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TN charges ICL with violating tax norms
Chennai: The Tamil Nadu commercial tax department has charged India Cements
of violating the provisions with the sales tax incentive scheme to
the tune of Rs 59 crore.
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Birla Yamaha signs MoUs with Meccalte, ACME Motori
New Delhi: Birla Yamaha Ltd, part of the Rs 1,000-crore Yash Birla group of
companies, has signed two MoUs in Italy. The first MoU has been signed with
ACME Motori, manufacturers of different types of engines and gensets.
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Finolex Ind, BPCL in deal for LPG import, storage
Pune: Finolex Industries Ltd has entered into an agreement with Bharat
Petroleum Corporation Ltd for import and storage of liquefied petroleum gas.
The company has a captive cryogenic jetty at Ratnagiri, Maharashtra, for
receiving imported feedstocks.
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Q4 net profit of 715 major companies increases 39%
Mumbai: The fourth quarter net profit of 715 major
companies, which announced their results so far, increased by 39.2 per cent to Rs 13,829
crore during January-March 2002 from Rs 9,938 crore during the corresponding
period of the year 2001.
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JK Paper in outsourcing deal with European firm
Mumbai: JK Paper has struck an outsourcing deal with a European company to
supply high end coated paper. It has also started outsourcing the creamwove
grade for the mass end from small domestic mills.
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Clariant props up profit margins
Mumbai: Clariant India has posted encouraging results for the year ended 31
March 2002.
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Unichem to invest 1 million in UK joint venture
Mumbai: Unichem Laboratories has set a target of Rs 400-crore turnover for
this financial year even as it plans to invest 1 million in its London-based joint venture company.
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DRL gets US approval for Zanaflex generic
Hyderabad: Dr Reddys Laboratories has bagged the US Food and Drug
Administration final approval for its abbreviated new drug application for
Tizanidine Hydrochloride 2 mg and 4mg tablets.
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HLL continues to lure rural customers
Mumbai: While growth has eluded FMCGs in the rural markets for the past two
years, consumer goods biggie, Hindustan Lever Ltd's fancy for the rural
markets refuses to fade. Defying the indicators, the largest FMCG company
of the country, is still going full steam, to capture the countryside consumer.
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Kinetic launches new scooter Zing
Pune: Kinetic Motor Company Limited on Thursday launched a new trendy
scooter called Kinetic Zing, targeting the urban youth in Maharashtra.
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Hero Motors plans to buy division of European firm
Bangalore: Hero Motors is close to striking a Rs 50-80 crore deal to buy out
a motor scooter division of an European company.
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Coca-Cola gets one more month to divest stake
Mumbai: Coca-Cola India has got some reprieve, even if it is for a month.
The government has extended the deadline for divesting 49 per cent stake in
the cola company by a month. The deadline expires on July 17.
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Fiat takes Rs 317-crore hit, vows better drive next year
Mumbai: Fiat India has turned in a Rs 316.8-crore loss (Rs 3,168,760,000)
for the year ending 31 December 2001. At Rs 445.41 crore, the companys
consolidated turnover is nearly half of its total expenditure of Rs 762.29
crore, leading to the Rs 317-crore loss.
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IA extends deadline for aircraft proposals
New Delhi: Indian Airlines has extended the deadline for the validity of
financial offers made by the aircraft manufacturers from 30 June to 30
September for its 43 aircraft multimillion dollar fleet acquisition plan.
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Silverline Tech's warrant among Rs 218-crore FDI plans cleared
Mumbai: Silverline Technologies Ltd's proposal to issue 20 million warrants
on preferential basis to Mauritius-based Silverline Holding Corporation
involving foreign direct investment worth Rs 102 crore was among the FDI
proposals okayed.
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Xerox probe on basis of DCA documents
New Delhi: Finance Minister Jaswant Singh said he has ordered an inquiry
into the Xerox ModiCorp scam on the basis of certain documents given to him
by the Department of Company Affairs.
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BEML bags order from Korean firm
Bangalore: Bharat Earth Movers Ltd has bagged a Rs 42-crore contract from
Rotem, Seoul, South Korea for the manufacture of 180 `electrical multiple
units' at its Bangalore complex for supply to the Delhi Metro Rail
Corporation.
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Punj Lloyd bags Rs 82-crore LNG tank project
Mumbai: Construction company Punj Lloyd Ltd has bagged the contract to
construct LNG storage tanks for the Rs 2,000-crore Hazira LNG terminal and
port project. The contract was awarded to PLL by the Royal Dutch/Shell
group of companies.
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GAIL augments supply to Delhi power, gas plants
New Delhi: Gas Authority of India Ltd has augmented the supplies of natural
gas to the power and transport sectors in New Delhi in keeping with the
directive of the Supreme Court.
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Nicco Corpn to sell steel division for Rs 10 crore
Mumbai: Nicco Corporation Ltd has decided to sell off its steel division for
Rs 10 crore "on a slump sale basis'' reportedly to Ramasarup Engineering
Industries Ltd. The company on Thursday informed the stock exchanges of the
decision.
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E-filing system for comapneis to be launched today
New Delhi: After going through a false start, the much-awaited Electronic
Data Information Filing and Retrieval system is set to take off on Friday.
"The Edifar system will be launched in Mumbai on July 5.
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ETV Ramoji group forays into garment making
Hyderbad: The Hyderabad-based ETV Ramoji group of companies proposes to get
into the manufacture of garments. The group's new company, Margadarsi
Apparels, is putting up a garment plant near Hyderabad, at a cost of around
Rs 100 crore.
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ISO 14001 for IOC Chennai terminal
Chennai: Indian Oil Corporation's Korukkupet terminal has received the ISO
14001. This is the first terminal in India to get the accreditation,
according to T L Jain, executive director, southern region.
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IISCO told to raise funds from market for revival
Mumbai: Indian Iron and Steel Company, a subsidiary of Steel Authority of
India Ltd, will have to raise around Rs 530 crore from the market for
implementing the Rs 881-crore revival plan that the union steel ministry has
readied.
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BIFR wind-up notice for National Instruments
New Delhi: The Board for Industrial and Financial Reconstruction has
directed a show-cause notice to National Instruments Ltd for wind-up while
declaring the sanctioned scheme of 1999 modified in February 2000 as
failed.
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Indal bullish on value-addition
Mumbai: Indian Aluminium Co Ltd has said it will augment its position in
the value-added segments of the downstream product markets.
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