Business Line articles from January 2002, page 8

Business Line archives from January 2002

Blue Dart Q3 net declines 10 pc.
January 18, 2002... MUMBAI: Blue Dart Express Ltd has ended the third quarter of 2001-02 with a 10-per cent fall in net profit at Rs 6.4 crore as compared to Rs 7.08 crore in the year-ago period. Net sales stood at Rs 73.14 crore against Rs 66.72 crore in...

CPCL looking at direct crude from VLCCs.
January 18, 2002... CHENNAI, Jan. 17. CHENNAI Petroleum Corporation Ltd (CPCL) is studying some options for putting up facilities to receive crude directly from very large crude carriers (VLCCs). These options include creating a single buoy mooring (SBM)...

Indian Consulate in Dubai shifts focus.
January 18, 2002... ABU DHABI, Jan. 17. FOCUSSED business and professional interaction between India and the Northern Emirates, and providing consular services and assistance to the labour force and weaker sections of the Indian expatriate community are the...

Financial Tech eyes US market.
January 18, 2002... MUMBAI, Jan. 17 FINANCIAL Technologies (India) Ltd, an e-trading and financial software solutions provider, is eying the US market as part of its global expansion plans. The company is currently studying the market and exploring...

Coromandel Fert profit up.
January 18, 2002... HYDERABAD: Coromandel Fertilisers Ltd has posted a sales turnover of Rs 199.77 crore, other income of Rs 1.28 crore and net profit of Rs 18.68 crore for the quarter ended December 31, 2001. The company's turnover as well as profit...

Broadcast Worldwide to raise Rs 25 cr thru pvt placement.
January 18, 2002... NEW DELHI, Jan. 17. BROADCAST Worldwide, which owns regional channels called TARA, is raising Rs 25 crore as part of its third round of funding. For that, it is in talks with domestic strategic investors. Speaking to Business Line, Mr...

Indo Rama to source tech from Zimmer AG.
January 18, 2002... NEW DELHI, Jan. 17. INDO Rama Synthetics (India) Ltd (IRSL) has announced that it has identified Zimmer AG of Germany as the technology supplier for the Rs 600-crore expansion project on polyester staple fibre (PSF) that is proposed to be...

Volatile movement.
January 18, 2002... BEARS dominated the initial hours of Thursday's trading. Later on, the bulls took over and wiped out their early losses. Trading ended on a bullish note. However, the sentiment reading of the tradable counters remains neutral. Bull domination...

Tata Elxsi Q3 net up 19 pc.
January 18, 2002... BANGALORE, Jan. 17. TATA Elxsi Ltd, the technical computing arm of the Tata Group, has posted an increase of 19.23 per cent in net profits even as its income declined by 22.21 per cent for the quarter-ended December 31, over the corresponding...

Madura brands may touch Rs 100 cr.
January 18, 2002... BANGALORE, Jan. 17. TWO leading brands from apparels major Madura Garments - - Louis Philippe and Peter England -- may touch Rs 100-crore billings in the current financial year, placing it among the top three menswear labels in the country....

Tanning Tech to cut jobs.
January 18, 2002... HYDERABAD, Jan. 17. THE Hyderabad-based Tanning Technologies India is being downsized, with job cuts as part of the global restructuring of its parent corporation -- the $ 56-million, Nasdaq-listed Tanning Technologies Inc. In a...

EID announces interim dividend.
January 18, 2002... CHENNAI, Jan. 17. The board of EID Parry (India) Ltd has declared an interim dividend of Rs 2 (20 per cent) per equity share of Rs 10 each fully paid for the financial year ending March 31, 2002, according to information provided by the...

Haldia Petro is No 2 in polymer sales.
January 18, 2002... KOLKATA, Jan. 17. HALDIA Petrochemicals Ltd (HPL) has emerged as the number two player in the polymer market, grabbing 21 per cent of the market share in the first three quarters of 2001-02. HPL sources said that Indian Petrochemicals...

Maral Overseas net declines.
January 18, 2002... Maral Overseas Ltd (MOL), an LNJ Bhilwara group company, has reported a net profit of Rs 0.11 crore on a net sales of Rs 62.34 crore for the quarter ended December 31, 2001. The company had registered a net profit of Rs 2.83 crore on net...

