Satyam posts 20% increase in net

Putting up a performance exceeding its own estimates, IT major Satyam Computer Services Limited has posted a net profit of Rs 147.58 crore f...

Putting up a performance exceeding its own estimates, IT major Satyam Computer Services Limited has posted a net profit of Rs 147.58 crore for the quarter-ended September 30 this year, registering a 20 per cent increase over corresponding period last year. The total income at Rs 636.07 crore reflected a jump of 20 per cent compared to Rs 505.05 crore during the corresponding period last year. The total income for the half-year ended September 30, 2003 stood at Rs 1,206.42 crore as against Rs 976.53 crore in the corresponding period last year while the net profit stood at Rs 269.08 crore and Rs 227.35 crore respectively. ‘‘We have exceeded our estimates by considerable margin,’’ company chairman B. Ramalinga Raju said after a meeting of the board of directors which took on record the results for the Q2 and half-year ended September 30. The sequential revenue growth of 9.6 per cent in US dollar terms in Q2 was the highest in the last ten quarters spread across all major verticals and technology segments, Raju said. The income from software exports in the Q2 was Rs 581.88 crore compared to Rs 492.78 crore in the corresponding period last year.

Indicating a vibrant global market, the company was expected to recruit an additional 3,000 employees during the current financial year, as against an earlier guidance of 1,500, he said, adding ‘‘during the last two quarters, we had a net addition of 1,500 employees’’.

Grasim Q2 net up 58% at Rs 202.98 cr

MUMBAI: GRASIM Industries Ltd has posted a 57.75 per cent rise in net profit at Rs 202.98 crore for the second quarter ended September 30, compared to Rs 128.67 crore in same period previous fiscal. Total income in the period under review has increased to Rs 1,243.77 crore as against Rs 1,149.46 crore in Q2 of last year, the company informed the Stock Exchange, Mumbai, on Thursday.

Bharti posts Rs 93cr net profit in quarter 2

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NEW DELHI: BHARTI Tele Ventures Ltd on Thursday reported a net profit of Rs 93.33 crore in the second quarter ended September 30 as opposed to a net loss of Rs 129 crore in the same period last year. The company posted a net profit of Rs 124 crore in the first half of the current fiscal as against Rs 197 crore loss in April-September 2002, Bharti Tele Ventures Ltd officials said here. Turnover rose 74 per cent to Rs 1144 crore in July-September, 2003 as compared to Rs 658 crore in the corresponding period of the previous year.

Tata Power Q2 net up 26.57% at Rs 171 cr

MUMBAI: Tata Power Company Ltd (TPC) has posted a 26.57 per cent rise in net profit at Rs 170.81 crore for the second quarter ended September 30, 2003, compared to Rs 134.95 crore reported in same period previous fiscal. Total income in the period under review, however, declined to Rs 1,111.46 crore from Rs 1,258.6 crore in Q2 of 2002-03, it informed the BSE.

Hindalco Q2 net up 17.68 % at Rs 228cr

MUMBAI: Hindalco Industries Ltd has posted a 17.68 per cent rise in net profit at Rs 227.6 crore for the second quarter ended September 30, 2003, compared to Rs 193.4 crore recorded in the same period previous fiscal. Net sales in the period under review increased to Rs 1,474.8 crore as against Rs 1,205.9 crore in Q2 of 2002-03.

MMTC net up 30 % to Rs 17.69 cr in H1

NEW DELHI: Public sector trading company MMTC Ltd reported a growth of 30 per cent in net profit at Rs 17.69 crore for the first half ending September 30, 2003. The company’s turnover stood at Rs 3,587 crore, recording a growth of 20 per cent for the April-September, 2003 over the same period last year. This is despite the adverse impact of hardening rupee on the turnover, a MMTC release said here. MMTC’s improved performance has been on the basis of improvement in efficiency of operations, effective cost control, and better fund management.

Torrent Pharma Q2 net rises 12.81%

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MUMBAI: Torrent Pharmaceuticals Ltd has posted a 12.81 per cent increase in net profit at Rs 18.40 crore during the second quarter ended September 30, 2003, even as its board has decided to invest in Active Pharmaceutical Ingredient manufacturing plant in India. The pharma major had recorded a net profit of Rs 16.31 crore during the same quarter of the previous fiscal.

Bata India loss reduces in Q3

KOLKATA: Bata India limited has been able to reduce its loss in the current third quarter to Rs 5.7 crore from Rs 8.5 crore in the same period last year. Total income of the company, however, increased Rs 162.7 crore in the current third quarter from Rs 154.5 crore in the previous year, according to a statement issued by the company. In the last financial year ended December 31, 2002, total income of the company touched Rs 704.7 crore with a loss of Rs 11.2 crore.

Arvind Mills posts lower net profit in Q2

MUMBAI: Arvind Mills Ltd has posted a lower net profit of Rs 24.31 crore in second quarter ended September 30, 2003, even as credit rating agency Crisil has upgraded the textile major’s Rs 25.36 crore non-convertible debenture programme to ‘bbb-/positive’ from ‘bb/positive’. The company had recorded a net profit of Rs 29.07 crore in the second quarter of the previous fiscal, Arvind Mills said in release here.

Vijaya Bank reports Rs 176.79 cr profit

BANGALORE: Vijaya Bank reported a net profit of Rs 176.79 crore for the half year ended September 30, a 125.18 per cent jump over Rs. 78.51 crore during the corresponding period of the last fiscal. Operating profit amounted to Rs 431.77 crore, as compared to Rs 155.64 crore during the corresponding period last year, an increase of 177.42 per cent, a bank statement said.

GNFC net profit takes a record leap

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AHMEDABAD: Undaunted by the recent disruption in part of manufacturing facilities, the Gujarat Narmada Valley Fertilizers Company Limited (GNFC) registered highest ever profits for Q2 and H1 periods ended on September 30, this year. The profit after tax of Rs 38.06 crore for Q2 and Rs 64.52 crore for H1 was higher by 65 per cent and 60 per cent respectively than the previous periods.

Donald Trump may replace H-1B lottery with wage-based selection process

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Days after hiking the fees for new H-1B applications to $100,000, the Donald Trump administration has proposed to overhaul the visa process for high-skilled non-immigrant workers. The Trump administration has suggested a wage-based selection process for the H-1B programme, instead of the current lottery system.

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