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Wednesday, August 01, 2001

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News

Accountancy
ICAI council meet on `discontinuing operations'
THE Central Council of the Institute of Chartered Accountants of India (ICAI) will meet here from August 1-3 to deliberate on the proposed accounting standard (AS) on `discontinuing operations.'

Advertising & Marketing
Fiat puts Tendulkar in driver's seat
FIAT has signed cricketing star Sachin Tendulkar as brand champion. His association with the brand will kick-off the company's new initiative into the Indian market and will commence with the soon-to-be-launched Palio.

Airlines
AI staff may not get berth on board after divestment
AIR India workers are unlikely to find a place on the recast board of the airline immediately after the disinvestment process is completed.

Commodities
Open sale prices of wheat unchanged for August
THE Food Corporation of India (FCI) has decided not to tamper with the prices of wheat offloaded to roller flour mills under its open market sale scheme (OMSS).

Corporate
MRL board restores powers to B.K. Modi
THE board of Modi Rubber Ltd (MRL) today restored to Dr B.K. Modi all the functionary powers vested with him prior to the fateful June 28 board meeting.

UB set to offload stake in Mangalore Chem for Rs 60 cr -- Valuation diluted to `realistic' price
THE UB group is gearing up to offload its 30.44 per cent stake in Mangalore Chemicals & Fertilizers (MCF) for about Rs 60 crore. This marks a significant climbdown in MCF's valuation as UB initially looked at a figure close to Rs 100 crore from the sale.

`Other income' shores up RIL bottomline
THE 13.81 per cent growth in the bottomline of Reliance Industries in the first quarter of fiscal 2001-02 has to be seen in the context of two main factors. First, the generous help from `other income' which was higher by 63 per cent or Rs 49 crore compa red to the same period last year. And second, the 13.76 per cent drop in interest charge to Rs 257 crore, courtesy the repayment/pre-payment of long term-debt and substitution of high cost borrowings with lower-cost ones.

Modipon allowed to take part in MRL open offer
THE Modi Rubber open offer issue has taken a fresh turn with the Securities Appellate Tribunal (SAT) today allowing Modipon Ltd to participate in the open offer made by Modi Rubber Ltd (MRL).

Blue Dart opens office in Bangalore
BANGALORE: Blue Dart Express Ltd, integrated air express and logistics company, has opened its office in Bangalore, strategically located close to the airport.

Economy
Maran to open CII seminar on exports to China
THE Minister for Commerce and Industry, Mr Murasoli Maran, is to inaugurate a national seminar on `Exporting to China - Opportunities and challenges' being organised by the Confederation of Indian Industry (CII) here on August 2.

Financial Performance
Gujarat Ambuja net up 6 pc at Rs 186 cr
THE board of directors of Gujarat Ambuja Cements Ltd has recommended a dividend of 50 per cent for the year ended June 30, 2001 (40 per cent in the previous year), amounting to 44 per cent payout of net profit for the year.

Reliance net up 14 pc in Q1
RELIANCE Industries Ltd has reported a 14 per cent increase in net profit at Rs 618 crore for the first quarter ended June 30, 2001 against Rs 543 crore for the same period last year.



M&M cuts loss in first quarter
MAHINDRA & Mahindra Ltd (M&M) today announced a net loss of Rs 29.62 crore for the first quarter ended June 30, 2001, as against the Rs 34.28-crore profit after tax of the previous corresponding period.

Dr. Reddy's Q1 turnover up 32%
DR. Reddy's Laboratories Ltd (DRL), the Hyderabad-based pharma major, has registered a growth of 32 per cent in turnover and 115 per cent in net profit for the first quarter of current fiscal ended June 30, 2001.

MTNL net up 2.24 pc
MAHANAGAR Telephone Nigam Ltd (MTNL) today announced a marginal 2.24 per cent increase in its net profit for the quarter ended June 30 at Rs 377.30 crore as against Rs 369.05 crore in the corresponding quarter.

Aurobindo Pharma Q1 net, sales down
AUROBINDO Pharma Ltd (APL) has suffered a fall in both turnover and net profit for the first quarter of current fiscal ended June 30, 2001.

Balaji Tele net at Rs 4.94 cr
MUMBAI: Balaji Telefilms Ltd reported a net profit of Rs 4.94 crore for the quarter ended June 30, 2001.

Rallis back in the black
RALLIS India Ltd has returned to profitability in the first quarter of the current fiscal, with a net profit of Rs 20.36 crore as against a net loss of Rs 15.06 crore in the year-ago period.

Information Technology
RIL will `eventually' hold 45 pc stake in infocom venture
RELIANCE Industries Ltd (RIL) will ``eventually'' hold 45 per cent stake in Reliance Infocom, Mr Anil Ambani, Managing Director, RIL, said today.

