Honda sales zooms up
New Delhi: Honda Motors April sales grew 24.8 per cent to 770 cars from 617 in the same year-ago month.

Honda Siel Cars India Ltd, a joint venture between Honda Motor Co and domestic firm Siel Ltd, sold 1,581 cars in March, a record for a single month.

In the past year to March, its sales grew 9.08 per cent to 10,920 cars, beating India's domestic car sales growth of 0.48 per cent by a wide margin. India's domestic car market was estimated at 570,473 units in 2001-02.

Honda Siel's closest competitors in the Indian car market include Mitsubishi's Lancer, General Motors' Opel Astra and Suzuki's Baleno.
Back to News Review index page  

LG to start AC production in Sept
New Delhi: LG Electronics India is entering the commercial segment of air conditioner market.

A total investment of $2 million is being made to add capacities in the Noida factory for domestic manufacturing.

The company plans to add multi splits, floor standing, ductibles and cassette type ACs to the product portfolio. In the initial months the products will be imported and domestic production will start from September this year.
Back to News Review index page  

Samsung to invest $6 m in telecom
New Delhi: Samsung Electronics India Information and Telecommunication Ltd (SEIIT), a 100 per cent subsidiary of Korean major Samsung Electronics, will invest $6 million for marketing and sales of its telecom products.

The investments will be for both CDMA and GSM mobile phones. While $5 million will be spent on marketing, $1 million will be utilised for sales and servicing support.

SEIIT registered Rs 1,100 crore turnover in 2001, out of which 20 per cent came from telecom and the remainder was contributed by IT business that included storage products, printer and monitors.

The company sold 80,000 handsets in 2001. The company would add shortly three new models of handsets to its existing six.
Back to News Review index page  

RITES net up 52%
New Delhi: Public sector RITES has reported over 52 per cent increase in its net profit at Rs 35 crore for 2001-02 mainly on account of the impressive turnover from overseas consultancy services.

This railway subsidiary had registered a near 50 per cent rise in turnover at Rs 270 crore as against Rs 181 crore of the previous fiscal, attaining more than 40 per cent of the target.

The increase in turnover and profits was entirely on account of overseas business of consultancy in UK, UAE, Malaysia, Uganda and Columbia, backed by substantial earnings from export of locomotives to Bangladesh and Sri Lanka, RITES said in its unaudited financial results.
Back to News Review index page  

Apollo Tyres plans new unit
Mumbai: Apollo Tyres is setting up a new plant to produce truck and bus radial tyres at Baroda in technical alliance with Continental AG.

The unit, being set up at an invesment of Rs 110 crore, would start production from April 2004, according to an official release.

As a first step to the actual roll-out of products, Apollo has started distributing radial tyres imported from Continental in the local markets.
Back to News Review index page  
BPL to sell stake in battery biz
New Delhi: The BPL group plans to raise Rs 100 crore by selling a stake in its battery manufacturing business, both alkaline and dry cells, to a strategic partner. It has mandated Merrill Lynch and Citibank to hunt for a partner. The group expects to close the deal this year.

The group had invested up to Rs 360 crore in the business and it is currently valued at Rs 350 crore.

BPL manufactures dry cells primarily for the domestic market. Its alkaline batteries are mostly exported to countries such as Japan. Sanyo and Kodak are among the largest buyers of BPL's alkaline batteries which are manufactured using Sanyo's technology.
Back to News Review index page  
Thermax hires Boston for dealer revamp
Mumbai: Thermax has roped in Boston Consultancy Group to advise the company on restructuring its network of 80 dealers.

The attempt to rework the dealer network follows a recent business restructuring which saw Thermax exiting non-core businesses such as electronics manufacturing, surface coating and drinking water to focus on energy and environment management.
Back to News Review index page  
Sebi bars Home Trade
Mumbai: The Securities and Exchange Board of India (Sebi) has barred Home Trade from dealing in securities till 10 May for violating RBI norms in certain transaction in government securities with Nagpur District Central Co-operative Bank.

Home Trade is promoted by Euro Discover Technology Ventures (EDTV), a global technology venture fund registered in Mauritius. EDTV, funded by a consortium of NRI investors, was set up by Sanjay Agarwal in 1997.

