Reliance Petro posts Q2 profits at Rs 411 crore
Mumbai: Reliance Petroleum Ltd (RPL) has posted a 10.5 per cent increase in net profit at Rs 411 crore for the second quarter ended September 30, 2001 as compared to Rs 372 crore in the corresponding period last year.

Total income for the quarter has increased marginally by 2.1 per cent to Rs 8,575 crore from Rs 8,395 crore for the same quarter last year. The total income includes Rs 60 crore insurance claim received towards loss of profit due to business interruption caused by the earthquake on January 26, 2001.

The company posted a 29 per cent increase in the net profit at Rs 867 crore as against Rs 672 crore in the same period last year. RPL has achieved 21 per cent increase in sales for the first half to Rs 17,331 crore (Rs 14,308 crore).

The first half witnessed the company achieving a record capacity utilisation of 107 per cent. RPL processed 14.42 million tonne (mt) of crude during the first half in the current year as against 12.6 mt during the corresponding period last year. Exports stood at Rs 3,581 crore.
Back to News Review index page  
Indian Rayon net up 33%
Mumbai: Indian Rayon has posted a 33 per cent increase in the net profit for the quarter ended September 30, 2001 at Rs 15.12 crore as against Rs 11.38 crore for the corresponding period last year.

Turnover for the period saw a marginal fall at Rs 363.12 crore as compared to Rs 363.43 crore for the same period last year. Turnover in the garments, viscose filament yarn (VFY) and carbon black saw an increase, while the insulators and textiles witnessed a decline.

The Madura Garments division reported a 11 per cent increase in the gross sales for the quarter at Rs 102.84 crore as compared to the same period last year. Branded exports doubled to Rs 8 crore and contract exports went up by 59 per cent to Rs 11 crore.

In the VFY sector, the production during the quarter increased marginally from 3,941 metric tonnes to 3,955 metric tonnes.

The carbon black division registered a 14 per cent increase in the turnover at Rs 72.5 crore, as compared to Rs 63.6 crore in the corresponding period last year.
Back to News Review index page  

M&M reports Rs 3-crore loss in Q2
Mumbai: Mahindra & Mahindra Ltd (M&M) has registered a net loss of Rs 2.67 crore for the quarter ended September 30, 2001 as against a profit of Rs 13.17 crore for the same period last year.
Net sales and operating income for the second quarter stood at Rs 761.1 crore as against Rs 839.94 crore for the same period last year. The company has also incurred an exceptional item charge for voluntary retirement scheme of Rs 8.37 crore for the quarter. The net loss for the half year-ended September 30, 2001 stood at Rs 21.79 crore as against a profit of Rs 47.45 crore in the same period last year.

M&M has been hit mainly on account of the negative growth witnessed in the tractor industry for the quarter under review. The sale of tractors stood at 13,191 units as against 20,358 units sold in the same quarter last year. The company has attributed this mainly to uncertainty and pressures on agricultural incomes.

In the utility vehicles segment, M&M sold 13,133 vehicles in the domestic market, which represented an eight per cent growth over 12,173 vehicles sold in September quarter last fiscal. In the LCV segment, M&M sold 1,444 vehicles in the current quarter, a marginal fall over 1,473 units sold last year. In both segments, the company has outperformed the market and, thereby, improved its market share to 44.6 per cent in utility vehicles and 12.3 per cent in LCVs.
Back to News Review index page  

Hindalco net up to Rs 167 crore
Mumbai: Hindalco has reported a Rs 167.1 crore net profit for the quarter ended September 30, 2001, as compared to Rs 167.8 crore for the corresponding period last year.

Net sales during the period increased marginally by 1.2 per cent to Rs 557.3 crore as compared to Rs 550.8 crore for the same period last year. With a higher share of value added products, export realisations have grown 4.7 per cent even as volumes have been consciously scaled down considerably.

