Government finalises list of UTI sponsors
New Delhi: The finance ministry has finalised the list of sponsors for corporatised Unit Trust of India. This list includes SBI, LIC, GIC, IDBI, Bank of India and Bank of Baroda. Central Bank and Canara Bank will also be roped in, in case the government decides to take the number of sponsors up to eight.
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WLL service a big hit, over 2 lakh users
New Delhi: Even as limited mobilitys fate hangs in uncertainty, the poor mans phone service is proving to be a hit among subscribers. More than 2 lakh subscribers have hooked on to the mobile phones based on CDMA-based wireless in local loop services (WLL), though it is yet to be launched in a big way.
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Infosys' Phaneesh Murthy quits
Bangalore: Phaneesh Murthy, one of India Incs highest paid professionals and a director of Infosys, has resigned following a case filed against him and the software major for wrongful termination of service.
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Cable operators black out televisions
Mumbai: Cable operators and the big networks the Hindujas' IN Cablenet, Siticable and Hathway Cable & Datacom have once again decided to make a splash in favour of conditional access.
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RPG group turnover to get a boost from power, tyre
Kolkata: RPGs core businesses like power and tyres are set to prop up the groups turnaround, even as its new economy businesses look out for new growth avenues.
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HMSI to launch Indias first motorscooter Dio
Mumbai: Honda Motorcycle & Scooter India Pvt Ltd, 100 per cent subsidiary of Honda Motor Company Japan, has unveiled its second offering for the Indian customers Dio, touted as Indias first Motoscooter.
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Torrent Pharma PAT rises 18 per cent in Q1
Ahmedabad: Torrent Pharmaceuticals Limited, the flagship company of the Ahmedabad-based Torrent group, has posted an 18 per cent growth in profit after tax in the first quarter of the current fiscal ended June 30, 2002.
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HMD in tie-up with UK firm for AD Syringes production line
Mumbai: Hindustan Syringes & Medical Devices Ltd, a leading manufacturer of sterile medical disposables, has decided to set up state-of-the-art production line for auto-disable syringes in technical collaboration with Star Syringes of the UK.
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MFIL gains operating break-even
Mumbai: Modern Foods Industries, the first public sector company to have been divested in the governments disinvestment programme, has achieved operational break-even.
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AVB Group to sell MRPL stake to ONGC at Rs 2.30 per share
Mumbai: Close on the heels of the proposed merger of the copper business of Indo Gulf Corporation with group company Hindalco, the AV Birla Group is set to announce sale of its 37.5% equity stake in Mangalore Refinery and Petrochemicals Ltd (MRPL) to Oil and Natural Gas Corporation Ltd. The two are learnt to have arrived at a price of Rs 2.30 a share.
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GAIL to hit HPL with Rs 200-cr investment
New Delhi: After Indian Oil Corporation, it is now the turn of Gas Authority of India Limited to pitch in for a stake acquisition in Haldia Petrochemicals. The GAIL board, which met here on Tuesday, is learnt to have taken an in-principle decision to invest Rs 200 crore in Haldia  Petrochemicals.
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Coris International all set to enter India
Mumbai: French insurance service provider Coris International is all set to enter India. The entry will be in alliance with Heritage Health Services Pvt Limited (HHS).
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Ranbaxy buys US firm's liquid unit
Mumbai: Ranbaxy Laboratories announced on Tuesday that it has acquired a liquid (drug) manufacturing facility from New York-based Signature Pharmaceuticals, on an asset purchase basis through its wholly owned US subsidiary, Ranbaxy Pharmaceuticals Inc. It, however, did not disclose the financial consideration of the acquisition.
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Ennore Foundries to retrench 450 employees
Mumbai: Hinduja group promoted, Ennore Foundries, has embarked on a major restructuring exercise to prune its manpower. The company is considering a plan to reduce 450 employees in the first phase.
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Hindalco open offer for Indal at Rs 120/share
Mumbai: Hindalco Industries made an open offer to buy the 25.5 per cent of equity it does not already own in subsidiary Indian Aluminium at Rs 120 per share, the Bombay Stock Exchange said on Tuesday.
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M&M sells 51% in GKN JV for Rs 65 cr
Mumbai: Mahindra & Mahindra (M&M), Indias largest tractor and utility vehicle maker, sold its 51% stake in the joint venture Mahindra Sintered Products (MSP) to its partner, GKN Sinter Metals Holdings, for Rs 65 crore as part of its move to exit non-core areas. GKN will now own 100% of Mahindra Sintered once all approvals are received.
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Maruti 800 to cost Rs 18,000 less
New Delhi: Car marketleader Maruti on Tuesday announced a Rs 15,000-18,000 drop in the price of its bread and butter M800 model.
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Tata Engg's Indica to sport a higher price tag `soon'
Kolkata: Speaking to the media here, Mr Rajiv Dube, Vice- President - Commercial, Tata Engineering, said that the price hike was because of the build-up of cost pressures and the company could no longer negate the impact of the rising level of input cost.
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Laws complied with on ALBM, says Reliance
Mumbai: Reliance Industries Ltd yesterday said that all its automatic lending and borrowing mechanism (ALBM) transactions have been conducted in full compliance of all applicable laws, rules and regulations and that the Joint Parliamentary Committee has not made any adverse comment in this regard.
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Hero Honda to seek shareholders' nod to hike FII limit
New Delhi: Hero Honda Motors Ltd will seek shareholders' approval at its forthcoming annual general meeting on August 12 for increasing the investment limit of foreign institutional investors (FII)/non-resident Indians (NRIs) and overseas corporate bodies in the company up to 40 per cent.
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Sierra Optima is now arm of US co, changes name
Hyderabad: Sierra Optima Ltd has announced that it has become a wholly-owned subsidiary of the US-based Sierra Atlantic. The company has been renamed Sierra Atlantic Software Services Ltd.
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New-look Qualis to hit the road in September
Pune: Auto major Toyota Kirloskar Motors (TKM) is gearing up to set off some fresh action in the multi-utility vehicle segment and plans to roll out an all-new version of Qualis in September.
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Essar clarifies on RS discussion
New Delhi: The Essar group has clarified that it has always complied with the relevant laws, regulations and rule of the land.
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Wipro licence for Emuzed
Bangalore: Wipro Technologies, has announced that it had licensed its IEEE 1394a OHCI 1.1 Core to Emuzed Inc, a leading provider of multimedia products for the PC and embedded markets.
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Pentamedia to hive off Num TV
Chennai: Pentamedia Graphics has decided to hive off Num TV and the CD-Rom plant into100 per cent subsidiaries. With all the investments going into separate companies, the focus will be to produce/co-produce 4 to 6 animation films and distribute them globally.
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BIFR seeks Bengal's view on bank guarantee to Jessop
New Delhi: The Board for Industrial and Financial Reconstruction (BIFR) has given 10-days' time to the West Bengal Government for submitting its views on the demand for a bank guarantee from Ruia Cotex, the proposed strategic partner, before taking a final decision.
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Rain God willing... Madras Fertilizers hopes to make a modest profit
Chennai: Rain God willing, Madras Fertilizers Ltd (MFL) may end this financial year with a modest profit and consolidate its position.
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`Post-privatisation, Adilabad spinning mill turns the corner'
Hyderabad: Following the privatisation process of the closed Adilabad spinning mill in Andhra Pradesh, the new management Sri Asthalakshmi Spinning Mills has revived the unit and helped it turn the corner.
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