Raymond Q2 net at Rs 40.83 cr
Mumbai: Raymond Ltd has posted a net profit of Rs 40.83 crore for the second quarter ended September 30, 2001, compared to a net loss of Rs 151.70 crore in same period of previous fiscal.
Net sales in Q2 decreased at Rs 294.99 crore as against Rs 444.40 crore in corresponding quarter of last year. Other income was, however, higher at Rs 6.55 crore compared to Rs 5.23 crore in Q2 of FY-01.
The Raymond board has agreed to acquire a Portuguese clothing firm, Regency Textiles, for around Rs 15 crore.
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Hughes Electronics sold to EchoStar
New York: Hughes Electronics, the satellite television division of General Motors has been sold to the US firm EchoStar for $25.8 billion. General Motors' board approved the deal after Rupert Murdoch's News Corporation withdrew its bid.
Hughes Electronics runs DirecTV, the primary satellite television provider in the United States and currently serves around 10 million subscribers.
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Matiz is most eco-friendly car
New Delhi: The Centre for Science and Environment (CSE), has rated Daewoo Motors as the most environment-friendly car manufacturer in India. Another Korean car maker, Hyundai Motors, is next in line in the ratings released on Monday. American car giant General Motors has been rated third while German luxury car maker Mercedes Benz ranks fourth.
In the individual category, Daewoo's Matiz has been adjudged the most eco-friendly car in terms of vehicle and engine design as well as pollution-control equipment. India's largest car maker Maruti Udyog's Maruti 800 is the second most eco-friendly car, scoring less than Matiz in terms of design but high on emission standards. Santro has been declared the most fuel-efficient car.
Meanwhile, Bajaj Tempo, Yamaha Motors and Swaraj Mazda have achieved the dubious distinction of being rated as the worst performers in the country for their failure to participate in CSE's 'green ratings project'.
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Videocon to raise Rs 450 cr by pvt placement
New Delhi: Videocon International will raise Rs 450 crore through private placement of 4.5 crore equity shares of Rs 100 each within two-three months for the first phase of capacity expansion, according to company chairman V N Dhoot.
Funds, thus, raised will be used to increase manufacturing capacity of VIL's Internet Colour Television plant at Aurangabad (Maharashtra).
The company has received export order from Italy for half-a-million Internet televisions and the private placement is for funding capacity expansion at the Aurangabad facility.
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HCL picks stake in Apollo center
New Delhi: HCL Technologies will acquire 90 per cent stake in Apollo Contact Centre for 11.5 million dollars as part of a strategic alliance with British Telecom (BT) to provide contact centre services through Apollo, operated by the telecom major in Northern Ireland.
HCL would acquire the 10 per cent holding from BT at the end of the third year for a sum of 1.2 million dollars. As part of the agreement, the strategic alliance has been guaranteed a revenue of 30.24 million dollars over the next three years.
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Kinetic Q2 net up 13.2 per cent
New Delhi: Scooter maker Kinetic Motor Companys second quarter net profit has increased by 13.2 per cent even as sales dropped by 1.12 per cent.
The company has recorded a net profit of Rs 7.44 crore during the quarter ended September 30 as against Rs 6.57 crore in the year-ago quarter, according to the unaudited financial results released here.
Net sales have, however, declined to Rs 1,199.8 crore year-on-year from Rs 1,213.5 crore.
The Kinetic board of directors declared an interim dividend of 25 per cent at Rs 2.50 per share for the current financial year to its shareholders.
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Marutis Versa launched
Bangalore: Maruti Udyog Ltd on Monday launched its first multi-purpose-vehicle 'Versa' in South India. According to MUL general manager, marketing, Ravi G Bhatia, the company has targeted to sell 1,000 units of Versa in India every month.
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Tata Elxsi Q2 net up 6.13 per cent
Mumbai: Tata Elxsi has posted a 6.13 per cent increase in net profit at Rs 3.17 crore for the second quarter ended September 30, 2001, compared to Rs 2.98 crore in the corresponding period last year.