Metal production during the period at 62,330 metric tonne is marginally higher than that of 62,222 metric tonne attained in the corresponding quarter last year. The companys smelter is consistently operating in excess capacity. Alumina production at 125,943 metric tonne is higher by 6.3 per cent over that of 118,497 metric tonne in the corresponding period last year.
Back to News Review index page  
Wockhardt posts 35% net rise in Q3
Mumbai: Wockhardt has posted 35.2 per cent growth in net profit to Rs 29.6 crore for the third quarter ended September 2001, as compared to Rs 21.9 crore in the corresponding quarter last year. Sales grew by 14.6 per cent to Rs 172.4 crore from Rs 150.5 crore last year, a Wockhardt release said.

Operating margin improved by 300 basis point to 21.4 per cent over the corresponding quarter last year. The improvement in the margins was attributed to better realisation in biotechnology products, exports and overall operational efficiency.

Gross profit and net profit improved to 19.2 per cent and 17.2 per cent, respectively, the release said. During the quarter, Wockhardts exports business grew by 29 per cent to Rs 39 crore. This follows the doubling in capacity of its bulk actives dextropropoxyphene and vitamain B12 to supplement its global growth, the release said.
Back to News Review index page  
BSES Q2 posts Rs 62 cr net
Mumbai: The Mumbai-based utility BSESs net profit increased marginally at Rs 62.39 crore for the second quarter ending September 30, 2001 compared to previous years Rs 60.04 crore. Its sales stood at Rs 589.69 crore compared to Rs 582.69 crore.

BSES has succeeded in reducing expenditure at Rs 603.76 crore from the previous years Rs 642.15 crore.

BSESs net profit has risen at 10.7 per cent to Rs 162.03 crore from Rs 146.42 crore for the corresponding previous year. The total income for the half year ended September 30 has increased to Rs 1,407.42 crore from Rs 1,389.71 crore.

According to BSES press release, the Reliance Group of Companies hold its equity at 29.75 per cent, while 37.31 per cent has been held by UTI, LIC, IDBI, GIC and its subsidiaries, 0.41 per cent by banks, 1.67 per cent by mutual funds, 7.45 per cent by foreign institutional investors and NRIs, 8.10 per cent by GDR holders, 0.97 per cent by various other corporate bodies and 14.34 per cent by individuals.
Back to News Review index page  
Novartis net up 57%
Mumbai: Novartis India has registered a 56.6 per cent increase in net profit to Rs 21.55 crore for the quarter ended September 2001, as against Rs 13.76 crore for the corresponding quarter last year. Net sales (inclusive of excise duty) went up by 3.94 per cent to Rs 123.29 crore from Rs 118.69 crore last year, a Novartis release said.

The companys operating margin improved to 29.9 per cent from 21.2 per cent in the corressponding quarter last year. The improvement is attributed largely to better price realisations, lower input costs and positive impact owing to closure of Ciba Visions loss-making operations.

For the half year ended September 2001, the company recorded a 28 per cent growth in net profit to Rs 28.6 on a sales of Rs 235.6 crore. Pharma sales accounted for Rs 196.9 crore at growth rate of 2.7 per cent, while consumer and animal health grew at 24.4 per cent and 40.9 per cent respectively to Rs 19.9 crore and Rs 18.6 crore.

The board of Novartis India will also undergo a change in composition effective November 1 2001 wherein present chairman, Mr Curmally will retire and will be succeeded by Dr E Schillinger. Novartis India, Managing Director, Dr R Thomson will now be designated as vice-chairman of the board.
Back to News Review index page  

Essar Shipping Q2 net down 40 per cent
Mumbai: Essar Shipping has registered a 40 per cent decline in net profit to Rs 12.65 crore for the second quarter ended September 30, 2001, as compared to Rs 20.04 crore for the corresponding quarter last year. Income from operations rose to Rs 107.06 crore from Rs 91.75 crore last year.

