Business Line articles from August 1999, page 17

Business Line archives from August 1999

India: Perfect Circle Victor: On its way up (694).
August 1, 1999... Anup Menon BL Research Bureau WITH the improved conditions for automobile manufacturers, many stocks in the industry seem to be undergoing a re-rating. This phenomenon has spilled over to related industries also, where stocks with some...

India: Daewoo customer care clinics (208).
August 1, 1999... NEW DELHI: Daewoo Motors India Ltd has drawn up plans to drive into the customer care lane as part of its anniversary celebrations commencing on Sunday. The company is planning to conduct free car clinics for its existing Matiz, Cielo...

Strong expectations of a rate cut (454).
August 1, 1999... THE bond market has sent strong signals of possible interest rate movements in the near-term. The bidding-up of prices of government securities (Gsecs) shows that the market expects the interest rates to settle at lower levels. Such...

Rating Changes (258).
August 1, 1999... A CRISIL has downgraded the BBB+ rating assigned to the Rs. 450-crore and the Rs. 10-crore non- convertible debenture programmes of Jindal Iron and Steel company to BB. The revised rating is on account of the continued high levels of...

India: TTG Industries (171).
August 1, 1999... CHENNAI: TTG Industries Ltd has reported a net loss of Rs. 4.17 crores for the quarter ended June 30, 1999, as against a net loss of Rs. 6.37 crores for the corresponding quarter last year. Net sales were Rs. 76.86 lakhs (Rs. 1.45 crores)...

India: Nocil (167).
August 1, 1999... MUMBAI: National Organic Chemical Industries Ltd (Nocil) has registered a net loss of Rs. 2.96 crores for the first quarter ended June 30, 1999 as against a net profit of Rs. 1.17 crores for the corresponding quarter in the previous year. ...

India: Reliance Capital (166).
August 1, 1999... MUMBAI: The net profit of Reliance Capital Ltd for the quarter ended June 30, 1999 was Rs. 21.41 crores as against Rs. 25.42 crores for the corresponding period of the previous year. Income from operations amounted to Rs. 105.79 crores...

Indian Hotels (199).
August 1, 1999... MUMBAI: Indian Hotels Company Ltd has ended the April-June 1999 quarter with an eight per cent decline in profit after tax at Rs. 22.20 crores as compared to Rs. 24.06 crores in the corresponding period of the previous year. Sales and...

India: Raymond Q1 net loss at Rs 21.39 cr (171).
August 1, 1999... MUMBAI: Raymond Ltd has posted a net loss of Rs. 21.39 crores for the first quarter ended June 30, 1999, as compared to Rs. 12.77 crores in the corresponding period of the previous year. The net sales/income from operations was at Rs....

Transfer of ownership made easier (366).
August 1, 1999... IN a move that will further ease transfer of ownership of securities and deposits, the Department of Company Affairs (DCA), last week permitted owners of shares, debentures and deposits to nominate a successor for their holdings. Till now,...

Mechanics of hedging (426).
August 1, 1999... B. Venkatesh THE foreign exchange market is quite fascinating. Suppose an importer of, say, diesel engines has to make his dollar payments in December, he has the option of buying dollars in December from the spot market and paying his...

News Notes (386).
August 1, 1999... * The inflation rate (as measured by the Wholesale Price Index) moved up marginally to 1.85 per cent for the week ended July 10, breaking the trend for the last seven weeks. The annual inflation rate, based on the WPI, rose 0.02 percentage...

E. Merck (India): Keeping fit (803).
August 1, 1999... CRISIL, June'99 THE rating revisions reflect E. Merck (India)'s (EIL) improved financial risk profile following a steady decrease in gearing levels and higher interest coverage ratios. The ratings also factor in the company's strong...

India: Corporate Moves (410).
August 1, 1999... * Infotech Enterprises is convening an EGM on August 16, 1999 to obtain shareholders approval to privately place securities, resulting in the issue of 11.50 lakhs equity shares of the company at a price not less than Rs. 350 per equity share....

Reliance Petroleum: Prospects in pipeline (637).
August 1, 1999... Raghuvir Srinivasan THE non-convertible portion of the triple option convertible debenture (TOCD) of Reliance Petroleum (RPL), now trading at Rs. 66, offers a decent investment option for those looking for liquidity coupled with adequate...

India: Karur Vysya Bank (174).
August 1, 1999... CHENNAI: Karur Vysya Bank Ltd has reported a higher net profit of Rs. 12.04 crores for the quarter ended June 1999 as against Rs. 10.63 crores in the same period the previous year. Provisions and contingencies were at Rs. 7.21 crores (Rs....

India: Great Eastern Shipping (231).
August 1, 1999... MUMBAI: Great Eastern Shipping Co Ltd (Gesco) has ended the first quarter of 1999-2000 with a reduced net profit of Rs. 20.01 crores as against the Rs. 33.77 crores of the previous corresponding period. According to a press release, Gesco's...

