Financial Daily
from THE HINDU group of publications

Friday, February 09, 2001





Ford doing road tests of Mondeo
FORD India Ltd is conducting road tests of its luxury sedan, Mondeo. Two cars, one running on petrol and the other on diesel, are at present being tested out in Indian conditions.

MRTPC issues NoE to cement majors
THE Monopolies & Restrictive Trade Practices Commission (MRTPC) has issued a notice of enquiry (NoE) to the cement majors and the Cement Manufacturers' Association.

Chemexcil sets Rs 61,000-cr export target in 2006-07
THE Basic Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council (Chemexcil) has set an export target of Rs 61,000 crore by 2006-07 after thwarting the attempts of the pharmaceuticals panel of the council to form a separate export promotion coun cil.

BHEL unit gets ISO 14001
HYDERABAD: The Ramachandrapuram unit of BHEL has received EMS ISO-14001 (Environmental Management Systems of International Standards Organisation) certification from Det Norske Veritas, the international organisation for standardisation, according to a c ompany release. -- Our Bureau

Biocon India gets USFDA nod
BANGALORE: Biocon India has received an approval from the US FDA for the manufacture of Lovastatin, a cholesterol reducing drug which goes off patent in June 2001. Biocon is one of the three companies in the world and the only one in the country to have got the approval.

L&T-Demag kicks off operations
L&T-DEMAG Plastics Machinery Pvt Ltd, the new joint venture between Larsen & Toubro Ltd and Demag Ergotech of Germany, has commenced operations. The company produces plastic injection moulding machinery.

Sanmar shareholders okay merger
THE shareholders of Sanmar Properties India Ltd (SPIL) have approved the scheme of amalgamation with SSL Holding Ltd and Fortis Investments (Alpha) Ltd.

Lock-out declared at Balmer Lawrie unit
BALMER Lawrie Freight Containers Ltd (BLFCL) has declared a lock-out at its marine containers manufacturing unit at the Madras Export Processing Zone.

First Leasing's FD gets `safe' rating from Fitch -- Exposure to Rlys, the `comfort'ing factor
FITCH Ratings has taken note of a letter of comfort from the Ministry of Railways to First Leasing Company of India (FLCI), which has entered into a Rs 75-crore transaction with Indian Railway Finance Corporation (IRFC).

HM files affidavit against Nucent Fin
HINDUSTAN Motors Ltd (HM) has come down heavily on Nucent Finance Ltd (NFL) over the issue of sale of its earth moving unit to Caterpillar Inc of the US in an affidavit filed in the Calcutta High Court.

Gitanjali awaits FIPB approval for new venture
GITANJALI Jewels, owner of the Gili brand of jewellery, has entered into a 50:50-joint venture with 25 Italian jewellers for marketing and distribution of Italian jewellery in India.

Mid-Day Multimedia plans Rs 50-cr IPO
MID-DAY Multimedia Ltd, which publishes among others the city's widely read Mid-Day newspaper, is going public with a Rs 50 crore-IPO composed of equity shares of face value Rs 10 each for cash at premium.

Financial Performance
Monnet Ispat's net up 48 pc
NEW DELHI: Monnet Ispat Ltd, the flagship company of the Monnet group, has posted a 48-per cent growth in net profit in the first nine months of the current financial year.

Schwing Stetter net at Rs 1.84 cr
SCHWING Stetter India has achieved a turnover of Rs 27 crore for the year ended December 31, 2000. It made a net profit of Rs 1.84 crore.

UTI net sales up
MUMBAI:DESPITE unfavourable market conditions, Unit Trust of India's (UTI) net sales during the six- month period ending January 2001 were placed at Rs 6,035 crore.

Mutual Funds
Venture Capital fund pool at new height
INDIA'S aggregate venture capital fund pool reached a new high at $2.5 billion. An additional $770 million of fresh capital had come to the country in 2000, an eight per cent increase as compared to the preceding years.

NSE to suspend trading in Banaras Beads
MUMBAI: The equity shares of Banaras Beads Ltd will be suspended from trading on the National Stock Exchange with effect from February 21, for non-compliance with the listing agreement of the exchange.

No ownership rights for DSE `other' members
THE Delhi Stock Exchange (DSE) is planning to admit members of other major stock exchanges which have a daily turnover of more than Rs 1,000 crore, namely the National Stock Exchange, Bombay Stock Exchange and Calcutta Stock Exchange, as trading members with limited trading rights. They will, however, not have any ownership rights.

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