The company posted a 24 per cent increase in net profit to Rs 37.85 crore from Rs 30.51 crore in the corresponding half last year. Income from operations rose to Rs 238.07 crore from Rs 101.50 crore in the first half, a company release said.
Back to News Review index page  

Nirma net dips 28 per cent
Ahmedabad: Nirma Ltd has posted a 27.64 per cent decline in net profit at Rs 49.89 crore for the quarter ended September 30, 2001 as compared to Rs 68.95 crore for the corresponding period last fiscal. Total income has decreased from Rs 485.62 crore in quarter ended September 2000 to Rs 458 crore in the quarter ended September 30, 2001.
Back to News Review index page  
Asian Paints net down to Rs 29.6 cr
Mumbai:Asian Paints India Ltd has posted a 2.75 per cent decline in net profit at Rs 29.62 crore for the second quarter ended September 30, 2001 as compared to Rs 30.46 crore for the corresponding period last fiscal. Total income during the period has decreased from Rs 351.82 crore in quarter ended September 2000 to Rs 345.15 crore in the second quarter this fiscal.

The board of directors have approved the payment of interim dividend of Rs 3.50 per equity share of Rs 10 each for the financial year ended March 31, 2002.
Back to News Review index page  
Sterlite Optical Tech net dips 78%
Mumbai: Sterlite Optical Technologies Ltd has posted a 78.46 per cent decline in net profit at Rs 12.31 crore for the quarter ended September 30, 2001 as compared to Rs 57.15 crore for the corresponding period last fiscal. Total income has decreased from Rs 205.93 crore to Rs 90.92 crore in the quarter ended September 30, 2001.
Back to News Review index page  
Apollo Tyres net down to Rs 3.2 cr
Mumbai: Apollo Tyres Ltd has posted a 48.48 per cent decline in net profit at Rs 3.22 crore for the quarter ended September 30, 2001 as compared to Rs 6.25 crore for the corresponding period last fiscal. Total income has increased from Rs 299.04 crore in quarter ended September 2000 to Rs 318.09 crore in the quarter ended September 30, 2001.
Back to News Review index page  
GSFC gross profit up 7%
Ahmedabad: Gujarat State Fertilisers & Chemicals Ltd (GSFC) has posted a 6.83 per cent rise in profit before Tax & Exceptional items at Rs 12.36 crore for the quarter ended September 30, 2001 as compared to Rs 11.57 crore for the corresponding period last fiscal. Total income has decreased from Rs 798.31 crore in September quarter 2000 to Rs 676.69 crore in the quarter ended September 30, 2001.
Back to News Review index page  
Arvind Mills net dips to Rs 44.5 cr
Ahmedabad: Arvind Mills has posted a net loss of Rs 44.59 crore for the quarter ended September 30, 2001 as compared to a net loss of Rs 108.82 crore for the corresponding period last fiscal. Total income has increased from Rs 285 crore in second quarter 2000 to Rs 342.68 crore in the quarter ended September 30, 2001.
Back to News Review index page  
Jindal Steel net up 1%
Mumbai: Jindal Steel & Power Ltd has posted a 1.04 per cent rise in net profit at Rs 26.20 crore for the quarter ended September 30, 2001, as compared to Rs 25.93 crore for the corresponding period last fiscal. Total income has increased from Rs 119.89 crore in September quarter 2000 to Rs 124.43 crore in the quarter ended September 30, 2001.
Back to News Review index page  
Sun Earth Ceramics net up 24%
Mumbai: Sun Earth Ceramics Ltd has reported a 23.75 per cent increase in the net profit for the first quarter ended September 30, 2001 at Rs 11.20 crore as against Rs 9.05 crore for the corresponding period last year. Sales during the period stood at Rs 138.65 crore as against Rs 57.99 crore for the same period last year.
Back to News Review index page  
Cummins India net down 17%
Mumbai: Cummins India Ltd has posted a 16.80 per cent decline in net profit at Rs 22.74 crore for the quarter ended September 30, 2001 as compared to Rs Rs 27.33 crore for the corresponding period last fiscal. Total income decreased from Rs 209.65 crore in SQ 2000 to Rs 188.66 crore in the quarter ended September 30, 2001.
Back to News Review index page  
Trent net down to Rs 3 cr
Mumbai: Trent Ltd has registered a 15.60 per cent decline in net profit at Rs 2.65 crore for the quarter ended September 30 2001, as compared to Rs 3.14 crore posted in the corresponding period previous fiscal. Net sales during the period stood at Rs 19.66 crore as against Rs 12.32 crore for the same period last year.
Back to News Review index page  
Pritish Nandy Comm posts Rs 56 lakh net
Mumbai: Pritish Nandy Communications has reported a net profit of Rs 56.17 lakh for the quarter ended September 30, 2001. This compares to a net loss of Rs 6.34 lakh for the corresponding period of the previous financial year. The company recorded a turnover for the half year ended September 30, 2001 stands at Rs 1.73 crore against Rs 1.47 crore for the same period last year.
Back to News Review index page  

