Financial Daily from THE HINDU group of publications
Saturday, March 09, 2002
Markets (March 8)
BL 2501148.47 (-2.87)
BSE Sensex3656.77 (-33.50)
S&P CNX Nifty1187.65 (-5.40)
Dollar (Buy/Sell)48.69/48.82
Gold Std (10 gm)4855 (-45)

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ANNOUNCEMENTS


Reliance to drill first deep-water well next month
RELIANCE Industries Ltd will begin drilling its first deep-water well in the eastern coast early next month. This is the first time that the company will execute a drilling project on its own. The project is expected to cost RIL about ... More

ACCOUNTING STANDARDS


Accounting standard on interim reporting -- ICAI wants bourses to amend listing agreements
THE Institute of Chartered Accountants of India (ICAI) will ask the Securities and Exchange Board of India (SEBI) to direct stock exchanges to amend their listing agreements with companies to ensure that the latter comply with accounting standard ... More

MERGERS & ACQUISITIONS


Bcom3 deal brings 3 Indian agencies into Publicis fold
FRENCH advertising agency Publicis' acquisition of Bcom3 — the group which also owns advertising agencies Leo Burnett and D'Arcy MB&B internationally — is expected to have an impact in the Indian market as well. The $3 billion ... More

Chola looks for foreign partner
CHOLAMANDALAM AMC is scouting for a foreign partner to divest a part of its equity capital. Multinational fund manager, Cazenov, which had partnered the company earlier, exited the joint venture some time last year. The AMC, which manages the ... More

BP joins race for Dabhol Power
UK-based oil major BP has joined the race for acquiring Enron's stake in Dabhol Power Company. BP India today in a statement confirmed that it had "officially" communicated its expression of interest (EoI) in participating in the due diligence ... More

Hinduja TMT board nod to stop equity trading -- To merge with Sarthak Mercantile
THE board of Hinduja TMT Ltd (HTMT) on Friday approved a proposal to close the company's equity trading activity and merge Sarthak Mercantile Pvt Ltd (SMPL), a special purpose vehicle of Hinduja Group holding equity stake in some of HTMT's ... More

CORPORATE GOVERNANCE


Academy for corporate governance
The academy aims at building competencies at director-level. Its full range of activities includes institutional and regulatory reforms, board restructuring, compensation and competence mapping, research and awards rating. It is working on a corporat e governance rating model and a best practice manual. More

NEW PROJECTS


Chemfab plans to raise $10 m to fund expansion
CHEMFAB Alkalies Ltd is working towards raising equity money of around $10 m from the overseas markets to fund its capacity expansion programme, the company's Chairman, Dr C.H. Krishnamurthi Rao, told Business Line today. There were two ... More

REGULATORY BODIES & RULINGS


Use ECS to remit dividend, companies told
THE Department of Company Affairs (DCA) has advised all the chambers of commerce and industry in the country to inform their constituent members to adopt electronic clearing service (credit clearing) to remit dividend to shareholders in their ... More

Offences by directors: DCA clarifies issue
AN offence committed by a director of a company under liquidation is compoundable under Section 621A of the Companies Act, 1956, the Department of Company Affairs (DCA) has said This clarification was issued by the Department to its Regional ... More

TRADE & LABOUR UNIONS


One-day strike over financial demands -- HM seeks workers' help to tide over `tough' times
EVEN as the workers at Hindustan Motors Ltd's Uttarpara plant near here resorted to a 24-hour strike on Friday to press for their financial demands, the management has appealed to them to bear with the company's present tight financial position. ... More

ALLIANCES & JOINT VENTURES


Satyam Education deal with Digital GlobalSoft
SATYAM Education Services Ltd (SESL), a 100 per cent subsidiary and eLearning arm of Satyam Infoway Ltd, has announced that Digital GlobalSoft (formerly Digital Equipment India Ltd) has contracted the company to provide real-time interactive ... More

Seacom, Zensar, RPG Retail in alliance
PUNE: A tripartite alliance has been formed between the Pune-based Seacom Solutions (India) Ltd, a retail solutions company, Zensar Technology Ltd, and the RPG Retail chain. Mr Ajay Aggarwal, Chief Executive Officer and Managing ... More

Interwise platform for CA Satyam
MUMBAI: CA Satyam (C&S), a joint venture between Computer Associates and Satyam Computer Services Ltd, has announced that it entered into a partnership with Interwise to offer the Interwise Enterprise Communications Platform (ECP) in ... More

SICK UNITS


Hindustan Fertilizer Haldia unit staring at liquidation
IT has been lying closed for the past 16 years. But it will not remain closed for much longer because the death sentence on the Haldia unit (employing 1,300-odd people) of Hindustan Fertilizer Corporation is now written on the wall for everyone ... More

OUTLOOK


Import duty reduction -- Binani Zinc expansion plans likely to be hit
THE future expansion plans of Binani Zinc, a division of Binani Industries Ltd, are likely to be affected by the reduction in import duty on non-ferrous metals such as zinc in the recent Union Budget. Mr N. Mohan, President, Binani Zinc, said ... More

SAS aims at 25 pc market share in CRM
SAS India, a wholly owned subsidiary of the $110-million business intelligence solutions provider SAS Inc, expects to increase its market share in the customer relationship management (CRM) space from 15 per cent to 25 per cent this year. The ... More

Thomas Cook bets on travel segment
THOMAS Cook (India) Ltd (TCIL) expects revenues from its financial services business to grow by 10-15 per cent per annum while earnings from its travel business would grow at a still higher rate, Mr Ashwini Kakkar, Chief Executive Officer and ... More

PERFORMANCE


Hetero bags $10-m Brazil order
HETERO Drugs Ltd (HDL) has bagged a major contract worth $10 million from the Government of Brazil for the supply of anti-retroviral finished dosage forms. HDL, which has introduced all the 13 anti-HIV drugs in the market, has recorded a ... More

TRENDS


India Inc on backfoot
INDIA Inc continued its dividend cancellation spree on Friday, with major groups such as the Tatas, the Birlas, the Mahindras and the Bajajs announcing `revocation' of interim dividend for the current fiscal. Dr Reddy's Laboratories Ltd also ... More

Can board revoke payout decisions?
THE Finance Ministry may not be on such a safe wicket with regard to the contention that a board decision on interim dividend does not put a seal of finality to the company's obligation to its shareholders. The Supreme Court's decision in the ... More


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Top Stories
Hindustan Fertilizer Haldia unit staring at liquidation


Dividend rush -- Now, it's funds turn

SBI kisan card turns FMCG golden goose

Tough days ahead for refiners, traders

Partial gains on export front

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Rs 2,000-cr investment norm set -- Petro marketing thrown open to private sector

In Depth
Inside Kashmir
Guide to derivatives
US-64
Looking back
Feb. 24-Mar. 2
Daewoo gives reprieve to Indian subsidiary

DCA seeks details about Hutchison equity pattern

`Size forms a virtuous cycle': — Mr Shailendra Ghaste, Vice-President, Investment Banking, JM

Reliance Industries, RPL to be merged

Gulf Oil, IDL get set to tie the knot


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