ITC Q2 net up 29%
Kolkata: ITC Ltd has recorded a growth of 29 per cent in its net profit during the second quarter of the current financial year. The company posted a profit after tax of Rs 331.61 crore during the quarter ended September 30, 2001 compared to a profit of Rs 258.62 crore during the corresponding period in the previous fiscal.
The half-yearly profits of the company stood at Rs 634.28 crore against a profit of Rs 507.59 crore during the corresponding quarter in the previous fiscal registering a growth of 25 per cent.
But ITC Hotels Ltd slipped in the red during the second quarter of 2001-02 and incurred a net loss of Rs 2.48 crore compared to a net profit of Rs 59 lakh during the previous corresponding period.
The total income of the company also dipped to Rs 26.56 crore during the quarter from Rs 31.24 crore during the second quarter of 2000-01.
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RBI hikes foreign fund limit in Dr Reddy's
Mumbai: The Reserve Bank of India (RBI) on Friday said that foreign funds could own up to 49 per cent of Dr Reddy's Laboratories.The earlier limit for Dr Reddy's Laboratories was 30 per cent.
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Birla Corp posts profit in Q2
Kolkata: Birla Corporation Ltd on Friday announced a net profit of Rs 6.11 crore for the second quarter of current fiscal against a net loss of Rs 9.74 crore in the corresponding quarter of previous fiscal.
A sharp jump in net sales to Rs 272.14 crore during the quarter from Rs 225.75 crore last year coupled with over 30 per cent increase in other income to Rs 4.52 crore from Rs 3.63 crore helped in turning the tide into company's favour.
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Zydus Cadila eyes biotech firms
Ahmedabad: The Rs 1,000-crore Zydus Cadila group is on the look out for a possible acquisition in the specialised biotechnology area. The company is exploring the possibility of acquiring three leading players in the domestic biotech arena - fermentation technology expert Kiran Mazumdars BioCon and two Hyderabad-based vaccine majors, Bharat Biotech and Shantha Biotec.
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Hindustan Petro plans IPO
New Delhi: Hindustan Petroleum Corporation Ltd (HPCL) is planning for a Rs 700-1000 crore primary issue for its Rs 12,500 crore Bhatinda Refinery project. Securities and Exchange Board of India (Sebi) has cleared the primary issue.

The cost of the refinery project has been revised to Rs 12,500 crore from the December 1998 cost estimate of Rs 9,806 crore. The project is being financed in 1.5:1 debt-equity ratio.

The work is expected to be commissioned within 39 weeks from the award of contract. The refinery is scheduled for commissioning in December 2005.
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Philips makes a turn around
New Delhi: Philips India Ltd has returned to the black with a net profit of Rs 8.7 crore for the third quarter ended September 30, 2001, as compared to a net loss of Rs 4.1 crore in the corresponding period last fiscal.

Total income has, however, decreased from Rs 405.44 crore in the third quarter 2000, to Rs 380.76 crore during the period. Total expenditure has come down to Rs 356.8 crore, as against Rs 392 crore last year.
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Aventis CropScience profit up 300 per cent
New Delhi: Aventis CropScience India has achieved an increase in sales of 27 per cent for the third quarter 2001 at Rs 215 crore. The profit before tax also showed a 300 per cent improvement at Rs 26.5 crore as compared to the same quarter last year.
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TVS Electronics posts loss
Chennai: TVS Electronics Ltd reported that its sales revenue in the third quarter of the year was Rs 45.37 crore, signifying a drop of 22.43 per cent from the comparative period last year. For the quarter ended September 30, 2001, TVS-E posted a Rs 0.93-crore net loss, as compared to Rs 1.03 crore profit posted for the same quarter last year.

According to a company press release, Dot Matrix printers dropped in volume by 15 per cent and the UPS business fell by 36 per cent, as compared to the same period last year. However, export revenues surged by 32 per cent in the same period.
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Vanavil Dyes net dips to Rs 68-cr
New Delhi: Vanavil Dyes and Chemicals Ltd has reported a fall in the net profit for the quarter ended September 2001 at Rs 67.95 lakh, as against Rs 92.57 lakh for the corresponding quarter last year. Net sales for the quarter stood at Rs 12.09 crore, as compared with Rs 16.05 crore for the same period last year.

The company recorded a net profit of Rs 67.95 lakh for the second quarter, as compared to Rs 53 lakh for the first quarter this year.
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Tata Sons ups borrowing limit by Rs 1,000cr
Mumbai: Tata Sons has hiked its borrowing limits by Rs 1,000 crore to Rs 3,500 crore for the current financial year. The additional funds, if raised, would be used to hike holding in group companies.
The promoter shareholding in most Tata companies is well below the 30 per cent level and the group is expected to take advantage of the subdued stock market to hike its holdings. The Tatas are also likely to take advantage of the Sebi decision to hike the creeping acquisition limit from five to 10 per cent for a limited period.
During the year ended March 31, 2001, TSLs total income stood at Rs 3,322 crore, higher by 38 per cent from the previous years Rs 2,413 crore. However, net profit, at Rs 714 crore, was up only eight per cent from the previous years corresponding figure of Rs 663 crore.
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LG to sub-contract TV manufacturing
New Delhi: LG Electronics India has decided for the first time to sub-contract manufacturing of TV and white goods in a major way. The company will use idle capacities in around 10 states and set up small assembly units. These will constitute 30 per cent of entire LG production next year of white goods and televisions.
LG is looking at launching mobile phones next year. Arch rival, Samsung has already successfully launched its brand of mobile phones in the country.
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Sun Pharma net up at Rs 48cr
New Delhi: Sun Pharmaceuticals Industries has posted a net profit of Rs 48.19 crore for the quarter ended September 30, 2001, compared to Rs 32.2 crore in the corresponding period last fiscal year.
Total income increased from Rs 155.16 crore in SQ 2000 to Rs 198.41 crore in the quarter ended September 30, 2001.
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NHAI to float Rs 10000 crore bonds
New Delhi: National Highway Authority of India, (NHAI) is going to hit the bond market with Rs 10,000 crore issue in the next financial year to part-finance the first phase of development of 14,000 km of national highways in the country to connect all four metros, Kolkata, Delhi, Mumbai and Chennai.

NHAI is in talks with Life Insurance Corporation (LIC) to raise Rs 5,000 crore more. NHAI is getting around Rs 2000 crore every year by way of Re 1 cess on per litre diesel.
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