The Hindu Business Line : Saturday, February 15, 2003

Santro to drive into Europe, N. America
HYUNDAI Motor India Ltd (HMIL) is all set to begin exports of its small car, the Santro, to Europe and North America. Exports to these two new markets are likely to commence in about six months. This will mark a quantum jump for HMIL as the ... More

Reliance strikes gas off Kutch
GUJARAT, which had somewhat slipped as a gas producing region following recent finds in the Krishna-Godavari (KG) basin, may be in for a fresh lease of life, as significant gas finds are on the anvil in many parts of the State. Leading this ... More

RIL unlikely to take stake in K-G basin blocks
THERE was no likelihood of the Reliance group becoming an equity partner in the KG OSN 2001/3 block in the Krishna Godavari (KG) basin, awarded to the consortium led by Gujarat State Petroleum Corporation (GSPC), according to Mr Jean Paul Roy, ... More

Rajasthan Spng meet to consider HEG unit buy
THE board of directors of Rajasthan Spinning & Weaving Mills Ltd (RSWML) is scheduled to meet on February 21 to consider the proposal of acquisition of Rishabhdev Textiles, a unit of HEG Ltd. Both Rajasthan Spinning and HEG Ltd are currently ... More

Intelligroup bags Nagarjuna project
INTELLIGROUP Asia, a provider of application implementation and offshore software services, has announced that it has bagged a SAP implementation project from Nagarjuna Agrichem Ltd (NACL), a Nagarjuna Group company. As per this arrangement, ... More

ACCOUNTING STANDARDS

ICAI plans pacts with overseas counterparts
THE Institute of Chartered Accountants of India (ICAI) was working towards forging `mutual recognition agreements' (MRAs) with its counterparts in other countries, Mr R. Bupathy, newly elected President of the institute, said at a press ... More

`US oversight board should recognise ICAI tools'
"I believe that the tools used by ICAI in regulating the audit firms under them should be recognised by PCAOB before extending its oversight on say PwC's Indian operations" Mr DiPiazza said. More

ICAI in search of `quality'
AT a time when the quality of accounting service is coming under heaps of clouds, the world over, in what may be seen as a counter-measure, the Institute of Chartered Accountants of India (ICAI) is banking on ISO certification to add value to its ... More

CORPORATE DISPUTES

HLL objects to Goshree move to auction land
HINDUSTAN Lever Ltd (HLL) is at loggerheads with Goshree Islands Development Authority (GIDA) over the proposed auctioning of reclaimed land adjoining its property in Kochi. In a public notice issued to newspapers, the corporate has raised ... More

FINANCIAL PERFORMANCE

Whirlpool net profit drops to Rs 8.6 cr
WHITE goods major Whirlpool of India Ltd saw a marginal dip in net profit for the year ended December 31, 2002. The company's net profit declined to Rs 8.65 crore for the year ended December 31, 2002, compared to Rs 9.12 crore for the year ended ... More

RESTRUCTURING

Essar Oil to sell drilling biz to Abu Dhabi group
ESSAR Oil Ltd has informed BSE that it has finalised the arrangements for the sale of energy division (drilling division) to Bin Jabr Group Ltd, an oil and gas service provider based in Abu Dhabi. The company is taking actions to conclude the ... More

MERGERS & ACQUISITIONS

L&T seeks measures similar to PSU sell-offs
FACED with the possibility that the CDC proposal could meet with disfavour from the board, a section of the Larsen & Toubro (L&T) board is trying to generate opinion to prevail upon the institutional members to "insist upon procedures as ... More

Fidelity hikes holding in Dr Reddy's
A LEADING foreign institutional investor - Fidelity Investment Trust - has acquired 80,000 shares of Dr Reddy's Laboratories, the Hyderabad-based drug major, thereby further consolidating its holding in the company. With the fresh ... More

ACC's divestment of Bridgestone ACC holding complete

INTERVIEW

`Elgi Equipments keen to explore overseas markets'
FOR the air compressor major Elgi Equipments Ltd (EEL) the third quarter of the current financial year has not been an exceptionally good one. Its net sales at Rs 53.37 crore was only marginally better compared to Rs 51.61 crore in the ... More

DIVERSIFICATION

Geojit Securities arm forays into commodities trading
GEOJIT Infofin Technologies, a subsidiary of Geojit Securities Ltd, has announced its entry into commodity futures trading. ``We will be the first stock broking firm in the country to enter into the realm of commodity futures trading,'' Mr ... More

HSL begins work on integrated steel plant
THE Manaksia group has taken the first step in setting up an integrated steel plant, marking a major diversification from its area of specialisation, i.e., manufacturing crown closures and pilfer proof closures. Speaking to newspersons after ... More

OUTLOOK

`Kinetic Engg well-placed to shift gears'
KINETIC Engineering Ltd is ready to exploit the growth in the two-wheeler market, according to Mr Punit Chaudhry, General Manager (Sales & Marketing), Kinetic Engineering. This includes the geared and automatic geared scooters segments, with ... More

PERFORMANCE

Madura sees trouble with `honest' shirt
One of the biggest brands in the Madura Garments stable, its sales declined roughly 27 per cent in the first nine months of the financial year, impacting the company's overall performance. The brand — pegged as `the honest shirt' — ... More

GM sells 101 units of Vectra

PEOPLE

C.H. Yoon is new Samsung India MD
MR C.H. Yoon has been appointed as the new Managing Director of Samsung's India operations. Mr Yoon who was head of Samsung System Appliances Division based in Seoul, takes over charge from Mr S.S. Lee, who was Managing Director, Samsung India ... More

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