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Govt clears sale of 5 ITDC hotels for Rs 170 crore
New Delhi: The government on Friday approved the sale of five hotels of ITDC
including the New Delhi-based Kanishka and Indraprastha (Yatri
Niwas) for over Rs 169 crore, while clearing the transaction documents for NEPA.
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Tyre firms propose forum to set rubber price band
Mumbai: To reduce the volatility in the price of natural rubber and to
ensure a fair price for all concerned the tyre industry has proposed the
formation of an apex natural rubber forum with the commerce secretary as the
chairman and all the stake-holders in the sector as members.
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Cummins buys Crompton, Janpath Investments stake in CG Newage
New Delhi: Cummins India has taken management control in CG Newage
Electrical by acquiring the promoters stake of 38 per cent from Crompton
Greaves and 2.5 per cent in Janpath Investments and Holdings for Rs 17.82
crore.
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Exide's Q1 net profit surges 124% on launch of new batteries
Mumbai: Exide Industries posted a 124-per cent growth in its net profit at
Rs 8.16 crore for the first quarter ended 30 June 2002 against Rs 3.64 crore
in the corresponding period the previous year.
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Alfa Laval dreams big, scores big in India
Mumbai: Alfa Laval India Ltd is the centre for projects in the Swedish
multinational's global business. It is also set to be the sole manaufacturer
within the group for small size decanters, which are currently being
designed and where Alfa Laval AB does not have a presence.
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Prolease may pick up strategic stake in Megasoft
Chennai: Prolease India, the wholly-owned subsidiary of Prolease USA, a
process solutions company with an estimated turnover of over $500 million in
2001, is in talks with Megasoft, a listed company based in Chennai, for
making a strategic investment.
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BSNLs cell service to ring in western states before October
New Delhi: Bharat Sanchar Nigam, under a turnkey project, will launch
cellular services in Goa, (Pune) Maharashtra and Gujarat by the end of
September 2002.
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Jet, IA cut fares by half, Delhi-Mumbai at Rs 3,920
Mumbai: Unleashing a full-fledged fare war, Jet Airways and Indian Airlines
slashed domestic air fares in a big way on Friday. Introducing Apex fares,
they brought down tariff on various sectors to Rajdhani Express levels.
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NIIT software business gets distinct identity
Mumbai: NIIT has announced that it has renamed its global software business
as NIIT Technologies with the objective of giving it a distinct identity,
but ruled out hiving it off as a separate entity.
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Tata Steel to create charges to borrow Rs 500 crore more
Mumbai: Tata Steel will be seeking its shareholders' approval for the
creation of mortgages, charges and hypothecations for an additional
borrowing margin of Rs 500 crore. The company had a margin of Rs 1,220 crore
for creation of charges.
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Novartis India to launch two cardio products
Bangalore: Novartis India Ltd will launch two products Diovan and Escolin
the cardiovascular segment in the current financial year, Ranjit
Shahani, CEO, Novartis India Ltd said.
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ICAI to set up financial report review panel
New Delhi: The 30-member central council of the Institute of Chartered
Accountants of India has decided to set up a financial report review panel,
which would suo motu look into the published accounts of different
organisations.
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Leyland invests Rs 52 crore in data centre
Chennai: All manufacturing units and the marketing division
will be inter-connected and linked to the data centre through leased lines and
radio, according Ashok Leyland's annual report for the year 2001-02.
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ACC proposes Rs 100-crore NCDs
Mumbai: ICRA expects ACC to benefit from the favourable demand-supply
outlook for the northern region, which is the key market for the company.
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Aurobindo sets up unit for generic anti-retrovirals
Hyderabad: Aurobindo Pharma Ltd, the Hyderabad-based pharma major, has
floated a separate division called Institution, dedicated to offering
anti-retrovirals in generic forms, said the vice-president of APL, Rony
Batabyal.
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Strand Genomics, Biocon arm in joint venture
Bangalore: The Bangalore-based Strand Genomics and Clinigene International,
a subsidiary of Biocon India, has announced a strategic partnership. Strand
will use its proprietary data mining tool Soochika to analyse clinical
data generated by Clinigene.
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Cabinet clears budgetary support for IDPL revival
New Delhi: Indian Drugs and Pharmaceuticals Ltd a central public sector
undertaking has received cabinet clearance for budgetary support till
March 2003 or till privatisation takes place.
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Kerala HC admits Trayons writ against BIFR order
Thiruvananthapuram: This has put the ball now back in the court of the
Kerala state government, which had to take a final decision on the revival
package presented to it by the Coimbatore-based entrepreneur Trayons.
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Raymond's views future with 'cautious optimism'
Mumbai: Raymond Ltd has said in its 2001-02 annual report that the company's
future outlook is one of "cautious optimism." Last fiscal has concluded as a
tough year for industry in general and the textile sector in particular.
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GE shipping raises borrowing limit by Rs 700 crore
Mumbai: The Great Eastern Shipping Company Ltd is enhancing its borrowing
limits by Rs 700 crore to Rs 3,500 crore by proposing an enabling resolution
in the forthcoming annual general meeting.
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L&T invests Rs 84 crore in arm
Mumbai: Larsen & Toubro has invested Rs 84 crore in its
subsidiary company L&T Holdings Ltd. The company has subscribed to 8.40-crore equity shares of
Rs 10 each, in the subsidiary during the last financial year.
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