UB, Mallya cleared of FERA charges.
January 18, 2002... BANGALORE, Jan. 17. UNITED Breweries Ltd (UB) and its Chairman, Mr Vijay Mallya, have been cleared of FERA violation charges in the sponsorship of Kingfisher of the Benetton Formula One team. The Enforcement Directorate has exonerated UB...

M&M rises on real estate sale.
January 18, 2002... AUTOMOBILE major Mahindra & Mahindra is understood to be in the final stages of negotiations to sell its huge real estate in Mumbai. It was understood that the property near the company's factory in the city is expected to be disposed off...

Leyland unveils new LCV.
January 18, 2002... NEW DELHI, Jan. 17. IN what is an indication of its future plans for the light commercial vehicle (LCV) segment, Ashok Leyland Ltd has exhibited a new concept LCV at the 6th Auto Expo here. Labelled Logix 509V, the vehicle marks a...

Hardware-software marriage -- Zhu calls for synergy in IT.
January 18, 2002... BANGALORE, Jan. 17. THE Chinese premier, Mr Zhu Rongji, on Thursday suggested that India and China work together and promote each other in the information technology sector. Addressing Infoscians at the Infosys City, Mr Zhu said "the...

Medium-term export policy by month-end.
January 18, 2002... NEW DELHI, Jan. 17. THE Commerce Ministry would unveil its much-awaited medium-term export policy this month itself even as it has learnt to respond to short-term measures to address the urgent concern of exporters so as to arrest the...

Rajasthan Spinning net down.
January 18, 2002... Rajasthan Spinning & Weaving Mills Ltd (RSWML), an LNJ Bhilwara group company, has reported a net profit of Rs 0.29 crore for the quarter ended December 31, 2001 as against a net profit of Rs 2.65 crore recorded in the same period during the...

Amway's shampoo in 4-ml sachets.
January 18, 2002... NEW DELHI: Amway India Enterprises has announced the launch of 4- ml sachets of Satinique dandruff control shampoo and Satinique dandruff control conditioner in the personal care category. Priced at Rs 5, the launch of sachets is in line...

Delphi launches new engine technology.
January 17, 2002... NEW DELHI, Jan. 16. DELPHI Automotive Systems, the world's largest automotive supplier, has said it is introducing its latest engine management technology aimed at the fuel-efficiency concerns of Indian two-wheeler makers. The Engine...

Bajaj rolls out Baghira.
January 17, 2002... NEW DELHI, Jan. 16. BAJAJ Tempo Ltd on Wednesday unveiled the newly-styled 'Baghira', its first premium segment utility vehicle, introduced on the platform of the earlier 'Tempo Trax'. The Baghira sports a Mercedes engine, a Mercedes...

Hyundai may launch 1.1-litre Santro soon.
January 17, 2002... NEW DELHI, Jan. 16. HYUNDAI Motor India Ltd is contemplating launching a 1.1-litre version of the Santro sometime this year to replace the existing 1.0-litre Tall Boy, top company officials said on Wednesday. "Within this year, we are...

LML thrust on variomatic scooters.
January 17, 2002... NEW DELHI, Jan. 16. SCOOTER major LML Ltd is giving a major thrust to non-geared scooters by planning to launch three new variomatic scooters by the year-end, company officials said on Wednesday. 'Cleo', 'Clipper' and 'Infinity' would...

TVS mulls hybrid 3-wheeler.
January 17, 2002... NEW DELHI, Jan. 16. TVS Motor Co Ltd may consider entering hybrid three-wheelers segment, for which it will begin product trials after September, according to Mr Venu Srinivasan, Chairman and Managing Director. A possible entry into the...

Destination South Asia.
January 17, 2002... SOUTH Asia has enormous potential for ecotourism, which, if marketed right, could be a major industry within the next 10 to 15 years, according to the International Ecotourism Society (IETS). The United Nations Environment Programme has named...

For a scoop of their own.
January 17, 2002... The action in the ice-cream market is hotting up with the old majors being challenged by new entrants who have so far been catering to the premium segment but have now set their sights on the mass market. The coming Indian summer will see...

vMoksha buys two US cos.
January 17, 2002... BANGALORE, Jan. 16. VMOKSHA, the e-business transformation company, has announced the acquisition of two US-based companies - San Jose-based Challenger Systems and Cupertino-based Xmedia Inc - for a total of $4.1 million. Projected...