Apollo to invest Rs 1,000 crore in UAE
Dubai: The Apollo group plans to set up 11 super-specialty hospitals in the United Arab Emirates (UAE), taking its investment in the Gulf country to Rs 1,000 crores, Apollo chairman Pratap C Reddy said.

"Apollo Group, which now runs 19 superspecialty or multidisciplinary hospitals in India, is in the process of setting up 11 more such ventures in the country by the end of next year raising its total investment to Rs 1,000 crore," Mr Reddy said after signing up with a Dubai hospital group.

"The 60-bed hospital, at the cost of dirham 100 million (Rs 120 crore), will draw from the vast talent pool of the group to bring to the UAE advanced cardiac surgery procedure, neurocare, orthopedic procedures and trauma care in addition to the general facilities, maternity and childcare," he said.
Back to News Review index page  
IOC net dips 31% at Rs 1019 cr
Mumbai: Indian Oil Corporation (IOC) has reported a 31.4 per cent dip in its net profit during the six months period ending September 30, 2001. The net profit during these six months stood at Rs 1019 crore as against Rs 1,487 crore in the same period last year.

Income from sales and operations during April-September registered a 0.8 per cent increase at Rs 57,893 crore from Rs 58,371 crore during the corresponding period the previous year, an IOC release said.
Back to News Review index page  
GE Shipping net up 35% to Rs 44 cr
Mumbai: The Great Eastern Shipping Company (GE Shipping) has registered a 35.27 per cent increase in net profit to Rs 44.3 crore for the second quarter ended September 30, 2001, as compared to Rs 32.75 crore for the corresponding quarter last year. Total income during the period has gone up to Rs 301.79 crore from Rs 251.52 crore last year.

The company has acquired one 1995-built panamax bulk carrier and one 1989-built harbour tug at the aggregate cost of $ 15.72 million during the quarter.

GE Shipping has bought back and extinguished 10,92,553 equity shares during the current quarter on second buy back, thereby reducing the paid up equity share capital to Rs 214.81 crore.
Back to News Review index page  
Mascot systems net zooms
Mumbai: Mascot Systems, a leading IT services company, has reported a 48 per cent jump in net profit at Rs 13.88 crore for the quarter ended September 30, 2001, compared to the same period last year.

Revenues went up by 47 per cent to touch Rs 111 crore during the period, Mascot, a leading provider of solutions for e-business, business intelligence, applications re-engineering, custom solutions and application maintenance outsourcing, said in a statement here.
Back to News Review index page  
Essar Shipping Q2 net down 36.87%
Mumbai: Essar Shipping Ltd (ESL) has recorded a 36.87 per cent decline in net profit at Rs 12.65 crore for the second quarter ended September 2001, compared to Rs 20.04 crore in same period of previous fiscal. Total income in Q2 was higher at Rs 108.56 crore as against Rs 93.16 crore in corresponding quarter of last year, ESL said in a release.

For the first half ended September 2001, the net profit was up at Rs 37.85 crore (Rs 30.51 crore in H1 of last year) while total income stood at Rs 248.87 crore (Rs 194.40 crore).
Back to News Review index page  
Nirma Q2 net dips by 27.64%
Ahmedabad: Nirma Ltd has posted a 27.64 per cent decline in net profit at Rs 49.89 crore in the second quarter ended September 2001 as compared to Rs 68.95 crore in the corresponding period last fiscal. Total income for the reporting quarter also decreased to Rs 458 crore from Rs 485.62 crore in the Q2 2000.
Back to News Review index page  

