Financial Daily from THE HINDU group of publications
Saturday, May 11, 2002
Markets (May 10)
BL 2501166.92 (-8.05)
BSE Sensex3431.32 (-30.09)
S&P CNX Nifty1116.40 (-11.20)
Dollar (Buy/Sell)48.93/49.06
Gold Std (10 gm)5160 (+20)

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ANNOUNCEMENTS


Exide Ind to launch new battery for heavy vehicles
EXIDE Industries Ltd will shortly launch a new type of "low-cost high-performing'' battery for heavy commercial vehicles. To be sold most probably under the brand name of `Express Highway', it will mainly target the replacement market. Mr ... More

ACCOUNTING STANDARDS


'Listed cos must disclose audit qualifications'
THE Securities and Exchange Board of India (SEBI) has decided that henceforth listed companies will have to disclose audit qualifications in the unaudited/audited financial results published by them under clause 41 of the listing agreement, along ... More

MANPOWER


Tata Steel's `rightsizing' may continue
It is safe to assume that as a result of the employee separation scheme (ESS), Tata Steel was able to drop employee strength by 17,000 or so. For the records, it may be mentioned that the last ESS closed on April 30, 2002. More

RESTRUCTURING


Indo Rama board to take up E&Y report on May 16
THE board of directors of the Rs 1,900-crore Indo Rama Synthetics (I) Ltd is to meet on May 16 to consider the various options detailed by Ernst & Young for restructuring the company's businesses. "The Ernst & Young report will be considered by ... More

MERGERS & ACQUISITIONS


Maya Entertainment may buy Hollywood studio
MAYA Entertainment Ltd, promoted by the director-actress duo of Mr Ketan Mehta and Ms Deepa Sahi, is likely to acquire a technical film studio for post- production activities in Hollywood. If the acquisition takes place, then it will be through ... More

REGULATORY BODIES & RULINGS


DCA to codify norms for audit panel in cos
THE Department of Company Affairs (DCA) proposes to codify the norms for the functioning of audit committees in companies. The new set of norms is expected to address the concerns voiced by the corporate sector on the role and powers of the audit ... More

ALLIANCES & JOINT VENTURES


ECIL signs MoU with Israel co
ELECTRONIC Corporation of India Ltd (ECIL) has signed a memorandum of understanding with GM Advanced Fencing & Security Technologies Ltd of Israel for undertaking projects on a wide range of electronic and electric security fencing and security ... More

Holostik in talks with French co for jt venture
HOLOSTIK India Ltd, the market leader in holograms, is in talks with Hologram Industries, France, for setting up a joint venture company for the production of security holograms and security labels. These products find application in visas, ... More

OrbiTech, Sun Micro join hands
CHENNAI: Sun Microsystems has named the city-based OrbiTech Solutions Ltd, as partner for implementing e-business solutions. Sun Micro would provide the technology infrastructure, while OrbiTech would provide software applications. ... More

DIVERSIFICATION


Maruti to insure own vehicles -- Ties up with Bajaj-Allianz, NIC
MARUTI Udyog Ltd on Friday forayed into motor insurance for its vehicles in association with two partners as part of its efforts to diversify revenue streams and attract customers with a broader range of service. The country's largest car maker ... More

SICK UNITS


NTC panel okays sale of sick mill assets in TN
THE asset sale committee (ASC) formed by the National Textile Corporation (NTC) to effect sale of assets held by its sick textile undertakings in Tamil Nadu has approved the disposal of assets (other than the land) from two closed NTC units in ... More

CAG suggests immediate sale of Tancem units
The cement plants were unviable with the break-even production exceeding 100 per cent of the plant's capacity during the last four years. More

OUTLOOK


`Top cos can raise over $1 b by marketing'
THERE are about 25-30 top Indian companies, including oil PSUs, that are capable of raising upwards of a billion dollars in equity from the international markets provided they are marketed properly, according to Mr Devdatt Shah, Managing Director ... More

Infy eyeing S-E Asia, Latam markets
INFOSYS Technologies' banking business unit sees the South East Asian and Latin American markets as its next triggers for growth. The company plans to market its products in these two geographies this year even while consolidating its position ... More

LG hopes to sell 2.5 lakh colour TVs before June-end
LG Electronics India Ltd (LGEIL) hopes to achieve a turnover of Rs 2,700 crore in 2002, up from Rs 2,216 crore recorded in 2001. This year, 45 per cent of the turnover will accrue from sales of colour televisions (CTVs), according to Mr ... More

Usha Intl targets 30% export growth
USHA International Ltd, a Siddharth Shriram group company, is targeting a turnover of Rs 500 crore in the current fiscal, as against Rs 410 crore last year. The Managing Director, Mr Sunil Wadhwa, told presspersons here on Friday that the ... More

PERFORMANCE


Balrampur Chini: Less sweet, but more healthy
WITH net sales declining by 10.6 per cent, and net profit barely inching up from the previous year's levels, Balrampur Chini Mills' performance for the financial year 2001-02 may seem a bit of an anti-climax after the massive ramp-up in sales and ... More

Tata Engg sales volume up 4.7 pc
TATA Engineering today reported a total domestic sale of 9,660 vehicles in April 2002, representing a rise of 4.7 per cent over the year-ago period. The company's sales of commercial vehicles were up by 39.5 per cent to 6,447 units (4,620 units ... More


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Top Stories
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Maruti to insure own vehicles -- Ties up with Bajaj-Allianz, NIC

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Apr. 28-May. 4
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Colour dot labels for cosmetics in, drugs out

M.S. Oberoi dies at 103

Andersen partners join Ernst & Young -- Business consulting kept out

Cement sector output crosses 100-mt mark


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