Total income decreased to Rs 30.46 crore in the reporting quarter against Rs 32.55 crore in same period last year, Tata Elxsi informed the Bombay Stock Exchange here on Monday.
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Morpen posts 15 per cent rise in Q2 net profit
New Delhi: Morepen Labs has posted a 15 per cent rise in net profit at Rs 23.81 crore for the second quarter of the present fiscal as compared to Rs 20.7 crore in the corresponding period in the previous year.
Net sales were up by 13 per cent to Rs 119.17 crore for the period as against Rs 105.16 crore in the comparable period a year ago, a company statement said.
The company said in the statement that it was evaluating international back-to-back tie-ups with US generic marketing companies for establishing strong marketing networks in that country.
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GujAmbuj to buy back shares at Rs 170
Mumbai: Gujarat Ambuja Cements will buy back up to 10 per cent of its equity at Rs 170 a share, the Bombay Stock Exchange said on Monday. It said the company would spend up to Rs 50 crore on the buy back.
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Satyam to invest in US healthcare software co
Mumbai: Satyam Computer Services Ltd will invest $1 dollars for a seven per cent stake in MedBiquitous Services Inc, which provides software services to online communities in the healthcare industry.
Besides the investment, Satyam will also provide onsite and offshore software development services to the US-based firm.
The Hyderabad-based Satyam, which is India's fourth-largest software exporter, also has an option to increase its investment to $2.5 million for a 14 per cent stake in the firm.
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Syndicate Bank profit up 16 per cent at Rs 128cr
Hyderabad: The operating profit of Syndicate Bank for the first quarter of the current financial year rose to Rs 181.44 crore from Rs 155.75 crore for the corresponding period of the previous year, recording a growth of 16.49 per cent.
The net profit of the bank increased from Rs 126.33 crore to Rs 128.14 crore, a bank release said. The growth in net profit was achieved by the bank after accounting for the VRS related expenditure of Rs 112.44 crore.
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Indal net up 7.47 per cent in Q2
Kolkata: Aditya Birla Group company Indian Aluminium has registered a 7.47 per cent increase in net profit at Rs 30.74 crore during the second quarter ended September 2001, compared to Rs 28.53 crore in the corresponding quarter of the previous fiscal year.
Net sales during the quarter increased 3.56 per cent to Rs 342.63 crore from Rs 330.85 crore whereas other income stood lower at Rs 0.34 crore against Rs 2.59 crore in the second quarter of the previous fiscal year.
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Indo Gulf Q2 net up 46.5 per cent
Mumbai: Indo Gulf has reported a 46.5 per cent rise in net profit at Rs 76.24 crore for the second quarter ended September 30, 2001, compared to Rs 52.04 crore for the same period of the previous fiscal year.
Net sales in Q2 increased 31 per cent to Rs 693.71 crore against Rs 531.55 crore in the same period last fiscal year, Indo Gulf said in a release here on Monday.
Indo Gulf's fertiliser business clocked an 8 per cent rise in gross turnover at Rs 137.53 crore against Rs 127.74 crore in Q2 2000.
Indo Gulf's copper division recorded sales of Rs 556.18 crore, up 36 per cent, against Rs 403.81 crore last year, it said adding production at its di-ammonium phospate plant stood at 84,807 tonnes.
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Aftek Infosys Q1 net up 127 per cent
Mumbai: Aftek Infosys has reported a 127.13 per cent rise in net profit at Rs 7.97 crore for the first quarter ended September 30, 2001, compared to Rs 3.51 crore for the same period of previous fiscal.
Income in Q1 has increased to Rs 15.06 crore as against Rs 8.28 crore in corresponding quarter of last year, the company informed the Bombay Stock Exchange on Monday.
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Castrol 3Q net profit down 21 per cent
Mumbai: Lubricants maker Castrol Indias July-September net profit fell 21 per cent to 222.3 million rupees from 281.7 million a year ago. Its net sales for the quarter was 2.95 billion rupees. The company is a subsidiary of Britain's BP Plc.
