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Ram Informatics net profit at Rs 4.33 million, sales rise 49%

Ram Informatics Ltd has reported a net profit of Rs 4.33 million for the quarter ended June 30, 2000 as against Rs 2.72 million reported for the corresponding quarter in the previous year. The sales for the quarter were 49% higher at Rs 25.53 million as against Rs 17.14 million in JQ 99.

Orchid Chemicals Q1 net profit at Rs 91.91 million, sales rise 9.62%

Orchid Chemicals & Pharmaceuticals Ltd has reported a net profit of Rs 91.91 million for the quarter ended June 30, 2000 as against Rs 90.76 million reported in the same period of the last year. The sales for the quarter were Rs 878.37 million as compared to Rs 801.28 million in JQ 99. The other income for the quarter was Rs 3.38 million (JQ 99 Rs 2.97 million). While the interest expenditure decreased from Rs 80.28 million in JQ 99 to Rs 72.84 million in JQ 2000 the depreciation charge increased 47.91% from Rs 55.41 million in JQ 99 to Rs 81.95 million in the quarter ended June 30, 2000.

Indian Hotels Q1 net profit decline 21.58%, operating income up by 14.73%

The Indian Hotels Company Ltd has reported a 21.58% decline in the net profits for the quarter ended June 30, 2000 over the same period in the last year. The net sales for the quarter were Rs 1403.7 million as against Rs 1223.5 million in JQ 99. Other income for the quarter fell 49.82% from Rs 81.5 million in JQ 99 to Rs 40.9 million in JQ 2000. The interest expenditure increased from Rs 17.3 million in JQ 99 to Rs 72.1 million in JQ 2000. Similarly depreciation charge increased 24.51% to Rs 107.7 million in JQ 2000 from Rs 86.5 million in JQ 99.

ITC Ltd report 25.11% growth in net profit, gross sales up by 24.71%

ITC Ltd has reported a et profit of Rs 2.42 billion for the quarter ended June 30, 2000 as against Rs 1.94 billion in JQ 99. The gross sales for the quarter were Rs 24.14 billion as against Rs 19.35 billion in JQ 99. The net sales were Rs 10.06 billion, up 13.25% compared to Rs 8.88 billion reported in the corresponding quarter of the previous year. Other income for the quarter was Rs 177.3 million as against Rs 175.6 million in the same period of the last year. The company has prepared its quarterly results as per the Stock Exchange Regulations and has not taken into consideration the excise issues disputed by the company.

Electrosteel Castings fixes record date for Bonus Issue

The shareholders of Electrosteel Castings Ltd at its Annual General Meeting held today July 27, 2000 have approved the issue of Bonus Shares which have been recommended by the Board of Directors at their meeting held on May 12, 2000 in the ratio of 1:1 (One equity share for every equity share held). The Bonus shares will be distributed to the shareholders whose name appears in the Register of Members as on September 28, 2000.

Wipro Ltd PAT up 129% to Rs 1077 million in Q1 2000-01, PBIT of Wipro Technologies rise 146% in Quarter ended June 2000

Wipro Ltd has recorded sales and other income of Rs. 6,221 million for the quarter ended June 30, 2000, up by 47% over the previous year corresponding quarter. Profit after tax was Rs. 1,077 million, up 129% from Rs. 470 million in the quarter ended June 1999. Wipro Technologies claimed to be the largest publicly listed software exporter in India and the first software services provider to be assessed at SEI Level 5 in the world, grew its sales and other income by 82% to Rs. 3,555 million. Profit before interest and tax (Operating Margin) was Rs. 1,103 million a growth of 146% over the corresponding quarter of the previous year. Operating margin to sales for the quarter improved to 31% from 23% in the quarter ended June 1999. Wipro's technology division (Global R&D and Telecom Solutions ) contributed 48% of the software revenue while the enterprise divisions accounted for the balance 52%. During the quarter, the telecon domain accounted for 67% of the revenue from the technology divisions, and electronic commerce contributed 27% of the revenue from the enterprise divisions. Return on average capital employed for the quarter annualized was 61% for Wipro Ltd. Segment wise return on average capital employed was 109% for Wipro Technologies, 45% for Wipro Infotech and 75% for Wipro Consumer Care and Lighting, computed on a similar basis.

