The Hindu Business Line : Wednesday, May 22, 2002

Tata Telecom to pay 20 pc dividend
THE board of directors of Tata Telecom has recommended a dividend of 20 per cent or Rs 2 per share for the year ended March 31, 2002. The company has reported 87 per cent growth in net profit during the year, at Rs 15.68 crore over the previous ... More

No equity stake for Pirelli -- Birla Tyres may not be spun off as jt venture
KESORAM Industries Ltd (KIL) of the B.K. Birla group has shelved its plan to make its tyre division a separate joint venture company. The division, currently being run under the name and style of `Birla Tyres', will continue to remain a ... More

Lease Plan may enter car rentals business
FLEET management company, Lease Plan India Ltd, a joint venture between ABN Amro Lease Holding N.V. (AALH) and Travel House, may consider a foray into the car rentals business as part of its expansion plans, a top company official has ... More

ACCOUNTING STANDARDS

ICAI fine-tunes norms for building contracts
This implies that revenues would have to be recognised, even if not actually realised, as the contract progresses. Hitherto, contractors were given the option to choose either ``the percentage of completion method'' or ``the completed contract method '' in accounting for contracts in their financial statements. More

COURTS/LEGAL ISSUES

HC orders Customs to pay demurrage in iron scrap import case
Haryana High Court directed the charges for demurrage as might be determined by the competent authority should be paid to the Punjab State Warehousing Corporation by the respondents within two months. More

MERGERS & ACQUISITIONS

A costly miss for Indian Oil?
THE biggest casualty in the long drawn-out IPCL disinvestment story, which was finally concluded last weekend, is undoubtedly Indian Oil Corporation (IOC). The public sector company, which arguably had as much at stake as Reliance Industries ... More

IOC, ONGC submit EoI for stake in EIL
INDIAN Oil Corporation and Oil and Natural Gas Corporation Ltd (ONGC) have indicated their intention to pitch for the Government's 51 per cent stake in Engineers India Ltd (EIL). This follows their submission of expression of interest (EoI) ... More

ICICI may divest stake in Biocon
ICICI is likely to divest its 11 per cent stake in Biocon India which it had bought for $4 million a year-and-a-half ago. According to market information, foreign private equity bigwigs such as Warburg Pincus and AIG are likely to lap up this ... More

AIG may invest in Cafe Coffee Day
FOREIGN private equity player AIG is tipped to be investing in Cafe Coffee Day, the liquid coffee retail arm of the Bangalore-based Amalgamated Bean Coffee Trading Pvt Ltd. Internal sources confirmed, on conditions of anonymity, that talks ... More

Sika completes buy-out in Indian arm
SIKA AG of Switzerland has completed the buy-out of its Indian partners in Sika Qualcrete Pvt Ltd, which was set up as a 40:60 joint venture. The Indian shareholders, who held the majority 60 per cent, were Mr Sadhan Dutta, promoter of the ... More

INTERVIEW

Demerger move will boost Indo Rama valuation: Lohia
"With the demerger, we provide an opportunity for those investors who are with us to choose between "petrochemical play'' and "textile play'". More

BONUS ANNOUNCEMENTS

Modified bonus debenture scheme -- HLL signals on business growth
BY deciding to tag a special dividend of Rs 2.76 per share along with the proposed bonus debenture issue, HLL appears to have found a neat way to compensate shareholders for the additional tax that they will have to bear as a result of the Budget ... More

SICK UNITS

Nocil shuts Thane petrochem unit
HAVING failed in its hunt for a partner to finance its modernisation plans, National Organic Chemical Industries Ltd (Nocil) has finally decided to close down its petrochemical unit at Thane. The petrochemical division employs around 1,275 ... More

OUTLOOK

Krone sees flat topline growth in 2002-03
INTENSE pricing pressure and elongated sales cycles will restrict telecom and IT equipment manufacturer Krone Communications Ltd to reporting almost ``flat'' top line growth in the current financial year, the Managing Director, Mr Bala K. ... More

PERFORMANCE

SAIL sets record in offloading coking coal
THE Steel Authority of India Ltd has set a record in daily discharge of coking coal in the country by offloading 42,079 tonnes of imported coking coal in a single day. Company sources said the total cargo of 52,490 tonnes was offloaded in 39.5 ... More

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