A Sebi release said that the conduct of the brokers as evident from RBI's correspondence with other supporting documents appears to be in violation of item of (1), (2), (4) and (5) of schedule II of the code of conduct for brokers.
Back to News Review index page  
ICICI PruLife unveils 2 pension plans
Mumbai: ICICI Prudential Life Insurance Company has launched two pension products -- LifeTime Pension and LifeLink Pension -- which offer flexibility, for the first time in the country. The plan offers tax benefit under section 80 (CCC), wherein a policyholder gets a reduction in his taxable income to the extent of Rs 10,000 per annum.

The unit-linked pension plans allow the customer to decide on where the funds will be invested, very much like mutual fund plans. The Insurance Regulatory and Development Authority (Irda) has come out with less stringent investment norms in the case of pension plans as opposed to insurance plans. Policyholders can thus decide whether they wish to invest in equity (growth plan), debt (income) and a combination of both (balanced).
Back to News Review index page  
ITDC revamps business
New Delhi: ITDC has begun revamping its duty-free retail business, rationalising prices, computerising and giving incentives to its employees.

The duty free division, which incurred a loss of Rs five crore last financial year, is planning to invest around Rs 1.5 crore for renovation and computerisation of shops at Delhi and Mumbai.

ITDC will open shortly an exclusive perfume counter for which it has tied up with foreign suppliers.

Shops are being redesigned and displays are being improved for attracting more customers.
Back to News Review index page  

Bajaj Auto bike sales up 65% in April
Mumbai: The total two and three wheeler sales of Bajaj Auto Limited were higher by 15 per cent at 1,18,431 units as against 1,02,911 units in April 2001.

Pulsar sales in the reporting month were pegged at over 6,500 units.

The sales of Bajaj Spirit and Saffire, put together, stood at 4,908 units (3,718 units in April 2001).

The company said sales of geared scooters declined at 27,354 units (43,093 units) while that of three wheelers stood at 14,147 units (9,226 units)
Back to News Review index page  

Cosmo promoters hike stake by 8.49%
New Delhi: Promoters of Cosmo Films have raised their stake in the company by about 8.49 per cent to over 51 per cent through creeping acquisition route.

Ashok Jaipuria and family together bought shares of the company when the scrip price was ruling lower at around Rs 34.55 from the stock exchange through their investment arms during December last year.

Non-promoter holding in the company including public, institutions, banks and NRIs has come down to 48.36 per cent from 58.26 per cent in the last fiscal.

Cosmo Films merged the recently acquired Gujarat Propack with itself to become the largest Biaxially Oriented Poly Propylene manufacturer in the country with a capacity of 37,500 tonnes.
Back to News Review index page  

Shree Cement Q3 net dips 55.12%
New Delhi: Shree Cement reported a 55.12 per cent dip in net profit at Rs 1.93 crore in the quarter ending in March 2002.

Company's turnover rose 4.44 per cent at Rs 143.57 crore agaist Rs 137.56 crore in the review period, a company statement said.

Shree Cement, the flagship company of Kolkata-based industrialist B G Bangur, follows a fiscal year from July-June as against the conventional fiscal year April-March.

For the nine month period July 2001 to March 2002, it recorded Rs 1.47 crore net profit.

Company's board of directors recommended a dividend of Rs one per equity share for the nine month period which ended on 31 March 2002.
Back to News Review index page  

TVS Motors bike sales up 83%
Mumbai: TVS Motors motorcycle sales volumes rose 83 per cent in April, driven by continuing demand for a four-stroke model launched last year.

The company, which is India's third-largest motorcycle maker, said it sold 50,283 motorcycles in April 2002 compared with 27,425 units in April 2001.

The 110 cc four-stroke Victor model has received a strong response since its launch in August last year.

TVS Motor said its scooter sales rose 32 per cent in April 2002 to 10,854 units, while moped sales rose 28 per cent to 19,548 units.

Overall two-wheeler sales volumes rose 58 per cent to 80,685 units, it said in a statement.
Back to News Review index page  

Centurion Bank seeks Rs 150-cr capital infusion
Mumbai: Centurion Bank has told Bank Muscat, the only suitor keen on 26 per cent equity stake in the private bank, that it is looking at fresh capital infusion of around Rs 150-160 crore from a strategic investor.

A strategic investor would acquire the 26 per cent stake in the bank for Rs 40 crore, and bring in the balance Rs 160 crore through a combination of preferential allotment and rights issue of equity.

