Automobiles
Opel sales up in July
GENERAL Motors India Ltd (GMI), the wholly owned subsidiary of General Motors of the US and the makers of the Opel Astra and the Opel Corsa passenger cars, has recorded a jump in sales during July this year.
Corporate
Sundaram Finance turnover up
CHENNAI: Sundaram Finance Ltd has reported net profit of Rs. 10.74 crores on income from operations of Rs. 104 crores for the quarter ended June 30, 2000, as against net profit of Rs. 10.56 crores on income from operations of Rs. 98.80 crores for the sam
e period last year. This represents an increase of 1.70 per cent in the net profit.
V. K. Chaturvedi is NPCIL CMD
NEW DELHI: Mr. V. K. Chaturvedi has taken over as the Chairman and Managing Director of Nuclear Power Corporation of India Ltd (NPCIL), a public sector undertaking under the Department of Atomic Energy (DAE).
Reliance in top 50 chemical cos' list
MUMBAI: Reliance Industries Ltd (RIL) has been ranked 37th on the global list of top 50 chemical companies by the American Chemical Society. The company was ranked 45th last year on the list in the society's publication, Chemical & Engineering News.
Sanjay Jain at Andersen unit helm
NEW DELHI: Andersen Consulting (AC) has announced that Mr. Sanjay Jain, a partner who is in charge of the Delhi office, would become the India head for the `Products & Resources' market unit.
SEBI exempts Glaxo SmithKline from public offer
MUMBAI: The Securities and Exchange Board of India (SEBI) has granted exemption to Glaxo SmithKline Plc from making a public offer in respect of transfer of control of Glaxo India Ltd, Burroughs Wellcome (India) Ltd, SmithKline Beecham Healthcare Ltd and
SmithKline Beecham Pharmaceuticals (India) Ltd, which were proposed to be merged following the merger of their parent companies globally. -- Our Bureau
Ariba plans 100% Indian subsidiary
MUMBAI: Ariba Inc, a leading business to business e-commerce company, announced that it would be setting up a 100 per cent subsidiary in India.
Banc of America Sec to advise SPIC on FRNs
SOUTHERN Petrochemical Industries Corporation (SPIC) has asked Banc of America Securities LLC to advise it on how to restructure its floating rate notes. SPIC has raised in 1996, $120 millions through an issue of floating rate notes at a rate of libor pl
us 250 basis points.
CESC posts Rs 15-cr loss in Q1
CALCUTTA: CESC Ltd registered a loss of Rs. 15 crores on its operations during the first quarter of 2000-2001. During the corresponding period of 1999-200, CESC had registered a net profit of Rs. 2 crores.
Bhartiya International net rises
NEW DELHI: Bhartiya International Ltd (BIL) has reported a net profit of Rs. 1.54 crores for the first quarter ended June 30, 2000, a 14.07 per cent increase over Rs. 1.35 crores recorded in the same period the previous year.
Indraprastha Apollo net up 55 per cent
Indraprastha Apollo Hospitals, a 695 bed multi-speciality tertiary care referral hospital of Indraprastha Medical Corporation Ltd (IMCL), a joint venture between the Delhi Government and the Apollo Hospitals group, has posted a 55 per cent increase in ne
t profit to Rs. 4.02 crores during the first quarter of the current financial year as against Rs. 2.60 crores in the same period the previous year.
Asahi India sales, net up
NEW DELHI: Asahi India Safety Glass Ltd (AISGL) has reported a net profit of Rs. 3.68 crores for the first quarter ended June 30, 2000, a 65.77 per cent increase over the same period the previous year (Rs. 2.22 crores).
Apollo Hospitals' turnover up
CHENNAI: Apollo Hospitals Enterprise Ltd has reported a 20.8 per cent increase in total income and a 16.9 per cent increase in net profit for the quarter ended June 30, 2000 over the corresponding period the previous year.
Medicorp Technologies nets Rs.1.10 cr
CHENNAI: Medicorp Technologies India Ltd has reported a net profit of Rs. 1.10 crores for the quarter ended June 30, 2000 (a net profit of Rs. 82 lakhs for the quarter ended June 30, 1999).
Madhucon Projects net zooms 130 per cent
HYDERABAD: Madhucon Projects Ltd has posted a turnover of Rs. 31.62 crores and a net profit of Rs. 1.43 crores in the first quarter of the current fiscal.
IVRCL Infra net up
IVRCL Infrastructures & Projects Ltd has posted a turnover of Rs. 45.74 crores and a net profit of Rs. 2.83 crores during the first quarter of the current fiscal. The company's turnover and profit has marginally increased when compared to the turnover of
Rs. 44.22 crores and a profit of Rs. 2.64 crores registered during the corresponding period in the previous year.
Satnam Overseas turnover up 173 per cent
NEW DELHI: Satnam Overseas Ltd. has announced a 173.04 per cent increase in turnover for the first quarter of the current fiscal ended June 30, 2000, with net sales and income from operations rising to Rs. 83.66 crores, as against Rs. 30.64 crores during
the same period last year.
GSFC '99-00 net at Rs 12 cr
AHMEDABAD: Gujarat State Financial Corporation (GSFC) has posted a net profit of Rs. 12 crores for the fiscal ended March 31, 2000 marginally down from Rs. 12.85 crores in the previous year. The AGM of the company, held on Monday, decided to tap the mark
et with a seven-year, Rs. 50-crore bond issue in a bid to retire high cost debt. The bond will carry a coupon of 11.5 per cent and will have a lock-in period of three years. The bond issue is being planned during the second quarter of the current fiscal.
Arvind Mills Q1 net loss at Rs 95 cr
Arvind Mills Ltd (AML) has posted a net loss of Rs. 94.91 crores for the first quarter of the current fiscal, almost double the loss during the corresponding period last year at Rs. 48.16 crores.
AEC posts Rs 7.5 cr net loss
Ahmedabad Electricity Company (AEC) has returned a net loss of Rs. 7.53 crores for the first quarter of 2000-01 against a net profit of Rs. 12.6 crores during April-June last year. The company achieved a sales to the tune of 760 million units resulting i
n a turnover of Rs. 238.79 crores, up 10.45 per cent from Rs. 216.19 crores in the previous year.
Max India Q1 PAT up
NEW DELHI: Max India Ltd (MIL) has reported profit after tax (PAT) of Rs. 11.10 crores for the first quarter of the current financial year, as compared to PAT of Rs. 3.76 crores for the corresponding period of the previous year, representing a growth
of 195 per cent.
Essar Steel enters black
MUMBAI: Essar Steel Ltd has entered the black in the first quarter of 2000-2001 with a net profit of Rs. 4.83 crores against a net loss of Rs. 137.96 crores in the year-ago period.
Mutual Funds
MFs must outsource fund accounting services: SHCIL
STOCK Holding Corporation of India Ltd (SHCIL) has strongly argued in favour of making mutual funds mandatorily outsource fund accounting services from professional organisations, such as, itself.
UTI launches tech venture fund
UNIT Trust of India (UTI) has launched its domestic technology venture fund, UTI-India Technology Venture Unit Scheme. In the first tranche, UTI has received commitments for about Rs. 100 crores, and expects additional commitments of about Rs. 25 crores,
through private placement of units of the latest technology fund.
