JPC pulls up UTI brass for funding dubious firms
New Delhi: The JPC probing the stock market scam has hinted that UTI's downfall was caused by governments, the trust's management, and finance ministry inertia "by directing its investment and lending decisions in favour of dubious private sector promoters."
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Group holding in Tisco to rise
Mumbai: The promoter holding in Tata Steel, the countrys largest private sector steel company, is likely to increase soon as Tata Sons and other group companies take advantage of low prices and hike their stakes.
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HLL, P&G, Coke face channel music
Mumbai: Television channels have decided to put big advertisers like HLL, P&G and Coke on the mat over the issue of service tax.
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Hero Honda seeks nod to double FII stake
New Delhi: The worlds largest two wheeler company Hero Honda is taking shareholders approval in August for nearly doubling the level of investment by foreign institutional investors to 40% in the company from the existing level of 22 per cent.
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ACC net profit down 55 per cent to Rs 20 crore
Mumbai: Cement major ACC has seen a 54.85 per cent drop in net profit at Rs 19.84 crore for the June-ended quarter 2002 as against Rs 43.95 crore in the same period in the last fiscal.
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Rapaport to offer GIA services in India
Mumbai: After four years of efforts, Rapaport, one of the most influential information providers in the global diamond industry, is now in India.
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SRF Q1 net rises 38% at Rs 12 crore
Mumbai: SRF Ltd has reported a 38% higher net profit at Rs 12.4 crore on an increased net sales of Rs 177.99 crore for the first quarter ended June 30, 2002.
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DRL trial suspension not to affect research, molecule valuation
Hyderabad: The suspension of the clinical trials by Novo Nordisk for Dr Reddys Laboratories outlicensed molecule DRF-2725 will neither impact the basic research undertaken by the pharma companies in India nor the valuations of the molecules in the process of being out-licenced.
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RIL cries foul over CNG supply cut
Mumbai: Reliance Industries Ltd yesterday accused the government of discriminating against it by cutting the supply of CNG to its power plant when its counsel put up arguments before Delhi High Court, challenging Centres decision in this regard.
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PowerGrid E-S project faces Rs 600-cr knock
Kolar: The cost of the 1,367-km East-South interconnector transmission system of Power Grid Corporation of India Ltd (PGCIL) is likely to go up by Rs 600 crore because it may be ineligible for some duty and interest rate concessions envisaged in the original project.
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ABB Q2 net soars 119% to Rs 32 cr
Mumbai: ABBs India has seen its net profits for the second quarter (Q2) ended June 30, 2002 witness a 119% rise compared to the same period in calendar 2001 (the financial year runs on a calendar basis), aided by a one time extraordinary income.
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LIC hold on Corporation Bank tightens
Mumbai: Life Insurance Corporation of India (LIC) has consolidated its hold on Mangalore-based Corporation Bank with two of its top executives getting a berth on the banks board.
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Siyaram to re-tailor Oxemberg brand
Mumbai: The Rs 326-crore Siyaram Silk Mills (SSML) has chalked out a major image makeover and revamping exercise for its readymade retail division spearheaded by the Oxemberg brand.
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H-P to hardsell Presario, Evo
Mumbai: The new Hewlett-Packard (H-P) will soon embark on an aggressive advertising campaign to promote popular Compaq brands such as the Compaq Presario and Compaq Evo in India.
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Cipla Q1 net up 37%
Mumbai: Drugmaker Cipla on Wednesday reported its April-June net profit rose 37 per cent from a year earlier, in line with analysts' expectations.
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Bharti arrives in Mumbai with sweetheart deals
Mumbai: Bharti Cellular launched its services in Mumbai on Wednesday with a slew of offerings intended to attract customers.
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Botox cleared for use by spastics
Bangalore: Botox, an Allergan product targeted at neurological disorders, has been approved by the Drug Controller-General of India for treating spastics.
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BHEL bags BPCL compressor order
Mumbai: Bharat Heavy Electricals Ltd , has won yet another order from Bharat Petroleum Corporation Ltd (BPCL) for the supply of compressor and drive turbine package for its refinery modernisation project at Mumbai.
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Tata Infotech to make Diebold ATMs
Mumbai: Tata Infotech has announced that it has entered into a contract-manufacturing agreement with Diebold Inc to produce Diebold's automated teller machines (ATMs) in India.
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HLL rejigs outsourcing strategy
Chennai: Outsourcing or sub-contracting the manufacture of products from third parties has been an integral part of the business model for FMCG companies in India for years now. FMCG behemoth Hindustan Lever Ltd (HLL) is better known for its marketing prowess than for its manufacturing capabilities. But recent indications from HLL suggest that it is stepping up its own manufacturing capabilities while reducing the proportion of goods outsourced from third parties.
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Strides Arcolab to hive off contract research division
Bangalore: Strides Arcolab Ltd plans to hive off its contract research and manufacturing (CRAM) division into a separate company through a scheme of arrangement.
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Indian Rayon hives off insulator business
Mumbai: As part of the overall restructuring process in the Aditya Birla Group, the board of Indian Rayon and Industries Ltd yesterday decided to demerge its insulator division to a joint venture company with Japan's NGK Insulators Ltd.
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Grundfos production unit to come up in Chennai
Chennai: Grundfos, the world's largest manufacturer of circulator pumps with little over 50 per cent of the global market share, has decided to set up its India manufacturing centre at Chennai.
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Tube Investments' Q1 net up 23%; plans facility in Noida
Chennai: Tube Investments of India Ltd has reported a net profit of Rs 8.02 crore for the first quarter ended June 30, 2002, which is 23 per cent higher than the Rs 6.53 crore the company achieved in the corresponding quarter of the previous year.
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Edumark ties up with Macmillan
Kolkata: Edumark, a division of the city-based Realmark services has tied up with Macmillan India to promote online executive development programmes from the Indian Institute of Management (IIM), Kolkata.
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Tata Engg gearing up for Indica sedan launch
Pune: Tata Engineering which launched the country's first indegenously developed car in 1998, reached another milestone with the first two pre-production units of the Indica sedan rolling out of its manufacturing plant at Pimpri on Friday.
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Ratan Tata calls for `process breakthrough'
Mumbai: A Breakthrough in steel making processes or a second line of business with a higher rate of return is essential to propel Tata Steel forward, the company's Chairman, Mr Ratan Tata, said yesterday".
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Bharti seeks to raise Rs 1,200 cr for projects
New Delhi: Bharti Tele-Ventures Ltd seeks to raise Rs 1,200 crore over the next couple of years to fund its on-going rollout of cellular, basic and long distance telecom services across the country.
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TRAI asks operators to modify networks Option for users to choose carrier
New Delhi: The Telecom Regulatory Authority of India yesterday directed the basic and cellular service providers to modify their networks enabling subscribers to pick the STD operator of their choice within three months, wherever two or more operators have presence.
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