Reliance Q2 net up at Rs.17,520 million
Mumbai: Reliance Industries Ltd has posted a net profit of Rs17,520 million for the quarter ended September 30, 2004 as compared to Rs12,630 million for the quarter ended September 30, 2003.

Total income (net of excise) has increased from Rs1,29,440 million in the second quarter of the year 2003 to Rs1,64,600 million in the quarter ended September 30, 2004.

The company has also reported that its gross sales are up 27 per cent at Rs22,917 crore and its EPS is at Rs12.50.
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L&T posts massive jump in Q2 net on the back of Ultra tech sale
Mumbai: Larsen & Toubro Limited has posted a massive jump in its second quarter net profit at Rs371.98 crore as against Rs81.26 crore in the corresponding quarter of the previous fiscal. The company said its revenues from engineering and construction (E&C) business are expected to grow by 30 per cent in the second half of 2004-05.

The profit for the quarter includes Rs353 crore as gain on the sale of shares of UltraTech Cemco Limited to Grasim Industries under the scheme of arrangement. Excluding the gain, the net profit would have been Rs92 crore representing an increase of 14 per cent over the same period last year, according to the company.

Total income surged to Rs3, 400.48 crore as compared to Rs2197.61 crore in the same period of 2003-04. The company also declared a dividend of Rs10.
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Raymond Q2 net dips
Mumbai: Raymond Limited has posted a 19 per cent dip in net profit at Rs32.04 crore for the second quarter ended September 30, 2004, compared to Rs39.49 crore posted during the same quarter of previous fiscal.

The company's total income surged to Rs353.92 crore from Rs311.13 crore posted during the second quarter of the previous fiscal.

The company's net profit for the six-month period ended September 2004 fell to Rs35.18 crore on a total income of Rs561.30 crore, as against a net profit of Rs60.41 crore on a total income of Rs499.36 crore.

The profit for the second quarter was impacted due to the depreciating rupee, which resulted in foreign exchange losses, higher interest charges, and a one time excise duty payment of Rs12.97 crore.

The company also incurred a VRS compensation payment of Rs1.01 crore, additional wages and benefits of Rs4.72 crore and higher raw material costs.
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Essar Steel Q2 net at Rs69.39 crore
Mumbai: Essar Steel Limited today reported a net profit of Rs69.39 crore for the second quarter ended September 30, 2004 as against a net loss of Rs26.54 crore in the corresponding quarter of the previous fiscal.

Total income during the reporting quarter grew to Rs1,437.94 crore as against Rs836.82 crore in the same period of 2003-04.

Steel production grew by more than 15 per cent with a total production of 5.35 lakh tonnes (4.65 lakh tonnes).

Total domestic sales during the reporting quarter grew by about 17 per cent at 3.37 lakh tonnes (2.87 lakh tonnes) while exports stood at 1.97 lakh tonnes (1.98 lakh tonnes). (PTI).
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Tata Power Q2 net dips 17 percent
Mumbai: Tata Power Company (TPC) has reported a 17.13 per cent drop in net profit for the second quarter ended September 30, 2004 at Rs141.5 crore as against Rs170.8 crore in the same period of the previous fiscal.

Total revenues from operations were down at Rs940.4 crore as compared to Rs1,061.9 crore in the previous fiscal. While, sales to Reliance Energy Ltd was up 8.5 per cent at 834 Mus, sales to BEST was up 2.8 per cent at 1,025 MUs.

Net profit for the first half dropped to Rs243.18 crore as against Rs270.24 crore while the revenues stood at Rs2,027 crore (Rs2143 crore).
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TVS Motor Q2 net drops marginally
Chennai: TVS Motor Company Limited has reported a marginal 7.40 per cent decline in its net profit for the quarter ended September 30, 2004 to Rs34.24 crore.

The turnover of the company has dropped to Rs751.52 crore in the second quarter from Rs773.62 crore in the same period last year. Sale of the company's range of two wheelers during the July-Sept period grew by 16 per cent from the April-June period, much higher than the industry average.

TVS Motor's motorcycles sales surged by 16.6 per cent (industry average 8.4 per cent), scooterettes by 17.1 per cent (17.2 per cent) and mopeds by 13.8 per cent (17.9 per cent) in the quarter, compared to the first quarter.

The exports for the second quarter grew by 67.70 per cent to 12,225 units from 7288 units in the same period last year.
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Cadila Healthcare Q2 net up 28.7 percent
Mumbai: Cadila Healthcare Limited has posted a 28.7 per cent rise in its consolidated net profit for the second quarter ended September 30, 2004 at Rs51.12 crore as against Rs39.71 crore in the corresponding period of earlier fiscal.

Meanwhile, consolidated total income surged to Rs354.99 crore as compared to Rs310.94 crore in the same period of 2003-04.

On standalone basis, the company posted a net profit of Rs43.17 crore as against Rs39.43 crore, while the total income increased to Rs318.53 crore (Rs 290.54 crore).
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Indian Seamless to merge group companies
Pune: The Pune-based Indian Seamless group has decided to merge it's group companies Indian Seamless Metal Tubes Ltd (ISMT) and Indian Seamless Steels and Alloys Ltd (ISSAL) into a new company to be called ISMT Ltd.

