Business Line articles from October 1999

Business Line archives from October 1999

Good long term prospects (500).
October 31, 1999... Despite the bear hug at the stock market in the previous week, the Henkel SPIC stock has managed to hold its ground, reflective of the company's strength. Its financial performance confirms that it is headed for a steady growth phase. With...

India: National Thermal Power Corp plants sale 'to raise capacity' (470).
October 31, 1999... Balaji C. Mouli NEW DELHI, Oct. 30 The Government is promoting the proposed sale of National Thermal Power Corporation's (NTPC) power stations to meet fiscal deficit as a policy move aimed at enabling accelerated capacity addition in...

Comptroller and Auditor General of India questions Central Excise appraisal system (239).
October 31, 1999... Our Bureau NEW DELHI, Oct. 30 The Comptroller and Auditor General (CAG) has found serious loopholes in the appraisal system of Central Excise, resulting in non-recoveries of Rs. 12,864.69 crores by end-March 1998. This includes an...

India: Syndicate Bank IPO oversubscribed three times (142).
October 31, 1999... Our Bureau MYSORE, Oct. 30 The September 25 initial public offering (IPO) by Manipal- based Syndicate Bank closed today after getting oversubscribed three times, Mr. K.V. Krishnamurthy, Chairman and Managing Director, said. The...

India: Castrol to pay Rs 5 as second interim (226).
October 31, 1999... Our Bureau MUMBAI, Oct. 30 Castrol India Ltd has declared a second interim dividend of Rs. 5 per share taking the total interim dividend to Rs. 10 in the fiscal. Net profit for the quarter ended September 30, 1999, is Rs. 46.55...

India: Arvind H1 loss at Rs 103 cr (86).
October 31, 1999... AHMEDABAD: ARVIND Mills Ltd has reported a net loss of Rs. 103.11 crores during the first half of the current fiscal. The company had posted a net profit of Rs. 15.28 crores during same period the previous year. Copyright 1999: Business...

India: Colgate Q2 net higher 45 pc (217).
October 31, 1999... Our Bureau MUMBAI, Oct. 30 Colgate Palmolive India Ltd has reported a 45 per cent increase in net profit at Rs. 13.3 crores for the second quarter ended September 30, as against Rs. 9.2 crores during the same period last year. Total...

'Alfa Laval AB won't hike stake in Indian arm now' (702).
October 31, 1999... Harish Damodaran PUNE, Oct. 30 Notwithstanding the decision to make India as a strategic sourcing base for its global operations, Alfa Laval AB of Sweden - part of the Tetra Laval Group - does not propose any immediate increase in...

India: Philips Q3 net down by 41 pc (273).
October 31, 1999... Our Bureau MUMBAI, Oct. 30 Philips India Ltd has reported a 41 per cent fall in net profit at Rs. 4.1 crores for its third quarter, compared to Rs. 7 crores during the same period last year. Sales increased slightly to Rs. 426...

India: American Remedies (169).
October 31, 1999... CHENNAI: American Remedies Ltd has reported an 82 per cent drop in net profit for the second quarter ended September 30, 1999, to Rs. 40.79 lakhs against Rs. 74.52 lakhs in the corresponding period last year. Sales, however, increased 13...

India: Amrutanjan H1 net at Rs 3.84 cr (197).
October 31, 1999... CHENNAI: Amrutanjan Ltd has reported a net profit of Rs. 3.84 crores for the half year ended September 30, 1999, up 5 per cent from Rs. 3.65 crores in the corresponding period last year. Over-the-counter (OTC) sales were at Rs. 25.10...

India: Aptech Q3 net profit up 61 pc (207).
October 31, 1999... Our Bureau MUMBAI, Oct. 30 Aptech has ended its third quarter ended September 30 with a profit after tax of Rs. 15.04 crores, 61 per cent higher than Rs. 9.33 crores during the same period last year. Total revenues rose by 36.6...

India: Human Resources Development meet in Delhi on Dec 3 (95).
October 31, 1999... Our Bureau NEW DELHI, Oct. 30 National HRD Network, the country's largest consortium of HR professionals, has announced the details of their forthcoming 'national conference of young HR professionals' to be held on December 3. ...

