Jubilant Q3 net up 90% on higher sales
New Delhi: Jbilant Organosys Ltd has reported a 90 per cent increase in net profit during the third quarter ending December 31, 2003. The company's net profit for the October-December 2003 quarter stood at Rs 23.7 crore compared with Rs 12.5 crore during the corresponding period last year, according to a company release here.

Jubilant also reported 22.3 per cent increase in sales turnover to Rs 230 crore during the period against Rs 188 crore last year. During the first nine months of 2003-04, the company's net profit rose 43.4 per cent to Rs 54.6 crore while sales stood at Rs 621.8 crore, a growth of 17.8 per cent, it said. The company announced an interim dividend of 75 per cent, it added.
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USFDA approval for Ranbaxy tablets
New Delhi: Ranbaxy Laboratories Ltd has received approval from the US Food and Drug Administration to commercialise minocycline hydrochloride tablets, an antibiotic used to treat bacterial infections. The product will be marketed exclusively by Florida-based Stiefel Laboratories Inc.

Dipak Chattaraj, president, Ranbaxy Pharmaceuticals Inc (RPI), a wholly owned subsidiary of Ranbaxy, says "efforts to provide an alternate dosage form to Stiefel's product portfolio utilising Ranbaxy's technical skills demonstrates synergy between the two companies that has been gained through this strategic alliance." Charles W. Stiefel, Chairman, president and CEO of Stiefel Laboratories, says, "this is a co-operative effort between Stiefel and Ranbaxy that is mutually beneficial to both organisations and of value to prescribers and patients."
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Maruti increases prices
New Delhi: Maruti Udyog Ltd has marginally raised prices of most its models to offset higher input costs. Maruti's largest selling models, the 800, Alto, Zen, WagonR and Esteem, will now be dearer by 0.2 per cent to 0.75 per cent. The price hike would have been higher but for the reduction in the peak customs duty announced by the Government on Thursday, the company said in a statement here. Maruti 800 will now be dearer by Rs 1,526 (Ex-showroom Delhi) while Omni van will cost Rs 1,239 more. Prices of Alto models are up Rs 671 and WagonR Rs 1,500.

Zen Lx and Lxi models will cost Rs 2,000 more, while the Vxi model will be dearer by Rs 1,069. Maruti has hiked prices of Esteem models by Rs 1,053. Prices of Beleno, Gypsy and Versa have not been increased. A Maruti 800 standard model will now be priced Rs 2,04,828 as compared to Rs 2,03,302. The new price of Omni 8 Seater is Rs 2,23,246 while Alto Lx is priced at Rs 2,65,684 now. The Zen Lx model will now cost Rs 3,34,574 and WagonR Lx Rs 3,26,904. The new price of Esteem LX model is Rs 4,67,700. (All prices ex-showroom Delhi).
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Infosys's EPS is catching up with revenue growth
Bangalore: Infosys Technologies has announced an upward revision in guidance for both revenues and per share earnings for 2003-04. And this was the key highlight of its earnings announcement for the third quarter ended December 31, 2003, says a report. Though this upward revision comes close on the heels of a similar revision made in the second quarter ended September 30, 2003, there is an interesting dimension this time around. It relates to the growth rates in the projected per share earnings catching up with the growth rate in projected revenues for 2003-04.

According to the latest guidance, the Infosys management has spelt out revenues from software development products and services of about Rs 4,715 crore and per share earnings guidance of Rs 186.20. This revised guidance accounts for a revenue growth of 30 per cent and per share earnings growth of 29 per cent, bringing the two more or less in alignment in growth terms. It may be recalled that the Infosys stock had been hammered on April 10, 2003 when its per share earnings growth guidance fell far short of the rise in revenue growth.
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Mallya raises offer price to buy out stake in Herbertsons
Bangalore: UB group chairman Vijay Mallya has substantially hiked his offer price to buy out Kishore Chhabria's stake in Herbertsons, though the two warring parties made a fresh joint plea before the Supreme Court seeking more time to try and settle the dispute over ownership of the country's third largest spirits company, says a report. Mallya said his new offer for Chhabria's entire stake would be around Rs 120 crore (a little in excess), up from the roughly Rs 100 crore which he had offered earlier. Chhabria owns 49 per cent stake in Herbertsons, while Mallya, who is in management control, has 29 per cent stake. Both parties are locked in a legal battle before the apex court after SAT in August last year regularised Mr Chhabria's stake in the company.

Mallya has disputed Mr Chhabria's acquisition of 19.8 per cent shares, which he alleged were mopped up in violation of the SEBI takeover code. "My offer price will be around Rs 120 crore. I am trying to settle the dispute, but one hand alone can't clap," Mr Mallya said while explaining that inconsistency on the part of Mr Chhabria was delaying the settlement. Mallya last met his rival 10 days ago as part of the ongoing negotiations but failed to clinch a conclusive agreement. "The money is ready and lying in the bank. Mr Chhabria can check if he wants to," the UB Chairman added. Meanwhile, the Supreme Court on Friday adjourned hearing in the case till Monday.
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Philip Morris wants say in Godfrey management
Mumbai: Philip Morris International (PMI), which holds 36 per cent equity stake in the K.K. Modi-controlled Godfrey Phillips India Ltd, seeks to regain a say in the management of the cigarette company. To begin with, the Philip Morris will seek to appoint three of its representatives on the company's board. PMI has no representation on the Godfrey Phillips board since1986 after three of its directors left the company following litigations related to tax payments, says report.

Dinyar S Devitre, senior vice-president and CFO of Altria Group Inc, the holding company of PMI, who is currently in India, says the group will seek re-appointment of three directors on the board of the Indian company. PMI, part of the $ 80-billion Philip Morris Group (changed its name into Altria Group a year ago) wants to increase its investment in the Indian company. But existing FDI norms (press release 18) do not allow PMI to increase its stake in Godfrey Phillips without an NOC from the Indian partner. The foreign company is also not allowed to set up or buy out other manufacturing facility in the country without the NOC.
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