Business Line articles from July 2000

Business Line archives from July 2000

India: Southern States stand to lose Rs 12,204 cr in revenue share.
July 31, 2000... NEW DELHI, July 30. THE southern States stand to lose a total of Rs. 12,204 crores in their share of Central tax revenues over the next five years due to an alteration in their proportionate shares as suggested by the Eleventh Finance...

India: Time-frame likely for PSU 'golden share'.
July 31, 2000... NEW DELHI, July 30. THE Government has proposed a time-frame of five years during which it will have the right to exercise veto powers through the golden share concept in State-owned companies which are being privatised. According to the...

India: Advance tax mode sought for service tax payment.
July 31, 2000... NEW DELHI, July 30. MAHANAGAR Telephone Nigam Ltd (MTNL) and other telephone service providers have sought an extension of the concept of advance tax payments to service tax. Currently, the system of advance tax payments is available only for...

India: Weakening monsoon may hit kharif crops.
July 31, 2000... NEW DELHI, July 30. AFTER a good spell of rains during the crucial kharif sowing period, the South-West monsoon has entered a rather weak phase, which, if persists, could adversely affect the crops' growth prospects. The week ending July...

India: Pressure may ease on ECBs.
July 31, 2000... OVER the last week or so, officials in the Finance Ministry have been trying to put in place a system, whereby a month or two down the line, Indian corporates can file their proposals to raise external commercial borrowings (ECBs) online. ...

India: It's shape-up time.
July 31, 2000... THE quirky behaviour displayed by the market last week could well continue in the next few days. Stay invested during these difficult times; do not 'time' the market; do not pay heed to confusing signals; and certainly do not be too...

India: BYNL turnover at Rs 104 cr.
July 31, 2000... NEW DELHI: Bharat Yantra Nigam Ltd (BYNL) group has reported a sales turnover of Rs. 104.5 crores during the first quarter ended June 30, 2000. During the period, the group achieved 73 per cent of its targeted turnover for the quarter,...

India: GNFC sales up 65 pc; net up 120 pc.
July 31, 2000... AHMEDABAD: The Gujarat Narmada Valley Fertilizers Co Ltd (GNFC) has posted a net profit of Rs. 11.78 crores for the first quarter of the current fiscal, up 120 per cent from Rs. 5.34 crores recorded for the corresponding period last year. ...

India: Autolec net trebles.
July 31, 2000... CHENNAI: Autolec Industries has reported a net profit of Rs. 38.48 lakhs for the first quarter of the current year, as against Rs. 10.31 lakhs in the corresponding period last year. The turnover was Rs. 19.08 crores (Rs. 15.28 crores)....

India: GMDC net up at Rs. 21.74 cr.
July 31, 2000... AHMEDABAD: The Gujarat Mineral Development Corporation (GMDC) has returned a net profit of Rs. 21.74 crores for the first quarter in 2000-01, up from Rs. 19.69 crores during the corresponding period in the previous year. The improved...

India: Indo Rama Synthetics net up.
July 31, 2000... NEW DELHI: Indo Rama Synthetics (India) Limited (IRSL) has reported a net profit of Rs. 8.22 crores for the quarter ended June 30, 2000, a 22.69-per cent increase on the net profit of Rs. 6.70 crores recorded in the same period during the...

India: Silktex exports up 60 pc.
July 31, 2000... BANGALORE: Silktex Ltd, the Bangalore- based 100 per cent export-oriented silk fabric unit, has recorded a 60-per cent growth in export sales at Rs. 5.01 crores for the quarter-ended June 2000 as compared to Rs. 3.12 crores in the...

India: Costlier inputs tell upon Ucal Fuel profits.
July 31, 2000... CHENNAI, July 30. UCAL Fuel Systems Ltd has reported a net profit of Rs.4.06 crores for the quarter ended June 30, 2000, as compared to Rs.4.30 crores in the corresponding quarter of last year. The turnover, however, was up 40 per cent at...

India: Gaz de France close to stake in Gujarat Petronet.
July 31, 2000... GANDHINAGAR, July 30. GAZ de France is at an advanced stage of formulating the shareholders' agreement to acquire a 11-per cent stake in Gujarat State Petronet Ltd (GSPL), the company that is setting up the gas grid in Gujarat. While the...

