Tata Infotech Q3 net at Rs 83.80 million

Tata Infotech Ltd has reported a net profit of Rs 83.80 million in the quarter ended December 31, 2000 as compared to Rs 18.70 million in the same quarter for the previous fiscal. Sales are up by 14.70%, at Rs 1339.40 million in DQ 2000 as against Rs 1167.70 million in DQ 99. Other Income stood at Rs 17.30 million in the quarter ended December 31, 2000 as compared to Rs 21 million in the quarter ended December 31, 1999 The increase in profit over previous year's quarter reflects the continuing improvement in the Company's operations quarter on quarter. The Company expects this trend to continue in the fourth quarter.

IDBI EGM approves Bonus issue

The shareholders of Industrial Development Bank of India (IDBI) at the Extra ordinary General Meeting held on January 23, 2001 have approved the issue of Bonus shares in the ratio of 3:5 (i.e. 3 bonus shares for every 5 equity shares held), as has been recommended by the Board of Directors, by capitalisation of Capital Reserve and a part of share premium account. IDBI has fixed February 26, 2001 as the Record Date for the purpose of entitlement of Bonus Shares. s

Zee Tele Q3 net up by 29.28%

Zee Telefilms Ltd has reported a net profit of Rs 321.40 million in the quarter ended December 31, 2000 as against Rs 248.60 million in the same quarter for the previous fiscal. Net Sales increased by 17.91%, at Rs 1031.20 million in DQ 2000 as compared to Rs 874.60 million in DQ 2000. Other Income stood at Rs 101.60 million in the quarter ended December 31, 2000 as compared to Rs 28.30 million in the quarter ended December 31, 1999.

MTNL Q3 net up by 30.89%

Mahanagar Telephone Nigam Ltd has reported a net profit of Rs 4766.94 million in the quarter ended December 31, 2000 as compared to Rs 3641.98 million in the same quarter for the previous fiscal. Net Income from Services are up by 20.48%, at Rs 14686.59 million in DQ 2000 as compared to Rs 12189.71 million in the quarter ended December 31, 1999. Other Income for the quarter ended December 31, 2000 stood at Rs 747.28 million as against Rs 564.07 million in the quarter ended December 31, 1999. Interest Expenditure in DQ 2000 is at Rs 17.64 million as compared to Rs 6.30 million in DQ 99.

Dabur India Q3 net up by 42.31%

Dabur India Ltd has reported a net profit of Rs 219.30 million in the quarter ended December 31, 2000 as against Rs 154.10 million in the same quarter for the previous fiscal. Net Sales increased by 10.21%, at Rs 3156.60 million in DQ 2000 as against Rs 2864.20 million in DQ 99. The Equity shares of the Company of Rs.10 each was split into 10 equity shares of Re 1 each on 15th December, 2000.

Videocon International Q3 net up by 1.03%

Videocon International Ltd has reported a net profit of Rs 390.80 million in the quarter ended December 31, 2000 as against Rs 386.80 million in the same quarter for the previous fiscal. Net Sales increased from Rs 7702.60 million in DQ 99 to Rs 8594.70 million in DQ 2000. Other Income stood at Rs 5.30 million in the quarter ended December 31, 2000 as compared to Rs 7.20 million in the quarter ended December 31, 1999.

British eBusiness Minister launches Wipro's European Development Centre

Patricia Hewitt, British eBusiness Minister for eBusiness in the United Kingdom, today (January 25, 2001) launched the first Wipro Technologies European Development Centre in the UK. Based in Reading, the centre marks the first phase of Wipro's plans for investment in expanding its UK infrastructure. The centre will commence operations by providing application development support and maintenance of IS applications to Wipro's UK based customers such as Thames Water and NIL. The centre will initially consist of a team of around 50 highly trained application specialists and programmers. Wipro also has plans for hiring local talent to meet the demands of this centre. Wipro will provide localisied consulting and implementation services and undertake complete ownership of specific IS applications, supported through its other global distributed development centres. This centre will also be subject to the same world-class quality processes, which have been implemented in the rest of Wipro's development centres in India and the US.

