Accountancy
Co secys' meet begins today
A two-day national conference of company secretaries in practice is being organised by the Institute of Company Secretaries of India (ICSI) on the theme `Compliance certificate and secretarial audit-tools for effective governance and investor protection' on Saturday in Faridabad, Haryana.

Agriculture
Good prospects for soyameal exports
The prospects for soyameal exports seem bright this year. Already, last week, Korea has placed orders for 1.5 lakh tonnes of soyameal which is considered to be a substantial quantity at this point of time.

Concern over spurious seeds
Spurious seeds in hybrid crops are posing a threat to the expanding national hybrid programme that encompasses 9 major crops, the Deputy Director General (DDG) of the Indian Council for Agricultural Research (ICAR), Dr Mangala Rai, has warned.

`Farm sector to grow by 7 pc this year'
THE Government expects the country's agricultural sector to grow by around seven per cent this year, as against 0.2 per cent in 2000-01.

GM cotton order - bolt from the blue
THE Gujarat Government has been caught unawares by a Ministry of Environment and Forests (MoEF) directive seeking the destruction of genetically modified (GM) cotton said to be grown in the cotton belt of Mehasana, Amreli, Rajkot and Bharuch districts.

Airlines
AI engineers take voluntary pay cut
``ALARMED'' at the financial impact of the September 11 terrorist attacks in the US which dampened the international civil aviation market, almost 100 executives of Air India's Engineering Department have decided on a voluntary 15 per cent salary cut, an official statement said here on Friday.

Direct BA flight to Kolkata
BRITISH Airways (BA) has announced the introduction of direct flights on the Kolkata-London and Dhaka-London sectors. The new schedule on the Kolkata-London sector with twice-a-week flights will be effective from October 29.

Freighter service from Chennai to Munich, New York from Nov 1
SINGAPORE Airlines Cargo will give exporters in South India a direct connection to Munich and New York from November 1.

Air Mauritius to increase services
AIR MAURITIUS is to start its second non-stop weekly flight on the Delhi-Mauritius sector from November 3, the airlines Sales and Marketing Manager, India, Mr Malcolm Fernandes, said here on Friday.

Jet Air to hike insurance surcharge
JET Airways may be forced to hike the amount charged to passengers as insurance surcharge although the exact amount is still to be worked out.

Automobiles
Fiat upbeat with more Palio orders on hand
FIAT India Ltd, which launched the Palio last month, has so far sold 2,000 units of the car and there is a further order for 3,500 cars on hand, a Fiat spokesman said on Thursday.

`Tractor sales skid in Apr-Aug'
DESPITE a good monsoon auguring well for the farm sector, tractor sales so far this financial year has remained depressed with sales falling 17.25 per cent year-on-year in April-August, according to an industry data released by the Tractor Manufacturers Association (TMA).

Cement
Delay likely in L&T cement demerger
THE proposed demerger of Larsen & Toubro's (L&T) cement business is unlikely to materialise by this month as envisaged earlier by the L&T top management. The demerger, if at all, might take some more time before it actually happens, senior company offici als told Business Line.

Coal
CIL move to deregulate marketing policy on hold
THE move on the part of the State-owned Coal India Ltd (CIL) to deregulate its marketing policy, to begin with for coal consumers in the non-core sector, has failed to take off with the Union Mines and Minerals Minister, Mr Ram Vilas Paswan, directing th e company to keep the policy in abeyance.

Corporate
Future Schools plans centres of excellence
FUTURE Schools (P) Ltd, a part of the Chettinad group, will be setting up 100 centres for excellence within a year, according to Mr Annamalai Muthiah, founder and promoter of Future Schools.

Mauritian fund to acquire 28.83% in Astra Microwave
STRATEGIC Ventures Fund (Mauritius) Ltd (SVFML), a close-ended investment company headquartered in Mauritius, is set to acquire equity holding of up to 28.83 per cent in Astra Microwave Products Ltd (AMPL), the Hyderabad-based company catering to the def ence, VSAT and cellular communication segments.

