THE HINDU BUSINESS LINE
Financial Daily
from THE HINDU group of publications

Wednesday, June 13, 2001

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Corporate

Accountancy
ICAI issues draft of new accounting norms
THE Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) has issued an exposure draft of the proposed limited revision of its Accounting Standard (AS)-5, `Net Profit or Loss for the Period, Prior Period Items and Cha nges in Accounting Policies'.

Automobiles


Hind Motors launches RTV model in Maharashtra
HINDUSTAN Motors Ltd formally launched its rural transport vehicle (RTV) model in the Maharashtra market today.



Hyundai targets one lakh car sales this year
HYUNDAI Motor India Ltd (HMIL) has set itself a sales target of 1.03 lakh cars for the current financial year.

Santro price to go up
The price of Santro is to be raised by about 3 per cent. This will happen in the next fortnight, Hyundai Motor India Ltd's Director (Marketing), Mr B.V.R. Subbu, said.

Corporate
Tips CMD's stake goes up to 17.54%
MUMBAI: Tips Industries Ltd has informed the Bombay Stock Exchange that Mr Kumar S. Taurani, Chairman and Managing Director of the company, has purchased 70,000 equity shares of the company.

UTI Fin Centres to take up marketing too
UTI Financial Centres would henceforth go beyond mere customer interaction and servicing. They would carry out certain marketing functions as well.

CFO award from Amex, EIU India
AMERICAN Express and the Economic Intelligence Unit (EIU) India have come together to institute `The India CFO Awards' to honour senior finance professionals who have demonstrated outstanding capabilities and achievements in the ever-evolving finance fun ction of a corporation.

All ye job-aspirants, get `certified' now!
THE day is not far off when all managers will carry personal accreditation and certification! The concept of pre-employment credentialisation of job-aspirants is catching on fast. And, one of the first ones to do it in India is the Bangalore-based Eduqui ty Career Technologies, an HR assessment company.

Financial Performance
Cummins India: A commendable show
THE performance of Cummins India Ltd (CIL) for the year 2000-2001 has been in line with expectations. Given the state of the economy, the company was expected to post a modest growth rate. While it managed to hold its ground in the first three quarters o f the current fiscal, growth rates in the fourth quarter seems to have slowed down, which has had an impact on the overall performance of the company.

Syngenta to pay 20%
MUMBAI: Syngenta India Ltd has posted a net profit of Rs 10.7 crore for the year ended March 31, 2001. The board has recommended a dividend of 20 per cent. Net Sales stood at Rs 356.3 crore and other income was at Rs 23.6 crore.

Jaiprakash Industries net profit up 143 per cent
NEW DELHI: Jaiprakash Industries Limited has reported a 143.29 per cent increase in net profit for the year ended March 31 to Rs 98.75 crore as against a net profit of Rs 40.59 crore in the same period during the previous year.

Bajaj Electricals net up 104 pc at Rs 2.84 cr
BAJAJ Electricals Ltd has reported a 104 per cent increase in net profit at Rs 2.84 crore for the year ended March

PSU
Ministry keen to meet Hind Copper divestment deadline
THE Ministry of Mines, which has been put in the pilot's seat for divestment of Hindustan Copper Ltd (HCL), will try to meet the June 30 deadline for completion of the first phase of divestment. This is the first such instance after the Department of Div estment was assigned the formal responsibility of piloting disinvestment of PSUs.

Petroleum
ONGC to begin drilling operations in Bengal
OIL and Natural Gas Corporation (ONGC) will start work on oil surveys and drilling for coal-bed-methane (CBM) in West Bengal after the monsoon, according to Mr Subir Raha, Chairman and Managing Director of ONGC.

Pharmaceuticals
ESOP launched at Wockhardt
WOCKHARDT Ltd has introduced an employee stock option (ESOP) scheme for over 175 employees in the senior and middle management levels with about 2,00,000 shares being allotted.

Ranbaxy China plans entry into anti-AIDS segment
RANBAXY'S seven-year-old venture in China, Ranbaxy Guangzhou China Ltd. (RGCL), expects to see increased activity in the Chinese market in the next couple of years, including an entry into the anti-AIDS segment.


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