Extra Ordinary items pulls down Voltas Q3 net by 91.43%

Voltas Ltd has reported a net profit of Rs 0.30 million for the quarter ended December 31, 2000 as compared to Rs 3.50 million in the same quarter last fiscal. Net Sales are up by 4.76%, at Rs 1909.40 million in DQ 2000 as against Rs 1822.70 million in DQ 99. Other Income for the quarter ended December 31, 2000 is at Rs 30.40 million as compared with Rs 31.20 million in the quarter ended December 31, 1999. The Company has extra-ordinary items comprising of Rs 20 million being profit on sale of assets and undertakings (net) and Rs57.50 million being VRS expenditure. The net extra-ordinary expenditure amounts to Rs 37.50 million.

Madras Cements Q3 net profit at Rs 113.40 million

Madras Cements Ltd has posted a net profit of Rs 113.40 million for the quarter ended December 31, 2000 as compared to Rs 8.60 million in the corresponding period last fiscal. Total Income for the quarter ended December 31, 2000 is at Rs 1458.60 million as against Rs 1243.20 million in the corresponding period last fiscal. The company's second unit at Alathiyur is according to schedule.

Escorts Q3 net profit at Rs 78.70 million

Escorts Ltd has posted a net profit of Rs 78.70 million for the quarter ended December 31, 2000 as compared to Rs 570 million for the corresponding period last fiscal. Net Sales for the quarter ended December 31, 2000 are higher by 13.97% at Rs 3059.50 million as compared to Rs 2684.30 million in the quarter ended December 31, 99. Other income for the quarter ended December 31, 2000 is at Rs 3 million as compared to Rs 770 in DQ 99 out of which non-recurring income was Rs 695.50 million in the quarter ended December 31, 99.

ICICI Q3 net down by 6.68%

ICICI Ltd. has posted a net profit of Rs 2529.30 million for the quarter ended December 31, 2000 as compared to Rs 2710.60 million in the corresponding period last fiscal last year. Income from operations stood at Rs 22348.70 million for the quarter ended 31, 2000 as against Rs 21269.50 million in the DQ 99. Other income for the quarter ended December 31, 2000 is at Rs 198.10 million as compared to Rs 246.10 million in DQ 99. Staff Costs have risen by 54.06% during the quarter ended December 31, 2000 at Rs 248.20 million as compared to Rs 161.10 million in the quarter ended December 31, 99.

Century Textiles Q3 net profit at Rs 88.10 million

Century Textiles and Industries Ltd has reported a net profit of Rs 88.10 million in the quarter ended December 31, 2000 as against Rs 19.30 million in the same quarter for the previous fiscal. Net Sales increased from Rs 5052.60 million in DQ 99 to Rs 5764.30 million in DQ 2000. Other Income stood at Rs 180.50 million in the quarter ended December 31, 2000 as compared to Rs 316.70 million in the quarter ended December 31, 1999. The Company has received approval of the Central Government under section 205(2)(c) of the Companies Act, 1956 to the Company's application for not providing depreciation in the Accounts for the year 2000-2001 in respect of three Divisions of the Company viz. Maihar Cement Unit II, Century Pulp and Paper and Century Denim. Hence no depreciation has been provided in respect of the said three Divisions in the financial results for the quarter ended December 31, 2000. Such depreciation in respect of the said three Divisions, aggregates to Rs 196.40 million for the quarter ended December 31, 2000. The net profit of Rs 88.10 is reflected accordingly. In the corresponding three months ended on December 31, 1999depreciation was fully provided including the said three Divisions of the Company and some adjustments were also made in respect of depreciation on ships. Hence, net profit for the three months ended on December 31, 2000 is not strictly comparable to that of respective corresponding period previous year.

Indo Gulf Q3 net up by 29.35%

Indo Gulf Corporation Ltd has reported a net profit of Rs 700.80 million in the quarter ended December 31, 2000 as against Rs 541.80 million in the same period last fiscal. Sales are up by 22.90%, at Rs 6863.80 million in DQ 2000 as compared to Rs 5585/- million in DQ 99. Other Income for the quarter ended December 31, 2000 is at Rs 64.80 million as compared to Rs 92.90 million in the quarter ended December 31,1999. An interim upward reassessment of the Urea Capacity and the consequent reduction in retention price by the Government coupled with the capping of production has severely affected the profitability of the Fertiliser business during the current quarter. However the long-term policy under preparation by the Government should hopefully ensure productive growth of the Fertilizer Industry by encouraging efficient operations like Indo Gulf. The Company has stated that the Copper business had another impressive quarter which helped the Company to post satisfactory results inspite of continued dismal performance of Fertiliser business.

