Accountancy
The accounting standards hurdle in cross-border deals
INDIAN accounting standards differ in as many as 25 areas as compared to that of international accounting standards (IAS), according to a global survey.
Airlines
No decision yet on FDI cap in civil aviation
THE Ministry of Civil Aviation has not taken a final decision on the cap on foreign direct investment (FDI) inflows in the domestic aviation sector.
Banking and Finance
Bank of India board okays sale, hive-off of 3 subsidiaries
BANK of India has decided to either sell or merge with itself three of its subsidiaries, BOI Finance Ltd, BOI Mutual Fund and BOI Asset Management Company.
IDBI shareholders approve bonus issue
THE shareholders of Industrial Development Bank of India (IDBI) on Tuesday approved the issue of bonus shares in the ratio of 3:5 (three shares for every five held).
SBH defers IPO, plans Rs 125-cr bonds issue
DEFERRING its much-awaited initial public offer (IPO) once again, State Bank of Hyderabad (SBH) has now firmed up plans to privately place subordinated debt bonds for an amount of Rs 125 crore, increasing its tier-II capital.
Cement
Increase in prices of cement `inevitable' -- Formation of cartel in AP denied
THE Vice-Chairman and Managing Director of India Cements Ltd (ICL), Mr N. Srinivasan, said that an increase in the price of cement was inevitable given the escalation in the cost of production over the past few years.
Corporate
FIPB sits on Gesco GDR
THE Finance Ministry is of the view that the approval for the proposal to issue GDRs by the Mumbai-based Gesco Corporation Ltd should be subject to the condition that the GDRs cannot be converted into underlying shares.
Wishing 'em well in their chosen jobs
``BE a patch, not a hole; be a bridge, not a hurdle,'' he tells his class of 20-somethings, all of them employees of HDFC Bank who have been listening to him since morning. And, as the turn of phrase gets tossed around in the audience, he prepares to bel
t out the next slice of wisdom, distilled as it is from the 1,000-plus training sessions he has had with the cream of corporates.
Sanjay Bhatnagar quits Enron
Mr Sanjay Bhatnagar has quit the multinational Enron Corporation, company officials confirmed here today.
Particle board units want uniform taxes on raw material
THE Particle Board Manufacturers' Association (PBMA) has opposed the new differential and discriminatory tax structure currently being applied to the industry based on the raw material used in the manufacture of various types of particle boards.
ICICI Venture picks up 30 pc in online portal
ICICI Venture, the technology incubator fund of the ICICI, has picked up a 30 per cent equity stake, for an undisclosed amount, in fund4idea.com, an online investment banker for knowledge initiatives.
Dunlop to get extra funds from Chhabria
THE ongoing `holding operation' in Dunlop India Ltd's (DIL) two manufacturing units -- Sahaganj in West Bengal and Ambattur in Tamil Nadu -- is likely to get a boost as Mr M.R. Chhabria is believed to have agreed to inject additional funds to help the ma
nagement overcome, to some extent, its working capital problem.
Rs 15-cr NGEF VRS plan okayed
A RS 15-crore voluntary retirement scheme was approved on Tuesday for 1,500 employees of NGEF, the ailing State enterprise.
Courts
SC ruling on unfair labour practice
THE appeal under the Maharashtra Recognition of Trade Unions and Prevention of Unfair Labour Practices Act, 1971 (MRTU & PULP Act) is dismissed on the ground that the complaint was not maintainable.
Economy
It's the same old India for Japan biz
EVEN after a decade of liberalisation and further second generation reforms on the cards, the perception of the Japanese businessmen on doing business in India has not changed. In particular, the Japanese small and medium-sized enterprises (SMEs) still v
iew India as a far-flung country where entering into business ventures is risky and difficult. This is owing to the lurking fear that, far from earning profits, there are chances of losing money.
Financial Performance
Indal Q3 net rises 119 pc
INDIAN Aluminium Company Ltd (Indal), an Aditya Birla group outfit, has recorded a 119-per cent rise in net profit at Rs 30.7 crore for the third quarter compared to Rs 14 crore recorded during the corresponding period of the previous year. The volume of
sales rose by 18 per to about Rs 325.3 crore (Rs 276.8 crore).
ACC builds on cement prices
Associated Cement Companies Ltd (ACC) to notch up a net profit of
Global Tele net up 111 pc
GLOBAL Tele-Systems has reported a net profit of Rs 57 crore during the quarter ended December 31, 2000, registering a 111-per cent growth from Rs 26.9 crore registered in the corresponding quarter in the previous year.
BPL net slips in third quarter
BANGALORE: BPL Ltd's third quarter net profit has slipped to Rs 20.05 crore from Rs 28.01 crore in the same quarter last fiscal. The gross sales slumped to Rs 508.29 crore from Rs 616.49 crore.
Hind Motors Q3 loss higher at Rs 33.48 cr
HINDUSTAN Motors Ltd has recorded a higher net loss of Rs 33.48 crore during the third quarter to December 31, 2000 of the current fiscal. In the corresponding period of 1999, the company had registered a lower net loss of Rs 11.73 crore. The board of di
rectors of the company met in New Delhi on Tuesday and took on record the unaudited third quarter financial results.
NIIT net up 61.07 pc
NIIT Ltd has clocked a profit after tax of Rs 29.83 crore in the first quarter ended December 31, 2000, registering a growth of 61.07 per cent over Rs 18.52 crore it earned in the corresponding quarter last year.
TVS-Suzuki Q3 net down at Rs 16.18 cr
TVS-SUZUKI Ltd has reported a lower net profit of Rs 16.18 crore for the quarter ended December 31, 2000, as against Rs 19.61 crore for the corresponding quarter last year.
