Financial Daily
from THE HINDU group of publications

Thursday, August 10, 2000





Banking and Finance
NBFC application rejected
MUMBAI: The Reserve Bank of India (RBI) has rejected the application for certificate of registration submitted by the Jamashedpur based company, Rajarjuna Finance and Investment Ltd.

New Holland to launch 35 HP tractor next year
NEW Holland Tractors (India) Ltd (NHTL), the subsidiary of New Holland Worldwide, part of the Fiat group of Italy, is set to launch its 35 horse power (HP) tractor during the first quarter of 2001.

VDO India rides on Honda order in Q2
IF VDO India has done better for the quarter ended June 30, 2000 with a net profit of Rs. 39 lakhs (-Rs. 47 lakhs) from a net sales of Rs. 15.25 crores (Rs. 10.83 crores), it is due to its dashboard instrumentation panel order from Hero Honda. The compan y follows calender year for its financial accounting.

TRF to focus on washery, EPC jobs
TRF (erstwhile Tata Robins Fraser) Ltd has identified coal washeries and EPC (engineering, procurement and construction) as its thrust areas for business development, according to its directors' report for 1999-2000.

Worli asset sale -- Metal Box union wants open tender
METAL Box Workers' Union (MBWU) is to appeal to the Appellate Authority for Industrial & Financial Reconstruction (AAIFR) for open tendering of the company's Worli property in Mumbai for fixing the right price of the property. Also, MBWU suggests, a tend ering committee comprising representatives of banks, FIs and unions should be formed to expedite the tendering system.

Action against vanishing cos -- Move on to delist from bourses
THE Department of Company Affairs (DCA) has received a list of 142 erring companies in which Rs. 668.61 crores are involved. In other words, these erring companies have siphoned off Rs. 668.61 crores which the investors had deposited. Out of these compan ies, the DCA has identified 24 companies which are not traceable even after due enquiries. The total amount involved in these 24 companies is Rs. 80.47 crores.

Gemini Cosmetics to go public
THE Machilipatmam-based Gemini Cosmetics and Chemicals Ltd is shortly going public with an issue of Rs. 3 crores at par to fund its expansion and diversification plans, Mr. D. Veera Venkata Satyanarayana, Executive Director, has said.

Financial Performance
DFHI to pay 16% total
MUMBAI: Discount and Finance House of India Ltd (DFHI) has registered a 71 per cent growth in its net profit for the year 1999-2000 at Rs. 99.94 crores compared to the previous years figure at Rs. 58.41 crores.

Mutual Funds
Alliance sector funds post negative returns
THE three funds launched by Alliance Capital Mutual Fund in January under the `sector select series' have all given negative annualised returns.

Honeywell turbogen goes on stream
HONEYWELL Power Systems Incorporated, a wholly-owned subsidiary of Honeywell and Transcontinental Energy Company Incorporated, has announced the commissioning of Honeywell's `Parallon 75' turbogenerator at Delhi Vidyut Board (DVB) Indraprastha's gas-base d power station.

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