HDFC Bank Q2 profit
up 43.8%
Mumbai: HDFC
Bank Ltd has reported a 43.8 per cent rise in net profit at Rs
69.34 crore for the second quarter ended September 30, 2001,
compared to Rs 48.23 crore in the same period of previous fiscal.
Total income in Q2 was higher at Rs 489.68 as against Rs 329.62
crore in corresponding quarter of last year.
Interest earned increased to Rs 413.19 crore (Rs 292.88 crore in
Q2 of last year) while the other income stood at Rs 76.49 crore (Rs
36.74 crore).
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Zee
Telefilms Q2 net down 8%
Mumbai:
Zee Telefilms has reported a 8 per cent loss in net profit at Rs
29.6 crore for the second quarter ended September 30, 2001,
compared to Rs 32 crore in the same period of previous fiscal. Net
sales in Q2 was higher at Rs 123 crore as against Rs 104 crore in
corresponding quarter of last year. Whereas the earnings per share
have registered a marginal drop to stand at 0.72.
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InfoTech
wins Rs 1.8-cr order
Bangalore: Indian software developer InfoTech Enterprises
has won an order worth Rs 1.8 crore from Hughes Tele.com., a
private basic phone services provider.
InfoTech, which specialises in software for visual and geographic
design, said in a statement that it will implement a network
inventory software to manage the physical infrastructure of
Hughes' fibre optic network.
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Hindustan
Motors reports profit in Q2
New
Delhi: Hindustan Motors Ltd said on Monday it had swung to a
second-quarter net profit of Rs 2.68 crore from a loss in the
year-ago quarter helped by a large tax credit.
The companys net sales rose 19 per cent to Rs 258 crore from Rs
216.2 crore in the previous quarter.
Hindustan Motors' Ambassador car sales fell 14.1 per cent to 6,103
vehicles in the first half year to September compared with the
year-ago period.
Sales of its Lancer sedan, which it makes in collaboration with
Japan's Mitsubishi Motor Corp, dropped 23.3 per cent to 3,086
vehicles and sales of its Trekker utility vehicle crashed 30.1 per
cent to 671 units.
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NIIT
adds 26 software customers in Q4
New
Delhi: NIIT had gained 26 new software customers including two
Fortune 500 clients in the July-September quarter.
"We've added 26 new customers in the fourth quarter including
Office Depot and Marks and Spencer. This takes up the list of
active customers to 320 during the whole year," NIIT's chief
executive officer Vijay Thadani said.
NIITs fourth-quarter net profit fell to Rs 12.51 crore or Rs
3.24 per share from Rs 90.82 crore or Rs 23.6 a share a year ago.
Net sales fell 23.7 per cent to Rs 0.16 crore Rs from 215 crore.
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Escorts
JCB to enter second-hand equipment mart
Chennai:
Escorts JCB, leading manufacturer of earth-moving and construction
equipment, is planning to enter second-hand market and explore new
marketing areas like agriculture.
The company is working out plans to buy back and resell old
equipment and machines to new customers after necessary
overhauling.
This would also help the company to sell brand-new machines to old
customers in exchange of their old machines and, thereby, enhance
marketshare
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Reliance,
DuPont in distribution deal
Mumbai:
Reliance Industries on Monday signed a memorandum of understanding
with DuPont Apparel & Textile Sciences for exclusive
distributorship and marketing of the latter's lycra stretch fibres
in India.
RIL would use its countrywide distribution network to develop and
promote lycra in Indian textile and garment industries, the
company said in a release here on Monday.
It would also provide technical help and marketing support to
DuPont to enable the entire fibre-to-garments value-chain to use
the product, it said.
The tie-up would enable Indian textile and garment manufacturers
to link up, through DuPont, with the overseas distribution and
marketing networks, the release added.
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Archies
plans delisting
New Delhi:
Archies Greetings & Gifts Ltd has decided to de-list the
company from six stock exchanges - Delhi, Pune, Madras, Calcutta,
Ahmedabad and Jaipur - due to negligible trading of its equity
shares in these bourses. The company scrip will continue to be
listed on National Stock Exchange (NSE) and Bombay Stock Exchange
(BSE).
Archies promoters hold about 66 per cent equity in the company
while balance 34 per cent is being held by various financial
institutions and public.
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Essar
to serve food, beverages
Ahmedabad:
The Essar Group has signed a slew of agreements with food and
beverage companies to offer added services in its retail chain of
petro-product outlets.
The Essar Group has roped in Pepsi, Domino's, McDonald's and Pizza
Hut to offer a range of food and beverage options to the
consumers.
Essar is also planning to introduce other services like ATM and
amusement activities for the community living in the vicinity.
Essar Oil's retail outlets will cover the western and northern
parts of the country initially. The eastern and southern parts of
the country will be covered in the second phase.
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SEBI
order against Sterlite set aside
Mumbai:
The Securities Appellate Tribunal (SAT) has set aside the
Securities and Exchange Board of India's (SEBI) order prohibiting
Sterlite Industries (India) Ltd (SIL) from accessing the capital
market for two years.
SIL can now access the
capital market and go ahead with its proposed shares buy-back
programme. Following the ban order in April 2001, SIL was directed
not to proceed with its buy-back programme as SEBI considered the
share buy-back as accessing the capital market.