Kale Consultants acquire "Speedwings"- operating division of British Airways Plc.

Kale Consultants Limited (KCL) , provider and developer of enterprise application software products for Airlines and Banking , today (July 27, 2000) announced a strategic acquisition of some important software assets of Speedwing, the independent operating division of British Airways Plc. The contract will transfer the Intellectual Property Rights (IPR) and marketing rights for three Cargo systems: Cargo Systems Partnership (CSP), Amber Cargo Revenue Accounting and Mercury Operations. It will also transfer the support, maintenance and exclusive marketing rights of the COPS, the world's most widely used Passenger Revenue Accounting proration system to KCL. The combination of KCL's existing proration product APEX and COPS will make KCL the undisputed market leader for proration systems in the world. Both the companies believe that their customers' interests are best served by this acquisition. For Speedwing it would mean that its clients' in safe hands, given Kale's increased commitment to the airline industry. For Kale, its ability to address a larger segment of the airline industry with a wider suite of products will enable it to strengthen its marketing network as well as support teams worldwide and thus support both its existing customers as well as those who come on board now more efficiently.

CMC Q1 net profit up by 17.85%, sales down by 9.25%

CMC Ltd has posted a net profit of Rs 23.07 million for the quarter ended June 30, 2000 as compared to Rs 19.58 million for the quarter ended June 30, 99. Net Sales for the quarter ended June 30, 2000 are at Rs 692.50 million as compared to Rs 763.07 million for the quarter ended June 30, 99. Other income has grown from Rs 4.04 million in JQ 99 to Rs 10.96 million for the quarter ended June 30, 2000.Establishment & Media Expenditure has increased by 13.72% in the quarter ended June 30, 2000 at Rs 296.20 million as compared to the same period last year.

Gujarat Gas JQ 2000 net profit rises 66.62%, sales rise 35.11%

Gujarat Gas Company Ltd has reported an impressive 66.62% growth in the net profits for the quarter ended June 30, 2000 over the corresponding period in the previous year. The sales for the quarter were Rs 697.31 million as against Rs 516.1 million in JQ 99. The interest expenditure for the quarter increased from Rs 15.16 million in JQ 99 to Rs 26.9 million in JQ 2000. Depreciation for the quarter was Rs 28.35 million, 10.97% higher compared to Rs 25.55 million in the same period of the previous year.

Tata Power Q1 net profit up by 5.18%

Tata Power Ltd has posted a net profit of Rs 409.90 million for the quarter ended June 30, 2000 as compared to Rs 389.70 million for the same period last year. Net sales for the year ended June 30, 2000 are up by 28.99% at Rs 4316.70 million as compared to Rs 3346.60 million in the same period last year Other income for the quarter ended June 30, 2000 stood at Rs 242 million as compared to Rs 275.10 million in the quarter ended June 30, 99. The Board of Directors at their meeting held on 14 th June 2000 have approved a scheme to merge Andhra Valley Power Supply Company Limited and Tata Hydro Electric Power Supply Company Limited pending shareholders and courts approval The quarterly results are not representative of the results for the whole year.

Cummins India to invest Rs 100 million in subsidiary to provide complete power solutions

The Board of Directors of Cummins India Ltd has decided to invest a sum of Rs 100 million in Power Solutions Private Ltd (PSPL), a newly formed company. PSPL was incorporated on July 19, 2000. Power Solutions Pvt. Ltd would focus on the business of providing total power solutions to meet the power requirements of the end users and inter alia, would provide gensets on rental, undertake powerhouse maintenance contracts, etc. PSPL will be a 100% subsidiary of Cummins India Ltd. The Board of the company has co-opted at its meeting held today (July 27, 2000) Mr. Jim Rugg as Director of the company.