India: IRDA proposal: Minimum portfolio norms for brokers.
July 31, 2000... BANGALORE, July 30. INSURANCE Regulatory and Development Authority of India (IRDA) is considering permitting insurance brokers only if they have a minimum portfolio of three insurance companies to recommend to clients. IRDA's submission...

India: Scientists to get part of revenue.
July 31, 2000... NEW DELHI, July 30. THE Union Ministry of Science and Technology has come up with a set of guidelines regarding ownership of intellectual property rights (IPRs) and transfer of technology by research institutions funded by it. As per...

India: Navy may use TELK products.
July 31, 2000... KOCHI, July 30. THE Indian Navy is to explore the possibilities of using the TELK products in the naval establishment. A technical team of the Navy has visited the State- owned Transformers and Electricals Kerala Ltd. (TELK) at Angamally...

India: Can Kakinada port keep competition at Bay?
July 31, 2000... THE Kakinada deep-water port, the first privately-operated facility in Andhra Pradesh, is all set to join the great Indian ports race. Not only is Kakinda wedged between the major ports of Visakhapatnam and Chennai, but it is also sure to...

India: Petrapole-Benapole rail link back on track.
July 31, 2000... THE movement by rail of goods between India and Bangladesh through the Petrapole-Benapole border is expected to begin soon. Petrapole is located on the Indian side of the border in West Bengal's North 24 Parganas district and Benapole in...

India: New direction for law on multimodal transportation.
July 31, 2000... THE CENTRE is all set to boost multimodal transport - multimodalism as it is commonly called. The Union Cabinet, on July 18, approved the proposals to amend the Multimodal Transportation of Goods Act, 1993 (MMTG), and, accordingly, an...

India: Surat-Manor tollway maintenance to be privatised.
July 31, 2000... A private concessionaire will operate and maintain the Surat-Manor tollway project after it is widened and upgraded. The project was undertaken with the help of a $180-million (Rs. 765-crore) loan, from the Asian Development Bank on July 27....

India: Roadmap for VAT regime in Karnataka.
July 31, 2000... BANGALORE, July 30. THE Tax Reforms Commission of Karnataka is charting a roadmap for the VAT regime by seeking views of the trade and academia on the changes to be made in the major revenue netting areas. The State plans to move into the...

India: MoU to reopen Ashok Paper Mill.
July 31, 2000... GUWAHATI, July 30. A MEMORANDUM of understanding (MoU) was signed here among Soneko Paper and Industries Ltd of Calcutta, Government of Assam and Ashok Paper Mill Assam Ltd for leasing out the paper mill at Jogighopa for reopening. As...

India: AusAid to help improve Bangalore water supply.
July 31, 2000... BANGALORE, July 30. AN Australian consortium will draw up a 25-year master plan to improve Bangalore water and sanitation services. The Rs. 17-crore project is supported by grant from AusAid (Australian Aid Agency for International...

India: Crossword opens 8th outlet in Chennai.
July 31, 2000... CHENNAI, July 30. CROSSWORD is planning to open 35 book stores across the country in the next three to four years time, according to Mr. R. Sriram, CEO, Crossword. The eighth store was inaugurated in Chennai on Sunday, by Mr. Ravi...

India: Nasscom expects $3.5-b investment in IT by 2002.
July 31, 2000... HYDERABAD, July 30. NATIONAL Association of Software Services Companies (Nasscom) expects venture capital funds to the tune of $3.5 billions to flow into the country's information technology sector during the next 24 months. Of this,...

India: MindTree, Ariba in pact for e-com solutions.
July 31, 2000... BANGALORE, July 30. MINDTREE, an e-business consulting company, and Ariba Inc, a business-to-business (B2B) e-commerce platform provider, announced that they have signed an agreement to provide e- commerce solutions jointly. As part of...

India: Higher interest rates may not always help Re.
July 31, 2000... IN less than a week of the Central Bank Governor saying that he was not contemplating any monetary measures for the time being, the RBI hiked the bank rate by one percentage point and took some liquidity tightening measures. The CRR hike and...

