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After
Alto, Maruti plans new model for overseas markets
New Delhi: After taking the drivers seat, Suzuki
Motor Corp will make its subsidiary Maruti Udyog a production
base as well as an export hub for volume cars for the
global market.
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Essar,
Ispat, Jindal lead UTI defaulters pack
New Delhi: Unit Trust of Indias gross non-performing
assets amounted to Rs 6,624.37 crore last fiscal, mainly
due to default in payment by leading business houses including
Essar, Ispat, Jindal, DCM, Lloyds, and RP Goenka groups.
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FACT
initiates steps for layoff, production cuts
New Delhi: The management of public sector major,
Fertilisers and Chemicals Travancore Ltd, which is up
for divestment, is contemplating layoffs, following piling
up of stocks and accompanying losses.
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TVS
Motor July sale aided by strong demand for Victor
Mumbai: The motorcycle sales of TVS Motor Company
Ltd raced ahead 113 per cent in July driven by strong
demand for the recently launched 4-stroke 110 cc bike,
TVS Victor.
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New
medicine brands race ahead of big names
Mumbai: Some of the big medicine brands like Zinetac
of GlaxoSmithKline, Digene of Knoll Pharma, and Combiflam
and Diaonil of Aventis Pharma, Ampoxin of Unichem Laboratories,
Roxid of Alembic and Evion of E Merck are fast losing
ground in terms of sales.
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Max
India registers Rs 67 lakh net profit
Mumbai: Max India Ltd has posted a net profit of
Rs 67 lakh for the quarter ended June 30, 2002 as against
Rs 2.85 crore reported in the corresponding quarter of
last year.
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Bajaj
family plans buyback from Shishir
Mumbai: The Bajaj family saga seems to have moved
into a higher gear with family members exploring financing
options to formalise the split.
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Where
there's WiLL, BSNL has way
New Delhi: Cellular operators' worst nightmare
has come true and it is not Reliance, as they expected
earlier, but the State-owned Bharat Sanchar Nigam that
has toppled their apple cart.
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Tatas
deny Idea-BPL merger plan is off
Mumbai: Confusion prevails over the status of the
merger negotia- tions between Idea Cellular and BPL.
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Reliance
Group may take 51% in BSES
Mumbai: The Reliance Group wants to hike its stake
in BSES to 51% and gain management control as it sees
the power company as the vehicle for future investments
in the sector, chairman Mukesh Ambani said on Thursday.
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Hollywood
looks beyond Coke, Pepsi
Mumbai: Big-time Hollywood studios, like Columbia
Tristar and Warner Bros, are now looking beyond Coke and
Pepsi to rev up the marketing shindig of their blockbusters
in India. Brands from insurance and diary, sunglasses
to liquor are all queueing up to be a part of Hollywood
action in India.
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Hyundai
offers sub-3 lakh Santro
Chennai: If Maruti Suzuki reduces the price tag
on its 800-series and widens the gap with Hyundai's Santro,
do you expect the Korean chaebol's Indian subsidiary to
keep quite?
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Orange,
BPL make incoming calls free
Mumbai: Mumbai's cellular subscribers can finally
receive calls without worrying about the air time costs.
Both BPL and Orange have made incoming calls free for
Mumbais subscribers from their respective networks across
the country.
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Svizera
to offer 25% to foreign firm
Mumbai: Svizera Labs, a Mumbai-based pharma company,
proposes to transfer 25 per cent of its equity to Medical
Exports Group of Netherlands. According to sources, the
company plans to transfer the equity (25,000 shares of
Rs 10 each) held by resident share-holder Vinay Sapte
to the foreign partner.
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Intl
Tractors to pay 350%
New Delhi: International Tractors Ltd sold 17,002
tractors during the financial year 2001-02, a growth of
26 per cent. It has also declared a dividend of 350 per
cent for the financial year ending March 31, 2002.
