Financial Daily
from THE HINDU group of publications

Tuesday, July 24, 2001





ICAI set to revise AS-7
THE Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) has finalised the exposure draft of the proposed amendment to the Accounting Standard on `Accounting for Construction Contracts' (AS-7).

MUL to hike car prices by 2-3 pc
MARUTI Udyog Ltd (MUL) is planning to increase the ex-showroom price of its passenger car models by 2-3 per cent. The price hike to be effected by the first week of August, will be the second increase after the cut in excise duty was announced in the Uni on budget in February.

Provisional duty on imports of 2-MNI from China
THE Finance Ministry has imposed provisional anti-dumping duty on imports of 2-Methyl (5) Nitro Imidazole, commonly known as 2-MNI, from China.

BPL board okays revamp plan
THE board of the BPL Ltd has cleared the organisation wide restructuring, which includes divestment from group companies' equity, financial reengineering and rightsizing the organisation.

LIC files for injunction against transfer of Modi Rubber shares
THE Life Insurance Corporation of India (LIC) today moved the Mumbai High Court for an injunction against transfer of its holding in Modi Rubber Ltd (MRL) to the promoters. The petition is likely to come up for hearing in a couple of days.

Modi Rubber open offer gets 36 pc response
THE Modi Brothers -- Dr B.K. Modi and Mr V.K. Modi -- have come a step closer towards gaining management control of Modi Rubber Ltd (MRL), with HSBC Securities and Capital Markets (India) confirming that about 36 per cent of Modi Rubber's shares have bee n tendered in the open offer that closed on July 23.

`Consumer Protection Act needs changes'
THE Consumer Coordination Council (CCC), a national coalition of leading consumer groups, has asked the Government to incorporate various changes in the Consumer Protection (Amendment) Bill, 2001.

To replicate East Asian export success -- Govt invites consultants to conduct study
BECOMING wise to the export miracle in the Chinese and East Asian countries, the Commerce Department has invited consultants for the purpose of undertaking a study in respect of leather, textiles, electronic hardware and engineering products with a view to devising suitable strategies to make Indian products in these industries competitive in price and quality.

Financial Performance
BPL Q1 net down
THE BPL Ltd has reported a drop in its net profit for the first quarter ending June 30, 2001 at Rs 10.21 crore despite a marginal increase in its gross profit (before interest and tax) of Rs 35.72 crore (Rs 34.92 crore).

PSI Data posts Rs 4.8-cr loss
PSI Data Systems Ltd, an associate of Aditya Birla Group company, has reported a net loss of Rs 4.80 crore for the second quarter ended June 30, 2001 as against a net profit of Rs 4.34 crore for the corresponding period last fiscal.

Foreign Trade
To promote greater interaction with India -- Canadian trade team coming in Oct
A 100-MEMBER business delegation from Canada is scheduled to visit India in October. The delegation will visit Delhi, Mumbai and Chennai to explore opportunities for greater interaction between the two countries.

Information Technology
E-post delivery at the doorstep
YOUR friendly neighbourhood postman will soon deliver more than just letters and parcels; he will also drop in e-mail messages at your doorstep.

Minimum capital for TPAs to be Rs 1 cr
THE Insurance Regulatory and Development Authority (IRDA) and Third Party Administrators (TPAs) have arrived at a broad consensus on retaining the minimum capital requirement for TPAs at Rs 1 crore, instead of a graded capital requirement as was proposed earlier.

Mutual Funds
UTI suspends 3 officials; reallocates work
THE Unit Trust of India today suspended three of its senior officials accused by the Central Bureau of Investigation (CBI) in the Rs 32.08-crore private placement deal with Cyberspace Ltd (formerly Cyberspace Infosys), senior UTI officials said. Simultan eously, UTI effected changes in the portfolio of other senior officials.

Officers' union unhappy over CBEC recast
THE Central Excise Executive Officers' Federation has expressed dissatisfaction over the restructuring of the Central Board for Excise and Customs (CBEC), saying that it would continue to block promotional avenues for both inspectors as well as superinte ndents.

Delay likely in revamp of Durgapur Projects
ALTHOUGH West Bengal has made significant headway in its power reforms programme, even unbundling its electricity board, it would be a while before it is able to restructure the State-owned Durgapur Projects Ltd (DPL).

Karnataka continues escrow for liquid-fuelled projects
THE Karnataka Government has active escrow accounts to at least nine liquid-fuelled power projects which are nowhere close to financial closure stage.

Gogoi urges Nabard to strengthen rural growth schemes
THE Assam Chief Minister, Mr Tarun Gogoi, has urged Nabard to strengthen rural developmental infrastructure in the State. He reviewed the Rural Infrastructure Development Fund (RIDF) assistance through Nabard at a meeting held at Janata Bhawan here.

SAIL, Tata Steel workers to get higher wages
THE National Joint Committee for Steel Industry (NJCS) on Monday concluded an agreement for revision of the wage structure for 1.6 lakh workers belonging to two major steel producers, Steel Authority of India Ltd and Tata Steel.


Volumes crumble as brokers strike work
TRADING volumes in stock exchanges hit a nadir on Monday following a nationwide ``trading bandh'' resorted to by stock brokers protesting introduction of ``hasty reforms'' such as rolling settlements and ban on badla.

`ALBM/BLESS withdrawal will dampen sentiment further'
THE Association of NSE Members of India (ANMI) has written to the Finance Minister, Mr Yashwant Sinha, cautioning against a further dampening of market sentiments due to the withdrawal of ALBM/BLESS.

Madras, CSX brokers keep off trading
TRADING operations on the Madras Stock Exchange (MSE) was affected today following a nationwide trading boycott by stock brokers.

Expenditure on exempt income -- I-T will not reopen pre-Apr assessments
THE controversy over the newly-introduced Section 14 A of the Income-Tax Act, 1961, which disallows expenditure incurred by an assessee to earn exempt income, has been set at rest, with the Finance Ministry clarifying that it will not reopen assessments completed by tax authorities before April 1, 2001.

Bharti-Singtel logs out of VSNL race
THE Bharti-Singtel consortium has pulled out of the race for acquiring the Government's 25 per cent stake in Videsh Sanchar Nigam Ltd (VSNL), citing ``strategic reasons.''

PowerGrid plans telecom backbone -- Mulls Hyderabad-Chennai-Bangalore fibre-optic link
THE PowerGrid Corporation of India Ltd (PGCIL), which is diversifying into telecom, is contemplating providing an optical fibre telecom link between Hyderabad, Chennai and Bangalore.

Travel & Places
Hong Kong targets Indian tourists
INDIA, which recorded a growth of 25.1 per cent in tourist arrivals during May this year as compared to May 2000, continues to be one of the fastest growing markets for Hong Kong.

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