Advertising & Marketing
Parrys record ad spend to help boost brand equity
PARRYS Confectionery Ltd (PCL) spent Rs 7.25 crore on advertising for the year ended March 31, 2001 as against the Rs 6.33 crore for the previous year.
Agriculture
`Boost biotech in agri sector'
THERE was an urgent need to create a right environment for the fruitful adoption of biotechnology in the country's agro and fruit processing sector, said the Karnataka Agriculture Minister, Mr T.B. Jayachandra, here today.
When Frankenstein questions crop up
ARE lobby-groups robbing the ``stakeholders'' or farmers of their rightful opportunities to experiment with crops by raising the bogey of `Frankenstein foods and crops'?
Automobiles
Loan delinquency drives used-car market -- Slowdown in IT, SSI sectors fuel the biz
REPOSSESSED cars have now begun providing the required volumes for the organised used-car market in the country, specially in Bangalore.
Banking and Finance
HDFC Bank lists ADS at discount
HDFC Bank has priced its initial public offering of 1.08 crore American depository shares (ADS) at $13.83 per ADS on the New York Stock Exchange. The total offering was of $150 million and has been listed under the symbol `HDB'.
Cement
L&T expects MRTPC to drop cases
THE three cases filed against Larsen & Toubro Ltd under the Monopoly and Restrictive Trade Practices Act (MRTPA) may most likely get dropped as there is no case on grounds of consumer exploitation, said Mr S.S. Marathe, Director, who presided over the co
mpany's annual general meeting here today said.
Corporate
14-member CII team to visit UK
THE President of the Confederation of Indian Industry (CII), Mr Sanjiv Goenka, is to lead a 14-member CEO delegation to the UK and Scotland.
Assocham chief finds place in PM's council
THE President of the Associated Chambers of Commerce and Industry (Assocham), Mr Raghu Mody, has been appointed to the membership of the Prime Minister's Council on Trade and Industry. Hitherto, the Assocham President was never a part of the Council.
CUMI to produce ceramic colours
CARBORUNDUM Universal Ltd (CUMI) has set up a pilot plant here at a cost of Rs 2.5 crore for manufacturing ceramic colours. The product has application in sanitaryware, tableware and tile industries.
Courts
SC admits SLPs against Jayalalitha's appointment
THE Supreme Court on Friday admitted a batch of petitions challenging the appointment of the AIADMK supremo, Ms J. Jayalalitha, as the Chief Minister of Tamil Nadu and referred them to a five-judge Constitution Bench for disposal.
Economy
Govt optimistic of reversing downtrend in tax collections
THE 12.8 per cent drop in aggregate tax revenues during the first quarter notwithstanding, the Revenue Secretary, Dr S Narayan, is optimistic about reversing the downtrend, particularly in excise and direct tax collections in the coming months.
Industrial slump begins to impact credit offtake
WITH the steep fall in industrial production to 2.7 per cent in April, alarm bells have begun to ring for the banking sector.
Financial Performance
Wipro Q1 net up 97%
WIPRO Ltd's net profits grew by 97 per cent over the corresponding quarter last year to Rs 214 crore. Revenues grew to Rs 798 crore, an increase of 28 per cent year-on-year, a performance backed by cost cutting, and strategies that seem
to have paid off.
ITC profit rises 21 pc in Q1 -- Excise hits cigarette volumes
CIGARETTE major ITC Ltd has posted a net profit of Rs 300.67 crore for the first quarter ended June 30, 2001, on a gross income of Rs 2,252.42 crore. This is up 21 per cent from the Rs 248.97-crore net (Rs 2,143.70 crore income) posted in the correspondi
ng period of the previous year.
Bata Q2 net down
BATA India Ltd posted a lower net profit in the second quarter to June 30, 2001 as compared to the corresponding period of 2000. During the quarter under review, the company recorded a net profit of Rs 5.56 crore (Rs 6.21 crore) on a higher net sales of
Rs 230.07 crore (Rs 218.1 crore).
Information Technology
DSQ barred from accessing market
THE Securities & Exchange Board of India (SEBI) has issued punitive orders against the Chennai-based DSQ Software Ltd and its promoter and Managing Director, Mr Dinesh Dalmia, for various irregularities.
Wipro mulling acquisitions
``WE are actively considering a few candidates for acquisition,'' said the Wipro Chairman, Mr Azim Premji. He said that it was too early to be more precise, and added, ``you can rest assured that the expenditure budget for the M&A team is not under the C
FO's scrutiny for reduction.''
