Maruti Udyog MoU with DGFT
New Delhi: Maruti Udyog will enter into a memorandum of understanding with the directorate general of foreign trade (DGFT) for import of semi- and completely-knocked-down kits for the company's new models of cars.

The company is planning to launch at least two new models in the mid-size car segment some time later this year. This will counter other automobile manufacturers getting into this segment. The MoU will make the imports foreign exchange neutral.
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Pepsi plea against Coke rejected
New Delhi: The Delhi high court has rejected Pepsi's application seeking to restrain Coca-Cola from taking away its employees and business associates.

The court ruled that injunction cannot be granted to create a situation such as "once a Pepsi employee, always a Pepsi employee".
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S&C under BIFR
Mumbai: Synthetic & Chemicals, one of the largest producers of styrene butadiene rubber in India has given up its Rs 229 crore expansion plan of the Bareilly site.

As a result of this, the company has added Rs 74 crore to its profit and loss account as extraordinary adjustment for 1998-99.

With the accumulated losses of the company far exceeding its net worth, the company has been referred to the Board for Industrial and Financial Reconstruction. The company's losses in 1998-99 have been put at Rs 140 crore, against its net worth of Rs 97 crore.
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Balaji Foods to merge with Venkateshwara Hatcheries
Pune: Balaji Foods and Feeds will merge with Venkateshwara Hatcheries. The boards of the two companies have decided that shareholders of Balaji Foods and Feeds will receive two redeemable preference shares of Venkateshwara Hatcheries for every 10 shares of Balaji Foods and Feeds. These preference shares will be of face value Rs. 10 each and will  carry a coupon rate of 9 per cent per annum, redeemable in five years from the date of allotment.

The merger of the 100 per cent export-oriented, but loss-making Balaji Foods and Feeds with Venkateshwara Hatcheries will have to be approved by the shareholders and creditors and by the Andhra Pradesh high court. The merger will mean an outgo of Rs 4.96 crore for Venkateshwara Hatcheries for issue of preference shares and about Rs 43 crore which Balaji Foods and Feeds owes to creditors.
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IndusInd files case against Modi Entertainment
Mumbai: IndusInd Media Communications, the Hinduja-owned cable operator in Mumbai, has gone to the court against Modi Entertainment Network, which distributes ESPN channel in India, for breach of contract in not providing the signal of the sports channel to it.

IndusInd Media Communications says it has a one-year contract with Modi Entertainment Network and the sudden stoppage of the encrypted channel on 26 July is a breach of this contract. This is for the second time that the two companies are on a warpath. Earlier Modi Entertainment Network had disconnected ESPN service during the World Cup cricket tournament to IndusInd Media Communications for alleged non-payment of subscription dues.

Modi Entertainment Network says it has no agreement with IndusInd Media Communications and that it had signed up with Encore Communications for distributing ESPN in Mumbai.
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JK Drugs develops drug delivery system
Mumbai: JK Drugs and Pharmaceuticals has developed an innovative drug delivery system for two of its products, Oxyfree and Gaskin A. The company has also started marketing the systems.

The company said that it has become the first company   in India and the second in the world to develop and introduce cefixime, a high value third generation oral cephalosporin.
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Ace range from Piaggio launched
Pune: Piaggio Greaves Vehicles has launched its Ace range of diesel three-wheelers in India. The range comprises of pick-ups and delivery vans.

The company, a 51:49 joint venture between Italian Piaggio and Greaves also plans to manufacture passenger version of these vehicles. The manufacturing plant of the company is located at Baramati in Maharashtra.
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SAIL loss goes up by 96%
Calcutta: Steel Authority of India has reported a 96 per cent increase in net loss at Rs 610 crore for the first quarter ended on 31 June, 1999. The public sector steel major, however, achieved a 5.6 per cent growth in sales at Rs 3,376 crore for the first quarter. The figures are unaudited.

The company's bottomline has been affected by a 25 per cent increase in depreciation at Rs 311 crore and 32 per cent increase in interest cost at Rs 576 crore for the April-June 1999 period.

In a press release the company stated that the thrust in the first quarter was on exports, despite the low price realisations. This was being done in light of the persistent oversupply conditions in the domestic market. Industry experts, however, pointed out that export price realisation being lower than the domestic price realisation, it was suicidal for the company to give greater emphasis on exports.
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Reliance Capital net drops
Mumbai: The net profit of Reliance Capital for the first quarter of 1999-2000 registered a drop of 15.77 per cent to Rs 21.41 crore from Rs 25.42 crore in the same period last year.

The income from operations, however, increased by 20.99 per cent.
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Arvind Mills suffers loss
Mumbai: Arvind Mills, the Lalbhai group flagship company, has posted a net loss of Rs 48.16 crore during the first quarter ended 30 June 1999 of the financial year 1999-2000 against a net profit of Rs 10.26 crore in the corresponding period last year.

Higher depreciation charges and poor performance of the denim division are cited as reasons for the loss.

The turnover of the company has gone up by 23 per cent to Rs 250.34 crore in the period.
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Regulator hands over revamp to Daewoo
Seoul: South Korea's financial watchdog, the Financial Supervisory Commission, has said the cash-strapped Daewoo group should take a main role in the restructuring efforts, reversing its earlier stand that the creditors should take over the process.

Foreign creditors, who hold a fifth of Daewoo's $50 billion debt, had reportedly objected at the government's decision that the restructuring exercise must be controlled by the creditors.
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McGraw Hill files case against Macmillan
New York: McGraw-Hill has filed a trademark case against Macmillan Publishing alleging copying the name McGraw-Hill uses for the on-line previews of its computer technology books.

The name involved in the lawsuit is "Beta Books", which McGraw Hill says Macmillan uses for a service that allows visitors to its website to preview, comment and buy the company's forthcoming computer books.
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Microsoft, Compaq admits flaws
New York: Microsoft Corp. and Compaq Computer Corporation admitted the existence of several security flaws in their software. These flaws could enable intruders to gain access to computers of customers and damage their data via e-mail or commands sent from a website.

Some Hewlett Packard computers are also are said to be vulnerable, an expert said.
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Petronet signs deal with Rasgas-Mobil
London: Petronet LNG, a consortium of four India petroleum companies, has signed a sales-purchase agreement with Rasgas-Mobil for importing 7.5 million tonnes of liquefied natural gas to India.

The agreement was signed by Petronet chairman and managing director Suresh Mathur and minister of finance, economy and commerce of Qatar Youssef Hussain Jamal, who is also chairman of Rasgas.

As per the agreement, Rasgas-Mobil will supply for 25 years five million tonnes of LNG to Petronet's Dahej terminal in Gujarat and 2.5 million tonnes of LNG at the Kochi terminal in Kerala.
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Giddings & Lewis takes stake in Kirloskar company
New York: A Wisconsin-based company, Giddings & Lewis Inc, has acquired a majority stake in Kirloskar Warner Swasey in Hubli in Karnataka.

The company produces lathes and vertical machining centres.

Stephen M. Peterson of Giddings & Lewis' machining centres business in Chatsworth, California will be responsible for the new business while Sham Kirloskar will continue as president of the company.
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