Satyam Q2 up 103%
Mumbai: Net profits of Satyam Computers for the second quarter has gone up from Rs 66 crore to Rs 134 crore, a gain of 103 per cent.

Sales for the same period have gone up from Rs 283 crore to Rs 453 crore, a jump of 60 per cent.

EPS has gone up from Rs 2.3 per share to Rs 4.2 per share. However large part of the increase in turnover has come from income other than from operations and that's why the markets have not reacted very positively to the Satyam results.
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New vehicle from Maruti
New Delhi: Maruti Udyog Ltd, the countrys largest car-maker, on Wednesday launched its first multi-purpose-vehicle (MPV) Versa in an attempt to create a new segment in the domestic automobile market.

The vehicle, to be offered in three variants 'DX', 'DX2' and 'SDX', has been priced at Rs 5.15, Rs 5.45 and Rs 5.80 lakh (ex-showroom Delhi) respectively, Maruti Managing Director Jagdish Khattar said at the launch.

Khattar said, We wanted to bring a vehicle category that is popular worldwide. We expect Versa to impact various segments of the car market."
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ICICI board to decide on merger
Mumbai: The boards of ICICI and ICICI Bank meet today to consider the merger of the troubled financial institution with the bank. The reverse merger will create a 90,000 crore powerhouse, which will be the largest private sector financial institution in the country.

The merger will also involve two other ICICI companies--ICICI Personal Financial Services and ICICI Capital. These would also be merged with ICICI Bank.
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Bajaj Auto net up 167%
Mumbai: Bajaj Auto has declared excellent results .
Net profits for the second quarter has gone up from Rs 53 crore to Rs 143 crore--a jump of 167 per cent. While sales for the same period have gone up from Rs 985 crore to Rs 1057 crore, that is a jump of 7.6 per cent.
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Cromption Greaves Q2 profit down 58.60%
Mumbai: Crompton Greaves Ltd has recorded a 58.60 per cent decline in net profit at Rs 7.46 crore for the second quarter ended September 2001 compared to Rs 18.02 crore in the same period of previous fiscal.

The total income for the period under review was also lower at Rs 332.48 crore as against Rs 382.49 crore in second quarter of 2000-01.

The extra-ordinary income such as Rs 31.4 crore from sale of land helped the company to maintain its net profit for the reporting quarter.
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Arvind Mills 3:4 rights issue in Nov
Ahmedabad: Arvind Mills is finally coming out with right issue of equity share of Rs 10 at par aggregating Rs 75.41 crore, to meet the conditions imposed by FIs for its debt restructuring plan. The right offer will open from November 3, 2001 and will close on December 3, 2001.

This comes at a time when only two companies have gone to the market with equity offerings in the last few months. The right issue will in the ratio of 3 equity shares for every 4 equity shares held on October 16, 2001. The size of the right issue is a total 7,54,12,459 equity shares.
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Indo Rama net up 128%
New Delhi: Indo Rama Synthetics reported an increase of 128 per cent in its net profit at Rs 25.35 crore during the half-year ended September 30, 2001, as compared to Rs 11.12 crore in the corresponding period last year.

Net profit for the quarter ended September 30 was also higher at Rs 6.19 crore compared to Rs 2.89 crore in the corresponding quarter last year. The improved results have been achieved because of better cost control and a reduction in the interest cost from Rs 82.69 crore to Rs 62.51 crore, a reduction of 24 per cent.
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Chembond buys 55% of Goodlass in Drewtreat
Mumbai: Chembond Chemicals, Mumbai-based speciality chemicals manufacturer, has acquired Goodlass Nerolac Paints 55 per cent stake in joint venture company Drewtreat Chemicals for Rs 1.70 crore.

Drewtreat was a joint-venture between the US-based Ashland Speciality Chemicals and Goodlass Nerolac. Chembond and Ashland are now forming a new joint-venture company called Chembond Drewetreat after the exit of Goodlass Nerolac. The new venture is to market industrial water treatment products.

Ashland, which had a 42.5 per cent stake in the original joint venture, is increasing the stake to 45 per cent in the new entity. Ashland has recently received FIPB approval for this.
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L&T plans assembly units abroad
New Delhi: Larsen & Toubro is planning to set up assembly units abroad for its electrical division. The company had recently set itself a target of doubling exports to 10 per cent of its turnover.

