The Hindu Business Line : Wednesday, April 03, 2002

IOC may not pass on post-APM gains -- To add `value' to retail outlets
INDIAN Oil Corporation (IOC) is not likely to reduce the consumer price of petrol, diesel, kerosene and LPG due to gains realised from the dismantling of the administered pricing mechanism (APM). Instead, it would plough the gains into ... More

Tata Projects to build transmission line for PowerGrid
TATA Projects Ltd will execute two turnkey projects worth Rs 76 crore for Power Grid Corporation of India Ltd (PGCIL). The company will build the 238-km, 400-kV double circuit Dhaulganga-Bareilly transmission line under the Dhaulganga ... More

BUYBACK

Precot Mills to buy back shares -- Pegs offer price at Rs 33
THE city-based Precot Mills Ltd has come out with a buy-back offer for 10 lakh equity shares through the tender offer route. The board, which met here today to finalise the buy-back arrangement, put the offer price at Rs 33 per share. The ... More

AUDITING

ICAI unveils paper on peer review
THE Institute of Chartered Accountants of India (ICAI) has come out with a "statement on peer review" which seeks to aid the professional firms in their quest for enhancement of the quality of work. The main objective of peer review was to ... More

MERGERS & ACQUISITIONS

DCM Shriram promoters hike stake to 49.8 pc
After a recast in the DCM group, the entire promoters' holding in DSCL, except the five per cent owned by Mr Arun Bharat Ram-controlled SRF Ltd, is held by the two brothers and their families. More

NEW PROJECTS

Mahindra-BT teams up with VeriSign for lab
MAHINDRA-BRITISH Telecom, a joint venture between the Mahindra group and British Telecommunications, UK, has set up an Information Assurance Laboratory at its Mumbai centre, teaming up with VeriSign Inc, a certification services company. The ... More

Network Associates development centre in Bangalore soon
NETWORK Associates has announced that it plans to open a new product development facility in Bangalore. The facility is expected to open by the third quarter of 2002, and to initially employ more than 50 engineers, said a company release. ... More

TV-18 plans to expand abroad
TELEVISION Eighteen India Ltd (TV-18) is planning to spread its wings abroad. The company will look at various options, including setting up greenfield ventures or picking up equity, said Mr R.D.S. Bawa, Chief Financial Officer. The company has ... More

INTERVIEW

`TV-18 is no more at the mercy of channels'
"As far as the entertainment business is concerned, we have moved out from fixed costs to variable costs. All the people working in this section are no longer on the rolls." More

SICK UNITS

Workers urge Govt to rescue crisis-ridden TCC
WORKERS of the ailing Kerala PSU, Travancore Cochin Chemicals (TCC), have sent an SOS to the State Government to come out with a revival package to save the company from the financial crisis it is in. The losses of TCC, the only PSU in India ... More

Operations suspended at Philips Kolkata unit
PHILIPS India Ltd has suspended operations at its Enabling Technology Group factory here. This follows the acceptance of a voluntary retirement scheme (VRS) by all the 130 employees working in the factory, which has been manufacturing plastic ... More

TUs press for speedy revival of Trayons
Trayons was declared sick in 1986 by BIFR, and the State Government has been playing the role of promoter since 1989. The company's accumulated losses have crossed Rs 100 crore by now. More

OUTLOOK

Rahul Bajaj bullish on bottomline growth
THE Munjals may have stolen the thunder by walking away with the honour of being not just the country's largest two-wheeler manufacturer, but also the world's largest motorcycle manufacturer now, but Hamara Bajaj is not about to give up ... More

Rs 160 cr locked in Gopalpur land acquisition -- SEZ sops bring cheer to Tata Steel
THE incentives given to special economic zones (SEZs) in the 2002-2007 Exim Policy has "brought cheer" to Tata Steel which has roughly Rs 160 crore locked up in land acquisition for its erstwhile proposal of a steel plant at Gopalpur in ... More

Branded oils may boost Oomerbhoy turnover
R.R. OOMERBHOY Pvt. Ltd is expecting more than two-fold increase in its turnover during the 2002-2003 (April-March) fiscal at around Rs 55 crore, primarily on account of the company's foray into branded edible oils. The contribution of edible ... More

PowerGrid signs MoU with Centre
POWER Grid Corporation of India Ltd (PowerGrid), the Central transmission utility, has signed a memorandum of understanding (MoU) with the Union Power Ministry, setting various performance and operational targets for itself for the new fiscal ... More

BPL healthcare division targets 50 pc growth
BPL's healthcare business group aims to report a 50-per cent growth in the current financial year, a company news release has said. The Chairman of BPL, Mr Ajit Nambiar, said that the division had recorded "remarkable progress'' in the last ... More

Haldia targets Rs 3,400-cr sales
HAVING closed the previous fiscal with a gross turnover of Rs 2,400 crore, Haldia Petrochemicals Ltd (HPL) is planning to ramp up its sales to around Rs 3,400 crore in the current fiscal. Company sources said that a net income target of Rs ... More

PERFORMANCE

IPCL turnover at Rs 5,400 cr
INDIAN Petrochemicals Corporation Ltd (IPCL) has recorded a production of 1.36 million tonnes during 2001-02 as against an installed capacity of 1.35 m.t. According to a company release, IPCL has achieved a turnover of nearly Rs 5,400 crore, ... More

KIOCL turnover up Rs 712 cr
KUDREMUKH Iron Ore Company Ltd (KIOCL), the Central public sector ore company, has achieved a record turnover of Rs 712 crore for the year 2001-02. The figure reflects 22-er cent increase over the previous financial year. The company's foreign ... More

HEC pares losses by 48 per cent
HEAVY Engineering Corporation (HEC) has pared its losses by 48 per cent in 2001-02. Sales increased by 12 per cent to touch Rs 138 crore. A company statement claimed that HEC had achieved an eight per cent increase in production worth Rs 159 ... More

KPCL turns around; nets Rs 67 crore
THE State-owned utility, Karnataka Power Corporation Ltd (KPCL), has effected a turnaround and shown a net profit of Rs 67 crore for the financial year ended 2001-02 as opposed to a net loss of Rs 100 crore the previous year. According to ... More

SAIL posts 7 pc growth in sales
STEEL Authority of India Ltd (SAIL) has sold 9.45 million tonnes of steel during fiscal 2001-02, the highest ever since its inception and has recorded a growth of seven per cent. More than 8.8 m.t. were sold in the indigenous market, which was ... More

INVESTOR PROTECTION

`Investor protection possible through education'
THOUGH there are a plethora of regulatory bodies supervising different activities, the protection of investors still remain a difficult objective to achieve, according to Mr R.Vasudevan, Director, Department of Company Affairs (DCA). The ... More

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