Business Line articles from March 2002

Business Line archives from March 2002

Essel Propack plant in China.
March 31, 2002... MUMBAI: Essel Propack Guangzhou Ltd (EPGL), a subsidiary of Essel Propack Ltd in China, has commissioned its fourth plant in the Guangzhou province to produce 45 million sq mt of special laminates and 550 million laminated tubes annually. ...

Playwin draw for online lottery.
March 31, 2002... MUMBAI: The inaugural draw of the country's first online lottery, Super Lotto, launched by the Essel Group and promoted by Playwin Infravest Pvt Ltd, was held at Gangtok, Sikkim. The six winning numbers - 39, 43, 22, 21, 29 and 14 - were...

SBI officers' strike called off.
March 31, 2002... COIMBATORE: The 'work-to-rule' agitation called by the State Bank of India Officers' Association (SBIOA), Chennai Circle, about 20 days ago has been called off. According to reliable information, the management called the members of the...

Cut-off date for negotiated deal system extended.
March 31, 2002... MUMBAI, March 30 THE Reserve Bank of India (RBI) has extended the cut-off date for banks and other institutions joining the negotiated dealing system (NDS) to May 31, 2002. According to a press release, the apex bank decided on extending...

IOC acquisition of Haldia Petro: Biting off more than it can chew?
March 31, 2002... Would IOC want to divert its precious resources for diversifications when there are big challenges ahead in the main business? Has IOC's ambition got the better of itself? IT SEEMS to be an open season for acquisitions at the country's...

Gujarat Ambuja Cements: Hold.
March 31, 2002... In the last six months, Gujarat Ambuja Cements and its group companies have turned aggressive in pursuit of market share. In an industry where consolidation got a big push last year, this is an important development for the company. Though...

April contracts active.
March 31, 2002... IN the preceding week's single stock futures trading session, an interesting development took place. To put the development in perspective, it may be necessary to start by describing a dominant trend in the stock futures market. ...

China: The hidden dragon.
March 31, 2002... DOES China present a threat to India in the offshore software outsourcing space? In the short run, probably not. But from a long-term perspective, China will probably be the leading threat for the Indian software industry. Speaking to...

Haldia Petro pays Rs 100 cr to lenders.
March 31, 2002... KOLKATA, March 30 HALDIA Petrochemicals Ltd (HPL) has paid nearly Rs 100 crore to banks and FIs to avoid becoming a non-performing asset, sources said. HPL has a debt burden of more than Rs 3,500 crore. These repayments had fallen due...

IAF gets new HAL copter.
March 31, 2002... BANGALORE, March 30 THE Defence Minister, Mr George Fernandes, has ruled out any possibility of a de-escalation on the India-Pakistan border till the two crucial issues of cross border terrorism from Pakistan and the handing over of the list...

Balanced funds partying too.
March 31, 2002... BARRING Zurich India Prudence, the performance of balanced funds was not too impressive over the past few years. In the quarter ended March 2002, however, they too have come to the party. Of the 43 open-end balanced funds, 21 registered...

Kodak India: Buy.
March 31, 2002... PHOTOGRAPHIC products major - Kodak India - reported a depressed trend in performance for the year ended December 2001. While the turnover improved 10 per cent, the post-tax earnings dropped 38.5 per cent. After a phase of robust growth...

Mindteck (India): Invest.
March 31, 2002... Though software stocks are more risky compared to the market average, the offer at a significant discount to the market price reduces the risk involved in the stock. INVESTMENT in the rights offer of Mindteck (India) can be considered....

Training teachers the Intel way.
March 31, 2002... NEW DELHI, March 30 FOR the past two years Intel Corporation has been teaching teachers how to use technology in the classroom, now it is catching them even earlier, at teacher training institutes. Intel's $100 million investment in its...