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Mortgaging
assets to IFC : Usha Beltron to seek shareholders' nod
Bangalore: Usha Beltron Ltd, the flagship company
of the Usha Martin group, will seek the approval of minority
shareholders for mortgaging the company's assets to the
International Finance Corporation (IFC).
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SRF
Polymers board to consider buyback plan
Mumbai: The board of directors of SRF Polymers
Ltd is to meet on August 6 to consider a proposal for
buying back the fully-paid equity shares of the company.
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SPIC
foreign ventures in legal wrangles
Chenai: MCN Energy Enterprises Inc of the US, an
erstwhile co-promoter of SPIC Fertilisers and Chemicals
FZE, Dubai, has sued Southern Petrochemical Industries
Corporation (SPIC) for non-payment of dues against a promissory
note executed by SPIC.
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Tata
Tea VRS next month
Mumbai: Tata Tea Ltd has decided to introduce an
employee separation scheme sometime next month. This was
communicated to the Bombay Stock Exchange on Tuesday after
the announcement of the first quarter results.
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Birla
group to exit MRPL
Mumbai: The A.V. Birla group yesterday formally
decided to exit from Mangalore Refinery and Petrochemicals
Ltd, its troubled joint venture with the public sector
Hindustan Petroleum Corporation Ltd (HPCL).
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ONGC
all set to acquire MRPL
Mumbai: The AV Birla Group has agreed to sell its
37.5 per cent stake in Mangalore Refineries and Petrochemicals
Ltd (MRPL) to Oil and Natural Gas Corporation (ONGC) on
the condition that it would not provide any indemnity
bond to ONGC.
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It's
action time at BSL
Mumbai: The Sardas have already informed the Securities
and Exchange Board of India that they have acquired almost
12 per cent in BSL through their group company, Kolmak
Chemicals Ltd.
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Heritage
Foods to set up 4 more processing units
Mumbai: Heritage Foods (India) Ltd, engaged in
the business of milk and milk products, is setting up
four more milk procurement and processing centres during
the current fiscal at a cost of Rs 8 crore.
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Pepsi
forays into seaweed farming
New Delhi: After tomatoes, potatoes, chillies,
basmati rice and groundnut, Pepsi Foods Ltd (PFL) is now
making a foray into large-scale contract farming of seaweeds.
The location: 10 km of sea front on the Palk Bay side
towards Mandapam.
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Outlook
mulls TV software unit: Plans more niche magazines
Mumbai: The Rajan Raheja-owned Hathway Investments
Pvt Ltd, which owns the Outlook group of publications,
plans to float a television software production unit soon
which will supply news content to TV channels as part
of its overall gameplan.
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Wockhardt
Hospitals to set up 3 more units
Mumbai: Wockhardt Hospitals, a group company of
the Rs 1,000-crore Wockhardt group, is planning to set
up three more hospitals in the next 12 -18 months.
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SIV
Industries `sick'
Kolkata: The Board for Industrial and Financial
Reconstruction (BIFR) has declared the Sirumugai-based
SIV Industries Ltd sick. SIV Industries was hitherto the
only viscose fibre manufacturing unit in the South.
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HC
extends order on Jessop sell-off
Kolkata: Justice Kalyan Jyoti Sengupta of the Calcutta
High Court has extended the interim order directing the
Board for Industrial and Financial Reconstruction (BIFR)
not to take any final decision regarding disinvestment
of shares of Jessop & Co Ltd.
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Radico
Khaitan targets Rs 100-cr sales of foreign liquor brands
Mumbai: Liquor major Radico Khaitan Ltd is eyeing
around Rs 100 crore of sales from its sole distributorship
agreements with foreign brands during the next year. This
will be above its existing sales of its own brands.
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MCF
plans roadmap for chemicals biz
Mangalore: MANGALORE Chemicals & Fertilizers
Ltd (MCF) of the UB group plans to open a new line of
business in chemicals as its mainstay urea production
continues to reel under Government regulations, company
sources have said.
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