Wipro Q1 net rises 73 per cent
Bangalore: WIPRO Ltd surpassed expectations with a 11.3 per cent sequential net profit growth at Rs 357 crore even as its revenue slid marginally to Rs 1,769 crore. Net profit surged 73 per cent on a year-on-year basis while revenue was up 48 per cent from a year ago. The company, which beat its own guidance for the quarter ended June, said that revenues for global IT services are likely to grow by 8.16 per cent to $318 million for the September quarter.

The company added 35 new clients in the quarter under review, including 13 in R&D, 19 in enterprise services and three new clients in the IT-enabled services division, Wipro Spectramind.
Revenue for global IT services and products grew by 45 per cent year on year to Rs 1,343.6 crore. While R&D contributed 33 per cent, enterprise services accounted for 57 per cent. The remaining 10 percent came form BPO operations.
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TVS Electronics net up 77 per cent
Chennai: TVS-Electronics Ltd has reported a net profit of Rs 1.47 crore on revenues of Rs 70.91 crore for the second quarter ended June 30, as against a net profit of Rs 83 lakh on revenues of Rs 61.78 crore for the corresponding quarter last year. This represents a 77 per cent increase in net profit, and a 15 per cent growth in revenue respectively for the June 2004 quarter compared to same period last year. Export of peripherals, including UPS (uninterruptible power supply) system to Europe, increased to Rs 12 crore, a 30 per cent increase. It has also commenced sales in Nepal and Sri Lanka, and will move to Pakistan and Bangladesh during the current quarter.
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Bharti Q1 profit up at Rs.296 crore
New Delhi: Bharti Tele-Ventures' net profit for the first quarter ended June 2004 has jumped to Rs 296 crore compared to Rs 31 crore in the corresponding quarter last year. The telecom company's revenues touched Rs 1,705 crore, which is an increase of 65 per cent compared to the revenues in the previous corresponding period. Cash profit grew from Rs 226 crore in June 2003 to Rs 541 crore in June 2004 and EBITDA (earnings before interest, taxation, depreciation, pre-operating costs and amortisation) grew by 115 per cent from Rs 289 crore to Rs 620 crore. Bharti had 76.7 lakh mobile and over seven lakh fixed line customers, as on June 30, 2004 - an increase in customer base of more than 100 per cent over the corresponding period last year.
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Bharti pegs ADR offering at 200 m equity shares
New Delhi: BHARTI Tele-Ventures Ltd has said it will launch American Depository Receipts (ADRs) of up to 200 million equity shares which will allow foreign stakeholders in the company to offload part of their equity. The company said it was seeking the approval of shareholders in connection with the sponsored ADR secondary offering.

Currently, Warburg Pincus LLC holds a 19 per cent stake in Bharti, while Singapore Telecommunications Ltd has a 28.46 per cent share in the company. The number of equity shares to be offered by the shareholders has not been fixed.
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Bright Star increases stake in VST
Hyderabad: Bright Star Investments Pvt. Ltd has acquired 3,10,273 shares of VST Industries Ltd amounting to 2.01 per cent of VST's paid-up equity. Following the fresh acquisition, the holding of Bright Star stood at 36,42,297 shares, translating into 23.58 per cent of VST. In a communication to stock exchanges, Bright Star said the mode of acquisition was market purchase and the shares were acquired on Monday.
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Latest Mercedes C-class variant launched
Hyderabad: Daimler Chrysler India Ltd has launched the latest version of its C-Class sedan in Andhra Pradesh. The upgraded versions of the cars now feature clear headlamps and carry the successful turbocharged VNT 220 CDI diesel and the supercharged 200 Kompressor petrol engines.
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Tata Steel launches Wiron brand galvanised wires
Mumbai: Tata Steel has launched the Tata Wiron brand for its galvanised wires. The company had earlier launched other steel brands: Tata Shaktee, Tata Tiscon and Tata Steelium.
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