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Monday, November 2, 1998

Corporate Briefing 

FE NEWS SERVICE  
Sterlite Industries net jumps to Rs 29.39 cr: Sterlite Industries (India) Ltd has reported increase in turnover and profits for the first quarter ended on September 30, 1998. The company has achieved a turnover of Rs 382.33 crore as against Rs 249.98 crore for the corresponding quarter in the previous year, recording a growth of 52.94 per cent. The main growth driver continues to be the 1,00,000 TPA copper smelter of the company. The gross profit increased by 61.40 per cent to Rs 49.26 crore as against Rs 30.52 crore in the previous quarter. After providing for substantially higher depreciation of Rs 19.87 crore (previous quarter Rs 5.85 crore) and higher interest of Rs 21.94 crore (previous quarter Rs 1.88 crore), the net profit of the company increased by 19.13 per cent to Rs 29.39 crore from Rs 24.67 crore in the previous quarter, a company release said in Mumbai.

SC quashes trademark notice against Whirlpool: Whirlpool Corporation got a major relief when the Supreme Court held that theregistrar of trademarks at Mumbai could not legally issue a showcause notice to the company asking why its certificate of registration could not be cancelled. The US-based Whirlpool got its trademark `Whirlpool' renewed from the registrar in July 1997. But rival claimant to the trademark, Chinar Trust, wrote to the registrar in September 1997 to take suo moto action for cancellation of the certificate of renewal.

Jayankondam Lignite to acquire land: The Jayankondam Lignite Power Corporation, a joint-venture of a consortium led by the Reliance group of companies and the Tamil Nadu government, will acquire 12,000 acres in 13 villages in and around Jayamkondam for its lignite-based mega power project. R Gopalan and K Ganesan, chairman and executive director of the state-owned Tamil Nadu Industrial Development Corporation, which is the nodal agency for this project said that out of the 13 villages, the tiny village of Melur where almost all the 2,000 families were to be evacuated would be housed in amodern township to be established at Suriyamanal-Edayar.

Sony India bags Ind Auto order: Sony India Ltd has bagged a Rs two-crore order from Ind Auto Ltd for supplying car audio systems for its recently-launched Uno diesel. Besides, Sony has already initiated negotiations with Fiat Automobiles India Ltd for supplying the cassette decks for its forthcoming models under the world car project--Palio and Siena, company sources told UNI in New Delhi.

Maruti bags CII-Exim award: Maruti Udyog Ltd has been declared the winner of the CII-Exim award for business excellence for 1998. The award, instituted jointly by the Confederation of Indian Industry and the Exim Bank of India, is based on the European Foundation for Quality Management Model. It is awarded to a company which demonstrates a high level of manufacturing excellence, efficient resource management, widespread development of quality processes throughout the organisation, employee satisfaction, customer orientation and an overall excellenttrack record of business results.

Computer Associates president to meet PM: Computer Associates president and chief operating officer Sanjay Kumar will visit India from November 3 through November 6. The four-day business visit will include stops in Mumbai, Bangalore, New Delhi, Hyderabad and Calcutta. During the trip, Kumar will have meetings with prime minister Atal Behari Vajpayee, and chief minister of Andhra Pradesh Chandrababu Naidu. He will also meet a number of clients and business partners in each city. Speaking engagements include the Economic Times' super achievers forum, Connectivity India '98 and the Economic Intelligence Unit meet.

VSNL launches advanced station: Public sector Videsh Sanchar Nigam Ltd has launched the country's most advanced Earth station at the International Technology Park, Bangalore to serve software companies operating from there. The 13-meter high capacity Earth station, set up at a cost of over Rs 30 crore on the roof of ITPL, will bridge the gapbetween the advanced ATM and multimedia environment available overseas with the narrowband infrastructure currently being offered in India, VSNL acting chairman and managing director Amitabh Kumar said on Sunday.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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