India: Discretion is the better part of valour.
July 31, 2000... IT seems that the world is divided into two categories of people. The first consists of people who know, with various degrees of certainty, as to what the rupee/dollar rate will be in the future. The second category is made up of the poor...

India: Setting prices right.
July 31, 2000... * Price Stabilisation of Essential Agricultural Commodities An Insight Into Andhra Pradesh Experience By. J. Satyanarayana S.V. Satyanarayana Publishers: Quality Publishing, Hyderabad Price: Rs. 300. THE market...

India: Portal launched on franchising.
July 31, 2000... NEW DELHI, July 30. TO cater to the growing franchising sector in the country, estimated at Rs. 500 crores, two entrepreneurs have set up what they claim as the first portal on franchising, Firstfranchising.com. The venture, floated by...

India: Entrepreneurs must have conviction: Deshpande.
July 31, 2000... CHENNAI, July 30. "TRY asking me if an idea is feasible enough for you to convert it into a business opportunity. I am bound to discourage you." This was surprising coming from someone who now runs a company worth $32 billions, Mr....

India: M@elstrom at work.
July 31, 2000... Consider this: The New York Times recently fired 20 employees at a Virginia payroll processing centre for violating corporate policy by sending 'inappropriate and offensive' e-mail. The US Navy reported that it disciplined more than 500...

India: Bigger roles to play.
July 31, 2000... In hundreds of villages close to the Tata Steel plant at Jamshedpur, infant mortality is down to below the national average. This is thanks to two decades of regular visits, awareness campaigns and immunisation programmes by medical teams...

India: Action speaks...
July 31, 2000... Todd Miller, AXN's new Managing Director, tells a wonderful story about how he once took his mobike to the top of a mountain in the snowy Swiss Alps - and came straight down before he knew what was happening. "It took me two-and-a-half...

India: Ramco Ind PAT up 25 pc in Q1.
July 31, 2000... CHENNAI: Ramco Industries Ltd has reported a profit after tax of Rs. 6.54 crores on a net sales of Rs. 45.03 crores for the first quarter ended June 30, 2000, according to a statement of unaudited financial results of the company. This...

India: Farm policy focuses on genetic engg.
July 31, 2000... NEW DELHI, July 28. THE Agriculture Policy has favoured application of frontier sciences such as genetic engineering and remote sensing in agriculture through the efforts of the national research system as well as proprietary research. ...

India: 5.4 pc drop in Ranbaxy net.
July 31, 2000... NEW DELHI: Ranbaxy Laboratories Ltd has reported a 5.4 per cent decline in its net profit despite a 14.6 per cent rise in its sales turnover for the quarter ended June 30, 2000. While the net profit for the quarter dipped to Rs.40.4...

India: Dr Reddy's Q1 net at Rs 19.6 cr.
July 31, 2000... HYDERABAD, July 28. DR. Reddy's Laboratories Ltd (DRL) has registered a significant growth in post-tax profit and relatively marginal growth in turnover for the first quarter of the current fiscal year ended June 30, 2000. According to...

India: Indian investor size second only to that of US: Survey.
July 31, 2000... NEW DELHI, July 28. THE Securities and Exchange Board of India (SEBI) and the National Council of Applied Economic Research (NCAER) have jointly prepared a survey of Indian investors, in order to estimate the investor population, their...

India: Tube Investments Q1 net down.
July 31, 2000... CHENNAI, July 28/ TUBE Investments of India Ltd has reported a marginally lower net profit for the quarter ended June 30, 2000 at Rs. 8.1 crores, as against Rs. 8.38 crores in the first quarter of last year. The turnover was higher by 37...

India: Rhone-Poulenc net rises 31 per cent.
July 31, 2000... MUMBAI: Rhone-Poulenc India Ltd has registered a 31 per cent increase in net profit at Rs.7.10 crores in the quarter ended June 30, 2000 against Rs.5.40 crores in the corresponding period last year. Net sales increased by 17 per cent to...

India: Apollo Tyres net up 43 pc.
July 31, 2000... NEW DELHI: Apollo Tyres Ltd (ATL) has reported a net profit of Rs. 12.93 crores for the quarter ended June 30, 2000, a 43.99 per cent increase over the net profit of Rs. 8.98 crores recorded in the same period during the previous year. ...