Nucleus Software PAT up 60%
Mumbai: Nucleus Software has posted a 60 per cent increase in the net profit at Rs 2.61 crore for the second quarter ending September 31, 2001.
The company reported a 100 per cent rise in its revenue to Rs 14.62 crore for the period, while projecting Rs 20 and 25 crore for the third and last quarters of the present fiscal and Rs 70 crore for offshore business, a Nucleus release said. The company also reported a net profit of Rs 5.8 crore on a turnover of Rs 28 crore for the half year period, it said adding that it was able to add six more clients taking the active client base to 50.
Back to News Review index page  
Jindal Steel & Power posts Rs 26.2 cr net
Mumbai: Jindal Steel & Power Ltd has posted a marginal increase of 1.04 per cent in net profit at Rs 26.2 crore for the second quarter ended September 30 as compared to Rs 25.93 crore in the corresponding period last fiscal. Total income for the quarter under review stood at Rs 124.4 crore as against Rs 119.8 crore in Q2 2000.
Back to News Review index page  
KRL Q2 net down by 73%
Kochi: Kochi Refineries Ltd net profit has dipped by 72.73 per cent to Rs 7.92 crore for the second quarter ended September 30 compared to Rs 29.04 crore in the corresponding period last fiscal.
Total income for the reporting Q2 was down to Rs 1788.77 crore as against Rs 1,995.41 crore in quarter ended September 30, 2001. During the half year ended September 30, 2001, there was a planned maintenance shut down for 53 days for major overhaul and maintenance.
Back to News Review index page  
GSFC Q2 net dips by 79% at Rs 2.44 cr
Ahmedabad: The Gujarat State Fertilisers & Chemicals (GSFC) has posted a massive decline in net profit by 78.78 per cent of Rs 2.44 crore in the second quarter ended September 30 compared to Rs 11.5 crore in the corresponding period last year due to additional water charges paid to Indian Oil Corporation (IOC).

The company has incurred an exceptional expenditure of Rs 9.92 crore as additional water charges payable to IOC on account of water drawn from a joint supply scheme with the oil major for a period between April 1997 to March 2001 consequent to a settlement between IOC and Gujarat government, GSFC informed the Bombay Stock Exchange here.
Back to News Review index page  

Tata Tea Q2 net jumps 45%
Kolkata: Tata Tea has reported that its net profit jumped 45.3 per cent in July-September from a year earlier. Net profit totaled Rs 52.39 crore, up from Rs 36.06 crore in the same period last year.
Income from operations fell 18.2 per cent to Rs 186 crore from Rs 227 crore.
Back to News Review index page  
Tisco Q2 net down 76%
Mumbai: Tata Iron and Steel Company on Tuesday reported a 76 per cent fall in net profit for the July-September quarter, even worse than analysts expected. Tisco reported net profit fell to Rs 27.51 crore from 115 crore a year earlier, on sales that rose 6.8 per cent to Rs 1.932 crore.
Net profit fell despite a big decline in extraordinary charges, which fell to Rs 53.48 crore from 135 crore in the same period a year earlier.
Back to News Review index page  
Reliance Capital Q2 net up 18.4%
Mumbai: Reliance Capital recorded a 18.42 per cent rise in net profit at Rs 25.52 crore for second quarter ended September 30, 2001, compared to Rs 21.55 crore in same period of the previous fiscal year. Total income in Q2 increased to Rs 138.06 crore against Rs 125.51 crore in corresponding quarter of last year.
Back to News Review index page  
VSNL net climbs 6 pc
Mumbai: Videsh Sanchar Nigam Ltd has recorded a 6 per cent rise in net profit but a 4.5 per cent decline in total income for the quarter ended September 30, 2001, compared to the corresponding quarter of the previous year. Net profit rose to Rs 368.5 crore from Rs 347.2 crore, while total income fell to Rs 1,744.2 crore from Rs 1,827.1 crore.

The fall in revenue was chiefly on account of telephone revenues falling by 6.66 per cent; this itself due to a decline in the total accounting rate of 20 per cent between the previous corresponding quarter and the one under consideration.

