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Naik to seek PMs nod for HPCL, BPCL IPO before selloff
New Delhi: Petroleum minister Ram Naik on Friday said that he would make a
presentation to Prime Minister Atal Bihari Vajpayee for allowing public
sector Hindustan Petroleum and Bharat Petroleum to go in for initial public
offering prior to disinvestment.
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Two is too much!
New Delhi: The Delhi High Court on Friday issued notices to
Indian Airlines, Alliance Air and CMYK Multimedia Pvt Ltd following a suit filed by Media
TransAsia Ltd, supplier of in-flight magazine, Swagat, over introduction of
another inflight magazine, Darpan.
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ALL Q1 posts Rs 9.74 cr Q1 net, sales up 14%
Chennai: Ashok Leyland has reported a net profit of Rs 9.74
crore in the first quarter ended June 30, 2002 against a net loss of Rs 9.4 crore in the
same quarter last fisal. Earnings per share (not annualised) is Rs 0.82.
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Telco nears complete divestment of Haldia stake
Mumbai: Tata Engineering (Telco) is in the final stages of divesting its
entire shareholding in Haldia Petrochemicals to the West Bengal government,
chairman Ratan Tata said on Friday.
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VSNL proves a wrong pick for Tatas
Mumbai: For the Tatas, it's been baptism by fire. Ever since
it obtained management control of VSNL, the company seems to be in the news for the
wrong reasons.
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GSK Q2 net after exceptional items dips 10%
Mumbai: Pharma market leader GlaxoSmithKline Pharmaceuticals
(GSK) posted a net profit after exceptional items of Rs 40.5 crore in the second quarter of
02, down 10% from Rs 44.9 crore in the year-ago quarter.
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ITC Hotels may be merged with parent
Kolkata: ITC Ltd is weighing options of merging ITC Hotels Ltd (ITCHL) with
itself. Talks of such a merger has been doing the rounds for sometime.
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ONGC-Videsh to invest $1-billion in Central Asia oilfield
Mumbai: ONGC-Videsh Ltd (OVL), the overseas operations arm of ONGC, proposes
to invest over $1-billion in an unnamed generating oilfield in Central Asia
region.
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Coke claims capturing 60.5% mkt share
Mumbai: Coca-Cola India on Friday said that its carbonated soft drinks
business cornered an all-time high share of 60.5 per cent of the all-India
carbonated soft drinks (CSD) market at the end of May 2002.
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Maruti to launch diesel version of Esteem
New Delhi: Indias biggest car maker Maruti has decided to
make yet another splash in the market. It will shortly launch a diesel variant of its popular
mid-size family car Esteem with a TUD-5 type engine used in the Zen car.
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Rahul Bajaj wants govt stake offload in MSL expedited
Mumbai: With the Maharashtra state government indicating its desire to exit
from Maharashtra Scooters Ltd, Bajaj Auto Limited is looking at striking a
deal which will give Bajaj Auto a 51 per cent stake in the company.
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Kinetic plans 100cc scooter with below Rs 30,000 price tag
Mumbai: Two-wheeler maker Kinetic Engineering is developing a 100cc scooter
which would be priced below Rs 30,000 in a bid to boost its declining
scooter sales.
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JP Morgan chase to buy Nissan subsidiary
Mumbai: The private equity arm of JP Morgan Chase & Co Inc said on Friday it
had reached agreement to buy a Japanese auto parts subsidiary of Nissan
Motor Co Ltd for around 10 billion yen ($86 million).
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Govt plans UTI split, to put US-64 in new
AMC.
New Delhi: The government is toying with the idea of splitting the countrys
largest mutual fund, Unit Trust of India, and hiving off the US-64 scheme
under a separate asset management company.
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Fiat India in talks with GM, Suzuki
New Delhi: Auto majors Fiat India Pvt. Ltd, General Motors and Suzuki are in
talks for co-operation in product sharing, cross branding and sourcing of
engines.
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Revamp not to affect top brass of Indal, Hindalco: K.M. Birla
Mumbai: The Aditya Birla group's ongoing restructuring plan
for its businesses and companies, which is slated to be completed within six months,
will leave the senior management team unchanged at Hindalco Industries Ltd
(Hindalco)and Indian Aluminium Ltd.
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Usha Beltron plans loan swap with IFC fund DEG due diligence under way
Bangalore: Usha Beltron Ltd (UBL), the flagship company of the Usha Martin
group, has decided to swap its high-cost Indian debt with a loan that it is
set to receive from the International Finance Corporation.
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Singhanias to sell 14 pc in JK Ind to Mauritius co
Mumbai: J.K. Industries, promoted by the Singhanias, has finalised plans to
increase foreign equity in the company from the present level of 0.71 per
cent to 14.16 per cent.
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HM to supply engines for GM's new vehicle
Bangalore: Hindustan Motors (HM) and General Motors India (GMI) are in the
process of signing an agreement for the supply of engines and transmissions
for GMI's proposed new vehicle.
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Indo Rama looks for partner in yarn
Polyester major Indo Rama Synthetics is looking for a strategic partner for
its yarn business after completion of the proposed demerger of its yarn and
polyester businesses.
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Biocon gets CAP
Bangalore: The Biocon India Group subsidiary, Clinigene International Pvt
Ltd, has become the first clinical research laboratory in the country to be
awarded the CAP accreditation, said a company press release.
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ITC continues its strong show
Kolkata: A number of factors such as insignificant volume growth in its
cigarette business and state activism have been working against ITC in the
past several quarters. The juggernaut, however, has continued to roll on,
surprising the market skeptics.
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