Maruti Zen price trimmed
New Delhi: In a bid to boost sales of its non-performer Zen Diesel, Maruti Udyog has trimmed the final price tag of the car by Rs 28,000 in Delhi to Rs 3.49 lakh.

Aiming for greater penetration in the southern markets, the company has also rationalised prices of all its cars in these markets by lowering the final cost to consumer by up to Rs 46,000.

The price of Zen Diesel has been rationalised in select markets and is aimed at taking head-on the competition from Indica Diesel. Zen Diesel is now Rs 12,000 cheaper than the Indica DLS.
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IOC open offer for IBP oversubscribed
New Delhi: Indian Oil Corporation's open offer to acquire 20 per cent additional equity in IBP has been oversubscribed.

IOC made the compulsory open offer for acquiring additional 20 per cent equity in IBP after it bought government's 33.58 per cent equity for Rs 1153.68 crore in February.

IOC would buy 4429454 shares of IBP at Rs 1551.25 per share.
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Canara Bank net profit jumps 160%
Bangalore: Canara Bank reported an all time high 160 per cent jump in its profit at Rs 741 crore for the fiscal ended 31 March 2002, and said it would come out with an Initial Public Offer in August or September.

The Bank, which had recorded a net profit of Rs 285 crore in the previous year, said its operating profit for the financial year ended 31 March 2002, was Rs 1656 crore, up from Rs 1131 crore last year.

The IPO size would range between Rs 175 and Rs 225 crore.
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Ebony plans 12 more stores
New Delhi: The UK-based DS group plans a major expansion of their Ebony departmental stores in India. Presently the group has eight outlets, which they plan to take-up to 20 outlets in next three years.

The company is planning to open Ebony stores in other big metro town like Bangalore, Hyderabad. In next three years it will have 20 outlets spread through the country.

Ebony ETC the in house label for apparels and accessories was launched two years ago when the total contribution to the apparel sales was 6 per cent which has gone up to 21 per cent now.
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Centre okays Gail-Haldia JV
Kolkata: Gas Authority of India (Gail) has received a formal nod from the Union petroleum ministry to negotiate a joint venture agreement with Haldia Petrochemicals (HPL).

The ministry has asked Gail to co-ordinate with Indian Oil Corporation (IOC) while negotiating with the promoters of HPL. IOC is already in talks with HPLs promoters for buying 26 per cent equity and secure management control of the petrochemical company.

Gail already has had couple of rounds of informal talks with Purnendu Chatterjee of The Chatterjee Group - one of the key promoters of HPL and with IOC for a possible strategic alliance with HPL.

Gail already has a presence in the petrochemicals business with a national market share of around 10 per cent. HPLs national market share is over 20 per cent with a dominant presence in the east and north-east while Gails has a strong presence in the west.
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Bajaj Auto to cut 1,000 jobs
Mumbai: Bajaj Auto plans to shed around 1000 jobs in the current year. The companys workforce, as a result, is expected to fall to around 12,000.
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Bajaj Auto Q4 net jumps 228%
Mumbai: Bajaj Auto has reported a 227.6 per cent rise in net profit for the fourth quarter ended 31 March 2002 to Rs 149.1 crore, up from Rs 45.5 crore during the corresponding period last year.

Income from operations shot up to Rs 1,124 crore from Rs 878.1 crore, while other income fell from Rs 54.7 crore to Rs 28.6 crore during the period.

For the full fiscal 2001-02, the company recorded a net profit of Rs 518.2 crore, as against Rs 249.9 crore in the previous year. Income from operations surged from Rs 3,690 crore to Rs 4,221.4 crore during the period.

The companys board of directors has recommended a dividend of Rs 14 per share (140 per cent). The total payout, as a result, would aggregate to Rs 141.6 crore.
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Bajaj Auto planning two new bikes
Mumbai: Bajaj Auto is developing two new bikes and two new variants for the current year. The new bike will be a global model styled and designed by Kawasaki to be sold in India and the global markets.

To be developed in the 125cc to 135cc category, it will be launched in the last quarter of the current year.

Kawasaki plans to target this performance bike as an universal model, which will be exported to markets world-wide.
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McDonald outlet at Mumbai rly station
Pune: McDonalds has tied up with the Indian Railways catering service to set up a restaurant at the busy Bombay Central railway station.

The restaurant, a 100-seater, will jointly house McDonalds and Rama Krishna Food.
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Woodlands new summer collection
New Delhi: Woodlands has launched its new summer apparel collection for men in the most stylish and innovative designs. The summer range 2002 offers a new style code for men, making relaxed normality the daily rule.

Defined shoulders, a closer fitting waistline, and slim and streamlined lapels. Trousers without pleats are regular in width.

The entire range will be available across the country through the companys 60 exclusive outlets and mega distribution network system.
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Hind Paper hikes prices by Rs 500
Kolkata: Hindustan Paper Corporation (HPC) has revised its writing and printing paper prices twice within a month.

The second revision aims at increasing prices with immediate effect by on an average Rs 500 per tonne of all varieties of cream wove paper as against an average hike of Rs 600 per tonne a month ago.
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GSPL invites bids for Paguthan-Vadodara grid
Gandhinagar: Gujarat State Petronet Ltd (GSPL) has come out with invitations to potential bidders for the turnkey contract for laying the gas transmission line connecting Paguthan with Vadodara.

The 68-km project, likely to cost around Rs 150 crore, is slated to attract attention from a number of multinational companies, given that Royal Dutch Shell, British Gas and Gaz de France are among those who have already indicated their willingness to pick up equity stake in GSPL.

The Paguthan-Vadodara grid would see GSPL kick off the first phase of laying the Rs 1,500-crore, 700-km trunk route pipeline that is scheduled to carry gas all the way to Saurashtra by 2003.

The gas transmission company has kept 17-18 May for site survey and 24 May for the pre-bid conference.
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