Tatas likely to relent on VSNL investment issue
New Delhi: The weeklong spat between the union communications minister and Videsh Sanchar Nigam Ltd is finally drawing to a close, with top officials of the Tata group assuring Pramod Mahajan that they may reconsider the decision on VSNL investment row.
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Tata Infotech net profit down 45% in Q4
Mumbai: Tata Infotech Ltd has reported a 45-per cent decline in net profit, at Rs 6.92 crore (Rs 12.58 crore) for the quarter ended 31 March 2002. The company reported a 22.7 per cent decline in net profit at Rs 20.5 crore (Rs 26.54 crore).
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Orchid Chemicals hopes to grow by restructuring
Mumbai: Orchid Chemicals and Pharmaceuticals Ltd hopes that an extensive round of restructuring will revive its fortune in the near future, says Orchid managing director K Raghavendra Rao.
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Morepen Lab buys out Lifespring for Rs 12 crore
Mumbai: With the acquisition of Burnol still fresh in mind, Morepen Laboratories Ltd has announced its foray into retail through the acquisition of the New Delhi-based Lifespring, a chain of health and beauty stores.
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Apollo Tyres expands capacity at Kerala unit
Thrissur: Apollo Tyres Ltd has commenced work on expanding the capacity of its factory at Perambra in Keralas Thrissur district while it has shelved its proposal to expand and modernise the unit at nearby Kalamassery.
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British Gas to invest $500m more in India
Mumbai: The British Gas group has proposed to invest an additional $500 million in India, says Minister for Petroleum and Natural Gas Ram Naik.
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TVS-E, Tech Pacific join hands in distribution network
Chennai: In a bid to strengthen its distribution network, the computer peripherals manufacturer TVS Electronics Ltd has announced that it is entering into a partnership with IT distribution company, Tech Pacific (India) Ltd.
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IDBI asked to modify Mafatlal rejig plan
Mumbai: In the light of the objections to the draft rehabilitation scheme for Mafatlal Industries Ltd, the Board for Industrial and Financial Reconstruction has directed the Industrial Development Bank of India (IDBI) to modify the Mafatlal reconstruction scheme.
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Cosmo plans to further demand for BOPP films
New Delhi: Cosmo Films Ltd, which reported a 102-per cent increase in profit after tax at Rs 23.2 crore for 2001-2002, is working on the development of new applications in BOPP films (bi-axially-oriented polypropylene films) to expand the domestic market.
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Kitply may turn around due to funds infusion
Mumbai: Supported by a recently formulated financial restructuring programme and with fresh infusion of funds, the management of Kitply Industries Ltd hopes to effect a turnaround within a year or two.
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Kochi Refineries affected by Tamil Nadu entry tax
Kochi: With a formidable entry barrier erected by Tamil Nadu, the movement of petroleum products from Kerala to the southern and western districts of Tamil Nadu is coming under increasing strain. Kochi Refineries Ltd (KRL) is the worst affected.
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Punjab Tractor moves up on stake sale talk
Mumbai: Punjab Tractor moved up on Friday on rumours that a local tractor company was eyeing the Punjab State Investment Development Corporations stake in the company. The stock ended the day at Rs 142.70 on the BSE, up almost 3 per cent.
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FIIs stock up stake in ACC
Mumbai: Foreign Institutional Investors interest in the shares of leading cement manufacturer Associated Cement Company has increased sharply in the last one year.
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Mahajan wants review by VSNL
New Delhi: VSNL is expected to respond soon to the communications ministrys demand to review the companys decision to invest Rs 1,200 crore in Tata Teleservices.
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Bata to shift some of its operations
Mumbai: Bata India Ltd has decided to shift some of its operations to two separate companies: Fashion Shoe Pvt Ltd and BDCL Enterprises Pvt Ltd.
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LIC, Corp Bank to sell co-branded products
New Delhi: The Life Insurance Corporation and the Corporation Bank are preparing themselves for the time when they can cross sell products. The two propose selling co-branded products, once the regulatory environment permits it.
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Investment slab for FIs in airline, telecom soon
New Delhi: The government is likely to fix the investment caps for foreign institutional investors in the airlines (40 per cent), telecom, broadcasting, banking (49 per cent), defence, insurance (26 per cent) and atomic energy (74 per cent) at the level of the respective sectoral FDI caps.
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Johnson Waxs Diversey-Lever purchase approved
New Delhi: The FIPB has cleared a proposal from Johnson Wax Professional to purchase HLLs Diversey-Lever business division as a going concern and include a manufacturing facility situated at Daman.
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Tata Fin gets approval for stake sale to Amex
Mumbai: The foreign investment promotion board has allowed Tata Finance to sell its 65-per cent equity stake in Tata Finance Amex Ltd to American Express for $1,132,500.
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Bently Nevada to set up electronic assembly unit
New Delhi: The FIPB has granted the foreign collaboration approval to Bently Nevadato set up a 100-per cent wholly-owned subsidiary to undertake the business of manufacturing and assembling electronic hardware and software, including repairs of Bently Nevada systems application engineering, design and installation service.
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Telco sees good prospects in non-cyclical business
Mumbai: In a bid to hedge against cyclicality, Tata Engineering has decided to increase its revenue target from its non-cyclical business operations.
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M&M plans overseas bases for Scorpio Production
Mumbai: Leading utility vehicle-maker Mahindra & Mahindra plans to manufacture its sports utility vehicle Scorpio in Russia, Georgia, Latin America and South-East Asia, senior company officials said.
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ACC to issue Esop to management cadre
Mumbai: The Associated Cement Companies has decided to grant up to 15 lakh options, which is equivalent to about 0.9 per cent of the subscribed equity share capital of the company (as on March 31, 2002), under the employees stock option scheme during the financial year 2002-03.
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