According to an official communication, the merger is expected to result in a saving of about Rs5-8 crore from reduction in fixed costs of common functions, in banking transaction costs and in operating costs in respect of procurement, inventories, etc. In addition, it would provide a hedge for ISSAL foreign currency loans and would result in generating a bigger and robust balance sheet.

It noted that the merged entity would be able to position itself as a strong steel-tube manufacturer and this would help in improving its global image and competitiveness. In addition, the combined business operations would insulate the steel business from the cyclical impact.

According to the release, the combined gross sales touched Rs647.83 crore and cash profit of Rs33.81 crore. The profit before tax stood at Rs16.91 crore and operating profit at Rs80.35 crore.

The combined entity will have a tax shield of over Rs700 crore and hence will not be required to pay any tax beyond the minimum tax for the next few years.
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Siemens sets up research centre
Bangalore: Global electrical and electronics engineering giant Siemens has inaugurated its new corporate technology (CT) research centre in Bangalore to carry out high end research activities.

Siemens Corporate Technology India (SCTI) centre will focus on research areas related to medical electronics, information technology and security automation.

Researchers at SCTI will be working on programmes centred on embedded systems for computer vision, smart visual and audio processing devices for security and automotive applications, client-server technologies for next generation of medical imaging solution and software engineering technologies for multi-site global product line developments.

SCTI is the ninth CT research facility for Siemens worldwide, and will serve as a network hub for part of the Asian regions. SCTI has hired about 11 researchers and will ramp up to 30 over the next few months. SCTI will be working closely with the Indian Institute of Technologies, the Indian Institute of Information Technologies and the Indian Institute of Science among others, he said.
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Indal Q2 net grows 50 percent
Kolkata: Indian Aluminium Co Ltd (Indal) has registered an 8 per cent growth in sales, both in the second quarter and the first half of 2004-05. While the first half ended with sales of Rs834 crore, the second quarter ended with sales of Rs423 crore.

Net profit for the second quarter registered a 50 per cent growth to end at Rs47 crore compared to the corresponding quarter of the previous financial year. Net profit for the first half jumped by 55 per cent to end at Rs88 crore.

Indal's exports during the first six months of 2004-05 were at Rs290 crore, marking a growth of 38 per cent. Similarly in the second quarter it went up by 40 per cent to end at Rs150 crore.

The company has stated that all its expansion projects are progressing as per schedule. These are alumina capacity expansion at Muri in Jharkhand from 110 kilo tonnes per annum to 500 kilo tonnes per annum.

The smelting capacity at Hirakud in Orissa is being expanded to 100 kilo tonnes per annum from 65 kilo tonnes per annum. Capacity of the power unit in this plant is being increased to 267.5 MW from the existing 67.5 MW.
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SAL Steel IPO price band at Rs.12-14
Mumbai: SAL Steel Ltd is entering the capital market with a public issue of 4.2 crore equity shares of face value Rs10 each. The entire issue is to be made through the book building process and the price band has been fixed between Rs12 and Rs14.

The books will open on November 1 and close on November 5. SAL Steel is a backward integration project by the Rs1,038 crore-Shah Alloys, the country's second biggest stainless steel manufacturer.

It intends to produce sponge iron, ferro alloys (mostly for consumption by Shah Alloys) and also set up rolling mills.

Currently, the company is owned 67.87 per cent by Shah Alloys.
The project cost is Rs203.31 crore and is being funded through Rs51 crore of promoters' contribution, Rs114 crore of term loans and the proceeds of the public issue, an official statement said.

The public offer constitutes 44.48 per cent of the post paid-up equity capital of the company, the statement said. Post-issue Shah Alloys' holding in SAL Steel will decline to 34.33 per cent.
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Indian Bank takes on TCS as tech partner
Chennai: Indian Bank has appointed Tata Consultancy Services Ltd. as its technology partner to implement its core banking solution (CBS) with the bank. TCS will implement the CBS (an integrated, enterprise-wide platform for all banking requirements) from the Sydney-based Financial Network Services, trade finance software from China Systems and customer relationship solution from PeopleSoft, says a TCS press release.

The project covers 500 branches of the bank's network (including overseas branches), over 17 million customers spanning across loans, deposits, branch automation and cards.

The CBS implementation will complement the bank's centenary programme target of automating 100 per cent of its branches in 2007, and 10 pilot branches will be operational in eight months.
TCS will be involved in system integration, including networking and data centre set up, the press release said.
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Titan Industries Q2 net up
Bangalore: Titan Industries Ltd has posted a net profit of Rs10.33 crore for the quarter ended September 30, 2004 as compared to Rs6.22 crore for the quarter ended September 30, 2003. Total income (net of excise) has increased from Rs205.22 crore in the SQ-03 to Rs273.61 crore in the quarter ended September 30, 2004.
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