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Hyundai to roll out Carens in India by early next year
Bangalore: Hyundai Motor India is currently undertaking a feasibility study
for introducing a multi-purpose vehicle from the Kia Motor Company stable,
which was recently acquired by the Hyundai Motor Company.
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Ratna oilfields promoters meet today to finalise PSC
Mumbai: Things are finally moving ahead on the Ratna and R-series oil and
gasfields. The three promoters of the fields ONGC, Essar Oil Ltd and Premier
Oil of UK are meeting on August 19 to finalise the product sharing contract
for the venture.
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Lupin hires PwC to network depots, manufacturing units
Mumbai: Lupin Ltd has roped in PricewaterhouseCoopers to implement SAP to
seamlessly connect its 28 sales depots, four manufacturing facilities, the
R&D centre at Pune and the Mumbai office via a satellite-based network.
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Profit after tax of 825 firms up 17.4% in Q1
Mumbai: The aggregate net profit of 825 major companies, which declared
their first quarter results so far, increased by 17.4 per cent to Rs 11,438
crore during April-June 2002 from Rs 9,742 crore during the corresponding
period of the previous year.
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UTI plans to continue with US-64 after recast
New Delhi: The road map for restructuring of UTI into three
entities being finalised by the Finance Ministry may allow the new sponsors to continue
with the US-64 scheme.
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Focus now on internal accountants
New Delhi: It is a legitimate grouse for big accounting firms.
In almost all the bankruptcies and failures in recent times, the internal auditors have
managed to keep a low profile and avoid the flak, but their flamboyant
external counterparts have got questioned, accused and pilloried.
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Bajaj family deadlock continues
Mumbai: Mediation attempts to settle the Bajaj family feud have stalled as
the two warring factions - Bajaj Auto CMD Rahul Bajaj and his cousins who
are ranged against his younger brother Shishir - have been unable to agree
on the terms of reference.
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ING plans to consolidate India ops
Mumbai: Even as ING prepares to take over management control of Vysya Bank,
the Dutch financial group is understood to be working towards consolidating
its India operations under a common ING umbrella with the bank acquisition
as the focal point, reports.
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IOC to build Madurai pipeline on its own
New Delhi: Indian Oil Corporation (IOC) has decided to construct the Rs
400-crore Chennai-Trichy-Madurai products pipeline network on its own, with
Petronet India conceding its failure to raise funds for the project.
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GE Shipping, Essar tying funds to buy SCI
Mumbai: The two serious bidders for Shipping Corporation of India (SCI)
Great Eastern Shipping and Essar Shipping are in the process of tying up
finances to fund their purchase of SCI much before putting in their formal
financial bids.
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Govt to sell Nalco via ADR/GDR route
New Delhi: The big-ticket Nalco privatisation drama is donning new shades.
The government is considering issuing a mix of ADRs and GDRs to offload 30%
of Nalco's equity in the international markets.
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Ruias in talks with banks to securitise revenues
New Delhi: Essar Steel is learnt to be in talks with a couple
of foreign banks for a possible securitisation of the revenues from its steel exports.
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US firm buys Intelenet stake
Mumbai: US-based Household Credit Services, the oldest and the second
largest consumer finance company in the US, has acquired a 10% stake in
Intelenet, a JV between Tata Consultancy Services (TCS) and HDFC, for a sum
of Rs 50 crore, thus evaluating the company at Rs 500 crore.
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Leyland lost 3% mkt share to Telco in July
Kolkata: Continued growth in the northern market and less than anticipated
demand for buses during the first four months of fiscal 2002-03, has seen
Ashok Leyland Ltd (ALL) losing 3% market share to its competitor, Tata
Engineering (Telco), in the month of July 2002.
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BoB to raise fund in Uganda
Ahmedabad: Bank of Baroda's Uganda subsidiary will be raising equity capital
from the Ugandan market. This will make it the first Indian bank to have its
subsidiary listed in the international market.
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Tata Salt to revamp distribution network
Mumbai: The company, which holds 37 per cent market share in the salt
industry, will also invest close to Rs 20 crore on IT-enabling its
distribution network, Mr Naimesh Dave, Senior Vice-President, Business
Consulting Group, which has recommended the new distribution strategy to the
company, said.
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Goodwill Engg delivers vessel to Andaman & Nicobar Islands
Chennai: Goodwill Engineering Works, Pondicherry, the engineering division
of the Chennai-based South India Corporation (Agencies) Ltd (Sical) on
Saturday delivered the Rs 7 crore, 75 passenger-cum-50 tonne cargo
vessel"Katchal'' to the Andaman & Nicobar authorities.
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Sical to hive-off non-logistics divisions
Chennai: South India Corporation (Agencies) Ltd will divest
all the non-logistics divisions and become a purely logistics services company. The
non-core divisions would be hived off into separate companies,
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`Nasdaq exiting Japan not to impact SSI'
Chennai: The US Nasdaq Stock Market's pullout from its Japanese joint
venture, Nasdaq Japan, will not impact revenue growth this quarter,
according to an SSI spokesperson.
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Tatas launch two microsites
The Tata Group has launched two microsites, www.tatamastercraft.com
and www.tatatkk.com,
that showcase the strides Indias best-known business
conglomerate is taking on the path to technological innovation
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