Dabur sets up molecular diagnostic lab.
March 31, 2002... NEW DELHI, March 30 IN an effort to customise treatment for cancer patients, Dabur India Ltd has set up a molecular diagnostic lab in India at the Rajiv Gandhi Cancer Institute. Molecular diagnostics is the evaluation of clinical...

Aventis Pharma: Buy.
March 31, 2002... AVENTIS Pharma recorded a net profit of Rs 66.6 crore on an income of Rs 601.9 crore in 2001. The company's 2001 result cannot be compared to that of the preceding year because of the following reasons: In 2000, Aventis changed its...

Mahindra & Mahindra Financial Services: For the short run.
March 31, 2002... AFTER the 50-basis point cut on small-savings deposits in the Budget, it is the turn of commercial banks to cut lending and borrowing rates. While a one-year deposit in a commercial bank would, on an average, give a return of 7.75 per cent,...

Classic Polo national launch by July.
March 31, 2002... PUNE, March 30 WITH its flagship product, Classic Polo, the casual wear range of the Tirupur-based Rs 220-crore Royal Classic Group, has entered the city. The company would be sub-launching the product in Nagpur after three months and...

NTPC to supply 100 MW to AP.
March 31, 2002... HYDERABAD, March 30 THE National Thermal Power Corporation (NTPC) has agreed to supply 100 MW of power to Andhra Pradesh to meet the current demand-supply gap in the State. The daily demand has gone up to 160 MU while the supply is only up to...

Creeping acquisition: SEBI's time-frame pleases promoters.
March 31, 2002... The SEBI Chairman, Mr G. N. Bajpai... Key regulatory changes have tended to benefit the corporate sector and promoters than investors at large. PROMOTERS in India Inc will have much to rejoice about the latest announcement of the...

Clariant India: Hold.
March 31, 2002... TRADING at around Rs 104, the Clariant India stock could form a part of a relatively higher risk portfolio. The stock has not been very active recently. For instance, since the last recommendation in November 2001, the stock has actually...

Dominant trends.
March 31, 2002... The software services scene could change materially if Tata Consultancy Services were to come out with an IPO in 2002. THE valuation of frontline software companies appears linked to a combination of long-term trends and threats facing...

BSNL cuts ISD rates.
March 31, 2002... NEW DELHI, March 30 BHARAT Sanchar Nigam Ltd (BSNL) has announced a downward revision in ISD call charges for its subscribers, in line with the recommendations of the Telecom Regulatory Authority of India (TRAI). According to a company...

Mumbai-Pune IA flights from today.
March 31, 2002... MUMBAI, March 30 INDIAN Airlines has announced new flights between Mumbai and Pune as part of its summer schedule, effective March 31. Mumbai has been linked with Pune with a daily Airbus service. Also part of IA's schedule includes...

Wait and watch.
March 31, 2002... THE price earnings multiple of most frontline software companies have remained locked in a relatively narrow band over the past few months (occasional swings notwithstanding). This was in stark contrast to the sharp appreciation in the...

India Seeds to pick up 74 pc in HLL arm.
March 31, 2002... MUMBAI, March 30 HINDUSTAN Lever Ltd (HLL) today announced that the Mauritius-based India Seeds Holdings Ltd (ISHL) would acquire a 74 per cent stake in its subsidiary, Paras Extra Growth Seeds Ltd (PEGSL) as part of a joint venture...

GTB ousts 7 top officials.
March 31, 2002... HYDERABAD, March 30 IN a significant development, as many as seven top-level officials of Global Trust Bank (GTB), including the Executive Director, Mr Sridhar Subasri, were relieved from their responsibilities with the GTB board holding them...

Pepsi lines up more launches.
March 31, 2002... KOLKATA, March 30 AS part of its "series of innovations", PepsiCo India on Saturday launched Pepsi A-ha, a cola with a hint of lemon. In the next three months, the cola major plans to roll out two new Mirinda flavours and four new...

Murugappa group plans new co for IT services.
March 31, 2002... CHENNAI, March 30 LAST September, the Chennai-based Murugappa group announced its first major foray into the IT sector with its Rs 18-crore takeover of Webword Holdings Pvt Ltd, which has interests in e-publishing. Now, buoyed with the...

