RPL Q3 net down at Rs 402cr
Mumbai: Reliance Petroleum (RPL) has reported a 1.47 per cent decline in its net profit at Rs 402 crore during the third quarter ended December 2001 as against Rs 408 crore in corresponding period the previous year.

Sales during the reporting quarter also decreased by 10.74 per cent at Rs 8,166 crore as compared to Rs 9,149 crore during the corresponding period previous year. Other income during the quarter was lower at Rs 65 crore as compared to Rs 71 crore during the same quarter the previous year.

Earning per share reduced from Rs 0.86 per share to Rs 0.77 per share. The company reported a sharp increase in inventory at Rs 443 crore from Rs 47 crore.

During the nine month period ended December 2001, RPL reported a 17.5 per cent increase in the net profit at Rs 1,269 crore as compared to Rs 1,080 crore for the same period the previous year. Sales during the nine month period increased by 8.69 per cent at Rs 25,497 crore as against Rs 23,457 crore for the same period the previous year.
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VSNL, IBP bids to be finalised on 1 Feb
New Delhi: The government has decided to call financial bids for Videsh Sanchar Nigam and IBP on 1 February, even as the hearing on petitions challenging the privatisation of these two state-run companies continues in the Delhi high court.

Modi Corp Ltd (MCL) had moved the court after the ministry of disinvestment refused to entertain its request to enter into VSNL privatisation at this stage. Justice Manmohan Sarin heard the arguments on 29 January but reserved judgment on the case.

In the case of IBP, the Indian Council for Legal Aid & Advice and another petitioner had moved the court. The Delhi high court will now hear the two cases after 1 February.
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Bharti Tele likely to halve ILD rates
Pune: Bharti Tele-Ventures Ltd is likely to reduce the rates of international long distance (ILD) calls by half as it had done for the national market.

Bharati has completed 80 per cent of the work on the submarine cable landing station at Chennai, which will connect Bhartis telecommunications networks in India to the submarine cable systems in Singapore.
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Gail to join hands with oil majors for Kakinada project
New Delhi: Gas Authority of India (GAIL) is all set to join the consortium of Indian Oil Corporation (IOC), British Petroleum, Petronas of Malaysia and Singapore based Cocanada Port for executing the 5 million tonne per annum LNG project at Kakinada in Andhra Pradesh.

GAIL is likely to pick up around 20 to 25 per cent equity in the $600 million plus LNG project.

The Kakinada LNG project will be built in two phases and the 5 mtpa terminal, which will later be expanded to 7.5 mtpa, will have facilities like degasification plants, terminals, tankages, ports and pipelines.
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Utsav Safety forms JV with German co
New Delhi: Utsav Safety Systems has entered into a joint venture (JV) with Sievers Gmbh of Germany to manufacture high-security value registration plates in India. The company plans to invest around Rs 100 crore in this project. The German partner will hold 12 per cent stake in the joint venture.
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Rabobank, KMFL get RBI nod for banks
Mumbai: The Reserve Bank of India has given its approval to Rabobank and Kotak Mahindra Finance Ltd to set up banks in the private sector.

The in-principle approvals will be valid for a period of one year. During the period, the applicants will have to mobilise the required capital of Rs 200 crore and fulfil other conditions.

The central bank had received as many as 10 applications in response to its new guidelines for setting up banks.

As per the new guidelines, both the applicants have to raise a minimum paid-up capital of Rs 200 crore each with a provision that it should be increased to Rs 300 crore within three years.
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EoIs invited for Dabhol
Mumbai:  Industrial Development Bank of India has invited expressions of interest from Indian and global players for picking up 85 per cent stakes held by Enron, GE and Bechtel in the Dabhol power project. The interested parties have to submit EoIs on or before February 7 and have been asked to deposit $1 lakh with IDBI.

Tata Power Company, BSES Ltd and Gas Authority of India Limited (Gail), which have already submitted their EoI, would not be required to file it again.
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GE Shipping profit surges 77% in Q3
Mumbai: The Great Eastern Shipping Company Ltd (GE Shipping) has registered a 77 per cent increase in net profit to Rs 73.52 crore for the third quarter ended December 2001 as compared to Rs 41.54 crore for the corresponding quarter last year. Total income rose by 4.5 per cent to Rs 293.67 crore from Rs 280.37 crore last year.

