Tatas up stake to 63.58% in TFL
New Delhi: The Tatas have increased their stake in Tata Finance to cross the crucial 51 per cent mark and reach 63.58 per cent between January and March this year.

The promoter stake has been increased from 50.8 per cent till 31 December 2001 to 63.58 per cent as on 31 March 2002.

This stake consolidation by promoters comes even as TFL is understood to be keen on divesting up to 25 per cent stake to a strategic partner.
Back to News Review index page  
Sonata Soft declares 15 % dividend
Bangalore: The Sonata Software Ltd board has declared a final dividend of 15 per cent, taking the dividend for the entire year to 35 per cent.

The company, which had issued profit warnings last October, made revenues of Rs 16.9 crore for the fourth quarter (Rs 17.1 crore in the third quarter. For the full year, revenue stood at Rs 81.3 crore (Rs 110.1 crore).

The company's EPS was down from 3.33 in 2000-01 to Rs 1.70 in 2001-02.

Sonata has projected revenues of Rs 260 to Rs 280 crore and profit after tax of Rs 160-180 crore for the next financial year.
Back to News Review index page  

Hero Honda to pay 850%
New Delhi: Hero Honda Motors Ltd has announced a total dividend of 850 per cent for the 2001-02 fiscal, amounting to a payout of Rs 340 crore.

This includes the 250 per cent special dividend announced in October last year.

The firm, announcing an 88 per cent surge in net profit for the year to Rs 462.93 crore, rewarded its shareholders with a 350 per cent final dividend and special 250 per cent celebration dividend.

Hero Honda also announced some management changes with the induction of A Kajusa as joint MD and elevation of Pawan Kant Munjal as MD. Promoter Brij Mohan Lall Munjal has stepped down as the MD and will now only be the chairman.
Back to News Review index page  
LMS launches virtual.lab
Bangalore: LMS International has launched virtual.lab, its new product suite for virtual prototype simulation.

The solution helps to predict, measure and refine acoustics and vibration in virtual models of engineering products. The virtual.lab was a cost and time-saving technology for manufacturers as it eliminated a prototype test cycle.

Based on the software of LMS's strategic partner Dassault Systems, the virtual.lab is aimed at automotive, defence, aerospace, telecom, consumer electronics and OEM manufacturing sectors.
Back to News Review index page  

SBI, associates hike STCI stake to 16.81%
New Delhi: The SBI and its associates have increased their share in Securities Trading Corporation of India by 3.35 per cent to 16.81 per cent after Reserve Bank exited from the company.

SBI and associates increased their stake to 16.81 per cent from 13.46 per cent.

SBI invested an additional Rs 17 crore in the equity of the country's largest primary dealer in government securities.
Back to News Review index page  
Ashok Leyland March sales up 2.5%
New Delhi: Ashok Leylands sales during March 2002 grew by 2.5 per cent to 4,580 units.

This was due to a 5.4 per cent rise in domestic sales at 4,233 vehicles.

But, exports dipped by 22.8 per cent to 347 vehicles during the month under review, a company statement said.

The March sales were higher by 58.9 per cent as compared to 2,882 vehicles sold in February this year.

Total sales during financial year 2001-02 dropped by 8.6 per cent at 29,671 vehicles against 32,475 units a year ago.
Back to News Review index page  

Tata Teleservices ties up with Gilat
Hyderabad: Tata Teleservices Ltd has tied up with Gilat Satellite Networks Ltd, Israel, to provide 1,000-site fixed rural satellite telephony network as a part of its universal service obligation.

The new network will be based on Gilat's VSAT product which will serve public telephony and fixed kiosks, supporting the needs of agricultural workers and other inhabitants of Andhra Pradesh.
Back to News Review index page  

Marriott plans hotel in Chennai
New Delhi: J.W. Marriott, which has a hotel in Mumbai, plans to open a hotel in Chennai in the next few years.

The group manages four hotels in India of which three are in Mumbai.

Marriott International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, besides operating Marriott Executive apartments among others.
Back to News Review index page  

Ciba Specialty makes open offer
Mumbai: Ciba Specialty Chemicals Holdings Inc is making an open offer to the minority shareholders in order to hike its stake in the Indian subsidiary to 100 per cent.

In a notification to the stock exchanges, the company said that the open offer is being made at Rs 110 per share.

The offer will open on 30 May and close on 28 June. DSP Merrill Lynch is the lead manager to the offer.

The parent company currently holds 51 per cent in the Indian arm.
Back to News Review index page  

Honda to develop China, India as export base
New Delhi: Honda Motor Company is looking to develop China and India as its export base for components and CBUs.

Component export has already started with Honda sourcing from Hero Honda for its Vietnam operation.

Hero Honda is also looking at the scooter market and Honda is open to offering technology to its joint venture.

The company is currently conducting a study on the scooter market. For Honda, the JV and its wholly-owned subsidiary would be part of a synergised strategy.

Honda is currently studying the R&D infrastructure in Hero Honda and its own R&D set up to identify synergies and areas which need upgrading.
Back to News Review index page  

Su-Kam to export inverters to China
New Delhi: Su-Kam India, one of the top power electronics companies in India, plans to export its DSP Sine Wave inverters to China.

The company already exports its state-of-the-art inverters to countries like Nepal, Sri Lanka, Nigeria and Ghana.

This unique inverter gives 100 per cent pure Sine Wave output maintaining a constant voltage throughout.

Developed with technical assistance from Analog Devices Inc. of the US, this new inverter works on the DSP technology, which is trusted in highly sophisticated fields like space, military, mobile telephony, etc.
Back to News Review index page  
CDC ties up with Bharat Biotech
Hyderabad: US-based scientific institutions and the Indian counterparts have tied up with Bharat Biotech International Limited for undertaking clinical trials of Rotavirus in India.

Rotavirus affects virtually all children in both developed and developing countries during the first five years of life, and Rotavirus infection is the most common cause of severe gastroenteritis.

Plans are on to roll out Rotavirus vaccine in India by utilising the facilities at Bharat Biotech International. This is a part of the Indo-US vaccine programme, which is being funded by Bill & Melinda Gates children vaccine programme.
Back to News Review index page  
BoB to shift corp office to new premises
Mumbai: Bank of Baroda (BoB) is set to shift its corporate office to Bandra-Kurla Complex in Mumbai in a month.

A plush nine-storey building will house all the top executives of the bank as well as its subsidiaries. The cost of acquiring the land as also construction of the arc-shaped building is around Rs 100 crore.

The old corporate office at the Ballard Pier will house the Mumbai zonal office, which is currently within the precincts of the Bombay Stock Exchange (BSE).

BoB has also acquired a residential plot close to the corporate office for housing 80 executives in the senior management and top executive grades.
Back to News Review index page