Financial Daily
from THE HINDU group of publications

Saturday, July 21, 2001








Page One

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.

 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.

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.

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'.

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).

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.

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