Bizbits

quot;CDC in India is spearheading the market-driven changes and will be a major private equity investor in India into the next millennium,quot; Cairns said. He said India was an important single country in the Southeast Asian region for the fund. Set up by the UK government, CDC has invested 350 million in 55 Indian companies in the last 10 years.

Berger Paints under rating watch

MUMBAI: Crisil has put the outstanding ratings for the various debt programmes of Berger Paints India Ltd on rating watch with developing implications. This is subsequent to the recent announcement about the proposed merger of Rajdoot Paints Ltd with Berger.

Crisil downgrades ACGL

MUMBAI: Crisil has downgraded the Rs 6.06 crore non-convertible portion of the partly-convertibledebenture PCD issue of Automobile Corporation of Goa Ltd ACGL to A- from A. The revised rating reflects the risk arising from high level of dependence on Tata Engineering amp; Locomotive Company Ltd Telco, the largest player in the commercial vehicle segment and the present recession in this segment. This has been reflected by the substantial decline in ACGL8217;s sales during 1997-98, with a corresponding decline in profitability.

US investment

NEW DELHI: US Ambassador to India, Richard Celeste has blamed undue delays in infrastructure projects leading to a decline in US investment in the country. Addressing a meeting of Phdcci, Celeste said investors were discouraged by the lack of progress made in power, roads and ports sector.8220;What is perceived as a fast-track project could take up to five years for approval itself and this is a major disappointment to investors,8221; he added. However, it not too late and the situation could improve as much of the real action will shift to the state level in thenear future. Celeste stressed on the need for increasing the human capital in the country.

Bullion prices turn weak

MUMBAI: Prices of both the precious metals, silver and gold, turned weak on the bullion market here on Saturday . Ready silver .999 fineness, raw silver .916 fineness and tenderable silver eased by Rs 10 to end at Rs 7535, Rs 7425 and Rs 7540, respectively. Standard gold declined by Rs 15 to close at Rs 4270. 22-carat gold was quoted at Rs 3950 from Rs 3965 and ten-tola gold bar .999 purity dropped by Rs 200 to finish at Rs 50,100.

Ashima Syntex

MUMBAI: Ashima Syntex Ltd, the flagship company of Rs 400 crore integrated cotton textile group Ashima has become the first company in the country to get the quot;Supimaquot; license. This is a most prestigious labels in the world, which is licensed by quot;Supima Association of Americaquot; to the users of Pima cotton produced in USA.

HOCL net up

MUMBAI: Hindustan Organic Chemicals Ltd HOCL recorded a net profit of Rs 9.93crore in the second quarter ended September 1998 compared to Rs 6.66 crore during the same period last year, up by 50 per cent. A gross profit of Rs 15.18 crore and operating profit of Rs 30.29 crore have been achieved during the first half of the current year.

PG course

MUMBAI: Chennai-based Brilliant Tutorials Group has launched an innovative two-year post graduate diploma programme in management exclusively to benefit working executives. Called quot;M8217;Powerquot;. This was the first time that distance education in management was being offered to working executives, said chairman of B School, Biji K Kurien.