Banker award for PNB official.
March 30, 2002... BANGALORE: Mr T.S. Narayanasami, Executive Chairman, Punjab National Bank, has been chosen for this year's T.A. Pai Memorial Best Banker Award. The award is instituted by Dehali Kannadiga, a Kannada monthly published from Delhi. Mr...

KPTCL regularisation drive.
March 30, 2002... BANGALORE: The Karnataka Power Transmission Corporation (KPTCL) gularisation drive against unauthorised power connections, has in 13 days up to March 29 collected Rs 19.42 crore as regularisation charges. In all 2,18,962 domestic meters,...

NTPC, ONGC to build 150 MW plant in Bengal.
March 30, 2002... KOLKATA, March 29 WEST Bengal Power Development Corporation Ltd (WBPDCL) will shortly be signing an MoU with two Central PSUs, the National Thermal Power Corporation (NTPC) and the Oil and Natural Gas Corporation (ONGC) for setting up a...

Summer's here!
March 30, 2002... Holi revelry in Delhi. The festival of colours was celebrated on Friday. Ramesh Sharma

Convene CMs' meet on reforms: Jayalalithaa.
March 30, 2002... CHENNAI, March 29 THE Tamil Nadu Chief Minister, Ms J. Jayalalithaa, has asked the Prime Minister to convene a meeting of chief ministers to work out a common agenda for reforms and development. She suggested that the Centre consider evolving...

No entry: Chennai truckers in a corner.
March 30, 2002... CHENNAI, March 29 EVERY day around 5,000 trucks ply in and out of Chennai, loading and unloading various kinds of materials, either from the Chennai port or from factories in and around the city. Trucks are the 'lifeline' of the business...

KSFDC move for global exposure.
March 30, 2002... THIRUVANANTHAPURAM, March 29 MALAYALAM films may well be held in high esteem for their quality within the country and at select film festivals outside, but the fact remains that they are yet to get the kind of exposure in the overseas film...

IOC warning on 'Gas Saver'.
March 30, 2002... KOCHI: Indian Oil Corporation has said that the claims by certain elements that a device called 'Gas Saver' can save 30 per cent LPG is misleading and that the LPG customers should keep vigil. Mr A. Sen, Chief Area Manager, in a release...

Radiation danger at IRE.
March 30, 2002... KOCHI: The radioactive material stored at Indian Rare Earths Ltd (IRE), Eloor is posing potential danger of radiation, according to Mr V.T. Padmanabhan, who has conducted a test in areas adjoining IRE. The radiation was found to be above...

Clearance for exports to Nepal, Bangladesh via land customs.
March 30, 2002... KOLKATA, March 29 THE Central Board of Excise and Customs (CBEC) has now decided to allow movement of export cargo from inland container depots (ICDs)/container freight stations (CFSs) to Nepal and Bangladesh through land customs stations...

Ministry for review of licensing scheme for petro products.
March 30, 2002... NEW DELHI, March 29 THE Finance Ministry has sought a review of the terms of the advance licensing scheme for petro-products in order to curtail the revenue outgo under this scheme which is estimated at a hefty Rs 1,000 crore for the current...

Passenger cars buck auto export trend.
March 30, 2002... NEW DELHI, March 29 PASSENGER car exports, led by Ford India Ltd, continued to be the only saving grace for automobile exports which have been reeling in recent times due to an international economic slowdown, industry data shows. ...

TVS Electronics net profit down.
March 30, 2002... CHENNAI, March 29 THE Chennai-based TVS Electronics, the computer peripherals manufacturer in the TVS group, has posted a slump in net profit to Rs 1.63 crore on net sales of Rs 215.98 crore for the year ended December 31, 2001, as compared...

