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De Beers,
NMDC to hunt for diamonds in AP
New Delhi: Seven
companies, including De-Beers, Geo Mysore Services (India) Ltd and
National Mineral Development Corporation Ltd (NMDC), have been
granted prospecting licenses for diamond exploration and other
precious minerals in Andhra Pradesh. They will use
state-of-the-art satellite imagery and aerial photography for
identification of prospective areas.
The central government
also plans to step up precious stone mining activities in
Karnataka, Maharashtra, Chhattisgarh, Madhya Pradesh and Orissa,
where a chain of cut and polish centres will be set up with
support from the respective state governments. It is part of the
strategy to make India a major rough trading centre and rake in
substantial foreign exchange.
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Pentasoft
sacked 2,237 employees in 2001-02
Chennai: The
Chennai-based Pentasoft Technologies has axed about 2,237 jobs
during the fiscal 2001-02. The headcount on 31 March 2002 stood at
just 1,022 employees as against 3,259 (on 31 March 2001).
The manpower has been
tuned to suit the requirement of the business operations. We are
using the permanent employees for core operations and hiring
contract manpower based on need. The demand-supply situation for
software skills has changed drastically and supply has outstripped
demand in the last one year. There is no need to store manpower in
the current situation, says Pentasoft CEO D Kannan.
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Decision
on IPCL divestment tomorrow
New Delhi: India
is likely to wrap up the keenly awaited privatisation of IPCL, the
sectors second-largest company, on 18 May, a senior government
official said. In the race for IPCL are Indian Oil Corp, Reliance
Industries and Nirma.
The government is selling a 26-per cent stake with management
control. The meeting is expected to be held on 18 May before
the prime minister leaves for a holiday, a disinvestment
ministry official said.
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Same
Deutz-Fahr to launch new tractor range
Chennai: Same
Greaves Tractors Ltd, to be renamed Same Deutz-Fahr India (Pvt)
Ltd, will shortly launch tractors with 42 HP, 60 HP and 70 HP
capacities. The company will focus on the upper middle and top end
of the tractor market in India.
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BMW
has plans for production plant in India
New Delhi:
BMW, specialising in premium and luxury car models, is not averse
to a production plant in India. The company, two years ago, had
put such a plan on the backburner on the grounds that the time was
not ripe to embark on such a venture.
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Tata
Engineering in talks with Rover team
Mumbai:
Tata Engineering and the British automobile manufacturer Rover,
earlier reported to be exploring avenues for the Indicas export
to the UK, have followed up initial talks with visits to each
others facilities.
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Carborundum
net down to Rs 21.52 crore
Chennai:
Carborundum Universal Ltd has reported a net profit of Rs 21.52
crore for 2001-02, down from Rs 23.20 crore in the previous year.
The board has recommended a dividend of Rs 7.5 per share (75 per
cent).
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Indo
Rama board okays spun yarn unit demerger
New Delhi:
The board of directors of the Rs 1,900-crore Indo Rama Synthetics
(India) Ltd has approved a proposal to demerge the spun yarn
business of the company into a separate new company.
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Amex
seeks approval to buy out Tata stake in TFAL
Mumbai: American Express International Inc has sought
permission from the Foreign Investment Promotion Board for buying
out the entire stake held by the Tatas in the joint venture
company Tata Finance Amex Limited.
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Gujarat
Guardian plans Rs 700-crore glass unit
Mumbai: Gujarat Guardian Ltd, the 50:50 joint venture
between the Modi group and Guardian Industries Corporation of the
US, may build a new plant in 2004-05 at a cost of Rs 700 crore.
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Super
Spinnings farm-to-garment link
Chennai: Super Spinning Mills Ltd, the Rs 300 crore
turnover textile company, claims to be the first textile
enterprise in south India to achieve the farm-to-garment link to
give total integration to its cotton textile manufacture.
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Mojj
Engg, ICM tie up for fuel ethanol plant
Pune: Mojj
Engineering Systems Ltd, engaged in design and engineering of
turnkey projects, has joined hands with the US-based ICM Inc for
design and turnkey supply of fuel ethanol plants based on
molecular sieves technology.
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Number-crunching
the Maruti deal
New Delhi:
Now that the governments disinvestment programme in Maruti
Udyog Ltd is through with the announcements made on 14 May, the
companys financials merit a closer look, say media reports.
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Glenmark
Pharma net rises 33.28 per cent
Mumbai:
Glenmark Pharmaceuticals has posted a 33.28-per cent rise in its
net profit at Rs 22.77 crore for the financial year ended 31 March
2002 compared to Rs 17.08 crore for FY-01.
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Guiness
UDV relaunches Gilbeys Green Label
Bangalore:
Guinness UDV has decided to focus on its international brand
portfolio, such as Johnnie Walker and its variants, J&B and
white spirits segment, including Smirnoff vodka, as it is the
fastest-growing segment in India.
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Govt
to call for financial bids for National Fertliser
New Delhi: The
disinvestment of National Fertiliser is set to enter the final lap
with the government planning to call the financial bids from the
prospective bidders within a fortnight.
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Egypt
wants Tatas to join Arab car project
Mumbai:
The Egyptian government has sounded the Tatas about the Indica
platform joining the formers Arab Car project.
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Tatas
may sell stake in Jamipol to SKW
Mumbai:
Jamshedpur Injection Powder Ltd, a joint venture between SKW
Metallchemie, the Tatas and Tai Industries of Bhutan, is seeking
high-growth avenues in related areas with the help of its
collaborators.
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MSEB
cuts power to Nocil over non-payment of dues
Mumbai:
The Maharashtra State Electricity Board has disconnected the power
supplies to National Organic Chemical Industries Ltds
petrochemical complex in Navi Mumbai due to non-payment of dues of
over Rs 3 crore for the month of March 2002.
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Final
open offer for Cadbury (I) at Rs 500 a share
Mumbai:
In the final phase to enable the delisting of Cadbury India from
Indian bourses, UK-based Cadbury Schweppes Plc and Cadbury
Schweppes Mauritius have announced their final cash offer to
purchase outstanding public shareholding of 9.76 per cent of
Cadbury India.
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