Komal, Shettigar to stay on Shaw Wallace board 
Kolkata: Shaw Wallace & Co Ltds executive director, Komal C Wazir, and a director, TS Shettigar, will continue on the board of the liquor major although the statutory auditors have made a qualification about their status. 
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Jet Air launches new cargo warehouse at Bangalore 
Bangalore: With a view to expanding its air cargo segment, Jet Airways has commissioned a 3,078 sq feet modern cargo warehouse located close to the Bangalore airport to handle international and domestic cargo transport requirements. 
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Gati Corp proposes articles amendment for buyback 
Mumbai: Gati Corporation has proposed an amendment to the articles of association to enable the company buyback its own shares. It has also proposed to increase its borrowings by Rs 100 crore for its expansion projects. 
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Praj Industries plans technical boost for ethanol division 
Mumbai: Backed by a healthy order book position of about Rs 90 crore with another Rs 30 crore worth of orders waiting for financial closure, Praj Industries Limited is going for the technology push to cement its position in the ethanol industry. 
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Essars oil outlets to be ready by year-end 
Mumbai: Essar Oil said on Tuesday it expected the first of 2,000 domestic retail petroleum outlets to be ready by the end of this year or early next year. 
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Govt to impose curbs on FDI from neighbours
New Delhi: The government is all set to impose curbs on FDI from certain countries including China, Pakistan, Bangladesh and Sri Lanka on 'national security' grounds. 
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Govt to support MSEB views on DPC board row 
Mumbai: Maharashtra has taken an aggressive posture on the issue of reconstituting the Dabhol Power Company board and decided to support the electricity boards demand that a nominee of the offshore lenders should not be on the new board. 
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VSNL issue: govt fields Advani
Mumbai: A vigorous "save our investment" campaign by the Tatas to protect their investment in VSNL seems to have moved a significant section within the government, but has left the "principal tormentor" Communications Minister Pramod Mahajan cold. 
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Drug MRP to include local taxes
New Delhi: The government has finally taken a decision to make maximum retail prices of medicines inclusive of local taxes.
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Sical to close Ahmedabad refractory unit to cut losses
Chennai: In the face of cheap Chinese imports and poor demand, South India Corporation Agencies (Sical) has decided to close down its refractory unit at Ahmedabad, Gujarat.
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Sterlite finally gets okay to run Korba plant
Mumbai: Sterlite Industries has finally resolved the lone sticky issue it was left with at Balco. Last month, senior officials from the group met the top brass from state-owned power utility NTPC, where it was mutually agreed to let Balco run the 270 MW captive power plant near its site at Korba in Chattisgarh.
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Pfizer to market Protinex over the counter
Mumbai: Pfizer has decided on alliances to co-market and distribute one of its largest brands Protinex over the counter. Protinex is a protein supplement with sales of about Rs 25 crore.
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Hero Honda Motors joins discount wars
Mumbai: World's largest motorcycle-manufacturer finally appears to be giving in to market forces. Having remained stoic for over a year in the face of rampant discounts and declining prices in the motorcycle industry, Hero Honda Motors has also joined the bandwagon.
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Ispat shuts down coal, power subsidiaries
Kolkata: Ispat Industries has shelved two projects, Central India Coal Company and Central India Power Company, as they were unable to provide any yield even after up to eight years of Ispats efforts.
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Alcatel unveils new phones, ties up with Agrani
New Delhi: Mobile phone vendors are getting aggressive as sales of legally-sold handsets start picking up in the country. Soon after Samsung and Motorola, Alcatel too has woken up to the potential in the Indian market.
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Parle Agro plans foray into hospitality
Mumbai: In A major diversification move, the Rs 600-crore Parle Agro is considering a foray into the hospitality sector. The maker of Bailley water, Frooti and N-joi, is now keen to tap opportunities in the hotel and service apartments industry.
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Oracle to hire 100 software pros a month
Bangalore: Worlds second-largest software company Oracle is stepping on the gas in India. The company is on an aggressive recruitment drive, picking up 100 employees every month. This year alone, Oracle has seen its India staff grow by about 1,000.
