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Tuesday, October 31, 2000

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News

Banking and Finance
Vaidya bullish on IMD inflows
THE response to the IMD (India millennium deposit) scheme has been tremendous and subscriptions will exceed the RIB collections, according to Mr G.G. Vaidya, Chairman, SBI.



Stanchart sees scope in retail
THE 17-member board of Standard Chartered Bank Plc, which held a day-long meeting in New Delhi, took stock of the bank's plans for the future and its proposed thrust on markets in Asia, including expanding its operations in India.

Cement
Cement assn may sign supply pact with CIL
LEADING members of the Cement Manufacturers' Association (CMA) would be meeting the officials of Coal India Ltd (CIL) and its subsidiaries on Tuesday to finalise a draft coal supply agreement.

Corporate
Nestle table water from Italian Alps
SAN Pellegrino, ``sparkling natural mineral water'' from the Nestle stable, whose celebrity consumers include the likes of Tom Cruise, Sylvester Stallone, Harrison Ford, Al Pacino and even the former German Chancellor Helmut Kohl, will now be available i n the Indian market.

Petrofils to be wound up
THE Union Cabinet has decided to wind up the Vadodara-based Petrofils Co-Operative Ltd. which had run up losses worth Rs 460 crore in the past five years.

250 MUL workers rejoin duty
THE ongoing agitation at Maruti Udyog Ltd (MUL) took a new turn today when a group of more than 250 employees reported back to work after about 10 former office-bearers of past MUL labour unions split away from the agitating employees and rejoined work.

Non-supply of films to theatres `restricted trade practice'
DID you know that depriving the public of seeing movies in the cinema hall they are used to and the subsequent non-screening of films can be termed as a restrictive trade practice (RTP)?

Courts
HC ruling on regularising HMT casual labourers upheld
IN Hindustan Machine Tools vs. M. Rangareddy (Civil Appeal No. 7174 of 1996 decided on September 29, 2000), a Division Bench of the Supreme Court comprising Mr. Justice S. Rajendra Babu and Mr. Justice D.P. Mohapatra disposed of the appeals of the HMT ma nagement holding that the directions of the High Court for framing a scheme for absorption of certain casual workers as regular employees cannot be interfered with.

Financial Performance


SBI posts 71 pc rise in Q2 net
STATE Bank of India has reported a 71 per cent rise in net profit for the second quarter ended September 30, 2000 at Rs 605.70 crore on the back of changes in investment classification norms which resulted in a net gain of Rs 156 crore.

Reliance Petro Q2 net at Rs 402 cr
RELIANCE Petroleum Ltd (RPL) today reported a gross sales of Rs 14,308 crore during the first half of the current year ended September 30, 2000, and a net profit of Rs 726 crore. The net profit for the second quarter was Rs 402 crore against Rs 324 crore in the first quarter.

Steep fall in L&T net
THE net profit of Larsen & Toubro Ltd for the second quarter ended September 30, 2000 has plummeted to Rs 12.49 crore from Rs 87.61 crore in the quarter ended September 30, 1999.

BPL net slips to Rs 22.26 cr in first half
BPL Ltd's net profit in the first half of the current fiscal has been pegged at Rs 22.26 crores as against Rs 23.80 crores in the same period last fiscal. The gross turnover has also dipped to Rs 459.16 crores from Rs 493.99 crores.

TNPL net rises 159 pc in Q2
TAMIL Nadu Newsprint and Papers Ltd. (TNPL) has reported a 159.7 per cent jump in net profit and a 17 per cent increase in total income for the quarter ending September 30, 2000 over the corresponding period the previous year.

BASF Ltd
MUMBAI: BASF Ltd has reported a net profit of Rs 6.71 crore for the second quarter ended September 30 compared to Rs 6.08 crore for the corresponding period last year.

ITC Bhadrachalam
CALCUTTA: ITC Bhadrachalam Paperboards Ltd (BPL) has posted a net profit of Rs 19.91 crore for the half year ended September 30, 2000. According to a company statement, the PBT for the current quarter is placed at Rs 9.56 crore (Rs 6.09 crore). The profi t before taxation for the first half of the current fiscal was at Rs 21.45 crore (a loss of Rs 20.69 crore).

Chemplast Sanmar net down 82 pc in Q2
CHEMPLAST Sanmar Ltd has reported a turnover of Rs 88.33 crore and a net profit of Rs 2.03 crore for the quarter ended September 30. Comparatively, in the same period last year, the company had achieved a turnover of Rs 94.96 crore and a net profit of Rs 11.31 crore.

EIH Ltd
NEW DELHI: EIH Ltd, the flagship company of the Oberoi Group, has reported a 49 per cent jump in net profit for the quarter ended September. The net profit for the period was Rs 9.99 crore compared to Rs 6.71 crore achieved during the corresponding perio d of the previous year.

Exide Ind H1 net up 6 pc at Rs 21 cr
CALCUTTA: Exide Industries Ltd announced its half-yearly results (April to September 2000) here on Monday showing a marginal growth in gross sales at Rs 442.66 crore over the same period of the last year.

Gulf Oil net dips
MUMBAI: Gulf Oil India Ltd has posted a net profit of Rs 2.21 crore for the quarter ended September 30, 2000. This is a steep decline from the net profit of Rs 4.3 crore for the previous corresponding quarter.

Hoechst Marion
Hoechst Marion Roussel Ltd (HMRL) has posted a net profit of Rs 12.3 crore for the second quarter ended September 30 compared to Rs 4.7 crore during the corresponding period last year.

Jindal Strips Q2 net up at Rs 20.48 cr
MUMBAI: Jindal Strips Ltd (JSL) has registered a 23 per cent rise in net profit from Rs 16.64 crore to Rs 20.48 crore for the quarter ended September 30, 2000.

