Reliance Infocomm leads race for Satyam Infoway
Mumbai: Reliance Infocomm appears to have emerged as the front-runner among a handful of companies making a bid to acquire Satyam Infoway. Negotiations are at an advanced stage and the deal is likely to be announced within the next few days.
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FIs train guns on defaulters
Mumbai: FIs will target companies like JCT Electronics, Nova Iron & Steel, Prakash Industries, Silicon Industries, Phoenix International, Arihant Industries, Harig Crankhshaft, Bihar Sponge Iron, Jai Parabolic Springs, Sehgal paper and others to recover their dues under the new Securitisation Ordinance.
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Indians needn't fund US social security
Mumbai: Indian IT professionals may not have to pay for social security of Americans by this year-end. Indian firms executing projects in the US currently have to shell out around 20 per cent of their staff salaries as social security taxes, which amounts to a $200-m tab for these companies.
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KSEB asks BKPL to lower fixed costs, moots debt Recast 
Kochi: BSES Kerala Power has been asked by the Kerala State Electricity Board to lower the fixed cost composition in its 165 MW power plant in Kerala. 
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Tata Engg to launch Indigo by year-end 
Kolkata: Tata Engineering has christened its indigenously developed sedan as Tata Indigo slated for launch in the last quarter of the calendar year 2002. 
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SCCL claims stocks to meet power demand 
Chennai: Despite being hit by the ongoing indefinite strike by the workers union for the last four days, Singareni Collieries Company Limited has claimed that the company has sufficient stocks to meet the daily demand of the power generation units such as NTPC and APGENCO. 
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Reliance Life Science to sell stem cells
New Delhi: Reliance Life Science has received the Drug Controller General of Indias (DCGI) approval for manufacture and marketing of stem cells created from umbilical cord blood (UCB), Relicord, to be used as an adjuvant therapy for thalassemia and leukaemia.
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IFCI shops for $100m loan at 50bps over Libor
New Delhi: IFCI, the troubled financial institution, is shopping for a $100-m foreign currency loan at 50 basis points (bps) over the London Inter- bank Offered Rate (Libor). According to market sources, the FI has approached several banks for the loan on which it recently received a central government guarantee.
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DCA drafts norms for merger valuations
New Delhi: DCA has decided to bring transparency in regulations governing mergers and amalgamations of companies by stipulating standardised guidelines to be followed statutorily by companies planning such mergers.
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Ferguson says it sacked Kale
Mumbai: Embattled audit and consulting firm AF Ferguson on Thursday denied that the Tata group had coerced them into withdrawing the controversial Tata Finance report.
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DCA proposes action against TFL
New Delhi: A day after making tall claims about investigating alleged professional misconduct against AF Ferguson in the Tata Finance controversy, the Institute of Chartered Accountants of India (ICAI) on Thursday said that any action by it will be pursuant to the department of company affairs (DCA) calling for the controversial report on Tata Finance Ltd (TFL).
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Mitsubishi quits race to grab STC
Bangalore: Japans largest trading house, the $111-billion Mitsubishi Corp, is opting out of the State Trading Corporation (STC) disinvestment race, sources said.
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Infy's CMO quits to join Wipro
Hyderabad: Infosys' cup of woes continues to overflow. The company's US-based chief marketing officer in charge of global marketing has quit to join arch rival Wipro.
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Madison Holding takes 5.33% in Satyam Computer
Mumbai: Madison Holding, an affiliate of the global private equity firm Warburg Pincus LLC, has acquired a 5.33% stake in Satyam Computer Services.
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HPCL to spend Rs 3,000 cr on refinery upgradation
Mumbai: Hindustan Petroleum Corporation Ltd (HPCL) plans to invest up to Rs 3,000 crore over the next two years for the modernisation of its Trombay and Visakh refineries to ensure that the products meet Euro-III specifications. 
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Roots Ind lining up slew of launches for auto sector
Coimbatore: Roots Industries Ltd Coimbatore, a major manufacturer of automotive electric horns, is launching a slew of automotive accessories, some of which are in technical collaboration with manufacturers abroad. 
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TNPL move to use captive plantation of eucalyptus
Chennai: The Tamil Nadu Newsprint and Papers Ltd (TNPL) is in discussions with Tamil Nadu Forest Corporation to raise eucalyptus plantations to meet a part of its raw material requirement, according to Mr A. Velliangiri, Director (Finance), TNPL. 
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First Med's nephrology unit in Chennai
Chennai: The First Med Hospitals in Chennai of the Apollo Hospitals group has opened a specialised centre for nephrology, according to a company release. 
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SRF Polymers board okays buyback plan
Mumbai: The board of directors of the Rs 130-crore SRF Polymers Ltd has approved a proposal for the buyback of up to 25 per cent of the fully paid-up equity capital of the company. 
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Digital GlobalSoft ESOPs
Bangalore: Digital Globalsoft Ltd has informed the Bombay Stock Exchange that the HR committee of the board of directors of the company has approved 4,19,000 stock options to be granted to its employees under the employee stock option. 
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Wipro stock options for employees
Bangalore: Wipro Ltd has informed the Bombay Stock Exchange that the board of directors vide circular resolution effective August 01, 2002 resolved to issue and allot 337 equity shares of Rs 2 each pursuant to the exercise of stock options by eligible employees.
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Pollution clearance is Chemplast's last hurdle
Chennai: Chemplast Sanmar Ltd, which has finalised funding for the Rs 500-crore, 1,70,000-tonne PVC project, has just to clear one more formality, to begin work on the project that of getting clearance from the Tamil Nadu Pollution Control department.
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Promotion of SEZs, industrial parks Srei Capital in pact with Singapore consultant
Mumbai: The strategic alliance assumes significance, "considering Srei's exposure to core infrastructure development in India, with increasing focus on financing of infrastructure projects." 
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XPS Cargo signs pact with Chinese firm
New Delhi: XPS Cargo Services, the express cargo division of Transport Corporation of India Ltd (TCI), has signed a memorandum of understanding with the Chinese Government-owned China National Foreign Trade Transportation Corporation (Sinotrans) for in-bound and out-bound cargo movement from China to India and vice-versa.
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Trayons revival remains uncertain
New Delhi: The entire process, according to the officials, would take some more time. In fact, the Cabinet is yet to decide on the constitution of the sub-committee. 
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L&T order backlog at Rs 11,878 cr
Mumbai: Larsen & Toubro Ltd has commenced the current financial year with an order backlog of Rs 11,878 crore, according to S S Marathe at the AGM meeting.
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Tinplate mulls 40% hike in capacity
Jamshedpur: After a successful turnaround in 2001-02, Tinplate Company of India Ltd of the Tata Group is considering an increase in capacity by almost 40 per cent over the next one-and-a-half years. 
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Goldiam Intl posts Rs 3.69-cr profit
Mumbai: Goldiam International Ltd has reported a 12 per cent increase in net profit at Rs 3.69 crore for the quarter ended June 30, 2002 as compared to Rs 3.29 crore in the year-ago period.  
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