VPT achieves record handling.
March 30, 2002... VISAKHAPATNAM, March 29 THE Vizag port has created a national record by handling a quantity of 42,000 tonnes of coking coal on a single day on Friday. A senior port official pointed out that this achievement indicated that the General...

Pimpri-Chinchwad industrial belt: Placing Pune at the front.
March 30, 2002... The Pimpro Chinchward With over 4,000 industrial units in the large, medium and small sectors dotting its landscape, the sprawling Pimpri-Chinchwad Industrial belt is one of the largest of its kind in this part of the country and...

South Asia tourism meet.
March 30, 2002... NEW DELHI, March 29 THE four-day ninth South Asia Travel and Tourism Exchange (SATTE) meet begins here on April 18. Addressing a press conference, the event co-ordinator, Mr Navin Berry, said the meet would focus on attracting in-bound...

Jumpstart plans office in US Chitra Phadnis.
March 30, 2002... BANGALORE, March 29 THE Bangalore-based venture capitalist, Jumpstartup is planning to open an office in the US. "We still need some of the approvals to come through, but the office should be operational by June, the Managing Director, Mr...

SBI Hyderabad module improves performance.
March 30, 2002... HYDERABAD, March 29 THE Hyderabad module of State Bank of India (SBI), the biggest module in the country with 253 branches spread across two geographical zones of Andhra Pradesh - Telangana and a part of Rayalaseema - has registered a...

Global wheat market set to weaken.
March 30, 2002... MUMBAI, March 29 A FAVOURABLE outlook for the wheat output in 2002, marginal increase in consumption and lower but still significantly large stocks with major exporters are likely to combine to impact global prices of this fine cereal over...

IDBI spurns offers for stake in banking arm.
March 30, 2002... MUMBAI, March 29 INDUSTRIAL Development Bank of India (IDBI) has categorically told foreign banks that have approached it for taking a stake in its banking subsidiary, IDBI Bank, that it would not cede control, at least not until its...

Meet on traditional knowledge.
March 30, 2002... NEW DELHI: The Union Minister of Commerce and Industry will inaugurate an international seminar on traditional knowledge in New Delhi on April 3. An official release said that the three-day seminar would bring together national experts...

Animation: The missing desi spark.
March 30, 2002... MUMBAI, March 29 IN the mad scramble for saas-bahu themes in the domestic market, animation as television content seems to have been left behind. India, which is emerging as one of the important hubs for commissioned animation work,...

MusicWorld CEO quits; to join Sify.
March 30, 2002... CHENNAI, March 29 IT's official now. Mr K. Dasaratharaman has quit as the Chief Executive Officer of Music World Entertainment Ltd. He will be joining Satyam Infoway Ltd (Sify) early next month. Reports suggest that he will be handling a...

Intertec sets up German arm -- Eyes other European nations.
March 30, 2002... BANGALORE, March 29 THE Bangalore-based Intertec Communications Ltd, a software solutions provider, has set up a wholly-owned subsidiary in Germany. The German subsidiary - Intertec Deutscheland Gmbh, based in Munich will initially cater...

Dumping duty imposed on pentaerythritol.
March 30, 2002... NEW DELHI, March 29 THE Finance Ministry has imposed provisional anti-dumping duty on imports of pentaerythritol from Canada, Japan and Taiwan. Pentaerythritol finds application in the manufacture of alkyl resin, synthetic rubber,...

Bata profit slips 90 pc.
March 30, 2002... KOLKATA, March 29 THE profit before tax (PBT) of Bata India Ltd for the year ended December 31, 2001, has plunged nearly 90 per cent to Rs 2.46 crore from the Rs 25.30 crore in 2000. Net profit dropped nearly 75 per cent at Rs 3.98 crore (Rs...

BIS for continued vigilance on global finance.
March 30, 2002... NEW DELHI, March 29 Members of the Financial Stability Forum (FSF) meeting under the aegis of the Bank for International Settlements (BIS) have agreed that the interplay of the prospect of a mild recovery in global activity and persistent...

