Intel launches high-speed processor
Hyderabad: Intel has introduced its highest-performing Pentium 4 processor ever, running at 2.2 gigahertz (GHz), or 2.2 billion cycles per seconds.
The processor sets the stage for a new class of high-performance PCs that power increasingly popular digital music, photography and video uses, as well the latest applications being developed for the workplace.
The 2.2 GHz milestone comes at a time when nearly 450 million people use PCs that run at 700 MHz or less while systems based on the Pentium 4 processor at 2.2 GHz are available immediately from leading computer makers worldwide.
With 0.13-micron process technology, it is possible to build circuits so small that 55 million transistors can be placed on each chip. It would take almost 1,000 of these wires placed side-by-side to equal the width of a human hair.
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IndusInd Bank to challenge DRT ruling on SHCIL
Kolkata: IndusInd Bank plans to challenge the order of the debt recovery tribunal which vacated an interim order attaching properties of Stock Holding Corporation of India Ltd (SHCIL).
The bank will appeal to the appellate authority of the tribunal challenging the recent order of the Kolkata bench. The order, while vacating its previous interim order, said the merits of the case did not warrant the protection it had sought through attachment as the assets and properties of SHCIL appear to be sound and satisfactory.
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Batata to start cell service in Delhi by June
New Delhi: The Birla-AT&T-Tata combine (Batata) is going to launch cellular services in Delhi by June.

Batata's merger with BPL would have to be in place and a new brand would be a required for effective marketing of the services.

Batata sells under AT&T brand in Gujarat and Maharashtra, while in Madhya Pradesh it is still the RPG and in Andhra Pradesh the services sell under the Tata name.

The new entrant will be the fourth cellular operator in Delhi after Bharti, Hutchison-Essar and MTNL.
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TVS developing racing bike
Bangalore: TVS Motor Company has said it is developing a high-power, four-stroke racing bike.

The 18 to 20 hp bike, with four valves, is being developed with a specially designed suspension system.

The bike would hit the road in two years time.
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AF Ferguson to prepare Sidbi revamp
New Delhi: The Small Industries Development Bank of India (Sidbi) has appointed A F Ferguson to prepare a reconstruction plan. The consultant is expected to submit its report by July.

Sidbi is in talks with German development bank KfW for DM 34 million line of credit and special drawing rights of $ 16 million from Rome-headquartered International Fund for Agriculture.

The bank was expecting to mop up over Rs 1,000 crore through priority-sector bonds next fiscal and this year, it had already raised Rs 900 crore of the planned Rs 1,000 crore borrowings through the ongoing priority sector bonds till date.
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Jindal Steel and Power promoters to up stake
New Delhi: The promoters of Jindal Steel and Power (JSPL) will hike their stake in the company from the existing 35 per cent to 45 per cent through a preferential allotment.

This will result in an inflow of around Rs 40 crore into the company.

JSPL will issue warrants to the promoters which will be converted into equity at a later date.

Promoters will be issued shares at a price of Rs 155 per share (Rs 145 premium on Rs 10 share) worked out through a Securities and Exchange Board-devised formula.
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Mahindra to launch two Bolero variants
New Delhi: Mahindra & Mahindra will launch two variants of its premium Bolero model in the next three months.

There will be the Camper in mid-March, which is a double-cab pick-up with the Bolero look and the petrol variant of the Bolero in May.

Camper is aimed at the rural and semi-urban market, where it could also be used as a cargo carrier. It will be priced at around Rs four lakh. It will have a 2,523 cc engine and can carry a payload of more than a tonne.

The petrol variant will use a 1,817 cc Isuzu engine and is targeted at a segment that is expected to grow after India lifts controls on diesel and petrol prices from 1 April.
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Govt serves ultimatum on Tulip Hotels
New Delhi: The government has asked Tulip Hotels to produce documents by 23 February relating to payment for state-owned Juhu Centaur hotel or the government would invoke the bank guarantee given by the hotelier during the disinvestment process.

Tulip group had successfully bid for Centaur property of Hotel Corporation of India in November last year with an offer of Rs 153 crore.

The company had earlier sought time till early March to clear the transaction saying it was tying up finances with a consortium of banks.
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Warburg picks stake in British Airways arm
New Delhi: British Airways has decided to offload majority stake in its Mumbai-based call centre subsidiary World Network Services to global private equity investor EM Warburg Pincus.

An investment between $5-8 million is reported to have been made in the company through Warburg Pincus (Singapore).

