3 PSUs to be privatised
New Delhi: The Central government on Tuesday finalized transaction documents for sale of 13 hotels of India Tourism Development Corporation, Hotel Corporation of India (HCI) and privatisation of Hindustan Zinc Limited (HZL). The Cabinet Committee on Disinvestment (CCD) finalized the draft-shareholders and share purchase agreements for eight hotels of ITDC, five properties of HCI and sale of 26 per cent stake in HZL.

The Cabinet said the price bids for these would be invited by next month.
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Govt waives bank guarantee clause for IBP
New Delhi: The Central government on Tuesday waived the condition of Rs 500 crore bank guarantee from bidders for IBP Company Limited. However, it has put in a crucial additional clause, which should ensure that the company loses its tag of being a stand alone marketing company.

The government specified that the successful bidder for 33.3 per cent equity in IBP along with management control would be required to invest Rs 2000 crore in ten years in hydrocarbon sector except retailing activities for which it would have to submit a firm proposal in three years and achieve financial closure in five years.
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HDFC to get Yen 12bn loan
Mumbai: Housing Development Finance Corporation Limited on Tuesday signed a syndicated term loan agreement in Yen marking its entry into this business.

The loan of Yen 12 billion, which is about Rs 4,800 crore, is to broaden its base of medium and long term funding and also to reduce the cost of borrowing. The loans would be used for housing finance lending. HDFC had received commitments for Yen 26 billion of which Yen 12 billion was allocated.
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UTI Bank Q2 profit up 62.21 %
Mumbai: UTI Bank Limited has recorded a 62.21 per cent rise in net profit at Rs 30.95 crore for second quarter ended September 30, 2001, compared to Rs 19.08 crore in corresponding period of previous fiscal. Total income for Q2 has increased to Rs 366.25 crore as against Rs 239.47 crore in corresponding quarter of last year.
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HCL Techs Q1 net up 1.76%
New Delhi: HCL Technologies on Tuesday reported a marginal 1.76 per cent rise in its net income for the first quarter ended September 2001 at Rs 97.9 crore, as compared to Rs 96.2 crore in the same period previous year.

The company's net income was up 20 per cent during the period to touch Rs 119.9 crore, from Rs 100.2 crore in July-September 2000.

HCL Tech's gross revenues were at Rs 372.4 crore in the first quarter 2001, as compared to Rs 317.7 crore in the same period previous year, reflecting a year-on-year growth of 17 per cent.
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Ashok Leyland net up 24%
New Delhi: Ashok Leyland Ltd (ALL), the countrys second largest truck maker, recorded a 24 per cent surge in net profit for the quarter ended September 30, 2001, despite a month-long industrial unrest at its Hosur plant.

The Hinduja group flagship posted a net profit of Rs 18.51 crore during the quarter, up from Rs 14.91 crore a year ago. Its total income for the period rose 5.8 per cent to Rs 562.68 crore against Rs 531.76 crore in the same quarter of 2000-01.
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Marico Q2 record higher profit
Mumbai: Marico Industries Ltd, the FMCG major, has posted a marginal growth in its net profit for the quarter ended September 30 at Rs 13.04 crore against Rs 12.98 crore in the corresponding quarter last year.

Revenue totalled Rs 166.04 crore against Rs 163.08 crore. The companys gross profit for the second quarter was placed at Rs 17.59 crore against Rs 16.29 crore for the second quarter of the previous year.

The companys net profit for the first half of 2001-02 was placed at Rs 25.70 crore against Rs 24..82 crore for the comparable half of the previous year.
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Tisco to invest in South Africa
Bangalore: Tata Iron and Steel Company Ltd plans to invest Rs 300 crore in a new ferro-chrome project in South Africa.

Talking to journalits on Tuesday, Tiscos managing director Mr B Muthuraman said, the new facility would be setup at Richards Bay.

The company which is one of the cheapest producers of steel in the world was also looking at other new businesses. An announcement of Tiscos new businesses is expected to be made after the second quarter results for the current fiscal are announced, he said.
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Reliance plants achieve high performance
Mumbai: Reliance Industries and Reliance Petroleum on Tuesday claimed that their plants and refinery operated at a 104 per cent and a 107 per cent capacity, respectively for the first half of 2001-02.

