Dunlop closes its head office
Kolkata: Dunlop India Limited closed its head office here on Tuesday after the company suspended operations at its two factories in West Bengal and Tamil Nadu.
The management had been insisting that the head office employees should relocate themselves to a premise in Sahagunj factory in the state for purposes of mortgaging the city office to the West Bengal government. But the employees refused to obey the management and continued to report at the city office.
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UTI to offload investments
Mumbai: With just one more month to go before UTI declares the net asset value of its flagship US-64 scheme, it initiated measures to boost the NAV of the units. These measures include booking profits from equity investments and transferring Rs 872 crore from the development reserve fund (DRF) to the US-64 scheme on account of the latters real estate holdings.
UTI has also exercised its options to exit from select investments made in multinational companies by participating in their open offers to increase stakes in Indian operations.
UTI has identified around 32 companies where its entire equity investments will be divested to book profits.
Over two- thirds of real estate holdings in US-64 have already been transferred to liquid assets.
Before 31 December, all the real estate assetsestimated at Rs 850 crorewill be transferred to the Trust.
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HPCL asked to quote MRPL price
New Delhi: Petroleum ministry has directed Hindustan Petroleum Corporation to quote its final offer for the A V Birla groups stake in MRPL within the next 10 days.

The decision was taken at a high level meeting of petroleum minister Ram Naik with HPCL officials and Kumaramangalam Birla.
HPCL board will meet again and a decision will be taken on the final quote within the 10 days. The A V Birla group will then have a weeks time to make up its mind whether to accept the price or not.
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HLL to sell nickel catalyst business to ICI
New Delhi: Hindustan Lever on Tuesday signed an agreement with ICI India, a subsidiary of ICI Plc, UK, for sale of its nickel catalyst business, at Rs 21 crore on a going concern basis.
ICI will take over the manufacturing facilities relating to nickel catalyst business located at the Taloja factory near Mumbai.
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Schwing Stetter sets up unit
Chennai: Schwing Stetter India, a 100 per cent subsidiary of Germany-based Schwing Group, has set up a unit at Irungattukottai near Chennai to manufacture the entire range of equipment for concrete preparation, transportation and placement.
The Schwing Group is a global leader in manufacture of machinery for Ready Mix Concrete and construction industry. The new facility in Chennai, to be inaugurated on Wednesday, is the ninth manufacturing plant of the Schwing group worldwide.
The Rs 18-crore unit will manufacture concrete batching plant, truck mixer, concrete pump and concrete recycling plants.
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Andrew Yule to sell Tidewater
Kolkata: Andrew Yule has accepted the disinvestments committees suggestion to sell of the Tidewater Oil, its highly profitable associate in which it holds a 27 per cent stake.
Plunging fortunes and fast depleting financial resources has left Andrew Yule with virtually no alternative. The Andrew Yule board is also considering sale of yet another profitable subsidiary Hooghly Printing Company.
Tidewater Oil has a foreign shareholder in Fourstar, though the overall control of the overseas stake now rests with Canada-based Chevron, the global energy and oil giant.
The overseas stake of Tidewater Oil resting with Fourstar is about 31 per cent. The remaining 42 per cent is shared by banks, domestic financial institutions and the Indian investing public.
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Essel to enter online lotteries business
New Delhi: Essel group is planning a major presence in online lotteries with a project outlay of around Rs 300 crore to be invested over the next one year.
Playwin Infravest, an Essel group company, has drawn plans to put in place over 5,000 terminals across the country for online lottery.
Also in the offing is roping in of celebrities for live broadcast of draws across the group's television property, Zee network.
Playwin Infravest has licences for the lotteries of two states - Karnataka and Sikkim. It has bid for licences in Maharastra and Punjab.
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Hindustan Syringes to focus on US, Europe
New Delhi: Hindustan Syringes and Medical Devices on Tuesday said it would focus on overseas market and establishing a strong distribution network in Europe and America for its medical devices.
The compnay would participate in a four-day medica trade fair to be held in Germany.
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1,000 Sonatas sold since launch
New Delhi: Hyundai Motor India on Tuesday said it had sold 1,000 units of its luxury car 'Sonata' since its launch in July this year.
Sonata sales continue to increase and the company sold 351 units of the car in October, a company release said on Tuesday.
Hyundai India also manufactures the premium small car 'Santro' and the mid-size car 'Accent'.
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Shell hires JM Morgan Stanley to evaluate IBP
Kolkata: JM Morgan Stanley has been engaged by the Dutch multinational Shell for the valuation of IBP.

Shell, along with several foreign and domestic oil companies including Indian Oil Corporation, had expressed serious interest in picking up 33 per cent stake in the oil marketing company, IBP.
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MindShare to begin operations from Jan 1
Mumbai: Mindshare, the $17-billion media specialist company, which will plan media strategies for Hindustan Lever Ltd (HLL) for India and other central Asian countries, will begin its operations from January 1 this year.
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Oberoi resort opens at Ranthambhore
New Delhi: The Oberoi group's newest luxury resort, Vanyavilas, adjoining the Ranthambhore tiger reserve in Rajasthan, has been declared opened.

The accommodation consists of luxury air-conditioned tents, which have a private deck for sunbathing. A walled garden surrounds each tent, thereby, ensuring complete privacy, the hotel said. A special feature of the resort is the private therapy suites.
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Strike hits work at MRF Pondy unit
Chennai: Production at the radial tyre-manufacturing unit of MRF Ltd at Pondicherry has been hit following a sit-in strike by the workers.

The strike related to regularisation of employment by the workers on probation or training.

Production has been hit as the workers abruptly stopped operations. The workers had been on a go-slow agitation since early last month and the strike was declared on October 23.
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Sterling plans to raise $500 million
Mumbai: Sterling Infotech Ltd plans to mobilise $500 million through an issue of either American Depository Receipts (ADRs) or Global Depository Receipts (GDRs) to bankroll its plans to lay an eight-fibre pair fully-protected undersea cable system from Chennai to Guam. Sterling Infotech is the flagship of the Sterling Infotech group. Set up in February 1993, it was earlier known as Sterling Horticulture & Research Ltd.

Sterling Infotech has sought the Foreign Investment Promotion Board approval for issuing 6.84 million equity shares in the international capital market amounting to 45.60 per cent of its post-restructuring paid up capital.
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