Financial Daily
from THE HINDU group of publications

Friday, August 17, 2001





Kinetic proposes to launch 3 new bikes
KINETIC Engineering Ltd (KEL), the Pune-based two-wheeler manufacturer, is planning a slew of new initiatives, including new product launches aimed at increasing its turnover to Rs 2,000 crore by the year 2002-03.

Leyland may introduce `semi forward' truck
ASHOK Leyland is mulling introduction of semi-forward trucks - trucks which have the engines partly under the cabin and partly in front of it.

Cash-on-spot facility from ICICIdirect
ICICIDIRECT.COM, the integrated online share trading site, has launched `Cash on Spot' facility from today.

BorgWarner Cooling sets up wholly-owned subsidiary
BORGWARNER Cooling Systems Inc, US, has set up a wholly-owned subsidiary in Chennai to access the Indian markets for automotive cooling systems.

FICCI lists success steps for tie-ups
A SHARED vision and goals between partners, clarity and agreement on financial issues and a dynamic and flexible relationship and contract are the foremost critical success factors for joint ventures.

Vikram Tandon promoted as V-P PepsiCo New York
PEPSICO Beverages International today announced that Mr Vikram Tandon, Executive Director-Operations of the South-Asia Business Unit (SABU), is being promoted as Vice-President, Worldwide Technical Operations at its facility in New York.

Hampyorex to buy out Itochu Indian partners
JAPANESE multinational Itochu Corporation has applied to the Foreign Investment Promotion Board (FIPB) for increasing the foreign equity stake in its Indian arm from the current 74 per cent to 100 per cent.

What pushed IFB into BIFR net
CORPORATE analysts and senior executives of several banks and financial institutions feel that the present plight of IFB Industries is the result of certain acts of omission and commission, which has had the effect of pushing the company into the arms of the Board for Industrial and Financial Reconstruction (BIFR).

NJMC gets another shot at revival
NATIONAL Jute Manufacturers Corporation Ltd (NJMC) has been given one more opportunity by the Board for Industrial and Financial Reconstruction (BIFR) while keeping its earlier prima facie decision to wind up the company in abeyance.

Efforts on to end strike at Sesa Goa
THE two major mines of leading Goan iron ore exporter, Sesa Goa Ltd (SGL), continue to remain closed.

British Bio sets up new facility in Bangalore
THE Bangalore-based British Biologicals, a Rs 45-crore company manufacturing and marketing nutritional supplements, has set up a new manufacturing facility in Bangalore. The company has invested Rs 14 crore in the new plant from internal accruals.

Cambridge career awards presented
THE first batch of students, who took the Cambridge Career Award examination, were presented their awards at the Indian Institute of Social Welfare and Business Management (IISWBM).

Sankaralingam joins NTPC board
NEW DELHI: Mr T. Sankaralingam has joined the board of National Thermal Power Corporation (NTPC) having taken over as Director (Projects). Earlier, he was Executive Director (Projects). He joined NTPC in 1977 and worked in various capacities before movin g to the power major's corporate centre in Delhi. -- Our Bureau

Rs 2,079-crore Rihand power order for BHEL
BHARAT Heavy Electricals Limited (BHEL), the premier engineering enterprise in the public sector, has bagged an order for the main plant package of the Rihand (2x500 MW) super thermal power project (Stage II) in Uttar Pradesh.

IOC valuation of IPCL plant leads to deadlock
IT was not the proverbial slip between the cup and the lip. The gap between the Indian Oil Corporation Ltd (IOC) acquiring the Vadodara plant of Indian Petrochemicals Corporation Ltd (IPCL) and letting it remain as another chapter of the long-winding dra ma over the disinvestment of the petrochemicals company stood at over Rs 550 crore, according to Ministry sources.

Vadodara mothballing not on agenda -- Rs 1,900-cr Nagothane expansion
INDIAN Petrochemicals Corporation Ltd (IPCL) has decided against any further expansion activities at its Vadodara plant. This places on the backburner the mothballing of the 1,30,000 Vadodara cracker with a high level of energy inefficiency (6 million ki lo calories per tonne as against 4MnKCal/t at Nagothane) and the erection of a 4,50,000 naphtha cracker in its place.

Joonktollee Tea plans acquisitions
THE 125-year-old Joonktollee Tea and Industries Ltd, belonging to the G.D. Bangur group, may acquire tea gardens in Assam after the current peak cropping period is over.

Honour for CFRI
THE Central Fuel Research Institute (CFRI) has been awarded the prestigious CSIR Technology Award-2001 in engineering technology for developing ``a device for the recovery of the finest cleans from accumulated slurry at coal beneficiation plants and proc ess thereof''.

Indo Rama eyes Rs 100-cr net -- Promoters see no takeover threat
POLYESTER manufacturer Indo Rama Synthetics (India) Ltd (IRSL) hopes to return to the dividend list this year, with the company projecting a net profit of about Rs 100 crore for 2001-02. The company had reported a net profit of Rs 19.16 crore fo r the quarter ended June 30, 2001.

BIFR puts out revised revival scheme for Dunlop
THE Board for Industrial and Financial Reconstruction (BIFR) has finally circulated among all shareholders a detailed revised rehabilitation (DRS) for Dunlop India Ltd (DIL), requesting them to submit their views within October 11.

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