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CIPL participants asked to furnish letters of comfort
Mumbai: Lenders are not taking any chances when it comes to funding pipeline
projects. Oil companies taking part in the 1,700 km Central India Pipeline
Ltd project have been asked to furnish letters of comfort to fund the
project.
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Gujral Group diversifies into hospitality management studies
Kolkata: Convert a crisis into an opportunity, management gurus often say.
And Gujral Group of Hotels seems to be following the dictum.
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Thai Battery firm sees 20% profit growth
Bangkok: Thai Storage Battery Plc, Thailands largest maker of batteries for
vehicles, forecast on Monday up to 20 per cent growth in profit this year,
fuelled by robust domestic and regional vehicle markets.
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SRF subsidiaries pile up losses of Rs 80 crore
New Delhi: Arun Bharat Ram-controlled SRF Limited has suffered accumulated
losses of around Rs 80 crore in three overseas and one domestic subsidiary
as on March 31 this year.
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Indian Oil in talks with firms for cheaper crude to N-E refineries
New Delhi: Indian Oil Corp is in talks with local oil exploration and
production firms to reduce the cost of crude oil for loss-making refineries
in remote North-Eastern India, a senior government official said on Monday.
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Tatas SOS Mahajan on BSNL pact
Mumbai: Tata Group chairman Ratan Tata on Monday opened a new front in the
battle between VSNL and BSNL urging Telecom Minister Pramod Mahajan to
intervene on the interconnection issue. This meeting comes in the wake of
senior Tata officials recent meeting with the telecom regulator
Trai.
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DCA officials check Ferguson records
New Delhi: A six-member team of the Department of Company Affairs headed by
Registrar of Companies on Monday conducted inspection of records at the
Mumbai office of accounting firm AF Ferguson which is at the centre
of a controversy over auditing of Tata Finance accounts.
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JM Morgan critical of Zee Telefilms
Mumbai: JM Morgan Stanley, investment bankers to Zee
Telefilms, have in a report strongly criticised the accounting practice of the company of
including the 10-15 per cent agency commission generated from advertising
revenue as an income of the company.
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Software MNCs drive job market
Chennai: By the time the shake-out in the Indian software industry separates
the men from the boys, the types of TCS, Infosys and Wipro are set to face
tough rivals in multinational players like IBM, CSC, Oracle, Cognizant and
EDS.
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Colgate parent has no plans to delist arm, for now
Mumbai: Colgate-Palmolive (India) assured its shareholders on Monday that
its parent had no intent, at this point, to take full control of the Indian
subsidiary or delist it from domestic stock exchanges.
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Leyland loses 3% share to Telco in July
Chennai: Lower than anticipated demand for buses during the first four
months of fiscal 02-03 has resulted in Ashok Leyland losing 3 per cent
market share to competitor, Tata Engineering (Telco), in July 02. The
company said that this loss in market share was despite continued growth in
the northern market.
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UB uncorks tamper-proof capping to check cheats
Panaji: With rising fear of adulteration and spurious liquor,
companies are fast falling back on the tamper-proof capping system for their top brands.
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L&T plans to raise Rs 50 cr via private placement
Mumbai: Larsen & Toubro plans to raise up to Rs 50 crore
through private placement of 10-year bonds. The company has decided to go in for bonds of
10-year tenor, at a time when most private sector corporates prefer to go in
for 5 or 7 year paper. Stanchart is the arranger to the issue.
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Jubilant out of race to buy HOCL stake
New Delhi: The Rs 900-crore Jubilant Organosys, formerly known as Vam
Organic Chemicals, has pulled out of the race for buying governments 32.61
per cent stake in Hindustan Organic Chemicals.
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IA woos travel agents with new bonus scheme
Bangalore: It is not just enough to offer goodies to the customer. In a
smart move, Indian Airlines has decided to keep its distribution arm or
1,600 odd travel agents across India in good humour with a Rs 10,000 bonus
on every Rs 1 lakh of additional sale over and above the regular target.
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Toyota Kirloskar rides Qualis break-even route
Bangalore: Riding on the back of the Qualis, Toyota Kirloskar Motor has
managed to break even three years after it started its Indian operation.
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Videocon to launch Kenstar line of fridges
New Delhi: The Videocon Group, which till now had
restricted its multi-brand strategy to colour televisions and washing machines, is planning to
introduce its second refrigerator line up under the Kenstar brand name.
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Longines, Tissot to become Asian Games timekeepers
New Delhi: Swiss watchmakers, Longines and Tissot, which are a part of the
Swatch Group, have announced their partnership as official timekeepers of
the 14th Asian Games, which is going to be held between September 29 and
October 14 in Busan, South Korea.
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Kinetic Engg begins exports of Boss
Mumbai: Kinetic Engineering Ltd said it has commenced exports of its
motorcycle Kinetic Boss with the initial containers heading for Sri Lanka.
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Panel formed to study auditor-company ties
New Delhi: The Ministry has set up this panel to lay down parameters to
protect the interests of various stockholders, including retail investors.
It will also examine connected matters such as the independence of auditors,
restrictions on non-audit consultancy work by auditors, rotation of auditors
and proposal for random scrutiny of company accounts.
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Experts to study I-T breaks for more services
cos
New Delhi: Nearly six months after the Budget announcement, the Finance
Ministry has constituted an expert group to examine the issue of extending
income-tax breaks to demerged or amalgamated companies in the services
sector, including financial services sector.
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FICCI for easy norm on co deposit with minimum risk
New Delhi: "Public deposits are a popular and efficient method of financing
the medium-term needs of the companies. It is, therefore, necessary to
create a conducive environment for such deposits to be freely invited and
accepted, while simultaneously ensuring that an optimal risk reducing
strategy is evolved,'' the chamber said.
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Fortune promoters to hike stake
Hyderabad: Fortune Informatics Ltd, the Hyderabad-based document management
software solutions provider, which had resolved to increase the authorised
share capital, is now set to increase the promoters stake by converting
warrants.
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MNC pizza chain to take a `Slice' of Italy Restaurants to be relaunched by
year-end
New Delhi: The slices just did not add up. Slice of Italy, the
homegrown Italian gourmet restaurant chain owned by entrepreneur Mr Rajeev Makhni, is
up for sale.
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Reebok, VLCC tie-up ends
New Delhi: ports clothing and apparel major Reebok India's `strategic
marketing' alliance with fitness and beauty chain VLCC (Vandana Luthra
Curves and Curls) has come to an end.
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ICRA to foray into healthcare grading - Renews
ties with Hospital Services Consultancy
Kolkata: Rating agency ICRA has renewed its ties with Hospital Services
Consultancy Corporation (HSCC), a Government-promoted outfit specialising in
setting up healthcare units, for its proposed foray into healthcare grading
services.
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Prasar Bharati pact with Global Cricket
New Delhi: Prasar Bharati has entered into a joint venture agreement with
the Global Cricket Corporation (GCC) for terrestrial broadcast rights for
the Champions Trophy and World Cup 2003, according to Mr K.S. Sarma, Chief
Executive Officer (CEO), Prasar Bharati.
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Tata plans to up bus market share
Chennai: Tata Engineering and Locomotive Ltd planned to improve its market
share in the passenger vehicles (bus) segment, the Executive Director
(Commercial Vehicles), Mr Ravi Kant, said here yesterday.
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TVS hopeful of 24 pc pie in mobikes market
Hosur: Two-wheeler major TVS Motor Company has said its motorcycle sales
were expected to grow by 34-45 per cent in the current fiscal to wrest a
market share of 24 per cent as against 16 per cent last year on the back of
robust sales of its newly developed Victor model.
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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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