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Binani Industries posts 30.2 million profit in JQ 2000

Binani Industries Ltd has posted a net profit of Rs 30.2 million for the quarter ended June 30, 2000 on a turnover of Rs 547.6 million. The company earned other income of Rs 20.7 million in JQ 2000 as against Rs 11.1 million in JQ 99. The interest expenditure increased 30.84% from Rs 45.4 million in JQ 99 to Rs 59.4 million. During the quarter ended June 30, 2000, there was a planned shut down of the plant for annual maintenance and all the expenses relating thereto have been taken into consideration in the same quarter for arriving at the above profit figures.

Albright & Wilson record net loss of Rs 5.7 million in JQ 2000

Albright &Wilson Chemicals India Ltd has reported a net loss of Rs 5.7 million for the quarter ended June 30, 2000 as against a profit of Rs 29.3 million in JQ 99. The sales for the quarter were Rs 237.5 million as against Rs 227.5 million in JQ 99. Other income at Rs 5 million was 68.15% lower compared to Rs 15.7 million in JQ 99. Depreciation increased 37.29% from Rs 5.9 million in JQ 99 to Rs 8.1 million in JQ 2000. Sales of the company were affected due to premature termination of a long-term supply contract with a customer who has shifted manufacturing base from India to Thailand. The company is in the process o finalising the compensation for premature termination of the contract. Profit during the quarter April-June, 2000 as compared to the corresponding quarter of the previous year was lower due to steep increase in the cost of inputs, most of which had to be absorbed by the company in the face of threat of imported material coming into the country. The company has stated that its performance is unlikely to improve in the near future. The Company made VRS payment amounting to Rs 27.7 million during the quarter January-March, 2000. An amount of Rs 6.9 million has been amortised during the quarter April-June, 2000.

Ballarpur Industries FY June 2000 net profit at Rs 680.40 million, declares 25% dividend

Ballarpur Industries Ltd. has posted a net profit of Rs 680.40 million for the financial year ended June 30, 2000 as compared to Rs 160.90 million for the previous financial year ended June 30, 99. The net sales for the year ended June 30, 2000 are up by 65.92% at Rs 14526.60 million as compared to Rs 8755/- million for the previous ended June 30, 99. The Board noted the resignation of Mr. O P Malhotra from the directorship of the company and approved the appointment of Dr Cherif Sedky as an Additional Director of the company. The Board has recommended payment of 25% dividend on equity shares for the year ended June 30, 2000.

Hindustan Motors Q1 net loss increases to Rs 362.4 million, sales decline 15.17%

Hindustan Motors Ltd has incurred a net loss of Rs 362.4 million for the quarter wended June 30, 2000 as against a loss of Rs 231 million incurred in JQ 99. The sales for the quarter were Rs 2686.4 million as against Rs 3166.7 million, a decline of 15.17%. The other income for the quarter was Rs 13.3 million as against Rs 17.2 million in JQ 99. While the interest cost was more or less same at Rs 256.3 million the depreciation charge increased from Rs 97.6 million in JQ 99 to Rs 106.9 million in JQ 2000.

Monsanto India Q1 net profit at Rs 121.8 million, sales at Rs 1095.6 million

Monsanto India Ltd (formerly known as Monsanto Chemicals of India Ltd) has announced a net profit of Rs 121.8 million for the first quarter of FY 2000-01 ended on June 30, 2000. The company recorded a sale of Rs 1095.6 million as against Rs 687.6 million in JQ 99. However the figures for the current quarter includes the figures of Monsanto Technologies Ltd a 100% subsidiary in view of its proposed merger with Monsanto India. The company has changed its name from the existing Monsanto Chemicals of India Ltd to Monsanto India Ltd with effect from July 21, 2000.

L.G. Balakrishnan Q1 net profit rises 59.32%, sales up by 19.31%

L.G. Balakrishnan & Bros Ltd has reported a net profit of Rs 11.89 million for the quarter ended June 30, 2000 as against a profit of Rs 7.46 million reported in the same period of the previous year. The sales for the quarter increased 19.31% from Rs 376.38 million to Rs 449.08 million in JQ 2000. Other income was Rs 4.64 million as against Rs 2.92 million in JQ 99.