Indian Rayon reports Rs 106.1 million net profit, sales grow 27.9%

Indian Rayon & Industries Ltd, an Aditya Birla Group company has reported a net turnover (after Excise Duty) of Rs 3193.9 million for the quarter ended June 30, 2000 reflecting a growth of 24.7% over the corresponding quarter of the previous year. The net profits for the quarter stood at Rs 106.1 million as against Rs 97.6 million in in JQ 99, a growth of 8.71% over the same period of the last year. Exports for the quarter stood at Rs 859.4 million. The gross profit before payment of Royalty was higher at Rs 314.8 million as against Rs 294.2 million in the comparable quarter ended June 99. The company has achieved a net profit of Rs 106.1 million vis-à-vis Rs 97.6 million. Consequent to the positive impact of the buy-back programme completed last year, the earnings per share has increased by 22.07%.

Munjal Showa Q1 net profit up by 6.05%, sales up by 32.85%

Munjal Showa Ltd has posted a net profit of Rs 37.48 million for the quarter ended June 30, 2000 as compared to Rs 35.34 million for the same period last year. Net sales for the quarter ended June 30, 2000 are up by 32.85% at Rs 600.78 million as compared to Rs 452.23 million in the same period last year. Other income has increased from Rs 2.61 million in JQ 99 to Rs 2.77 million in the quarter ended June 30, 2000.

SAIL reduces Q1 net loss by 62.24%, sales up by 11.16%

Steel Authority of India Ltd, the PSU steel major has reduced its first quarter 2000 losses by 62.24% from Rs 6.1 billion in JQ 99 to Rs 2.31 billion in the quarter ended June 30, 2000. The sales for the quarter were Rs 38.75 billion as compared to Rs 34.86 billion in JQ 99.

Hind Lever Chemicals post net loss of Rs 198 million in Q2

Ad hoc subsidy rates and inordinate delays of months in payment of subsidy has led to Hind Lever Chemicals Limited (HLCL) recording a loss in the 2nd Quarter of 2000. This is the first time that the fertiliser and bulk chemicals business of the company has declared a loss, for circumstances beyond its control. The company posted a net loss of Rs 198 million in the 2nd quarter this year (1999 2nd quarter net profit of Rs 137 million). Consequently, despite a net profit of Rs 82 million in the 1st quarter this year, HLCL has posted a net loss of Rs 116 million in the 1st half (1999 1st half net profit of Rs 179 million). A major reason for the loss was ad hoc reduction in the final subsidy rate for the past year, all of which had to be accounted for in the 2nd quarter. The impact (before tax) of this subsidy reduction was Rs 122 million. The inordinate delay in releasing subsidy payments which still continues, coupled with trade credit in the face of a glut in the market, contributed to Rs 44 million increase in interest cost. The unremunerative base rate announced for 2000-2001 and applicable to the 2nd Quarter has also significantly added to the loss. HLCL's on-account payments have been delayed by an average of three months, the balance 20% remains outstanding for more than 18 months for some states. The policy for payment of subsidies is to release 80% of the monthly amount as on -account on receipt of claims, and the remaining 20% on receipt of verification of sales from the state governments. HLCL's sales for the 2nd quarter amounted to Rs 1539 million (1999 2nd quarter Rs 1682 million). Despite a glut in the market, the total fertiliser volumes are in line with the corresponding period last year. However, sales realisation this year is lower than last year, mainly due to the reduction in the DAP subsidy. Consequently, the 1st half sales amounted to Rs 3854 million (1999 1st half Rs 3706 million). However since bulk of fertiliser sales takes place in the 3rd and 4th quarters, the half-yearly results are not indicative of the full years performance.