Cos gearing up for new accounting standards
MULTIPLE accounting standards and newer initiatives are making it difficult for corporates to suddenly brace up to a paradigm shift, industry experts opine.

HLL bonus debentures: A new year gift to Unilever
MARKET PLAYERS and stock analysts hold divergent views regarding the proposed bonus debenture issue by Hindustan Lever Ltd. Even those who greeted the news with some cheer feel that there is more to it than meets the eye.

Segment reporting made voluntary for companies
IN a surprise move, the Securities and Exchange Board of India (SEBI) has made segment reporting requirement voluntary for listed companies for the quarter ended September 30, 2001.

Ear to the ground
Funds drive Tata Engg
Tata Engineering shares continued their firm trend with volumes almost doubling on Friday on institutional buying. On the BSE, 3.39 lakh shares were traded in comparison to 1.85 lakh shares traded on Thursday. On the NSE, the volume was 4.87 lakh shares (1.84 lakh shares). The increased buying was on the expectation that the new auto policy, likely to be announced shortly, would have some sops for the small car manufacturers. In addition, a number of brokerage firms have recommended a buy on Tata Engine ering scrip this month. Increased car sales this fiscal and expectations that the car project would break-even shortly have prompted analysts to go bullish on the counter. The share's upward movement has taken it to Rs 76.60 from Rs 67 quoted on October 1.

Economy
Poor show by textiles, engg goods hits export growth
THE 2.3 per cent negative export growth noticeable during the first four months of the current fiscal, April to July, 2001 was mainly due to the poor show by sectors such as gem and jewellery, engineering goods and textiles, which together account for mo re than half of the country's aggregate exports.

`Targeted approach' needed for exports: Rudy
A MORE ``targeted approach'' of export promotion needs to be adopted if India is to reverse the current decline in exports and effectively face the onslaught of global trade slowdown, according to the Minister of State for Commerce and Industry, Mr Rajiv Pratap Rudy.

Falling growth trends in economy, agriculture
AN important indicator of economic development is the sequential trend in the growth rate of the economy. The trend in the growth rate is a convenient measure of appraising the overall economic efficiencies of planning and policies. There may be a debate about whether a rising growth rate trend under all conditions connotes automatically a similar rate of improvement in the peoples well-being .

DPS Universal's FDI proposal cleared
THE UK-based DPS Universal Ltd's proposal to set up a wholly-owned subsidiary for manufacturing leather footwear, involving an investment of Rs 235 crore, was among the 33 foreign direct investment (FDI) proposals cleared by the Government today.

Cong, Left endorse Govt stand on WTO
SEVERAL Opposition parties have endorsed the NDA Government's stand on various WTO issues. They have also concurred with the Government's assessment on the need for improvement in the draft Ministerial declaration (DMD) for the Doha conference and also t he draft decision on implementation-related concerns recently circulated by the General Council of the WTO.

Rs 150-cr worth business at handicraft fair
NEW DELHI: The Indian Handicrafts & Gifts Fair (Autumn) 2001 has generated business worth Rs 150 crore, according to the Export Promotion Council for Handicrafts (EPCH).

Sinha's hands-on policy raises some doubts
ONCE bitten twice shy. The`hands-on' policy proposed by Mr Yashwant Sinha for the financial sector, particularly for FIs, appears to be aimed at ensuring that he will not be left staring at another US-64 type debacle.

Editorial
Innovation on track
IN A REFRESHING move, the Railway Board is trying to de-departmentalise an allied function of freight operations, though opinion is divided in the organisation on crucial recommendations of the Rakesh Mohan Committee on reforms and time alone will tell w hat will be the fate of the report.

Engineering
US situation will hit engg exports: EEPC
THE Engineering Export Promotion Council (EEPC), expressing concern over the drastic fall in exports, has urged the Government to implement confidence boosting efforts.

