Hindustan Lever Q4 net up 1.6%
Mumbai: Hindustan Lever Ltds October-December net profit rose 1.6 per cent from a year ago, below market expectations, mainly because of an unexpected exceptional expense.

HLL posted a fourth-quarter net profit of Rs 436 crore or Rs1.98 rupees per share, from Rs 430 crore or Rs 1.95 rupees a share a year earlier.

Net sales rose 4.34 per cent to Rs 2,763 crore rupees.
HLL had an exceptional expense of Rs 63.6 core rupees during the quarter versus nil in the year-ago quarter.
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Gail, OVL buy Myanmar Daewoo stake
New Delhi: ONGC Videsh Ltd (OVL) and Gas Authority of India Ltd (GAIL) have picked up 30 per cent stake of Daewoo International Corporation in its natural gas development project in Myanmar.

OVL, the overseas arm of Oil and Natural Gas Corporation (ONGC), will take 20 per cent participating interest in the the Bay of Bengal gas block, located northwest of Myanmar, while 10 per cent will go to GAIL.

The offshore exploration block in which OVL has bought the stake is estimated to hold about 10 trillion cubic feet of natural gas.
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BG sign sales agreement with Gaz de France
New Delhi: British oil and gas major BG Group Plc has signed an agreement with French gas major Gaz de France for the sale of output capacity of the first train of liquefied natural gas from Egyptian LNG.

ELNG, a joint venture company comprising BG Group, Edison International S.p.A., Egyptian Natural Gas Holding Company (EGAS) and Egyptian General Petroleum Corporation (EGPC), would construct and operate a 900 million dollar liquefied natural gas (LNG) export plant based at Idku, east of Alexandria.

The first train from ELNG would have a capacity of 3.6 million tonnes of LNG per annum under a 20-year contract, with first production scheduled for mid-2005.
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HCL Tech results below expectations
New Delhi: HCL Technologies Ltd reported its results for the October-December quarter that were far below market expectations.

It shares fell in opening trading, by as much as 2.7 per cent to a low of Rs 244.

HCL Technologies second-quarter net profit rose just 1.3 per cent on year to Rs 126 crore from Rs 124 crore in the same period a year earlier.

Gross revenue rose 17.2 per cent to Rs 401 crore.
The company, which specialises in networking and high-end technology work, added 22 clients during the second quarter, which included seven Fortune 500 companies.
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Mallya to sell 26% stake in UB
New Delhi: Vijay Mallya's United Breweries will soon offload 26 per cent stake in favour of an international beer major.

UB is talking to almost all international beer majors for the proposed equity divestment.

Foreign partners in the fray for acquiring the UB stake include Heinekenn of Germany, South African Breweries, Interbrew and Carlsberg
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Skinner to take over as McDonald's new COO
New York: McDonald's has named Jim Skinner as president and chief operating officer of the McDonald's restaurant group.

Skinner, who will be responsible for the company's more than 29,000 hamburger restaurants in 121 countries, will report directly to chairman and chief executive officer Jack M Greenberg.

Alan Feldman has resigned as president and chief operating officer to pursue other career opportunities.
Skinner, who joined McDonald's in 1971 as a restaurant manager trainee, previously was president and chief operating officer of the company's Europe, Asia/Pacific and Middle East restaurant operating groups.
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Telco Q3 loss shrinks by 50%
New Delhi: Tata Engineering and Locomotive Company said its net loss more than halved in October-December from a year earlier.

Telcos third-quarter net loss fell to Rs 55.54 crore from Rs 121 crore a year earlier. Net sales increased 18 per cent to Rs 2,080 crore from Rs 1,762 crore.
The companys operating profit more than doubled to Rs 177 crore from Rs 77.42 crore a year earlier.
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Rasna unveils new strategies
Bangalore: Rasna has unveiled its new corporate and brand strategies aimed at reaching out to one million Indian homes every year.

Rasna was developing a variety of processed food products for consumers in India and around the globe.
The new corporate strategy will focus on Rasna leaf as the new identity, Rasna song, and the reinvented 'Utsav' brand.

Rasna's new retail strategy is aimed at mass visibility, affordability, proximity and availability.
The company aims to reach seven lakh retail outlets across the country.

The company's product 'Utsav' would now have more concentrations of glucose, calcium and vitamin C.
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Crompton Greaves Q3 profit at Rs 2.190cr
Mumbai: Crompton Greaves has posted a net profit of Rs 2.190 crore for the quarter ended December 2001 as compared to a net loss of Rs 37.140 crore for the corresponding period last fiscal.

