Automobiles
MICO can handle the slowdown: Andreas Nobis
FOR the first time in its 50-year history, the Rs 1,650-crore MICO resorted to a five-day block closure at its plants in Bangalore, Naganathpura and Nashik to keep operating costs low and reduce the pile up of inventory. This signalled the slump in auto
industry, as customers rescheduled and scaled down their orders.
Corporate
G.V.Films expects UK tie-up to give thrust to profit
G.V. Films Ltd may end the current fiscal with a ten-fold increase in its net profit at Rs 30 crore from a net profit of Rs 3 crore in the 2000-2001 fiscal.
BIFR dismisses Punjab Woolcombers' reference
PUNJAB Woolcombers Ltd came for a stick from the Board for Industrial and Financial Reconstruction (BIFR) with the Board concluding that the company had approached BIFR with ``unclean hands'' and accordingly dismissed the reference filed by it as non-mai
ntainable.
Indo Rama hikes POY prices
NEW DELHI: Indo Rama Synthetics (I) Ltd has increased the price of its 140/34 partially-oriented yarn (POY) from Rs 58 per kilogram (kg) to Rs 60 per kg. This is the second time that have hiked POY prices this month.
Unique Electricals forays into software
HYDERABAD: The Kolkata-based Unique Electricals Ltd has decided to stop the current leasing finance business completely and start the business of software development.
Kirloskar Brothers approve buyback
PUNE: The board of directors of Pune-based Kirloskar Brothers Ltd which met here on Monday has approved a proposal for buyback of its shares.
Financial Performance
Knoll Pharma Q2 net dips to Rs 19.59 cr
KNOLL Pharmaceuticals Ltd has registered a drop in net profit at Rs 19.59 crore for the quarter ended June 30, 2001 compared to Rs 27.85 crore during the corresponding period last year.
KOEL profit lower at Rs 1.51 cr
KIRLOSKAR Oil Engines Ltd (KOEL) has reported lower profits for the quarter ended June 30, 2001.
Hikal net up 4.5 pc
HIKAL Ltd has posted a net profit of Rs 3.92 crore for the first quarter ended June 30, 2001, an increase of 4.5 per cent over Rs 3.75 crore for the same period last year.
SCI first quarter net zooms
THE Shipping Corporation of India has ended the first quarter of 2001-2002 with a rise in net profit to Rs 111.72 crore from Rs 19 crore in the corresponding period of the previous year.
Kudremukh Iron Ore net increases 7 pc
BANGALORE: Kudremukh Iron Ore Company Ltd (KIOCL) has recorded an increase of about 70 per cent in its net profit for the quarter ended June 30, 2001.
Mutual Funds
`MFs won't join options bandwagon right away'
MUTUAL funds are not throwing their hats into the options ring right away, restrained as they are by the lack of expertise and other factors such as liquidity, costs and volatility. This is the conclusion drawn by Cholamandalam Distribution Services, wh
ich has brought to light the findings of a survey.
SEBI asks 24 MFs to review working
THE Securities & Exchange Board of India (SEBI) has asked 24 of the 36 Mutual Funds (MFs) to review their working, including investment strategies.
Petroleum
HPCL to make MRPL evaluation by month-end
HINDUSTAN Petroleum Corporation Ltd (HPCL) hopes to take a decision on buying out the Birlas' stake in its joint venture Mangalore Refinery and Petrochemicals Ltd (MRPL) in a month's time.
Steel
Cash crunch hits Siscol operations -- Looks to ICICI for bail-out
THE Rs 700-crore integrated steel plant -- Southern Iron and Steel Company Ltd (Siscol) -- promoted by Lakshmi Machine Works (LMW) in association with the Tamilnadu Industrial Development Corporation (TIDCO), has run into financial difficulties with pau
city of working capital bogging down the project.
SAIL retires Rs 2,600-cr high-cost debt
IN a major debt restructuring initiative, the Steel Authority of India (SAIL) has repaid high cost debt totaling over Rs 2,600 crore during the past 15 months. This has helped the company bring its market borrowings to a level of under Rs 14,200 crore at
the end of June this year.
SAIL trying to rope in partners for alloy unit
THE Steel Authority of India (SAIL) is planning to explore a number of possibilities before taking the drastic decision to close down its Alloy Steel Plant (ASP) at Durgapur. Among the various options the public sector steel major is exploring is a propo
sal for takeover of the unit by a consortium of special steel consumers.