India Cements: A profitable deal (443).
October 31, 1999... Krishnan Thiagarajan The curtains finally came down on the India Cements-Sri Vishnu Cement drama this week. In an out of court settlement reached between the India Cements group and Dr. B.V. Raju of Sri Vishnu Cement, the former has...

S Kumars.com: Will the customer bite (709).
October 31, 1999... Suresh Krishnamurthy BL Research Bureau S Kumars.com has undertaken a project to connect the dealers of its group company - S Kumars Synfabs - into an Internet-based network. To finance the project, it has made a public offer of...

India Cements (93).
October 31, 1999... India Cements has acquired 88.50 per cent stake in Sri Vishnu Cements at Rs. 115 crores. India Cements has also decided to make an open offer to acquire the remaining holding in Sri Vishnu Cements. Copyright 1999: Business Line. All...

Visualsoft (India) (125).
October 31, 1999... Visualsoft (India) has signed an agreement with OrgConsult AS, an enterprise solution provider for its customers in Scandinavia. Under this agreement, the company will offer its technologies, development methodologies and technology...

India: Turnover drops by Rs 824 crores (425).
October 31, 1999... Sanjiv Shankaran The average badla rate for the week was 21 per cent per annum, in line with the same in the previous week. The aggregate carry-forward/badla turnover was Rs. 2,683 crores, a sharp decline of Rs. 824 crores (23.49 per...

Bajaj Tempo: A joy ride (464).
October 31, 1999... Anup Menon The fixed deposit programme of Bajaj Tempo (BTL) is open for investment. The company offers two schemes - fixed and cumulative. While the tenure for the former is one, two and three years at 12 per cent, 13 per cent, and 14.5...

Mirc Electronics (105).
October 31, 1999... The Board of Directors of Mirc Electronics has approved the proposal of further issue of debentures/equity shares up to 30 per cent of the paid-up capital of the company to strategic investors. EGM for this purpose would be held on November...

India Nippon Electricals: Ignited by auto offtake (740).
October 31, 1999... B. Krishnakumar BL Research Bureau The sustained growth in the offtake of two-wheelers is a positive development for the companies having exposure to this sector. The Chennai-based India Nippon Electricals is one such company which...

Peterhouse Investments Ltd (110).
October 31, 1999... Peterhouse Investments Ltd of Guemsey, Channel Islands has acquired 23.88 lakh equity shares of Usha Beltron, representing 10.42 per cent of the paid-up equity share capital, from one of the company's existing non-resident shareholders...

Ballarpur Industries (75).
October 31, 1999... A. P. R. has decided to reorganise its business which includes the integration of the pulp business of the company with writing and paper business of Ballarpur Industries. Copyright 1999: Business Line. All Rights Reserved.

India: Voices (315).
October 31, 1999... "The turn of events vindicated India Cements' principled stand on the long pending dispute over the transfer of Sri Vishnu Cement shares held by the group company, Raasi Cement." Mr. N. Srinivasan, Vice-Chairman and Managing Director,...

India: Golden Waters in new hands (209).
October 31, 1999... Ramapuram Holiday Resorts Ltd, which manages Orange County in Coorg, has now taken up the management of the year-old resort Golden Waters in Kumarakom, Kerala. Golden Waters, owned by Alex Resorts and Hotels Ltd, stands on a 17-acre...

India: EIH Associated (236).
October 31, 1999... CHENNAI: EIH Associated Hotels Ltd has declared a net loss of Rs. 5.53 crores for the six months ended September 30, 1999, as against the net loss of Rs. 57.81 lakhs for the corresponding period the previous year. The total sales stood...

India: Bharat Petroleum H1 net at Rs 408.4 cr (252).
October 31, 1999... MUMBAI: Bharat Petroleum Corporation Ltd has posted a net profit of Rs. 408.4 crores for the first six months of the current year as compared to Rs. 342.6 crores in the corresponding period of the previous year. The company's gross turnover...

IP Rings (288).
October 31, 1999... IP Rings Ltd has reported a net profit of Rs. 87.03 lakhs on a net sales of Rs 8 crores for the quarter ended September 30, 1999 as compared to Rs 68.17 lakhs on a net sales of Rs 6.40 crores for the same period in the previous year. ...