Financial Performance
ITW Signode Q2 sales, net up
HYDERABAD: ITW Signode India Ltd has registered a growth both in turnover and net profit for the second quarter of current fiscal year ended September 30, 2001.

SKB Consumer Healthcare Q3 net at Rs 28.25 cr
NEW DELHI: Smithkline Beecham Consumer Healthcare (SHCH) Ltd has posted a sales revenue of Rs 259.64 crore and profit-after-tax (PAT) of Rs 28.25 crore for the third quarter ended September 30, 2001.

Aventis CropScience Q3 net up 300 pc
MUMBAI: Aventis CropScience India Ltd has ended the third quarter of 2001 with a 300 per cent increase in profit-before-tax at Rs 26.5 crore.

AstraZeneca net profit down at Rs 93.62 lakh
BANGALORE: AstraZeneca Pharma India Ltd has posted a lower net profit of Rs 93.62 lakh for the quarter ended September 30, 2001.

Vanavil Dyes net profit at Rs 67.95 lakh
MUMBAI: Vanavil Dyes and Chemicals Ltd has recorded a net profit of Rs 67.95 lakh for the quarter ended September 30, 2001, as against Rs 92.57 lakh during September 30, 2000.

Bharat Electronics net down
BANGALORE: Bharat Electronics Ltd's net profit has come down to Rs 22.85 crore in the quarter ended September 30, 2001, as compared to Rs 24.44 crore in the corresponding period last year. This is despite net sales having gone up to Rs 370.89 crore ( Rs 289.23 cr)

Philips posts Q3 net of Rs 8.7 cr
PHILIPS India has reported a turnaround in profitability during the third quarter ended September 30, 2001, posting a net profit of Rs 8.7 crore compared to a loss of Rs 4.05 crore during the corresponding period last year. However, sales were lower at R s 380.8 crore (Rs 405.4 crore).

HEG maintains Rs 10.10 cr profit
NEW DELHI: HEG Ltd, a graphite electrode manufacturer, has reported a net profit of Rs 10.10 crore for the quarter ended September 30,2001 as against a net profit of Rs 10.10 crore recorded in the same period of the previous year.

Lower costs, tax, other income boost ITC growth
ITC has converted a 10 per cent growth in topline into a handsome 29 per cent growth in bottomline. Compression of costs other than raw materials, higher non-operating income and lower taxes have helped the company achieve a sizable growth in the profit after tax.

MCF's PBT higher in H1
BANGALORE: Mangalore Chemicals & Fertilizers (MCF) Ltd has reported profit-before-tax (PBT) of Rs 22.19 crore in the first half of the current financial year, a 17 per cent jump over the same period the previous year.

Ma Foi posts Rs 9.54-crore profit in H1
THE Chennai-based Ma Foi Management Consultants Ltd, has registered a gross revenue of Rs 9.52 crore in the first half of this fiscal, growing by 75 per cent over the same period last year.

`Drop in Wartsila net due to recession'
WARTSILA India Ltd (WIL), which announced a 77 per cent decline in net profit to Rs 1.7 crore for its third quarter (July-September 2001) on Wednesday, has ascribed the fall to the prevailing recessionary conditions in the market.

ITC net profit rises 29 pc at Rs 334 cr
ITC Ltd has recorded a post-tax profit of Rs 333.61 crore for the quarter ended September 30, 2001, a growth of 29 per cent over that for the corresponding quarter of last financial year at Rs 258.62 crore.

Food & Dairy Products
Lifting of buffalo meat ban may boost exports
MEAT exporters hope to recover lost ground following the lifting of the ban on imports of Indian buffalo meat by Jordan, Egypt and Kuwait.

Health
Separate norms for carbonated water?
NESTLE India and Group Danone may be on the road to finding a solution to the road-block that their respective ``sparkling waters'' ran into -- even as the Bureau of Indian Standards (BIS) mulls a separate standard for carbonated water.

Anthrax scare has everyone on their toes
IF pharma companies are stepping up production of Ciprofloxacin in anticipation of increased demand on bio-terrorism fears, they had better step up manufacture of gloves and masks as well.