Net Sales are higher at Rs 333.130 crore for the quarter ended December 2001, as compared to Rs 297.220 crore for the same period the previous year.
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Organosys posts 28.49% rise in Q3 net
Mumbai: Organosys has posted a net profit of Rs 4.510 crore for the quarter ended December 2001 as compared to Rs 3.510 crore for the same period last year. Net Sales (including exports) are lower at Rs 198.290 crore as compared to Rs 206.650 crore the previous year.
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Cummins Q3 net profit down by 38.02%
Mumbai: Cummins India has posted a net profit of Rs 15.612 crore for the quarter ended December 2001 as compared to Rs 25.189 crore for the same period last year.

Net Sales is lower at Rs 166.799 crore for the current period as compared to Rs 227.190 crore for the previous year.
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CMC posts Rs 7-cr net profit in Q3
Mumbai: CMC has posted a net profit of Rs 7.002 crore for the quarter ended December 2001 as compared to a net profit of Rs 1.385 crore for the same period last year.

Total income for the quarter is at Rs 121.873 crore as compared to Rs 114.849 crore the previous year.
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Dolphin to source garments from India
Chennai: Dolphins Technologies plans to source cotton garments from South India for its international customers.

Dolphins has tied up with the US-based Home Source International Inc and the Singapore-based Hayton International Pte Ltd for regular supply of garments from India.

The company has set up two warehouses in US and Singapore for the purpose.

Dolphins is in the process of identifying at least 50 spinning mills in the south to whom it plannned to supply imported cotton and power to help in reducing the cost of production.

Dolphins would then buy the yarn produced at these units and supply to at least 70 garment manfacturing units.
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Sun Pharma Q3 net up 36.5%
Mumbai: Sun Pharmaceutical Industries net profit for the October-December quarter rose 36.2 percent over a year earlier.

The company, which makes a wide range of medicines including those for heart and neurological problems, reported net profit of Rs 4.64 crore on sales that rose 24.7 percent to Rs 197 crore.

It earned Rs 9.9 per share against Rs 7 a year earlier.
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ICICI Bank profit jumps 73%
Mumbai: ICICI Banks net profit for the quarter ending December 2001 stood at Rs 70 crore, marking a 73 per cent rise from the same quarter a year ago. The total income in the quarter has also gone up by 51 per cent to Rs 717 crore.
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Amazon reports first-ever net profit
Seatle: Amazon.com posted a first-ever net profit as strong turnout from holiday shoppers fueled a 15 per cent rise in the online superstore's sales.

For its fourth quarter, Amazon said its net profit was $5 million, or 1 cent a share, compared to a loss of $545 million, or $1.53 cents a share a year earlier.
Revenues grew to a record $1.12 billion from $972 million a year earlier.

Founder and chief executive Jeff Bezos had promised to at least break even this quarter on a pro forma operating basis, and Amazon said it actually turned a $59 million profit on that basis, compared with a $60 million loss a year earlier.
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Kmart files for bankruptcy
Troy: US retailing group Kmart has filed for Chapter 11 bankruptcy protection as it crumbled under pressure from a cash crunch and a loss of confidence among suppliers.

The discount store, which was crushed in competition with its bigger rivals Wal-Mart and Target, vowed to emerge from its woes in 2003 after a reorganisation.
In its filings in the US Bankruptcy Court for the Northern District of Illinois, in Chicago, Kmart said it would reorganize quickly and targeted emergence from bankruptcy in 2003.
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Nokia offers luxury cell phones
Helsinki: Nokia launched the worlds first luxury mobile phone company, Vertu Ltd, that will manufacture hand-crafted cellular phones, adorned with gold or platinum, and costing more than $20,000.

Vertu Ltd will start selling its phone range at its stores in some of the most exclusive shopping areas in the US, Europe and Asia by mid-2002.

The first devices, costing a staggering $21,240, will be cased in platinum, display a sapphire crystal glass screen and offer a sound as clear as a Mozart symphony. The heart of the phone the technology that allows users to make and receive calls, use calendars, contact books and games will be specially designed for its super-rich customers.
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Puma plans re-entry into India
New Delhi: The German sports and fashion giant, Puma, has decided to enter India through a distribution and licensing agreement with Planet Sport, the multi-brand leisure and lifestyle retail chain.

The $1 billion company intends to import its shoes range, while the apparel and accessories will be manufactured and sold by Planet Sports. The products will be available through the seven outlets of Planet Sports and two exclusive Puma stores in Delhi and Mumbai. Exclusive Puma concept stores will subsequently open in Hyderabad and Chandigarh too.

Pumas footwear will be in the price range of Rs 900-5500 while the locally-made apparel and accessories will be pegged between Rs 200-3000.
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Ingersoll-Rand sets up road institute
Bangalore: Ingersoll-Rand India has set up IR-Rasta, the first road institute in India.