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Travel by Jet Airways to become a flight of fancy
Mumbai: Despite commanding the largest share of the market, Jet Airways is not taking any chances. It is not only buying the first Boeing 737-900 air-craft in Asia to offer more comfort to travellers and extract a better operational economy, but it is also planning some action on board its aircraft.
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L&T bags two Kuwait contracts
Mumbai: Larsen & Toubro Ltd has bagged two engineering, procurement and construction contracts from Kuwait National Petroleum Company valued at $14.1 million and $10.7. 
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BSE to probe pref issues of 5 cos
Mumbai: Emboldened by a ruling by the Securities Appellate Tribunal (SAT) in its favour, the Bombay Stock Exchange (BSE) has decided to probe preferential issues of five companies. 
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Madura Coats offer gets FIPB approval
New Delhi: The Foreign Investment Promotion Board has approved the open offer of J&P Coats Ltd and Coats plc to acquire 36.8 per cent share capital of Madura Coats Ltd for Rs 40 per share. The open offer will open on September 25 and close on October 24, 2002 
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Samsung India wins award
New Delhi: Samsung India Electronics Ltd, the Korean consumer electronics major, has won the first prize in the `consumer electronics' category at the annual `Awards for excellence in electronics', instituted by the Department of Information and Technology. 
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Glaxo VRS for Ankleshwar unit
Mumbai; GlaxoSmithKline Pharmaceuticals Ltd has informed BSE that its board has approved a Voluntary Retirement Scheme (VRS) for workmen of the Ankleshwar factory. A VRS package in terms of the approved scheme will be offered to them. 
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HPL board meet to review IDBI-okayed restructuring plan
Kolkata: The board of Haldia Petrochemicals Ltd which is slated to meet next week, will review the `in principle' nod given by Industrial Development Bank of India to the company's restructuring proposal, which has been pending for over a year now. 
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Hinduja TMT plans IPO next year
Mumbai: HInduja TMT Ltd was considering a merger of its media subsidiaries into a single entity which may go in for an initial public offering (IPO) subsequently, its Chairman, Mr Ashok Hinduja, said at the company's annual general meeting yesterday. 
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Promoters, Templeton to hike stake in Aurobindo
Hyderabad: The promoters of Aurobindo Pharma Ltd, the Rs 1,050-crore major, and Templeton Strategic Emerging Markets Fund LDC, are set to acquire 10.5 lakh equity shares of the company, which amounts to 4.52 per cent on the expanded equity base. 
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Promoters to hike stake in Padamalaya Tele
Hyderabad: The promoters of Padmalaya Telefilms Ltd, the Hyderabad-based infotainment solutions provider, are set to adopt the creeping acquisition route to up their stake to 51 per cent from the present 49 per cent consequent to their strategic tie-up with Zee Telefilms Ltd.
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DCA puts one more official member on ICWAI council
New Delhi: In a bid to tighten its grip on the functioning of the Institute of Cost and Works Accountants of India (ICWAI), the Department of Company Affairs (DCA) has increased the number of its official nominees in the central council of the insitute. 
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APSTC inks pact with two Malaysian cos
Hyderabad: The Andhra Pradesh State Trading Corporation (APSTC) has entered into a MoU with two Malaysian companies, IOI Berhad and PKPS, both of Kuala Lumpur, to help in the promotion of its activities, according to Mr. S. Balasubrahmanyam, Managing director of the corporation. 
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1:10 bonus from Beeyu Overseas
Kolkata: Beeyu Overseas Ltd has decided to go in for a bonus share issue at a ratio of 1:10. The entire issue will be funded out of the company's general reserves. 
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SAIL hopes to break even
Kolkata: Steel Authority of India Ltd (SAIL) is likely to break even this fiscal provided the prevailing market uptrend persists, according to the Chairman of the State-owned steel major, Arvind Pande. 
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I-T raids on Parekh Platinum
Parekh Platinum Ltd was on Tuesday raided by the income-tax authorities, allegedly for concealing income. According to I-T sources, raids were continuing late in the evening. 
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