India: Balaji Industrial net drops in H1 (176).
October 31, 1999... CHENNAI: Balaji Industrial Corporation Ltd has reported a net profit of Rs. 1.67 crores for the half year ended September 30, 1999 against Rs.7.92 crores for the corresponding period ended last year). Income from operations was at Rs....

India: Dabur first-half net rises 80 per cent (185).
October 31, 1999... NEW DELHI: Dabur India Ltd has reported sales of Rs. 495.17 crores in the half-year ended September 30, 1999 as compared to Rs. 440.14 crores during the corresponding period last year. This implies a growth of 12.5 per cent. A company...

India: Bharat Bhari Udyog Nigam Ltd arm put on the block (644).
October 31, 1999... Indrani Dutta CALCUTTA, Oct. 30 Braithwaite, Burn & Jessop Construction Co (BBJ), a PSU controlled by the Centre, has been listed for disinvestment. The Union Government has asked Credit Rating and Investment Services India Ltd...

TVS Srichakra (155).
October 31, 1999... TVS Srichakra Ltd has reported a turnover of Rs. 35.84 crores and a net profit of Rs. 2.25 crores, for the first half of the current year. In the corresponding period of last year, the company's turnover was Rs. 32.76 crores and net profit,...

India: Bharat Petroleum, BRPL dividends (239).
October 31, 1999... NEW DELHI: Bharat Petroleum Corporation Ltd (BPCL) and Bongaigaon Refinery and Petrochemicals Ltd (BRPL) have presented two cheques worth a total of Rs. 131.78 crores to the Minister of Petroleum and Natural Gas, Mr. Ram Naik, here. BPCL...

India: CESC prunes loss (205).
October 31, 1999... CALCUTTA: CESC Ltd, an RPG group utility outfit, suffered a loss of Rs.24 crores in the second quarter of the current fiscal as against Rs.72 crores during the same quarter last year. The board of directors of the company, which met here,...

India: Sun Earth Ceramics (176).
October 31, 1999... MUMBAI: Sun Earth Ceramics Ltd has reported net profit at Rs. 6.40 crores for the quarter ended September 30, 1999, as against Rs. 2.95 crores in the corresponding period last year. The audited figures for 1999 are strictly not comparable...

India: Telco: Decelerated by car project (1192).
October 31, 1999... Raghuvir Srinivasan The performance of Tata Engineering and Locomotive Company Ltd. (TELCO) in the first half of this fiscal has been disappointing. The company has returned to profits once again but, significantly, it has largely been...

The fall of Sensex (1100).
October 31, 1999... The market indices fell steeply over the last fortnight. The BSE Sensitive Index, which closed at 4,444.56 for the week, shed 12 per cent or 630 points from its historic high close (5,075.39) registered barely a fortnight ago (October 14)....

Financial institutions: Mirroring corporate India (1059).
October 31, 1999... S. Vaidya Nathan When foreign institutional investors started putting money in the Indian market, in 1993-94, they fancied the stocks of financial institutions - ICICI, IFCI and, later, IDBI. The logic was that the FIs' performance...

India: Patently contentious (1056).
October 31, 1999... The perceptions about the implications of the change in Patents Act provisions is perhaps the most critical driver of pharmaceutical share prices today. Towards the end of 1998, the expectations of an imminent change in the Act in favour of...

'It's all about bandwidth' (1540).
October 31, 1999... - Mr. Ben J. M. Verwaayen, executive vice-president, Lucent Technologies Krishnan Thiagarajan recently in Geneva Lucent Technologies has always positioned itself as a technology partner and solutions provider for telecom carriers, service...

Sterling Holiday (163).
October 31, 1999... Sterling Holiday Resorts (India) Ltd has posted a net loss of Rs. 6.91 crores for the quarter ended September 30, 1999, as against the net loss of Rs. 9.27 crores for the corresponding period the previous year. The company posted net...

