Siemens to build Bangalore international airport
Bangalore: Germany's Siemens group-led consortium will become the foreign partner to build an international airport in Bangalore.The foreign partner will hold a majority stake of 74 per cent in Bangalore International Airport Ltd, which will execute the project. The Karnataka government and the Airports Authority of India will hold 13 per cent each.
The project was expected to start construction work in April 2002 and complete it in the next 30 months.
Siemens won the airport project after beating another German-led consortium headed by construction group Hochtief AG.
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Bharti gets fixed-line licence for Delhi
New Delhi: Bharti Enterprises group company, Bharti Telenet, has been issued a licence to operate a fixed-line phone service in New Delhi. BTNL (Bharti Telenet Ltd) will be the second basic telecom service provider after Mahanagar Telephone Nigam Ltd in the state to provide services.

Bharti said it intended to start its services in New Delhi "very soon" offering a range of telecom services and solutions for corporates, residential and government establishments.
Bharti said it would leverage its optic fibre network spanning 400 km and other hi-tech infrastructure to cover an area of 1,100 sq km across the Indian capital.
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Jet Airways to hike fares from Nov 3
New Delhi: All Jet Airways fares will go up by Rs 150 from Saturday in the face of revised insurance surcharge after last month's terrorist attacks in the US.
The airline said the hike would be three dollars per flight coupon if paid in foreign currency.

Besides, an additional inland air travel tax of Rs 40 per flight coupon will also be payable on the revised insurance charge.
However, infant tickets would continue to be exempted from this insurance charge.
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Hero Honda October sales up 43.8%
New Delhi: Hero Honda Motors on Thursday reported a 43.8 per cent increase in sales at 1.3 lakh units during October 2001 over 92,109 units in the same month last year. The October sales were up by 12 per cent compared to 1.1 lakh units sold in September this year, a company statement said.
Cumulative sales (April-October 2001-02) increased by 34.5 per cent at 7.6 lakh motorcycles as against 5.7 lakh units sold during the year-ago period.
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Cadbury Q3 net up 2.58%
Mumbai: Cadbury India Ltd has recorded a 2.58 per cent rise in net profit at Rs 18.25 crore for the third quarter ended October 7, 2001, compared to Rs 17.79 crore crore in same period of previous fiscal.
Net sales in Q3 were higher at Rs 196.41 crore as against Rs 186.68 crore in corresponding quarter of last year, the company said in a release here on Thursday.
Other income in reporting quarter stood at Rs 2.49 crore (Rs 2.25 crore in same period of last year).
The third quarter of the company is from June 18, 2001 to October seven, 2001, it said.
During the quarter, the company re-launched '5 Star' and 'Gems'.
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Rediff.com Q2 net loss $8.81 mn
Mumbai: Rediff.com India Ltd has posted a net loss of $8.81 million for second quarter ended September 30 as compared to $0.11 million in the corresponding period last year.
The company's gross revenue in the reporting quarter stood at USD 6.08 million as against USD 1.34 million, Rediff said in a release here on Thursday.

The net profit per american depository shares was at $0.344 million as against $0.004 million in the same period last year, it added.

The company expected revenue estimates for the full fiscal year to be approximately $25 million and it expects the current difficult conditions due to the US economy slowdown, to persist till the mid of the next calender year thereby impacting the revenues of this financial year, Rediff said.
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Saregama returns to black
Kolkata: Music major Saregama India Limited has bounced back with a marginal 34 lakh net profit for the quarter ended September 30, 2001, despite a 25 per cent dip in its overall net sales.

The net sales were at Rs 30.16 crores against Rs 40.11 crore during the corresponding period last year.

The net profit during the period was also much lower than Rs 3.10 crore recorded during the same period last year despite incurring a Rs 2.80 crore expense on account of VRS.

The RPG Group company, however, continued to remain in the red in the first half of the current fiscal with a net loss of Rs 31 lakh because of a Rs 65 lakh loss in the first quarter.
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Wipro signs pact with HPL
Kolkata: Wipro Infotech on Thursday signed a Memorandum of Understanding with Haldia Petrochemicals Limited to collaborate and work together in the area of strategic IT outsourcing.