New ceramic range from Boss Profiles.
January 17, 2002... CHENNAI, Jan. 16. BOSS Profiles Ltd, a ceramic architectural products manufacturer with facility at Karaikal, Pondicherry, will soon launch the Boss range of products suitable for industrial, domestic and commercial applications. ...

India-China ties.
January 17, 2002... India and China are emerging as new economic leaders. Last January, another high-ranking Chinese leader, Mr Li Peng, visited India to enhance trade relations. Such visits, coupled with easing of visa restrictions in China, and the recent...

It's now KPMG under SEC lens.
January 17, 2002... MUMBAI, Jan. 16. EVEN as Arthur Andersen LLP contemplates an uncertain future in the wake of the discovery of various alleged irregularities in its relationship with its imploding client, Enron Corporation, another Big Five accounting firm,...

MF sector inflows up 25 pc in Dec.
January 17, 2002... MUMBAI, Jan. 16. NET inflows into the mutual fund sector increased by 25 per cent at Rs 2,272 crore in December 2001 compared with Rs 1,814 crore in November 2001, according to figures released by the Association of Mutual Funds in India...

Whiter than ever.
January 17, 2002... WHIRLPOOL OF INDIA has launched the Whitemagic Aquashower range of semi-automatic washing machines. This is claimed to be the first and only such washing machine in India that offers 'Hotwash'. The range's features include the Uni-Mix...

LIC premium income crosses Rs 10,000 cr.
January 17, 2002... MUMBAI, Jan. 16. LIFE Insurance Corporation (LIC) has crossed the Rs 10,000-crore mark in new premium income as on December 31, 2001. According to a top LIC official, by the end of the fiscal year, the corporation expected to touch Rs...

Singapore keen to invest in biotech, IT.
January 17, 2002... MUMBAI, Jan. 16. SINGAPORE has shown interest in developing infrastructure in biotechnology and information technology parks in India. Speaking at a seminar organised by the Confederation of Indian Industries (CII) here, a representative...

BSE changes price limits for 4 scrips.
January 17, 2002... CHENNAI, Jan. 16. THE Bombay Stock Exchange (BSE) has said that it has decided to change price limits (circuit filter limits) on four stocks to meet the revised composition of the National Stock Exchange's (NSE) S&P CNX Nifty index (Nifty)....

Veterans launch July Systems.
January 17, 2002... BANGALORE, Jan. 16. MR Ashok Narasimhan, founding president of Wipro Infotech and Mr Rajesh T.S. Reddy, founder of Unimobile Inc, have joined forces to launch a new venture, July Systems Inc. The start-up expects to build a 'wireless...

Kamal Oberoi is HTA President.
January 17, 2002... CHENNAI, Jan. 16. MR Kamal Oberoi has been appointed President of Hindustan Thompson Associates. Mr Oberoi, in the newly created post of President, will report to Mr Mike Khanna, the Chief Executive Officer of the advertising agency. This...

PSU banks begin due diligence on FIs' assets.
January 17, 2002... BANGALORE, Jan. 16. PUBLIC sector banks have begun due diligence on the assets of financial institutions (FIs), but have conveyed that only the "cherry picked" assets will be acquired. Banking sources said that cherry-picking was...

SBI Caps named Modern Foods sole advisor.
January 17, 2002... MUMBAI, Jan. 16. THE Government has appointed SBI Capital Markets as the sole advisor for disinvestment of its remaining 26 per cent equity in Modern Food Industries (India) Ltd. (MFIL). SBI Caps would do the valuation for the...

VSNL dives as it turns ex-dividend.
January 17, 2002... MUMBAI, Jan. 16. THE Videsh Sanchar Nigam Ltd (VSNL) stock fell by around 36 per cent on the BSE as the stock turned ex-dividend from today. VSNL closed at Rs 140.60 against Tuesday's close of Rs 219.40. VSNL board had declared a dividend of...

Differences over Budget proposals.
January 17, 2002... NEW DELHI, Jan. 16. WITH less than a month and a half to go before the Budget, sharp differences have emerged within the Government on three crucial Budget proposals pertaining to the restructuring of income-tax slabs, reduction in corporate...

