Financial Daily
from THE HINDU group of publications

Tuesday, July 24, 2001








Page One

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.''

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.

 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.

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.

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).

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.

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.

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.

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