Information Technology
`Sankhya Vahini will go ahead'
THE Government will go ahead with the Rs 1,000-crore Sankhya Vahini project despite the recent withdrawal of its partner Carnegie Mellon University, the Union Minister for Communication and IT, Mr Pramod Mahajan, said on Friday.

Management
IIM-B Class of 2002 upbeat on placements
DESPITE dark clouds looming over the job market scene, the Batch of 2002 at the Indian Institute of Management, Bangalore, is optimistic about its final placements in March next year.

Off the ticker
LML in top gear
CERTAIN stocks witness sharp rise in trading volumes on odd days only to fall back to their long-run average thereafter. The following are some such stocks that witnessed surge

On the hedge
Sterlite Opticals Nov calls in good demand
FRIDAY'S trading in the Index options segment indicate a possible fall in the broad market. The Nifty puts were in good demand during the day. The November 980 puts closed at Rs 40.80, with trading volumes and open interest amounting to 65 and 68 contrac ts respectively.

PSU
Kerala Minerals posts lower H1 turnover, profits
THE H1 performance of the State-owned Kerala Minerals and Metals Limited (KMML) has posted a marginal drop both in turnover and profits.

Telecom, power, oil cos to be put on the block
HAVING softened up the administrative Ministries rebelling against sell-off of companies under its fold over the past year, the Ministry of Disinvestment will now be confidently tackling State-owned majors in telecom, power and oil sectors.

Pharmaceuticals
Morepen doubles Cipro production
MOREPEN Laboratories Ltd has doubled its production of Ciprofloxacin following the recent anthrax scare in the US and the subsequent queries that ensued.

Generics market to surge to $45 b by 2005: Study -- `Outlook bright for Indian cos'
WITH a number of blockbuster drugs going off patent, the global generics market is expected to touch $45-billion by 2005, according to Credit Suisse First Boston (Hong Kong) Ltd (CSFB), the leading global equity analyst.

Novartis India sees future in generics
NOVARTIS India Ltd is looking at the generics market in India as a growth potential, said Dr Robert L. Thompson, President and Managing Director, Novartis India Ltd.

Politics
PM gets his fixer back
THE re-induction of Mr George Fernandes and Mr Harin Pathak into the Vajpayee Ministry must have been absolutely essential to the Prime Minister. In the normal course, it would have been far more appropriate to have left them out in the cold after what h appened which led to their exclusion from the Government.

Radio/TV
Commonwealth award for Doordarshan
NEW DELHI: Doordarshan has bagged the Commonwealth Programme Award 2001 for the Social Action Television programme for its leprosy awareness and prevention campaign.

Rubber
Fresh incentives for rubber growers
FOLLOWING the announcement of minimum statutory price (MSP) for natural rubber and incentives for exports last month in a bid to shore up the price for rubber growers, who were reeling under price depression, the Government on Friday announced a fresh ba tch of export incentives to natural rubber growers.

Rubber trading volumes dip
THE rubber market continues to suffer from the dealers' strike with falling trading volumes.

States
Bangalore water project frozen
AFTER two years of controversy and suspense, the Karnataka Government has quietly buried its pioneering BOOT-based water supply project for Bangalore.

AP reviews flood damage to seek Central aid
THE cyclonic storm that battered the Andhra Pradesh coast over the last 48 hours has left over 38 dead, thousands marooned and several villages cut off leaving a trail of destruction in five districts of Andhra Pradesh. Gudur town has been cut off.

Stocks
DRT directive on Panthar -- KP lock-in on Balaji Tele to continue
KETAN Parekh's associate company Panthar Fincap & Management Services, which holds 4.44 per cent stake in Balaji Telefilms Ltd (BTL), would not be able to sell these shares in the market when the lock-in period ends next month.

Technology stocks bounce back
AFTER a drop on Thursday, the Sensex regained its upward momentum on the last trading day of the week. After a distinctly weak trend on Thursday, the revival of interest in technology stocks helped the Sensex close at 3016.84, up 35.51 points over the pr evious day's close.

