Financial Daily
from THE HINDU group of publications

Wednesday, July 18, 2001





AI service to HK from July 26
AIR India has announced the starting of its Hong Kong service. Mr Senthil Kumar, Manager, Air India, said that the inaugural flight from Chennai to Hong Kong has been scheduled for July 26.

Banking and Finance
HDFC Q1 net up 19 pc at Rs 114 cr
HOUSING Development Finance Corporation Ltd (HDFC) has ended the first quarter of 2001-2002 with a 19 per cent increase in net profit at Rs 114.06 crore as against Rs 95.64 crore in the year-ago period.

Crisil downgrades IDBI ratings
CREDIT Rating and Information Services of India Ltd (Crisil) has downgraded the outstanding bond issues and the certificate of deposit programme of the Industrial Development Bank of India.

Banks tighten purse-strings for States/PSUs
PUBLIC sector banks have tightened lendings to State governments and State public sector undertakings. They are also likely to fix exposure limits on the lines applicable to corporate bodies/groups.

HDFC hopes for 25-30 pc growth in sanctions
HOUSING Development Finance Corporation Ltd (HDFC) expects a 25-30 per cent growth in both sanctions and disbursements during 2001-2002, Mr Deepak Parekh, Chairman, HDFC, said at the company's AGM here on Tuesday.

`RBI transparency must be gradual'
DR Y.V. Reddy, RBI Deputy Governor, today endorsed the recommendation of the Advisory Group on Fiscal Transparency that the Reserve Bank of India requires more autonomy in operating monetary policy and this would be possible once debt management is separ ated from monetary policy.



End-use bond norms for vegoil importers
IMPORTERS of non-edible grade vegetable oils and fractions will have to furnish `actual end-use certificates' to the Customs authorities to avail themselves of the concessional 35 per cent basic customs duty rate applicable on oils imported for manufactu re of soap and other industrial (non-edible) purposes.

SEBI panel for more quarterly disclosures
COMPANIES will be required to furnish details such as segment-wise revenue, results and capital employed for every quarter from the quarter ended September 30, 2001.

Applications pile up at FIPB
THE Foreign Investment Promotion Board (FIPB), which normally meets once every week, has not met for more than a month now. The last meeting was held on June 14. Since then applications are piling up.

Modi Rubber board meeting deferred
THE crucial board meeting of Modi Rubber Ltd convened for today has been deferred indefinitely.

Coke denies lay-off move at bottling arms
COCA-COLA India sought to allay fears of job lay-offs at its two company-owned bottling operations at Arumbakkam in Chennai and Nemam near here.

SIP Industries closes down resin plants
SIP Industries has shut down its two resin units at Ranipet in Tamil Nadu ``to avoid further losses due to non-viability of running the units,'' the company has informed the Madras Stock Exchange.

Notices by Chhattisgarh Govt -- Balco allowed to amend petition
THE Supreme Court today permitted Bharat Aluminium Company Ltd (Balco) to amend its petition seeking quashing of various notices issued by the Chhattisgarh Government on the use of tribal land by the company.

`Transfer pricing rules to be assessee-friendly'
THE Revenue Secretary, Dr S. Narayan, today said that the new law on transfer pricing to compute income from international transactions between associated enterprises at arm's length prices would be applied `moderately' to ensure that it does not become a source of harassment for assessees.

FICCI for review of essential goods Act
THE Federation of Indian Chambers of Commerce and Industry (FICCI) has urged the need to review the list of Essential Commodities Act (ECA) and the product groups which would be kept out of the purview of ECA as there are several items currently in the l ist which are of no direct interest to the common man.

Financial Performance
Chettinad Cements net up in Q1
CHETTINAD Cement Corporation Ltd has reported a net profit of Rs 42 lakh on a turnover of Rs 52.66 crore for the quarter ended June 30, 2001 compared to a loss of Rs 9.69 crore on a turnover of Rs 47.06 crore the corresponding quarter the previous year.

Foreign Trade
`Belgium Week' proposed
BELGIUM is working on holding a `Belgium Week' in India, when the country would highlight its cultural, culinary and economic excellence. The authorities are working on the details, but the event would take place this year, Mr Jayant Nadiger, Trade Commi ssioner of Flanders, Federated State of Belgium, said on Tuesday.

Information Technology
Mascot shuts Pune centre, relocates staff
MASCOT Systems has closed its development centre in Pune and the 60 employees have been relocated in the Bangalore and Chennai centres.

Mutual Funds
No fresh sale of units: Damodaran
UNIT Trust of India (UTI) is not in favour of swelling the corpus in its troubled scheme, Unit Scheme-1964 (US-64), and instead will focus on improved management of what (funds) is with the scheme. ``There will be no fresh sale of units while consolidati on process is on,'' UTI Chairman, Mr M. Damodaran, said.

NELP third offering by fiscal-end: Naik
THE Government will be tendering the third offering of exploration blocks under the New Exploration Licensing Policy (NELP III) by the end of the current fiscal, according to the Union Petroleum Minister, Mr Ram Naik.

`New scheme will help coffee sector '
THE Union Government's new `Market Access Initiative' scheme may hold answers for the coffee industry's problems, said Mr L.R. Saptharishi, Additional Secretary, Ministry of Commerce.

`Centre must decide on DVC head office relocation'
THE board of Damodar Valley Corporation (DVC), which met here recently to take a view on the probable relocation of the corporation's headquarters to Ranchi, has decided to leave this matter to the Centre, saying that under the DVC Act it was the preroga tive of the Centre to decide on the issue.

`Kerala Budget will not salvage State's economy'
THE Kerala Budget presented by the UDF Government has nothing concrete to salvage the State's fragile economy.


Brokers unite for trading bandh
DALAL Street, Lyons Range and other bourses are set to face a black Monday on July 23 when stockbrokers across the nation will resort to "work-to-rule" by refraining from trading on their terminals.

15 more services under tax net
EFFECTIVE July 16, 15 more services have been brought into the service tax net. The tax on selected services were first introduced in 1994 under the Finance Act, 1994 and administered by the Central Excise Department.


Bharti aims for the sky with its SpiceCell buy
BHARTI'S acquisition of SpiceCell was part of its plans to seek a nationwide presence in the telecom firmament, according to Mr Sunil Bharti Mittal, Chairman & Group Managing Director of Bharti Enterprises.

Bharti emerges as formidable giant
BHARTI Cellular Ltd is clearly emerging as a formidable cellular giant, having bagged the fourth cell licences in six circles even before the bidding process has been completed.

Hearing on WLL adjourned again
MUCH to the disappointment of private basic operators, the much-awaited verdict of the Telecom Disputes Settlement Tribunal (TDSAT) on limited mobility has been adjourned once again, to September 4.

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