Accountancy
ICAI syllabi revamp in final stage -- Course may include US, Indian GAAP comparison
THE Institute of Chartered Accountants of India (ICAI) will soon finalise the contents of the syllabi for the proposed three-tiered examination system, split into PE-I, PE-II and Final Course.
Commodities
Experts lament slow pace of mine automation
EVEN as the global mining industry sees the ``emergence of intelligent mines with complete automation'' in another 50 years, the current state of mechanisation and automation in the domestic mines sector can be described as being primitive.
Consumer Electronics
Colour TVs -- LG sets the pace, but BPL still tops
IF you own an LG colour television (CTV), you possess the fastest-growing CTV brand in India, though BPL is still the most dominant brand by far. These are two of the salient findings of the latest edition of the Colour Television Brand Scan carried out
in May by the Chennai-based agency, Francis Kanoi Marketing Research.
ST on UPS, medical equipment lowered
BANGALORE: In a minor concession, the State Government has lowered sales tax on medical equipment and UPS from 10 to 4 per cent.
Corporate
Manu Chhabria here to meet kin
MR Manohar Rajaram Chhabria, Chairman of the Dubai-based Jumbo Group with diversified business interests in India, arrived in Mumbai today. Mr Chhabria is on a personal visit to meet his ailing parents and is likely to be in the country for the next two
days.
ITDC may diversify to boost business
EVEN as the disinvestment of Government equity in the India Tourism Development Corporation (ITDC) hotels gets underway, its newly-appointed Chairman and Managing Director, Mr Ashwani Lohani, plans to work towards improving the working environment in the
corporation and diversifying its activities.
IVC to buy back shares after court approval
IL&FS Venture Corporation Ltd (IVC), the private equity investment arm of IL&FS, has decided to buy back its shares through a court-approved scheme.
Advani-Oerlikon recasts board
ADVANI-OERLIKON today announced it had recast its board, appointing on it directors of `varied industry expertise'.
Courts
Cheque dishonour: Stay granted for Chennai industrialist
THE Madras High Court has stayed the criminal proceedings initiated in the Court of the VII Metropolitan Magistrate at George Town, Chennai, against a Chennai-based industrialist by a Chennai firm under the Negotiable Instruments Act for dishonour of two
cheques for a total sum of Rs. 93,310.
SC sets aside Andhra HC's interpretation of ST Act
THE Supreme Court today set aside a judgment of the Andhra Pradesh High Court interpreting Entry 24-B of the First Schedule to the Andhra Pradesh General Sales Tax Act, 1957.
Financial Performance
Reliance Petro Q1 net up 52 pc on higher sales
HIGHER sales including exports pushed up the first quarter net profit of Reliance Petroleum Ltd (RPL) by 52 per cent to Rs 456 crore from Rs 300 crore in the corresponding previous period. Sales in the three months ending June 30, 2001 increased to Rs 8,
865 crore from Rs 5,983 crore. Exports rose to Rs 1,440 crore from Rs 479 crore.
IDBI net down to Rs 181.9 cr
INDUSTRIAL Development Bank of India (IDBI) has reported a lower net profit for the first quarter ended June 30, 2001, at Rs 181.9 crore compared to Rs 223.6 crore for the quarter ended June 30, 2000. The operating profit has, however, shown an increase
at Rs 513.2 crore (Rs 386.3 crore).
India Cements Q1 net up 105 pc, sales decline
INDIA Cements Ltd more than doubled its net profit despite a drop in sales turnover for the quarter ended June 30, 2001.
UB net falls 65%
UNITED Breweries Ltd has reported a 65.28 per cent decline in net profit for the quarter ended June 30, 2001 to Rs 1.67 crore as against a net profit of Rs 4.81 crore in the same period during the previous year.
Aptech Q2 net falls 94 pc
MUMBAI: Aptech Ltd has reported a 94 per cent drop in net profit during the second quarter ended June 30, 2001. Net profit dropped to Rs. 2.2 crore from Rs. 37.12 crore. Total revenues fell 42 per cent to Rs. 79.8 crore from Rs. 138.18 crore.
Sundaram Finance net down to Rs 9.12 cr
SUNDARAM Finance Ltd reported a lower net profit of Rs 9.12 crore for the quarter ended June 30, 2001, as against Rs 10.74 crore in the same quarter last year.
TVS-Suzuki Q1 net down 47 pc
TVS-Suzuki reported a net profit of Rs 10.76 crore for the quarter ended June 30, 2001 -- 47.76 per cent lower than Rs 20.60 crore in the corresponding quarter of last year.
Rane Brake's net down
Rane Brake Linings Ltd's net profit for Q1 2001 amounted to Rs 1 crore, as against Rs 1.2 crore in Q1 2000. Turnover was higher at Rs 22.18 crore (Rs 21.29 crore). Total expenditure amounted to Rs 17.91 crore (Rs 17.01 crore).
Sundaram Brake's net down 64 pc
CHENNAI: Sundaram Brake Linings Ltd has reported a net profit of Rs 65 lakh for the quarter ended June 30, 2001, down 64 per cent from Rs 1.80 crore in the corresponding quarter of last year.
