Govt, Tatas end standoff over VSNL investment
New Delhi: The 13-day-long spat between Communications Minister Pramod Mahajan and Videsh Sanchar Nigam Ltd has finally ended with a compromise reached between both the sides on reviewing the decision to invest Rs 1,200 crore in Tata Teleservices.
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RIL fined by SEBI over L&T deal
Mumbai: The Securities and Exchange Board of India has found Reliance Industries Ltd guilty of delay in reporting its crossing the threshold limits of 5 per cent and 10 per cent shareholding in Larsen & Toubro Ltd.
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Wipro says it is not affected by border tensions
Bangalore: The recent Indo-Pak tensions have not impacted Wipros order book adversely as there have been no cancellations of existing contracts, says Wipro chairman Azim Premji.
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BPL pulls out of race for SCI
Bangalore: The TPG Nambiar-promoted BPL group has pulled out from the race for the 51-per cent stake in Shipping Corporation of India. BPL, which conducted technical due diligence, did not place the financial bid.
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Union Bank launches IT e-mpact rollout plan
Mumbai: State-run Union Bank of India has tied up with IT majors Wipro Infotech and Infosys Technologies for its IT initiative. Called e-mpact, the project envisages an investment of Rs 150 crore over the next three years.
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IDBI Bank joins hands with MasterCard
Mumbai: IDBI Bank has tied up with MasterCard International to allow all its MasterCard credit-card holders across the world to be able access the banks automated teller machines.
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Rupee Bank forms task force to tackle defaulters
Mumbai: Rupee Cooperative Bank Ltd has finally got its act together to attack the top defaulters of the bank. The banks administrator, M R Joshi, has set up a task force to recover Rs 603 crore from the top 120 defaulters.
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HLL expects MFIL to break even in two years
Mumbai: HLLs subsidiary company Modern Foods Industries (India) Ltd is expected to achieve break-even within the next two years. The Rs 229.24 crore Modern Foods reported a net loss (before VRS and tax) of Rs 12.27 crore in the year-ended December 2001.
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LIC to invest Rs 6,000 crore in equity market
Mumbai: Life Insurance Corporation has committed to invest Rs 6,000 crore in the equity markets in the current financial year, acting chairman A Ramamurthy said. Such investment will be incremental to Rs 4,500 crore invested in the equities market, he said.
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i-flex IPO attracts highest bid of Rs 5,300
Mumbai: Market players were surprised over the bid price of Rs 5,300 for Rs 5 face-value share. The bid price is much higher than the current market price of Infosys Technologies, the largest listed software company in India. Infosys shares today ended at Rs 3,376 on the BSE.
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Frequency spectrum for Idea Cellular
Mumbai: Idea Cellular is yet to be allotted frequency spectrum for the Rs 800-crore project, which was slated to be launched on 1 June 2002.
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IBM creates nanotech punch card
Mumbai: Researchers at IBM have punched holes about 6,000 times smaller than the width of a human hair in a piece of plastic, creating a novel form of data storage.
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LML speeds ahead with motorbike launches
Mumbai: LML appears to be riding high on its motorcycle venture for redemption. The second-largest scooter manufacturer of the country is expecting a turnaround in business with the launch of two models in the commuter segment of motorcycles, which are slated for launch by month end.
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Videocon to venture into media business
Mumbai: One of the countrys major consumer durables group, Videocon, will soon enter the media business.
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IDBI Capital net spurts 419% to Rs 234 crore
Mumbai: IDBI Capital Market Services has recorded a 419-per cent growth in net profit to Rs 234 crore for the year ended 31 March 2002, against Rs 45 crore during the previous financial year.
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RSPC signs gas supply agreement with GAIL
Mumbai: Rajasthan State Power Corporation has signed an agreement with Gas Authority of India Ltd for the supply of gas for the Rs 876 crore Mathanisa power plant, near Jodhpur.
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TPC upset over delay in govt notification on new unit
Mumbai: Tata Power is awaiting a gazette notification by the Jharkhand government stating approval for setting up a third 120-mw power plant here. The states energy department had given it an in-principle clearance a little over two months ago.
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Madras Cements gross profit down 30%
Chennai: Poor realisation coupled with low utilisation of the expanded capacity has led to a 30-per cent decline in the pre-tax profit of Madras Cements despite a 14-per cent increase in sales for the year-ended 31 March 2002.
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Net profits of 535 main companies up 10.2%
Mumbai: The net profit of 535 major companies, which declared their yearly results so far, rose by 10.2 per cent to Rs 37,064 crore during 2001-02 from Rs 33,626 crore during the corresponding period of the previous year.
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Bharti Broadband, KVB pact for data processing centre
Mumbai: Bharti Broadband Networks Ltd, a Bharti Group company, has forayed into an integrated communications solutions tie-up with Karur Vysya Bank to set-up a state-of-the art central data processing centre for its core banking operations.
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UB likely to exit Aventis Crop via Bayer open offer
Bangalore: The United Breweries group may exercise the open offer option to exit Aventis CropScience, kicking off its divestment from non-core sectors. Bayer CropScience is making an open offer to acquire 32.92 per cent equity stake in Aventis.
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NLC to set up plant in Rajasthan
New Delhi: A memorandum of understanding was signed between Neyveli Lignite Corporation, the ministry of mines and the Rajasthan government on Monday to set up a lignite-based thermal power station at Barsinger, Bikaner, Rajasthan.
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ITC, Maple Leaf join hands for greeting cards
Mumbai: ITCs greetings cards business has entered into a strategic alliance with Maple Leaf, a leading pop-up card manufacturer. As part of this alliance, Maple Leaf will exclusively make pop-up cards for ITC.
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Salem Steel seeks relief from TN govt
Chennai: With the divestment proposal from its parent company Steel Authority of India Ltd still hanging in balance, the public sector Salem Steel Plant is looking worried as the recent levies from the Tamil Nadu Government have put further strain on the company.
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Bax Global foresees growth in India despite tensions
Chennai: Bax Global India Ltd, airfreight forwarding, transportation and logistics specialist, is optimistic that the growing uncertainty in the markets due to the Indo-Pak tension will not affect its growth this year.
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