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Tuesday, July 31, 2001

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Page One

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.

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.

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.

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.

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.

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.


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