Financial Daily from THE HINDU group of publications
Friday, January 31, 2003
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CORPORATE

MODERNISATION


Suven Pharma plans to expand
SUVEN Pharmaceuticals Ltd, the Hyderabad-based active pharmaceutical ingredients and intermediates manufacturer, has chalked out a detailed programme for future expansion. In a release to stock exchanges, the company said its future plans ... More

RESEARCH & DEVELOPMENT


Dr Reddy's halts trials of 3 molecules
AFTER Novo Nordisk and Novartis suspended clinical trials on two of the molecules of Dr Reddy's Laboratories Ltd, it now looks like the turn of Dr Reddy's to drop a few molecules on its own. The Hyderabad-based Rs 1,651-crore pharmaceutical ... More

ANNOUNCEMENTS


Indian Hotels board okays property sale
THE Indian Hotels Company Ltd (IHCL) has informed the BSE that its board, subject to requisite clearances, has approved the sale of two properties — Taj Blue Diamond in Pune and Taj Residency in Lucknow — to Piem Hotels Ltd. The ... More

`Divestment move won't hit ONGC expansion plans'
THE Union Government's disinvestment initiative would not affect ONGC's expansion programmes as the Government had taken a decision to hold not less than 51 per cent of the stakes in ONGC, Mr Subir Raha, Chairman and Managing Director, ONGC, has ... More

  • Nagarjuna bags four major contracts

    FINANCIAL PERFORMANCE


    Berger Paints Q3 net down to Rs 9.7 cr
    BERGER Paints India Ltd has reported a decline in net profit at Rs 9.66 crore for the third quarter of 2002-03, as compared with Rs 11.72 crore in the same period of the last year. There has been a huge increase in the provision for taxation ... More

    i-flex net profit rises 51 pc in Q3
    I-FLEX Solutions Ltd has posted a 51-per cent growth in net profit for the quarter ended December 31, 2002, at Rs 53 crore compared to Rs 34.9 crore during the corresponding period of the previous year. Total income for the quarter registered a ... More

    Digital GlobalSoft net up 10 pc
    DIGITAL GlobalSoft Ltd, a Hewlett Packard company, today reported a year-on-year growth of 10 per cent in net profit and 26 per cent in revenues for the third quarter ended December 2002, beating expectations. The net profit for the quarter ... More

    Heritage Foods Q3 net up 32 pc
    HYDERABAD: Heritage Foods (India) Ltd (HFIL), the Rs 165-crore milk and milk products company has registered a significant growth of 16.56 per cent in turnover and 32.05 per cent in net profit for the third quarter of current fiscal year ... More

    ABB net up 50%, dividend at Rs 6
    THE Indian arm of the Swiss-Swedish engineering major Asea Brown Boveri Ltd said its net profit for the year 2002 was Rs 97.17 crore, up 49.57 per cent from Rs 65.33 crore a year ago. The company reported a total income of Rs 1200.57 crore in ... More

    Gujarat Ambuja net up 12 pc
    GUJARAT Ambuja Cements has announced a 12 per cent year-on-year increase in net profit at Rs 56.46 crore, up from Rs 50.44 crore for the quarter ended December 31, 2002; this is contrary to market expectations which apprehended little improvement ... More

    Pokarna Q3 net doubles
    POKARNA Ltd, the Hyderabad-based Rs 69-crore company formerly known as Pokarna Granites, has posted a growth of 62.97 per cent in turnover and 109.94 per cent in net profit for the third quarter of the current fiscal ended December 31, ... More

    Promo expenses pull down Novartis net to Rs 12.2 cr
    NOVARTIS India today announced a net profit of Rs 12.2 crore for the third quarter ended December 31, 2002 compared to Rs 17.53 crore during the corresponding period last year. The company has reported net sales of Rs 136.82 crore (Rs 123.73 ... More

    CUMI net rises
    CHENNAI: Carborundum Universal Ltd (CUMI) has reported a net profit of Rs 4.42 crore for the quarter ended December 2002, as against Rs 4.32 crore in the corresponding quarter of last year. This includes a deferred tax credit of Rs 45 ... More

    Ramco posts higher loss
    RAMCO Systems Ltd has reported a higher net loss of Rs 9.64 crore on net sales of Rs 19.24 crore for the quarter ended December 31, 2002, against a net loss of Rs 8.09 crore on net sales of Rs 18.68 crore for the corresponding quarter last ... More

    CESC Q3 losses at Rs 31 crore
    CESC Ltd, the flagship company of the RPG group, has ended the third quarter with losses of Rs 31 crore against Rs 70 crore in the same quarter of the previous fiscal. Even as the West Bengal Government has challenged the tariff order awarded ... More

    SPIC posts lower Q3 loss on `debt restructure'
    SOUTHERN Petrochemical Industries Corporation (SPIC) has reported a lower net loss for the third quarter of the current year. The company made a net loss of Rs 31.97 crore, as compared to a net loss of Rs 49.56 crore for the quarter ended ... More

    Morepen sales up 14.91 pc in third quarter
    EVEN as the Rs 530-crore pharma and healthcare company, Morepen Laboratories Ltd, prepares to reap the benefits of its anti-allergy drug, Loratidine, from the US market - it has posted a 14.91 per cent rise in total income during the third ... More

    Timex posts 40 pc growth in sales
    TIMEX Watches Ltd has registered a 40 per cent growth in its sales during the third quarter ended December 2002 to Rs 23.47 crore from Rs 16.80 crore during the same quarter last fiscal. According to a company release, sales have increased by ... More