Wockhardt Q2 net profit up by 57.47%, sales up by 60%

Wockhardt Ltd has posted a net profit of Rs 137 million for the second quarter ended June 30, 2000 as compared to Rs 87/- million for the quarter ended June 30, 99. The net sales for the quarter ended June 30, 2000 are at Rs 1584/- million as compared to Rs 990/- million for the quarter ended June 30, 99. Pursuant to a Scheme of Arrangement, the Pharmaceutical business of erstwhile Wockhardt Limited vests with the Company with effect from January 1, 2000. In terms of the aforementioned scheme, 35,061,652 fully paid-up equity shares of Rs.10/- each were allotted. Further, pursuant to a scheme of amalgamation, Wockhardt Veterinary Limited was merged with the company with effect from January 2,2000. In consideration thereof, 1,200,000 fully paid-up equity shares of Rs.10/- each were allotted. The Board of Directors has declared Interim dividend of Rs.3/- per share on 36,261,652 equity shares of Rs.10/- each aggregating Rs. 108.78 million.

Tata Honeywell Q1 net profit at Rs 16 million, sales up by 3.21%

Tata Honeywell Ltd has reported a net profit of Rs 16 million for the quarter ended June 30, 2000 on a turnover of Rs 572.5 million. The sales and profit for the same period in the previous year were Rs 554.7 million and Rs 15.3 million respectively. Other income for the quarter was Rs 4.2 million. Interest expenditure for the quarter was Rs 13.2 million as against Rs 17.3 million in JQ 99. Trading in the shares of this company will be compulsorily be in demat form w.e.f. August 28, 2000.

Thermax Ltd Q1 net loss at Rs 75.9 million, sales improve 7.67%, Board to be revamped

Thermax Ltd has reported a 75.9 million loss for the quarter ended June 30, 2000 as against Rs 91.3 million in JQ 99. This represents a 16.87% reduction in the losses compared to the same period in the last year. Net sales for the quarter increased 7.67% from Rs 651 million in JQ 99 to Rs 700.9 million in JQ 2000. Other income for the quarter declined 15.76% from Rs 47.6 million in JQ 99 to Rs 40.1 million in JQ 2000. At its meeting held today (July 21, 2000) the Board of Directors of the company reviewed the recommendations of the Boston Consulting group (BCG), which was appointed three months ago to take a detailed look at the company's business portfolio, business and organisation structure. To evolve a new focus, one of the major recommendations of BCG was to reconstitute the Board of Directors of the company with more non-executive directors. In keeping with this, all the directors- executive and non-executive- have submitted their resignations to allow the entire board to be reconstituted however, the non-executive Directors will continue for the present till the necessary changes have been made. Prakash Kulkarni, presently the Joint Managing Director of the company will takeover as the Managing Director of the company with immediate effect. Thermax will now concentrate on its core business of energy and environment where it has inherent strengths and the potential for substantial growth and returns. The company expects that this move will promote entrepreneurial skills within the company and revive its abundant reservoir of talent to experiment with new ideas in its core businesses. The company expects its market as a global one and plans its strategy accordingly.

Timken India Q1 net profit down by 66.34%, sales down by 13.64%

Timken India Ltd has posted a net profit of Rs 5.34 million for the quarter ended June 30,2000 as compared to Rs 15.87 million for JQ 99. The net sales for the quarter ended June 30, 2000 are down by 13.64% at Rs 252.85 million. Other income has risen from Rs 8.95 million in JQ 99 to Rs 9.01 million in the quarter ended June 30, 2000.