Leased data circuits were up 156 per cent and revenue from value-added services up 19 per cent. But Internet revenues fell 5.82 per cent due to steep reduction in tariffs. The company said given the current scenario, retaining a flat growth itself was a feat, and that although the growth earnings of the past were not possible, rates have bottomed out and revenues will not be significantly affected.
Back to News Review index page  

MTNL income up at Rs 1,621 cr
New Delhi: Mahanagar Telephone Nigam Ltd (MTNL) has registered a 14.5 per cent decline in net profit for the quarter ended September 2001 at Rs 382.34 crore as against Rs 447.42 crore in the corresponding period last year.

Its income from services rose by 6.6 per cent to Rs 1,621.13 crore as against Rs 1,521.25 crore previously.
Back to News Review index page  

Cummins India Q2 net down 16.80%
Mumbai: Cummins India has recorded a 16.80 per cent drop in net profit at Rs 22.74 crore for the second quarter ended September 30, 2001, compared to Rs 27.33 crore in same period of previous fiscal.

Total income in Q2 has decreased at Rs 188.66 crore as against Rs 209.65 crore in corresponding quarter of last year.
Back to News Review index page  

Asian Paints net down at Rs 29.62 cr
Mumbai: Asian Paints India Ltd has posted a marginal drop in net profit at Rs 29.62 crore for the quarter ended September 30, 2001 as against Rs 30.46 crore in the corresponding period last year.

The board of directors of the company has approved an interim dividend of Rs 3.50 per share (35 per cent) for the financial year ending March 31, 2002.
Back to News Review index page  

GAIL net up 17% to Rs 544cr in H1
New Delhi: Gas Authority of India on Tuesday reported a 17.75 per cent increase in its net profit to Rs 544 crore during the six months ended September 30, 2001 as against Rs 462 crore profits in the same period last year.

Sales went up by 4.5 per cent to Rs 5208 crore in April-September as against Rs 4982 crore in the first six months of 2000-01, a statement by GAIL said here.

"The increased turnover and profits are mainly due to the increase in the volumes in all the major segements - natural gas, LPG sales, petrochemicals and LPG transportation," it said.

During April-September 2001, sales of polymers registered an impressive growth to 117,646 tonnes as compared to 103,378 tonnes; LPG and other hydrocarbon sales were 490,800 tonnes as against 460,740 tonnes while natural gas volume handled increased to 61.20 million cubic metres per day as against 61.14 million cubic metres per day during the corresponding period of the previous year.
Back to News Review index page  

Thapar to buy 33.84% stake in JCT Electronics
New Delhi: Thapar Group patriarch M M Thapar is set to buy a 33.84 per cent stake in JCT Electronics that has a technical collaboration with Japanese electronics major Hitachi.

JCT Electronics has the capacity to manufacture 2 million colour picture tubes.

The company exports its produce to South Africa, and countries in the Far East like Singapore, Malaysia, Hong Kong. East European countries such as Czech Republic, Slovenia, Romania as also Russia, Egypt, Iran and Pakistan import JCT Electronics' products.
Back to News Review index page  
India Cements to sell Sri Vishnu
New Delhi: India Cements has finalised the sale of Sri Vishnu Cement to Italcementi for Rs 496 crore. The deal puts the valuation of SVCLs 1-million-tpa capacity at around $80 per tonne.

Two years ago, India Cements had acquired 88.5 per cent of SVCLs equity for Rs 115 crore. Together with the debt owed by SVCL, the value of the company was put at Rs 170 crore at that time.
Back to News Review index page  
Malegam panel moots privatisation of UTI
Mumbai: The Malegam committee has recommended the privatisation of India's largest mutual fund, UTI.
The report has recommended that the UTI Act be repealed and replaced by a new enactment which ensures that the government is distanced from the UTI.

UTIs board of trustees which met on Tuesday decided to adequately publicise all the recommendations to enable all concerned unit-holders, government and employees to give their views on the report.

The committee has recommended that the structure of UTI should be in line with Sebi regulations. There should be a sponsor, a trustee and an asset management company.

The government will have to shell out over Rs 5,000 crore if the recommendations of the corporate positioning committee appointed by the UTI board of trustees are accepted in full.
Back to News Review index page