Sterlite Industries FY 2000 net profit up by 50.46%

Sterlite Industries Ltd has announced a 50.46% growth in the net profits for the financial year ended June 30, 2000. The profits for the year were Rs 2.42 billion as against Rs 11.61 billion earned in the same period of the last year. The sales for the year were Rs 29.25 billion as compared to Rs 20.35 billion in FY 99. Other income for the year was Rs 389.5 million as against Rs 338.4 million in FY 99. Interest expenditure increased from Rs 839 million in FY 99 to Rs 1549 million in FY 2000. The profits for the year are lower by Rs 102.21 million on account of a change in the accounting policy in respect of inventory valuation.

NIIT picks up stake in Classteacher.com

IT Education & Software major NIIT Ltd has picked up equity stake in Classteacher .com, an internet based communication and learneing solution for schools. Classteacher .com works in partnership with schools to provide a personalized learning module tailor-made for school children.

Ashok Leyland Q1 net loss increase 21.34%, sales decline 6.67%

Ashok Leyland Ltd has reported a net loss of Rs 196.86 million for the quarter ended June 30, 2000 as against Rs 162.24 million for the quarter ended June 30, 99. The sales for the quarter were Rs 4447.31 million as compared to 4765.4 million in JQ 99. The company earned other income of Rs 54.24 million as against Rs 5.21 million in JQ 99.

Click4Care selects Silverline to provide eBusiness solutions for its Health Management ASP

Click4Care, Inc., a health management Application Service Provider (ASP), has selected Silverline Technologies Ltd, to provide comprehensive eBusiness solutions to the organization. Silverline has been chosen as a "Strategy and Development Partner": to assist in developing and deploying Click4Care's core offering, the first complete digital population health management solution. The size of his project's first phase is $4.31 million. Silverline has the responsibility for technical strategy, architecture, design, implementation and deployment of the application as an ASP product, As part of the solution, Silverline will integrate state of-the-art healthcare security and natural voice recognition technology to the application. In addition, Silverline will enable this application over PDA (Personal Digital Assistant) and WAP (Wireless Application Protocol) technologies. "We are excited to partner with Click4Care and address their end-to-end requirements of eBusiness solutions including hardware, software and third-party tools. This will also enhance our ability to provide mission-critical e-Business initiatives for our clients", remarked Shankar Iyer, CEO and President of Silverline Technologies. Click4Care's flagship application is the first patient-through-provider, population health management application that can reduce health plans enormous clinical and administrative costs via collaborative Web-and telephony-based tools.

Smithkline Beecham Pharma Q2 net profit increases 55%

Smithkline Beecham Pharmaceuticals (India) Ltd has reported a net profit of Rs 85.53 million for the quarter ended June 30, 2000 as against Rs 55.16 million reported in the same period of the previous year. The sales for the quarter were Rs 881.42 million as against Rs 926.69 million in JQ 99. The company has been affected negatively by the imposition of high import duty on Hepatitis-B Vaccine and government mandated price reductions. Depreciation charge for the quarter was 109.89% higher at Rs 1.72 ,million as against Rs 5.11 million in JQ 99.

MRF Q3 net profit falls by 45.62%, declares 30% interim dividend

MRF Ltd has posted a net profit of Rs 119.80 million for the quarter ended June 30, 2000 as compared to Rs 220.30 million for the same period last year. Net Sales for the quarter ended June 30, 2000 are higher by 5.12% at Rs 6069.80 million as compared to Rs 5774.10 million in the quarter ended June 30, 99. Other income has grown from Rs 5 million in JQ 99 to Rs 6.30 million in the quarter ended June 30, 2000. The Board of Directors at their meeting held on July 27, 2000 has declared 30% interim dividend for the year ending September 30, 2000. The record date for the aforesaid dividend is August 17, 2000.