India: Ceat incurs loss.
July 31, 2000... CALCUTTA: Ceat Tyres has reported a negative sales growth in the first quarter of 2000-01 to June. The turnover was down by five per cent to Rs. 290.63 crores from Rs.306.98 crores in the same quarter of 1999-2000. It incurred a net loss...

India: Policy to weed out 'capital inadequacy'.
July 31, 2000... NEW DELHI, July 28. THE National Agriculture Policy, tabled in Parliament by the Union Agriculture Minister, Mr. Nitish Kumar, today, has proposed significant structural and institutional reforms in the country's farm sector. This is...

India: Madras Cements.
July 31, 2000... CHENNAI: Madras Cements has reported a net profit of Rs.5.52 crores for the quarter ended June 30, 2000, a fall of 172 per cent from Rs.15.03 crores reported for the corresponding quarter last year. Net sales went up by seven per cent at...

India: German Remedies.
July 31, 2000... German Remedies Ltd has registered a 14.9 per cent increase in net profit at Rs.4.31 crores for the first quarter ended June 30, 2000 against Rs.3.75 crores in the year ago period. Net sales was at Rs 46.77 crores (Rs.42.48 crores). Other...

India: Mahindra-BT IPO proposal cleared.
July 31, 2000... MUMBAI, July 28. THE Rs. 240.32-crore Mahindra-British Telecom Ltd (MBT), a joint venture of automobile major Mahindra & Mahindra (M&M), said that its shareholders have approved the proposal for an IPO. MBT is a leading player in telecom...

India: Nafed to resume copra procurement in Kerala.
July 31, 2000... THIRUVANANTHAPURAM, July 28. THE National Cooperative Agricultural Marketing Federation (NAFED) has decided to resume procurement of copra after the Kerala Government agreed to make available sufficient godown facilities for storage purposes....

India: 'Fixing threshold for mergers, acquisitions proving hard'.
July 31, 2000... MUMBAI, July 28. THE biggest challenge facing the high-level committee on competition policy and law is determining the threshold limit for mergers and acquisitions, according to the Chairman of the high- level panel, Mr. S.V.S. Raghavan. ...

India: US, UK cos tie up with CSIR wing.
July 31, 2000... PALAMPUR, (HP), July 28. PHYTODYNAMIX of US and Biosys of the UK, two important global players in multi-million dollar natural plant product market, have zoomed in on the bioresource rich Himalayan region. The companies have signed up...

India: Workers want Electricity Bill withdrawn.
July 31, 2000... CHENNAI, July 28. Workers of the State Electricity Boards (SEB)are on a confrontation course with the Centre if the latter does not withdraw the proposed Electricity Bill 2000 and explore other options for reforms in the existing structure,...

India: Dabhol to supply more to MSEB.
July 31, 2000... MUMBAI: The Dabhol Power Company (DPC) is supplying power up to its base load capacity of 658 MW as requisioned by the Maharashtra State Electricity Board. DPC is operating at 90 per cent plant load factor compared to a normal 68.5 per...

India: NSE revokes suspension of 2 cos.
July 31, 2000... MUMBAI: The National Stock Exchange (NSE) has revoked suspension in trading of two companies - Consortex Karl Doelitzsch (India) Ltd and Usha (India) Ltd with effect from August 2. The NSE had suspended trading in the equity shares of the...

India: Mukta Arts in pact with Mauritius co.
July 31, 2000... MUMBAI: Mukta Arts Ltd has executed an agreement with the Mauritius-based Windmill Holdings Ltd towards Indian satellite rights of its eight movies for a consideration of $ 3.13 millions. These movies are Karz, Hero, Karma, Saudagar,...

India: Adi Engineer to take over as TEC MD.
July 31, 2000... MUMBAI: Mr. Adi J. Engineer, Whole-time Director of the Tata Power Company, has been appointed as Managing Director of Tata Electric Companies with effect from August 11. The appointment is subject to the necessary sanctions and...

India: Deepak Fert mulls plants in W. Asia.
July 31, 2000... PUNE, July 28. DEEPAK Fertilisers and Petrochemicals Corporation Ltd is exploring the possibility of setting up gas-based ammonia plants in West Asia. The countries which the company is targeting include Oman, Qatar and Bahrain, Mr. C....