Carrier Aircon Q3 net up by 16.15%

Carrier Aircon Ltd has posted a net profit of Rs 27.32 million for the quarter ended December 31, 2000 as against Rs 23.52 million in the corresponding period last year. Net sales increased by 18.87%, at 871.64 million in DQ 2000 as compared to Rs 733.29 million in DQ 99. Other income stood at Rs 15.31 million in DQ 2000 as against Rs 4.64 million in DQ 99.

Bank of India Q3 net up by 82.86%

Bank of India has reported a net profit of Rs 1280 million in the quarter ended December 31, 2000 as compared to Rs 700 million in the same quarter last fiscal. Interest earned is up by 15.34%, from Rs 11730 million in DQ 99 to Rs 13530 million in DQ 2000. Other Income stood at Rs. 1800 million in the quarter ended December 31, 2000 as against Rs 1640 million in the quarter ended December 31, 1999. The working results for the quarter ended 31st December 2000 have been arrived at after considering provisions for Non-Performing Assets, Taxation, Employee benefits viz. Bonus, Gratuity, Pension and Leave Encashment etc on an estimated basis. The Bank has successfully completed a subordinated bond issue aggregating Rs 2000 million in the private placement market. The Bank has implemented the Voluntary Retirement Scheme to rightsize employee deployment. VRS applications of more than 7500 employees have been accepted/likely to be accepted by the Bank. The payment in terms of the VRS scheme would be made in the ensuing quarter. The Bank has reported that the results for the quarter ended December 31, 2000 do not reflect the VRS expenses.

Moser Baer Q3 net up by 247.30%, Sales up by 114.32%

Moser Baer India Ltd has posted a net profit of Rs 370.23 million for the quarter ended December 31, 2000 as compared to Rs 106.60 million in the corresponding period last fiscal. Net Sales for the quarter ended December 31, 2000 stood at Rs 866.93 million as compared to Rs 404.50 million in DQ 99. Other income has increased from Rs 6 million in DQ 99 to Rs 57.83 million in the quarter ended December 31, 2000. The company attributed several factors for its continued rapid growth. Firstly global demand for optical media products continued to outstrip forecasts made by research agencies and analysts. Secondly contribution to sales from branded products and non-standard products increased significantly during the quarter ended December 31, 2000. Thirdly improvements brought about by R&D efforts enabled the company to increase manufacturing volumes from existing plants which in turn allowed the company to lower manufacturing costs while increasing margins. And finally during the quarter new customers accounted for 20% of sales.

Indian Overseas to raise Rs 1250 million to augment Tier II CAR

Indian Overseas Bank has decided to issue Unsecured Redeemable, Non Convertible Subordinated Bonds in the nature of promissory notes. The size of the issue is Rs 1250 million with an option to retain oversubscription of Rs 250 million. The Bonds are of the face value of Rs. 5,00,000 per Bond and the coupon rate for the bond is 11.30% p.a.The minimum tenor for the Bonds is 67 months and the redemption will be at par. The issue will open on January 29, 2001 and the will close on January 31, 2001. The Bonds are eligible investments for scheduled Commercial Banks, Insurance Companies, Financial Institutions, Corporates, Regional Rural Banks, Co-operative Banks, Mutual Funds, Provident/Superannuation/Gratuity Trusts, Individuals and any other investor permitted to invest in such Bonds. The current issue is aimed at augmenting the Tier II Capital Adequacy Ratio (CAR) and for enhancing the long-term resources of the Bank.

Ipca Lab Q3 net profit down by 69.53%

Ipca Laboratories Ltd has posted a net profit of Rs 20.60 million for the quarter ended December 31, 2000 as against Rs 67.60 million in the quarter ended December 31, 1999. Total income stood at Rs 986 million in DQ 2000 as compared to Rs 996.80 million in DQ 99. The turnover/profitability of the Company is affected due to: a) Lower Export turnover mainly to US and European markets. b) Higher energy cost due to steep rise in the petroleum prices and c) Kandla Plant under renovation for most part of the financial year under report now in operation after obtaining UK MCA approval. The Board has already declared an interim dividend of 35% for the financial year 2000-01 and the dividend warrants have been mailed to all the eligible shareholders on 19th December 2000.

