Financial Daily
from THE HINDU group of publications

Friday, April 27, 2001





ACMA hails duty cut on auto CBUs
NEW DELHI: The Automotive Component Manufacturers Association of India (ACMA) has welcomed the Finance Minister's decision to revise the customs duty on completely built units (CBUs) of passenger cars and two wheelers.

Budget brings relief to electrical industry
THE domestic electrical industry, hard hit in the last few years by multiplicity of factors such as low additions to the country's power generation capacity, sluggish investments in core sector industries such as cement, coal and fertiliser and increased imports from China and Nepal, anticipates a degree of relief from certain provisions of the Union Budget 2001-2002.

Consumer Electronics
Bid to beat market slump -- BPL to revamp facilities
BPL Ltd's board of directors has decided to appoint an external advisor to undertake restructuring of the company's manufacturing facilities. The move further strengthens industry speculation that the consumer electronics major may close down or merge so me of its plants.

Draft revival scheme for Montari Leathers
THE Board for Industrial and Financial Reconstruction (BIFR) has circulated a draft rehabilitation scheme (DRS) for Montari Leathers Ltd envisaging induction of ISM (India) Pvt Ltd (ISML), a 100 per cent subsidiary of International Shoe Manufacturing Cor poration (ISMC) of the US, as a co-promoter. With the induction, ISML will acquire a 50.94 per cent stake in the ailing Montari Leathers.

Brown-Forman to wind up jt venture with Jagatjit
THE American spirits major Brown-Forman Corporation has called off its joint venture with the Kapurthala-based Jagatjit Industries Ltd. The 50:50-joint venture company, Jagatjit Brown-Forman, is expected to close operations shortly.

Sanjiv Goenka takes over as CII chief
NEW DELHI: The Vice-Chairman, RPG Enterprises, Mr Sanjiv Goenka, has taken over as the President of the Confederation of Indian Industry (CII) while the Chairman and CEO, Mind Tree Consulting, Mr Ashok Soota, has taken over as the CII's Vice-President.

Financial Performance
Cipla fails to live up to market expectations
CIPLA'S financial performance in the fourth quarter of the current year was below market expectations. The company's net profit for the fourth quarter was Rs 34.3 crore, up by 18.15 per cent over the previous year's fourth quarter. The actual growth in n et profit was significantly lower than the market expectation of a little over 40 per cent.

Astra Microwave net rises
HYDERABAD: Astra Microwave Products Ltd (AMPL) has registered a significant growth both in revenue and profit for the fourth quarter as well as the year ended March 31, 2001.

Indian Rayon net up 19%
INDIAN Rayon & Industries Ltd has ended 2000-2001 with a 19 per cent increase in profit-after-tax at Rs 69 crore against Rs 58 crore in the earlier year.

Widia India net dips
BANGALORE: Widia India has recorded a dip in its net profit by Rs 3.5 crore at Rs 24.36 crore for the financial year ended December 31,2000 over the previous year's Rs 27.8 crore. The company has recommended a final dividend of fifty paise (five per cent ) per share of a face value of Rs 10 taking the total dividend to Rs 1.50 for the year 2000 after taking into account the interim dividend of Rs 1 (10 per cent). The financial results of the company was considered at the board meeting held on Thursday.

Engineers India sets up 7 SBUs -- Turnover, PAT rises
ENGINEERS India Ltd (EIL) has recorded a turnover of Rs 202.30 crore and a profit after tax (PAT) of Rs 16.45 crore for the quarter ended March 31, 2001. For the corresponding period in the previous year, the company had posted a turnover of Rs 165.47 cr ore and a PAT of Rs 7.29 crore.

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