Financial Daily
from THE HINDU group of publications

Friday, June 22, 2001





ICAI Muscat Chapter closed
NEW DELHI: The Muscat Chapter of the Institute of Chartered Accountants of India (ICAI) has been formally closed.

Eicher posts 13 pc growth in sales
EICHER Motors Ltd (EML) has recorded a 13 per cent growth in sales volumes of its commercial vehicles during May 2001 as compared to May 2000. The company sold 614 vehicles in the 5 to 11 ton segment during May 2001 as against 545 vehicles sold in May la st year.

MICO staff take a break
WITH both the Bangalore and Naganathpura plants shut down for the rest of the week, all employees, including the top management of MICO, the auto component major, have taken a long weekend off from work.

HM targets Rs 100-cr turnover from RTV
HINDUSTAN Motors Ltd (HML) hopes to sell 3,200 rural transport vehicles (RTVs), the Australian design multi-utility vehicle, during the current year and generate a turnover of Rs 100 crore from the HM-RTV alone, according to Mr B.S. Khargonkar, Vice-Pres ident (Pithampur plant), HML.

TCI gets ISO 9002
NEW DELHI: Transport Corporation of India Ltd (TCIL) has received ISO 9002 certificate.

Int'l Bestfoods, HLL merger okayed
MUMBAI: The shareholders of International Bestfoods Ltd (IBL) approved the company's merger with Hindustan Lever Ltd (HLL) on Thursday.

Cosmo Films NCD gets `Ind A'
NEW DELHI: Fitch Ratings India has assigned an `Ind A' rating to the Rs 10-crore non-convertible debenture (NCD) programme of Cosmo Films Ltd (CFL), which is a manufacturer of bi-axially oriented poly propylene (BOPP) film.

S.S. Kothari nominated to Balco board
KOLKATA: Dr S.S. Kothari, a senior city-based chartered accountant and former director of Bank of India, has been appointed by the Union Government as its nominee on the board of Bharat Aluminium Company Ltd (Balco) for a period of three financial years ending 2002-03.

Mitsui to use FICCI facility
NEW DELHI: Mitsui & Co Ltd, while consolidating and expanding its current activities and markets in India, is building fresh linkages to focus on the new economy sectors.

Auditor must attend audit panel meetings
THE auditor of a company must attend all the meetings of an audit committee, according to the guidance note of the Institute of Chartered Accountants of India (ICAI) issued recently. The note was issued in regard to the corporate governance certification in terms of Clause 49 of the listing agreement.

Infar plans new products in contraceptive range
INFAR India Ltd, a 51 per cent subsidiary of Dutch major Akzo Nobel Pharma International BV recently renamed as Organon Participation BV, is waiting for the new patent regime under the World Trade Organisation's agreement from 2005 to introduce new produ cts in India.

Accounting standard on investment in associates okayed
THE Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) has cleared the proposed accounting standard on `Accounting for investments in associates in consolidated financial statements' after factoring in the suggesti ons that were received on the exposure draft.

DCA outlines new norms for accounts inspection
IN an effort to enhance the effectiveness of inspections of books of accounts of companies under Section 209 A of the Companies Act, 1956, the Department of Company Affairs (DCA) has outlined the manner in which the inspection will henceforth be undertak en at the field level.

Century Enka to invest Rs 30 cr on upgradation
CENTURY Enka Ltd, an Akzo Noble and B.K. Birla group joint venture, would invest around Rs 30 crore for `modernisation and upgradation plan' at its two plants in Maharashtra during the current year, according to its Chairman, Mr B.K. Birla.

Mutual Funds
Income funds' share in MF assets at 54%
THE assets under management by all mutual funds taken together are still below the Rs 1,00,000-crore mark, as the latest figures compiled by the Association of Mutual Funds in India (AMFI) suggest.

CIL seeks nod for direct power purchase from NTPC
UPSET by the manner in which a section of State electricty boards (SEBs) are ``discriminately'' charging power rates from the coal companies, Coal India Ltd (CIL) has urged the Union Government to allow it to purchase power directly from National Thermal Power Corporation (NTPC).

RINL unions serve strike notice on wage revision
RASHTRIYA Ispat Nigam Ltd (RINL), which operates the Vizag Steel Plant (VSP), is facing the threat of a strike on the issue of delay in finalisation of the wage revision.

BPCL has more In & Out stores in the pipeline
BHARAT Petroleum Corporation Ltd plans to open 100 `In & Out' convenience stores across the country by the end of this fiscal.

IPCA to make AIDS drugs -- Plans export to Africa, S. America
THE Mumbai-based IPCA Laboratories is planning to make a foray into the AIDS drugs market. Mr T. Ramachandran, Executive Director, told Business Line that the company has definite plans to enter the AIDS drugs market in India and export to African and So uth American countries.

NSE members' trading portal yet to take off
THE trading portal promoted by leading members of the National Stock Exchange (NSE) is yet to go online as it could not get clearance from the Department of Telecommunications (DoT).

`Loopholes in excise chain encourage duty evasion'
EIGHT textile associations representing all sections of the textile industry in Tamil Nadu today jointly made a representation to the Central Government on the removal of deemed Modvat and other anomalies in the duty structure of the textile industry.

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