Nestle India Q2 profits up by 30%, sales rise 15%

Nestle India Ltd's sales for the second quarter of 2000 were Rs 4198 million as compared to Rs 3639 million for the similar period of 1999, an increase of 15%. Domestic Sales grew by 10% & exports by 57%. Exports increased mainly due to the higher exports of NESCAFE to Russia, which in volumes more than doubled compared to the similar period last year. But realisation was lower due to the highly competitive prices prevailing in international markets. During the quarter ended June 30, 2000 the earnings before interest & taxes increased to 15.8% as compared to 13.7% during the similar period in 1999. The increase in margin was mainly on account of favourable commodity prices. The commodities & packing materials are showing tendency to rise & under such circumstances it would be difficult for the company to maintain the level of earnings unless the company takes price increase on finished products which would depend on market conditions & competitor activities. Overall, the company management expressed satisfaction with the performance, which is on track.

Larsen & Toubro net profit declines 76.18%, sales up by 4.49%

Larsen & Toubro Ltd (L&T) has reported a net profit of Rs 188.8 million for the quarter ended June 30, 2000 as against Rs 792.5 million in JQ 99, a fall of 76.18%. The sales for the quarter were Rs 16.63 billion as against Rs 15.92 billion in JQ 99 representing a growth of 4.49%. Other income increased 107.18% to Rs 326.1 million form Rs 157.4 million in JQ 99. Depreciation charge for the quarter was 13.96% higher at Rs 750.9 million as against Rs 658.9 million in JQ 99. As per its accounting policies L&T recognises profits on contracts only when a major portion of the job is complete. During the quarter ended June 30, 2000, larger proportions of the jobs have been valued at cost as compared to the quarter ended June 30, 1999. Consequently, profitability is lower in quarter ended June 30, 2000 and is expected to improve in the second half of the year as the jobs reach an advanced stage of completion. Sales of cement and clinker were 3.12 million tonnes during the quarter, an increase of 18% over the same period last year. However, lower sales realisation and increased production costs due to higher fuel prices adversely affected the margins of the company. There was no production at the Nashik Glass Works during the quarter, as the company had shut down the furnace for repairs.

Batliboi Ltd trims June quarter net loss by 40.5%, sales rise 37.16%

Batliboi Ltd has reduced its losses for the quarter ended June 30, 2000 by 40.5% from Rs 43.7 million in JQ 99 Rs 26 million in JQ 2000. The sales for the quarter rose 260.2% from Rs 189.7 million to Rs 260.2 million in JQ 2000. The company earned other income of Rs 5.3 million for the quarter as against Rs NIL in JQ 99. Interest expenditure for the quarter reduced by 5 million from Rs 23.6 million in JQ 99 to Rs 18.6 million in JQ 2000. The company attributes the reduction in sales compared to previous year to the recession in the capital goods industry and its exiting from non core business. Hence the figures of the quarter ended June 30, 2000 are not entirely comparable with those of quarter ended June 30, 1999. The company is actively engaged in financial & business restructuring so as to reduce its costs and debts substantially and focus only on its core business and thereby return to profitability.

VisualSoft Technologies Q1 net profit up by 90.07%, sales up by 109%

VisulaSoft Technologies Ltd has posted a net profit of Rs 103.35 million for the quarter ended June 30, 2000 as compared to Rs 54.38 million in JQ 99. The net sales for the quarter ended June 30, 2000 are up by 109.01% at Rs 266.72 million as compared to Rs 127.61 million for the quarter ended June 30, 99. Other income has grown from Rs 3.62 million in JQ 99 to Rs 11.07 million in the quarter ended June 30, 2000. VisualSoft launched its latest suite of developer components VisualSoft Netdev at the Microsoft Components Pavilion at TechEd, Europes largest software developers conference. This suite implements networking protocols & enables socket & network related programming. Pursuant to the approval by the members on 27th May, 2000 to issue Bonus Shares in the ratio of two shares for every one share held, the Board has decided the record date for the issue of bonus shares to be 25th August, 2000. The Company has further issued 4000 options convertible into 4000 equity shares of Rs 10/- each at par to employees under the Employees Stock Option Scheme during the above quarter.

