Indo Rama to sell spun yarn business
Indo Rama Synthetics has decided to hive off its spun yarn business into a new company and is likely to exit from the yarn business at a later stage.

Indo Rama Synthetics managing director OP Lohia said, "The company will keep the option open for completely exiting from the yarn business, provided we get a good price.
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Asian Paints restructures foreign arms shareholding
Asian Paints has restructured the shareholding of its various subsidiaries forming a part of its international operations.

The company has transferred all the equity shares held by Asian Paints (India) in the subsidiaries at Fiji, Tonga, Solomon Island, Vanatu, Australia, and the Sultanate of Oman to a wholly owned subsidiary in Mauritius.
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Computers Today to close down
Infotech magazine Computers Today, published by the Aroon Purie-promoted India Today Group, will close down.The group will, instead, launch a new technology business magazine titled Smart Inc from August first week.
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HP launches new server range
Hewlett Packard (HP) India yesterday launched its ProLiant DL580G2, ProLiant ML 530G2 and HP Server tc2110 servers, the first new products to be launched after HP-Compaq merger.

While the ProLiant severs will be the mainstay of the new HP, the pre-merger products such as HP IA-32 servers will continue to be shipped till end-2002, and certain models till 2003, said Vaibhav Phadnis, business manager-industry standard servers, enterprise systems group, HP.
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Thermax Posts Rs 2.7-crore Profit In Q1
For the first time in the last five years, Thermax Limited has posted profits during the first quarter of the financial year. During Q1 of 2002-03, Thermax posted a net profit of Rs 2.70 crore compared to the net loss of Rs 1.65 crore in the corresponding period last year. Sales in Q1 stood at Rs 101.35 crore, up 21 per cent from previous years first quarter sales of Rs 83.63 crore.
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Godrej Consumer Products likely to revise buyback scheme
Godrej Consumer Products is planning to revise its earlier buyback scheme at a board meeting to be held on July 22.The company, at the board meeting held on April 29, 02, had announced a second scheme under which it had decided to buyback shares at a price not exceeding Rs 100 a share for an aggregate amount of Rs 10 crore.

The scheme is subject to shareholders approval
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DCAs Jet Airway probe reveals `minor violations'
The investigations being conducted by the Department of Company Affairs (DCA) into the ownership pattern of the holding company of Jet Airways, Tailwinds, show that the company is fully owned by Mr Naresh Goyal, who is both an Indian citizen and non-resident Indian (NRI).

The investigations do not reveal any major offences or violations of the Companies Act, 1956. However, officials said that some minor violation of compliance with the Companies Act had been found for which the company was likely to face prosecution.
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Sify to acquire Wipro's network clients
Satyam Infoway said on Tuesday that it has struck a deal to acquire Wipros corporate connectivity customers for an undisclosed sum. As per the deal, Sify will acquire the customers, but not the employees and assets of Wipro.
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Tata Steel to resume full production
Tata Steel, whose production was disrupted since July 12, due to a massive drop in power supply in the grid of Damodar Valley Corporation (DVC), is expected to resume by July 17.

A company release said that the damage was restricted to production loss only although in terms of Q 2 production there will be no adverse impact.
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Reliance Petro reversed interest
Reliance Petroleum has admitted to the reversal of entries of about Rs 47 crore interest income shown in its 1993-94 balance sheet in the very next year due to non-payment on advances given to Reliance Industries and other group companies for the Jamnagar refinery project.

The revelation came during the department of company affairs (DCA) probe into the account books of Reliance Petroleum under Section 209, following the allegation from BSP MP Raashid Alvi that it had diverted funds mopped up from a public issue through Reliance Industries.
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Kvaerner bags 490 crore deal
Kvaerner Powergas India Ltd has been awarded a Rs 490-crore engineering, procurement, construction and project management contract to build a polyester staple fibre plant for Indo Rama.

The plant with a proposed capacity of 500 tonne per day is expected to be commissioned by the first half of 2004, a news release said.
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Mediators for Bajaj split
The Bajaj family has appointed Nationalist Congress Party president and former Maharashtra chief minister, Sharad Pawar as a mediator.. The other mediator is Dhirajlal S Mehta , a Bajaj family associate for a long time.

The mandate given to the two mediators is to address the issues, including division of assets arising out of Mr Rahul Bajajs younger brother Shishirs decision to separate from the family.
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Shantha Biotech Plans To Raise $25 Million
Shantha Biotechnics Pvt Ltd, a closely held company in biotechnology, expects to soon raise $25 million by selling a stake to new investors, a top executive told Reuters.

Managing director and company founder Varaprasad Reddy said the money would be used to build a US Drug Administration-approved plant to make new products.
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Tata Tea NCD gets `LAAA' rating
ICRA has retained the existing long, medium and short-term ratings for Tata Tea Ltd (TTL), at `LAAA', `MAAA' and `A1+' respectively.

It has also assigned a `LAAA' rating to TTL's Rs 100-crore non-convertible debenture (NCD) programme. "All these ratings indicate highest safety,'' an official statement said.
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`AAA' rating for NTPC bonds
Crisil has given a `AAA' rating to NTPC's Rs 500-crore bond programme. The agency has also reaffirmed top ratings to two other bond issues aggregating Rs 2,000 crore, a fixed deposit programme and Rs 250-crore commercial paper of NTPC.

A Crisil release said the rating reflects NTPC's dominant position in the country's power generation sector.
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Gleneagles plans to invest Rs 32 crore in Apollo JV
Gleneagles of Singapore is infusing debt worth Singapore $10 million (around Rs 26 crore) and Rs 6 crore equity in Apollo Gleneagles Hospital, a joint venture along with Apollo Hospitals Enterprises Ltd.

Apollo Hospitals has sought the Foreign Investment Promotion Boards approval to invest the funds in the Kolkata-based company.
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Revenue takes action against against Seagram
The revenue department is proceeding against liquor major Seagram for misdeclaration of quantity, value and classification of imports, amounting to duty violation of Rs 41.7 crore.

The department initially issued a show-cause notice to the companys Indian arm, Seagram Manufacturing, for recovery of Rs 50.1 crore duty. Of this, the need to pay additional duty to the tune of Rs 41.7 crore has already been confirmed after adjudication.
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Carborandum Universal sells refractories unit
Carborandum Universal Ltd has effected the sale of its electrocast refractories unit at Palakkad for a consideration of Rs 31 crore.

The sale of the unit to SERP Refractories India Ltd (part of the Saint-Gobain group) had been announced earlier, but the company had withheld information on the consideration. But the company's latest annual report discloses that the sale was for an amount of Rs 31 crore.
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Chettinad Cement posts Rs 9-cr loss in Q1
Poor realisation and inability of Chettinad Cement Corporation Ltd to put its expanded capacity to optimum use has forced the company to incur a massive loss of Rs 9.08 crore for the first quarter of the current fiscal as against a moderate profit of Rs 0.42 crore in the corresponding period of the previous year.
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I-T raids on Modi Xerox offices
The Income-Tax department on Wednesday searched 23 premises of the Xerox Modi Group in the wake of the ongoing scandal about the company bribing government officials to secure orders.

The searches were carried at 20 places in Delhi, two places in Uttar Pradesh and one in Kolkata, official sources said.
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Jindal Strips to invest Rs 104 crore in Haryana unit
Jindal Strips Ltd, an O P Jindal group firm, will invest Rs 104 crore over the next few months to rebuild its furnace at Hissar plant in Haryana to increase production.

At present, the company is producing about 400,000 tonne of stainless steel against an installed capacity of 250,000 tonne, which is a capacity utilisation of about 131 per cent.
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