During the quarter under review, the shipping division contributed around 71 per cent of the revenues and 60.3 per cent of the profit.

The growth in turnover coupled with a decline in expenditure costs by 9.4 per cent over the corresponding quarter last year resulted in the operating margin improving to 48.8 per cent from 40.4 per cent last year.
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NTPC to raise Rs 5,600 cr
Mumbai:  National Thermal Power Corporation (NTPC), which proposes to implement the Rs 8,100-crore Sipat project on 70:30 debt equity ratio, plans to borrow Rs 5,600 crore from domestic and external sources.

NTPC will make an equity contribution of Rs 2,400 crore through internal resources and also from the government funding. Of the total Rs 5,600 crore, nearly Rs 1,200 crore to Rs 1,500 crore will be borrowed from banks and financial institutions.

Nearly Rs 2,000 crore would be raised through bond issues and the balance from export credit agencies and external commercial borrowings.
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M&M plans tech transfer for tractors
Mumbai: Mahindra and Mahindra is exploring the possibility of selective transfer of technology for the manufacture of tractors with capacity of over 60 horse power. The company is exploring possibilities of selective technology transfer from an international player. The comapny is in talks with a Korean company from which it already sources tractors for selling in the United States.

M&M plans to have around seven plants in India. M&M officials said the company will also shift a considerable part of its production to its satellite plant, at various locations in India.
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Piramal to buy 50% in UK venture
Mumbai: Piramal Enterprises Ltd will buy the 50 per cent stake in the joint venture BUPA Piramal Healthcare Ltd from the UK-based healthcare organisation British United Provident Association (BUPA).

The joint venture operated the start up facility Wellspring, providing state-of-the-art ambulatory facilities.
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Modi Revlon to focus on personal care products
Mumbai: Modi Revlon is planning to shift its focus from tiny colour cosmetics to the volume-driven Rs 3,000-crore personal care products category.

The company has decided to restructure the organisation into two divisionscosmetics division and personal care division. While the former will focus on lipsticks, nail enamels, face and eye products and will be serviced by the existing sales team, the personal care division will dedicatedly drive the Colorsilk hair colors, Flex shampoo, Charlie fragrances and skincare products.

To strengthen its personal care division, the company has entered into a distribution agreement with Win Medicare, an associate pharma company which will give Modi Revlon access to 1,20,000 chemists outlets.
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SBI Q3 net triples
Mumbai: State Bank of India has reported a 178.97-per cent rise in net profit at Rs 613.89 crore for the third quarter ended December 2001 as compared to Rs 220.05 crore in the corresponding previous quarter.

The bank's total income for the quarter rose to Rs 8,366.46 crore from Rs 7,262.60 crore. This includes higher income on investments at Rs 3,632.37crore (Rs 2,706 crore).

Total expenditure at Rs 6,993.87 crore (Rs 6,138.01 crore) included interest expended at Rs 5,194.42 crore (Rs 4,490.50 crore) and operating expenses at Rs 1,799.45 crore (Rs 1,647.51 crore).

For the nine months, the net profit was higher by 43.81 per cent at Rs 1,815.93 crore as against Rs 1,262.70 crore.
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Ranbaxy to get $15 m from Eli Lilly
New Delhi: Ranbaxy Laboratories Ltd will receive $15 million from the US-based Eli Lilly and Company, following the final wrap-up of their mutual decision to part ways.

Ranbaxy Pharmaceuticals Inc, a wholly-owned subsidiary of RLL, and the US-based Eli Lilly mutually terminated their manufacturing agreement this month. As part of the termination, the US firm paid $5 million to RPI on 29 January.

It has also transferred and assigned intellectual property rights comprising certain patents and trademarks to RPI, apart from technical know-how for the manufacture of products.

Subsequently, RPI will manufacture the products transferred from Eli Lilly at its own facilities in New Jersey.
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Hindalco board okays buyback
New Delhi: The board of directors of Hindalco Industries Ltd has approved a buyback of shares to the extent of 10 per cent of the company's share capital at a maximum price of Rs 825 per share.