    Philips India back in black
    MUMBAI: Philips India has posted a net profit of Rs 84.3 crore for the year ended December 31, 2002 compared to a loss of Rs 21.2 crore in the previous year. The company has reported net sales of Rs 1615.7 crore for the year as against ... More

    Goldstone Tech income up 47 pc
    HYDERABAD: Goldstone Technologies Ltd, registered an income of Rs 11.91 crore for the quarter ended December 31, 2002, an increase of 47. 40 per cent and a net profit of Rs 1.01 crore as against loss of Rs 2.85 crore for the ... More

    Parrys Confectionery net loss rises
    CHENNAI: Parrys Confectionery Ltd has incurred a loss after tax of Rs.1.12 crore on a total income of Rs.22.44 crore for the three months ended December 31, 2002 as against the loss after tax of Rs.43 lakh on a total income of Rs.26 ... More

    D-Link India Q3 net at Rs 3.98 cr
    MUMBAI: D-Link India has posted a net profit of Rs 3.98 crore for the third quarter ended December 31, 2002 compared to Rs 2.16 crore during the corresponding period last year. Net sales for the quarter were Rs 41.28 crore (Rs 35.15 ... More

    Essar Steel prunes net loss
    MUMBAI: An improvement in steel prices resulting in higher revenues helped Essar Steel Ltd to reduce its net loss considerably to Rs 65.91 crore for the third quarter of 2002/2003 against a net loss of Rs 142.15 crore in the year-ago ... More

    Premier Instruments net up
    COIMBATORE: Buoyed by a robust contribution from the automotive instruments, sensors and accessories segment, Premier Instruments and Controls Ltd has recorded an increase in turnover, net profit and EPS in the third quarter of the ... More

    Nagarjuna Constn Q3 profit up
    HYDERABAD: Nagarjuna Construction Company Ltd has posted a turnover of Rs 112.73 crore and a net profit of Rs 4.11 crore for the third quarter of the current fiscal as against a turnover of Rs 111.9 crore and a profit of Rs 3.02 crore ... More

    Matrix Lab turnover, net zooms
    HYDERABAD: Matrix Laboratories Ltd (MLL) has registered a substantial growth both in turnover and net profit for the third quarter of current fiscal year ended December 31, 2002. While the turnover was up at Rs 78.74 crore from Rs ... More

    Nava Bharat net rises
    HYDERABAD: Nava Bharat Ferro Alloys Ltd has registered a growth of 38.92 per cent in turnover and 124.93 per cent in the net profit for the third quarter of current fiscal year ended December 31, 2002. The company achieved a turnover ... More

  • Aftek net up

    RESTRUCTURING


    Sterlite to hive off copper business
    STERLITE Industries India Ltd has decided to hive off its copper business and its investments to a new company. The residual Sterlite company will retain power transmission line, aluminium conductor and other non-metal assets in the company. ... More

    Dabur okays pharma units' spin-off — Share allotment, co name to be finalised soon
    IN what is said to be Dabur India's biggest restructuring yet, the company's board has given its green signal for the demerger of its estimated Rs 163 crore pharmaceutical business from the FMCG business. Consultancy company Ernst & Young have ... More

    CDC for mandatory conversion of bonds?
    WHAT transpired at Wednesday's board meeting of Larsen & Toubro with respect to the crucial question of the demerger of its cement division? All that the CEO, Mr A M Naik, told reporters was that the reworked CDC proposal as well as the ... More

    MERGERS & ACQUISITIONS


    TVS may buy out collaborator in Sundaram-Clayton
    THE TVS group plans to buy out the American collaborator's stake in Sundaram-Clayton Ltd, it is reliably learnt. Sources close to the TVS group confirmed to Business Line that talks were on between the group and the collaborator, American ... More

    Floatglass, Asahi boards okay merger
    THE Boards of Asahi India Glass Ltd (AIGL) and Floatglass India Ltd (FGI) have approved the amalgamation of FGI with AIGL, subject to requisite statutory approvals. Under the terms of the merger, Asahi India will issue three equity shares of Re ... More

    SICK UNITS


    FIs drag Daewoo to Korean court
    DAEWOO Corporation of Korea just doesn't seem to be able to get its act together for its Indian subsidiary Daewoo Motors India (DMI). Troubles with the Indian authorities notwithstanding, the Korean chaebol is now being besieged on its home turf ... More

    OUTLOOK


    DaimlerChrysler to focus on pre-owned cars
    DAIMLERCHRYSLER India Ltd's thrust in the current calendar would be on improving the pre-owned car business and putting into focus the M class in the domestic market. Talking to Business Line, Mr. Hans Michael Huber, Managing Director ... More

    Maruti eyes 60 pc market share
    MARUTI Udyog Ltd, which is preparing for an initial public offer in March this year, has set a target of wresting a 60 per cent market share in the country's car market in the next three years by introducing new vehicles, improving quality of the ... More

    Forget the cause - `feel good' factor is back
    LIKE bright sunshine after the chill and the fog, the `feel good' factor is back, after a long recess(ion). Quiz any corporate on this and the honcho will confirm that it is back in the air. "Things look brighter, the despondence has gone. ... More


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    Top Stories
    Govt files appeal to vacate stay on TMCO


    The economy is not moving: Dr Raja Chelliah

    Dr Reddy's halts trials of 3 molecules

    Dabur okays pharma units' spin-off — Share allotment, co name to be finalised soon

    FIs drag Daewoo to Korean court

    Compromise settlement limit for NPAs raised to Rs 10 cr

    In Focus
    Kelkar Report
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    Simple Economics
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    2002: A drought year
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    Books and Reviews
    Looking back
    Jan. 19-Jan. 25
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    NPIL to replace nimesulide with `Vah'

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    New law in offing for limited liability partnership


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