Financial Daily
from THE HINDU group of publications

Saturday, July 28, 2001








Page One

Separate fund manager for each UTI scheme planned -- Measures launched to win back trust
AS part of its revamp strategy, Unit Trust of India (UTI) plans to adopt the global practice of placing each scheme under a separate fund manager.

Banks may lend Rs 3,000 cr to UTI against scrips held
A CONSORTIUM of banks led by the State Bank of India plans to lend around Rs 3,000 crore against shares held by UTI to help it face unit redemptions starting August 1.

RBI seeks details of deals routed through OCBs
THE Reserve Bank of India has asked banks to submit details of various transactions that are routed through overseas corporate bodies (OCBs). The RBI also asked banks to confirm if they were following rules and regulations with regard to OCBs.

Lower revenues hit VSNL net
VIDESH Sanchar Nigam Ltd has ended the first quarter of the financial year with a 4.5 per cent fall in net profit at Rs 365.5 crore, compared with the net profit of Rs 382.9 crore of the previous corresponding quarter.

Jhunjhunwalas to become major shareholder -- Jindals to sell part Shalimar stake to partner
THE Rs 4,500-crore O.P. Jindal group has decided to sell a part of its stake in domestic paint major Shalimar Paints to their foreign partners, the Hong Kong-based Girish Jhunjhunwala Group of Companies. This will make the Jhunjhunwalas the major shareho lder in the Rs 140-crore domestic paint major.

Pvt insurance cos find the going tough -- Ex-PSU staff find the grass isn't greener
EVEN before private sector insurance companies have begun full-fledged operations, the shakeout in the sector is slowly beginning.

Tata Tea scrip traded at `unrealistic' price
THE Calcutta Stock Exchange got a jolt on Friday following transactions in Tata Tea at Rs 22.40 per share. The exchange later notified the annulment of such transactions. It also issued a general warning that severe disciplinary action would be taken aga inst the members involved.

Monsoon weakens; South facing intense dry spell
IF last year, it was Rajasthan, Gujarat and Madhya Pradesh, this year it is the turn of virtually the whole of southern India and the North-East to reel under the stress of deficient monsoon rains.

Rare brush with an academic
THERE was an unlikely questioner at today's annual general meeting of Berger Paints India Ltd.

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