Corporate
Ferro Scrap Nigam going in for modernisation
FERRO Scrap Nigam Ltd (FSNL), under the Ministry of Steel, is going in for modernisation to meet the increased requirements of the integrated steel plants both in the quality and quantity of scrap.
TAFE cutting back on production
TRACTORS and Farm Equipment Ltd (TAFE) has decided to cut back on production due to low sales, according to reliable sources.
Rajshree Sugars to sell textile unit
RAJSHREE Sugars and Chemicals Ltd (RSCL) has decided to sell its textile division, Rajshree Spinning Mills Ltd (RSML), a 23,424-spindle unit.
Parrys Confectionery in the red
CHENNAI: Parrys Confectionery Ltd has registered a net loss of Rs. 16.58 crores for the year ended March 31, 2000 as against a net profit of Rs. 3.36 crores the previous year.
MUL bucks trend with lower April sales
THE automobile industry continued to grow during April this year, though there are signs that a mild slowdown may have set in. The growth is most visible in the passenger car segment of the industry, where total sales, including exports, for April 2000 s
tood at 53,499 units as compared to total sales of 42,042 units during April 1999.
1:1 bonus from Hoganas
HOGANAS India Ltd has recommended a bonus share issue in the ratio of one equity share for every one equity share held.
Carborundum Universal turnover at Rs 258 cr
CARBORUNDUM Universal Ltd, part of the Murugappa group, has reported a net profit of Rs. 25.95 crores for the year ended March 31, 2000, as against Rs. 19.69 crores in the previous year. The net profit includes a sum of Rs. 2.45 crores representing the i
mpact of the mandatory inventory valuation norms.
Acquisition marks new innings for Kothari Pioneer
THE Chief Executive Officer of Kothari Pioneer Mutual Fund, Director of TCK Finance & Leasing (which in 1999 bought out the Kotharis' stake in Investment Trust of India) and President of Pioneer of the US, are, in their own ways, heralding a new innings,
following the recent purchase of Pioneer by UniCredito Italino.
SRF net up 98 per cent -- To merge Tyre Cord Fabric with itself
INDUSTRIAL Yarn and tyre cord fabric manufacturer, SRF Ltd on Wednesday reported a 98.08 per cent increase in net profit for the year ended March 31, to Rs. 26.80 crores on the back of an improved operational performance and lower interest and finance ch
arges. The company had recorded a net profit of Rs. 13.53 crores for the year ended March 31, 1999.
Yokogawa Blue Star plans IT subsidiary
YOKOGAWA Blue Star Ltd (YBL), the Indo-Japanese joint venture between Yokogawa Electric Corporation and Blue Star, is planning to set up a wholly-owned infotech subsidiary to be named as Plant Centric Technologies.
Corporate briefs
KOCHI: The Kochi unit of Hindustan Organic Chemicals Ltd should be taken over by Cochin Refineries Ltd, the Member of Parliament from Muvattupuzha, Mr. P. C. Thomas, has said.
Food & Dairy Products
BIFR seeks compliance report on Modern Dairies
IFCI, the monitoring agency (MA) for Modern Dairies Ltd (MDL), has been directed by the Board for Industrial and Financial Reconstruction (BIFR) to submit at the June-end its report on compliance to the sanctioned scheme of MDL as also whether the compan
y can be discharged from the purview of BIFR.
Mutual Funds
Zurich Builder bullish on consumer products
SOME four months after it was converted into an open-ended scheme under a new name, Zurich India Capital Builder Fund has expressed bullishness about sectors related to consumer products. With a portfolio which is substantially exposed to consumer non du
rables, the fund (earlier: the close-ended Zurich India Quantum Growth Fund) has recently increased holdings in stocks such as Nestle and Colgate-Palmolive.
Pharmaceuticals
JK Pharma debt recast gets UTI, Tidco approval
PENICILLIN-G manufacturer JK Pharmachem Ltd, an associate company of JK Industries, has concluded the second phase of its debt restructuring programme with financial institutions, which features conversion of a certain portion of its outstanding debt int
o equity as well as preference shares.
Textiles
Spun silk mills seek ban on waste export
RAW material-starved spun silk mills in the country have reiterated their demand seeking a ban or restriction on the export of silk waste.
