Indo Gulf net rises 18%
Mumbai: Indo Gulf Corporation has reported a 18% increase in net profit to Rs 296.24 crore for the fiscal 2002 when compared with Rs 251.67 crore in 2001.

The total income has increased 23% to Rs 2772.07 crore from Rs 2248.71 crore.

The company's board recommended a dividend of Rs 2.60 per share aggregating to Rs 585.5 million.
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Wipro Tech launches USB technology
Mumbai: Wipro Technologies has launched its high speed Universal Serial Bus (USB) 2.0 technology.

In a statement to the BSE, the company said the USB 2.0 specification ensures very high performance serial data transfer at rates of up to 480 Mbps, enabling high speed video capture, video editing and faster storage.

It said the technology is suited for high bandwidth applications like digital cameras, DVDs and mass storage devices.
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Sterlite, Birla Copper in fray for HCL disinvestments
New Delhi: Four players including Sterlite Industries and Birla Copper are in the fray for acquiring majority stake in Hindustan Copper Ltd (HCL), initial bids for which closed last week.

The others include international mining giant Metdist and Finolex Cables.

Government will offload its entire 98.7 per cent stake in copper major to a strategic partner along with management control.
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Fiat Siena relaunched
Bangalore: Italian auto giant Fiat has relaunched its new Fiat Siena in India.

New Fiat Siena has been reskinned by acclaimed designer Giorgia Giugiaro, who was also the creator of Palio.

The company targets to sell 50,000 Fiat cars in India in 2002.

Based on the 178 platform, there would be four versions of the new Siena on offer -- the Siena EX (1.2 petrol), the Siena EL (1.6 petrol), the Siena ELX (1.6 petrol) and Siena Maestro (1.6 petrol).
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Administrator for NDCC Bank
Nagpur: The board of Nagpur District Central Co-operative Bank has been dissolved and an administrator appointed to look after the banks affairs.

The bank was involved in a Rs 150-crore government securities scam.

Commissioner of co-operatives Ratnakar Gaikwad had served a notice on the bank and appointed district deputy registrar (Nagpur) SB Patil as the administrator.
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Philips to introduce 10 new models
New Delhi: Philips India will add 10 new products to its range in 2002.

The yet to be lauched models include one latest model of CD-Recorder, four CTV models, one digital picture adjustment CTV model and four versions of mini MP3 player with VCDs.

Philips is targeting over 40 per cent market share in audio segment, up from 37 per cent at present.
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Munjal Showa plans new plant
Kolkata: Munjal Showa is planning to set up a new shock absorber manufacturing plant at IMT Manesar, the 1,750 acre ultra modern integrated industrial park, at an investment of about Rs 25 crore.

The IIP on the Delhi-Jaipur highway was the first of its kind in the country and was conceived specifically to provide a platform of services and facilities that would put the state on the global map of industrial competitiveness.

The company has at present a shock absorber manufacturing unit at Maruti Industrial Area in Gurgaon.
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Nabard set to launch new credit scheme
Ahmedabad: The National Bank for Agriculture and Rural Development is to launch a new credit linked scheme for creation of 18.50 lakh tonne storage capacity in the rural areas of the country.

To be named Gramin Bhandaran Yojana, Nabard would provide 75 per cent of the capital investment, while Union government would provide the rest 25 per cent as credit-linked back ended subsidy.

The main objective of the scheme is to meet the requirements of farmers for storing farm produce, processed farm produce, agricultural inputs, promotion of grading and standardisation and quality control of the agri-produce to improve their marketability and prevent distress sale immediately after harvest.
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Bal Pharma net up 36%
Bangalore: Bal Pharma has registered a 36 per cent rise in its net profits for the financial year 2001-02. Net profits stood at Rs 1.79 crore compared to Rs 1.42 crore registered in 2000-01.

Income from sales and services was placed at Rs 44.03 crore up 17 per cent from Rs 37.71 crore in 2000-01.

During 2001-02, the company also took into account the deferred tax on timing difference at Rs 13.77 lakh. Excluding this item, the net profits stood at Rs 1.93 crore.

Gross profits were Rs 17.82 crore (Rs 14.03 crore). The companys Servetus division which has a range of cardiac product offering has also registered impressive presence in the market, according to a press statement.
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JK to launch radial tyres for tractors
New Delhi: J.K. Industries Ltd (JKI) plans to soon launch a tractor radial tyre that would help minimise the "down time'' of a tractor.

The company will launch the tractor radial initially in two states where the soil conditions are very hard and high horsepower tractors are used. This will help demonstrate the benefits of a radial tyre in a much better manner in terms of lower down time for the tractor and higher puncture resistance.

As a second step forward in China, the company has recently tied up with a Chinese company for manufacture of truck tyres under the "JK Tyre'' brand name for the Chinese market.
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