Bank Muscat has not yet made a commitment, but has told the bank that it would consider picking up equity only after there is clarity in norms on foreign direct investment (FDI) in banking.
Back to News Review index page  

GE Plastics buys out IPCLs 50% stake in JV
Ahmedabad: General Electric Plastics BV of Netherlands has bought out 50 per cent equity stake of IPCL in GE Plastics, a joint venture of IPCL and GE manufacturing engineering plastics, for Rs 49.03 crore.

While IPCL will get Rs 23.63 crore out of the sale of its 50 per cent equity of the joint venture, the balance funds would be generated through the sale of GE Plastics property at Gurgaon and in Baroda.

A joint venture between IPCL and GE Plastics of Netherlands had an ultimate objective of setting up a resin manufacturing plant in south Gujarat, close to Dahej petrochemical complex of IPCL.
Back to News Review index page  

ICICI Bank plans new agri products
Chennai: ICICI Bank will target agriculture financing as one of the new growth areas in the future.

The bank is currently in the process of developing few innovative products for the agriculture sector. The schemes would be perfected in the next six months.

To cater to the agri-business industry ICICI might not prefer the traditional banking channels; instead it would try to develop a cost-effective mechanism.

The banks plan is to create service centres through independent business organisations which already have access to the agriculture and farmers. ICICIs thrust on agriculture is seen as part of its de-risking strategy and widening its financing portfolio.
Back to News Review index page  

Sheths up stake in GE Shipping to 24%
Mumbai: Two buybacks worth Rs 250 crore and an ongoing creeping acquisition have seen the Sheths, promoters of Indias largest private shipping company Great Eastern Shipping Company, hike their stake to around 24 per cent from 9.6 per cent in March 2000.

The Sheths may now raise their stake steadily to a comfortable level above 26 per cent through market purchases.
Back to News Review index page  

Knoll Pharma to launch new drugs
Mumbai:  Knoll Pharma would be launching a slew of new products including Lupron, Survanta, Norvir and Hytrin, among others, during the current fiscal from the stable of Abbott Laboratories.

The company will continue to focus on its core therapeutic areas including diabetes care, CNS products, gastroenterology and pain management.

The companys operations last year were adversely affected by price reductions as well as absence of compensatory price in some price contolled formulations. Sixty per cent of the companys product are under Drug Price Control Order (DPCO).

Abbott Laboratories USA had acquired a 51 per cent stake in BASF AGs pharma business whose Indian operations were through Knoll Pharma. It later increased its stake by 7.2 per cent by making an open offer to the public.
Back to News Review index page  

New Siena to cost Rs 5 lakh
Mumbai: Fiat India is pricing the new Siena at the Rs 5 lakh mark. The company will start off with the 1.2 litre petrol version. This price will be at a heavy discount to the current petrol version price of around Rs 5.5 lakh.

Currently, the Siena is available in both the petrol and diesel versions.

India will be the second country after Brazil where the new styled Siena is being rolled out. Based on the 178 platform, the Siena has been re-skinned by the famous designer Giorgio Giugiaro and is completely new in all respects, both interior and exterior.

The new-styled Siena would be launched on 4 May at Bangalore.
Back to News Review index page  

Reliance offers Rs 2 a share for Birla group stake in MRPL
Mumbai: Reliance Industries is understood to have offered Rs 2 a share to buy out the Aditya Birla groups 37.5 per cent stake in Mangalore Refineries and Petrochemicals Ltd (MRPL).

If the Birlas accept the offer, they will net around Rs 60 crore, against their investment of around Rs 300 crore in MRPLs equity.

The state-owned Hindustan Petroleum Corporation Ltd (HPCL) also holds a 37.5 per cent stake in the company.

Kuwait Petroleum and Oman Oil are also in the race to buy the Birla stake.
Back to News Review index page  

ITI full-year net dips 34%
New Delhi: Telecom equipment maker, ITI, has seen its net profits for the last fiscal (2001-02) drop by 34 per cent.

Net profits stood at Rs 18.20 crore, while this was placed at Rs 27.55 crore in the fiscal 2000-01. Income from operations in 2001-02 was Rs 2319.64 crore representing a modest growth of 8.19 per cent compared to 2000-01.

The primary cause for the dip in net during 2001-02 being attributed to a Rs 22.41 crore prior period adjustment compared to the Rs 2.24 crore taken in 2000-01.