GIC Housing Finance Q3 net profit at Rs 9.10 million

GIC Housing Finance Ltd has posted a net profit of Rs 9.10 million in the quarter ended December 31, 2000 as against a net loss of Rs 16.10 million in the same quarter previous fiscal. Operating Income rose by 8.02%, at Rs 207.50 million in the quarter ended December 31, 2000 from Rs 192.10 million in the quarter ended December 31, 1999. Other Income stands at Rs 8.40 million in DQ 2000 as compared to Rs 10 million in DQ 99.

Falcon Tyres Q3 net at Rs 4.39 million

Falcon Tyres Ltd has reported a net profit of Rs 4.39 million in the quarter ended December 31, 2000 as compared to a net loss of Rs 26.07 million in the quarter ended December 31, 99. Total Income for the quarter ended December 31, 2000 stood at Rs 239.10 million as against Rs 215.25 million in the quarter ended December 31, 2000. The company has constituted an Audit Committee at the Board of Directors held on January 24, 2001 in compliance with the requirements of the Corporate Governance Clause.

EIH Q3 net up by 79.78%

EIH Ltd has reported a net profit of Rs 277.40 million in the quarter ended December 31,2000 as compared to Rs 154.30 million in the same period last fiscal. Sales rose by 18.03%, from Rs 1108.70 million in DQ 99 to Rs 1308.60 million in DQ 2000. Other Income for the quarter ended December 31, 2000 stood at Rs 87 million as against Rs 123.50 million in the quarter ended December 31, 1999. Interest Expenditure increased from Rs 31.50 million in DQ 99 to Rs 52.60 million in DQ 2000.

Birla Corporation Q3 net loss at Rs 113.70 million

Birla Corporation Ltd has reported a net loss of Rs 113.70 million in the quarter ended Decemeber 31, 2000 as compared to loss of Rs 175.90 million in the same quarter previous year. Total Income stood at Rs 2076.20 million in DQ 2000 as compared to Rs 2115.40 million in DQ 99. The company's units Birla Synthetics and Soorah Jute Mills are under "Suspension of Work" since November 02, 1998 and October 30, 2000 respectively. The company has come out with a Rights issue of 2,20,01,528 Ordianary Shares of Rs 10 each for cash at a premium of Rs 9 per share aggregating to Rs 418/- million to the existing Ordinary shareholders of the company in the ratio of two Ordinary Shares for every five Ordinary Shares held. The issue has opened with effect from January 17, 2001.

Kalyani Steels Q3 net down by 88.40%

Kalyani Steels Ltd has posted a net profit of Rs 1.64 million in the quarter ended December 31, 2000 as compared to Rs 14.14 million in the same quarter last fiscal. Total Income rose from Rs 206.56 million in DQ 99 to Rs 291.44 million in DQ 2000, up by 41.09%. The company has reported that the Other Income in the current quarter includes profit on sale of Investements aggregating to Rs 79.28 million. The company's Rolling Mill at Ginigera has commenced commercial production on January 01, 2001.

Bajaj Steel Q3 net loss at Rs 2.06 million

Bajaj Steel Industries Ltd has posted a net loss of Rs 2.06 million for the quarter ended December 31, 2000 as compared to a net profit of Rs 16.36 million in the same quarter for the previous fiscal. Sales are down from Rs 218.09 million in the quarter ended December 31, 1999 to Rs 81.12 million in the quarter ended December 31, 2000. Other Income stood at Rs 2.66 million in DQ 2000 as compared to Rs 1.17 million in DQ 99.

Trading in Voltaire Leasing resumes from Jan 29, 2001

BSE has informed its members that the dealing in the securities of Voltaire Leasing & Finance Ltd will be resumed with effect from January 29, 2001. Earlier the members of the exchange were advised not to deal in the aforementioned securities.

BSE imposes special margin on Dagger-Forst

BSE has imposed a special margin of 25% per share on the scrips of Dagger-Forst Tools Ltd with effect from January 25, 2001.

