Santro, Sonata price to be hiked
Mumbai: Hyundai Motor India Ltd will announce a price hike on its Santro and Sonata by mid-March. Last month, Hyundai had increased the prices of its Accent by up to Rs 15,000.

The price hike is estimated to be around Rs 7,000 on the Santro and above Rs 20,000 on the Sonata. The price increase will be effective from 1 April 2002.

Santro GS is available in Mumbai for around Rs 4.2 lakh while the Sonata Gold has a price tag of around Rs 13.5 lakh.
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Shapoorji Biotech, AP ink pact with US biotech body
Mumbai: Shapoorji Pallonji Biotech Park and the Andhra Pradesh government have signed a memorandum of understanding (MoU) with the US-based Biotech International Center for promoting partnerships between biotech companies in the US and India.

Biotech International would provide technology transfer, arrange joint ventures and attract international biotech companies to set up shop at the Hyderabad Biotech Park.

Shapoorji Pallonji Biotech Park is an 89: 11 joint venture between Shapoorji Pallonji & Co and the government of Andhra Pradesh.

The University of Hyderabad also signed a memorandum of understanding with the Super Computing Center at San Diego for research and training in bioinformatics. Andhra Pradesh has also tied up with North Carolina Biotech Centre Research Triangle Park, in order to provide technology that would enable local biotech entrepreneurs to link with global economy.
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Air-India invites bids for three A310s
New Delhi: Air-India has floated fresh tenders for three Airbus A310 aircraft.

These aircraft will replace the Airbus A300 B4 aircraft, which will be sold to Indian Airlines.

As part of its fleet expansion and replacement of the ageing Boeing 747-200s, Air-India has already taken five A310s on lease last year, for a three-year period.
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Reliance sets up office in China
Mumbai: Reliance group, the countrys largest private sector exporter, opened its first representative office in China last month.

China is the largest importer petrochemical products. We have a presence in all markets and it is natural to have an office in China. We want to be near our customer, Reliance managing director Anil Ambani said.

We do not have an immediate strategy to enter into any manufacturing business in other countries. All options, however, are open, he added.

While RIL exports to over 100 countries, Reliance Petroleum exports to 30 countries across the world.

RIL exports polyester, polyester intermediates, polymers, chemicals and fabrics.

In 2000-01, RPL exported light distillates like LPG, naphtha and gasoline, middle distillates like diesel and aviation turbine fuel and heavy distillates, ortho and para xylenes. It achieved exports of Rs 6,410 crore during the year.
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UTI to introduce Trigger option
Mumbai: The Unit Trust of India (UTI) has decided to introduce trigger option in all its equity schemes. A trigger option would allow an investor to indicate to the fund the point at which he would like the scheme to book profits and liquidate his units.

The Trust is in the process of introducing these trigger options across its equity schemes, so that the investors who want to cash out at new highs have the choice of doing so. An investor who has set his own target in terms of returns and who does not want to hold on for longer period after the market has risen can, therefore, exercise this option and move out of the scheme.

It is like giving standing instructions to a bank. The investor explains to the fund when he wants to exit, and can forget about it. The rest is taken care of by the fund itself.
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L&T, Grasim to start cross-manufacturing
Mumbai: Larsen & Toubro (L&T) and Grasim industries will start cross-manufacturing of cement in the first quarter of the coming fiscal. The move is expected to result in savings to the tune of Rs 40-42 crore to each of the two companies in the coming fiscal.

The two companies have set up a joint task force to oversee various possible aspects of synergy between the two companies.

The companies are in the midst of drawing up a list of markets which they will swap as part of the cross-manufacturing effort.

Cross-manufacturing, which envisages manufacturing of cement for both companies at the same location, enables the company, which has a distant plant, to save on freight costs.

L&T and Grasim have a combined capacity of 29 million tonne.
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IFF Inc mulls to up stake in BBA
Chennai: International Flavours & Fragrances, currently holding 75 per cent stake in Bush Boake Allen (BBA) India, is looking at increasing its stake to 95 per cent through a share buyback.

The other two stakeholders in BBA LIC, and Murugappa Group hold five per cent each. The balance is spread among minority shareholders.

The $1.8 billion IFF Inc, with business outside the US accounting for almost 70 per cent of revenues, is now focussing on India and China as its most important markets.

The current size of the Indian flavours market is about Rs 220 crore, growing at 8 to 10 per cent.
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Equity structure for IOC-ONGC-Gail JV cleared
New Delhi: The government has finalised the equity structure of the new joint venture to be floated by Indian Oil Corporation (IOC), Gas Authority of India Limited (Gail) and Oil and Natural Gas Corporation (ONGC), to purchase and market the Bangladeshi gas in India.