Fire at Rane (Madras) Computer Department

A fire broke out at the computer department of Rane (Madras) Ltd's plant at Velachary, Chennai. The production was disrupted for about two hours in the second shift. However normal production resumed today from the starting hours of the first shift. The damage to the computer department is being assessed. Company has got a data back up for this plant at its other plants (at Mysore and Pondicherry). The company does not foresee any difficulty in getting back to computerised operations within the next ten days.

Titan Industries Q1 net profit at Rs 1.30 million

Titan Industries Ltd has posted a net profit of Rs 1.30 million for the quarter ended June 30, 2000 as compared to a net loss of Rs 51.80 million for the quarter ended June 30, 99. The net sales for the quarter ended June 30, 2000 are up by 18.96% at Rs 1139.60 million as compared to Rs 958 million for the same period last year. Other income has grown form Rs 3.80 million in the quarter ended June 99 to Rs 99.40 million in the quarter ended June 30, 2000 (which includes Rs 96.60 million being the profit on sale of equity shares of RDI Print & Publishing Ltd ) While the watch division increased its market share in the first quarter retail sales for the industry as a whole declined impacting the divisions profitability for the quarter. The first quarter results are not an indication of full year's performance Sales are skewed in the second and fourth quarters when trade purchases peak to meet consumer demand in the festival and marriage seasons which follow.

SBI Q1 net profit up by 32.73%

State Bank of India has posted a net profit of Rs 4617 million for the quarter ended June 30, 2000 as compared to Rs 3478.50 million for the quarter ended June 30, 1999. Interest earned for the quarter ended June 30, 2000 is up by 16.54% at Rs 59230.5 million as compared to Rs 50822.30 million in JQ 99. Other income for the quarter ended June 30, 2000 is Rs 8040.80 million showing a decrease of 3.04% as compared to the same period last year. Interest expended is at Rs 40504 million for the quarter ended June 30, 2000 as compared to Rs 36389.60 million in the quarter ended June 30, 99.

Parke-Davis net profit rises 42.04%, sales up by 10.82%

Parke Davis (India) Ltd has registered a net profit of Rs 54.4 million for the quarter ended June 30, 2000 against Rs 38.3 million reported for the corresponding quarter of the previous year. The sales for the quarter were Rs 532.8 million, 10.82% higher compared to Rs 480.8 million recorded in the same period of the last year. Other income increased 106.58% from Rs 24.3 million to Rs 50.2 million. Interest expenditure reduced considerably from Rs 20.9 million in JQ 99 to Rs 9.5 million in JQ 2000. The company provided tax of Rs 29.3 million in JQ 2000 as against Rs 5.1 million in JQ 99. The profits before tax and VRS expenditure was Rs 102.2 million reflecting a growth of 75% over Rs 58.4 million reported in JQ 99.

Hindustan Zinc Q1 net profit rise 36.28%, sales up by 5.51%

Hindustan Zinc Ltd has announced a 36.28% rise in the net profits for the quarter ended June 30, 2000. The company reported a net profit of Rs 385.8 million as against Rs 283.1 million in JQ 99. The sale for the quarter was Rs 4015.3 million as against Rs 3805.7 million in JQ 99. Other income rose 20.44% from Rs 81.7 million in JQ 99 to Rs 98.4 million in JQ 2000. Interest expenditure for the quarter reduced considerably from Rs 31.4 million in JQ 99 to Rs 6.6 million in JQ 2000.

Bombay Swadeshi to offer equity shares on preferential basis at Rs 250 per share

Bombay Swadeshi Stores Ltd. has informed BSE that at the meeting of the Board of Directors of the company held on 24.07.2000 the company has proposed to make an offer of 1,40,000 equity shares of Rs.10/- each for cash at a premium of Rs.240/- per equity share, aggregating Rs.350 lacs, on preferential basis to persons other than shareholders of the company subject to approval of the members at AGM of the company.