WNS is a wholly-owned business process outsourcing subsidiary of the British carrier and was set up in 1996. It has over 900 seats and employs 1,600 people at its two centres in Mumbai and Pune.
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DPC lenders finalise due diligence schedule
Mumbai: The Indian and international lenders to Dabhol Power Company (DPC) have finalised the schedule for carrying out due diligence for sale of foreign equity in its 2,184 MW plant at their meeting in Singapore.

The lenders had held marathon discussions with DPC official Mohan Gurunath over the last three days to finalise the timeframe for due diligence followed by a schedule for invitation of financial bids.

The due diligence process is expected to commence in the first week of March.

At least 20 financial institutions including IDBI, ICICI Ltd, State Bank of India, Overseas Private Investment Corp and ABN Amro participated in the discussions to further facilitate sale of the power plant.
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Telcos asset write-down not to impact ratings
Mumbai: Credit Rating Information Services of India Ltd (Crisil) has said ratings assigned to Tata Engineering's debt instrument have not been impacted by the recent financial restructuring of the company.

This was on account of the fact that the impact of restructuring on Telco's reserves was already substantially factored into the outstanding Crisil ratings on the company's debt instruments.

The restructuring exercise consists of a write-off of deferred revenue expenditure of Rs 933 crore, a write-down of fixed assets of Rs 215 crore and write-off for diminution in value of investments of Rs 32 crore.

This aggregate amount of Rs 1,180 crore is to be written off against Telco's share premium account thereby reducing its reserves.
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ABB to make Vadodara, Nasik as global sourcing centres
Mumbai: ABB has decided to designate its Vadodara and Nasik factories as its global sourcing centres for two products.

ABB has decided to outsource its 72.5 kv high voltage circuit breakers from Vadodara.
In addition, the company's Nasik factory would be globally responsible for 33 kv and 11 kv medium voltage outdoor live tank circuit breakers and magnetic acuators.
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Crisil downgrades United Phosporus' NCD issue
Mumbai: The Credit Rating and Information Services of India Ltd has downgraded the Rs 38.5 crore non-convertible debenture issue and fixed deposit programme of United Phosphorus to inadequate safety.

The revision was on account of continuing losses at Search Chem Industries, a UPL subsidiary, with projected turn around not materializing resulting in rescheduling loans including those guaranteed by the parent company.

The continuing poor performance reduces the prospects of any immediate recovery or reduction of UPL's own exposure to Search Chem, an exposure that is very large in proportion to UPL's networth.
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Godrej to buyback up to 40% equity
Mumbai: Godrej Industries is to buyback up to 2.46 crore equity shares of Rs 6 each representing 40 per cent of the capital from the shareholders at Rs 18 per share.

The scheme would provide an opportunity to the shareholders to exit at significantly higher price than the ruling market price. It would also help the company to optimise its capital structure.
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Zee Telefilms gets rid of 11 subsidiaries
Mumbai: Zee Telefilms board has cleared a corporate restructuring proposal whereby its 11 subsidiaries, including E-connect India, Zee Multimedia Worldwide, BVI and Asia TV, USA will cease to exist.

The entire process is expected to be completed in six to eight months after necessary regulatory approvals.

Zee expects to achieve considerable savings with closure of these subsidiaries, which would also facilitate the process of consolidation of financials of remaining subsidiaries with that of ZTL.

Programme Asia Trading Company, Elzee Television, Kaveri Entertainment and Dakshin Media are the Indian subsidiaries, which would cease to exist. The foreign arms are Winterhealth Company, Mauritius, Hokushan Trading, HongKong, Expand Fast Holdings, BVI, and Zee TV SA (Proprietary), South Africa.
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SKF Bearings net up 30.75%
Mumbai: SKF Bearings has posted a 30.75 per cent rise in net profit at Rs 8.97 crore for the year ended December 2001 as compared to Rs 6.86 crore in year 2000.

The board has recommended a 10 per cent dividend per share for 2001, the company said in a release.

Total sales for the period under review were down by 2.51 per cent at Rs 357.3 crore as against Rs 366.53 crore in 2000.
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Alembic finalises biz revamp plan
Mumbai: Alembic has finalised a business restructuring plan whereby it will create a new division for cardiovascular and diabetic drugs while hiving off some old brands into a franchisee company for their marketing.

The company plans to go for sourcing through third party manufacturing arrangement for product launches in CVS and diabetic segments. Moreover, Alembic would also shift some of its existing products in diabetic segment under the new division.

Alembic has lined up six products in these two segments, which were expected to be introduced in near future.

The company plans to spruce up its over-the-counter business through acquisitions and in-house development.
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Oswal to set up ammonia project in Australia
Sydney: Oswal Group will set up Australian $700-million ammonia project on the Burrup peninsula, near Karratha in Western Australia.

