Financial Daily
from THE HINDU group of publications

Sunday, January 21, 2001






Shakeout in auto industry forecast
THE automobile industry is in for a shakeout and the top two companies will consolidate their position ahead of their rivals.

Good response to MICO's buyback offer
BANGALORE: MICO has concluded its a second programme to buyback 200,000 equity shares representing 5.55 per cent of the company's paid-up share capital on January 11, according to a company press release.

Roots Inds gets TUV Rheinland's certification
AUTO component major, Roots, has now got a global certification, the ISO/TS 16949.

Elgi Electric gets ISO certification
COIMBATORE: Elgi Electric and Industries Ltd, here, engaged in the manufacture of motors and auxiliary machinery for textile industry has been given ISO quality certification.

Bajaj Auto plans to buy Mukand shares
MUMBAI: Bajaj Auto Ltd (BAL) has informed the BSE that it intends to acquire 12 lakh equity shares of Rs 10 each of Mukand Engineers Ltd (MEL), a group company.

KIOCL coke-oven plant proposal okayed
BANGALORE: Kudremukh Iron Ore Co Ltd has got government approval for its Rs 200 crore coke-oven plant proposal. The high level committee chaired by the State Industries Minister, Mr R. V. Deshpande, has okayed the 2.5 lakh tonne plant to be set up in Kar war.

Videocon launches e-Care centre
MUMBAI: Videocon International Ltd has launched an e-care service centre for air-conditioners here to address customer complaints, said a press release.

Financial Performance
Varun Shipping net up 63%
MUMBAI: Varun Shipping Company Ltd (VSCL) has reported a rise in net profit for the quarter ended December 31, 2000, to Rs 3 crore from the previous corresponding Rs 1.84 crore.

IPCL net up 118 pc in Q3
INDIAN Petrochemicals Corporation Ltd has posted a net profit of Rs 23.17 crore for the third quarter of 2000-01, up 118 per cent from Rs 10.59 crore posted in the corresponding period last year. This was achieved on a net sales of Rs 1,167.77 crore whic h reflected a 52 per cent rise over Rs 768.20 crore in the previous year.

Premier Tyres net slumps
NEW DELHI: Premier Tyres Ltd (PTL) has reported a net profit of Rs 12 lakh during the three months period ended December 31, 2000 as against a net profit of Rs 1.80 crore recorded during the same period in the previous year.

Vanavil Dyes net rises 18 per cent
MUMBAI: Vanavil Dyes and Chemicals Ltd has recorded a net profit of Rs 1.37 crore for the third quarter ended December 31, 2000, registering an 18 per cent growth over the same period last year's Rs 1.16 crore.

IFC to invest $30 m in Orchid Chem
THE International Finance Corporation of Washington, an affiliate of the World Bank, will invest $30 million in the Chennai-based Orchid Chemicals and Pharmaceuticals Ltd, through an issue of foreign currency convertible bonds (FCCB).

Siris posts huge losses -- Networth erosion leads to BIFR
SIRIS Ltd, a leading pharmaceutical company based here, has posted a huge loss of Rs 135.65 crore on a sales turnover of Rs 207.59 crore for the 18-month period ended September 30, 2000. The company's operations suffered the worst in the last 33 years of its existence.

`Strategic, minor stake sale in VSNL proposed'
THE Government proposes to carry out a minority and strategic sale in Videsh Sanchar Nigam Ltd (VSNL) as part of the disinvestment of its stake in the company, a senior official of the Department of the Disinvestment (DoD) has said.

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