During the year, the MTNL also subscribed to the Rs 100 crore preference share capital of the company. This has a tenor of seven years. The debt equity ratio stood at 6:1.
Back to News Review index page  

Crocodile to expand to Sri Lanka, Dubai
Chennai: Crocodile International and the Coimbatore-based Shivrams Associates, the joint venture partners in Crocodile Products (CPPL) are set to expand their garment partnership beyond India to Sri Lanka and Dubai.

The two partners plan to join hands with a local partner to launch the relaxed lifestyle Crocodile products in these two countries.

While the local partner will hold 74 per cent equity stake in the joint venture company, CIPL and CPPL will hold the balance equity with the former holding a higher share than the latter.

With accent on casuals and relaxed lifestyle products, CIPL has its brands and businesses spread across continents with a combined turnover of over $2.6 billion.
Back to News Review index page  

General Motors sales up 39%
New Delhi: General Motors India said its car sales have grown by 39.1 per cent in April 2002 to 803 units from 577 units in the same month last year.

It comprised 115 units of the premium mid-size Opel Astra, 637 units of mid-size Opel Corsa and 51 Corsa Swing cars, a company spokesman said. The April sales were, however, 41.2 per cent less than 1,367 cars sold in March this year.

The GMI spokesman said growing sales of the Corsa besides reduction in ownership costs of its cars have contributed to the increased sales. GMI is a wholly-owned unit of General Motors of the US.
Back to News Review index page  

BPL may bid for SCI
Bangalore: BPL group, which pitched for 51 per cent stake in Shipping Corporation of India (SCI) following the Centre's divestment plans, is expected to enter the next round of bidding along with a foreign partner.

The current government guidelines stipulate a 25 per cent cap on foreign equity in the shipping sector.

Latest move could spur BPL's entry into energy transportation and distribution business along with the foreign partner. Incidentally, Japanese conglomerate Marubeni, which is the EPC contractor for BPL's 500 MW Ramagundam power project, has sizeable stake in the global shipping business. Marubeni also has substantial interest in global energy and energy transportation business.
Back to News Review index page  

Maharashtra Seamless net up 44%
Mumbai:  Maharashtra Seamless Limited has reported a 44 per cent increase in profit after tax to Rs 46 crore for the year ended 31 March 2002 over previous years figure of Rs 32 crore.

Turnover during the year rose 39 per cent to Rs 370 crore from Rs 266 crore in 2000-01.

Profit before tax, at Rs 68 crore, was 70 per cent higher than the previous years figure of Rs 40 crore.

Earnings per share has improved to Rs 16 from Rs 12.
Back to News Review index page  

Bengal Chemicals to have foreign ally
Kolkata: Bengal Chemicals & Pharmaceuticals Ltd is likely to select its foreign collaborator within a month.

Bengal Chemicals, a central public sector company, is the producer of the Phenol brand of phenyl. The company was nationalised in 1981. It also produces heavy chemicals such as sulphuric acid, alumina ferric and aluminium sulphate (non-ferric) and herbal drugs. It produces medicines such as snake venom anti-serum, amphicillin, amoxycillin, ibuprofen and antiseptics.
Back to News Review index page  

Srei takes 8.7% stake in Feedback
Kolkata: Srei International Finance Ltd has taken a stake of 8.70 per cent in Feedback Ventures Private Ltd (FVPL), through its wholly-owned subsidiary, Srei Capital Markets Ltd.

The New Delhi-based FVPL is an integrated infrastructure development group, with special focus on project development, financial advisory services, engineering and project management of core, urban and social infrastructure projects.
Back to News Review index page  

Arvind plans spinning unit in Mauritius
Ahmedabad: Arvind Mills Ltd (AML) is planning to put up a $4.5- million, 16 tonnes per day, yarn spinning unit in Mauritius.

The unit is slated to come up in the same complex that houses the 10 million metre per annum denim unit operated by Arvind Overseas Mauritius Ltd.

The new spinning capacity is expected to be created by relocating some of the existing machinery, mainly from the erstwhile Ashoka Mills and the Rohit Mills in Ahmedabad.
Back to News Review index page  

Intel tie-up with Wipro
Bangalore: Intel announced a marketing and technology alliance with Wipro Infotech to deliver capability in the mid-tier and high end server market segments.

Intel will also support Wipro's eBusiness Proof of Concept centre in its Sarjapur facility. The company announced the setting up of three new labs in the premises of PricewaterhouseCoopers in Kolkata, Satyam and Wipro Infotech in Bangalore.
Back to News Review index page