Telco Q2 net loss at Rs 1463.90 million

Tata Engineering & Locomotive Company Ltd has posted a net loss of Rs 1463.90 million for the quarter ended September 30, 2000 as compared to a net profit of Rs 339.50 million in SQ 99. Net sales for SQ 2000 are at Rs 19005.80 million as compared to Rs 20700.30 million in SQ 99. Other income for the quarter ended September 30, 2000 is at Rs 259.10 million as compared to Rs 959.40 million in SQ 99. The figures for the previous year second quarter are not comparable to the same period in the current year on account of: a) the figures of the previous year include the financial results of the companys Machine Tool and Growth Division at Pune as also its Gear Box and Axle Divisions at Jamshedpur, which were transferred to its three subsidiary companies on March 30,2000. b) in respect of the Indica Project, capitalisation in the last year of the pre production interest and expenses and lower charge of depreciation on account of full commissioning of the plant on September 26, 1999 aggregating Rs 1365 million.

Cummins Q2 net profit up by 24.89%

Cummins India Ltd has posted a net profit of Rs 282.06 million for the quarter ended September 30, 2000 as compared to Rs 225.85 million in the quarter ended September 30, 99. Net sales for the quarter ended September 30, 2000 are at Rs 2040.05 million as compared to Rs 1983.81 million in SQ 99. Other income for SQ 2000 is at Rs 56.47 million as compared to Rs 60.28 million in SQ 99. The Board of Directors have fixed December 4,2000 as Record Date for sub division of existing Equity share of Rs.10 each into five equity shares of Rs.2 each. In August 2000, the Company has invested Rs.10 million in the share capital of Cummins Power Solutions Limited

Zee Telefilms Q2 net profit up by 59.77%

Zee Telefilms Ltd has posted a net profit of Rs 320.50 million for the quarter ended September 30, 2000 as compared to Rs 200.60 million for the quarter ended September 30, 99. Net sales for SQ 2000 are at Rs 910.60 million as compared to Rs 636/- million in the same period last year. Other income has increased from Rs 17.20 million in SQ 99 to Rs 139/- million in the quarter ended September 30, 2000. Mr Vijay Jindal Managing Director of the company expressed his desire to be releived from the responsibilities of MD of the company. The Board considered and acceded to his request. Consequently the post of Managing Director ceases to exist Mr Jindal will continue to be on the Board of the company.

Grasim Board approves amalgamation of Dharani Cements

The Board of Directors of Grasim Industries Ltd at its meeting held today (October 20,2000) has approved the proposal for amalgamation of Dharani Cements Ltd a wholly owned subsidiary of the company with the company through a scheme of amalgamation. The necessary applications for sanction of the scheme will be filed shortly by the company before the High Court of Madhya Pradesh at Indore and by Dharani Cements Ltd before the High Court of Tamil Nadu at Chennai.

Escorts Q2 net profit down by 82.79%

Escorts Ltd has posted a net profit of Rs 40.70 million for the quarter ended September 30, 2000 as compared to Rs 236.50 million for the quarter ended September 30, 99. Net sales have decreased from Rs 3317.50 million in the quarter ended September 30,2000 as compared to Rs 2947.80 million in SQ 99. Other income has decreased from Rs 94.50 million in SQ 99 to Rs 12.60 million in SQ 2000. The Haryana Government has imposed a tax with effect from 5th May 2000 on the entry of goods into the State of Haryana, if goods manufactured therefrom are transferred to Branches in other States. The Industry in Faridabad as a whole has challenged the imposition of this tax in the Punjab & Haryana High Court on the grounds that this is in the nature of additional central sales tax and is, therefore, constitutionally invalid If this case is decided against the Industry, there may be a liability of Rs. 60 million against the company for the year 2000-01.

