Automobiles
M&M sets store by VRS at farm equipment unit
THE Rs 3,597-crore Mahindra & Mahindra Ltd (M&M) expects a substantial reduction in workforce at its farm equipment manufacturing division, courtesy a voluntary retirement scheme (VRS) it introduced at its Kandivili plant two weeks ago.
M&M's automotive unit may join band
M&M's automotive division, which makes multi-utility vehicles (MUVs) and light commercial vehicles (LCVs), is contemplating a VRS, ``more or less on the same lines'' as the scheme underway at the company's farm equipment sector (FES) division.
GMI launches Opel Swing; plans aggressive pricing
GENERAL Motors India Ltd (GMI) launched the Opel Swing - the station wagon variant of the Opel Corsa - in the Capital on Tuesday.
Corporate
Reliance raises polyester prices
MUMBAI: Reliance Industries Ltd has increased polyester and fibre intermediate prices effective from July 1.
Himalaya Drug Co plea on trade mark violation rejected
MR Justice Bhaskar Bhattacharya of the Calcutta High Court has rejected the contentions of Himalaya Drug Company (HDC), a pharmaceutical company, in a case pertaining to alleged infringement of trade mark by another entity. HDC filed a suit against The H
imalayan Herbal Treatment Centre, Delhi, alleging that Himalayan Herbal has infringed the norms as per Trade Mark and Passing off laws by using the name of HDC.
Issues that keep CFOs awake
WHAT keeps Chief Financial Officers awake all night? What do the new-age Indian CFOs think about? These and other questions form the basis of a search done by the audit and consultancy major Ernst & Young. And some of the answers suggest that the time h
as come to amend the conventional wisdom.
Ricoh to continue presence with three different cos
JAPANESE automation major Ricoh will continue to operate in India through three different companies which are almost in the same line of business.
Shaw Wallace Finance may hike stake in Gelatines to over 80%
SHAW Wallace Financial Services Ltd (SWFSL) is planning to increase its stake in Shaw Wallace Gelatines Ltd (SWGL) to more than 80 per cent as the liquor major, Shaw Wallace Company (SWC), its parent, is selling out its holding in the gelatine company as
part of the company's restructuring plan to raise money to retire its debts.
Kuoni IPO after market perks up -- Acquires Tour Club's brand, inbound travel arm
KUONI Travel (India) Ltd (KTIL), the country's biggest travel company, plans to go public once market conditions improve.
Wellwin to make energy meters
THE Chennai-based Wellwin Industry Ltd will diversify into the manufacture of energy meters and is close to finalising technology agreements for producing them at its plant here.
Financial Performance
Essar Oil net down at Rs 10.4 cr
MUMBAI: Essar Oil Ltd has posted a lower net profit of Rs 10.43 crore for the financial year ended March 31, 2001, as against Rs 25.05 crore in the previous year. Income from operations also dropped to Rs 167.94 crore as compared to Rs 229.89 crore.
Kotak Mahindra net down 18 pc
Kotak Mahindra Finance Ltd's (KMFL) net profit has fallen 18 per cent during the year ended March 31, to Rs 49.60 crore as against the net profit of Rs 61.10 crore for the year ended March 31, 2000.
D-Link (India) net up Rs 6.87 cr
D-Link (India) Ltd has posted a net profit of Rs 18.79 crore for the financial year ended March 31, 2001, an increase of 173.50 per cent over last year's figures of Rs 6.87 crore.
Manganese Ore net up 32 pc
NEW DELHI: Manganese Ore India Ltd (MOIL), a public sector unit under the Ministry of Steel, has posted its best ever performance since inception during 2000-2001. The company has recorded a turnover of Rs 158.94 crore, 19 per cent higher than the previo
us year and has surpassed other targets set for the year.
Mutual Funds
US-64: Exploiting a loophole?
INSTANT liquidity is one of the key lures which has persuaded millions of investors to pour their money into the Unit Trust of India's Unit Scheme 64 (US-64), despite its recurring crises of confidence, fragile fundamentals and declining returns. Now, w
ith the UTI freezing repurchases of units under this scheme for six months until December 2001, investors who stayed with the scheme, comfortable in the thought that they can convert their units into cash at any given point in time, have definitely been
let down.
US-64 suspension may cast shadow on other MFs
THE decision by Unit Trust of India to suspend fresh sales and repurchases under Unit Scheme-1964 (US-64) may cast shadow on other mutual funds. They may have to face the heat initially, but UTI's decision will only embolden and strengthen other funds an
d help them grow in the coming years as investors begin to differentiate between the promise and the performance.
PSU
Bharat Bhari cos exceed loss target
THE public sector unit companies under Bharat Bhari Udyog Nigam Ltd (BBUNL) have overshot their 2000-01 loss target (as fixed by the MoU between the Union Industry Ministry and the company) by more than 50 per cent. The losses suffered by the nine compan
ies were put at Rs 133.14 crore as against a target of Rs 85.66 crore, as per provisional results.
RINL turnover up 25% at Rs 893 cr
DOMESTIC steel major, Rashtriya Ispat Nigam Ltd (RINL), has achieved its best-ever first quarter sales performance during the current fiscal.
Shipping
SCI presents dividend cheque
NEW DELHI: The Chairman of the Shipping Corporation of India (SCI), Mr P.K. Srivastava, presented a dividend cheque for Rs 56.55 crore to the Union Law Justice and Company Affairs Minister, Mr Arun Jaitley, on Tuesday.
Steel
RSP's May performance
NEW DELHI: Rourkela Steel Plant (RSP) continued with its thrust on value-added products in the second month of the current financial year.
Tyres
Chhabria assurance on Dunlop investments
THE M.R. Chhabbria group, which controls Dunlop India Ltd (DIL), has assured all stakeholders, more particularly the West Bengal Government, that it would make a fresh investment of Rs 20 crore in case there is a shortfall in cash flow after resumption o
f ``currently suspended'' holding operations at its two factories at Sahaganj in West Bengal and at Ambattur in Tamil Nadu.