India: LML: Beginning of the bumpy ride (1326).
October 31, 1999... The recent spat with Piaggio is unlikely to have any major negative impact on the technological front as LML has the option to outsource technology from third party. Though LML has had a fairly successful run in the scooter market, whether it...

Dubai Internet City launched (407).
October 31, 1999... Vimala Vasan ABU DHABI, Oct. 30 Dubai has announced the launch of the world's first free trade zone for e-commerce - 'Dubai Internet City' - in a move designed to catapult it to the position of a major e-trade hub. Sheikh...

India: Court injunction on ORG Gfk extended (319).
October 31, 1999... Our Bureau MUMBAI, Oct. 30 The ad interim injunction of the Aurangabad Bench of the Mumbai High Court against the market research agency, ORG Gfk, restraining it from publishing sales figures of Sansui CTV sets until October 27, has...

Indian Airlines links Bangalore to Bangkok (436).
October 31, 1999... Our Bureau CHENNAI, Oct. 30 Indian Airlines will be providing one more international link in its winter schedule, with the operation of an A 320 service to Bangkok from Bangalore. According to a press release, from November 1...

India: Delhi Stock Exchange members welcome tie-up with ASE, CSE (453).
October 31, 1999... Girish Singhal NEW DELHI, Oct. 30 The broking community at the Delhi Stock Exchange (DSE) is excited about the step taken by the exchange authorities to allow the setting up of inter-State trading terminals in collaboration with the...

India: Sundaram Bond Saver (437).
October 31, 1999... After over six months of bullish trend, bond markets were rather subdued last month. The money market rates remained at high levels and the rupee was weakening. In case the rupee does not react adversely to the election results, one could...

Effective distribution of cash corporate benefits (749).
October 31, 1999... At present the National Securities Depository Ltd facilitates distribution of cash corporate benefits, such as dividends, to shareholders. Details in respect of all depository account holders having securities balances in their accounts as on...

Bank deposits: One blow after another (509).
October 31, 1999... It has been a season for policy-makers to deliver blows directed at reducing the competitiveness of the deposits offered by banks. It started with the Finance Minister's proposal to offer tax incentives for investments in mutual funds. And...

India: HDFC: Building on strong home-loan base (799).
October 31, 1999... The home-loan market has been buoyant this fiscal. This is well-reflected in HDFC's first- half performance in financial year 2000. HDFC reported post-tax profits of Rs. 172.68 crores against Rs. 147.76 crores in the corresponding previous...

India: Arvind H1 loss at Rs 103 cr (335).
October 31, 1999... Our Bureau AHMEDABAD, Oct. 30 Arvind Mills Ltd (AML) has returned a net loss of Rs. 103.11 crores during the first half of the current fiscal, even as sales income rose by 16 per cent to Rs. 540.52 crores from Rs. 464.2 crores during...

India: Voices (317).
October 31, 1999... "This Act (Indian Patent Act (1970)) was in India's national interest as it abolished the previous monopoly of the MNCs in the key areas of health and food. It created the right environment for the indigenous pharmaceutical industry to...

India: Shift in emphasis (958).
October 31, 1999... The regulatory thrust for money market mutual funds has been shifted to the Securities and Exchange Board of India (SEBI). So far, the Reserve Bank of India was responsible for the regulation of MMMFs, which invest exclusively in money market...

India: CVC steps to check corruption (203).
October 29, 1999... Our Bureau NEW DELHI, Oct. 28 THE Central Vigilance Commissioner (CVC), Mr. N. Vittal, has said that the public should not hesitate in coming forward to lodge complaints against the corrupt public servants. He, however, cautioned...

A dampener of a stake sale (202).
October 29, 1999... THE sale of its 19 per cent stake in DSQ Software by Commonwealth Development Corporation to institutional investors negates the possibility of an open offer being triggered. To the extent the firm trends in the stock price are attributable...

India: ICICI first-half net rises 6.5 pc (414).
October 29, 1999... Our Bureau MUMBAI, Oct. 28 ICICI Ltd has reported a 6.5 per cent rise in net profit during the first half of the current financial year at Rs. 540 crores as against Rs. 507 crores in the corresponding period last year. ...