Digital GlobalSoft Q3 net up 49 pc.
January 17, 2002... BANGALORE, Jan. 16. DIGITAL GlobalSoft Ltd has reported a sequential growth of 10 per cent in net profits and eight per cent in revenues for the quarter ended December 31 over the previous quarter. Net profits stood at Rs 24.62 crore (Rs...

Corporatise to give banks bigger say in decision-making: Reddy: Dr Reddy also felt that the time had come to take a hard look at the banks' access to call money.
January 17, 2002... KOLKATA, Jan. 16. IN a bid to allow more flexibility in mergers and acquisitions, ownership changes and effective corporate governance practices, the Reserve Bank of India Deputy Governor, Dr Y.V. Reddy, has suggested corporatisation of...

ISO 9001 for NMDC centre.
January 17, 2002... HYDERABAD: The research and development centre of National Mineral Development Corporation Ltd has been awarded the ISO 9001-2000 certification by RvC, the Dutch Council for Accreditation. The R & D centre has expertise for product and...

JM Mutual goes online in ICICIdirect.com.
January 17, 2002... KOCHI, Jan. 16. ICICIdirect.com, the integrated online trading site, has launched J M Mutual Fund on its Mutual Fund Plaza (MF Plaza) to enable online investment in mutual funds. This is the 5th mutual fund to be launched on ICICIdirect...

Maruti second stage sell-off deferred.
January 17, 2002... NEW DELHI, Jan. 16. THE second stage of the Government's plan to divest its holding in the joint venture car-maker Maruti Udyog Ltd (MUL) has been deferred to the next fiscal, a senior official with the Ministry of Disinvestment has said. ...

Zhu shakes hands with India Inc.
January 17, 2002... MUMBAI, Jan. 16. IT'S not the time to talk about competition; it's time to think about complementarity. We both have relative strengths and there is no reason why we should not take advantage of them." With these words, the Chinese...

Scrap service tax on entertainment sector: Sushma.
January 17, 2002... NEW DELHI, Jan. 16. THE Information and Broadcasting Minister, Ms Sushma Swaraj, on Wednesday met the Finance Minister, Mr Yashwant Sinha, seeking removal of the five per cent service tax levied on the entertainment and broadcasting industry....

BPL Telecom strikes deal with Ericsson.
January 17, 2002... BANGALORE, Jan. 16. BPL Telecom on Wednesday announced a partnership with Ericsson to distribute its range of enterprise products in India. Ericsson will provide the technology, while BPL will systems integration, distribution and sales, said...

TAMP hearing with Chennai port users.
January 17, 2002... CHENNAI, Jan. 16. The Tariff Authority for Major Ports (TAMP) will hold its second joint hearing with the Chennai port users on the tariff fixed by the Chennai Container Terminal Ltd (CCTL). The hearing will be held here on Friday (January...

Budget musings 2002 -- I: Mr Sinha to pitch for Common Man.
January 17, 2002... ON New Year's Day, this paper carried my article, 'Make 2002 year of the Common Man'. That exhortation, it seems, has not gone unnoticed. Interviewed by the All India Radio on January 4, the Finance Minister, Mr Yashwant Sinha, had this to...

Value drivers in MF strategy: T. D. Suresh on what the focus should be of asset management companies to maximise value-addition.
January 17, 2002... THE organisational structure of mutual funds (MF) in India is unique. While the 'trust' part of it seems to be a baggage of the British rule, the asset management company (AMC) concept is of American origin. Nevertheless, this khichdi...

Bajaj net up at Rs 108 cr in Q3.
January 17, 2002... MUMBAI, Jan. 16. BAJAJ Auto Ltd (BAL) today reported a 279.81 per cent rise in profit after tax for the quarter ended December 31, 2001, to Rs 108.17 crore from the previous corresponding Rs 28.48 crore. When contacted, Mr Sanjiv Bajaj,...

IOC seeks HPL control to take 26 pc stake.
January 17, 2002... HALDIA, Jan. 16. INDIAN Oil Corporation Ltd will pick up 26 per cent stake in Haldia Petrochemicals Ltd (HPL) only if it is vested with management control of the project, according to Mr Ram Naik, Union Minister for Petroleum & Natural Gas....

