Glaxo closes Biddle Sawyer operations
Mumbai: GLaxoSmithline Pharmaceuticals Ltd has closed down the operations of  its wholly-owned subsidiary, Biddle Sawyer Ltd, citing high manufacturing costs as the main reason.
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Indo Rama to defer payment of dividend
Mumbai: The shareholders of the Rs 1,900-crore Indo Rama Synthetics (India) Ltd have given their consent to defer the adoption of a resolution on payment of dividend for the year 2001-02 at their annual general meeting held on June 28.
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Boxer power for Bajaj
Pune: Bajaj Auto Ltd has reported an 18-per cent increase in its two- and three-wheeler sales at 3,69,865 units (3,12,466 units) during the first quarter of 2002-03 ending 30 June 2002. Two-wheeler sales during the first quarter too were high.
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Ind-Swift gets approval for anti-depressant
Chandigarh: The pharma company Ind-Swift Ltd has got the Drug Controller-General of India's approval for manufacturing and marketing the active pharmaceutical ingredient and finished dosages of Citalopram in India.
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Hero Honda sales increase 33%
Hero Honda Motors Ltd said its June sales jumped 33.1 per cent to 139,993 bikes from 105,159 in the year-ago month. Sales in April-June, the first three months of this financial year, were 37.4 per cent higher at 421,679 bikes.
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IVRCL director sells 2.64 lakh shares at Rs 60 premium
Mumbai: One of the promoter-directors of IVRCL Infrastructures and Projects Ltd, I Syam Prasad Reddy, has sold 2.64 lakh equity shares of the company.
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Calchem to delist, to spend Rs 10 cr on brand promotion
Kolkata: Calcutta Chemical Co Ltd, a wholly-owned subsidiary of Henkel Spic India Ltd with 91 per cent equity holding, has decided to delist its share from the Calcutta Stock Exchange.
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Indal signs $20-million forward contract with Birlas
Mumbai: Indian Aluminium Company Ltd of the Aditya Birla group has entered into a long-dated forward contract for $20 million of its $40-million worth of euro-currency bonds, aiming at containing the rupee depreciation on the 
loan.
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ACC to seek nod for stock option scheme
Mumbai: ACC has decided to consider grant of an aggregate of up to 15 lakh options under the employee's stock option scheme during the financial year 2002-03, approximately 0.9 per cent of the subscribed equity share capital of the country as of March 2002.
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Samtel India unit hive-off okayed
Mumbai: Samtel India Ltd has informed the Bombay Stock Exchange that the shareholders of the company have approved, by way of postal ballot, the hiving off its deflection yoke unit to a group company, Samtel Color Ltd.
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Uptrend in steel prices likely to sustain: J J Irani
Mumbai: Indian Steel Alliance has worked on the issues stemming from the problems faced by the producers of flat-rolled steel. As everyone is aware, there is considerable over-capacity in the country, and we produce much more 
than the local demand, says J J Irani.
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Balancing VRS with revival is NTC's headache
Mumbai: When the question of handling voluntary retirement scheme comes, the cash-strapped National Textile Corporation's dilemma in man management (or human resource management) is no different from other public sector enterprises.
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Electrolux shareholder seeks reasons for losses after merger
Mumbai: The recently-merged entity Electrolux Kelvinator Ltd seems to be having minor hiccups. Some shareholders have sought clarifications on company's long-term plans for India.
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Rolls Royce keen on building maintenance unit in Kochi
Kochi: The Rolls Royce group has expressed interest in setting up a Rs 1,200-crore aircraft maintenence centre at Cochin International Airport Limited, near Kochi on a build, operate and own basis.
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Reliance group concludes $400-million equity offering
Mumbai: Reliance Industries Ltd on Monday announced that two group infrastructure companies -- Reliance Utilities & Power Ltd and Reliance Ports & Terminals Ltd -- had concluded a $400-million equity offering to international investors.
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BPL net profit declines to Rs 38 crore
Mumbai: Interest burden of white goods major BPL has shown a steep increase in the fiscal-ending 31 March 2002 compared to the previous year.
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Aurobindo Pharma posts Rs 69-crore net profit
Mumbai: Aurobindo Pharma Ltd has reported a turnover of Rs 1,052.40 crore as against Rs 1,007.75 crore, an increase of 4.43 per cent over the previous year. The board of directors have recommended a dividend of 30 per cent.
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ACL Chemicals to hike natrotene sales to Rs 100 crore
Chennai: The city-based ACL Chemicals, which has made a leap into algae-based betacarotene production technology, is planning a big expansion. It is planning to hike natrotene sales to Rs 100 crore.
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BAT unaware of UTI's divestment plans
Mumbai: While ITC Chairman Yogi Deveshwar is trying hard to stall UTI's stake sale to BAT, the UK-based tobacco major said it was unaware of the plans.
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Cabinet secy sole authority on PSU tenders
New Delhi: In a ruling that could set a precedent in settling disputes between central public sector undertakings over the process of tendering and subsequent awards, the Jharkhand High Court said the onus to ensure that the decision making process was not vitiated was on the cabinet secretary.
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Banks, FIs offer bailout for SJK Steel
Mumbai: A core group of financial institutions and banks have agreed to provide fresh loans to the struggling Hyderabad-based steel company, SJK Steel, to help it complete a project.
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ITC stake sale finds no buyers
Mumbai: There seems to a new twist to UTI-ITC stake sell off saga. Unit Trust of India's proposed move to sell its holding in tobacco major ITC has taken an interesting turn with the other institutional stake holders in ITC, led by LIC, deciding against buying the troubled MF's 13.59 per cent stake in the tobacco major.
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Sail, Tisco hike prices
Mumbai: Steel Authority of India and Tata Steel effected the fourth round of steel price hike within just over three months.
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B K Birla may merge three arms
Mumbai: The B K Birla group is mulling over a merger of three of its associate companies with group company KICM Investments. Earlier Basant Kumar Birla said he will continue to work and not retire as his daughters and grandson Kumar Mangalam Birla want him to continue.
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Crompton fans blow the wind out of Orient
Mumbai: After consumer electronics and white goods, the brand blitz has engulfed the electrical fans industry with Crompton piping Orient to the top slot as the largest Indian fan manufacturer.
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Haldia Petrochem set to be NPA
Mumbai: Haldia Petrochemicals Ltd is now liable to be declared a non-performing asset by the financial institutions having failed to meet its payment obligations for two successive quarters.
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