Financial Daily from THE HINDU group of publications
Friday, April 11, 2003
Markets (April 10)
BL 2501025.32 (-37.36)
BSE Sensex3035.33 (-105.92)
S&P CNX Nifty962.20 (-42.65)
Dollar (Buy/Sell)47.36/47.49
Gold Std (10 gm)5135 (+5)

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CORPORATE

RESEARCH & DEVELOPMENT


BHEL R&D mulls new facilities
THE corporate research and development (R&D) of the Bharat Heavy Electricals Ltd (BHEL) here has proposed a centre of excellence in coatings with an investment of Rs 40 crore. The proposal is actively being considered by the BHEL board. The ... More

ANNOUNCEMENTS


Electrolux to pump Rs 20 cr in Indian arm
COMMITTED to resurrecting the financial health of its Indian joint venture Electrolux Kelvinator Ltd (EKL), Swedish white goods major AB Electrolux has expressed its intention to make a voluntary and discretionary revenue grant of Rs 20 crore. ... More

OPEN OFFERS


Suez Lyonnaise told to make open offer for Ondeo Nalco
THE Securities and Exchange Board of India Chairman, Mr G.N. Bajpai, has ordered French water treatment and chemicals major, Suez Lyonnaise des Eaux — acquirer of controlling interest in the Ondeo Nalco India Ltd — to make public ... More

COURTS/LEGAL ISSUES


Arrest warrants issued on Diamond Cables top brass
THE XXIII Metropolitan Magistrate Court of Hyderabad has issued non-bailable warrants against Mr S.N. Bhatnagar, Mr Amit Suresh Bhatnagar and Mr Sumit Suresh Bhatnagar, the Chairman and Managing Director and Joint Managing Directors of the ... More

MANPOWER


ECIL plans second VRS — Turnover crosses Rs 1,000 cr
THE Electronics Corporation of India Ltd (ECIL) proposes to come out with yet another voluntary retirement scheme (VRS) to further reduce its employee strength by 1,000. The company, which registered a turnover of Rs 1,005 crore and a profit ... More

HUMAN RESOURCES


A booster dose for industrial workers
IT may be a long drawn out project, but it aims to improve the health of the country's industrial population. Preliminary analysis of data that has emerged from the ongoing WHO- funded Sentinel Surveillance Project for Cardiovascular diseases ... More

NEW PROJECTS


Adlux to set up factory complex
ADLUX Properties, a sister concern of Kuwait's Adlux Technologies, plans to set up a factory complex on 60 acres of land at Karukutty in Kerala. The plant will come up on the premises of the erstwhile Premier Cables unit as per a High Court ... More

NMDC initiates steps for mineral processing unit
THE National Mineral Development Corporation (NMDC) has initiated steps to set up a mineral processing unit in Kollam district. The corporation had signed a memorandum of understanding with the Kerala State Industrial Development Corporation ... More

ALLIANCES & JOINT VENTURES


Pre-school education now goes global
"While we have global universities and programmes in higher education in India, till now primary education has been largely home grown. In our centres, we will teach young people by the Montessori method and also have teacher training institutions wh ere teachers will become skilled to teach the Montessori way.'' More

Escorts gets into contract farming
IN a yet another contract farming initiative, Punjab Agro Industries Corporation (PAIC) has signed a memorandum of understanding with Escorts Ltd to undertake contract farming in an area of 50,000 acres for basmati, oilseeds and durum wheat ... More

BONUS ANNOUNCEMENTS


RBI nod for HLL bonus debenture
HINDUSTAN Lever Ltd has received the approval of Reserve Bank of India for the issue and allotment of bonus debentures and payment of special dividend. The company said this was the last approval and final step required to implement the ... More

STANDARDS & BENCHMARKS


Metalco Panels gets ISO 9001 certification
METALCO Panels, located in the industrial area of Baikampady here, has been awarded AS/NS ISO 9001:2000 certification. The certificate of registration has been awarded by TQCSI (Total Quality Certification Services International). Metalco, ... More

SICK UNITS


Orissa tea estate facing closure
AFTER successfully pioneering tea plantation in the degraded forest lands of Orissa, it was clear that the Bhuyanpirh Tea Estate of Orissa Tea Plantations Ltd (OTPL) had the potential to serve quite a few good causes. Among other things, it ... More

OUTLOOK


Infosys forecasts take its toll on stock
INFOSYS Technologies' revenue growth forecast of 21-23 per cent and per share earnings growth of 11-12 per cent has jolted the markets. The stock plummeted by Rs 1,113, or 26.7 per cent, during the day's trading. Why has the Infosys stock ... More

Pricing pressure to cramp growth: Infosys
INTENSE pricing pressure tracking increased competition and external uncertainties would continue to cramp growth for Infosys Technologies in the current fiscal. A volume-driven revenue growth would be checked by rate squeeze, the company ... More

`War, SARS have hit client visits'
INFOSYS Technologies today said that the war on Iraq and the outbreak of SARS ( Severe acute respiratory syndrome) in South East Asia did have an impact on its business to some extent as several of its clients had cancelled their visits to India. ... More

ITI seeks Rs 725-cr aid to stay afloat
"The small equity base of only Rs 88 crore has made the company highly dependent upon market borrowing at high. This is sought to be rectified," the sources said More

PERFORMANCE


Progeon breaks even; BT centre under way
PROGEON, the BPO (business process outsourcing) subsidiary of Infosys Technologies, has achieved a break-even in the fourth quarter of its operations. "As estimated earlier, Progeon has broken even in its fourth quarter of operations and ... More

Ashok Leyland sales up 23 pc
A SPURT in the demand for multi-axle vehicles and an order from the Tamil Nadu Government for 1,300 passenger vehicles have lifted Ashok Leyland's sales by 22.8 per cent, by volume, in 2002-03, over the previous year. The company sold 36,445 ... More

`LNM Group is world's 2nd largest steel co'
FIGURES released by the International Iron and Steel Institute (IISI) for 2002 reveal that the UK-based LNM Group has become the world's second largest steel company, with an annual output of 34.8 million tonnes (m.t.) of crude steel. The group ... More

Export orders of L&T engg unit up 125%
THE Engineering and Construction (E&C) division of Larsen & Toubro has entered the current financial year with an order book position of Rs 9,400 crore, which is 25 per cent higher than its position in April 2002. The division's efforts at ... More

Benz gets ready to score 10,000
IT'S party time at DaimlerChrysler India's Pune facilities and its affable head honcho, Mr Hans-Michael Huber, is going to party the hardest on Friday when the 10,000th Mercedes-Benz vehicle rolls out of what has now been rated one of the luxury ... More


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