The total amount of funds to be deployed would be Rs 428.20 crore.

Hindalco will deploy its surplus funds to buy back its shares which it considers is undervalued at the current moment.

Currently, promoters hold 23 per cent stake in Hindalco, which has an equity capital of Rs 74.5 crore.
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Microland to divest stake in Net Brahma
Bangalore: Microland Ltd will divest complete stake in its group company Net Brahma Technologies to Metro-Optix, a US-based telecommunications optical networking equipment provider for an undisclosed sum. Metro-Optix has decided to leverage the technical expertise and intellectual property developed by Net Brahma to kick-start its India Engineering Center.

Net Brahma has evolved from a networking software services provider to a leading IP-led products company that has built a number of protocol stacks in the areas of MPLS, BEP4, DiffServ, MGCP, MEGAGO and SIP.
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Binani Zinc plans expansion
Kochi: Binani Zinc has drawn up plans for an 8,000-tonne capacity expansion by the end of 2003 with an investment of Rs 35 crore.

The company plans to add another 100,000 tonnes in about three to four years' time at an investment of Rs 500 crore.

The company has entered into technical collaboration agreements with leaders in zinc such as Korea Zinc and the Belgium-based Umicore.
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Siyaram weaves new fabric
Mumbai: Siyaram Silk Mills Ltd, the flagship company of the Rs 1,000-crore Siyaram Poddar Group, has launched a new fabric called Mistair with the baseline The fabric that breathes.

The fabric range made with an exclusive technology, is used for making suits, trousers, safaris, sherwanis, jodhpuris etc.

Pegged at a price range between Rs 225 and Rs 400 per metre, the fabric has been devised by Rocky S, the Group's design consultant.
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Oriflame launches Valentine's range
New Delhi: Oriflame India Ltd has announced the launch of Valentine's range.

The new range includes a Valentine lipstick, nail polish, EdT and soap. While the lipstick in a special Valentine shade is priced at Rs 45, the nail polish is available in 8-ml packs at Rs 55.

The Valentine EdT is available in 30-ml bottles priced at Rs 110. The heart-shaped soap is available at Rs 18 for 50 gm.

The company has also launched the baby-care range that includes talc and oil. It is a microbiologically-controlled powder to keep the baby cool, dry and comfortable. The talc is priced at Rs 50 per 80-gm pack.
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PlayStation plans Net promos
Chennai: Milestone Interactive Software Ltd is all set to unveil an advertising campaign for the PlayStation software in India. The company, which is the Indian software partner for the recently-launched Sony PlayStation, will release the campaign in the next few weeks.

The campaign would initially be built around promos and contests associated with particular PlayStation games.

The company is also looking at bringing existing PlayStation owners together through Net-based promotions. A lot of the companys adspend on the electronic media will be focused on the Internet.
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Seagram to launch global brands in India
Bangalore: Seagram Manufacturing Ltd is poised to launch a slew of brands from its international portfolio of liquor in India soon.

Seagram's latest introduction will include premium whiskies such as The Glenlivet, Royal Salute and Chivas Regal (18 Years). The company has also identified Jacob's Creek for its foray into the domestic wine market.

These brands were likely to enter the Indian retail market early next financial year.
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KVB net up at Rs 25 crore
Coimbatore: Karur Vysya Bank has posted a 53 per cent growth in its net profit for the quarter ended December 2001, as against the corresponding quarter of the earlier fiscal.

The net profit increased to Rs 25.09 crore (Rs 16.38 crore).

The total income increased to Rs 150.60 crore (Rs 125.24 crore), registering 20 per cent growth, while the total expenditure (excluding provisions and contingencies) amounted to Rs 103.05 crore (Rs 96.06 crore), increased by 7 per cent.

The total deposits stood at Rs 3,566.42 crore, while the advances moved to Rs 1,964.25 crore.
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SBM net up 57.76 pc
Bangalore: State Bank of Mysores third-quarter net profit rose by 57.76 per cent over the corresponding previous period to touch Rs 24.18 crore.

Operating profits rose 28.74 per cent to Rs 59.23 crore compared to Rs 46 crore in the corresponding previous period.

