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Corporate Briefs

Arvind Q3 net at Rs 36.6 cr

Arvind Mills Ltd has posted a net profit of Rs 36.66 crore for the third quarter ended December 31, 2002 compared with a net loss of Rs 21.63 crore in the quarter ended December 31, 2001. Total income increased from Rs 361.84 crore in the quarter ended December 31, 2001 to Rs 380.78 crore in the quarter ended December 31, 2002. Operating Profit (EBIDTA) grew by 37 per cent to Rs 108 crore from Rs 79 crore in quarter ended December 31, 2001, a company release said.

Sidbi cuts rates

Small Industries Development Bank of India (Sidbi) has reduced interest rates on its capital gain bonds by 25 basis points to 5.50 per cent per annum. The on-tap issue of bonds on private placement basis was launched on August 1 with a coupon rate of 7.5 per cent.

Essar Shipping

Essar Shipping Ltd has recorded a 13.88 per cent rise in net profit at Rs 16.36 crore for the third quarter ended December 31, 2002, compared with Rs 14.51 crore in same period last fiscal. The total income in the period under review was also higher at Rs 122.85 crore against Rs 118.88 crore in the third quarter of last fiscal, a company release said.

Glenmark net

Glenmark Pharmaceuticals Ltd has posted a 65.75 per cent increase in net profit at Rs 9.05 crore in the third quarter ended December 31, 2002, compared with Rs 5.46 crore in the same period last fiscal. Its total income in the reporting quarter stood higher at Rs 69.28 crore against Rs 59.54 crore in quarter ended December 2001.

Gujarat NRE

Gujarat NRE Coke Ltd has announced second bonus issue in the ratio of one share for every two shares held and also a dividend of 10 per cent for the financial year ended September 2002.

ICICIdirect plan

ICICIdirect.com, the integrated online trading service, has launched Directlink. It provides seamless trading access to remote parts of the country for those investors who have no other means of real-time access to equity capital markets, a release said.

TCS pact

Tata Consultancy Services (TCS) has signed an agreement for a Rs 15-crore core banking project with Tamil Nadu-based City Union Bank. TCS will have CMC as a partner in the project, a company release said.

Hudco dividend

Housing and Urban Development Corporation (Hudco) has declared a dividend of Rs 22.81 crore for the financial year 2001-02 compared with Rs 20.87 crore in 2000-01 and Rs 18.53 crore in 1999-2000. During 2001-02, Hudco has declared profit before tax of Rs 133.88 crore and profit after tax of Rs 114.06 crore compared with Rs 106.93 crore for 2000-01.

UTI Bank

UTI Bank has bid and won the right to set up 16 ATMs at the Western Railway stations along the Mumbai division, a press release said.


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