TCS Q2 net up 51.8 percent
Mumbai: Tata Consultancy Services Ltd has reported a year-on-year increase of 51.8 per cent in net profit (excluding exceptional items) and a 43.5 per cent increase in consolidated revenues for the quarter ended September 30, 2004, under US GAAP.

The half-year revenues for the fiscal crossed the $1-billion figure, standing at the Rs4,630 crore mark. Net profit for the quarter ended September 30, 2004, rose to Rs576 crore, (excluding exceptional items) up from Rs379 crore for the corresponding year-ago quarter.

The company's annual comparative growth figures for its first quarterly results since its initial public offer were provided under US GAAP.

Revenues under US GAAP rose to Rs2,430 crore, up from Rs1,693 crore during the previous corresponding quarter. The gross margin stood at 45 per cent, operating margin at 27.47 per cent, and net margin at 23.71 per cent.

Profit after taxes from operations amounted to Rs538 crore. The company's net addition of employees during the quarter under consideration stood at 3,974; while it added 52 more clients .
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Hughes Soft Q2 net up 52 per cent
New Delhi: Hughes Software Systems (HSS) has posted a 52-per cent increase in net profit for the second quarter ended September 2004 at Rs25.8 crore on standalone basis, with the performance largely volume-driven.

With major growth coming from services business, HSS sales during July-September stood at Rs116.6 crore, a growth of 37 per cent compared with Rs85 crore in the same period previous year.
For half-year ended September 2004, its net profit rose to Rs50.6 crore (Rs32.3 crore).

On consolidated basis, HSS, along with its subsidiary Tenet Technologies, notched a profit after tax (PAT) of Rs25.6 crore, a 51 per cent growth. Its sales stood at Rs117.8 crore , growing 39 per cent.
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SEBI suspends CSE member Dinesh Kanoria
Kolkata: The Securities and Exchange Board of India (SEBI) has suspended Dinesh Kumar Kanoria, member of Calcutta Stock Exchange, for irregularities carried out while dealing with the scrip of MP Investment & Consultancy.

The suspension, valid for a month, followed a probe into transactions in the counter, which showed that there were many cross deals, courtesy trades that were artificial in nature and done to create a false appearance of trading in the market.

The broker had, in a reply, stated that all transactions were executed for clients, while trades were done only with a view to earn brokerage. Also, there was no intention to manipulate prices.
The regulator's order has stated that the price and order times were completely matched in a series of transactions.
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CyberMedia to come out with Rs.17crore IPO
New Delhi: Cyber Media (India) Ltd. has announced plans to go public with an initial public offering of 170 lakh equity shares of Rs10 each aggregating to Rs17 crore. The company plans to hit the market somewhere around the end of November or the beginning of December.

The company would go for a fixed price issue in the price range of Rs50-60 and will not take the book-building route. The issue proceeds would be utilised for publishing two magazines targeted at the international audience.

The first one would be a magazine on business process outsourcing and will be titled Global Outsourcing, while the second will be on the biotechnology sector and will be called BioSpectrum.

The company had reported a profit of Rs3.7 crore on a turnover of Rs58 crore for the year ended March 2004.
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