VRS expenses of Rs 23 crore, being written-off on a pro-rata basis, are included in the calculations.
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Dena Bank trims losses
Mumbai: Dena Bank has reduced its net losses during the quarter ended December 2001 to Rs 1.09 crore as compared to Rs 6.90 crore for the corresponding period of the previous year.

The bank has prepared a revival plan for the current fiscal which is under implementation under the supervision of the top management.

The bank's NPAs have risen by 8.63 per cent and it has recorded fresh slippages of Rs 314.67 crore during the nine-month period up to December 2001.
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Zenith Computers launches One-Up series
New Delhi: Zenith Computers Limited has launched the Zenith One-Up series, to take on the MNC dominated corporate PC market. Zenith One-Up Series, comprises the Zenith Premium desktop PC, the One-Up Safe Server and the One-Up Notebook.

Designed to be sleek and priced competitively at Rs. 49,999, the Zenith Premium PC claims to challenge all MNC products in the corporate segment on technology and superiority.

The Zenith Premium PC is a P4-based machine with an LCD monitor. The launch of One-Up range is a part of Zenith's strategy to aggressively target the corporate PC market with new range of products.
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Alcatel introduces OmniPCX Office
Mumbai: France-based Alcatel has launched its OmniPCX Office, an integrated communications system for small and medium enterprises in the country.

This solution provides internet, voice and data services in a single e-communications appliance.

OmniPCX Office can support from six to 236 telephone handsets, while all internet-based services and applications are managed via a single software.
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Hindujas plan film making
New Delhi: The Hinduja Group plans to set up a film studio and enter the overseas distribution market in a major way.

The group has earmarked Rs 100-crore for the movie project. Currently, ten movies are under production. These include Hum Do Hamara Ek, Socha Na Tha, 1931 Shaheed, Tere Pyar Ki Kasam and Yahoo. The recently released Sanjay Dutt starrer- Pitaah was also financed by the group.
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Nalco net declines at Rs 110cr
Mumbai: National Aluminium Company has posted a lower net profit of Rs 110 crore for the quarter ended December 2001.

This was 43 per cent lower than the Rs 192 crore recorded in the same period last year. Sales also was lower at Rs 593 crore (Rs 607 crore), a drop of 2.3 per cent, mainly due to the fall in realisations.

The company attributed the decline in its net to the sharp fall in realisations by Rs 111 crore compared to the comparable period last year.

The average metal prices on the LME fell to $1,400 per tonne from $1,518 per tonne. Since Nalco exports half of what it produces, it bore the brunt of the price fall.
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Gail Q3 net rises 26%
Mumbai: Gas Authority of Indias December quarter net profit rose 26 per cent on year because of increased gas transmission and LPG production.

Gail, which also has interests in liquefied petroleum gas and petrochemicals, said its net profit rose to Rs 306 crore from Rs 243 crore a year earlier.

Net sales expanded 7.3 per cent to Rs 2680 crore.
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Pentamedia Q3 net dips to Rs 33cr
Chennai: Pentamedia Graphics has reported a lower net profit of Rs 33.45 crore for the third quarter ended December 2001, a decline of 37 per cent from Rs 53.15 crore recorded for the corresponding period the previous year.

Total revenues decreased to Rs 117.84 crore (Rs 152.28 crore). The revenue from films & TV division and interactive multimedia was Rs 47.73 crore and Rs 45.73 crore respectively.

Gross profit was down at Rs 46.63 crore (Rs 62.35 crore). Depreciation was at Rs 13.18 crore (Rs 8.83 crore). The paid up equity capital was at Rs 60.46 crore (Rs 43.46 crore).

Recently the company released its animation film Alibaba in India. It is waiting for a right time to release the movie in the overseas markets, particularly in the US.
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Raymond posts 12% decline in net
Mumbai: Raymond has posted a 12 per cent decline in net profit to Rs 18.6 crore during the third quarter ended December 2001 against Rs 21.1 crore in the same period last year.

The net profit figure is after a provision for taxation, including deferred tax, of Rs 8.12 crore.

The net profit figures are however not strictly comparable since there was no provision for tax in the third quarter of the previous year due to cumulative losses made in the nine-month ended December 2000.

