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

Wednesday, June 27, 2001

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Corporate

Automobiles
Bajaj Auto set to launch 3 new bikes
TWO-WHEELER manufacturer Bajaj Auto Ltd is gearing up to launch three new bikes in the market and an eight-city July roll-out for its premium Eliminator bike, in an aggressive bid to expand its presence in the rapidly-growing motorcycle market.

Corporate
Essel Propack arm to supply toothpaste tubes to Chinese co
ESSEL Propack (Guangzhou) Ltd (EPGL), a wholly-owned subsidiary of laminated tubes major, Essel Propack (Essel Packaging Ltd), recently bagged a contract for 30 million tubes from a local Chinese toothpaste producer.

Cholamandalam Distribution upbeat about cash products
CHOLAMANDALAM Distribution Services (CDS), the intermediation arm of the Murugappa group, has underlined the turnaround in the fortunes of cash funds, thanks to the kind of inflows that these funds have experienced and the returns generated in the recent past.

BPB Group hikes India Gypsum stake to 46%
THE UK-based BPB Group has acquired nine lakh share of India Gypsum Ltd, accounting for six per cent of the company's equity. This takes BPB's stake in the company from 40 per cent to 46 per cent.

Eternit in talks to enforce new fire protection norms
ETERNIT Everest Ltd (EEL) is in talks with the Government for possible revisions to the National Building Code and for tightening the standards prescribed by the Bureau of Indian Standards (BIS) for enforcing new passive fire protection standards.

New chief for ECS
NEW DELHI: Mr Ravi Bhamidipati has been appointed the Chief Executive Officer of ECS Ltd (formerly Eicher Consultancy Services Ltd).

Eli Lilly reiterates India focus
NEW DELHI: Eli Lilly and Company (ELC) has reiterated the company's commitment to India, having recently got the Foreign Investment Promotion Board (FIPB) approval towards acquiring the 50 per cent stake of Ranbaxy Laboratories Ltd (RL L), in the joint venture Eli Lilly Ranbaxy Ltd. (ELRL)

Tips arm bags Yaadein rights
MUMBAI: Tips Industries Ltd has informed BSE that Dashmesh International, Sharjah, a 100 per cent subsidiary of the company, has acquired the entire overseas rights of Mukta Arts Ltd's `Yaadein'.

Financial Performance
Srei Int Fin net up 25 pc; offers modified ESOP
SREI International Finance Ltd, which mainly finances infrastructure projects and equipment in the small and medium sector, has launched a novel Employee Equity Participation Plan (EEPP).

Kothari Sugars reports drop in net loss
KOTHARI Sugars and Chemicals Ltd (KSCL) has reported a net loss of Rs 28.42 crore on a net sales of Rs 108.90 crore for the year ended March 31, 2001, against a loss of Rs 48.83 crore on a net sales of Rs 93.48 crore for the corresponding period of the p revious year, according to a company press release.

Chettinad posts marginal rise in net
CHENNAI: Chettinad Cement Corporation Ltd has reported a marginal increase in net profit and a small dip in income from operations during 2000-01 over the previous year.

India Cements: Reality check, a big surprise
IF one had looked at the lucrative prices of cement in the southern markets, the performance of India Cements for fiscal 2000-01 may seem to be a big surprise. In a year when for most months prices ruled in the Rs 165 to Rs 200 level in Tamil Nadu and Ke rala and at around Rs 130-150 in Andhra Pradesh, the company has reported a modest rise of 5.2 per cent in sales. Profit has increased at a slightly faster pace of 6.2 per cent.

Mutual Funds
US-64 may not be linked to NAV till June 2002
THE Unit Scheme-1964 (US-64) of the Unit Trust of India (UTI) is unlikely to be linked to net asset value (NAV) at least till June 2002. Accordingly, the scheme will not come under the fold of the Securities and Exchange Board of India (SEBI) till such t ime.

SBI to introduce changes in Magnum InstaCash
SBI Mutual Fund (SBIMF) has decided to introduce changes in its liquid scheme, Magnum InstaCash Fund. SBIMF has also decided to give an option to scheme's unitholders for exit.

Petroleum
Offtake of controlled petro products -- Govt to study RPL request
THE request of Reliance Petroleum Ltd for a level playing field with regard to offtake of controlled petroleum products will be taken up only after a detailed study, according to Mr Ram Naik, Minister for Petroleum and Natural Gas.

Pharmaceuticals


Aventis Pharma to focus on brands, consolidation
HOECHST Marion Roussel, rechristened as Aventis Pharma Ltd will focus on building on the existing brands to consolidate its position in the domestic market. The company will also be exiting

IPCA expects 40 pc growth in exports
IPCA Laboratories hopes to achieve a quantum jump in exports this year. According to Mr T. Ramachandran, Executive Director, the international business is expected to cross Rs 250 crore in the current year.

Steel
Wage revision for non-executives -- Strike threat may weaken SAIL financials further
THE call for an indefinite strike from July 3 by the central trade unions on the issue of wage revision for non-executives has created a piquant situation for Steel Authority of India Ltd (SAIL), which was allowed substantial reliefs in loans and interes t thereon by the Centre nearly 17 months ago as hefty interest burden and provision for depreciation had considerably weakened SAIL's financial position.

Stepts to boost recycling of scrap steel
THE Government is planning to set up a new autonomous body, something similar to the Bureau of International Recycling at Brussels, to promote recycling of scrap steel, particularly those generated from ship breaking. To fund this autonomous body, the Go vernment is also considering the idea of introducing a small cess on the tonnage broken in the country.

Stocks
Declared defaulter on NSE
MUMBAI: The National Stock Exchange (NSE) has declared trading member, Mr Rajesh Meghani, a defaulter, with effect from June 19.


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