THE HINDU BUSINESS LINE
Financial Daily
from THE HINDU group of publications

Thursday, October 19, 2000

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Corporate

Coal
Study confirms scope for CIL-ONGC venture
THE prospect for a joint-venture coal bed methane (CBM) project between Coal India Ltd (CIL) and Oil and Natural Gas Corporation (ONGC) has brightened with the task force, exclusively set up last August to study CBM reserves in Raniganj coalfield, indica ting huge reserves in at least 10 coal blocks covering 116 square km.

Corporate
J&N plans to hive off industrial unit soon
THE Industrial Paints division of Jenson & Nicholson (India) Ltd, which contributes 24 per cent to the company's turnover, would be hived off soon into a separate joint venture company with an international player.

Godrej Agrovet
Investment Information and Credit Rating Agency (ICRA) has retained the `A1+' rating assigned to the Rs 10-crore commercial paper programme of Godrej Agrovet Ltd (GAL).

ICRA downgrades Escorts' NCD
NEW DELHI: Investment Information and Credit Rating Agency Ltd (ICRA) has downgraded the rating assigned to the Rs 75-crore non-convertible debenture (NCD) programme of Escorts Ltd from `MAA' to `MAA-'. The revised rating indicates high safety. The ratin g agency has retained the `A1+' rating assigned to the company's Rs 75-crore commercial paper (CP) programme.

Schroder Cap takes stake in SunTec
THIRUVANANTHAPURAM: Singapore-based private equity venture capitalists, Schroder Capital Partners (Asia) Ltd, which is investing $6 million in Technopark-based SunTec Business Solutions, will be rewarded with a stake of around eight per cent and two seat s on the board.

KPMF to pay Rs 3 for Prima Plus
MUMBAI: Kothari Pioneer Mutual Fund (KPMF) has declared a dividend of 30 per cent (Rs 3 per unit) on its oldest open-end equity growth scheme - Kothari Pioneer Prima Plus on record date October 13.

Park to relaunch acquired property
BANGALORE: Kensington Terrace, a hotel here, will be relaunched as Park Bangalore by Apeejay Surrendra Hotels, who operate a number of properties in Delhi, Calcutta and Vishakapatnam. The 100-room hotel is undergoing refurbishment, which is being done by Conran & Partners, an international architectural and designing company from the UK.

Haldia Petro project cost up 8.3 pc
THE cost of the Haldia petrochemical project, promoted jointly by the West Bengal Government, the Soros-Chatterjee group and the Tatas, has been placed at Rs 5,600 crore in the annual report of Haldia Petrochemicals Ltd (HPL) for 1999-2000.

KSDL's net profit at Rs 17 cr
KARNATAKA Soaps & Detergents Ltd (KSDL) earned a net profit of Rs 17 crore on a turnover of Rs 150 crore during the fiscal 1999-2000.

Kitply expects higher turnover
KITPLY Industries Ltd is looking forward to a substantial increase in operations and turnover in 2000-01 with the reopening of its three factories in Assam from April.

L&T in slag deal for JVSL's dues
IN a settlement that will ease the outstandings without any financial outgo, Jindal Vijaynagar Steel Ltd (JVSL) has struck a deal with L&T to supply 0.5 million tonnes of granulated corex slag for 30 years. JVSL owes Rs 70 crore to L&T, which was JVSL's engineering contractors for building the Bellary plant.

Alcatel launches mobile phone
TELECOM giant Alcatel has announced the introduction of its new one touch GSM mobile phones in India. The new handset packs more features and is competitively priced.

`ITC subsidiaries investing surplus funds only for profit'
THE two associate companies of ITC Ltd, New Deal Investments and Peninsular Investments, which are its investment arms, operate like any other fund manager, and are always looking for the best pick in the market, according to an ITC spokesperson.

UTI's deposit programme
MUMBAI: ICRA has upgraded the Rs 500-crore certificate of deposit programme of UTI Bank from `A1' to `A1+'.

Financial Performance
TVS-Suzuki Q2 net drops 18%
TVS-SUZUKI Ltd reported a 11-per cent increase in total income and a 18.28-per cent drop in net profit for the quarter ended September 30, 2000, over the previous corresponding period.

Nicholas Piramal net rises
MUMBAI: Nicholas Piramal India Ltd reported a 30.74-per cent increase in net profit at Rs 18.46 crore for the second quarter ended September 30, 2000, over Rs 14.12 crore in the same period last year.

Castrol net slumps
Castrol India Ltd reported a 67-per cent drop in net profit at Rs 28.14 crore for the quarter ended September 2000, as against Rs 47.08 crore in the previous corresponding period.

Insilco's H1 net rises 38.24 pc
NEW DELHI: Insilco Ltd, a Degussa-Huls Group company, reported a 38.24-per cent increase in net profit for the six-month period ended September 30, 2000, at Rs 4.7 crore as compared to Rs 3.4 crore in previous corresponding period.

HCL Infosystems' Q1 net at Rs 19.2 cr
NEW DELHI: Computing major HCL Infosystems Ltd (HCL Insys) on Wednesday announced a net profit of Rs 19.2 crore for the first quarter ended September 30 as against Rs 15.13 crore it earned during the same period last year.

BSL's H1 turnover at Rs 92.52 cr
NEW DELHI: BSL Ltd, a L.N.J. Bhilwara Group company, reported a 40.55-per cent increase in net profit for the six-month period ended September 30, 2000, at Rs 3.05 crore as against Rs 2.17 crore in the previous corresponding period.

Himatsingka Seide net up 3.8 pc
BANGALORE: Himatsingka Seide Ltd, manufacturer and exporter of silk fabrics, reported a 3.8-per cent rise in net profits and a 9.2-per cent rise in revenues for the second quarter of the current fiscal.

Management
IIM-C students organise entrepreneurship contest
THE entrepreneurship cell of the Indian Institute of Management, Calcutta (IIM-C), comprising first and second-year students of the B-School, has launched a business plan competition `i2i' (ideas to implementation) for the entire student community in the country.

Mutual Funds
MF managers falter on promised returns
GUESS how mutual funds have managed those pooled savings of retail and corporate investors?

Power
Bhoruka Power plans to expand hydel capacity
BHORUKA Power Ltd has several plans for new projects in India and abroad. It is keen on setting up a 100 MW gas-based project in Karnataka and has bid for 10 MW of projects in the Philippines. It also plans to expand its small hydel capacity to 60 MW in the next couple of years and expects to generate about 300 million units from them against the present 115 million units.


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