The only other country in Asia which has this institute is China. The IR-Rasta aims at bridging the gap between paving and compaction equipment technology and end-user applications.

Three new models are planned this year for India in compaction and paving and one of these models will be launched simultaneously in the US.
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Dresdner group launches $200 m VC fun
Bangalore: Frankfurt-based Dresdner Kleinwort Capital (DKC) has launched a venture capital fund in India with a focus on information technology, biotechnology and media ventures. The fund will have a total size of $200 million.

DKC has already put in $100 million into the fund while a similar sum is currently being raised from various overseas investor firms.

DKC has a presence in 11 countries including the UK (with a major focus on life sciences), the US (IT) and India (IT, BT and media).
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Cisco installs new IP-based network for LIC
Bangalore: Cisco Sytems has installed a nationwide IP-based network for the Life Insurance Corporation of India (LIC).

The network is made of 41 Metro Area Network (MAN), which are connected to each other through a Wide Area Network (WAN).

The network connects over 700 of LIC's offices across India including the metros. LIC is also computerising all its policy records, speeding up transactions for customers while continuing to maintain the highest levels of security and reliability.

The network will enable real-time applications such as premium collections and status report generation. It is expected to drastically reduce the lead-time for settlement of dues and facilitate faster processing of claims.
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Dabur net rises 1.8% in Q3
New Delhi: Dabur India reported a marginal 1.8 per cent increase in net profit to Rs 22.33 crore in the quarter ended December 2001 as compared to the corresponding period of previous year.

Sales were up 1.3 per cent to Rs 319.8 crore in October-December as compared to Rs 315.7 crore in the third quarter of 2000-01.

Company recorded a growth of 8.4 per cent in net profit to Rs 55.6 crore during nine months completed on December 31, 2001 as against Rs 51.3 crore in the corresponding period of previous year.
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Centre sets deadline for Dabhol sale
New Delhi: The Centre has set March-end as deadline for finalising sale of the troubled 2,184mw Dabhol power project.

The Industrial Development Bank of India has been asked to finalise a list of the serious buyers for the Enron stake in Dabhol Power Company (DPC) within the next few days, with a view to accommodating all the new potential bidders, who have recently joined the DPC race, along with Tata Power and BSES.

In a parallel exercise, the Centre has also asked the FIs and Maharashtra to jointly work out the minimum agreed parameters, within two weeks, to resume offtake from the beleaguered power project.

The ministries of finance and power are giving final touches to a Cabinet note, which would list the package of incentives and financial reliefs for facilitating the sale of DPC.
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HLL likely to merge Russel Ind with itself
Mumbai: Hindustan Lever Ltd is exploring the option of merging Rossel Industries which gets delisted from the stock exchanges in June.

Rossell Industries had informed the Bombay Stock Exchange that Lipton India Exports Ltd (LIEL) has acquired 6,33,585 equity shares constituting 6.26 per cent of the issued and paid-up capital of the company. With this acquisition, the total holding of LIEL in the company has gone up to 59.32 per cent.

The third open offer has taken the Lever holding in Rossel Industries to over 95 per cent, and the stock will get delisted by mid-June, company officials said. In the past, HLL had merged group companies like Brooke Bond Lipton India Ltd and Ponds India Ltd with itself. Last year, it merged International Bestfoods Ltd and Aviance with itself.
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HLL to venture into bio-technology
Mumbai: Hindustan Lever is likely to venture into bio-technology through its seeds division which has been hived off to a separate subsidiary, Paras Extra Growth Seeds. The company is already under active discussions with various parties for the seeds business. The proposal to hive off seeds business follows the companys strategy to exit non-core business.
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LG sold one lakh Acs in 2001
Kolkata:  LG Electronics has sold a record one lakh air-conditioners in India during the calendar year 2001. The companys strategy to promote the air-conditioners on health platform has been the key to such impressive sales figures.
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Aruna Sunrise, Tulip Star sign marketing pact
Chennai: Aruna Sunrise Hotels Ltd, owners of erstwhile Quality Inn Aruna, and Tulip Star Hotels Ltd have signed a franchisee-cum-management and marketing agreement following which the four-star hotel has been renamed The Tulip Aruna.

The contract is valid for 10 years. The management fee is based on a certain percentage of the hotels gross revenue and would be paid on a monthly basis. The company had earlier terminated its initial agreement with Choice Hospitality in order to improve the performance of the hotel.

After the new association, it expects at least a 20 per cent increase in its turnover from the current Rs 10 crore.
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Amareswara Agri-Tech signs marketing pact with M&M
Hyderabad: The city-based hybrid seed manufacturing company Amareswara Agri-Tech Ltd has entered into a marketing tie-up with automobile giant Mahindra and Mahindra Ltd (M&M).

