RIL pays 35% bonus to staff
Mumbai: Reliance Industries Limited paid bonus and ex gratia totaling Rs 85 crore to its employees on the occasion of Diwali. Each RIL employee has received 35 per cent of his annual salary as bonus.
In some of the manufacturing units like at Patalganga and Hazira additional perks such as free coupons for fabrics have also been disbursed.

For 8-10 per cent of the high income technical and management cadre, the bonus payout is in six figures. In the case of about 1,500 Reliance Petrochemicals employees, bonus has been fixed at 20 per cent.
Back to News Review index page  
Sail to reduce staff
New Delhi: The Steel Authority of India Ltd plans to reduce its workforce by over 3,500 employees by March next year. This would be in line with the companys plan to prune its employee strength by 10,000 persons every year.

Sail has already effected a reduction of 6,500 employees through its last voluntary retirement scheme which closed on September 15. The steel company spent Rs 500 crore on the scheme, which targeted 7,000 separations.

The reduction in staff strength is spread over Sails four plants located at Rourkela, Bhilai, Bokaro and Durgapur.
Back to News Review index page  
Telco vehicle sales up
Mumbai: Tata Engineering and Locomotive Companys vehicle sales grew 29.1 per cent in October, helped by rising truck and car sales.

TELCO sold 13,996 vehicles in October compared with 10,844 in the same month last year.

The total truck and bus sales grew 11.1 per cent year-on-year to 7,021 units in October.

Medium and heavy commercial vehicle sales grew 25 per cent while light vehicle sales were nearly flat at 2,158 units.

It sold 6,975 cars and utility vehicles combined in October, 54.2 per cent more than the year-ago month. October sales included 1,651 utility vehicles.

Sales of its Indica car improved 127 per cent in October.
Back to News Review index page  
Hewlett-Packard profit falls
California: Computer hardware maker Hewlett-Packard Co. on Wednesday reported sharply lower fiscal fourth-quarter profits as sales contracted.

The company, which acquired Compaq Computer Corp recently, earned $361 million from continuing operations, down from $841 million a year earlier. Sales fell to $10.9 billion in the quarter, ended Oct 31 from $13.3 billion a year ago.

Net profit fell to $97 million, or 5 cents per share, from $922 million, or 45 cents per share, in the year-earlier quarter.
Back to News Review index page  
LG, ITI to make WLL handsets
Mumbai: LG Electronics and ITI Limited will manufacture the WLL (Wireless in Local Loop) handsets for the MTNL, Mumbai. MTNL is scheduled to launch WLL in the metro by January 2002.

LG Electronics will manufacture the bulk of WLL handsets while the balance will be supplied by ITI.
Back to News Review index page  

Danmetals to take over Pennar Aluminium
Mumbai: Denmark-based Danmetals A/S is all set to acquire the Hyderabad-based Pennar Aluminium Company Ltd (Palco) which manufactures aluminium rolled and wire products.

The Danish company has submitted a detailed proposal to the Industrial Development Bank of India (IDBI), the operating agency. However, IDBI is yet to announce its decision.

The officials of Danmetals had surveyed Palco plant at Nagpur to study the equipment and other facilities and were reported to have found the facility to be very satisfying. Hindalco and promoters of Sterlite Industries had also put in the bids for Palco. IDBI had, however, found the proposal very unattractive.
Back to News Review index page  
Kesoram to spin off oil mills
Kolkata: Kesoram Industries Limited (KIL), the flagship company of the BK Birla Group, has decided to spin off its oil mills and solvent extraction divisions.

The company plans to sell or give out on lease the oil mills and solvent extraction plants at Malkapur in Maharashtra and Guntur in Andhra Pradesh as they are either idle or not doing well.
Back to News Review index page