RIL plans $400-m GDR to fund utility, port
Mumbai: Despite chairman Dhirubhai Ambanis illness, the Reliance groups appetite for fund-raising has clearly not been satiated. The group is planning to float a global equity issue to fund its infrastructure plans.
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SPIC clocks net loss of Rs 215 crore
Chennai: Southern Petrochemical Industries Corporation, a part of the MA Chidambaram group, has reported the biggest ever loss of Rs 215.5 crore for the fiscal ended March 2002, as against a net profit of Rs 15.87 crore in the previous year.
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Sun FC seeks SEBI approval to buy 2 AMCs
Mumbai: Sun F&C has applied to the Securities and Exchange Board of India seeking permission to buy two of the JF Asset Management (formerly called Jardine Fleming MF) schemes for a consideration in the range of Rs 15-20 crore.
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GM China to source parts from India
Mumbai: Fed up with the high cost of Chinese auto components, General Motors China is now contemplating outsourcing components from India.
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ING to up stake in Vysya Bank to 49%
Mumbai: In a move to further consolidate its holdings, the Dutch financial group ING has decided to hike its equity holding in Vysya Bank to 49 per cent.
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Kotak buys out Jhawars 5% in Usha Martin
Mumbai: The Hutchison-Kotak combine has acquired 100-per cent ownership in Usha Martin Telekom. The Jhawars of the Usha Martin group recently sold their 5-per cent holding in UMTL to Kotak Mahindra. Till recently, the Hutch-Kotak duo enjoyed 95-per cent ownership in UMTL.
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Lean season may trigger airfare war
Mumbai: With the lean season setting in, domestic airlines are gearing up for a fare war on regional routes.
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Rs 20-crore ad spend for Scorpio
Mumbai: Mahindra & Mahindra Ltd intends to spend Rs 20 crore in backing the Scorpio brand, the companys new multi-utility vehicle, but has decided against a brand ambassador. "They are not worth it," Rajesh Jejurikar, vice-president, marketing, said.
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Shareholders approve Infar name change
Mumbai: Shareholders of Infar (India) Ltd have approved a resolution which sought to change the name of the company to Organon (India) Ltd. The change is in tune with its desire to align itself with the internationally recognised Organon name.
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Omnex sets up division for Six Sigma
Mumbai: Omnex India Ltd, a subsidiary of Omnex Inc of the US, has formed a separate division for offering consultancy on Six Sigma initiatives to companies here, Omnex Indias country manager (operations) Arun Kumar said.
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HLL restrained from product defamation
Chennai: The skirmish between the Chennai-based CavinKare Ltd and FMCG major Hindustan Lever Ltd over their shampoo brands has entered the courts, with the Madras High Court passing an order restraining HLL from resorting to defamation.
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SWC ramping up capacity at Charminar Breweries
Kolkata: Shaw Wallace & Company Ltd is expanding the brewing capacity at Charminar Breweries in Andhra Pradesh from the current level of 26 lakh cases to 77 lakh cases per annum, according to the companys chairperson V M Chhabria.
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Sun Pharma to issue bonus preference shares
Mumbai: The board of directors of Sun Pharmaceuticals Industries Ltd has recommended bonus preference shares, with a face value of Re 1 to be issued in the ratio of 4 preference shares for one equity share held.
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L&T division targets 15-20% rise in turnover
Mumbai: The ECC division of Larsen & Toubro Ltd is targeting a 15-to-20-per cent growth in turnover for the year and hopes to achieve a turnover of Rs 1,000 crore through its international operations in three years.
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Bata India in talks with parent to kick up pace
Kolkata: Admitting the performance of Bata India Ltd in the first quarter of 2002 (January-March), which led to a net loss of Rs 4.2 crore, was poor, A L Mudaliar, chairman, said the Bata board is now in talks with Bata Ltd, Toronto, on how best to gather pace in the changing market.
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PFC to go in for recast prior to IPO
New Delhi: The state-run Power Finance Corporation, which has earned a profit of Rs 750 crore for 2001-02, proposes to carry out financial restructuring before going in for the initial public offering.
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Tetley to launch value-added products
Mumbai: The UK based Tetley Group, primarily black tea bag suppliers, are now contemplating a shift in their international brand presence with value-added products, such as fruit-herb tea, green tea and others, in their developed markets.
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L&T gets nod for revised bypass toll
Mumbai: Larsen & Toubro Ltd has obtained in-principle clearance from the Tamil Nadu government for its revised toll proposal for the Coimbatore bypass project.
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Tisco wants talks with Jharkhand on lease issue
Patna: Tata Steel wants the Jharkhand government to amicably settle the issue of renewal of its lease on the 12,708 acres of land.
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HPCL in deal with Gail, ONGC to buy LPG
Mumbai: Hindustan Petroleum Corporation Ltd has signed an agreement with Gas Authority of India Ltd and ONGC for purchase of liquefied petroleum gas.
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Three-fold rise in IFCI losses at Rs 885 crore
Mumbai: IFCI Ltd has incurred a whopping net loss of Rs 884.7 crore in 2001-02, over three times more than Rs 265.93 crore registered in the previous fiscal.
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VSNL assess dues from WorldCom
Mumbai: Videsh Sanchar Nigam Ltd has said it does not deny the possibility of WorldCom owing it money and that it is looking at how much outstanding amount is to be settled between the two sides.
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