Wipro: Focus on systems integration
DESPITE the tough external environment in the US and Europe, Wipro Technologies has managed to record a good performance for the first quarter ended June 30, 2001. The salient features of the earnings performance of Wipro Technologies (the software and s
ervices division of Wipro) are:
Miscellaneous
Photo OP
TV serial producer, Ms Ekta Kapoor, inaugurating `Career carats collection', organised by Inter-Gold Jewellery on Friday in Mumbai.
Mutual Funds
Subramanyam, 2 EDs raided by CBI -- Investigation into UTI investment decisions ordered
IT'S now time for Act II in the ongoing Unit Trust of India (UTI) saga.
Petroleum
Unocal proposes pipeline project from Bangladesh -- To uplink with GAIL network
THE US energy major, Unocal, has proposed setting up a 1350 kilo metre pipeline project from Bibiyana in Habibganj district in Bangladesh and link up with the Gas Authority of India Ltd's (GAIL) Hazira-Bijapur-Jagdishpur Pipeline.
Bidding norms for IBP may be diluted -- Bank guarantee to be lowered
THE Petroleum Ministry is actively considering a climb down on its stand for a Rs 2,000-crore bank guarantee for bidders seeking to acquire 33.9 per cent equity of the Government equity in IBP Ltd, according to Department of Disinvestment (DoD) sources.
Power
NHPC planning project in Cauvery basin
THE public sector National Hydroelectric Power Corporation (NHPC) has said that it was ready to implement the 810 MW Upper Krishna Project within a time frame of four years.
Bid to revive Silent Valley project
THIRUVANANTHAPURAM: The State Government will seek the Centre's approval for implementing the Silent Valley hydel project which was shelved in 1979 in the face of stiff resistance by environmentalists.
AES pullout leads to salary freeze for Cesco staff
EMPLOYEES of the Central Electricity Supply Company (Cesco) of Orissa Ltd will not be receiving their salary for July onwards following AES Corporation's decision to deposit all the revenues from the power distribution business into the escrow account. A
ES, which had begun operations in early 1999, employs 8500 people.
States can have own model for power reforms: Prabhu
THE Union Minister for Power, Mr Suresh Prabhu, has said that there is no need of adopting a uniform model of power sector reforms in the country. The States have the liberty to adopt their own models provided the objective was to attain commercial viab
ility of the power sector, he said.
WBERC approves new tariffs
IN its final order on the tariff review petition of West Bengal Power Development Corporation Ltd (WBPDCL), the West Bengal Electricity Regulatory Commission (WBERC) on Thursday approved new tariffs, though at levels lower than asked for.
States
FICCI offers help to Karnataka achieve growth target
FICCI has offered to help Karnataka achieve its target industrial growth rate of 10-12 per cent through partnerships in seven key areas.
Rajasthan Annual Plan at Rs 5,031 cr -- CM pleads for special category status
THE 2001-02 Annual Plan of Rajasthan has been finalised at Rs 5,031 crore as against Rs 4,146 crore in the previous year, marking a substantial hike even in real terms, after deflating for headline inflation.
Driving school for underprivileged
NEW DELHI: Citicorp Maruti Finance Ltd (CMFL), the 74:26 joint venture between Maruti Udyog Ltd (MUL) and Citicorp Ltd, today announced a partnership with SHARAN, a non-Government organisation for setting up a driving school exclusively for `underprivile
ged youth'.
Stocks
Coimbatore brokers divided on strike call
THE call for a nation-wide strike by the stock brokers on July 23 to protest against levy of turnover tax by SEBI and introduction of rolling settlement has evoked mixed response from the stock broking community in Coimbatore.
Taxation
Tax collections down 12 per cent
THE slowdown in the economy coupled with hefty corporate tax refunds continued to take its toll on the Centre's tax collections. After a dismal performance last year, aggregate tax collections declined by 12.8 per cent for the quarter ending June to touc
h Rs 32,418.89 crore as compared to Rs 37,217.16 crore in the same period last year.
Of service tax & Chinese restaurants
CHINESE restaurants could become extinct if one goes by an example outlined by Mr Farouk Irani, Chairman of the Association of Leasing & Financial Services Companies (ALFS), in a letter written to the Finance Minister in the context of the service tax on
leasing.
Technology
The pros and cons of stem cells
HOW safe are GMFs (genetically modified foods)? Can we use stem cells in embryos for fertilisation? Are transgenic seeds viable? These were some of the concerns that practically overshadowed the main theme of the International Biotechnology Conference in
New Delhi. That theme being Formulating Regulatory Reforms.
Telecommunications
Escotel's new mobile service in Kerala
ESCOTEL Mobile Communications Ltd, one of the cellular operators in Kerala, has launched its SMS-based mobile Internet services in the State.
