Financial Daily from THE HINDU group of publications
Tuesday, December 03, 2002
Markets (Dec. 02)
BL 2501117.01 (+22.10)
BSE Sensex3270.36 (+41.54)
S&P CNX Nifty1067.90 (+17.75)
Dollar (Buy/Sell)48.25/48.38
Gold Std (10 gm)5210 (-10)

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BEML set to foray into infrastructure equipment
PUBLIC sector earth moving major BEML plans to shortly foray into infrastructure equipment area in addition to its three traditional areas of its manufacturing activity. It also plans to reorganise its core areas into strategic business units ... More

HDFC bonus issue, buyback get shareholders' approval
THE shareholders of Housing Development Finance Corporation have approved the proposed 1:1 bonus issue of shares of as well as an in-principle enabling resolution permitting buyback of shares by HDFC at an EGM here on Monday. Other resolutions ... More

ACCOUNTING STANDARDS


Top Wipro GE execs quit over accounts fiasco
THE Chief Financial Officer and a number of junior executives of the Finance Department of Wipro GE Medical Systems put in their papers recently. This came close on the heels of the fiasco over wrongly-estimated losses last quarter. The ... More

FICCI for more accountability for CEOs, CFOs
A SECTION of Indian industry is pitching for more accountability for the Chief Financial Officers (CFO) and the Chief Executive Officers (CEOs) of organisations by requiring them to certify the information given to the stakeholders through the ... More

Auditors qualify accounts of Nagarjuna Fertilisers
The statutory auditors of Nagarjuna Fertilisers and Chemicals Ltd (NFCL), have qualified the accounts for the fiscal year ended March 31, 2002. The first qualification pertains to valuation of investments and non-provisioning towards diminution ... More

AWARDS & HONOURS


Premji gets award
Mr Azim H. Premji, Chairman, Wipro Corporation, receiving the `Eminent Businessman of the year' award from Mr Mohd Fazal, Governor of Maharashtra, in Mumbai on Monday. ... More

ENVIRONMENT


Carbon credit
GROWING concern about the biosphere and increasing awareness of the need for pollution control have given rise to the concept of `carbon credit'. The system is simple. Companies that are involved in any activity which helps reduce the carbon ... More

MANPOWER


Saregama to softpedal wage freeze, VRS
SAREGAMA India Ltd — the music and entertainment company in the RPG fold — has decided not to force the issue of either manpower reduction or wage freeze on its employees now. Mr Abhik Mitra, Managing Director of SIL, said that ... More

RESTRUCTURING


ICI India transfers catalyst business to Johnson Matthey
ICI India has transferred its catalyst business to Johnson Matthey Chemicals India Pvt Ltd. The shareholders of the company had given their approval on November 12 to the proposal of divesting its catalyst business to Johnson Matthey for about Rs ... More

MERGERS & ACQUISITIONS


Ind-Swift buys PSIDC stake in Laboratories
THE Chandigarh-based Ind-Swift Ltd has bought out Punjab State Industrial Development Corporation's 23.14 per cent stake in Ind-Swift Laboratories at an average price of Rs 31-32 per share amounting to Rs 8 crore. Speaking to presspersons here ... More

STANDARDS & BENCHMARKS


NEG Micon India gets Det Norske Veritas certification
NEG Micon (India) Pvt Ltd has been awarded the Det Norske Veritas certifications for quality management, environment management, and health and safety management for its installation and service functions, according to a press release from NEG on ... More

SICK UNITS


I've been done in by the system: Mardia
HE dons the dubious mantle of being the Indian banking industry's premier defaulter in the corporate sector with his group's aggregate dues touching Rs 1,404 crore. Mr Rasiklal S. Mardia, however, disagrees. He is convinced that the total dues ... More

OUTLOOK


L&T targets 25% rise in export earnings
ENGINEERING and construction major Larsen & Toubro Ltd (L&T) is looking at higher exports to enhance its topline. It has targeted a 25-30 per cent earnings from exports over the next three years. In 2002-2003, L&T hopes to see exports ... More

Morepen to gain from loratidine's OTC status
IT certainly seems to be a case of one company's meat being another's poison in the pharma industry, with allergy drug Loratidine being accorded the status of an over-the-counter (OTC) drug. According to pharma industry analysts, this recent ... More

PERFORMANCE


Bajaj Auto November sales up 5.7 pc
BAJAJ Auto Ltd has reported a 5.7 per cent rise in its total sales of two-, three-wheelers for November 2002 to 1,28,367 units, as against 1,21,419 units of the previous corresponding period. This includes a 3.6 per cent increase in total ... More

Hero Honda sales rise 20.5% in Nov
LEADING two-wheeler manufacturer Hero Honda has registered a sales increase of 20.56 per cent in November this year to 1,61,865 units from 1,34,257 units in the same period last year. The company has recorded an increase of 27.95 per cent in ... More

Auditors qualify Natco Pharma H1 accounts
THE statutory auditors of Natco Pharma Ltd have qualified the accounts of the company for the six months ended September 30, 2002. In a communiqué to stock exchanges, the company said these qualifications were part of the limited review ... More


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