Jindal Vijayanagar Steel
Jindal Vijayanagar Steel Ltd (JVSL) has registered a net profit of Rs 8.82 crore for the quarter ended September 30 against the net loss of Rs 34.16 crore of the previous corresponding period, an official statement said.

Proctor & Gamble
Proctor & Gamble Hygiene and Health Care Ltd (earlier Proctor & Gamble India Ltd) has announced a 24-per cent increase in net profit, at Rs 18.54 crore for the quarter ended September 30, 2000, from Rs 14.95 crore the previous corresponding quarter.

Marginal dip in Glaxo Q3 net
MUMBAI:Glaxo India Ltd has registered a marginal drop in net profit at Rs 15.33 crore in the three months ended September 30, 2000 as against Rs 15.98 crore in the corresponding period last year.

Indo Rama Synthetics posts Rs.11.12 cr profit in H1
NEW DELHI: Aided by a relatively better finished product prices and increased capacity utilisation brought about by higher demand for polyester, Indo Rama Synthetics (India) Ltd (IRSL) has reported a net profit of Rs 11.12 crore f or the six-month period ended September 30, 2000.

Dr Reddy's Q2 turnover at Rs 164.6 cr, net up
HYDERABAD: Dr Reddy's Laboratories Ltd (DRL) has registered a significant growth in sales turnover and post-tax profit for the second quarter of the current fiscal year ended September 30, 2000.

Tata Chemicals
MUMBAI: Tata Chemicals Ltd announced it had returned to profit after its Q1 loss, with net profit at Rs 47.35 crore for the quarter ended September 30, 2000.

Foreign Trade


UK Minister for joint ventures in software
DESCRIBING the UK as a global leader in online trading, on par with the US and Canada, and ahead of Germany and Sweden, the British Minister for E-Commerce and Small Business. Ms Patricia Hewitt, has called for a partnership in learning with India IT ind ustry.

Forex
Sinha allays fears on Re
THE Finance Minister, Mr Yashwant Sinha, today dismissed fears over the depreciation of the rupee vis-a-vis the dollar saying it was no cause for concern as the economic fundamentals were strong.

Fedai screens turning `hot'
IT is becoming more expensive to watch the dollar-rupee bout live on screen. Foreign exchange dealers, who remain glued to the Reuters screens -- an integral part of any dealing room these days -- popping out green, blue and red numbers, are feeling the screens glow hot as the dollar celebrates Diwali in style against the rupee.

Information Technology
Unanimous GoM nod for DTH broadcast -- I&B Ministry to draft Cabinet note
THE Group of Ministers, headed by the Home Minister, Mr L.K. Advani, set up two years ago to frame a policy for direct-to-home (DTH) broadcasting, on Monday unanimously decided to allow multiple channels to be beamed straight into homes using the DTH pla tform.

`Indian IT cos should go for high-end products'
INDIA should change its image of being a ``body shopping source'' and position itself as a nation capable of developing high-end software products. Indian companies should take the lead in this regard and utilise the vast pool of skilled manpower that is available for developing such products for the world market, according to Mr Gopalaswamy Ramesh, Senior Director of Oracle Software India Ltd's India Development Centre.

Insurance
GIC arms may opt for coordination set-up
AFTER severing their links with the General Insurance Corporation (GIC), the four nationalised non-life insurance subsidiaries would work out a `loose coordination mechanism' to evolve common strategies on issues of mutual interest in the liberalised ins urance market.

Policy
T.R. Prasad is new Cabinet Secy
MR T.R. Prasad, currently Defence Secretary, will take over as the new Cabinet Secretary from November 1.

Meet skips petro price hike issue
THE Union Cabinet today did not take up the issue of reviewing the price hike of petroleum products, but the Railway Minister, Ms Mamata Banerjee, said she had written to the Prime Minister on the subject.

Power
NHPC proposes surcharge to fund addl capacity
THE National Hydro Electric Power Corporation (NHPC) has sought the Central Electricity Regulatory Commission's (CERC) nod for levy of a surcharge of ten paise on all Central sector power generation.

Karnataka warned against creation of LNG-based power capacity
THE Karnataka Government has been cautioned against power capacity creation based on liquefied natural gas (LNG),

States
Farmers'woes: AP for Central intervention
The Andhra Pradesh Government has decided to request the Central Government to intervene and resolve some of the problems faced by farmers in the State through support mechanism including market intervention by the Food Corporation of India (FCI), as was done recently in Punjab.

Karnataka's eco-impact study proposal cleared
THE Union Government has agreed to take up the Karnataka's proposal for an eco-impact study of the Bellary-Hospet iron-ore belt with the French environmental organisation -- Bureau de Recherches Geoligiques et Minieres (BRGM).

Kerala withdraws talks with TTP protesters
THE Kerala Government has called off reconciliatory talks with representatives of agitating local residents who have been protesting the discharge of effluents into the sea by Travancore Titanium Products Ltd (TTP), a public sector undertaking.

NRI firm bags beach resort project in AP
THE Andhra Pradesh Government has awarded the Rs.38-crore Rishikonda Beach Resort development project to the US-based NRI-promoted Indo-American Holiday Resorts Pvt. Ltd. which has pipped seven other bidders including the closely-contested bid of Ms. Vid isha Resorts Ltd.

Nabard aid for 2 development projects
CHENNAI: The National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 67.53 crore from the Rural Infrastructure Development Fund VI covering two projects in the State.

Transport
Cabinet okays ordinance for dedicated road fund
THE Union Government has decided to promulgate an ordinance for the creation of a separate dedicated fund made up of the proceeds from the Re 1 per litre cess on petrol and diesel for funding the development of national highways.


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