India: Dena Bank (212).
August 1, 1999... MUMBAI: Dena Bank has posted a net profit of Rs. 34.05 crores for the first quarter of 1999-2000 as against Rs. 33. 67 crores in the corresponding period of the previous year. According to the unaudited results declared by the bank, net...

India: Sundaram Clayton (172).
August 1, 1999... CHENNAI: Sundaram Clayton Ltd has reported a higher turnover and profit for the first quarter of the current year, as against the corresponding period the previous year. The company's turnover in April-June this year was Rs. 48.15 crores as...

India: Essar Oil net up 6 pc at Rs 12.18 cr (146).
August 1, 1999... MUMBAI: Essar Oil Ltd has recorded a six per cent increase in its net profit at Rs. 12.18 crores for the quarter ended June 30, 1999 as compared to Rs. 11.52 crores for the corresponding period in the previous year. Total income was Rs....

India: Mastershare won't go open now (992).
August 1, 1999... S. Vaidhya Nathan THE Unit Trust of India has stated, in a notice to stock exchanges, that it does not plan to convert its close-end growth fund - Mastershare 1986 - into an open-end one. It has "neither approached SEBI for conversion,"...

India: Zee Telefilms: Sound, action.
August 1, 1999... GENERALLY when the board of directors of a company meets to consider a corporate action, a firm decision is usually taken one way or the other. This is particularly true of major companies. There are many instances of a bonus, an interim...

India: Competition out of the box (1037).
August 1, 1999... ONE of the significant events to happen in the industry recently was the takeover in March of Paper Products by Royal Van Leer Packaging Corporation of Netherlands. However, by and large, acquisitions in the industry were few and far...

India: 1 bonus from Adani Exports (217).
August 1, 1999... Our Bureau AHMEDABAD, July 31 THE board of directors of Adani Exports Ltd (AEL) which met on Friday declared a 1:1 bonus issue to the equity shareholders. The move led to the scrip closing at the Bombay Stock Exchange (BSE) at an...

Rallis India (144).
August 1, 1999... MUMBAI: Rallis India Ltd has ended the April- June 1999 quarter with a four per cent increase in net profit at Rs. 1.02 crores as against Rs. 0.98 crores in the corresponding period of the previous year. Net sales for the quarter were Rs....

India: Titan Ind (189).
August 1, 1999... BANGALORE: Titan Industries has reported higher losses at Rs. 5.18 crore for the first quarter ended June 30, 1999 as compared to Rs. 0.92 crore for the same period the previous year. Turnover increased to Rs. 95.80 crores for this period, up...

India: Electrosteel plans DI pipe unit at Kolhapur (371).
August 1, 1999... Our Bureau CALCUTTA, July 31 ELECTROSTEEL Castings Ltd is in the process of finalising plans to put up its second ductile iron (DI) pipe plant. The project, to be located at Kolhapur in Maharashtra and for which Electrosteel has...

India: IVRCL Infrastructures plans 1: 1 bonus (196).
August 1, 1999... Our Bureau HYDERABAD, July 31 IVRCL Infrastructures & Projects Ltd, formerly known as IVR Constructions Ltd, is coming out with a 1:1 issue of bonus shares. A decision to this effect has been taken by the company's board here. The...

India: 'Calling party pays' regime to be delayed (297).
August 1, 1999... Our Bureau NEW DELHI, July 31 THE calling party pays (CPP) regime for mobile networks, which was to take effect from August 1, will not be implemented on schedule, the Telecom Regulatory Authority of India (TRAI) has said. Under...

India: M&M reaps a bountiful harvest (1276).
August 1, 1999... MAHINDRA and Mahindra (M&M) turned in an exceptional performance in the 1999-2000 first quarter. Even as net sales grew about 8 per cent to Rs. 872.67 crores, the post-tax earnings zoomed 46 per cent to Rs. 51.26 crores. While the sales...

India: Hind Lever Chem Q2 net rises to Rs 13.67 cr (242).
August 1, 1999... MUMBAI: Hind Lever Chemical Ltd has reported a 53 per cent increase in net profit at Rs. 17.9 crores for the six months ended June 30, 1999, compared to Rs. 11.7 crores in the corresponding period the previous year. Net profit has been...

India: Chemplast plans oxy chlorination plant (158).
August 1, 1999... CHENNAI: Chemplast Sanmar Ltd will be installing an oxy chlorination facility at Mettur at an estimated cost of Rs. 25 crores. According to a press release, this will give the company a cost advantage in the manufacture of ethylene...

India: Sameer Vakil Mastercard V-P (128).
August 1, 1999... MUMBAI: Mr. Sameer Vakil has been appointed as Vice-President and Country Manager, South Asia for Mastercard International. He will be responsible for developing and expanding all aspects of Mastercard's business in South Asia. He will...

India: SEBI bar on 11 non-intermediaries for Magan rigging (254).
August 1, 1999... Our Bureau MUMBAI, July 31 THE Securities and Exchange Board of India (SEBI) on Friday passed an order prohibiting 11 non-intermediaries from dealing in the securities market for two years with immediate effect. A SEBI release...