The MoU was signed by Wipro Limited Chairman Azim Premji and HPL Managing Director Richard B Saldanha during Premji's one-day visit to the city.

Premji said; "We will bring out a blue print of how HPL and Wipro can be strategic partners. We will first study in detail the company's existing facilities, short and long term requirements of IT as a strategic tool in order to render Strategic IT Outsourcing services to HPL."
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GE to invest $300 million in India
New Delhi: GE India said on Thursday its investment in the country is estimated to cross $800 million in the next three years from $500 million for increasing its presence in India while targeting $3.0 billion exports by 2004.

The company would invest additional funds for strengthening its manufacturing facility, backroom service and in IT activities.
The company's exports revenue is likely to go up to $3 billion by 2004 while generating up to 48,000 jobs here from the current 18,000 strong staff strength.
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Tata steel gets award for R & D
Jamshedpur: Tata Iron and Steel Company Ltd has bagged the National Award for Research and Development, for the year 2001, instituted by Department of Scientific and Industrial Research (DSIR).

The company received the award for its R&D efforts in the area of new materials, according to a TISCO press release here on Thursday.

The award was given for development of dent-resistant grade steel for car body. The steel grade from TATA steel has met the exacting combination of high strength and formability, the release said. This grade was so far being imported from Korea and Japan.
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Nestle Q3 net up 39.1%
New Delhi: Nestle India Ltd has reported a 39.1 per cent rise in net profit in July-September from a year earlier, due to higher sales and lower commodity prices.

Nestle, a subsidiary of Swiss foods group Nestle SA, posted a net profit of Rs 527 million or Rs 5.46 per share, up from Rs 379 million or Rs 3.93 a share in the same period a year earlier.
The company - which sells coffee under the Nescafe and Sunrise brands, milk products, Maggi noodles and confectionary - said sales rose 13.5 per cent to Rs 5.33 billion from Rs 4.69 billion.
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Ford's Mondeo makes its debut
Mumbai: Ford India Ltd (FIL) formally unveiled its new sedan for the domestic market, the Mondeo, here on Thursday. Winner of several awards, the vehicle which signifies FIL's entry into the D segment of the Indian car market, will be imported as completely built-up (CBU) units from Ford's plant at Genk in Germany.

The Mondeo will compete in the nascent D segment with the likes of the Honda Accord and Hyundai Sonata.

The Ford Mondeo will be offered with both petrol and diesel engine options. Mondeo is targeted at top level executives, industrialists and businessmen.
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Lancer luxury edition to hit the road soon
Chennai: Hindustan Motors is to shortly launch a luxury edition of the Mitsubishi Lancer costing Rs 75,000 more than the present model. The luxury edition will come in two additional colours -- Platinum Beige and Seafrost. Both the front and rear of the luxury edition will be totally different from the earlier Lancer variants. In the first six months of the current fiscal, Hindustan Motors sold 3,100 units of Lancer against about 4,000 units for the same period last year.
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Satyam opens software centre in Sydney
Hyderabad: Satyam Computer Services has opened its first software development centre in Sydney, Australia. The company proposes to offer its complete range of offsite IT competencies and consulting services for local customers. The centre will also host offshore projects for clients in New Zealand and other countries in the region.

Satyam began its business development in the Australian market in July 2000. The company now has more than 80 associates in Sydney and Melbourne.

Its customer base includes GE, the Commonwealth Bank, Ford Australia, NCR, eServ, Coles Myer, State Rail Authority of NSW, Primus, etc. Sydney is Satyams ninth offsite development center.
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Philips buys 77 pc in CG Glass
Mumbai: ROYAL Philips Electronics N.V (Philips) has acquired a 77 per cent stake in CG Glass through an open offer made a few months ago. In July 2001, Philips had entered into agreements with Crompton Greaves Ltd and CDC Group plc, the promoters of CG Glass, to acquire their entire stake in the company.

Following this acquisition, the entire existing board of CG Glass was reconstituted and Mr S. Venkataramani, senior vice-president, lighting, Philips India Ltd (PIL), was appointed chairman of CG Glass.

The name of the company will be changed from CG Glass to Philips Glass India Ltd.
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