Annuities market thrown open to private insurers -- LIC loses exclusive preserve.
March 30, 2002... NEW DELHI, March 29 IN a move that would facilitate future reforms in the pension market, the Government has permitted private insurance companies to provide annuities to beneficiaries of approved superannuation funds run by corporates....

Rana to be new Rly Board chief.
March 30, 2002... NEW DELHI: Mr I.I.M.S. Rana will be the new Chairman of the Railway Board and ex-officio Principal Secretary to the Government of India. Mr Rana, currently Member (Engineering), replaces Mr R.N. Malhotra who retires on March 31. Our...

VSNL director quits.
March 30, 2002... MUMBAI: Videsh Sanchar Nigam Ltd has informed the Bombay Stock Exchange that Mr N.R. Narayana Murthy has resigned from the post of director of VSNL and ceases to be director with effect from March 26. Our Bureau

Leo Burnett to work for foreign clients.
March 30, 2002... NEW DELHI, March 29 AS part of its global strategy to improve cost efficiencies, advertising major Leo Burnett and its specialised media buying outfit Starcom Mediavest Group (SMG), have firmed up plans to service multinational companies with...

Net4India signs pact with deltathree.
March 30, 2002... NEW DELHI: Internet solutions and service provider, Net4India, has signed an agreement with deltathree, a global IP communications network solutions provider, to offer Internet telephony services from April 1. The agreement will enable...

Alarming consequences of rising MSP.
March 30, 2002... THE gross mismanagement of the farm sector and the policy relating to food security has resulted in a paradoxical situation of massive food glut amid large-scale poverty and malnutrition. Over the last two years, in spite of poor agricultural...

White Circle unit commissioned.
March 30, 2002... KAKINADA: White Circle Oxides Private Ltd, a unit for the manufacture of high-value synthetic material for refractories in steel and cement industries, set up at Peddapuram in East Godavari district at a cost of Rs 20 crore, has been...

No letters please, we're couriers.
March 30, 2002... KOLKATA, March 29 HOW would you react if you were told that courier companies in India are not supposed to carry letters? And that's because they are not allowed to do so as per the provisions of the Indian Post Office Act, 1898. Then...

Cos scramble for high-tech vehicle licence plate market.
March 30, 2002... KOLKATA, March 29 SEVERAL companies are understood to be gearing up to grab a share of the huge market for high-security, tamper-proof vehicle licence plates. This follows the Union Ministry of Road Transport & Highways' refusal to...

'Disclose EPS in line with norms'.
March 30, 2002... NEW DELHI, March 29 THE Institute of Chartered Accountants of India (ICAI) has held that every company, which is required to give information under Part IV of Schedule VI of the Companies Act, 1956, should calculate and disclose earnings per...

IBM to sponsor summer camp.
March 30, 2002... BANGALORE: IBM, which is trying to help its employees strike the "work/life" globally, is sponsoring the "Young Explorers Summer Camp" between April 1 and May 31, which is open to all children between the ages of 4 and 12. Children of...

Cathay Pacific sees scope to fly high in Indian skies.
March 30, 2002... NEW DELHI, March 29 THE Hong Kong-based Cathay Pacific, which has just completed the first year of its operations on the Hong Kong-Delhi route, is upbeat about the prospects and opportunities in India. "The Delhi flight has been doing...

We are a role model in reforms process: Naidu.
March 30, 2002... HYDERABAD, March 29 "THE Andhra Pradesh Government has embarked on a trend-setting approach towards economic reforms and we will lead the charge towards the second generation reforms and make it a model State," the Chief Minister, Mr N....

Testing the ruggedness.
March 30, 2002... Car racing ace, Narain Karthikeyan, and Tata Engineering's Vice-President, Passenger Car Business Unit), Dr V. Sumantran, with an Indica car to be used as a 'pace vehicle' at a car rally in Coimbatore on Friday. COIMBATORE, March 29 TATA...

