July 20 (PTI): ABB Ltd has posted a 32.36 per cent drop in net profit at Rs 30.61 crore for the second quarter ended June 30, 2004 against Rs 45.26 crore in the corresponding previous quarter.

Total income rose to Rs 527.17 crore from Rs 337.91 crore in April-June 2003, the company informed the Bombay Stock Exchange (BSE) today.

The engineering major has planned a capital investment of around Rs 80 crore to enhance capacity, upgrade plant and undertake modernisation and expansion programmes.

The order book position was strong at Rs 1,299.2 crore as on June 30 compared with Rs 1,073.2 crore in the year-ago period.

Canara Bank net up

Canara Bank today reported a net profit of Rs 336.44 crore for the first quarter ended June 30, up 31.5 per cent from Rs 255.85 crore posted in the same period last year.

The bank earned this profit after making a provision of Rs 308.20 crore against Rs 241.25 crore in the corresponding previous quarter, chairman and managing director R. V. Shastri said.

Total income jumped by 5.94 per cent at Rs 2,186 crore during the quarter against Rs 2,063 crore in the year-ago period, Shastri added.

Jindal Steel & Power

Jindal Steel and Power posted a net profit of Rs 121.50 crore for the first quarter ended June 30 compared with Rs 50.31 crore reported in the same quarter of 2003-04. Net sales jumped to Rs 613 crore against Rs 300.56 crore last year, according to a company statement.

The company’s exports went up from Rs 11.13 crore last year to Rs 69.26 crore this fiscal.

Indian Hotels net zooms

Indian Hotels Company Ltd has posted a 70.21 per cent rise in net profit at Rs 6.4 crore for the first quarter ended June 30, 2004 compared with Rs 3.76 crore reported in the corresponding previous quarter.

Total income during the period under review increased 23 per cent to Rs 168.86 crore from Rs 137.66 crore in the year-ago period, the company said in a release today.

In June, the Tata group firm had unveiled indiOne, the smart basic hotels in Bangalore. This new category of hotels is targeted to address the lower-end market.

Pidilite bottomline rises 14%

Pidilite Industries Ltd has posted a 13.65 per cent rise in net profit at Rs 23.89 crore in the first quarter ended June 30, 2004 compared with Rs 21.02 crore posted in the same period last fiscal.

Total income (net of excise) increased to Rs 193.73 crore during the quarter under review from Rs 169.74 crore in the year-ago period, the company informed the Bombay Stock Exchange today.