Financial Daily from THE HINDU group of publications
Tuesday, March 12, 2002
Markets (March 11)
BL 2501131 (-17.47)
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Dollar (Buy/Sell)48.69/48.82
Gold Std (10 gm)4890 (+35)

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CORPORATE

ACCOUNTING STANDARDS


ICAI panel to review CA Act
THE 30-member Central Council of the Institute of Chartered Accountants of India (ICAI) has constituted a six-member working group to review the Chartered Accountants Act and the regulations governing the profession in its entirety in the context ... More

AUDITING


ICAI sets up board for peer review
IN an effort to improve the quality of audit work undertaken by its members, the 30-member central council of the Institute of Chartered Accountants of India (ICAI) has adopted a statement on peer review, which seeks to put in place a framework ... More

Audit report format modified
IN an apparent attempt to clarify the role of the management vis-a-vis the auditor, the 30-member Central Council of the Institute of Chartered Accountants of India (ICAI) has modified the format of the audit report issued by chartered ... More

COURTS/LEGAL ISSUES


HC orders reopening of Fidelity Ind's Pune unit
THE Madras High Court has ordered the reopening of Shree Products, a company manufacturing pharma closures used for life-saving drugs, now in liquidation. The unit, which is located at Pune, belongs to Fidelity Industries Ltd of Chennai. Mr ... More

CORPORATE BONDS


IPCL redeems foreign currency bonds worth $176 million
INDIAN Petrochemicals Corporation Ltd (IPCL) has redeemed foreign currency convertible bonds (FCCB) of $176 million (Rs 860 crore) which matured on Monday. This is one of the biggest redemption in dollars at a stroke for any foreign currency ... More

`AAA' rating for Reliance Industries
NEW DELHI: Fitch Ratings India has affirmed the `AAA' debt rating of Reliance Industries Ltd (RIL) following the announcement of the merger of Reliance Petroleum Ltd with RIL. The rating agency has put the `Ind AA +' debt rating of ... More

Tatas to issue Rs 1,300-cr NCDs to fund VSNL buy
THE Tata group is raising Rs 1,300 crore through an issue of zero coupon non-convertible debentures (NCDs) to part-fund the group's acquisition of 25 per cent stake in Videsh Sanchar Nigam Ltd (VSNL). The NCDs would be issued by Panatone ... More

ICRA retains rating for Parasrampuria
MUMBAI: ICRA has retained the rating of non-convertible debentures and cumulative convertible preference shares programme of Parasrampuria Synthetics Ltd (PSL) at `LD', indicating default. The rating takes into account the company's ... More

NEW PROJECTS


Analog opens design unit in Bangalore
ANALOG Devices Inc, a manufacturer of high-performance integrated circuits used in analog and digital signal processing applications, has announced the opening of an analog and mixed signal design centre at its India product development centre in ... More

Biocon India plans expansion
BIOCON India is planning a major expansion of its R&D and manufacturing facilities with an investment of Rs 150 crore during 2002-04. Of this, it would infuse Rs 100 crore during 2002-03, the Biocon India Chief Executive Officer and ... More

RIL to expand PET capacity with DuPont tech
RELIANCE Industries Ltd today said it planned to expand its polyethylene terephthalate (PET) capacity to 300,000 tonnes from the present 80,000 tonnes. The company has entered into an agreement with DuPont Polyester Technologies to licence the ... More

Alfa Laval sees Rs 70-cr market for fuel alcohol
ALFA Laval (India) Ltd has projected an annual investment of Rs 60-70 crore by distilleries for production of anhydrous or fuel alcohol, used for blending up to 5 per cent with petrol. "The conservative estimated size of this market is Rs 60-70 ... More

Rockwell Auto to invest $2 m in India centre
ROCKWELL Automation India Ltd (RAIL), a wholly-owned subsidiary of US-based Rockwell Automation, will be setting up its first Centre of Excellence outside the US in India, the company announced here today. The investment required will be to the ... More