Hyundai ready for Terracan launch.
March 29, 2002... CHENNAI, March 28. HYUNDAI Motor India Ltd is looking to launch its sports utility vehicle, Terracan, in July-August. Initially, the vehicles will be brought in as completely built units and later on, when volumes go up, assembled at the...

Satyam nominated for eOscar 2002.
March 29, 2002... HYDERABAD: Satyam Computer Services has been nominated for the eOscar 2002 in the best B2B solution category in Intershop, an e-commerce solutions provider. Satyam won its nomination for its implementation of 'TRW Automotive...

Jumbo to buy out Indian holding in Shaw Wallace.
March 29, 2002... NEW DELHI, March 28 THE Dubai-based M.R. Chhabria group has firmed up plans to buy out the entire 60.93 per cent equity in Shaw Wallace & Company (SWC) held by Indian shareholders. The acquisition will be made through Jumbo World Holdings Ltd...

Citibank plans to trade in Govt securities.
March 29, 2002... NEW DELHI, March 28 AFTER establishing a foothold in the Indian banking and non-banking financial sector, the Citibank group is now all set to focus on the Government securities market and start trading in gilts. Citicorp Finance India...

Reaching out.
March 29, 2002... A person making a call from a telecart introduced by Tata Teleservices in Hyderabad on Thursday. The telecart is part of the company's initiative to make telecom services available to people anytime, anywhere. A. Roy Chowdhury

Sterlite's public offer price can be higher than Rs 40.50.
March 29, 2002... Byline: allowing Sterlite to offer more than the minimum limit prescribed by SEBI If Sterlite offers Rs 45 per share on its own during the open offer, the difference between Rs 40.50 per share and Rs 45 per share will have to be...

Kodak to expand 'Photoshop' network.
March 29, 2002... CHENNAI, March 28 KODAK India Ltd is banking on expanding its Kodak Photoshop Network Member programme to strengthen its photography products and services business in the current year. Company officials told Business Line that the...

Chambers positive on TN Budget proposals.
March 29, 2002... CHENNAI, March 28 THE Madras Chamber of Commerce and Industry (MCCI) has welcomed the rationalisation of the sales tax structure proposed by the State Government. However, it has said "in the absence of a clear schedule indicating the tax...

TN Budget: Organised trade rues ST on rice, wheat.
March 29, 2002... CHENNAI, March 28 FOOD grain merchants in the State are concerned over the levy of sales tax on rice and wheat. However, they have welcomed the entry tax proposed on wheat products. While the sales tax may be nominal in rupee terms, they...

Market complex in Aluva.
March 29, 2002... KOCHI: The Aluva Municipal Corporation has entered into an agreement with the Thiruvananthapuram-based ICICI-Kinfra (I-KIN) to construct a state of the art market complex in place of existing Aluva market on a BOT basis. The project...

Kerala: Panel go-ahead for external aid.
March 29, 2002... THIRUVANANTHAPURAM, March 28 THE high-power committee of the ruling United Democratic Front (UDF) has cleared the path for the State Government to pursue externally-aided projects in the State. In the process, the UDF committee gave its...

BSNL's plans for Dakshina Kannada.
March 29, 2002... MANGALORE, March 28 THE Dakshina Kannada Telecom District of Bharat Sanchar Nigam Ltd, which proposes to increase the number of exchanges under its purview to 250 by the end of the year, has upgraded and introduced a few new facilities. ...

Karnataka set to do a Kerala in tourism.
March 29, 2002... At least a dozen majors have shown interest in investing and promoting major circuits in the State, especially locations such as Hampi and Bijapur. A part of the ruins of Hampi near Bellary. BANGALORE, March 28 KARNATAKA tourism is...

Canara Bank plans more ATMs.
March 29, 2002... BANGALORE: Canara Bank will be adding seven ATMs in its branches in the city taking the total number of such automated facility to 23. The bank had set a target of 50 ATMs in Bangalore and hopes to operationalise the remaining 27 ATMs...