Digital Equipment June quarter net profit at Rs 57.80 million

Digital Equipment India Ltd has posted a net profit of Rs 57.80 million for the quarter ended June 30, 2000 as compared to Rs 416.10 million for the quarter ended June 30, 1999. The net sales for the quarter ended June 30, 2000 are at Rs 282.50 million as compared to Rs 650.50 million for JQ 99. Other income has risen from Rs 30.30 million in JQ 99 to Rs 43.60 million in the quarter ended June 30, 2000. Subsequent to the sale of products and services business to Compaq Computer (India) Pvt. Ltd, on 28th June 1999. Digital India is now a focussed Software & Services Exports Company. The results for the quarter ended June 30, 2000, therefore reflects the performance of Software and Services Exports business only, were as the figures for the quarter ended June 26, 1999 reflects the performance of both the business a prior to the restructuring. Other income of Rs 43.60 million for the quarter largely represents. Interest earned by Investing the surplus funds available with the company in short term deposits and Rs 13.20 million from exchange gain as a result of fluctuation in exchange rates - during the quarter.

ITC Bhadrachalam posts Rs 98.76 million net profit in Q1

Paper and paper Board major, ITC Bhadrachalam Paperboards Ltd has posted a net profit of Rs 98.76 million for the quarter ended June 30, 2000 as against a loss of Rs 130.96 million incurred in JQ 99. The sales for the quarter were Rs 1430.78 million, 75.8 % higher compared to Rs 813.87 million recorded in same quarter of the previous year. Other income for the quarter was Rs 45.58 million as against Rs 3.92 million in JQ 99. Interest expenditure for the quarter reduced 10.58% from Rs 126.59 million in JQ 99 to Rs 113.2 million in JQ 2000. The company provided Rs 7.76 million in JQ 200 for tax against Rs NIL in JQ 99.

Bank of Baroda Q1 net profit up by 16.51%

Bank of Baroda has posted a net profit of Rs 1517.80 million for the quarter ended June 30, 2000 as compared to Rs 1302.70 million for JQ 99. The interest income has risen from Rs 12369.80 million in JQ 99 to Rs 14108.10 million in the quarter ended June 30, 2000. Other income has also shown an increase from Rs 1227.30 million in JQ 99 to Rs 1431.90 million in the quarter ended June 30, 2000. The provisions & contingencies are up by 19.27% at Rs 1300 million for the quarter ended June 30, 2000 as compared to Rs 1090 million in JQ 99.

Corporation Bank Q1 net profit rises to 625.3 million, interest income up by 15.24%

Corporation Bank has registered a 15.65% growth in the net profits and 15.24% rise in the interest income for the quarter ended June 30, 2000. The bank recorded a net profit of Rs 625.3 million as against Rs 540.7 million in JQ 99. The interest income for the quarter was Rs 4475 million as against Rs 3883.2 million in JQ 99. Correspondingly interest expended increased 7.87% from Rs 2936 million in JQ 99 to Rs 3167.6 million in JQ 2000. The bank had deposits worth Rs 142.75 billion as on June 30, 2000 as against Rs 135.04 billion on same day of the previous year. The advances and investments as on June 30, 2000 were Rs 75.56 billion (June 30, 1999 Rs 62.34 billion) and Rs 65.7 billion (June 30, 1999 Rs 60.61 billion) respectively.

PSI Data Q2 net profit rises 144.18%, sales up by 51.33%

PSI Data Systems Ltd has reported a net profit of Rs 43.42 million for the quarter ended June 30, 2000 ona turnover of Rs 206.13 million. This represents 144.18% growth in net profits and 51.33% growth in net sales over the same period of the previous fiscal. The company had earned a net profit of Rs 17.78 million and sales of Rs 136.22 million in JQ 99. The staff costs for the quarter increased 33.51% from Rs 67.3 million in JQ 99 to Rs 89.85 million in JQ 2000. The company earned a net profit of Rs 83.32 million for the half-year ended June 30, 2000 as against Rs 35.8 million earned in the same period of the last year, a growth of 132.77%. The sales for the quarter were Rs 389.01 million compared to Rs 246.32 million in first half of FY 99.