State Bank of India net profit drops 18 pc in H1 (550).
October 29, 1999... Our Bureau MUMBAI, Oct. 28 STATE Bank of India has reported an 18 per cent drop in net profit during the first half of the current fiscal on account of increased provisioning for NPAs and provision for salary revision arrears. Net...

India: High Court stays implementation of TRAI order on CPP (527).
October 29, 1999... Our Bureau NEW DELHI, Oct. 28 THE Delhi High Court on Thursday stayed the implementation of the calling party pays (CPP) regime, scheduled from November 1, as was proposed by an order of the Telecom Regulatory Authority of India...

Otis Elevator stake in Indian unit up to 68.89% (246).
October 29, 1999... Our Bureau MUMBAI, Oct. 28 THE holding of Otis Elevator Company, US, has gone up to 68.89 per cent, with the Mahindras transferring their 23.89 stake in Otis Elevator Company (India) Ltd after completion of all formalities. Otis, US,...

British SMEs keen on India (385).
October 29, 1999... Our Bureau NEW DELHI, Oct. 28 THE British industry, particularly the small and medium enterprises, is keen to work closely with Indian entrepreneurs, the Co-chairman, Indo-British Partnership, Mr. David Jefferies, has said. "We...

India: Textool (179).
October 29, 1999... COIMBATORE: Textool Company Ltd (TCL) has witnessed a near 20 per cent erosion in turnover in the second quarter of the current fiscal compared to the corresponding period last year. The company also posted a lower net loss in the second...

IPCA Labs to pay 30% interim (197).
October 29, 1999... IPCA Laboratories Ltd has reported a 106 per cent increase in its net profit at Rs. 8.09 crores for the second quarter ended September 30, 1999 as compared to Rs. 3.93 crores in the year-ago period. The board has recommended an interim...

India: 'Plan to hive off some National Thermal Power Corp, PowerGrid units' (437).
October 29, 1999... Our Bureau NEW DELHI, Oct. 28 THE Power Ministry is actively considering a proposal to "hive off" certain power stations belonging to the National Thermal Power Corporation (NTPC) as well as transmission lines owned by Power Grid...

India: Raha takes over as IPPCL chief (130).
October 29, 1999... Our Bureau NEW DELHI, Oct. 28 MR. SUBIR Raha, Director (Human Resource) and Director in- charge of business development, information technology and corporate communications, has taken over as the first Chairman of Indian Oil Panipat...

India: Australian cos keen on food storage sector (336).
October 29, 1999... Our Bureau CALCUTTA, Oct. 28 EVEN as foreign trade delegations visiting India continue to highlight the significance of the agro-processing industry, the Australian High Commissioner, Mr. Rob Laurie, has stressed the need for better...

India: Canada may raise immigration limit (466).
October 29, 1999... Our Bureau CALCUTTA, Oct. 28 FACED with a booming economy, an increasing number of retiring professionals and a shortage of skilled professionals as a result of intense recruitments by the US companies - Canada may increase its...

India: Heavy selling sends stocks on a tumble (415).
October 29, 1999... Our Bureau MUMBAI. Oct. 28 HARD realities that an information technology company too can incur losses and that foreign fund flow has halted prompted speculators to dump shares across-the-board on Thursday pulling the BSE Sensex down...

INDIA: 'Andhra Pradesh to adopt tech route for progress' (308).
October 29, 1999... Our Bureau HYDERABAD, Oct. 28 THE State Government has realised the crucial role of technology in knowledge society in the new millennium and has been striving to rationalise its programmes and motivate people to take full advantage...

India: Continental keen on tech pact with Metro Tyres (537).
October 29, 1999... Our Bureau NEW DELHI, Oct. 28 CONTINENTAL AG, the German tyre major, is keen to enter into a technical assistance agreement with Metro Tyres Ltd for motorcycle tyres by the end of July next year. "The exclusive offtake agreement...

Indian NGOs should play active role at Seattle: CII (507).
October 29, 1999... Ashwini Phadnis NEW DELHI, Oct. 28 THE country's non-Governmental organisations (NGOs) will have to play a proactive role in order to ensure that India's interests are properly protected at the forthcoming World Trade Organisation...

