Financial Daily from THE HINDU group of publications
Tuesday, July 23, 2002
Markets (July 22)
BL 2501097.86 (-25.28)
BSE Sensex3153.34 (-76.93)
S&P CNX Nifty1012 (-23.90)
Dollar (Buy/Sell)48.65/48.78
Gold Std (10 gm)5310

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Shasun plans new R&D unit
SHASUN Chemicals and Drugs Ltd is investing Rs 40 crore in the next three years to set up new research and development facility close to Chennai. According to Mr S. Abhaya Kumar, Joint Managing Director of Shasun, the company is in the process ... More


Nordisk suspends Dr Reddy's molecule trials
IN what could be a major blow to the basic drug discovery activities of Dr Reddy's Laboratories Ltd, global pharmaceutical giant Novo Nordisk announced its decision to suspend the ongoing clinical trials on the anti-diabetic molecule of Dr ... More


ICAI to examine Crisil study on blue-chip cos
EVEN as a Crisil study showing variance in profits calculated by the rating agency to those reported by a number of blue-chip companies for 2000-01 had not faulted the chartered accountants, the Institute of Chartered Accountants of India (ICAI) ... More


Bayer's offer for Aventis `delayed'
BAYER CropScience AG today said its proposed open offer to the shareholders of Aventis Crop Science India Ltd will be "delayed" due to additional information required by the Securities and Exchange Board of India (SEBI) from Ambit International, ... More

Parent to make open offer for Madura Coats
J&P Coats Ltd, along with Coats Plc., will make an open offer to raise stake in its Indian subsidiary, Madura Coats Ltd (MCL), to 100 per cent from the current 63 per cent, at a price of Rs 40 per share. If subscribed fully, MCL will be delisted ... More


Silicon Valley in a fix over Coke move
COKE'S recent move to expense stock options — mimicked by other US corporates frantic to clean up their financials, regain credibility and, by extension, pump up the value of their stocks — has caused consternation in Silicon ... More


ICAI may seek nod for multi-disciplinary firms
THE Central Council of the Institute of Chartered Accountants of India (ICAI) is set to suggest to the Government that chartered accountants be permitted to establish multi-disciplinary firms so long as a separate firm is constituted for ... More


Pollution control at Phillips Carbon unit
THE Kochi unit of Phillips Carbon Black Ltd (PCBL), which was recently enmeshed in controversy over carbon dust pollution in its premises, has installed various pollution control equipments in the unit at an investment of Rs 7 crore. The ... More


Hindalco - Indo Gulf: Merger moves and the larger picture
THE proposed merger of Indo Gulf Corporation's copper business with Hindalco Industries' is poised to create a non-ferrous metals powerhouse in the country. There is no doubt that this merger is dictated by considerations of "size" and aimed ... More

Fertiliser operations: More cash for shareholders
THE hive-off of Indo Gulf Corporation's copper business to Hindalco is seen mainly as an effort to free the high-potential copper business from the policy-related uncertainties characterising the fertilizer business. It therefore seems to follow ... More


ICRA to wave `ethical wand' at corporates
EGGED on by the Securities and Exchange Board of India (SEBI), ICRA Ltd has stepped up its efforts to popularise the new barometer to measure ethical corporate practices — Corporate Governance Rating (CGR). ICRA is hoping that a larger ... More


New tank truck security system from IOC
INDIAN Oil Corporation (IOC) on Monday launched a new customer service initiative in Andhra Pradesh. The new tank truck security system is expected to ensure correct delivery of quality and quantity of fuel to the retail outlets (petrol pumps) to ... More


Tencel hopes to double sales next year
TENCEL Ltd, a member of the Acordis group, is hopeful that the consumption of Tencel fibres in the country would double from its current levels during the calendar year 2003. Tencel is Acordis' brand name for iyocell, which is a cellulosic fibre ... More


HLL: Incipient signs of revival?
THE second quarter of fiscal 2002 appears to have brought some colour back into Hindustan Lever's performance. True, net sales have continued to shrink, declining by 9.3 per cent in the second quarter (against 9.9 per cent in the first). ... More

Boost for Maruti in audited results
MARUTI Udyog Ltd's (MUL) audited results differ with its previously announced unaudited results largely due to disputed excise duty payments, for which the company had made provisions in its unaudited accounts. Later, some of these claims were ... More

Maruti rides into black with excise bonanza
AUTOMOBILE major, Maruti Udyog Ltd, has steered into the black by achieving a net profit of Rs 104.5 crore in 2001-02, on a total revenue turnover of Rs 9,410.3 crore. The company had registered a net loss of Rs 269 crore in the previous year on ... More

`Power brands' drive HLL; hopes on herbal foray
The 24 per cent growth in second quarter operating profits was attributed to the 5.1 per cent sales growth in HLL's home & personal care power brands and sustained initiatives in managing costs. More

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