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

Saturday, August 04, 2001

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Corporate

Automobiles
Swing pricing: GM gives Gujarat the home advantage
GENERAL Motors India Ltd (GMIL) has given Gujarat the home advantage when it introduced its new sedan model -- Opel Swing -- with a price tag that was easily Rs 20,000 below than offered in other parts of the country. The Opel Swing - 1.4 model has been priced at Rs 6,11,400 while the 1.6 model has a tag of Rs 6,31,700 for the Gujarat market.

Corporate
Postal ballot: AGM is mandatory, says DCA
THE Department of Company Affairs (DCA) has clarified that any listed company intending to transact businesses notified under Rule 4 of the Companies (Passing of Resolution by Postal Ballot) Rules, 2001 has to do so only in the annual general meetings al ong with ordinary and special businesses, if any.

DCA notifies stringent norms for nidhis
THE Department of Company Affairs (DCA) has issued two notifications introducing stringent norms for mutual benefit societies or nidhis with immediate effect. The two notifications supersede the earlier notifications of November 1, 1999, November 19, 199 9 and April 25, 2000.

Uncertainty over power connection to SIV continues
EVEN three days after the July 31 deadline, power supply to the Sirumugai-based SIV Industries has not been disconnected, but an air of uncertainty persists.



`ITC investments will capitalise on trademark'
BRAND building over a considerable period of time costs a huge sum of money, and the brands so created are assets of the company which cannot be thrown away.

Sterlite Optical board okays buyback
MUMBAI: The board of Sterlite Optical Technologies Ltd on Friday decided to buy back its shares at a maximum price of Rs 250 per share (face value Rs 5 each).

Carrier Corpn stake goes up to 86%
MUMBAI: Carrier Corporation has increased its stake in its Indian subsidiary, Carrier Aircon India Ltd, to 86 per cent from 51 per cent.

BHEL bags ONGC order
NEW DELHI: Bharat Heavy Electricals Ltd (BHEL) has bagged a Rs 10-crore order for supply of Christmas tree valves and wellhead assemblies to Oil and Natural Gas Corporation's (ONGC) offshore drilling sites near Mumbai.



L&T concludes $104-million debt refinance transaction
ENGINEERING and construction major, Larsen & Toubro Ltd (L&T), concluded a $104-million debt refinancing transaction last month-end.

DCM Shriram charts growth plan
THE year 2000-2001 was identified as the year of consolidation by DCM Shriram Consolidated Ltd (DSCL). As a strategy, the company is working on developing alternative business models in the agriculture business and new opportunities are being explored an d expanded upon, the Vice-Chairman and Managing Director, DSCL, Mr Ajay S. Shriram, told Business Line.

Financial Performance
Concor Q1 PAT up at Rs 66.82 cr
CONTAINER Corporation of India Ltd (Concor), the leading logistics service provider in the country for containerised cargo, has posted a net profit of Rs 66.82 crore for the quarter ended June 2001.

VSP turnover rises 25 pc
NEW DELHI: Visakhapatnamm Steel Plant (VSP) has achieved a sales turnover of Rs 1,193 crore during April-July 2001 period, registering a growth of 25 per cent over the previous year period.

Pharmaceuticals
Glenmark plans to license asthma molecule to MNCs
GLENMARK Pharmaceuticals Ltd is plans to license its asthma molecule for clinical trials and for further development to multinationals. The molecule, code-named GRC3015, is in the advanced stages of pre-clinical trials.

Steel
Mecon puts IISCO closure cost higher than revival
THE cost of closing down ailing Indian Iron and Steel Company Ltd (IISCO) has been estimated at Rs 1,100 crore, while a fresh turnaround package will cost Rs 390 crore, according to the rehabilitation plan worked out by Mecon, a Central public sector und ertaking (PSU).


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