Hero Honda Q2 net profit up by 38.51%

Hero Honda Motors has posted a net profit of Rs 602.70 million for the quarter ended September 30, 2000 as compared to Rs 435.10 million for the quarter ended September 30, 99. Net sales for SQ 2000 are up 43.37% as compared to SQ 99. Net sales for SQ 2000 stood at Rs 602.70 million as compared to Rs 435.10 million in the quarter ended September 30, 99. Other income has increased from Rs 24.30 million in SQ 99 to Rs 65.40 million in the quarter ended September 30, 2000. The company has sold 240088 motorcycles in the quarter ended September 30, 2000 as compared to 176869 sold in the quarter ended September 30, 99.

Grasim Industries Q2 net profit up by 10.84%

Grasim Industries Ltd has posted a net profit of Rs 829.70 million for the quarter ended September 30, 2000 as compared to Rs 748.50 million for the quarter ended September 30,99. Net sales for the quarter ended September 30, 2000 are at Rs 11921.50 million in SQ 2000 as compared to Rs 10304.60 million in SQ 99. Other income has decreased from Rs 267.50 million in SQ 99 to Rs 212.40 million in the quarter ended September 30, 2000. The Company had filed separate applications with the Government of Kerala seeking permission for closure of Pulp Plant and Fibre Plant at Mavoor (the Mavoor Units). The State Government has refused permission for closure of these unites against which the Company will be performing and appeal to Industrial Tribunal shortly. Meanwhile, the operations at the Mavoor Units remain suspended. The Company has filed a Scheme of Arrangement under sections 391/394 of the Companies Act, 1956 in the High Court of Madhya Pradesh, Indore (the Court) on 3rd October, 2000 Inter alia providing for sale/transfer of assets of the Mavoor unites. Pending disposal of application by the Court, no provision has been made for the possible loss which may arise on sale/transfer of the assets, which with reference to the terms of the Scheme is presently estimated at Rs 365/- million.

Wipro Infotech bags order from Karnataka Bank

Wipro Infotech has just bagged a Rs. 60 million project for implementing a technology upgradation initiative for Karnataka Bank. Wipro will be responsible for setting up a state-of-the-art Data Centre, consolidate server and storage requirements, set up a Wide Area Network (WAN) and complete the entire systems integration for Karnataka Bank. "Our objective was to select the best and leading platforms for server consolidation, networking, and a partner with exceptional systems integration skills, Wipros expertise in Sun and Cisco, and their experience in setting up similar mission critical projects across the country, made them the obvious choice for our project, said Mr Ananthakrishna, Chairman, Karnataka Bank, "With leading partners like Wipro and Infosys, we are set to embark upon a journey of transforming the banking landscape in the new millennium". After a detailed evaluation of leading products available in the market, Karnataka Bank chose the Sun Enterprise 6500 platform for server consolidation. A cluster of the Sun Enterprise 6500s will be connected to a highly available and redundant Array the Sun A-5200 platform to cater to storage requirements. This centralized infrastructure will then be connected to over 125 branches of Karnataka Bank, over multiple 64kbps leased lines across the country. Wipro will also be responsible for building this highly available and redundant network for Karnataka Bank based on the Cisco 3600 / 1720 Enterprise router family. After implementation of this high technology server and network, Karnataka Bank has decided to outsource its entire Facilities Management to Wipro. Following the technology upgradation, banking transactions from any of these 125 branches will travel over a high speed network to the data centre in Bangalore, get authorized by a centralized database and travel back over the same network, all in a matter of a couple of seconds. This is expected to significantly improve customer service, a part from enabling the bank to use information for mating intelligent decisions on strategy, pricing and attracting new customers.

GSFC Q2 net profit down by 7.06%

Gujarat State Fertilisers & Chemicals Ltd has posted a net profit of Rs 100/- million for the quarter ended September 30, 2000 as compared to Rs 107.60 million in the quarter ended September 30, 99. Net sales for the quarter ended September 30, 2000 at Rs 7800.30 million as compared to Rs 5352.10 million in the quarter ended September 30, 99. Other income for SQ 2000 is at Rs 181.40 million as compared to Rs 266.70 million in the quarter ended September 30, 99.

