THE HINDU BUSINESS LINE
Financial Daily
from THE HINDU group of publications

Thursday, July 26, 2001

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Corporate

Corporate
Returns filed show GTB, Zee, HFCL promoters sold shares
THE promoters of Global Trust Bank (GTB), Zee Telefilms Ltd (ZTL) and Himachal Futuristic Communications Ltd (HFCL) have sold significant chunks of shares. Data, as per three-year returns filed by the companies with the Securities and Exchange Board of I ndia (SEBI), shows that the promoters/associates of these companies have been consistently selling.

Tata Tea bid to cut debt component for Tetley buy
A SECOND round of debt reduction is in the offing for the 271-million deal whereby Tata Tea Ltd (TTL) had acquired the UK-based Tetley in February 2000.

ICICI sells Kwality Dairy shares
MUMBAI:ICICI has said that it has sold four lakh equity shares of Kwality Dairy India Ltd at the rate of Rs 4 per share.

Corporate governance, Exide style
EXIDE Industries Ltd's record of corporate governance, as contained in the company's annual report for 2000-01, is quite revealing.

No revision in Sesa Goa financial forecast
SESA Goa Ltd (SGL), currently facing suspended operations at two of its major iron ore mines, has not yet revised its budgeted targets for the current fiscal.

JK Ind to delist from DSE, JSE
J.K. INDUSTRIES Ltd (JKIL) is to seek shareholders' approval at its forthcoming annual general meeting (AGM) on August 6 for delisting its equity shares from the Delhi Stock Exchange (DSE) and the Jaipur Stock Exchange (JSE).

Nalco Chem proposes product consolidation
NALCO Chemicals India Ltd (NCIL), an Indian outfit of $3 billion ONDEO Nalco of the US, has planned product consolidation and introduction of new items/services. Mr S. Srivatsa, MD of NCIL, told Business Line here that the company had decided to cut down the existing product list to 280 from 350 as also to launch a range of new products.

Fertilisers
New VRS in the offing at MFL
MADRAS Fertilizers Ltd (MFL) is likely to announce a new voluntary retirement scheme (VRS) next month, according to reliable sources.

Financial Performance
Century Enka Q1 net up at Rs 26.32 cr
CENTURY Enka Ltd has reported a net profit of Rs 26.32 crore for the first quarter ended June 30, 2001 against Rs 4.78 crore for the same period last year.

Clariant India net, turnover improve
CLARIANT India Ltd has recorded a 24 per cent increase in net profit at Rs 5.02 crore in the first quarter ended June 30, 2001 as against Rs 4.06 crore in the corresponding period last year. Sales turnover of the company has also gone up to Rs 72.96 cror e as compared to Rs 64.81 crore in the year-ago period.

Crisil net rises
Credit Rating Information Services of India Ltd (Crisil) has reported a net profit of Rs 2.42 crore for the quarter ended June 30, 2001. For the quarter ended June 30, 2000, the rating agency had posted a net of Rs 2.2 crore.

EIH net slips 27 pc
KOLKATA: EIH Ltd, a member of the Oberoi group, has recorded a 27.5 per cent drop in net profit at Rs 11.02 crore for the quarter ended June 30, 2001, against Rs 15.20 crore achieved in the same period the previous year. The profit-before-tax for the per iod under review has also dropped by 21.5 per cent to Rs 12.96 crore (Rs 16.56 crore).

Jindal Vijaynagar in the red
MUMBAI: Jindal Vijaynagar Steel Ltd has reported a net loss of Rs 133.27 crore for the quarter ended June 30, 2001 as compared to a net profit of Rs 25.39 crore.

Marico net up at Rs 12.66 crore -- To pay Rs 2.50 interim
MARICO Industries Ltd has ended the first quarter of fiscal 2001-2002 with a seven per cent increase in net profit at Rs 12.66 crore against Rs 11.83 crore in the same period the previous year.

Modipon reports higher loss
NEW DELHI: Modipon Ltd has reported a net loss of Rs 9.55 crore for the quarter ended June 30, 2001 as against a net loss of Rs 8.75 crore recorded in the corresponding period of the previous year.

Parke-Davis net at Rs 3.74 cr
MUMBAI: Parke-Davis (India) Ltd has reported a net profit of Rs 3.74 crore in the first quarter ended June 30, 2001, against Rs 5.44 crore in the same period the previous year.

Thermax Ltd prunes net loss in Q1
PUNE: Energy and environment engineering company Thermax Ltd has cut its net loss in the first quarter of the current financial year to Rs 1.65 crore as against the Rs 7.59 crore in the corresponding period in the previous financial year.

Tamilnadu Petroproducts net higher at Rs 17.52 cr
CHENNAI: Tamilnadu Petroproducts Ltd has reported a higher net profit of Rs 17.52 crore for the quarter ended June 30, 2001, against Rs 17.08 crore in the same period the previous year.

Trent net plunges to Rs 2.25 cr
Trent Ltd has reported a 45 per cent decline in net profit at Rs 2.25 crore for the quarter ended June 30, 2001 as against Rs 4.11 crore in the year-ago period.

PSU
RINL weathers coal `crisis'
RASHTRIYA Ispat Nigam Ltd (RINL) has managed to wriggle out of the `coal crisis' it had been facing during the last few weeks by deciding to substitute soft coking coal, that is in short supply now, with medium coking coal from Central Coalfields Ltd.

Bharat Process opts for retrenchment
AROUND 77 employees of the public sector Bharat Process & Mechanical Engineers Ltd (BPMEL), located here, have been retrenched. The company, which had stopped production for more than a year, declared closure immediately afterwards on July 16.

Pharmaceuticals
Patently a strategy of Dr Reddy's
IF you thought Dr Reddy's Laboratories Ltd (DRL) has suffered a setback in the US generic formulations market whenever the original inventor or patent holder sued DRL for alleged patents infringement, you are wrong.

Steel


Balancing facilities to give extra capacity at Tata Steel
MR B. MUTHURAMAN, 57, who succeeded Dr J.J. Irani as Managing Director of Tata Steel on July 22, joined the company on November 14, 1966. A technocrat, Mr Muthuraman has held several positions in various disciplines, including marketing. As Executive Dir ector (Special Projects), he earned the distinction of implementing the cold rolling mill (CRM) project within the pre-determined cost and time-frame. He spoke to Business Lineat his Jamshedpur office. Excerpts:

Special grades to form 25 pc of SAIL portfolio
STEEL Authority of India Ltd (SAIL) has decided to produce and market several high-grade special steel products which will constitute 25 per cent of its saleable steel basket as part of its revenue maximising strategy.

Tyres
Delay in BIFR nod `will hit Dunlop revival'
THE management of Dunlop India Ltd (DIL) has alleged that the ``inordinate delay'' in the approval of the Draft Rehabilitation Scheme (DRS) by the Board for Industrial and Financial Reconstruction (BIFR) was jeopardising the revival of the company.


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