DSQ Software June quarter net profit up by 129.45%, sales rise 62.08%

DSQ Software Ltd has reported a net profit of Rs 252.4 million on a turnover of Rs 1004.9 million for the quarter ended June 30, 2000 representing a growth of 129.45% in profit and a 62.08% growth in sales over the same period in the previous year. The company had earned a net profit of Rs 110 million on a turnover of Rs 620 million in JQ 99. The company earned other income of Rs 10.3 million against Rs NIL in JQ 99. The staff cost correspondingly increased 50.5% from Rs 261.2 million in JQ 99 to Rs 393.1 million in JQ 2000. Depreciation charge for the quarter increased 77.6% from Rs 73.2 million in JQ 99 to Rs 130 million in JQ 2000. Earlier during the quarter (in May) company allotted 3 million equity shares on private placement basis to a strategic investor at a price of Rs 980 per share.

Tisco denies plans of JV with SAIL

With reference to the news items in The Economic Times dated July 20, 2000 "Tisco plans JV with SAIL for e-comm" Tata Iron & Steel Company Ltd has informed the BSE that the company is in the early stages of discussions with SAIL for e-commerce activities. No decision has been taken as yet. However there is no plan for a joint venture.

Tisco signs contract with IBM to outsource IT infrastructure

Tata Iron & Steel Company Ltd has informed the BSE that the company has signed a contract with IBM for outsourcing its information technology infrastructure. The scope of the contract with IBM would broadly include the following: 1. Maintenance of data centre hardware and networks at Jamshedpur, Calcutta and some other locations 2. Support of all systems software from IBM 3. Maintenance of PCs LANs and non-IBM hardware with certain exceptions 4. Operation of data centres. 5. Help desk, including co-ordination with other service providers 6. Refresh of hardware as per agreed schedule

Eveready industries Board to consider transfer off of non-tea business

The Board of Directors of Eveready Industries Ltd will meet on July 27, 2000 to consider a re-organisation of its business. The Board will consider proposal to transfer its non-tea business to one or more separate companies with participation of strategic partners/investors with international connections. The company will consolidate and strengthen its tea business through acquisition of or merger with one or more existing profit-making tea companies. If thought fit the Board may appoint experts for advising the Board on all aspects of such re-organisation and its implementation.

HEG Ltd Q1 net profit rise 36.92%, sales up by 18.87%

HEG Ltd has reported a net profit of Rs 82.7 million for the quarter ended June 30, 2000 as against Rs 60.4 million recorded in JQ 99. The sales for the quarter were Rs 1202.1 million, reflecting a growth of 18.87% over Rs 1011.3 million recorded in JQ 99. The Company has embarked on a capacity expansion of Graphite Electrode Plant from 22000 MT to 30000 MT at an estimated cost of Rs 550 million (approx.). Graphite Electrode Exports increased by 50%. Company's Hydro Electric Plant, being seasonal in nature, remained closed during the quarter. The company expects it to contribute significantly to the profitability during remaining part of the year. The Sponge Iron Division posted better results due to improved market conditions.

BSE imposes special margin on 2 scrips

BSE has imposed Special Margin in the under mentioned scrips as mentioned alongside with effect from Friday, July 21, 2000. Sr No Scrip Code Scrip Name Scrip Group Special Margin Per Share (%) 1. 26177 ADAM COMSOF LTD B2 25% 2. 26411 MOVILEX IRRIGATION LTD B2 25%

Eonour Software records Rs 36.19 million net profit in Q1, sales at Rs 95.1 million

Eonour Software Ltd has reported a net profit of Rs 36.19 million on a turnover of Rs 95.1 million for the quarter ended June 30, 2000. The company had earned a net profit of Rs 1.56 million in the same period of the previous fiscal on a turnover of Rs 12.04 million. The profit for the first quarter is higher than the profits of Rs 34.4 million the company earned in the whole year ended March 31, 2000.

B D Narang joins as CMD of Oriental Bank

Oriental Bank of Commerce has informed the Stock Exchange Mumbai that, Shri B.D.Narang has joined as Chairman &Managing Director of the Bank w.e.f. 17.07.2000.

