TVS-Suzuki to become TVS Motor Co.

NEW DELHI, OCT. 11. The two-wheeler maker TVS-Suzuki, whose net profit dropped by 48.6 per cent in the second quarter, today decided to change its name to `TVS Motor Company' following the exit of Japan's Suzuki Motor Co. from the joint venture. This decision was taken by the company board which also approved the proposal to amend the articles of association of the company in view of the proposed disengagement of Suzuki as a shareholder.

An extra-ordinary general meeting of the shareholders would be held on November 7 to consider and approve the above proposals.

The net profit declined to Rs. 10.39 crores during July-September 2001 from Rs. 20.24 crores in the same period last fiscal.

In a statement to the Bombay Stock Exchange (BSE), the Chennai- based firm said its net sales have declined by 7.4 per cent to Rs. 428.25 crores from Rs. 460.12 crores in the corresponding period. Other income has risen to Rs. 4.28 crores from Rs. 1.77 crores last fiscal.

Suzuki Motor had last month decided to exit from TVS-Suzuki by selling its 25.97 per cent stake to the TVS group at Rs. 15 per share totalling about Rs. 9 crores. This would increase the shareholding of TVS group company Sundaram Clayton and its subsidiaries to 58 per cent after its buys out Suzuki's stake by November 15.

Hughes Q2 net

down 52 p.c.

Hughes Software Systems has reported a 52 per cent drop in its net profit in July-September quarter to Rs. 6.30 crores from Rs. 13.10 crores.

Total income for the quarter under review increased 20.3 per cent to Rs. 57.40 crores from Rs. 47.70 crores in the same period in 2000-01.

Mr. Arun Kumar, President and Managing Director, said ``The deterioration in the global economic environment has resulted in downsizing and lower business forecasts from communication companies worldwide. This has impacted the customer decision making process and resulted in delays in awarding contracts. HSS has not lost any significant contract but the time to close has increased."

Ranbaxy Q3 net up

Ranbaxy Laboratories has reported a jump of 68 per cent in its net profit to Rs. 89.1 crores for the quarter ended September 30, 2001 from Rs. 53.1 crores in the corresponding period last year.

While the company reported a profit of Rs. 72.7 crores on the sale of its 50 per cent stake in the joint venture with Eli Lilly, it made provisions of Rs. 30 crores on account of losses recorded in its investment in Vidyut Investments.

The company's sales witnessed an increase of 16 per cent at Rs. 538 crores for the quarter ended September 30, against Rs. 464.1 crores for the same period last year, a company statement said here.

The export turnover recorded a growth of 24 per cent at Rs. 262.5 against Rs. 211.1 crores, it said.

J & K Bank H1 profit up

The operating profit of Jammu and Kashmir Bank for the first-half ended September 30, 2001, has recorded a 49 per cent jump to Rs. 186.06 crores from Rs. 137.29 crores in the same period in the previous year.

The net profit has gone up by 40 per cent to Rs. 108.47 crores from Rs. 77.29 crores and the total income recorded an increase of 32 per cent to Rs. 740.33 crores from Rs. 559 crores in the corresponding period.

The total business of the financial institution increased by 23 per cent during the period.

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