Sun Pharma net profit up 34 pc
SUN Pharmaceutical Industries Ltd has reported a 34 per cent increase in net profit at Rs 41.52 crore in the first quarter ended June, 30, 2001 as against Rs 31.06 crore in the corresponding period last year.
Tata Power Q1 net up 5 pc at Rs 86.57 cr
TATA Power Company Ltd has posted a five per cent jump in net profit for the quarter ended June 30, 2001 at Rs 86.57 crore compared to Rs 82.71 crore for the same period last year.
HPCL net profit at Rs 204.06 crore
MUMBAI: Hindustan Petroleum Corporation Ltd has reported a net profit of Rs 204.06 crore in the first quarter ended June 30, 2001 against Rs 200.63 crore for the same period last year.
Infrastructure
Infrastructure: Transparent laws urged
A TWO-DAY conference on opportunities in infrastructure has called to enact laws at the Central and State levels that would further facilitate investment in and implementation of infrastructure projects, with sanctity of contracts, transparency and accou
ntability as the bottomline.
Insurance
Central Bank signs pact to market LIC products
CENTRAL Bank of India has entered into an agreement with the Life Insurance Corporation (LIC) for distributing the products offered by the latter.
Mutual Funds
US-64 support package taking shape -- 3 more banks commit Rs 850 cr to UTI
BARELY two days before the repurchase window of Unit Trust of India (UTI) is to be reopened on August 1, the financial support package for the beleaguered mutual fund is taking firm shape, with several more banks having finalised plans to provide the pro
p.
US-64: 3000-unit limit may be enhanced -- Mr M. Damodaran, Chairman, Unit Trust of India
THE position of the Chairman, Unit Trust of India, is the hottest seat in the financial sector now. Earlier this month, the Government appointed Mr M. Damodaran to the post. Some of his duties will involve trouble-shooting in the short-term. But there is
also the need to set the UTI house in better order from the long-term perspective. In a wide-ranging interview, Mr M. Damodaran shares his views on UTI.
PSU
No separate fund for reviving sick PSUs: Joshi
THE Government today said that it would not be possible to create a separate fund out of the proceeds of disinvestment to rehabilitate some of the loss-making public sector undertakings.
One-time rehab plan for loss-making CIL arms
THE Government is working out a one-time financial rehabilitation plan for the three loss-making subsidiaries of Coal India Ltd (CIL) -- Bharat Coking Coal Ltd (BCCL), Central Coal Fields Ltd (CCL) and Eastern Coalfields Ltd (ECL).
Policy
I&B Ministry to submit report today -- Sinha calls for downsizing, Sushma prefers rightsizing
THE Information & Broadcasting Ministry is likely to submit its report on downsizing to the Finance Ministry on Tuesday, which is the deadline fixed by the Finance Minister, Mr Yashwant Sinha.
Power
Is it curtains for Godbole panel?
IT could be curtains for the Godbole renegotiations panel unless Enron clears its stand on whether it intends to continue with the Dabhol power project.
SSI
STICON 2001 moots steps to boost small, tiny sector
THE eleventh State-level annual convention of the small and tiny industries of Tamil Nadu-- STICON 2001-- organised by the Tamil Nadu Small and Tiny Industries Association (TANSTIA) ended here on Sunday recommended evolution of a low cost and effective c
redit delivery system, implementation of a credit guarantee system, operation of a single window system, a minimum purchase of 15% of the requirements of the government from the small scale sector, redefining the role of government agencies, evolution of
an advocacy mechanism on the lines of small business administration of USA etc.
States
Kerala move to implement turnover tax flayed
THE Cochin Chamber of Commerce and Industry has expressed concern over the proposed move of the Kerala Government to implement turnover tax, saying that it would have serious implications on trade and commerce in the State.
ST on UPS, medical equipment lowered
BANGALORE: In a minor concession, the State Government has lowered sales tax on medical equipment and UPS from 10 to 4 per cent.
Stocks
UTI's investment in Cyberspace -- Shiv Sena MP implicates PMO
THE Prime Minister's Office (PMO) has once again been dragged into a controversy with a ruling Shiv Sena member today alleging in Parliament that the US-64 scheme's investments in Cyberspace Infosys was preceded by ``three phone calls'' made by the then
Unit Trust of India (UTI) Chairman, Mr P.S. Subramanyam, to top PMO officials between July 17 and 21 last year.
Bank of India can move to attach Ketan assets
THE Debt Recovery Tribunal (DRT) has passed an order stating that Bank of India has the liberty to file an application for attachment of movable or immovable property of Mr Ketan Parekh and associates, a bank official said on Monday.
Taxation
Rush hour
Income-tax assessees filing returns before the stipulated July 31 deadline at the Pragati Maidan in the Capital on Monday. With the number of assessees going up to a little over 2.3 crore, the department has set up special centres to handle the rush.
Water Management
Centre `acutely' alive to groundwater depletion
DEPLETION of groundwater remains a formidable problem for the country as a whole and the Centre is acutely alive to this issue and circulated a model bill to the States setting out steps to arrest the fast running down of groundwater, the Lok Sabha was i
nformed today.