India: Weigh-Tronix plans to merge Indian operations.
July 31, 2000... CALCUTTA, July 28. THE new parent of Avery India Ltd (AIL), Weigh-Tronix of the US, which sometime ago bought over Marconi Plc's weighing and food processing equipment business carried on by the Avery Barkel Group, has decided to consolidate...

India: Cummins to invest Rs 10 cr in Power Solutions.
July 31, 2000... Astra IDL: With regard to the unaudited and audited results for the financial year ended March 31, 2000, the company had an outstanding loan of Rs. 1.45 crores due to ICICI as on March 31, 2000 against which a lumpsum amount of Rs. 1.58...

India: ITC seeks to balance current business, long-term plans.
July 31, 2000... CALCUTTA, July 28. ITC's investment strategy for the future, geared to remain internationally competitive, would straddle three time horizons - existing business, medium-term and long-term (like in hotels where returns start to come in after...

India: Ingersoll-Rand Q1 net zooms.
July 31, 2000... MUMBAI: Ingersoll-Rand (India) Ltd has registered 228.68 per cent increase in net profit at Rs. 47.79 crores for the first quarter ended June 30, 2000 as against Rs. 14.54 crores in the year-ago period. The higher profit was on account of...

India: Mahavir Spinning net up 25 pc.
July 31, 2000... NEW DELHI: Mahavir Spinning Mills Ltd (MSML) has reported a 25.12 per cent increase in net profit for the quarter ended June 30, 2000 at Rs. 13.55 crores as compared to net profit of Rs. 10.83 crores in the same period during the previous...

India: Vardhman Spg.
July 31, 2000... Vardhman Spg. & Gen. Mills Ltd has reported net profit of Rs. 6.40 crores on net sales of Rs. 106.88 crores for the quarter ended June 30, 2000 as compared to net profit of Rs. 6.35 crores on net sales of Rs. 95.67 crores recorded in the same...

India: Sujana Industries.
July 31, 2000... HYDERABAD: Sujana Industries Ltd, the flagship company of the Sujana group, has earned a net profit of Rs. 3.30 crores for the quarter ended June 30 as against Rs. 2.05 crores earned for the corresponding period of last year, an increase of...

India: Sujana Steels.
July 31, 2000... Sujana Steels recorded a lower net profit at Rs. 2.08 crores (Rs. 2.18 crores) for the first quarter though there was an increase in turnover at Rs. 73.81 crores (Rs. 64.10 crores). The company incurred a total expenditure of Rs. 67.18...

India: Equities close on a feeble note.
July 31, 2000... DALAL STREET (Down 4.43) NSE (Down 4.25) EQUITIES generally showed weak trend with majority of them reacting negatively in erratic movements throughout the session on the Bombay Stock Exchange (BSE) on Friday on alternate bouts of...

India: Tech shares badly bruised.
July 31, 2000... THE roller-coaster ride at the bourses continued as the BSE Sensex, after appreciating by 89.86 points on Thursday's trading session, dipped by 4.43 points on the last day of settlement to close at 4276.70. It has been an interesting week...

India: Goat suede demand reviving.
July 31, 2000... THE movement in all types of leather from goat and sheep skins to cow hides was reported to be good. A sign of revival in demand for goat suede was on the cards, but the prices offered were said to be not encouraging. The demand for sheep...

India: Credit offtake zooms.
July 31, 2000... MUMBAI, July 29. CREDIT offtake to the commercial sector in the form of bank credit and investments in shares, debentures, bonds and commercial paper has jumped by Rs. 17,607 crores as against Rs. 800 crores in the year ago period, as per the...

India: Bajaj Auto buyback at Rs 400 a share.
July 31, 2000... PUNE/MUMBAI, July 29. SHAREHOLDERS of two and three-wheeler major Bajaj Auto Ltd today approved the buyback of up to 1.8 crore equity shares of Rs. 10 each at a price of Rs. 400 per share, involving a total outgo of Rs. 720 crores. The...

India: Kothari Pioneer Taxshield: For long haul.
July 31, 2000... RECOMMENDATION: Investments in Kothari Pioneer Taxshield can be considered with a long-term perspective. The wild fluctuations in the stock markets have focused a lot of attention on the percentage changes in stock prices in the shorter term....