Kodak India Q2 net profit up by 104.58%

Kodak India Ltd has posted a net profit of Rs 102.70 million for the quarter ended June 30, 2000 as compared to Rs 50.20 million in the same period last year. The net sales for the quarter ended June 30, 2000 are up by 22.97% at Rs 1779 million as compared to Rs 1446.70 million in JQ 99. Other income has grown from Rs 3.70 million in JQ 99 to Rs 12.70 million in the quarter ended June 30, 2000. Since most of the planned capital expansions are volume dependent, the Companys capital expenditure programme is being planned in a gradual manner over the next two years. In addition to reducing the Companys short and long-term borrowings, some amount has been temporarily invested in Government Securities and Bonds.

Infosys in e-commerce partnership with Abu Dhabi Commercial Bank India

Infosys Technologies Ltd, India's leading IT Company, today July 27, 2000 announced that Abu Dhabi Commercial Bank (Indian Operations) will be offering Internet banking services to customers in India using BankAway, the powerful e-Commerce platform from Infosys. Infosys will also provide security architecture design and consulting services to the Bank. Abu Dhabi Commercial Bank (ADCB) is one of the largest national bank in the UAE. The bank was incorporated in the Emirate of Abu Dhabi in July 1985, with the merger of the Khalij Commercial Bank, the Emirates Commercial Bank and the Federal Commercial Bank. The Government of Abu Dhabi holds 64% of the paid-up capital and prominent UAE institutions and national hold the balance. Abu Dhabi commercial Bank has the largest network of branches (over 35 branches) in the UAE. The Bank plans to offer Internet banking services primarily to retail customers and launch advanced range of services to corporate customers at a later stage. With BankAway, the Bank's customers will be above to conduct banking activities like account balance inquiry, transaction inquiries, funds transfers, submit various requests, access depository services and also be able to pay their utility bills online. Mr Anthony D'Souza, Deputy Chief Executive - India of Abu Dhabi Commercial Bank said, Based on demands from customers for more convenience and greater access, banks across the world are aggressively pursuing options for online banking. Our Internet banking initiative is a major step in providing world -class services to our customers. In this initiative, we are glad to partner with a global company like Infosys, which is India's leading Internet banking solutions provider. Says Mr Anthony D'Souza, Deputy Chief Executive - India at ADCB, We were looking for an extremely flexible, open and future-proof solution that would help the Bank keep pace with technological changes in today's complex e-economy. BankAway from Infosys best fits our requirements. The Internet has come of age in India and banks are realizing that to stay ahead in the new millennium, it is imperative to offer Internet banking services to their customers. Infosys is a pioneer in e-Commerce and BankAway is the Solution of choice with 5 out of the 9 Indian Banks that have committed to Internet Banking, being powered by BankAway, said Mr. Aseem Purohit, Senior Manager Sales - West India for the Banking Business Unit of Infosys. BankAway is a powerful e-Commerce solution that provides banks the perfect platform to offer an integrated financial services portal to both their retails and corporate customers. It offers a one-click access to account information, bill presentment, bill payment, cash management, trade finance, online shopping and so on.

Medicorp Technologies Board approves acquisition of export business of Medispan

The Board of Directors of Medicorp Technologies India Ltd has approved the acquisition of export business of Medispan Ltd, Further Medicorp Technologies India Ltd has agreed for an all cash consideration of Rs 53.30 million based on the valuation report submitted by Price WaterCooper, Hyderabad. Necessary agreement between the two companies has been signed.

TVS Srichakra Q1 net profit down by 8.55%

TVS Srichakra Ltd has posted a net profit of Rs 21.78 million for the quarter ended June 30, 2000 as compared to Rs 23.81 million for the same period last year. Net sales for the quarter ended June 30, 2000 are at Rs 372.51 million as compared to Rs 349.30 million in the quarter ended June 30, 99. Other income for the quarter ended June 30, 2000 stood at Rs 2.60 million as compared to Rs 2.90 million for the quarter ended June 30,99. Companys shares have been notified for dematerialisation for all investors, with effect from 27.11.2000.