CCD clears fiscal recast plan for Jessop, PPL.
January 17, 2002... Byline: linking the restructuring plans to successful disinvestment, the Centre NEW DELHI, Jan. 16. THE Cabinet Committee on Disinvestment (CCD) on Wednesday cleared financial recast plans for the divestment-bound ailing entities,...

BPL Mobile launches GPRS services.
January 17, 2002... MUMBAI, Jan. 16. BPL Mobile on Wednesday announced the launch of its GPRS (General Packet Radio Service) network in Mumbai, offering it at a flat introductory rate of Rs 750 per month for unlimited Internet access through the mobile...

Union Bank bonds fully subscribed.
January 17, 2002... MUMBAI: Union Bank of India's tier-II bond issue of Rs 170 crore, which opened on Wednesday, was fully subscribed within two hours of its opening, a bank press release said. The bonds, which carry a coupon rate of 9.30 per cent, have a...

The strategy behind Musharraf's speech.
January 17, 2002... Gen Musharraf has apparently taken his decision to act firmly against the extremists and terrorists in consultation with the Corps Commanders. Only time can tell how sincere he would be in wanting to implement them and whether the pro-jehadi...

Indian aid for Ivory Coast.
January 17, 2002... NEW DELHI, Jan. 16. INDIA would offer assistance to Cote'd Ivoire in supply of drugs and pharmaceuticals, diagnostic medical instruments and para-medical products. This was indicated by Mr Rajiv Pratap Rudy, Minister of State for...

Hughes Soft Q3 net down 21 pc.
January 17, 2002... NEW DELHI, Jan. 16. HUGHES Software Systems (HSS) continued to witness a slump in profits for the second consecutive quarter over the previous year as net profit for the third quarter ended December 31, dipped by 21 per cent to Rs 14.5 crore...

Ship-owners threaten to boycott Kolkata port.
January 17, 2002... KOLKATA, Jan. 16. THE Association of Shipping Interests in Calcutta (ASIC), the body of ship-owners and their agents, mostly foreign, has threatened that its members will stop operations at the Kolkata port, covering both the Kolkata dock...

Anti-dumping duty imposed on EU, Polish rubber: A definitive anti-dumping duty of $421.05 per tonne and $359.70 per tonne has been imposed on HSR imports from Poland and European Union respectively.
January 17, 2002... NEW DELHI, Jan. 16. THE Finance Ministry has imposed definitive anti-dumping duty on imports of all forms and grades of high styrene resin/rubber (HSR) from Poland and the European Union (EU). HSR finds application in the rubber industry....

Gehlot alleges discrimination.
January 17, 2002... COIMBATORE, Jan. 16. THE Rajasthan Chief Minister, Mr Ashok Gehlot, on Wednesday accused the Centre of discriminating between the States in allocation of funds. Instead of helping and rewarding the States which managed their finances...

A.V. Birla moots options to settle MRPL issue.
January 17, 2002... NEW DELHI, Jan. 16. THE A.V. Birla group has suggested two options to the Government to sort out its differences over control of Mangalore Refineries and Petrochemicals Ltd (MRPL) one of which involves hiking the equity of the Birla group to...

A desi show.
January 17, 2002... TATA Engineering had a wholly desi fare in store for the unveiling of the Indica sedan. The slick 27-minute programme had a video show of Tata vehicles interspersed with shots from the various regions of India and its people. There was...

UTI's MIP (IV) maturity rate fixed at Rs 8.37.
January 17, 2002... KOLKATA, Jan. 16. UNIT Trust of India has fixed the maturity rate for its Monthly Income Plan 96 (IV) scheme, which went in for redemption on December 31, at Rs 8.37 per unit under the monthly option. The difference between the redemption...

Zee Tele net down 26%.
January 17, 2002... MUMBAI, Jan. 16. ZEE Telefilms Ltd (ZTL), part of the Zee Network, has reported a 26-per cent decline in net profit at Rs 23.90 crore (Rs 32.14 crore) for the nine-month period ended December 31, 2001. Total income was at Rs 101.83 crore (Rs...

Tata Engg up on better performance hopes.
January 17, 2002... BUOYED by flattering sales of Indica car and revival of the automobile sector, Tata Engineering is expected to post good results. Market analysts anticipate the company to either show marginal profits or losses in single digits. In addition,...