Net sales during the third quarter was lower at Rs 257 crore against Rs 351.2 crore in the same period last year. These figures are again not comparable since the last year's figure include the sale of cement division which was divested in January 2001.
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MRF Q 1 profit at Rs 15cr
Chennai: MRF has weathered the downturn in the automobile market and protected its bottomline even as it reported a marginal fall in sales.

For the first quarter ending December 2001, it has sustained profit before tax at Rs 15.29 crore against Rs 15.25 crore in the corresponding period in the previous year.

After the tax provision of Rs 5.90 crore (Rs 5.61 crore), net profit amounted to Rs 9.39 crore (Rs 9.64 crore). After the new deferred tax provision of Rs 23 lakhs, net profit amounted to Rs 9.16 crore.

Net sales in the first quarter dropped by 9 per cent to Rs 518.65 crore (Rs 570.57 crore). MRF slashed interest charges by 21 per cent to Rs 11.45 crore (Rs 14.54 crore). Depreciation claimed Rs 21.27 crore (Rs 22.16 crore).
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Century Textiles Q3 net loss at Rs 4.4cr
Mumbai: Century Textiles & Industries has posted a net loss of Rs 4.4 crore for the third quarter ended December 2001 as compared to a net profit of Rs 8.81 crore in the same period last fiscal.

Net sales for the period under review stood at Rs 562.02 crore as against Rs 577.11 crore in the same period last year.

The other income was at Rs 19.66 crore in the reporting quarter (Rs 17.93 crore).
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ICL reports Rs 26.25-cr net loss for Q3
Chennai: India Cements has reported a net loss of Rs 26.25 crore for the third quarter ended December 2001 as against a profit of Rs 12.60 crore in the corresponding period the previous year.
Net sales also has come down to Rs 257.77 crore (Rs 334.06 crore). The sluggish demand for cement with practically nil growth in the markets of Tamil Nadu and a 5 per cent negative growth in Kerala market adversely affected the performance during the last quarter, the company said.

ICL's cement sales for Q3 was 10.23 lakh tonnes (11.49 lakh tonnes).

The operating profit for Q3 was down at Rs 44.01 crore (Rs 79.33 crore).
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Ciba Speciality Q3 net at Rs 2.9 crore
Mumbai: Ciba Speciality Chemicals (India) has posted a net profit of Rs 2.9 crore for third quarter ended December 2001 as compared to Rs 50 lakh in the same period of previous year.

The total income for the current quarter ended stood at Rs 98 crore as against Rs 86.5 crore in Q3 2000. The company has sold its land at Goregaon for Rs 20.3 crore, pending completion of the transaction and has not been included in the results.

The company said the results were not strictly comparable due to inclusion of operating results of Indo Swiss Textile Chemicals and Pigment Specialities India, which were amalgamated with the company with effect from 1 April 2000, and on account of non-inclusion of operating results of the performance polymers business.
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Madras Cements Q3 net down by 89%
Chennai: Madras Cements has reported a net profit of Rs 1.22 crore, down by 89 per cent compared to Rs 11.34 crore recorded in the corresponding period the previous year.

Net sales marginally increased to Rs 151.46 crore (Rs 145.66 crore). Other income was at Rs 72 lakh (Rs 20 lakh). Due to substantial drop in cement prices, the operating profit for Q3 decreased to Rs 34.76 crore (Rs 43.00 crore).

While interest charges rose to Rs 19.48 crore (Rs 17.25 crore), depreciation was at Rs 14.06 crore (Rs 14.41 crore). There was no provision for taxation.
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Sterlite Optical net profit plunges 91%
Mumbai: Sterlite Optical Technologies' net profit plunged to Rs 8 crore in the third quarter compared to Rs 89 crore in the same period last year, a fall of 91 per cent.

The company said that the poor performance was mainly because of low prices of optical fibre and optical fibre cables, which continued to be severely depressed in international markets. Prices of optical fibres are currently ruling at $20 to $25 per fibre km compared to prices in excess of $55 per km in the same period last year.

