The Hindu Business Line : Friday, January 31, 2003

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

Scoreboard
SE Diary

Comments & Letters to the Editor to: bleditor@thehindu.co.in
Subscribe to: Business Line

Pick a Winner Stock Market Contest

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

Telecom Competition

Oil PSUs: Disinvestment dilemma

NPAs in Banking