Financial Daily
from THE HINDU group of publications

Wednesday, April 04, 2001





M&M joins hands with Renault for engines
MAHINDRA & Mahindra Ltd (M&M) today formally announced its tie-up with French automobile major, Renault, for sourcing petrol engines.

Indica March sales up 44 pc
MUMBAI: Amidst the traditional surge in automobile sales during March, the Indica from Tata Engineering has closed the month with a 44-per cent rise in sales over February 2001, at 5,255 units.

Honda Siel sells over 10,000 cars in 2000-01
NEW DELHI: Honda Siel Cars India Ltd (HSCI) has registered a 3.2-per cent increase in its sales during the financial year 2000-01 at 10,011 units, against 9,698 units in the previous year.

BetzDearborn opens Bangalore plant
BETZDEARBORN and Pulp and Paper Division of Hercules Inc has opened a new plant set up by the company in Bangalore. The plant will have facilities for manufacturing and warehousing as well as an office complex. It will produce advanced speciality chemica ls for customers in the hydrocarbon processing, primary metals, power, automotive and general manufacturing industries.

Food court at Tidel Park
RADHAKRISHNA Hospitality Services Ltd (RKHS), a joint venture between the Radhakrishna group and Eurest International, a part of Compass Granada Plc of the UK, has set up a 12,600 sq. ft. food court at the Tidel Software Park in Chennai.

Draft revival plan for Binny to be modified
THE Board for Industrial and Financial Reconstruction (BIFR) has directed IDBI to amend the draft rehabilitation scheme for the ailing Binny Ltd. The amendment should be based on the suggestions given at the recent hearing, the Bench said.

Finolex to begin optical fibre production by Nov
WITH an investment of Rs 100 crore in the first phase, Finolex Technologies Ltd, is all set to begin its commercial production of optical fibre by November this year.

Board for secretarial norms set up
THE Institute of Company Secretaries of India (ICSI) has constituted a Secretarial Standards Board (SSB), comprising eminent members from the profession, aimed at standardisation and harmonisation of diverse secretarial practices.

Fewer companies registered in Jan
THE number of companies registered under the Companies Act, 1956 during January saw a decline. During the month under review, 1,981 companies were registered as against 2,415 companies registered in the same month the previous year.

FIIs' holdings in Crisil hit ceiling
MUMBAI: Further purchase of shares in Credit Rating Information Services of India Ltd (Crisil) by non-resident Indians (NRIs), overseas corporate bodies (OCBs), persons of Indian origin (PIOs) will not be allowed without prior clearance of the Reserve Ba nk of India. The company has reached the overall ceiling of 10 per cent of its paid-up capital, according to an RBI release.

Financial Performance

BHEL reports lower turnover, profit
BHARAT Heavy Electricals Ltd (BHEL) has posted a provisional gross turnover of Rs 6,739 crore for the financial year 2000-2001, down 3.5 per cent over the Rs 6,779-crore recorded during the corresponding period last year.

Mutual Funds

JM Morgan Stanley launches retail financial services brand
The CEO of JM Morgan Stanley Direct, Mr Pallav Sinha, and the Vice-Chairman, JM Morgan Stanley, Mr P. Krishnamurthy, and the Managing Director, Mr Raju Panjwani, at a press conference in Bangalore on Tuesday.

GAIL eyes Rs 12,000-cr turnover this fiscal
GAS Authority of India Ltd (GAIL) has projected a turnover of Rs 12,000 crore for the financial year 2001-02, according to the acting Chairman and Managing Director, Mr J.K. Jain. He, however, declined to comment on the projected profitability during 200 1-2002 since it would ``depend on the market conditions''.

Best corporate citizen award for Orchid Chemicals
CHENNAI: Orchid Chemicals and Pharmaceuticals Ltd has been selected this year for the Mother Teresa Award for the Best Corporate Citizen instituted by the Loyola Institute of Business Administration (LIBA).

Declining volumes spell trouble for regional SEs
TRADING in major bourses has nosedived by more than 84 cent during March. According to senior brokers, this is possibly the first time post Harshad Mehta scam that volumes have dipped by such an extent within a month's time.

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