Infrastructure
NHAI board clears two annuity projects
THE annuity method of building highways is set to take off with the board of National Highways Authority of India (NHAI) clearing two projects under this concept on Tuesday in favour of the lowest bidder -- G Mallikarjun Rao (GMR) Group.

Mutual Funds
A `hurt' PM offers to quit -- Opposition calls it pure drama
THE fallout of the US-64 saga has acquired a new dimension with the Prime Minister, Mr Atal Bihari Vajpayee, today throwing his own ruling National Democratic Alliance (NDA) constituents off-balance, with his dramatic offer to resign. This comes just a d ay after a Member of Parliament from the Shiv Sena, a prominent alliance partner, pointed a finger at the alleged involvement of the Prime Minister's Office (PMO) in influencing investment decisions of the Unit Trust of India (UTI).



`Give me a chance to counter charges': Sinha
THE Finance Minister, Mr Yashwant Sinha, today said that he was determined to reply in detail to each of the charges levelled against him and the Government over the alleged mishandling of the Unit Trust of India's (UTI) affairs.

UTI geared for redemptions
THE Unit Trust of India (UTI) is geared to meet the redemptions under Unit Scheme-1964 (US-64) beginning tomorrow. The UTI Chairman, Mr M. Damodaran, said that UTI is prepared even for the worst scenario where most of the investors line up for redeeming their maximum 3,000 units.

UTI blacks out US-64 net assets & reserves in ad
THE Unit Trust of India (UTI) has not published key financial details regarding its flagship fund, Unit Scheme-1964 (US-64). In the summary half-yearly accounts published in an advertisement form, UTI has provided only the unit capital for US-64.

Policy
Insurance Bill cleared
THE Union Cabinet today approved the introduction of the Insurance Amendment Bill 2001 which seeks to allow cooperative societies into the insurance business besides allowing brokers to become insurance intermediaries. The Bill will be introduced during the current session of Parliament.

Takes over as DCA Secretary
NEW DELHI: Mr Vinod Kumar Dhall, a 1966 batch IAS officer, has taken over as the Secretary, Department of Company Affairs (DCA).

Power
Spurt in AP's per capita power consumption
THE per capita consumption of electricity in Andhra Pradesh has improved considerably to 510 kWh as against 410 kWh before the initiation of power sector reforms in the State, which is an indicator for the economic development, according to the Chairman and Managing Director of the AP Transmission Corporation, Mr P. Ramakanth Reddy.

Ocean thermal conversion plant in Tuticorin
ISLAND nations -- Mauritius, Seychelles and Maldives -- have sought India's expertise in the setting up of ocean thermal energy conversion (OTEC) plants.

SSI
`Gujarat model' scheme to revive AP sick SSIs
IN a significant development for sick units in the small scale industries (SSI) sector in Andhra Pradesh, the State Government has introduced a revival scheme, modelled on the scheme for rehabilitation of small scale non-BIFR sick but viable industries r ecently introduced by the Gujarat Government.

States
AP gearing up to combat drought-like situation
CONCERNED over the inadequate rainfall this monsoon, the Andhra Pradesh Government is gearing up to meet the emergent situation to tide over the crisis and mitigate the problems of the farm community.

Chamber against Kerala move to implement TOT
A DELEGATION of the Indian Chamber of Commerce and Industry called on the Kerala Chief Minister and apprised him of the consternation of trade and industry pursuant to the imposition of turnover tax in the State.

Unicef, charting out perspective plan for AP
THE Unicef, in league with the Andhra Pradesh Government, is charting out a comprehensive result-based perspective plan which will identify areas for thrust aimed at mid-term correction and to initiate focussed development.

National policy on Co-ops soon
THE Centre is expected to come out soon with a national policy on co-operatives which recognises the cooperatives as a distinctive sector of the economy with individual institutions being considered as potential instruments of socio-economic development.

Coimbatore to have mini Tidel park
COIMBATORE has been identified as the destination for a proposed mini tidel park.

Stocks
Founder-member of MSE dead
Mr K.S. Vaidyanathan, partner, Paterson & Co, and one of the founder-members of the Madras Stock Exchange, died here on Tuesday. He was 81

Telecommunications
Bharti wins 8 circles in fourth cell bid
BHARTI Enterprises has bagged eight circles for the fourth cellular slot as the Government today opened the third and final round of bids following the Madras High Court vacating its stay on the bidding process.

HC lifts stay on licence for fourth cell operator
THE Madras High Court on Tuesday vacated the interim stay ordered by it against grant of licence to the fourth cellular operator for mobile cellular service in the country.


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