India: Dumping duty on sodium cyanide recommended (378).
October 29, 1999... Our Bureau NEW DELHI, Oct. 28 THE Designated Authority in the Commerce Ministry has recommended imposition of provisional anti-dumping duties on all imports of sodium cyanide originating in or exported from the US, the Czech...

Taiwan business urged to invest in India (365).
October 29, 1999... Our Bureau NEW DELHI, Oct. 28 TAIWAN should consider India as a "desirable" destination for foreign direct investment in the new millennium, the Minister of State for Commerce and Industry, Mr. Omar Abdullah, has said. "Our new...

India: ISP Nettlinx all set for launch, plans gateway (465).
October 29, 1999... Our Bureau HYDERABAD, Oct. 28 NETTLINX Ltd, a category-B Internet service provider (ISP), has geared itself up to launch its customised Internet access solutions to individuals and corporates from Friday and has drawn plans to have...

India: Gautier furniture in Mumbai (118).
October 29, 1999... CHENNAI: Gautier, a premium brand of French furniture has been launched in Mumbai. The brand has been introduced in Mumbai by Gautier India Ltd, part of Zuari Industries Ltd, in collaboration with Groupe Seribo of France. According to a...

India: First AHS project by 2001 (476).
October 29, 1999... Our Bureau BANGALORE, Oct. 28 THE three year-old Asian Health Services (AHS) Ltd, a 50:50 joint venture with the US healthcare support services major ServiceMaster, is poised to complete the first Indian project by mid-2001. ...

Indian Airlines to fight through 'dynamic scheduling' (390).
October 29, 1999... Ashwini Phadnis NEW DELHI, Oct. 28 AFTER going in for "dynamic pricing," Indian Airlines seems to be opting for "dynamic scheduling" to meet the challenge posed by its rivals in the domestic skies on short-haul routes. A...

India: Government mulling sell-off of National Thermal Power Corp Kahalgaon unit (507).
October 29, 1999... Balaji C. Mouli NEW DELHI, Oct. 28 TO meet the shortfall in disinvestment targets for the current year, the Power Ministry is considering sell-off of National Thermal Power Corporation's (NTPC) 840-MW Kahalgaon power project as well...

India: Winter sops at Trident (246).
October 29, 1999... TRIDENT Hotels, part of the Oberoi group, has come out with winter packages - Winter Specials - which are valid across the historic destinations of Agra, Jaipur, Udaipur and Kochi, and Chennai. Winter Specials offer guests a variety of...

India: SBM net falls (175).
October 29, 1999... Our Bureau BANGALORE, Oct. 28 STATE Bank of Mysore (SBM) has reported a lower net profit of Rs. 16.67 crores for the period ended September 30, 1999, as against Rs. 25.50 crores in the corresponding period the previous year. ...

India: Reverse repos, repos for rate stability (367).
October 29, 1999... CHENNAI: Let the market develop its own benchmark money market reference rate on which interest rate swaps could be built, the Reserve Bank of India had said in its guidelines on the subject. But, as things have turned out (and very much...

Sorry, we're not specialists (615).
October 29, 1999... INDIA'S best bank, SBI, has fared poorly in the first half of the current year with net profit dipping to Rs. 702.45 crores against Rs. 857.70 crores for the same period of last year. Increased NPA provisions at Rs. 560 crores in the current...

India: K-30 invests in wide range of sectors (525).
October 29, 1999... Our Bureau CALCUTTA, Oct. 28 KOTAK Mahindra Mutual Fund's equity scheme, which has to restrict its exposure to 30 stocks only, has invested in a wide range of sectors, some of which are reflected in its portfolio through one or two...

India: 'Telco may hive off axle & transmission unit' (692).
October 29, 1999... Our Bureau MUMBAI, Oct. 28 TATA Engineering & Locomotive Company Limited (Telco) expects to hive off its axle & transmission facility into a separate unit in the current fiscal, analysts who attended an official briefing by company...

India: The case for CRR in foreign currency (584).
October 29, 1999... T.B. Kapali MUMBAI is no London for the Reserve Bank of India to be worried about preserving and enhancing the city's role as an international financial centre. Plans for the next millennium, if there have been any chalked out, also...