Category Archives: Industry & Enterprise

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SJVN half year profits touch Rs 759.31 Cr

Shimla: Public sector power generating company SJVN reported a 29% increase in its profits for the July-September quarter over its last year corresponding quarter.

Whereas last year in the July-September quarter the company had earned a profit of Rs 319.59 Cr, this year quarter with the 1500 MW Jhakri plant working at over 100% capacity the company has reported a profit of Rs 411.10 crore.

The half yearly profits also registered an increase of 24.5% at Rs 759.31 crore against Rs 610.35 crore during the corresponding period of last year.

The financial results of the company were finalized at a board meeting Delhi today.

SJVN’s Earnings Per Share (EPS) have increased to Rs 1.84 against Rs 1.48 for the corresponding period over last year.

Generation for a six month period at Jhakri plant, which happens to be the country’s largest hydropower plant touched 5876.08 million units (MU of energy against 5030.75 MU during the corresponding period of last year.

In 2010-11 SJVN had reported a profit of Rs 912.13 crore. Himachal Pradesh government has a 25 % share holding in the central public sector undertaking, with public holding being 10 percent.

Maruti Suzuki headed to Gujarat for setting up new plant

Mumbai: Facing labour problems at its Manesar plant in Haryana, automobile giant Maruti Suzuki today said it will buy land in Gujarat for setting up new manufacturing facilities.

“The board granted approval to purchase land in district of Mehsana, Gujarat, for future expansion of manufacturing facilities,” the company said in a regulatory filling to the Bombay Stock Exchange.

The decision comes in the wake of huge decline in the automobile giant’s second quarter net profit followed by labour unrest and the subsequent strikes at its Manesar facility in Haryana earlier this month.

The company reported a decline of 59.81 percent in its net profit for quarter ended Sep 30 due to labour unrest, sluggish market conditions, and high fuel and interest costs.

The company posted a net profit of Rs.240.44 crore for the quarter ended Sep 30 as compared to Rs.598.24 crore during the like period of the previous financial year, said the regulatory filing.

The company managed to sell a total of 252,307 units, a decline of 19.6 percent over 313,654 units during the same period last year.

The company currently has two facilities — at Gurgaon and Manesar, both in Haryana — with a collective capacity to manufacture 1.2 million vehicles annually.

The company is among many automobile firms headed to Gujarat, including Ford, PSA Peugeot Citroen and supply chain vendors.

The state already hosts the Tata Nano plant in Sanand area of Ahmedabad district.

Himachal clears industrial proposals , to bring in Rs 707 crore investment

Shimla : Nine new industrial proposals will be set up in Himachal Pradesh and 21 existing units will be expanded . All of them propose to bring in an investment of over Rs 707 crore .

This decision was taken late Saturday by the state level single window clearance and monitoring authority which met here under the chairmanship of chief minister P.K. Dhumal.

Today’s policy decisions are significant , but no other details were provided by the government spokesman .

Punjab floats venture fund for IT sector

Chandigarh: To attract Information Technology (IT) entrepreneurs to Punjab the government floated a venture capital fund with a corpus of Rs 20 crore today.

“The Punjab Infotech Venture Fund has been set up to help small and medium IT units,” said Tikshan Sud, minister for industries.

To manage the fund, Punjab Infotech had signed an agreement with Subhkam Ventures, a Mumbai based company, he added.

The venture fund has been put together by state PSUs Punjab Infotech. Punjab State Industrial Development Corp Ltd and Punjab Financial Corp in association with Small Industries Bank of India.

Sud claimed that IT and IT related software exports from Punjab had crossed a Rs 1000 crore turnover.

After the success of Mohali as an IT hub, the government has plans to develop IT parks in Kapurthala and Railmajra in SBS Nagar, he said.

H P Khadi & Gramodyog Board funds 196 projects

Shimla : The HP Khadi and Gramodyog Board has sponsored 196 projects worth around Rs 10.2 crore to various banks under the Prime Minister’s employment generation programme in Himachal Pradesh .

This was disclosed by the state industries minister Kishan Kapoor while addressing the board of directors of the board here Friday .

“A provision for disbursing margin money worth Rs 2.79 crore to entrepreneurs has also been made during the current financial year which would generate 1173 jobs ,” said the industries minister .

“In the last fiscal year 1475 persons benefited through 14 units under various activities like wool spinning and woollen cloth finishing ,” Kapoor said .