The Hindu Business Line : Thursday, January 30, 2003

PwC for I-T guidance on valuation methods
PRICEWATERHOUSECOOPERS (PwC), India, hopes to receive guidance from the income-tax authorities in the coming weeks on the transfer pricing methods or valuation methods that can be adopted on cost-sharing arrangements (CSA). "We don't expect ... More

BILT approves Janpath plan

ACCOUNTING STANDARDS

`ICAI yet to respond to audit panel suggestions'
THE Chairman of the Committee on Corporate Audit and Governance, Mr Naresh Chandra, has lamented that the far reaching recommendations made by the committee on the professionals like chartered accountants had not evoked a response from the ... More

FINANCIAL PERFORMANCE

Export orders push L&T net up 47 pc
LARSEN & Toubro (L&T) reported a 47 per cent increase in net profit year on year for the quarter ended December 31, 2002; the net profit stood at Rs 80.67 crore, up from Rs 54.51 crore. The company's third quarter results has aided it in ... More

Timex posts 40% sales growth
NEW DELHI: Timex Watches Ltd has announced a 40 per cent growth in sales of Rs 23.47 crore in the third quarter ended December 31, 2002, compared to Rs 16.8 crore in the same quarter last year. According to a press release, the ... More

GAIL net up 17% on better throughput
GAIL (India) Ltd has registered a net sales of Rs 2,969 crore and a net profit of Rs 359 crore for the third quarter of the current fiscal ended December 31, 2002, reflecting a 13.8 per cent rise in net sales and 17.3 per cent rise in net profits ... More

Nirma Q3 net up at Rs 64 cr
NIRMA Ltd has posted a net profit of Rs 64.31 crore on net sales of Rs 536.3 crore for the third quarter ended December 2002. This reflects a 21 per cent rise in net profit from Rs 53.17 crore in the corresponding period last year. The net ... More

Gulf Oil net quadruples on higher sales
GULF Oil Corporation Ltd, the Hyderabad-based Rs 278-crore company specialising in explosives, lubricants and building products formerly known as IDL Industries, has posted a growth of 95 per cent in sales turnover and 344 per cent in net profit ... More

Apollo Hospitals Q3 PAT up 11.5%
CHENNAI: Apollo Hospitals Enterprises' profit after tax for the quarter ended December 2002 was Rs 6 crore, higher than the corresponding period of the previous year by 11.5 per cent. A company release said the turnover for the ... More

MRF Q1 net doubles
MRF Ltd has reported a net profit of Rs 20.18 crore (including a deferred tax credit of Rs 2.26 crore), for the quarter ended December 2002, which is the company's first quarter of 2002-03. This is more than twice the net profit of Rs 9.16 crore ... More

M&M net higher at Rs 30 cr in Q3
IMPROVED operational income, increased other income and benefit from having amortised VRS expense against its share premium account, helped Mahindra & Mahindra Ltd (M&M) post a higher net profit of Rs 30.78 crore for the third quarter ended ... More

Price fall hits India Cements net
THE India Cements Ltd has posted a net loss of Rs 50.54 crore after taking a deferred tax credit of Rs 27.48 crore on sales of Rs 238.97 crore for the third quarter ended December 31, 2002 as against a net loss of Rs 26.25 crore on sales of Rs ... More

Grand Group income up at Rs 21.2 cr
THE Grand Group of Hotels, owned by Bharat Hotels Ltd, has recorded a gross operating profit of Rs 4.09 crore for the third quarter of the financial year 2002-03, compared to Rs 1.41 crore recorded during the same period in the previous year. ... More

Zydus Cadila net rises 18 pc in Q3
ZYDUS Cadila has recorded a 18 per cent rise in net profit at Rs 17.29 crore in the third quarter ended December 31, 2002 as against Rs 14.70 crore in the corresponding period last year. According to the company, the increased sales of the ... More

Chettinad Cement posts higher loss
CHENNAI: Chettinad Cement Corporation Ltd has posted a loss of Rs 13.72 crore on sales of Rs 59.01 crore in the third quarter of this financial year against a loss of Rs 7.84 crore on sales of Rs 45.82 crore for the same period last ... More

Madras Cements sales income down, Q3 PAT up 22%
DESPITE a nine per cent fall in sales income, Madras Cements Ltd has reported a 22 per cent increase in profit after tax for the third quarter ended December 31, 2002 when compared to the same period last year. The company attributed the drop ... More

IOC records Rs 777-crore net profit
INDIAN Oil Corporation (IOC) has recorded a net profit of Rs 777 crore on a gross turnover of Rs 30,625 crore for the third quarter of the current fiscal ended December 31, 2002. This translates into a nine per cent rise in net sales and a ... More

Blue Star Q3 net up at Rs 3.4 cr
BLUE Star Ltd has posted a net profit of Rs 3.38 crore for the quarter ended December 31, 2002 compared to Rs 72 lakh in the corresponding period last year. The company has recorded net sales of Rs 114.23 crore as against Rs 98.64 crore. Total ... More

MERGERS & ACQUISITIONS

L&T discusses CDC plan; Grasim proposal tabled
THE board of directors of Larsen & Toubro today took up the crucial issue of the demerger of its cement business, with both the revised proposal for equity investor CDC as well as the alternative proposal from Grasim Ltd being tabled ... More

Cadila-German Remedies merger swap fixed at 7:4
THE boards of directors of Cadila Healthcare Ltd (CHL), German Remedies Ltd (GRL), Recon Healthcare Ltd, Zydus Pathline Ltd and Zoom Properties Ltd have approved the scheme of amalgamation of the respective companies into CHL and kept the ... More

NEW PROJECTS

Asian Paints plans to set up unit at Pondy
ASIAN Paints India Ltd proposes to set up a unit for the manufacture of 1,00,000 tonnes per annum of paints at Pondicherry. The setting up of this unit is subject to obtaining necessary approvals and licences, the company said in a communiqué ... More

ALLIANCES & JOINT VENTURES

Reliance Life in pact with Thyrocare
RELIANCE Life Sciences has tied up with the Thane-based thyroid-testing laboratory Thyrocare Technologies Ltd to offer DNA-based genetic testing services. According to a press release, Thyrocare will procure blood samples from its network of ... More

OUTLOOK

`Innovation will drive HLL growth'
MANY restructuring steps and exceptional items later, 2003 could be the first year in which Hindustan Lever Ltd's (HLL) abilities in marketing, technology and supply-chain efficiency will author its performance. In the context of what has been ... More

PERFORMANCE

Foods business proves an unhealthy diet
THERE are few bright spots to Hindustan Lever Ltd's financial performance for the final quarter and full year of 2002. The company has closed the year with a shrinkage of 4.8 per cent in its net sales, after cobbling together single-digit ... More

HLL fourth quarter exports up 13 pc
HINDUSTAN Lever Ltd saw exports rise13.1 per cent in the fourth quarter. "Our continuing businesses grew by 1.2 per cent," Mr D. Sundaram, Director (Finance), HLL, has said. However, the FMCG uptrend of October/November does not yet qualify as ... More

INVESTOR PROTECTION

To deny voting rights to Indian shareholders — Coke knocks at FIPB doors
COCA-Cola has approached the Foreign Investment Promotion Board (FIPB) seeking permission to deny voting rights to the company's resident Indian equity holders. Hindustan Coca-Cola Holdings Private Ltd (HCCHPL), in a letter to the FIPB dated ... More

PEOPLE

Vinod Rao appointed CFO of PepsiCo India

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