Automobiles
Maini group ties up with Renault
THE Maini group, makers of the Reva electric car, has been selected by the French-based Renault V.I. Mack group as a buying house, to help it source components from the country for the manufacture of its commercial vehicles.
Corporate
Hinduja Fin okays ESOP for ALIT
BANGALORE: Hinduja Finance has decided to extend the employees stock option (ESOP) to the employees of Ashok Leyland Information Technology Ltd (ALIT), the software division of Hinduja Finance. The ESOP decision is based on a recommendation made by Price
waterCooperhouse.
SPIC's NCD downgraded to default category
THE rating agency CARE has downgraded the NCDs of Southern Petrochemical Industries Corporation Ltd's (SPIC) to default category.
Adhesives unit sell-off for strategic reasons: Coates MD
AFTER considering the long-term viability factor, the board of Coates of India Ltd has cleared the management's proposal to sell off (by way of a slump sale) the company's adhesives business to Totalfina of France, which till recently was the parent of t
he Indian outfit.
Crisil downgrades Xerox Modi's NCD
MUMBAI: The rating of the Rs 35-crore Non-Convertible Debenture (NCD) programme of Xerox Modicorp Ltd (XMC) has been downgraded to `AA-' from `AA'.
Financial Performance
Otis Q3 net down
MUMBAI: Higher tax provisions pulled down the net profit of Otis Elevator Company (India) Ltd by 15.30 per cent for the third quarter ended September 30, 2000, to Rs 4.70 crore as against Rs 5.55 crore in the corresponding period last year.
Rallis suffers Rs 5.90-cr loss in Q2
MUMBAI: Rallis India Ltd has reported a net loss of Rs 5.90 crore in the second quarter of fiscal 2000-2001 against a net profit of Rs 13.40 crore in the year-ago period.
Texmaco sales up in Q2
CALCUTTA: Texmaco Ltd's net sales for the second quarter ended September 30, 2000 rose to Rs 49.13 crore from Rs 29.13 crore in the same period the previous year, according to a company release.
Information Technology
RBI seeks purchase details in Hughes Tele.com
THE current foreign equity holding in Hughes Tele.com (India) Ltd (HTIL), a Mittals managed basic telephony services company that went public a couple of months ago, has reached the trigger point of 47 per cent.
Mutual Funds
GW Capital set to launch venture fund
VENTURE capital company, G W Capital Pvt Ltd, whose investors include IDBI, HDFC, Ambit, and other ``high networth individuals'', has registered with the Securities and Exchange Board of India for its fund called `India Value Fund' (IVF).
Franklin, Templeton MFs to synergise styles
IT'S a rare convergence of two seemingly conflicting investment ideas. But Templeton and Franklin, which adhere to `value' and `growth' styles respectively, continue to display it at the top.
Petrochemicals
MRPL to export furnace oil to Singapore
MANGALORE Refinery and Petrochemicals Ltd (MRPL) will ship a furnace oil export parcel of 80,000 tonnes to Singapore at a price of $180 per tonne early next month.
Stocks
New SEBI notification -- Foreign cos, individuals can invest via FIIs
IN a move aimed at expanding the base of overseas portfolio investors and to open up the business of portfolio management services (PMS) for foreigners, the Securities and Exchange Board of India (SEBI) has now permitted foreign corporates and individual
s to invest in the Indian capital markets through the foreign institutional investors' (FIIs) route.
