ONGC net profits jumps 36.6%

Mumbai: Nirma Ltd has posted a 49.54 per cent increase in net profit at Rs 51.49 crore for the second quarter ended September 30 as compared to Rs 34.43 crore in the same period of the previous year. Net sales stood at Rs 457.19 crore for the quarter under review as against Rs 454.27 crore in the Q2 of 2001, Nirma informed the Bombay Stock Exchange. The company’s other income has increased from Rs 3.73 crore in Q2 2001 to Rs 5.31 crore in the current quarter, it added.

OBC net up 26% to Rs 215.75 crore

New Delhi: Oriental Bank of Commerce posted a 26.2 per cent increase in net profit at Rs 215.75 crore in the first half of this fiscal. The total business of the bank grew by 13.78 per cent to Rs 43,686 crore in April-September 2002, an OBC release said here. Deposits rose by 10.75 per cent to Rs 29,153 crore in the first half, while advances were up by 20.39 per cent to Rs 14,533 crore in the same period, it said. Impressed by the performance, OBC chairman B D Narang said, “the bank will continue to improve performance not only by improving the productivity but also by continuously offering new and diversified products to customers.”

PNB net up 24.9% in first half

New Delhi: Punjab National Bank (PNB) has registered a 24.9 per cent growth in its net profit to Rs 411.09 crore for the first half of the year ended September 30, 2002, against Rs 329.09 crore in the corresponding period last year. The gross profit during the period stood at Rs 1,127.68 crore against Rs 807.89 crore last year, up 39.6 per cent. A press release by PNB stated that its total income also went up by 15.1 per cent to Rs 4,357 crore against Rs 3,788 crore in the same period the previous year.

Essar Shipping registers 43% fall in net

New Delhi: Essar Shipping has registered a 43 per cent fall in its net profit for the quarter ending September 30, 2002. It stood at Rs 7.12 crore compared to Rs 12.65 crore for the corresponding period in the previous year. Together with the first quarter, the net profit at Rs 10.43 crore showed a 72 per cent decline compared to Rs 37.85 crore during the six month period last year. Total income during July-September 2002 stood at Rs 106.73 crore compared to Rs 108.56 crore the previous year.

Eicher Limited loss at Rs 2.33 crore in Q2

New Delhi: Eicher Ltd has reduced its losses to Rs 2.33 crore in the second quarter ended September 2002, from Rs 3.87 crore in the corresponding period previous year. Eicher’s turnover also increased during the period to Rs 123.22 crore from Rs 116.89 crore in the previous year, says a release. The company reported a cash profit of Rs 6.2 crore for the period July-September 2002 as against a cash loss of Rs 0.5 crore in the corresponding period last year.

Eveready net up 78% in fourth quarter

Kolkata: Eveready Industries India Ltd on Monday reported a 78 per cent increase in net profit and 11 per cent increase in income from operations for the three months to September 30, 2002, compared with the same quarter of the previous fiscal. The BM Khaitan flagship said net profit was Rs 36.61 crore on net sales of Rs 258.26 crore for the current year’s second quarter, against a profit of Rs 20.52 crore on sales of Rs 232.84 crore for the same quarter of the previous year. The tea and batteries major said the fast-moving consumer goods (FMCG) division accounted for revenues of Rs 152.96 crore and the tea division Rs 105.29 crore. These figures are net of excise.

Gillette India Q2 net at Rs 8.10 crore

New Delhi: gillette India reported a net profit of Rs 8.10 crore for the quarter ended september 30, 2002 against a net loss of Rs 3.55 crore for the same period last year. Net sales for the quarter were, however, lower by 12.8 per cent due to cessation of export sales of batteries following discontinuation of manufacturing operations at Duracell Manesar plant early this year. Net profit during January-September 2002 stood at Rs 9.79crore as against a net loss of Rs 2.43 crore a year earlier.

Bank of Baroda net up 39.39% in Q2

Mumbai: Bank of Baroda has posted a 39.39 per cent rise in net profit at Rs 137.22 crore for the second quarter ended September 30, 2002, compared to Rs 98.44 crore in same period of previous fiscal. Total income in the period under review also increased to Rs 1,907.97 crore as against Rs 1,727.04 crore in Q2 of last fiscal, the bank informed the Bombay Stock Exchange on Monday.

Andhra Bank Q2 net up at Rs 66.76 crore

Mumbai: Andhra Bank Ltd has posted a net profit at Rs 66.76 crore for Q2 ended September 2002 compared to Rs 18.85 crore in July-September 2001. The Hyderabad-based public sector bank has posted a 173 per cent rise in total income at Rs 669.52 crore in the second quarter of FY-03 as against Rs 570.42 crore in Q1 of 2001-02, bank chairman and managing director B Vasanthan told reporters after its board of directors took the results on record here on Monday. The reduction in cost of deposits from 8.35 per cent to 7.34 per cent and rise in other income at Rs 118.89 crore (Rs 63.79 crore) helped the bank to improve its performance.

Britannia maintains growth in Q2

Kolkata: Britannia Industries Ltd reported a marginal increase in its second quarter net profit at Rs 26.20 crore against Rs 25.30 crore in the corresponding quarter of previous year. Profit on sale of residential properties amounting to Rs 4.70 crore significantly contributed in overall increase in net profit during the quarter ended September, 2002. Net sales, however, came down to Rs 360.70 crore from Rs 379.60 crore, but the company said the current quarter’s figures were not comparable as previous year’s figures included numbers for dairy business which had been transferred to Britannia New Zealand Foods Pvt. Ltd, a jv with Fonterra Cooperative group.