Project funding arrangements will be finalised by the end of March, while major site work on the ammonia plant could be underway by the third-quarter of this year.

When commissioned, the plant will produce 2,200 tonnes of ammonia a day.
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Bhel commissions Simhadri unit
New Delhi: Bharat Heavy Electricals has commissioned the 500 MW unit at the Simhadri Thermal Power Project in Andhra Pradesh ahead of schedule in 39 months.

Work on the second unit is also progressing at a rapid pace and is likely to be commissioned ahead of schedule, the company said.

Bhel bagged the turnkey project for the Simhadri Power Project of NTPC under the international competitive bidding in November 1998.

The greenfield power project located at Parvada village about 40 km from Vishakhapatnam is being funded by the Japan Bank for International Cooperation.
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ABB India Moving HQ to Bangalore
Ahmedabad: ABB India is shifting its corporate headquarters from New Delhi to Bangalore by the end of March.

Since ABB already has a facility in Bangalore, it would not have to bear additional expenses on account of relocation.
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Hughes Soft diversifying into telecom
Mumbai: Hughes Software Systems has begun providing technical help desk and back-end services to the telecom sector. These include business support services, billing operations and other on-site services for a new set of clients.

The company now intends to move from just equipment manufacturing to providing other kinds of high-end telecom services.

The company is concentrating on providing billing and commercial applications on location based services, apart from system integration services.
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Mastek ropes in UK co for European push
Mumbai: Mastek has roped in UK-based Capita for bidding jointly for business mandates in Europe.

Mastek is expected to receive software development work from Capita.
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V-Can, Cambridge tie up
Hyderabad: V-Can Systems has tied up with the University of Cambridge to provide Business English Certificate (BEC), an internationally valid examination.

BEC will benefit graphic architects who need to have good communication skills to work on high-end projects. Those who aim at the BEC examination are evaluated by an independent team of the British Council and trained at one of the three levels of competence - elementary, intermediate and advanced.
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Proxy sets up shop in Technopark
Thiruvananthapuram: The Netherlands-based Proxy Systems has set up its first offshore unit in Technopark here. The company's Indian operations will focus on development of integrated GIS solutions and enterprise systems for its clients abroad.
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CoSine forays into Indian market
New Delhi: CoSine Communications Inc, a leading developer of managed, network-based IP services delivery platforms for service providers has announced its entry into the Indian market.

The company will offer network-based IP service delivery platforms. It will also introduce IPSX Service Processing Switch, IPSG Service Generator, InVision and InGage Network Management Systems.
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Corpn Bank to sell LIC Mutual products
Mumbai: Corporation Bank has tied up with LIC Mutual Fund to market the fund's products through its branches.

The arrangement will initially cover four open-ended schemes - LICMF Bond Fund, LICMF G-Sec Fund, Dhanaraksha-89 and LICMF Children's Fund.

LICMF has a corpus of Rs 2,400 crore and manages eight close-ended and eight open-ended schemes. It had mobilised around Rs 4,000 crore as on 31 January 2002.
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HTA is agency of the year
Kolkata: Advertising Club Calcutta has awarded HTA the coveted Agency of the Year award for 2002.

The award for Calcutta Agency (branch of the year) had gone to Response India, while the Gowtam Ghosal Trophy for the most outstanding marketing and advertising project had gone to MTV, Mumbai. The Subhash Ghosal Trophy for best work done by a Kolkata agency also went to Response India.

Aroon Purie, the editor-in-chief of India Today, was inducted into the Advertising Club Calcutta's Hall of Fame this year.
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Agrani to start tech store in Chennai
Chennai: Technology retail store, Agrani Switch, is going to commence operations here mid-March.

This 2,200 sq.ft. technology store, which will be located on G.N. Chetty Road in T. Nagar, will have all branded technology-related products such as mobile handsets, landline phones, mobile connections, pagers, fax machines, computers, laptops and palmtops, Internet devices, digital cameras and MP3 players.

The store's format will be on the lines of its other stores and will have services such as Net at Switch, where consumers can use the Net for their business and personal communications needs.

The other services include a gaming centre which will have Net-based games and Switch Technoaid, which is an after-sales service that will be available to the consumers after purchase.
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Cutty Sark whisky to be available in India
New Delhi: Cutty Sark, a leading international brand of Scotch whisky, is all set to hit the retail market in India soon. The company initially plans to retail the brand in Mumbai and Chandigarh. The product is likely to be priced between Rs 1,800 and Rs 1,850.

The marketing for the brand will be conducted by Focus Brands Ltd, which also looks after the marketing of Cutty Sark.

Distributors have been appointed in Delhi, Mumbai, Chennai and Kolkata.