Haldia Petro: Fresh financial recast likely.
January 16, 2002... Byline: Indrani Dutta KOLKATA, Jan. 15. NOW that the stalemate over the issue of majority control of Haldia Petrochemicals Ltd (HPL) has ended, the company may be put on the path of revival and a fresh financial restructuring proposal...

International long-distance for domestic cos -- DoT prescribes Rs 25-cr entry fee.
January 16, 2002... NEW DELHI, Jan. 15. THE Government has opened up international long-distance (ILD) services to Indian companies with a net worth of Rs 25 crore, following the end of Videsh Sanchar Nigam Ltd 's (VSNL) monopoly in April 2002, as recommended...

Bengal's offer to Chatterjee on HPL marks a new chapter.
January 16, 2002... Byline: standing behind Mr Chatterjee, Writers' Building has also conveyed a KOLKATA, Jan. 15. THE West Bengal Government's latest decision to allow Mr Purnendu Chatterjee, an NRI partner of the Soros-Chatterjee combine, a controlling...

Volvo India keen to export components.
January 16, 2002... BANGALORE, Jan. 15. VOLVO India Ltd plans to boost its efforts to increase hardware outsourcing to India, Managing Director, Mr Ulf Nordqvist, has said. Volvo reported exports of automotive components worth Rs 15 crore last year to bring...

SAARC urged to work together on WTO.
January 16, 2002... NEW DELHI, Jan. 15. THE South Asian countries would gain considerably if they are to strengthen the process of mutual consultations for exchange of ideas and experiences on various themes of negotiations in the World Trade Organisation (WTO)...

Fiat may launch Palio diesel by year-end.
January 16, 2002... Byline: Anand Krishnamoorthy and Raghuvir Srinivasan NEW DELHI, Jan. 15. AFTER the resounding success and rave reviews for the Palio, Fiat India Ltd is planning to launch a diesel variant of the hatchback by the year-end or early next...

DaimlerChrysler eyes 11% growth in sales.
January 16, 2002... NEW DELHI, Jan. 15. LUXURY car maker DaimlerChrysler India Ltd is on an aggressive turnaround path, doubling its profits in 2001 and coming out of the clutches of the Board for Industrial and Financial Reconstruction (BIFR). ...

Time for off-road battles?
January 16, 2002... Byline: Raghuvir Srinivasan and Anand Krishnamoorthy THE battle between Hyundai Motor India and Fiat India is not restricted to the passenger car market alone, it seems. The two companies, who share the neighbouring pavilions at the Auto...

Ford, HM in tie-up for making Ikon engines.
January 16, 2002... Byline: Raghuvir Srinivasan NEW DELHI, Jan. 15. FORD India and Hindustan Motors have announced a strategic tie-up whereby the latter would manufacture engines and transmission for Ford at its Pithampur plant in Madhya Pradesh. The first...

Honda Motor to invest Rs 100 cr in Indian arm.
January 16, 2002... Byline: Raghuvir Srinivasan NEW DELHI, Jan. 15. JAPANESE giant, Honda Motor Co Ltd, today announced that it is investing a further Rs 100 crore in its 100 per cent subsidiary in India, Honda Motorcycle and Scooter Ltd (HMSIL). This...

Easy does it.
January 16, 2002... Kodak has launched a "unique line of cameras and docking system called EasyShare, making it easier for consumers to print and share digital pictures." According to the company, the camera dock addresses the two biggest objections to digital...

Centre to set up maritime varsity.
January 16, 2002... KOLKATA, Jan. 15. THE Union Government has decided, in principle, to set up a national maritime university. Giving this information here on Tuesday, Mr D.T. Joseph, Director-General of Shipping, said the Government was yet to decide...

HDFC Bank Q3 net up 43 pct.
January 16, 2002... MUMBAI, Jan. 15. HDFC Bank has registered a 42.9-per cent growth in its net profit at Rs 75.45 crore for the third-quarter ended December 31, 2001 as compared to Rs 52.80 crore in the corresponding period in the last quarter. Total...

DSE bid for BSE trading hits snag.
January 16, 2002... Byline: Ambarish Mukherjee NEW DELHI, Jan. 15. THE Delhi Stock Exchange's (DSE) plan to take up membership at the Bombay Stock Exchange (BSE) through the subsidiary route has run into problems which may end up delaying the process...