India: Reliance Petro Q1 net at Rs 324 cr.
July 31, 2000... MUMBAI, July 29. RELIANCE Petroleum Ltd has reported a net profit of Rs. 324 crores for the first quarter ended June 30, 2000. The refinery has recorded net sales of Rs. 5,983 crores in its first- ever operating results. Operating profit...

India: New Industries Act to provide backing to foreign investments.
July 31, 2000... NEW DELHI, July 29. THE proposed new Industries Act, aimed at replacing the Industrial (Development & Regulation) Act-1951, has sought to provide legal backing to all foreign investment into Indian companies while retaining the provisions...

India: Are FIIs to blame when market crashes?
July 31, 2000... CHENNAI, July 29. EVERY time the Sensex falls, market experts blame the foreign institutional investors (FIIs). Figures, however, tell a different tale. An analysis of the days when the Sensex fell by more than 200 points since January...

India: Nirma net at Rs 67.6 cr.
July 31, 2000... AHMEDABAD: Nirma Ltd's share capital more than doubled to Rs. 79.38 crores from Rs. 33.88 crores, following the allotment of 4,54,99,184 equity shares to its warrant holders issued at the price of Rs. 50 per share. This was pursuant to the...

India: ITI back in red.
July 31, 2000... BANGALORE: ITI has gone back to the red, by ending the first quarter, with a net loss of Rs. 25.25 crores (Rs. 29.55 crores in the corresponding quarter last year) on a sales of Rs. 335.27 crores (Rs. 284.81 crores). The total...

India: DSQ Biotech in the black.
July 31, 2000... CHENNAI: DSQ Biotech Ltd has reported a net profit of Rs. 7.22 crores for the quarter ended June 30, 2000 as against a net loss of Rs. 1.24 crores for the corresponding quarter last year. Income from operations was at Rs. 27.62 crores...

India: SAMKRG Pistons net marginally up.
July 31, 2000... HYDERABAD: SAMKRG Pistons Ltd has earned a net profit of Rs. 1.77 crores for the first quarter ended June 30 as against Rs. 1.64 crores for the corresponding period last year. The company earned a total income of Rs. 12.17 crores (Rs. 10.92...

India: Gulf Oil India net at Rs 80 lakhs.
July 31, 2000... MUMBAI: Gulf Oil India Ltd has registered a net profit of Rs. 80 lakhs for the quarter ended June 30, 2000. An increase of 11.83 per cent over Rs. 72 lakhs registered for the same period last year. Net sales and income from operations...

India: Adani Exports net up 70% at Rs 27.7 cr.
July 31, 2000... AHMEDABAD: Adani Exports Ltd has posted a net profit of Rs. 27.71 crores for the first quarter of 2000-01, up 70 per cent from Rs. 16.3 crores in the corresponding period last year. The premier trading house had an enhanced sale at Rs. 640.52...

India: Pricol's turnover shoots, net edges up.
July 31, 2000... COIMBATORE: Premier Instruments and Controls Ltd's (Pricol) net profit slightly edged up to Rs. 4 crores in the first quarter of the current financial year from Rs. 3.88 crores in the corresponding period in the previous fiscal. According to...

India: Gujarat Gas H1 net at Rs 27.91 cr.
July 31, 2000... NEW DELHI: Gujarat Gas Company Ltd (GGCL) has registered a sales of Rs. 140.23 crores and a profit after tax of Rs. 27.91 crores for the first six months of the financial year 2000. This translates into a 36 per cent rise in sales and 62 per...

India: Tata Donnelley net doubles.
July 31, 2000... MUMBAI, July 29. TATA Donnelley Ltd has said it proposed to change its name to Tata InfoMedia Ltd. The company reported a doubling of their net profit, quarter on corresponding quarter, for the three months ended June 30, 2000. Net...

India: ITC not to renew deal with Turf clubs.
July 31, 2000... CALCUTTA, July 29. ITC Ltd, a leading title sponsor of top sporting events in the country, has decided not to renew its long-term contract with the Indian Turf Authorities. Explaining the rationale behind the non-renewal of the contract...