The company plans to create awareness for the brand through sponsorship of outdoor sports.
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Samsung to launch high-end TVs
New Delhi: Samsung India Electronics Ltd is launching a slew of new TV models this year, including a range of high-end products.

The company has on cards a 100-hertz projection television, plasma display TV and flat TV sets. Samsung is also enhancing features in its Plano range of flat TVs. It is launching Plano models in 21-inch, 25-inch and 29-inch screens in the second quarter of the year.
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Electrolux develops talking washing machine
New Delhi: The Indian R&D centre of Electrolux has developed worlds first talking washing machine.

The machine, which the company claims to be fluent in Hindi and English, instructs the operator in a female voice to get the perfect wash. The concept can be replicated to incorporate all languages.

Electrolux Kelvinator has applied for a world-wide process patent for the concept developed at its R&D centre at Butibori, near Nagpur.

Christened washy talky, the fully automatic top loading machine works on fuzzy logic with a voice chip.
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Cadbury gets over 90% in Indian arm
Mumbai: Cadbury Schweppes has managed to garner a stake in excess of 90 per cent in local subsidiary Cadbury India.

As a result, the parent company will be in a position to delist the Indian subsidiary, though it will have to make another offer to those shareholders who have not responded to the current one.
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Rolls' naval arm offers tech transfer
New Delhi: Rolls-Royce naval marine division has said it is ready for technology transfer and local manufacturing of naval systems and equipment.

The company has already started talks with HAL, to make it overhauling and maintenance centre for aero engines for South and South-East Asia.

Rolls-Royce is discussing the feasibility of setting up joint ventures in naval warfare systems with a number of Indian companies, mostly public sector undertakings.
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Pepsi ropes in Fardeen, Rahul
New Delhi: Pepsi Foods is launching a new aggressive campaign with actor Fardeen Khan and model and DJ Rahul Khanna.

Pepsis 45-second Rahul-Fardeen commercial will be aired during the ongoing India-Zimbabwe cricket test series through the DD channel. The commercial has been created by HTA with ad film maker Anand Surapur.
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Wipro to move into two new verticals
New Delhi: Wipro Technologies has launched two new verticals -media & entertainment and government.

With the launch of the new vertical, Wipro has a fairly unique and broad range of services.
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Ginni Filaments goes global with own brand
New Delhi: Ginni Filaments will foray into the ready-to-wear segment by launching its own brand in the international market. The company will invest Rs 150 crore towards this project. It will launch the brand in US, Europe and Canada.

The companys plans include foraying into weaving and garments, besides capacity expansion. Within the next six months, the company will enter the ready-to-wear market by launching its own brand.

The company plans to launch its own brand in major international markets like US, Europe, Canada and Australia and has presence both in the mens and womens wear categories besides childrens wear segment.

The products will be marketed through retail outlets across major international cities.
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Jacuzzi ties up with Kochi ceramics firm
Kochi: Jacuzzi UK has tied up with Kochi-based Muthoot APT Ceramics to launch its international brand Fordham.

Muthoot ATP Ceramics has been manufacturing the whole range of Fordham sanitaryware for the UK company for the last two years for export. It is now decided that a range of products would be released in the domestic market as well.

The present market in the country for sanitary and bathroom ware is estimated to be Rs 500 crore.

The Fordham brand includes ceramics, bathroom furniture, acryclic baths, brassware, shower enclosures, etc and would be marketed over a period of time with imports of non-ceramic items in the initial stages.
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Asian PPG mulls manufacturing unit in India
Mumbai: Asian PPG, the automotive paints joint venture (JV) between Asian Paints (India) Ltd and US-based PPG Industries Inc, is considering setting up a manufacturing unit in India.

The 50:50 JV with PPG Industries has acquired land in the MIDC Estate in Chakan, near Pune for its proposed automotive paint manufacturing facility.

Asian PPG is the exclusive supplier to automobile majors such as Hyundai, Daewoo and General Motors. It is also a major supplier to TVS Suzuki, Hero Honda and Bajaj Auto.
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UTI Bank to make allotment to AIG
New Delhi: The UTI Bank is set to make a preferential allotment of fully convertible debentures, not exceeding Rs 50 crore to the Infrastructure Fund of AIG as part of the move to cut the stake of its promoter, UTI to 40 per cent in the bank.

In September last year, two funds owned by CDC Capital Partners bought a 26 per cent stake for a consideration of Rs 156 crore. The preferential allotment was made at Rs 34 per share, resulting in a dilution of the UTI's holding to 44.88 per cent.

With the proposal to issue convertible debentures to AIG, UTI Bank will now be well in line to comply with the RBI directive to limit the holding of the promoter group in a bank to 40 per cent.
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