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FIs may take over Enron for $700-800m
New Delhi: Enron is in advanced stages of negotiations to dispose of Dabhol Power Company at a 30 per cent discount to the financial institutions at a price of $700-800 million.
The final settlement is expected to be worked out before prime minister Atal Bihari Vajpayee leaves for the US in the second week of November.
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Indocean to wind up operations
Mumbai: Indocean Chase Capital Advisers, an affiliate of JP Morgan Partners, is folding up its operations in Mumbai, Hong Kong and San Francisco.
Indocean, which advises JP Morgan Partners on investments in India and technology investments in Asia-Pacific, will cease to exist by the end of the year.
The Indocean partners - Bharat Kewalramani and Anil Ahuja - will be joining a new Singapore-based entity, JP Morgan Partners Advisers, which will partly absorb the Indocean team and have the same mandate.
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P&G posts 6 per cent rise in Q1 net
Mumbai: Procter & Gamble Hygiene & Health Care posted a 5.7 per cent growth in net profit at Rs 19.6 crore for the first quarter ended September 30, 2001, compared with Rs 18.5 crore in the same period last year.
The companys healthcare business declined by 5 per cent, while feminine hygiene range of products grew 10 per cent during the quarter. Net sales for the quarter declined 3 per cent to Rs 116.1 crore from Rs 120.1 crore in the previous corresponding period.
Total expenditure was Rs 86.8 crore against Rs 92 crore in the same period last year.
PGHH markets brands such as Whisper in feminine hygiene category, Vicks Vaporub, Vicks Action 500, Vicks cough drops and Vicks Inhaler in health products category and Old Spice in the toiletry product category.
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Videocon Q2 net up 6.9 per cent
Mumbai: Videocon International has recorded a 6.89 per cent rise in net profit at Rs 39.38 crore for the second quarter ended September 30, 2001, compared to Rs 36.84 crore in same period of the previous fiscal year.
Income from operations in Q2 increased to Rs 782.23 crore from Rs 761.39 crore in corresponding quarter of last year, the company said in a release here on Monday.
Other income was lower at Rs 43 lakh against Rs 67 lakh in Q2 of last year, it added.
Interest in the reporting quarter stood at Rs 47.21 crore (Rs 48.87 crore in Q2 of last year), while depreciation stood at Rs 29.35 crore (Rs 24.37 crore), it said.
For the first half ended September 2001, Videocon posted a net profit of Rs 72.95 crore (Rs 69.88 crore). Income from operations was higher at Rs 1,534.50 crore (Rs 1,485.55 crore).
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GTB net dips to Rs 4.91 cr
Hyderabad: Global Trust Bank recorded total income of Rs 235.73 crore and a net profit of Rs 4.91 crore for the quarter ended September 30, 2001 as against a total income of Rs 228.19 crore and a net profit of Rs 31.44 crore for the corresponding quarter last year.

For the half-year ended September 30, 2001, the bank's total income stood at Rs 496.71 crore with a net profit of Rs 21.21 crore as against total income of Rs 487.56 crore and a net profit of Rs 68.60 crore for the corresponding period last year. In fiscal 2000-2001, the bank had recorded total income of Rs 1,061.94 crore and a net profit of Rs 80.33 crore.
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CMC net zooms to Rs 11.41 cr
New Delhi: CMC Ltd has announced a 253 per cent surge in its net profit for the quarter ended September, 2001 at Rs 11.41 crore over Rs 3.23 crore in the corresponding quarter last year. Total income of the company, currently under Tata Sons Ltd, for the period stood at Rs 138.84 crore as against Rs 134.52 crore in the same quarter last year, CMC said in its notice to BSE. Earning per share stood at Rs 7.53.

Tata Sons had acquired 51 per cent equity in CMC on October 16 from the Union Government for a consideration of Rs 152 crore. Subsequent to the acquisition of the Government's stake in the company, an open offer is currently on for acquiring the 16.69 per cent stake now held by the public. Tata Sons is making the open offer for CMC at Rs 281.26 per share.
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