SEBI had prohibited SIL
from accessing the capital market for alleged stock price
manipulation of SIL in 1998. SEBI had also issued prohibitive
orders against BPL and Videocon International. Both these
companies have also approached SAT against SEBI's order.
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Ashok
Leyland to produce dumpers
Chennai:
Ashok Leyland is considering producing heavy-duty dumpers and
trippers for use by the coal-mining sector. Most of the new,
heavy-duty vehicles will be manufactured at the company's Hosur
unit near Bangalore.
The company was already
producing smaller-capacity trippers, which were mostly being sold
in Orissa.
Ashok Leyland would
shortly have trial runs for a 44-tonne heavy-duty commercial
vehicle. The `trailer-type' vehicle would be used for transporting
container cargo.
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M&M
to import from TongYang
Chennai:
Mahindra & Mahindra Ltd (M&M) will soon commence import
and marketing of farm equipment from TongYang, Korea.
The company has a
marketing tie-up with TongYang through which it sells TongYang's
tractors in the US through Mahindra USA Inc, an M&M
subsidiary.
The TongYang implements
to be imported into India include transplanters and harvesters.
Small numbers of these have been imported for captive use by
M&M's subsidiary Mahindra Shubh Labh Services Ltd (MSSL).
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Henkel-SPIC
Q3 net zooms
Chennai:
Henkel-Spic India Ltd has reported a net profit of Rs 1.96 crore
for the quarter ended September 30, 2001, as against Rs 72 lakh in
the same quarter last year - an increase of 172 per cent.
Henkel-SPIC's financial
year is the same as the calender year. In the first three quarters
of the current year, the company made a net profit of Rs 4.35
crore, as against Rs 2.72 crore in the corresponding period of
last year.
Sales of 'Margo' soap had
grown by 20 per cent while those of company's detergent powder
brands, Henko and Mr White, grew by 30 per cent.
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Kesoram
Ind net at Rs 2.05 cr
Kolkata:
The B.K. Birla outfit, Kesoram Industries Ltd (KIL), has posted a
profit-after-tax (PAT) of Rs 2.05 crore on a turnover of Rs 331.98
crore during the second quarter ended September 30, 2001.
KIL had recorded a PAT of
Rs 9.08 crore in the second quarter of 1999-2000 on a net sales of
Rs 327.86 crore.
Pursuing the buyback
operations, the management has mopped up 2,48,290 shares through
open market operations till October 20. The average buyback price,
the company said, had been Rs 24.39 (including brokerage) per
share of Rs 10 each. Shareholders have already authorised the
board to buy back up to 78,42,280 shares at a maximum price of Rs
40 a share.
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Lupin
net up at Rs 23.70 cr
Mumbai:
Lupin Ltd has reported an increase in net profit at Rs 23.70 crore
during the quarter ended September 30, 2001 as against Rs 2.03
crore in the same period last year.
Following the
amalgamation of Lupin Laboratories Ltd and Lupin Chemicals Ltd,
the financial results for the period under review are of the
amalgamated company and hence, not comparable with those of the
corresponding period.
Sales were Rs 242.16
crore. Other income was at Rs 1.89 crore. Total expenditure was at
Rs 191.78 crore. Interest was at Rs 14.93 crore and depreciation
at Rs 5.68 crore.
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Samkrg
Pistons net at Rs 1.68 cr
Hyderabad:
Samkrg Pistons and Rings Ltd has recorded a total income of Rs
13.99 crore and a net profit of Rs 1.68 crore for the quarter
ended September 30, 2001 as against a total income of Rs 12.16
crore and net profit of Rs 1.28 crore for the same quarter last
year.
While for the half-year
ended September 30, 2001, the company's total income was Rs 26.97
crore and net profit stood at Rs 3.01 crore, for the fiscal ended
March 31, 2001, Samkrg recorded a total income of Rs 45.01 crore
with a net profit of Rs 4.10 crore.
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SRF
posts higher net, sales in Q2
New Delhi:
SRF Ltd has reported a 58.11 per cent increase in net profit for
the quarter ended September 30, 2001 to Rs 5.85 crore as against a
net profit of Rs 3.70 crore recorded in the same period the
previous year.
Net sales of the company
for the period under review increased by 5.49 per cent to Rs
170.65 crore (Rs 161.77 crore). Other income stood at Rs 1.15
crore (Rs 0.76 crore).
SRF Ltd reported a net
profit of Rs 21.08 crore for the six months ended September 30,
2001 as against a net profit of Rs 21.68 crore in the same period
the previous year.
Net sales stood at Rs
347.01 crore (Rs 330.58 crore). Other income stood at Rs 1.69
crore (Rs 7.63 crore).
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McDowells
to launch new scotch brand
Bangalore:
UB group company McDowells is set to launch a new scotch brand in
India. The company plans to launch an extension of its existing
brand, Black Dog, as well as launch a regular scotch.
The UB Groups spirits
division is the largest spirits manufacturing and marketing
company in India with a market share of 35 per cent with 26
million cases a year. Its nearest competitor Shaw Wallace has a
market share of 12 per cent.
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