FIIs can buy up to 49% in Dr Reddy's
MUMBAI: The Reserve Bank of India said that FIIs can now purchase equity shares and convertible debentures of Dr Reddy's Labs Ltd up to 49 per cent of its issued and paid-up capital, under the portfolio investment scheme, instead of the earlier 30 per ce nt.

Taxation
Breach of a concept
On September 7, 2001, a notification was issued to amend the Customs Valuation (Imported Goods) Rules, 1988. Contrary to expectations, the Government did not chose to do the obvious: Clarify the vague areas in the Valuations Rules. Instead, the amendment seeks to empower the Revenue with more arbitrary and discretionary powers, breaching the fundamental principles of valuation -- the transaction value. The concept of transaction value has been diluted and is under threat.

Simply complex
The chairman of the Review of Business Taxation, Mr John Ralph, was quoted as saying that the tax accountants and tax lawyers in Australia were opposed to the proposed Tax Value Method (TVM) because they were afraid of losing their intellectual capital. How very, very wrong and ill-advised he was.

Gulab jamuns
Gulab jamuns form the subject matter of an Excise circular issued recently to resolve a dispute. Not whether they should be golden or brown, but whether to classify them under Chapter 4.19 or 21 of the Central Excise Tariff. "Gulab jamuns are correctly c lassified under sub-heading 2108.91 or 2108.99 depending upon whether they are sold under a brand name or not," writes Mr S. C. Bhatia, Under Secretary in the Department of Revenue, in Circular No. 585 dated September 10.

What is commission, brokerage?
THE Finance Act, 2001 has reintroduced Section 194 H for deduction of tax at source on commission and brokerage payments. Any payments made after June 1, 2001, by an assessee other than individual or HUF, should comply with tax deduction @ 10 per cent if the sum exceeds Rs 2,500.

Non-discrimination on hold?
THE Authority for Advance Ruling (AAR) was set up in 1993 when Chapter XIX B was inserted in the Income-Tax Act, 1961 by the Finance Act, 1993. The idea was that matters relating to non-resident taxation should be sorted out expeditiously leaving no doub t about the tax implication of transactions undertaken or proposed to be undertaken by the expatriate taxpayer.

Tea
A tea party gone awry
IN THE last 25 years, the tea industry has steadily increased production from 487.14 million kg to 823.42 million kg and the yield per hectare has risen from 1,341 kg to 1,880 kg. The plantation industry has been continuously ploughing money into the fie lds and has been able to gear up production. There has been a growth in international demand for tea in the last two decades.

N. India tea gardens to stop production
THE Indian Tea Association (ITA) has decided to stop production of tea in the North India gardens from December 1 till the next season. This decision is based on a short-term action paper prepared by the Consultative Committee of Plantation Associations (CCPA).

Technical Analysis
Narrow movement
Friday's trading activity witnessed narrow movement. Nifty moved within a close band of 11 points. The bulls managed to gain marginally from the day's trading. Nifty closed the week with a gain of 6 points over its previous close. Market sentiment contin ues to remain bullish.

Terrorism
Flagging jingoism in the US -- And doubts on the legality of the attacks on Afghanistan
THE US administration is going all out to sustain the wave of patriotic fervour sweeping across America in the wake of the September 11 acts of terrorism allegedly perpetrated by Osama bin Laden and the organisation(s) he is associated with -- but libera l opinion in the West isnt buying into the world according to Bush.

Textiles
ECGC plans premium for exporters
THE Export Credit Guarantee Corporation (ECGC), keen on enlarging its share in export risk underwriting business, is planning to introduce a `differential' premium policy cover for exporters.

Tyres
Dunlop gets more time to submit revised scheme
THE Board for Industrial and Financial Reconstruction (BIFR) today gave Dunlop India Ltd (DIL) two months time to sort out certain tangles existing in the revised draft rehabilitation scheme (DRS).

Source:Business Line