The operating rate for polymers was 110 per cent, polyester 97 per cent and FIB intermediates 108 per cent, RIL stated.

RPL processed 14.4 million tonnes of crude during the first half of the current financial year as against Rs 12.6 million tonnes in the same period last fiscal, a RPL press release said.
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Knoll Pharma Q3 profit down 48%
Mumbai: Knoll Pharma has recorded a lower net profit of Rs 12.17 crore for third quarter ended September 30, 2001, compared to Rs 23.33 crore in the corresponding period last year. This represents a dip of 47.83 per cent.

The total sales stood at Rs 95.85 crore for the reporting quarter against Rs 92.58 crore in the Q3 2000.
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Blue Dart Q1 net down 20%
Mumbai: Blue Dart Express has recorded a 19.9 per cent lower net profit at Rs 3.86 crore in the first quarter ended September 30, 2001, compared to Rs 4.82 crore in the same period last year.

BDEL managing director Clyde Cooper said that the net sales for the reporting quarter stood at Rs 72.37 crore against Rs 62.97 crore in the corresponding period of previous year.

Total income stood at Rs 73.46 crore in the second quarter of 2001, compared to Rs 63.02 crore in same period previous year, he said.
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Sesa Goa Q2 record Rs 8.27cr loss
Mumbai: Sesa Goa has recorded a higher net loss of Rs 8.27 crore for the second quarter ended September 30, 2001, compared to a net loss of Rs 5.75 crore in the corresponding period last year.

The company's mining operations at Goa were suspended from July 9, 2001, to October 11, 2001, due to disruption in work by employees demanding a new wage settlement.

However, with a settlement now in place, the company said it expected to make up the shortfall in required production in order to meet the annual shipment schedule, by higher productivity during the remaining part of the financial year.
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Kuwait Petro to pick up in MRPL
New Delhi: Kuwait Petroleum is negotiating with the Rs 2,400-crore Mangalore Refinery and Petrochemicals for picking up equity in the company.

Hindustan Petroleum chairman and managing director H L Zutshi said, KPC has held preliminary discussions with MRPL and us for possible equity participation in the 9 million tonnes refinery.

KPC is looking at buying out A V Birla group's 37 per cent stake in MRPL, he said adding KPC officials recently met senior officials of both A V Birla group and HPCL.

A V Birla group, which is 37 per cent equal partners with HPCL in MRPL, has decided to exit the loss-making refinery as part of the group strategy.
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Eicher Q2 net down 14%
New Delhi: Eicher Motors, commercial vehicle maker, stated on Tuesday that its net profit had dropped by 14.3 per cent during the second quarter ended September 30, 2001, due to a higher provision for taxation.

The net profit stood at Rs 4.73 crore against Rs 5.52 crore in the year-ago quarter, according to unaudited financial results released.

Net sales, however, increased by 20.3 per cent to Rs 112.57 crore during July-September 2001-02, from Rs 93.52 crore in the previous year.
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Bailout package sought by IA, Jet
New Delhi: Due to a sharp decline in passenger traffic following the September 11 terrorist attacks in the US, Indian Airlines (IA) have asked for an issue-based bailout package from the government to cope with revenue loss.

In a letter to the civil aviation ministry, a senior Jet official has urged for a bailout package.

It asked for a roll back of 3 per cent import duty on aircraft leasing and purchase, reduction of sales tax on aviation fuel (ATF) and rationalisation of navigation and other charges at the airports.
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Rs 5,000 cr loss by UTI on PSU investment
New Delhi: Union minister for disinvestments, Arun Shourie, said on Tuesday that the country's largest mutual fund Unit Trust of India suffered a notional loss of over Rs 5,000 crore on its investment in PSU shares compared to what appreciation could have been made on similar investment in bank deposits.

Stating that UTI invested Rs 6,403 crore in PSU shares, divested during 1991-92 to 1994-95, he told journalists that the mutual fund earned a net profit of only Rs 1,650 crore on this investment till now. "Value of such investment would have been Rs 13,109 crore even at a compound interest rate (bank deposit rate) of 9 per cent per annum" he said, pointing out that this reflected a net loss of Rs 5,056 crore to UTI as compared to bank deposit.
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