This will enable AAL to reach countries like Nepal, Sri Lanka and Bhutan besides strong presence in the domestic market. AAL has about 150 distributors in 10 states, which will increase to 600 distributors covering all the states and the neighbouring countries.
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AIR offers towers to cell companies
New Delhi: All India Radio (AIR) has decided to offer the use of its towers and prime land to the mobile telephone service providers for locating their base stations or even their mobile switching centres.

AIR has about 200 towers across the country which could be used by the mobile operators. In places where the towers are not present, AIR will offer its high rise buildings for their use. It is also open to offering real estate for the operators to set up their MSCs.
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Kenstar to make coffee vending machines
New Delhi: Kitchen Appliances India Ltd (KAIL), a 100 per cent subsidiary of Videocon International, is planning to introduce coffee vending machines at premium retail outlets and its existing 1,000 dealerships across major cities under the umbrella brand Kenstar.

The existing range of Kenstar Kitchen Appliances comprise toasters, microwave ovens, mixer grinders, air conditioners and tumble wash washing machines.

In addition, Kitchen Appliances is also planning to add two to three new models to its existing range of tumble wash washing machines this year. For the first time, the company plans to roll out electronic shaving machines targeted at the premium segment in the near future.
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HMD rolls out auto disable syringes
New Delhi: Hindustan Syringes & Medical Devices Ltd, makers of Dispovan syringes, has launched the first auto disable or AD syringe in the country. The syringes are being made in technical collaboration with Star Syringes of UK.

AD syringes are typically used in the immunisation segment, with a fixed needle and a 0.5 or 2 ml dosage.
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P&G net up 16%
Mumbai: Procter & Gamble Hygiene and Health Care has posted a net profit of Rs 30.62 crore for its second quarter ended December 2001, up 16 per cent from Rs 26.44 crore in the same period last year.

The companys net sales grew by 8 per cent to Rs 147.14 crore from Rs 135.92 crore in corresponding previous period.
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ABB to focus on home electricals
Mumbai: Asea Brown Boveri has decided to focus on household electrical durables and low voltage equipment.
The company is also planning to provide innovative solutions to life sciences and biotech sectors. Also on the anvil are plans to make an entry into water treatment and distribution solutions in a big way.

Besides, ABB has chalked out plans to augment its presence in the low-voltage electrical segment in the coming months, and is focused on building automation systems by leveraging on the strengths of its parent.
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NIIT ties up with Click2learn
New Delhi: NIIT has entered into a strategic alliance with the US-based Click2learn that includes acquisition of its custom development business.

Under the deal, NIIT and Click2learn will jointly develop e-learning and knowledge solutions for the market place using Click2learns Aspen platform and NIITs knowledge services. NIIT will acquire the assets of Click2learns custom development business and will be its exclsuive commercial custom development partner.
NIIT has acquired the business for $3 million.
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Entire Santro production likely to be shifted India
Bangalore: Hyundai Motors is planning to shift the entire manufacturing of Santro to its Indian facility and re-export the units to Korea.

"We are planning to stop production of the Santro model at our Korean plant and use the Indian facility near Chennai", said Hyundai executive director Bong Gou Lee.

Lee said HMIL planned to double its manufacturing capacity at its India factory to 2,00,000 cars per annum in a phased manner.
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Tatas to sell stake in TFL
Mumbai: The Tatas are negotiating with International Finance Corporation (IFC) to sell part of the group's equity stake in Tata Finance Ltd (TFL).

The Tatas are expected to offer 20-25 per cent equity of the 63 per cent held by their group companies.

The TFL management is expected to announce its strategy to revive the company at its annual general meeting here on 23 January.

The Tatas have been scouting for a strategic partner for TFL who would be able to bring in funds to enable the company meet its capital requirements.

The company is required to bring in Rs 100 crore before March to meet the RBI stipulated capital adequacy norms.
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Tanishq launches Diva collection
Chennai: Tanishq, the jewellery brand from Titan Industries, has launched Diva, a pearl and diamond collection.

This range had been designed for the modern Indian women who want a fusion of the traditional and the contemporary.

The collection comprises pearls and diamonds, mostly in rhodium plating, also called white gold. The major part of this range is priced between Rs 10,000 and Rs 20,000 though prices commence from Rs 2,000. The jewellery includes necklace sets, earrings and rings.
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SBI sets up payment gateway
Thiruvananthapuram: State Bank of India has launched its own payment gateway system which will make funds transfers from one customer to another within one hour. SBI is using its own V-SAT network to facilitate speedier transactions through the payment gateway. Transactions originating from the SBI branches are now being routed through the Reserve Bank's V-SAT hub in Hyderabad before being directed to the bank's own central hub in Mumbai.
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