JK Ind Q3 net down 48 pc
NEW DELHI: JK Industries Ltd (JKI) has reported a 48.08 per cent decline in the net profit for the quarter ended December 31, 2000 to Rs 4.05 crore as against a net profit of Rs 7.80 crore recorded in the same period during the previous year.
Marico Ind net up 30 pc
MUMBAI: Marico Industries Ltd has ended the October-December 2000 quarter with a 30-per cent rise in profit after tax at Rs 10.12 crore as against Rs 7.78 crore in the year-ago period.
Jindal Strips Q3 net up
MUMBAI: Jindal Strips Ltd has ended the third quarter of 2000-2001 with a marginal increase in net profit at Rs 19.56 crore from the year-ago's Rs 19.18 crore.
Foreign Trade
Karnataka CM to visit UAE next month
A HIGH-power delegation from Karnataka, headed by the Chief Minister, Mr S.M. Krishna, is likely to visit the UAE in February and formalisation of some partnerships, particularly with organisations in Abu Dhabi, is expected during the visit, according to
a senior official of the Federation of Karnataka
Information Technology
More IT-oriented jobs on cards, says Naidu
THE Andhra Pradesh Chief Minister, Mr N Chandrababu Naidu, has said he would aim at creating one million jobs, in the public and private sectors, over the next five years by promoting wider application of IT.
Miscellaneous
NET DISPLAY
A tableau of `Internet cafe' at a Republic Day rehearsal in the Capital on Tuesday.
Power
Govt to help MSEB pay DPC Nov bill
THE Maharashtra Government will give Rs 90 crore to help the electricity board (MSEB) pay its dues to Dabhol Power Company (DPC), a senior State Government official said today. This is the second time the State Government has been forced to step in to he
lp MSEB with payment to Enron.
States
Naidu plea on Godavari projects
HYDERABAD: The Chief Minister, Mr N. Chandrababu Naidu, has requested the Centre to declare Inchampally and Polavaram projects on river Godavari as national projects and take up their implementation under a time-bound programme. The two projects involve
technical, environmental and inter-State matters.
Law soon to protect unorganised sector
MANGALORE: THE State Government is considering promulgating a law in the coming budget session of the Assembly ostensibly to `protect the interests' of workers in the unorganised sector, according to the Labour Minister, Mr A.M. Hindasgeri.
NID satellite centre at Kochi
KOCHI: The National Institute of Design, Ahmedabad, will set up a regional satellite centre at Kochi for effective dissemination of design knowledge and to meet the pressing needs of the industry.
Knitwear fair in Tirupur
COIMBATORE: An exclusive fair on key accessories and raw materials required by the knitwear industry is to be held in Tirupur in March.
NGO to oppose leather fair
CHENNAI: The Vellore Citizens Welfare Forum (VCWF), the group which had filed the case in the Supreme Court against tannery pollution in Vellore district, has decided to oppose the India International Leather Fair on account of continued pollution by tan
neries.
SBI gesture
CHENNAI: State Bank of India, Chennai Circle, donated a sum of Rs 5.2 lakh to `Krupa--Dayananda B.D. Goenka Seva Trust', for acquiring a van for transportation of sick and mentally retarded students to hospitals for treatment.
IDFC to assist solid waste management projects
THE Infrastructure Development Finance Co Ltd (IDFC) has decided to assist municipal solid waste management projects. It has contributed to both the equity and debt of one such project in Lucknow, and is looking at another project in Maharashtra.
Poompuhar exhibition in Mangalore
IN an attempt to popularise the `traditional' arts and crafts of Tamil Nadu, the Tamil Nadu Handicrafts Development Corporation Ltd - Poompuhar - has organised a week-long exhibition of its ware in Mangalore.
Review Leather Complex plot terms: Tanners
CITY-BASED tanners, who took possession of the plots of land at the Calcutta Leather Complex (CLC) last week, have decided to ask for a review of the terms and conditions of acceptance of the plots, as spelt out to them by the State Commerce and Industri
es Department.
ASCI to be consultant to Bengal power regulator
THE West Bengal Electricity Regulatory Commission (WBERC) has appointed the Hyderabad-based Administrative Staff College of India (ASCI) as its consultant.
AP to involve cos in contract farming
IN a strategy paper for integrated development of agriculture and allied departments, the Andhra Pradesh Government has charted out a route map which includes contract farming by roping in corporates by developing fallow and degraded forest lands, post-h
arvest management mechanism, consolidation of land holdings, development of cold storage banks and ensure cost-effective production mechanism.
Stocks
SEBI tightens norms for brokers' pool accounts
IN a bid to completely phase out the balances in the brokers' pool account, the Securities and Exchange Board of India (SEBI) today announced a three-pronged measure to ensure that settlement is made directly to investors.
Taxation
ICAI moots taxing of all services
THE Institute of Chartered Accountants of India (ICAI) has recommended that all services barring the health services provided by government-aided hospitals and educational services provided by government-aided schools be brought under the service tax net
.
Soft drink makers want spl excise duty withdrawn
FACED with sales growth stagnating at six per cent in the last two years and a cumulative loss of Rs 800 crore up to December 2000, the soft drinks industry has sought ``equitable removal'' of the special excise duty (SED).
`Exempt fully raw material in VAT regime'
THE New Delhi-based Manufacturers, Packers and Traders Association has suggested that raw material used in manufacturing should be completely exempted in a prospective value-added tax (VAT) regime.
Technology
HAL developing indigenous cyro engine for GSLV
HINDUSTAN Aeronautics Ltd is developing an indigenous cryo engine for ISRO's GSLV project. The engine likely to be tested by the end of this year.
Telecommunications
Tax breaks proposed for long-distance telephony
THE Finance Ministry is considering a proposal to extend tax breaks to national long distance operators (NLDO) following a recommendation made by the Department of Telecommunications (DoT).
