and retail CRY products. The tie-up with Archies will also increase the number of outlets to 10,000 from the current 500 and extend the reach of CRY products to 28 new cities.

The move is expected to raise CRYs net profit from the cards business by 150 per cent.
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