Amara Raja Q3 net profit down by 5.98%

Amara Raja Batteries Ltd has reported a net profit of Rs 59.10 million in the quarter ended December 31, 2000 as compared to Rs 62.85 million in the same quarter last fiscal. Net Sales are up by 7.93%, at Rs 332.16 million in DQ 2000 as against Rs 307.76 million in DQ 99. Other Income for the quarter ended December 31, 2000 stood at Rs 11.84 million as against Rs 14.63 million in the quarter ended December 31, 1999.

SSI to announces Q2 results on Jan 31, 2001, earnings calls to follow

SSI Ltd will announce results for its second quarter ended December 31, 2000, FY 200-01, on January 31, 2001. Following the announcement, SSI Chairman and CEO Kalpathi S.Suresh will comment on the Company's performance in the quarter in a telephonic question and answer session with the viewers of CNBC India. The Company will also conduct three conference calls to discuss the quarterly performance. The first conference call is scheduled on January 31, 2001 exclusively for media persons. The second call is also scheduled on January 31, 2001 and is arranged for financial analysts and investors from Asia & India. The conference call is scheduled on the same day and is arranged for financial analysts and investors from India and USA.

Colour Chem Q3 net loss at Rs 5.90 million

Colour Chem Ltd has posted a net loss of Rs 5.90 million for the quarter ended December 31, 2000 as compared to a net profit of Rs 37.60 million in the corresponding period last fiscal. Total Income for the quarter ended December 31, 2000 stood at Rs 791.80 million as compared to Rs 717.10 million in the quarter ended December 31, 99.

Insilco Q3 net profit at Rs 41 million

Insilco Ltd has posted a net profit of Rs 41 million for the quarter ended December 31, 2000 as compared to Rs 13 million for the quarter ended December 31, 99. Total Income for the quarter ended December 31, 2000 is at Rs 167 million as compared to Rs 165.20 million in the corresponding period last fiscal. The current quarter results include operations of Patalganga Unit which was acquired on September 24, 1999 and started Commercial Production from October 02, 1999.

Century Enka Q3 net profit up by 75.56%

Century Enka Ltd has posted a net profit of Rs 240.70 million for the quarter ended December 31, 2000 as compared to Rs 137.10 million for the quarter ended December 31, 99. Net sales for the quarter ended stood at Rs 1912/- million as compared to Rs 2049.70 million in the corresponding period last fiscal. Other income of Rs 77.10 million for the quarter ended December 31, 2000 includes a writeback of Rs. 35.80 million being provision earlier made considered not required. Other income for the quarter ended December 31, 99 stood at Rs 45.30 million.

Ucal Fuel Systems Q3 net up by 14.16%

Ucal Fuel Systems Ltd has reported a net profit of Rs 23.91 million in the quarter ended December 31, 2000 as against Rs 20.94 million in the quarter ended December 31, 1999. Sales rose from Rs 286.36 million in DQ 99 to Rs 384.04 million in DQ 2000, up by 34.11%. Other Income for the quarter ended December 31, 2000 stood at Rs 6.45 million as against Rs 2.78 million in the same quarter last fiscal.

Other income helps SPIC post a net profit of Rs 319.04 million in DQ 2000

Southern Petrochemical Industries Corporation Ltd has posted a net profit of Rs 319.04 million for the quarter ended December 31, 2000 as compared to Rs 52.17 million in the corresponding period last fiscal. Net Sales for the quarter ended December 31, 2000 are lower by 33.68% at Rs 5717.78 million as compared to Rs 8622.55 million in DQ 99. Other income for the quarter ended December 31, 2000 stood at Rs 778.25 million as compared to Rs 55.25 million in the quarter ended December 31, 99. Other Income for the quarter ended December 31, 2000 includes profit on sale of equity shares of SPIC PHI seeds Ltd amounting to Rs 730.20 million.

Kalpataru Power Q3 net profit down by 45.23%, Sales up by 27.10%

Kalpataru Power Transmission Ltd has posted a net profit of Rs 27.60 million for the quarter ended December 31, 2000 as compared to Rs 50.40 million for the quarter ended December 31, 2000. Total Income for the quarter ended December 31, 2000 is at Rs 506.50 million as against Rs 397.80 million in the corresponding period last fiscal.