Bharat Electronics Q1 net profit at Rs 96.50 million

Bharat Electonics Ltd has posted a net profit of Rs 96.50 million for the quarter ended June 30, 2000 as compared to a net loss of Rs 39.90 million for the same period last year. Net sales for the quarter ended June 30, 2000 are up by 37.66% at Rs 1301/- million as compared to Rs 945.10 million in the same period last year. Other income has grown from Rs 38.30 million in JQ 99 to Rs 99.60 million in the quarter ended June 30, 2000. With good order book position, Sales and Production are expected to pick up in subsequent quarters.

Henkel Spic June quarter net profit at Rs 12.16 million

Henkel Spic India Ltd has posted a net profit of Rs 12.16 million for the quarter ended June 30, 2000 as compared to a net loss of Rs 5.37 million for the same period last year. Net sales for the quarter ended June 30, 2000 are up by 26.73% at Rs 830.48 million as compared to Rs 655.34 million in the quarter ended June 30, 99. Other income has increased from Rs 0.68 million in JQ 99 to Rs 1.44 million in the quarter ended June 30, 2000.Company has allotted 56,44,445 Equity Shares of Rs.10/- each to Henkel KGaA, Foreign Promoter at a price of Rs.89.15 per share, as per the price computed in accordance with the SEBI Guidelines, thereby increasing the companys equity share capital from Rs 1107.40 million to Rs.1163.90 million.Consequently the shareholding of Henkel KGaA, has increased form 48.50% to 51% in the Paid-Up Equity Share Capital of the company.

Syndicate Bank Q1 net profit up by 38.23%

Syndicate Bank has posted a net profit of Rs 712.70 million for the quarter ended June 30, 2000 as compared to Rs 515.60 million for the same period last year. Income from operations has increased from Rs 5628.10 million for the quarter ended June 30, 99 to Rs 6712.50 million in the quarter ended June 30, 2000. Other income has increased from Rs 839.90 million in JQ 99 to Rs 890.40 million in the quarter ended June 30, 2000. Staff Cost for the current quarter ended June 30, 2000 has increased by 23.39% at Rs 2110/- million as compared to the same period last year because it includes part amount of arrears of salary of award staff for the year 1998-1999.

Zodiac Clothing Q1 net profit up by 3.98%

Zodiac Clothing Company Ltd has posted a net profit of Rs 20.90 million for the quarter ended June 30, 2000 as compared to Rs 20.10 million for the same period last year. Net sales for the quarter ended June 30, 2000 are up by 16.25% at Rs 150.20 million as compared to Rs 129.20 million for JQ 99. Other income has fallen from Rs 11.60 million in the quarter ended June 30, 99 to Rs 9.30 million in the quarter ended June 30, 2000.Tax provision has increased from Rs 11/- million in JQ 99 to Rs 27 million in the quarter ended June 30, 2000. The major reason for increase in provision for taxation is the reduction in the benefit of deduction under Section 80HHC of the Income Tax Act, 1961 in respect of export profits.

Cummins India Q1 net profit up by 16.85%, to split share in ratio of 5:1

Cummins India has registered a 16.85% increase in the net profits for the quarter ended June 30, 2000 as against and a 9.86% increase in the sales. The net profits for the quarter were Rs 202.8 million as against Rs 173.56 million in JQ 99. The profits for the quarter are however lower by Rs 3.16 million in the quarter on account of a change in the accounting policy regarding valuation of inventory. The sales were Rs 1957.46 million as compared to Rs 1781.71 million in JQ 99. The company earned other income of Rs 31.77 million as against Rs 24.25 million in corresponding quarter of the previous year. Interest expenditure for the quarter decreased 14.49% from Rs 6.3 million in JQ 99 to Rs 5.38 million in JQ 2000. The company provided Rs 81.04 million for tax (JQ 99 Rs 72.11 million). The company has proposed to split each of its equity shares of face value Rs 10/- each into five equity shares of face value Rs 2/- each.

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