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

Thursday, September 13, 2001

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Corporate

Accountancy
ICAI panel issues exposure draft
THE Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI) has issued the exposure draft of a proposed accounting standard on `interim financial reporting', inviting comments from members of ICAI and others by October 20.

Airlines
Kuwait Airways plans divestment
THE Government-owned Kuwait Airways Corporation (KAC), whose main business comes from the Indian sub-continent, now has plans to go for a privatisation programme.

Automobiles


Hindustan Motors to cut Lancer spare prices
HINDUSTAN Motors Ltd is all set to announce a significant cut in prices of spare parts for its Lancer model. The company is likely to make an announcement to this effect within the next ten days.

Three Maruti directors retire ahead of AGM
THREE top directors of Maruti Udyog Ltd have retired in the space of nearly a month, reducing the strength of the company's board significantly ahead of the annual general meeting in end-September, company sources said today.

M&M launches Bolero version in Delhi
NEW DELHI:Mahindra and Mahindra Ltd has said it has launched the Euro-II version of the Bolero GLX-7 seater utility vehicle in the Delhi market.

Reva ties up with ICICI for loans
REVA Electric Car Co (Pvt) Ltd, maker of the country's first electric car, has entered into an agreement with ICICI to facilitate the purchase of Reva.

Ford to identify top performers
FORD India Ltd has said that the company has established processes to identify top performing employees for career enhancement through developmental assignments that are cross-functional.

Corporate
Anna Aluminium on diversification path
THE Kerala-based Anna Aluminium Ltd (Anna group) is on the path of diversification by entering into production of bags, umbrellas, textiles and herbal-spice tea.

Sandvik Coromat launches precision tools range
SANDVIK Coromant, part of Swedish major and a division of Sandvik Asia Ltd, has launched a range of solid carbide precision tools in the Indian market and plans to Web-enable its sales across the country in line with its global operations.

R.V Kanoria quits as FICCI V-P
AGGRIEVED at being sidelined for yet another year, the Vice-President of the Federation of Indian Chambers of Commerce and Industry (FICCI), Mr R.V. Kanoria, has quit from his post.

Nalco net, sales drop
NEW DELHI: NATIONAL Aluminium Company Ltd (Nalco) has recorded a decline in its total sales turnover during the first five months of this fiscal at Rs 949.33 crore against a target of Rs 961.16 crore.

Cheviot bids for NJMC mill
CHEVIOT Co Ltd, controlled by Mr Harsh Kanoria, has bid for a mill belonging to National Jute Manufactures Corporation Ltd (NJMC).

Financial Performance
Amco Power 18-month net slumps
AMCO Power Systems Ltd, part of the city-based Amalgamations group, has reported a lower net profit of Rs 75.87 lakh for the 18-month period ended March 31, 2001, as compared to Rs 1.17 crore in the 16-month period ended September 9, 1998.

HCI Q1 profit up at Rs 32 cr
HOTEL Corporation of India (HCI), which runs the Centaur group of hotels, has logged a profit of Rs 32 crore during the first four months of the current fiscal, up from around Rs 29 crore, and hopes to complete the year with a gross turnover of around Rs 140 crore, compared to Rs 96 crore in the previous year.


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