Cyberspace Infosys FY 2000 net profit rises 162.42%, sales up by 321.54%

Cyberspace Infosys Ltd has reported a 162.42% growth in the net profits for the year ended June 30, 2000. The company reported a net profit of Rs 93.79 million as against Rs 35.74 million reported in the previous fiscal. The sales for the year grew 321.54% from Rs 91.63 million in FY 99 to Rs 386.28 million in FY 2000. The other income also increased substantially to Rs 41.35 million in FY 2000 from Rs 8.45 million last year. Software expenses for the year were Rs 169.93 million as compared to Rs 27.15 million in FY 99. Staff costs increased 621.87% from Rs 6.85 million to Rs 49.44 million. For the fourth quarter ended June 30, 2000 the sales were Rs 140.45 million (JQ 99 Rs 14.38 million). Net profit for the quarter was Rs 32.16 million (JQ 99 Rs 460 thousand). The company has entered into strategic services with Saudi Business Machines & Gulf Business Machines who are exclusive IBM partners in their respective geographies in the Middle East. The Company tied up with OCR Services Inc USA to jointly work for Government projects in USA. The company expects revenue of US$ 8 million through the relationship in the current year as per the agreement. The Company also entered into an exclusive agreement with INFINITY CORP of Canada to provide software services in Canada.

Floatglass India Q1 net loss higher by 27.92%

Floatglass India Ltd has posted a net loss of Rs 99.87 million for the quarter ended June 30, 2000 as compared to a net loss of Rs 78.08 million for JQ 99. The net sales for the quarter ended June 30, 2000 are up by 3.97% at Rs 465.09 million as compared to Rs 447.35 million for JQ 99. Other income has risen from Rs 1.55 million in JQ 99 to Rs 2.94 million in the quarter ended June 30, 2000. The increase in losses is mainly due to lower volume of sales in domestic market due to competitive pressures, increase in cost of inputs mainly Furnace Oil / LSHS & transportation costs.

E Merck Q1 net profit up by 79.37%, sales rise 9.85%

E. Merck (India) Ltd has announced a net profit of Rs 113.61 million for the quarter ended June 30, 2000 reflecting a growth of 79.3% against Rs 63.34 million reported for the same period in the last fiscal. The other income for the quarter was Rs 8.55 million as against Rs 16.66 million in JQ 99. The tax provision for the quarter was 87.72% higher at Rs 43.98 million (JQ 99 Rs 23.43 million). The company has fully availed of the benefits of tax applicable to backward area on the profits earned on the soft gelatine capsules plant at Goa. The half-yearly net profit were 103.07% higher at Rs 164.32 million as against Rs 80.92 million in JQ 99. The sales were marginally higher by 9.85% at Rs 1467.51 million compared to Rs 1335.98 million in JQ 99. Other income for the half-year ended June 30, 2000 declined 23.36% to Rs 19.2 million from Rs 25.05 million in JQ 99. The tax provision for the half-year was 119.55% higher at Rs 65.71 million as against Rs 29.93 million in JQ 99. The company attributed the satisfactory growth to the well-defined and well co-ordinated deployment of field force, launch of new products and price rise in some products. The new launches, i.e. Candistat capsules, a modern antibacterial, and Harpoon tablets, a quinoline antibiotic, are performing much above the company's expectations. Evion cream launched last year is getting wide acceptance. The Company's ranking and market share in cardiology has improved considerably. In general, the non-vitamin segments have been showing improvement in the turnover while the vitamin segment has still been a major contributory factor to the turnover. In the non-pharma divisions, all the business units have done well in the turnover as well as profitability. New product range has been included in the Reagents and Diagnostics range. Manufacturing and marketing of vitamin/mineral premixes for food industry, addition of products for filtration, electronic balances, water purification systems, testing equipment for food and gas industry and substantial expansion of product range of Laboratory Reagents are some of the new introductions in the non-pharma division.

Saint-Gobain Group to acquire 11,65,350 equity shares of Orient Cerlane

Unifrax Ltd, a company of the Saint-Gobain Group intends to acquire 11,65,350 equity shares of Rs 10/- each fully paid up, of Orient Cerlane (formerly Orient Cerwool Ltd), a Gujarat based company from the Carborundum Company Ltd UK, another company of the same group.

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