Usha Beltron DQ 2000 net profit at Rs 41.50 million

Usha Beltron Ltd has posted a net profit of Rs 41.50 million for the quarter ended December 31, 2000 as compared to Rs 130/- million in the corresponding period last fiscal. Total Income for the quarter ended December 31, 2000 is at Rs 1998.90 million as compared to Rs 2015.60 million in the quarter ended December 31, 99.

Hindustan Sanitaryware Q3 net profit down by 39.93%

Hindustan Sanitaryware & Industries Ltd has posted a net profit of Rs 18.50 million for the quarter ended December 31, 2000 as compared to Rs 30.80 million in the quarter ended December 31, 99. Total Income for the quarter ended December 31, 2000 is at Rs 391.60 million as compared to Rs 397.40 million in DQ 99.

Bharat Electronics Q3 net up by 7.94%

Bharat Electronics Ltd has posted a net profit of Rs 236.30 million for the quarter ended December 31,2000 as compared to Rs 218.90 million in the quarter ended December 31, 99. Total Income for the quarter ended December 31, 2000 is at Rs 3140.70 million as compared to Rs 2973.90 million in the quarter ended December 31, 99. Interest expenditure for DQ 2000 is lower by 23.96% at Rs 68.20 million as compared to Rs 89.70 million in the quarter ended DQ 99.

Grasim expects fall in VSF production at Nagda plant in next fiscal

Grasim Industries Ltd has informed BSE that there will be a production cut at the Company's VSF and Chemical plant at Nagda on account of scanty rainfall in Madhya Pradesh last monsoon. Due to this, there will be production cut at these plants at Nagda during April-June quarter of next financial year till the onset of the monsoon. This is however, not expected to impact the Company's VSF production/production of chemical products in the current financial year. The Company expects that the impact on the profitability of the above businesses on account of water shortage will be partly neutralised due to better performance of other businesses.

VST Industries Q3 net up by 61.27%

VST Industries Ltd has posted a net profit of Rs 60.80 million for the quarter ended December 31, 2000 as compared to Rs 37.70 million in the quarter ended December 31, 99. Total Income for the quarter ended December 31, 2000 stood at Rs 1824/- million as against Rs 1782.20 million in the quarter ended December 31, 99. The Company has entered into manufacturing arrangements for the manufacture of cigarettes, pursuant to the notification of Central Government exempting cigarettes from payment of Excise duty in the North East. In view of the contingencies involved, earnings on account of such manufacture will be considered later.

Wipro opens French office

Wipro Technologies, the global IT services business of Wipro Ltd has just opened its French office in Paris. "The entry into the French market represents a big step forward in our vision to be a truly global company" said Azim Premji, Chairman of Wipro Corporation, while launching Wipro's French operations. "Several Fortune 500 corporations in the US, UK and Japan have benefited from Wipro's wide range of world-class IT services. We look forward to working with leading French corporations and helping them to derive the benefit of IT." Operating there for the last 6 years, the European market has been a fast growing one for the 3 quarters ended December 2000. With a strong presence in the United Kingdom, Wipro has been working with leading companies like Transco, Thomas Cook, NTL.,Thames Water and Nortel, and in Scandinavia. Wipro has executed several large projects with major telecom companies. Wipro's French customers include telecom equipment maker Alcatel SA and telecom company France Telecom. "Wipro's portfolio of service offerings in the French market will address the IT requirements of the enterprise, technology and service provider markets," said Sudip Nandy, Vice President - Sales and Marketing of Wipro Technologies, European operations. He added that "The French market represents a very big opportunity for IT services providers," said You Mishima, Business Director of French operations for Wipro Technologies. "IT purchasers in the French outsourcing market are now looking beyond advantages in staff cost savings. They will buy Wipro's services for high quality, mission-critical applications that are delivered on-time and on-budget."

UTI Bank and Global Trust to consider scheme of Amalgamation

A meeting of the Board of Directors of UTI Bank Ltd is scheduled to be held on January 27, 2001 to consider the amalgamation of UTI Bank Ltd and Global Trust Bank Ltd. The Board will also deliberate and consider the recommended swap ratio as per the valuation report of M/s. SBI Capital Markets Ltd, a leading investment Bank. The Board will consider the Scheme of Amalgamation to be approved subsequently by the shareholders and RBI and relevant authorities, for the purpose of amalgamation of the two Banks.

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