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Falcon
Tyres, Siyaram-Poddar, Speedways join hands
Mumbai: The
Shaw Wallace group company Falcon Tyres Ltd has tied up with the
Siyaram-Poddar group company Balakrishna Industries and Speedways
Tyres for outsourcing of farm and four-wheelers tyres.
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MFs
stake in JB Chemicals down to 5.82%
Mumbai:
Mutual funds have reduced their holding in JB Chemicals and
Pharmaceuticals by 187 basis points to 5.82 per cent as on 31
March 2002 from 7.69 per cent at the end of preceding fiscal.
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Govt
advises MSEB on Dabhol offtake strategy
New Delhi:
Union power secretary R V Shahi, during his maiden stocktaking
exercise, has asked the ailing Maharashtra State Electricity Board
to evolve a comprehensive strategy comprising the offtake of
Dabhol phase-II power (1,444 mw) and drawal of power from the
National Thermal Power Corporations capacity addition programme
to overcome the peaking shortage of 2,250 mw during the 10th plan.
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KBL
to take up R&D in GM products
Mumbai: Krebs
Biochemicals Ltd, engaged in manufacturing of active
pharmaceutical ingredients, has proposed to take up research and
development activities of bio-molecules and genetically engineered
products.
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KRL-CoPT
controversy: settlement in sight
Kochi:
The raging controversy over the Kochi Refineries Ltds plans to
have an independent single-buoy moor and thereby jeopardising the
fortunes of the Cochin Port Trust appears to be heading for an
amicable settlement.
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WorldCom
scandal to hit Indian operations
Mumbai:
After the Enron episode, which still continue to haunt Indian
policy-planners, the $3.8-billion (Rs 18,240-crore) WorldCom
accounting scandal unearthed in the US on Wednesday, is likely to
seriously impact the groups operations in India.
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Tata
Teleservices to buy 50.83% in Hughes Tele
Mumbai:
The Tata group continues its acquisition spree in the telecom
space, with its basic services company Tata Teleservices
announcing its decision to buy a controlling stake in Hughes
Telecom (India) Ltd, basic services operator.
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Feelers
to IOC on MRPL stake
New Delhi: Indian
Oil Corporation has been sounded out informally by the current
management of Mangalore Refineries and Petrochemicals Ltd to
consider the prospect of taking over management control of the
9-million tonne refinery.
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VSNL
may face snags, courtesy WorldCom
Mumbai:
Videsh Sanchar Nigam Ltd, which has agreements with the troubled
US telecom company WorldCom, could face payment difficulties.
Officials close to the company said it was too early to say how
much the damage could be.
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Tata Steel
geared for price hikes
Mumbai:
The Tata Iron and Steel Co Ltd will increase prices of its steel
products on 1 July and again on 1 August 2002, according to Tata
Steel managing director B Muthuraman.
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ASC
Enterprises applies for DTH licence
Mumbai:
Ascels Agrani Satellite Services Ltd is the first Indian
private communications and broadcasting satellite system. ASCEL
now remains the only player in the fray for DTH (direct-to-home
broadcasting) licence after the relevant policy was changed.
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Parke-Davis-Pfizer
merger swap ratio set at 9:4
Mumbai: The
boards of directors of Parke-Davis (India) Ltd and Pfizer Ltd have
approved the share swap ratio of 9:4 (nine shares of Parke-Davis
for every four shares of Pfizer) for the proposed merger of Parke
Davis India and Pfizer.
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Ranbaxy
in licensing deal with German firm
Mumbai: Ranbaxy
Laboratories Ltd has stepped on the accelerator with regard to its
activity in the German market. Close on the heels of acquiring
Procter & Gamble Pharmaceutical's Veratide, Ranbaxy has inked
a licensing deal with a German company.
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Tata Steel pact
with TN for titanium dioxide project
Chennai: Tata
Iron and Steel Co Ltd today signed a memorandum of understanding
with the Tamil Nadu government to undertake a techno-economic
feasibility study for a project to set up an integrated titanium
dioxide plant using the mineral sands available in Tamil Nadu.
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Parke-Davis
profit dips
Mumbai: Parke-Davis
India has posted a net profit after extraordinary items of Rs 1.9
crore in the second quarter ending 31 May 2002, compared with Rs
50.3 crore in the corresponding period the previous year.
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Pfizer
Q2 net profit rises 19% to Rs 15 crore
Mumbai: A
steep increase in other income has pushed Pfizers net profit up
nearly 19 per cent to Rs 15 crore in the quarter ending 31 May
2002 despite a marginal dip in net sales to Rs 85 crore from Rs
85.4 crore.
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Ministries
slug it out over Balmer Lawrie sale
New Delhi: Ministries
of disinvestment and petroleum are on the warpath again. This
time, it is over the disinvestment of Balmer Lawrie and Company.
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EIH
net fell 63% in 2001-02
Mumbai: EIH
has posted a huge decline of 62.5 per cent in net profit to Rs
35.57 crore as against Rs 94.8 crore for the financial year ended
March 2002.
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Kanishka
to get makeover from new owners
Mumbai: Hotel
Kanishka is ready for a major revamp with new promoters, the Eros
group, initiating talks with various international hotel chains
like Hilton, Radisson and Marriott for a tie-up to manage the new
property.
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