There has also been a significant fall in exports of optical fibre and fibre cable products, to Rs 3.2 crore in the third quarter from Rs 123 crore last year, the company said.
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Torrent divests stake in Sanofi-Torrent
Ahmedabad: Torrent Pharmaceuticals and Sanofi Synthelabo have formalised the sale of TPL's 50 per cent stake in their joint venture Sanofi Torrent India to Sanofi Synthelabo.

STIL had been formed as a 50:50 joint venture in 1996 between Torrent and Sanofi. The joint venture operated successfully for about five years, achieving the strategic intents initially envisaged by both partners.

STIL will now become a 100 per cent subisidiary of SS. The sale consideration for divestment is approximately Rs 25.49 crore vis-a-vis the original investment of Rs 1.50 crore in 1996-97.
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IPCL Q3 net down by 17.05%
Mumbai: Indian Petrochemicals has posted a lower net profit by 17.05 per cent at Rs 19.22 crore for the third quarter ended December 2001 as compared to Rs 23.17 crore in the same period last year.

Net sales declined to Rs 10,72.73 crore in the reporting quarter to Rs 1,167.77 crore in Q3 2000.

The other income stood at Rs 27.39 crore as compared to Rs 30.05 crore in the same period last year.

The pre-tax profits was marginally lower at Rs 21.22 crore Q3'01 as against Rs 23.17 crore due to substantial softening of end product prices.

IPCL has already arranged over Rs 850 crore to meet the obligations arising out of redemption of Euro convertible bonds which are due for redemption on 11 March 2002.
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Escorts slips to $4-m Q3 loss
New Delhi: India's third-largest tractor maker, Escorts, slipped into red in the third quarter hit by a strike at its manufacturing plants and poor overall tractor demand.

Escorts, the flagship of a diversified business group owned by the Delhi-based Nanda family, said it posted a loss of Rs 21.06 crore in October-December compared with a profit of Rs 7.87 crore in the year-ago quarter.

Net sales crashed 33.9 per cent to Rs 202 crore from Rs 306 crore.
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Thermax Q3 net at Rs 2.6cr
Mumbai: Pune-based Thermax has registered a net profit of Rs 2.6 crore for the third quarter ended December 2001 as against a net loss of Rs 4.47 crore in the same period of previous year.

Total income for the period under review decreased to Rs 106.59 crore as compared to Rs 111.35 crore in the corresponding period of previous year.

During the quarter, the company incurred extra-ordinary expense of Rs 2.72 crore towards voluntary retirement scheme for staff and workmen.

The board has also approved a proposal for amalgamation of Thermax Water Technologies, a wholly owned subsidiary, with itself.
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SREI reports 29% rise in Q3 PAT
Kolkata: SREI International Finance has registered a 29 per cent growth in its profit after tax at Rs 7.66 crore for the third quarter ended December 2001 over Rs 5.90 crore in the coresponding quarter of previous fiscal.
However, provision of Rs 2.13 crore for deferred tax in the quarter under review, which was not made last year, led to a decline in profit to Rs 5.53 crore from Rs 5.90 crore last year.
Total income during the quarter stood higher at Rs 29.84 crore from Rs 26.49 crore last year, but expenditure increased to Rs 21.36 crore from Rs 20.40 crore.

Gross profit stood at Rs 8.48 crore against Rs 6.08 crore in the third quarter of last fiscal.
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Tatas revamp TFL
New Delhi: The Tatas have restructured their holding in Tata Finance between October-December 2001 to hike promoters stake beyond 50 per cent from about 18 per cent.

Promoter stake in TFL jumped from 17.88 per cent in September to 50.8 per cent in the quarter ending December 31, 2001. During the same period, however, the stake of private corporate bodies fell to 14.15 per cent from 46.99 per cent earlier.
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S Korea's top high-tech venture collapses
Seol: South Korea's top high-tech business firm, Medison, collapsed under the weight of heavy debts.
Medison, one of the world's largest ultrasonic equipment makers, defaulted on promisory notes worth $3.3 million, prompting creditor banks to declare it insolvent.
The company has 247.2 billion won in interest-bearing debt, with short-term liabilities in excess of 175 billion won
Founded in 1985, Medison was once considered as a model for all venture businesses after it emerged as one of world's largest makers of ultrasonic medical scanners in early 1990s.
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