ALLIANCES & JOINT VENTURES


Saregama to market Warner classics
SAREGAMA India Ltd (SIL), the entertainment company of the RPG group, has tied up with Warner Home Video, a division of Warner Bros, to tap the fast growing home video market. Announcing this, Mr Sanjiv Goenka, SIL Vice-Chairman, said talks ... More

gvk bio partners Ricerca for medicinal chemistry
GVK bioSciences Pvt Ltd, a drug discovery and development company floated by the Hyderabad-based GVK group, has entered into a three-year global partnership with Ricerca LLC. Ricerca, based in the US, is a $50-million drug discovery company ... More

JCBL pact with Chinese co for luxury coaches
MOBILITY solutions provider JCBL Ltd has entered into a strategic business alliance with the Chinese automobile company, King Long, to manufacture luxury coaches for the Indian market. An estimated Rs 12 crore would be invested in the project ... More

Fleetguard forms joint venture for filter paper
PUNE: The city-based Fleetguard Filters Pvt. Ltd and Hollingsworth & Vose GmbH & Co. KG of Germany have formed a 50:50 joint venture — Filtration Technologies India Pvt. Ltd — to manufacture special grade filter paper. The ... More

DIVERSIFICATION


AP Warehousing Corpn plans expansion
THE Andhra Pradesh State Warehousing Corporation (APSWC) is all set to expand its operations by moving into port areas in the State for warehousing activities both for exports and imports. APSWC, which is a storage organisation with a 50:50 ... More

OUTLOOK


Funskool evolves into full-fledged toy maker
FUNSKOOL (India) Ltd has begun manufacturing a model of Actionman (Supercar Driver) in its manufacturing facilities in the country. The company has got orders worth nearly Rs 3 crore to export around four lakh pieces of this figure to various ... More

Hallmark bid to expand reach
IN the wake of competition from other movie channels, Hallmark Channel is planning to consolidate distribution, increase reach and the brand visibility. The channel has tied up with Mediascope Associates for ad sales in India. It is targeting ... More

Shree Cement upbeat; shifts to April-March
THE Rs 556-crore Shree Cement Ltd has decided to change its accounting period from July-June to April- March for 2001-02, but hopes to earn the same amount of profit in the nine months of this fiscal that it did in the last 12-month accounting ... More

AVT McCormick targets Rs 100-cr spices export
AVT McCORMICK, an Indo-US joint venture engaged in spices processing and exporting, has set an export target of 10,000 tonnes of value-added spices valued at Rs 100 crore in two years. During the current fiscal, its exports are estimated to be ... More

PERFORMANCE


Tata Engineering zips ahead with spurt in Indica sales
TATA Engineering today reported total sales of 16,655 vehicles in the domestic market in February, an increase of 12.8 per cent over the same month the previous year. Cumulative sales over April-February 2002 were up by 9.3 per cent at 1,48,087 ... More

Volvo India posts Rs 250-cr turnover
VOLVO India has posted a turnover of Rs 250 crore in 2001, and has established itself across its business divisions — trucks, buses, construction equipment, marine & industrial power systems, according to a company statement. In January, ... More


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Top Stories
Dairies find more money in liquid milk trade -- Ghee, skimmed powders leading to value subtraction


ONGC rider on gas supply puts IPCL sale in a limbo

Shine returning to software?

Prudential Bank stops premature payments -- RBI steps in to avert liquidity crisis

Interest cut on I-T refunds

Gold eases on upbeat US economic outlook

Industrial drag persists in Jan

Feb car sales take highway

In Depth
Inside Kashmir
Guide to derivatives
US-64
Looking back
Mar. 3-Mar. 9
Aptech to consolidate overseas operations -- Plans Rs 10-cr expansion

Reliance Ind, Petro boards fix merger swap at 1:11

Electrosteel Castings gains control of two Lanco cos

Violation of SCRA -- Interim dividend rush kicks up row

Tata Engg unveils 7-seater `Indiva'

SEBI told to ensure cos' compliance on interim

SEBI tells SEs to act tough on dividends

Siemens gung-ho; to invest $500 million

Not all gloom & doom in India Inc

After dividend rush come cancellations

Hindustan Fertilizer Haldia unit staring at liquidation


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