Computer Associates net loss at $238 million
New York: The business software-maker Computer Associates has posted a narrower net loss from a year ago, saying its shorter-term contracts boosted revenue by 6 per cent.

The company, the subject of two federal probes of its accounting practices, posted a net loss of $238 million, or 41 cents a share for the quarter ended 31 March 2002 versus a net loss of $410 million, or 71 cents a share the prior fourth quarter.
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Tisco may post a dismal Q4 results
New Delhi: The private-sector steel-maker Tisco is expected to post dismal results for January-March 2002 due to low prices, weak demand and higher depreciation, analysts say. "We expect fourth-quarter profit to be down 85 per cent from the same period a year earlier," says Anant Katare, an analyst. "Sales fell 18 per cent in the quarter as prices remained woefully depressed."

The net profit fell 58.4 per cent to Rs 869 million in the quarter, on net sales of Rs 19.1 billion, down 8.4 per cent on year, according a Reuters survey. But the forecasts varied greatly. Estimates of net profit ranged from 460 million to Rs 1.55 billion, and of net sales from Rs 17.6 billion to Rs 22.0 billion.
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Tatas open offer for VSNL oversubscribed
Mumbai: The Tata groups open offer for an additional 20-per cent stake in VSNL has been oversubscribed more than 1.5 times. The group will now have a 45-per cent stake in VSNL, having earlier bought a 25-per cent stake from the government.

"The Tata group does not have any intention at present to increase its stake beyond 45 per cent; in addition it cannot retain any excess subscription," said a spokesperson on behalf of the group.

By the closing date of 9 May 2002, 8.76 crore shares were tendered under the open offer.
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Govt to get at least Rs 2,424 cr from Maruti sell-off
New Delhi: The Maruti divestment is finally on, with the cabinet committee on disinvestment clearing the governments complete exit from its joint venture with Suzuki Motor Corporation. The two-stage sell-off starts with a Rs 400-crore rights issue at a price of Rs 3,280 per a Rs 100 share, in which the government will renounce its rights to Suzuki for a control premium of Rs 1,000 crore.

Thereafter, the government will offload its holding in the company in two stages, with the first issue of 36 lakh shares being underwritten by Suzuki at Rs 2,300 per share.
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Napster CEO Hilbers puts in his papers
San Francisco: Chief executive of Napster Konrad Hilbers has resigned with immediate effect. No replacement has been named. Napster has been shut down since last year by a court order that found the music-swapping service to contribute to rampant piracy. But a number of other sites have taken its place.

"We deeply regret that we have not yet been able to find a funding solution that would allow Napster to launch a service to benefit artists and consumers alike," the Redwood City, California, firm said in a statement.
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Eveready sells Assam tea garden to Rossell
Kolkata: Eveready Industries India Ltd, the flagship company of Brij Mohan Khaitan, has sold its Assam-based Romai tea garden to Rossell Tea for Rs 13.91 crore.
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Gujarat Gas to buy extra gas from GSPC
Mumbai: Gujarat Gas Company Ltd, the British Gas subsidiary, is bridging its short-term deficit of gas to the tune of 0.225 standard million cu m per day, by purchasing at a premium from the Gujarat State Petroleum Corporation.
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Rourkela Steel to sign pact With Salzgitter
Rourkela: Rourkela Steel Plant of Steel Authority of India Ltd will soon sign an agreement with Salzgitter of Germany to modernise and partially revamp its 40-year-old pipe-making mill so that it can make American Petroleum Institute grade pipes up to LX 70.
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Torrent Pharma profit up by 20%
Ahmedabad: The city-based Torrent Pharmaceuticals Ltd has posted a 20.32 increase in net profits which have surged from Rs 41.44 crore in the last fiscal to Rs 49.86 crore for the year ended 31 March 2002.
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DSCL profit after tax falls by 59% to Rs 17 cr
Mumbai: The Ajay-Vikram Shriram-controlled DCM Shriram Consolidated Ltd has reported a sharp fall of 59 per cent in profit after tax to Rs 17.01 crore for the year ended 31 March 2002 even though its turnover rose 8 per cent to Rs 1,056 crore.
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Marathon to tap UK gas growth with Norway pipeline
London: The US-based Marathon Oil Corp hopes to tap fast-growing natural gas demand for power generation in southern Britain with a new pipeline from the Norwegian North Sea, a company director said.
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MSEB, FIs to get DPC phase-I running
New Delhi: The MSEB and financial institutions have agreed to get phase-I of the Dabhol plant up and running. Senior power ministry officials said FIs and MSEB are working on some basic principles upon which phase-I (740 mw) of the plant will be operated. "It is important to get at least phase-I of the plant operational since it is complete in all respects and keeping it closed send out wrong signals to investors," officials said.

According to the initial round of negotiations, the power off-take will be guaranteed at 75 per cent plant load factor, and the feedstock will be naphtha. At crude prices of around $20 a barrel, tariffs will be around Rs 2.50 a kwh. But this will vary as and when naphtha prices change.
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Ranbaxy files INDA for molecule
New Delhi: Ranbaxy Laboratories has filed an investigational new drug application (INDA) with the drug controller general of India for an anti-bacterial molecule, ranbezoid (Rbx 7644). The company has sought permission to conduct phase-I trials.

"This molecule represents a new, superior class of antibacterial compounds," J M Khanna, president (R&D), Ranbaxy, said. "This is a major breakthrough in the next-generation antibacterials as many of the earlier range of compounds have developed tremendous resistance due to continuous use over a period."
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Genesys growth surprise market players
Mumbai: Genesys International Corp, a small Mumbai-based IT company, has been in the limelight in the last one month. It has appreciated by over 300 per cent since the beginning of April 2002.
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Wipro to leverage branding
Bangalore: Wipro Ltd has chalked out a strategy to propel itself into the top 10 software companies in the world in a couple of years. "Wipro aims to leverage branding as the key element of a focused and well-defined diversification strategy," Wipro vice-chairman Vivek Paul has said.
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