Financial Daily
from THE HINDU group of publications

Friday, July 20, 2001






Kinetic hopes to zoom ahead with new models, schemes
KINETIC Motor Company of the Kinetic Enginerring group plans to come up with several models and schemes in the two-wheeler market, while putting its earlier plan of four wheelers on the backburner.

Indica's CNG versions out in Delhi, Mumbai
TATA Engineering has announced that it has rolled out CNG versions of Indica in Mumbai and Delhi.

SAT overrules SEBI order in Eaton Corp case
THE Securities Appellate Tribunal (SAT) has set aside an order of the Securities and Exchange Board of India (SEBI) relating to an overseas merger affecting an Indian subsidiary and said it ``cannot take away an exemption provided by law simply by an adm inistrative order''.

Metdist not to dilute stake in Indian arm
METDIST Ltd has decided not to dilute its equity in its Indian subsidiary for the time being.

Tube Investments to close down overseas subsidiary
TUBE Investments of India Ltd (TI) proposes to close down its loss-making overseas subsidiary, Parry Overseas Ltd, according to TI's annual report for 2000-01.

Speculation over offer by Modi Rubber
THE Modi brothers' attempts to seize management control of Modi Rubber Ltd may soon attain fruition, if one were to go by today's rumours that a little more than 35 per cent of shares have been tendered so far in the ongoing open offer.

Registration of cos declines in April
NEW DELHI: The number of companies registered under the Companies Act, 1956 witnessed a sharp decline in April 2001 as against the corresponding month of the previous year. According to a, the number of companies registered during the month were 1,777 as against 3,055 companies during the corresponding month of the previous year and 2,121 companies during the previous month.

Accenture -- helping cos reward perfomance
AT a time when companies in the country are increasingly downsizing and implementing voluntary retirement schemes, human performance management will play a crucial role and determine their competitiveness, according to Mr S.K. Khanna, Country Managing Pa rtner, Accenture.

ECC bags Rs 403-cr NPC contract
MUMBAI: Larsen & Toubro Ltd's (L&T) construction division ECC has been awarded a Rs 403 crore contract to execute turnkey electrical contract at Nuclear Power Corporations's Tarapur units three and four.

Financial Performance
Himatsingka Seide Q1 net up 8.5 pc
HIMATSINGKA Seide has recorded a net profit of Rs 9.45 crore during the quarter ended June 30, 2001, an increase of 8.5 per cent over Rs 8.71 crore made during the corresponding period of the previous year. The operating margin increased to 45.9 per cent .

EID Parry net dips to Rs 44.64 cr
CHENNAI: EID Parry (India) Ltd has reported a turnover of Rs 1,348.07 crore for the year ended March 31, 2001, against Rs 1,115.67 crore in the previous year.

Henkel SPIC net profit at Rs 2.39 crore
Henkel SPIC India Ltd has reported a net profit of Rs 2.39 crore for the six-month period ended June 30, 2001, compared to Rs 2 crore in the corresponding period of last year.

Kale Consultants register loss
MUMBAI: Kale Consultants Ltd, has registered a loss of Rs 0.86 crore against a profit of Rs 0.36 crore for the quarter ended June 30, 2001.

Higher tax provision tells on Siemens net
MUMBAI: Despite a 22 per cent rise in turnover, Siemens Ltd has posted a 49 per cent drop in net profit for the third quarter ended June 30, 2001 at Rs 7.5 crore compared to Rs 14.8 crore during the corresponding period last year.

SRF net down
NEW DELHI: Nylon tyre cord fabric (NTCF) manufacturer SRF Ltd has reported a 15.29 per cent decline in net profit for the quarter ended June 30, 2001 at Rs 15.23 crore as against a net profit of Rs 17.98 crore recorded in the same period during the previ ous year.

Hurdles cleared for Dr Reddy's fluoxetine
DR Reddy's Laboratories Ltd (DRL) has announced that it has overcome a major hurdle in the launch of its 40 mg fluoxetine capsules licensed to its alliance partner following the denial by the US Court of Appeals, Federal Circuit, Washington DC, of Eli Li lly's request for a rehearing regarding Prozac (R).

Shasun venture signs R&D pact with Eli Lilly
CHENNAI: Austin Shasun LLC, a joint venture company between Shasun Chemicals and Drugs Ltd and Austin Chemical Company Inc of Chicago, has signed a research and development contract with Eli Lilly and Company.

Novartis, Novo Nordisk pact with Dr Reddy's Labs
HYDERABAD: Novartis Pharma AG, the Switzerland-based $17.2-billion pharma major, and Novo Nordisk, the Denmark-based global leader in diabetes care, have announced an agreement with Dr Reddy's Laboratories (DRL) on the commercialisation of NN622 (DRF-272 5), a compound currently in development for the treatment of type-2 diabetes.

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