Financial Daily from THE HINDU group of publications
Friday, August 02, 2002
Markets (Aug. 1)
BL 2501044.19 (-0.97)
BSE Sensex2975.81 (-11.84)
S&P CNX Nifty957.70 (-1.20)
Dollar (Buy/Sell)48.62/48.74
Gold Std (10 gm)5010 (-60)

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Intl Tractors to pay 350%
NEW DELHI: International Tractors Ltd sold 17,002 tractors during the financial year 2001-02, a growth of 26 per cent. It has also declared a dividend of 350 per cent for the financial year ending March 31, 2002 (100 per cent). ... More

Mortgaging assets to IFC — Usha Beltron to seek shareholders' nod
USHA Beltron Ltd (UBL), the flagship company of the Usha Martin group, will seek the approval of minority shareholders for mortgaging the company's assets to the International Finance Corporation (IFC). The special resolution, which is proposed ... More


SRF Polymers board to consider buyback plan
THE board of directors of SRF Polymers Ltd is to meet on August 6 to consider a proposal for buying back the fully-paid equity shares of the company. Interestingly, the move of the board to consider a buy-back proposal comes less than six ... More

LIC sells entire stake in Reckitt under buy-back
MUMBAI: Life Insurance Corporation of India (LIC) has sold 19.6 lakh equity shares, or about 6 per cent stake of Reckitt Benckiser (India) Ltd under the company's buy-back programme. LIC has sold its entire holding comprising 5.99 per cent ... More


Changing role of the auditor
CORPORATE frauds of very serious nature have been surfacing in the US in the past few months. Initially, it was the virtual collapse of the energy giant Enron and the controversies of its auditing firm, the leader among the top five global audit ... More


SPIC foreign ventures in legal wrangles
MCN Energy Enterprises Inc of the US, an erstwhile co-promoter of SPIC Fertilisers and Chemicals FZE, Dubai, has sued Southern Petrochemical Industries Corporation (SPIC) for non-payment of dues against a promissory note executed by SPIC. The ... More


Tata Tea VRS next month
TATA Tea Ltd has decided to introduce an employee separation scheme sometime next month. This was communicated to the Bombay Stock Exchange on Tuesday after the announcement of the first quarter results. Though the company officials preferred ... More


Birla group to exit MRPL
THE A.V. Birla group today formally decided to exit from Mangalore Refinery and Petrochemicals Ltd, its troubled joint venture with the public sector Hindustan Petroleum Corporation Ltd (HPCL). The group is getting out of the oil sector, taking a ... More

ONGC all set to acquire MRPL
THE AV Birla Group has agreed to sell its 37.5 per cent stake in Mangalore Refineries and Petrochemicals Ltd (MRPL) to Oil and Natural Gas Corporation (ONGC) on the condition that it would not provide any indemnity bond to ONGC. This means that ... More

It's action time at BSL
The Sardas have already informed the Securities and Exchange Board of India that they have acquired almost 12 per cent in BSL through their group company, Kolmak Chemicals Ltd. More


Heritage Foods to set up 4 more processing units
HERITAGE Foods (India) Ltd (HFIL), engaged in the business of milk and milk products, is setting up four more milk procurement and processing centres during the current fiscal at a cost of Rs 8 crore. "With the commissioning of the four new ... More

Pepsi forays into seaweed farming
AFTER tomatoes, potatoes, chillies, basmati rice and groundnut, Pepsi Foods Ltd (PFL) is now making a foray into large-scale contract farming of seaweeds. The location: 10 km of sea front on the Palk Bay side towards Mandapam (Ramanathapuram ... More

Outlook mulls TV software unit — Plans more niche magazines
THE Rajan Raheja-owned Hathway Investments Pvt Ltd, which owns the Outlook group of publications, plans to float a television software production unit soon which will supply news content to TV channels as part of its overall gameplan to ... More

Wockhardt Hospitals to set up 3 more units
WOCKHARDT Hospitals, a group company of the Rs 1,000-crore Wockhardt group, is planning to set up three more hospitals in the next 12 -18 months. Speaking to presspersons on the occasion of the commissioning of its heart hospital in Mumbai, Mr ... More


`Deft financial management yielding results at Whirlpool'
DESPITE tough market conditions, Whirlpool of India Ltd is targeting a growth of 15 per cent in topline for 2002. The company is now set to further consolidate its position in the top of the line segment. Currently, Whirlpool of India is ... More


Marico proposes bonus pref shares
MARICO Industries Ltd's board has proposed an issue of bonus redeemable preference shares of Rs 29 crore in the ratio of one fully paid-up preference share of face value of Rs 10 for every one equity share held in the company. The redeemable ... More


SIV Industries `sick'
THE Board for Industrial and Financial Reconstruction (BIFR) has declared the Sirumugai-based SIV Industries Ltd sick. SIV Industries was hitherto the only viscose fibre manufacturing unit in the South. ICICI has been named as the operating ... More

HC extends order on Jessop sell-off
MR Justice Kalyan Jyoti Sengupta of the Calcutta High Court has extended the interim order directing the Board for Industrial and Financial Reconstruction (BIFR) not to take any final decision regarding disinvestment of shares of Jessop & Co Ltd ... More


Radico Khaitan targets Rs 100-cr sales of foreign liquor brands
LIQUOR major Radico Khaitan Ltd is eyeing around Rs 100 crore of sales from its sole distributorship agreements with foreign brands during the next year. This will be above its existing sales of its own brands. According to Mr Vijay K. Arora, ... More

MCF plans roadmap for chemicals biz
MANGALORE Chemicals & Fertilizers Ltd (MCF) of the UB group plans to open a new line of business in chemicals as its mainstay urea production continues to reel under Government regulations, company sources have said. The firm was currently ... More

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