ICICI Q2 net profit down by 20.38%

ICICI Ltd has posted a net profit of Rs 2539.20 million in the quarter ended September 30, 2000 as compared to Rs 3189.30 million in the quarter ended September 30, 99. Income from operations is at Rs 21727.80 million as compared to Rs 20476.40 million for the quarter ended September 30, 99. Other income has however increased from Rs 74.40 million in SQ 99 to Rs 150.70 million in the quarter ended September 30, 2000. ICICIs net NPA ratio declined from 7.6% at March 31, 2000, to 7.3% at September 30,2000. The decline in the NPA ratio was consequence of ICICIs aggressive approach towards tackling the NPA problem, which included focussed recovery efforts on existing NPA cases and increased monitoring of stress cases.The net NPAs outstanding at September 30, 2000 were Rs.4,136 crore. ICICI further strengthened its retail distribution network during the half year period, and presently has 87 fully operational ICICI Centers, covering 75 cities. ICICI also expanded its call-center network, and at present has 10 state-of-the-art call centers. In an endeavor to consolidate its position as a non-stop financial services provider, ICICI has recently tied-up with Prudential of UK for life-insurance products. The two joint ventures are expected to commence operations once all the regulatory formalities are completed

PSI Data Systems Q3 net profit up by 17.07%

PSI Data Systems Ltd has posted a net profit of Rs 42.13 million for the quarter ended September 30, 2000 as compared to Rs 35.98 million in the quarter ended September 30, 99. Net sales for the quarter ended September 30, 2000 are at Rs 208.23 million as compared to Rs 147.88 million in SQ 99. Other income for the quarter ended September 30, 2000 is at Rs 1.33 million as compared to Rs 3.99 million in the quarter ended September 30, 99.

Adani Exports Q2 net profit up by 11.87%

Adani Exports Ltd has posted a net profit of Rs 278.10 million for the quarter ended September 30, 2000 as compared to Rs 248.60 million in the same period last year. Net sales have increased from Rs 6581.20 million in SQ 99 to Rs 7320/- million in the quarter ended September 30, 2000. Other income has decreased from Rs 9.10 million in SQ 99 to Rs 2.90 million in the quarter ended September 30, 2000.

Mindteck to issue equity shares to shareholders of Infotech Holdings Inc

At the meeting of the Board of Directors of Mindteck (India)Ltd the Board has approved the issue of 28,50,000 equity shares of Rs 10/- each at a price of Rs 120/- per share (inclusive a premium of Rs 110/- per share) amounting to Rs 342/- million on a preferential basis to the shareholders of Infotech Holdings Inc,as consideration for the proposed acquisition. The company will be seeking shareholders approval to the proposed acquisition and preferential issue in its forthcoming annual general meeting, which has been scheduled for November 16, 2000. The company will also be making applications to FIPB,RBI and other statutory authorities if necessary seeking their approval to the proposed acquisition and preferential issue.

Apollo Tyres Q2 results on October 31, 2000

A meeting of the Board of Directors of Apollo Tyres Ltd has been convened on October 31, 2000 to consider the un-audited financial results for the quarter ended September 30, 2000.

SAIL Q2 results on October 30,2000

A meeeting of the Board of Directors of Steel Authority of India Ltd has been convened on October 30, 2000 to inter alia consider and take on record unaudited financial results of the company for the quarter and half year ended September 30, 2000.

Wipro listed on New York Stock Exchange

Wipro Limited announced the completion of its intial U.S. public offering of 2,750,000 American Depository Shares which represent 2,750,000 Equity Shares which are evidenced by American Depositary Receipts at a price of $41.38 per American Depository Share. The public offering is being managed by an underwriting group led by Morgan Stanley Dean Witter. Credit Suisse First Boston and Banc of America Securities are the co-managers in offering.

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