The countries under evaluation are Malaysia, Oman and Saudi Arabia. L&T is also planning to set up warehouses in Dubai where the companys exports have reached a sizeable amount.
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Hind Lever Chem Q3 profit down 50.9%
Mumbai: Hind Lever Chemicals has recorded 50.9 per cent decline in net profit at Rs 10 crore for the third-quarter ended September 2001 compared to Rs 20.4 crore in the same period last fiscal.

The total income for the period under review was down by 6.55 per cent to Rs 271 crore as against Rs 290 crore in July-September 2000.

The income and net profit for the nine month ended September 2001 were Rs 699 crore (Rs 686 crore in fy-01) and Rs 15.9 crore (rs 8.8 crore), respectively.

The interest cost for the reporting quarter was higher at Rs 5.8 crore (Rs 3.5 crore) due to high level of price concessions and receivable pending with the Central government.
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L&T Q2 net rises, but fails to cheer
Mumbai: Larsen & Toubro, India's largest cement-maker, on Wednesday stated its net profit more than tripled last quarter from a year earlier.

Net profit rose 224 per cent in the July-September quarter -- to Rs 40.46 crore ($8.43 million), or Rs 1.16 per share, from Rs 12.49 crore, or Rs 0.34 per share, a year earlier. Net sales increased 1.98 per cent to Rs 1,775 crore.
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Gillette India posts 155% higher net loss
New Delhi: Gillette India on Wednesday declared 155 per cent higher net loss at Rs 3.55 crore on 2.3 per cent higher net sales at Rs 132.5 crore for the quarter ended September 30, 2001.

For nine months ended September 30, 2001, sales were marginally higher at Rs 354 crore while net loss was almost halved at Rs 2.43 crore compared to the corresponding period of the previous fiscal.

The figures for the quarter and nine month period ended September 30, 2001 include unaudited figures of erstwhile Duracell (India) and Wilkinson Sword India, since merged with the company.
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Tata Invest Q2 profit up 83%
Mumbai: Tata Investment recorded an 83.21 per cent rise in net profit at Rs 21.29 crore for the second quarter ended September 2001 compared to Rs 11.62 crore in same period last fiscal year.

Total income for the period under review rose to Rs 22.97 crore against Rs 10.84 crore in second quarter of 2000-01.
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Nicholas Piramal Q2 profit up 65.7%
Mumbai: Nicholas Piramal India posted a 65.71 per cent rise in net profit at Rs 30.59 crore for second quarter ended September 30, 2001, compared to Rs 18.46 crore in same period of previous fiscal year.

Sales and services in Q2 grew 76 per cent to Rs 254.31 crore against Rs 144.16 crore in corresponding quarter of last year.

Other income was also higher at Rs 4.16 crore (Rs 1.95 crore in Q2 of last year).
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Century Textiles reports loss for Q2
Mumbai: Century Textiles and Industries has recorded a net loss of Rs 3.28 crore for the second quarter ended September 30, 2001, compared to Rs 3.16 crore in same period of previous fiscal year.

Net sales/income from operations in Q2 was higher at Rs 536.14 crore against Rs 526.71 crore in corresponding quarter of last year.

The results of textile division had been affected because of adverse market conditions particularly in exports.

Other income, however, was lower at Rs 12.04 crore (Rs 23.46 crore in Q2 of last year).
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German Remedies Q2 net down 38%
Mumbai: German Remedies recorded a 37.97 per cent decline in net profit at Rs 6.55 crore for the second quarter ended September 30, 2001, compared to Rs 10.56 crore in same period of previous fiscal.

Total income in Q2 also decreased to Rs 50.35 crore against Rs 59.63 crore in corresponding quarter of last year.
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Reliance Inds production increases
New Delhi: Reliance Industries on Wednesday reported a 9 per cent increase in production volume to 5.7 million tonnes in the first half of current fiscal year, compared to the production volume of 5.3 million tonnes in April-September 2000-01.

RIL's total polyester production grew 16 per cent in April-September 2001-02, while polymers production grew 10 per cent in the reference period.
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