M&M net rises 75%
Auto major Mahindra and Mahindra has posted a 75 per cent rise in consolidated net profit at Rs 216.18 crore for the year ended March 31, 2003, as against Rs 123.31 crore for 2001-02. The board has recommended a 55 per cent dividend (Rs 5.5 per share) for 2002-03 with a total outgo of Rs 71.98 crore. The consolidated sales grew by 13 per cent at Rs 6,104.27 crore as against Rs 5,412.33 crore.
et profit and sales income for the fourth quarter ended March 31, 2003, stood at Rs 48.67 crore (Rs 94.38 crore in 2001-02) and Rs 1,142.48 crore (Rs 922.40 crore).
The Gujarat Alkalies and Chemicals Limited has achieved a net profit after tax of Rs 28.04 crore for the fiscal ended March 31, 2003, compared with a net loss of Rs 40.78 crore in the previous financial year.
Hindustan Sanitaryware & Industries Limited has reported an increase of 19.6 per cent in sales at Rs 253.29 crore in 2002-03 compared with Rs 211.70 crore in the previous financial year. Its board has recommended a dividend of 15 per cent.
i-flex Solutions has said HyproVereinsbank Group (HVB Group), a top European bank, will roll out Flexcube banking solution in its 50 subsidiaries over a period of five years.
LIC Housing Finance Ltd has raised $ 50 million by way of external commercial borrowings at 69 basis points over Libor (London inter-bank offer rate) to meet the company’s requirements towards disbursements of housing loans. ABN Amro Bank is the main arranger and Development Bank of Singapore and State Bank of India are the co-arrangers of the deal.
TVS Electronics Limited has launched the Privilege Partner Program, a nation-wide scheme for its authorised dealer partners and their sales force.
Ceat Limited has announced the ‘Too Cool-Summer Bonanza’ promotion on its entire range of radial tyres for cars and utility vehicles. Under the promotion, a consumer will be entitled to a guaranteed gift on purchase of every two Ceat radial tyres.
DHL in Iraq
DHL has commenced operations in Iraq following the UN Security Council vote to lift sanctions against the country.
Karur Vysya net
Karur Vysya Bank has reported a 15.17 per cent increase in net profit at Rs 124.97 crore for the year ended March 31, 2003, compared with Rs 108.51 crore in the previous fiscal.
Wipro Infotech has introduced a new range of desktops based on the Intel 865 chipset, in order to provide enhanced benefits and flexibility to its customers.
IBM and the Karnataka government have signed a memorandum of understanding to promote e-learning in the state.