The government has decided that IOC would have a majority shareholding of 48 per cent followed by Gail and ONGC with 26 per cent equity each in the JV.
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Kesoram buys 8% shares from market
Kolkata: Kesoram Industries has mopped up around 42 lakh shares from the open market under its buyback scheme. The shares were bought at an average of Rs 26 a share.

The total purchase of 42 lakh shares represents around 8 per cent of the companys equity capital.
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Samcor to set up facility for picture tubes
New Delhi: Samcor Glass Limited is setting up a six-million capacity colour glass panel facility for 14", 20" and 21" colour picture tubes and colour monitors involving an investment of around Rs 450 crore.

The facility will be set up at Samcors existing plant in Kota, Rajasthan. Samtel is currently importing panels from Samsung Corning, South Korea.

Samcor Glass, a 50:50 joint venture between Samtel Group and Corning of the US, is also looking at expanding its exports base to China of B&W funnels and panels. The company plans to increase exports to 1.5 million this year, yielding a revenue of around Rs 20 crore.

Samtel group has a domestic market share of around 40 per cent in the colour picture tube segment.
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Switcher to gain control in Indian subsidiary
Mumbai: Switcher, Switzerlands top T-shirt and leisurewear brand, is all set to take management control of its Indian licensee following the FIPB approval.

Switcher (Mabrouc SA) has been allowed to pick up 60 per cent stake in its Indian associate, which belongs to the Rs 200-crore Prem Group of Industries in Tirupur, Tamil Nadu.

The Switcher brand was launched in India in 1999 with an exclusive arrangement with the leading retail chain Shoppers Stop.

Switcher boasts of T-shirts, polo shirts, shorts and tops, the price range of which is from Rs 165 to Rs 800.
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Indian Hotels raises Rs 300 Cr via bonds
Mumbai: The Indian Hotels Company Ltd has completed its planned borrowing programme of Rs 300 crore..

Out of the total borrowing, Rs 100 crore was raised in the form of secured bonds with interest rates of 9.75 per cent per annum, redeemable at par at the end of five years. The company has simultaneously completed a yen swap for an equivalent amount in order to reduce the effective cost. The balance Rs 200 crore was raised in the form of secured bonds with interest rates of six per cent per annum, redeemable at a premium of 25 per cent at the end of five years.
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Nalco mulls buyouts
Mumbai: National Aluminium is planning to buy a three million tonne coal and bauxite mine to cut costs and ensure regular supplies.

Nalcohas begun talks with government officials to conclude the deal. The transaction is expected to cost around Rs 350 crore.

Global giants such as Alcoa of US, the worlds largest aluminium maker, and Alcan Aluminium of Canada, the second-largest producer, have already visited Nalco offices in Orissa to talk about business prospects and operations.

Nalco has an aluminium capacity of 230,000 tonnes with complete integration from the bauxite to the primary metal stage.
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Aptech to plans Rs 10-cr expansion
Bangalore: Aptech Ltd is planning to consolidate and expand its overseas operations. The company has already established presence in 52 countries.

Aptech's international operations bring in about15 per cent of its revenue.

Aptech's major expansion this year will be in China. The company, which claims to have been fairly successful in the Chinese market, has already set up some 75 centres and enrolled nearly 10,000 students.

The company intends to increase the number of centres in China to about 200 this year. A lot of educational and training content was being translated into Chinese.

Aptech has devised a global curriculum - ACCP (Aptech Certified Computer Programme), which it expects to launch later this month and in early April in all the 52 countries. The company is also translating content into Spanish and Portuguese as it intended to tap the Brazilian market in the near future.
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Tupperware ties up with HLL
New Delhi: Tupperware India has joined hands with Hindustan Lever Ltd (HLL) to promote the latters refined oil brand Dalda.

At present, Tupperwares tie-up is confined to the foods division of HLL only. However, the two companies are expected to take the alliance further.

While HLL is promoting its Dalda refined oil brand-5 ltr and 15 ltr poly-packs, Tupperware is promoting its popular Modular Mates Oval line and Ezy Flow along with these packs.

As per the offer, a consumer gets on the purchase of every 15 ltr DRO pack, a Tupperware storage product worth Rs 320 free or an Ezy Flow, an oil dispenser worth Rs 195 free with the 5 ltr pack. The offer will be available in retail outlets primarily in Delhi and Northern India in around 10,000 outlets.
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