New ICAI norms on the cards
Corporate balance-sheets will undergo a seachange over the next year with the Institute of Chartered Accountants of India making at least 11 more accounting standards mandatory for Indian corporates to improve the disclosure. These include accounting standards on `leases', `earning per share', `accounting for investments in associations', `financial reporting of interest in joint venture' and `impairment of assets'.

KEC International MD resigns
Luv Chhabra is believed to have quit as managing director (MD) of the RPG group power company, KEC International, barely six months since he took over. He is tipped for a plum posting in the hydrocarbons sector with which he has been associated for nearly two decades.

Santro beats Accent in sales drive
Hyundai Motor India retained the top slot in the premium small car segment and it overtook Ford India to grab the premier position in the mid-size car segment in August this year. Almost all car makers improved their sales performance in August this year compared to the previous month. However, sales were not that impressive against the same month of 1999 as several major playes posted negative sales growth, including market leader MUL.

HCL Tech eyes European, US firms
Armed with $300 million in cash reserves, HCL Technologies (HCLT) is in the process of acquiring companies in both Europe and the US as part of its expansion drive. "Our M&A team is evaluating options/bids to acquire companies in Europe and the US which have strong technology, network services orientation and a quality client base," HCLT executive vice-president Vineet Nayar said.

MSEB fails to float bond
The loss-making Maharashtra State Electricity Board has failed to float the Rs 250 crore bond issue on August 30 as it has yet to receive the chief minister's signature confirming the state government's guarantee for it.

Inflation rate falls to 5.73%
The annual rate of inflation fell below the 6 per cent level to stand at 5.73 per cent during the week ended August 19 despite a 0.2 per cent rise in the wholesale price index of all commodities. The point-to-point rate of inflation fell to 5.73 per cent during the week from the level of 6.03 per cent in the previous week mainly due to a decline in the prices of non-food articles.

Minister meets DPC officials
Inordinate delays in picking up 30 per cent equity into the second phase of 1,444 mw Dabhol Power Company, the monthly shortfall in the payment of DPC bill, ongoing atitation against the Matgas project and the vexed issue of an excrow cover dominated a meeting between state energy minister Padmasinh Patil and DPC officials here.

Slump in steel sector
SAIL has said that FIs should stop financing the new steel projects in view of the slump in steel sector which would affect adversely the performance of the corporation and other producers alike. "The difficult market condition will reflect on our second quarter performance ... our second quarter will not be as good as the previous one... "