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UB
may sell Non-core assets to boost beer business
New Delhi: United Breweries Holding Ltd, the newly
demerged entity of the former UB Beer Ltd, will sell its
non-core assets as part of its strategy to focus on core
areas of business.
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ADB
taps Gail CNG expertise for Bangladesh
New Delhi: Asian Development Bank has approached
the Gas Authority of India to undertake a study for development
of compressed natural gas facilities in Bangladesh.
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Haldia
Petrochem posts Rs 502-crore loss for 8 months
Kolkata: Haldia Petrochemicals Ltd, a company promoted
by West Bengal government, The Chatterjee Group and the
Tatas, has reported a Rs 501.5 crore loss on a turnover
of Rs 1,400 crore for the last eight months of 2001-02
fiscal.
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5-yr
profit norm likely for firms issuing IDRs
New Delhi: Investors in Indian bourses could soon
have an opportunity of buying into foreign companies.
The Department of Company Affairs has drafted a notification,
which would allow overseas companies to issue Indian depository
receipts, the Indian equivalent of GDRs.
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Cement
prices set to go up in North
New Delhi: Come October and cement prices may go
up by Rs 10 to 15 per bag in North India. Cement makers
are expecting 20-25% jump in cement demand in North India
in the coming festival season.
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Govt
to tap new sources of gas imports
New Delhi: The government's long-pending dream
of importing natural gas through a pipeline has taken
yet another turn with the Russians offering an alternative
even as the India-Oman project has been formally junked.
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Govt
moves SC against order on OCBs
New Delhi: The government has filed a special leave
petition with the Supreme Court against the Delhi High
Court order quashing a circular issued by the CBDT that
freed FIIs/OCBs based in Mauritius from investigations
by the I-T department.
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ONGC
bags 14 of 27 blocks for exploration
Mumbai: The State-run Oil and Natural Gas Corporation
is understood to have bagged 14 of the 27 blocks on offer
under the New Exploration Licensing Policy.
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4
firms join race for govt stake in
Hind Antibiotics
New Delhi: In a development that would raise the
hope that the privatisation of drug PSU Hindustan Antibiotics
(HAL) may finally go through, the operating agency, IDBI,
has received four bids for the company, including that
of Mumbai-based traders in bulk drugs, K P Sales Corporation.
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ONGC,
Reliance, BG fight over Panna-Mukta
funds
New Delhi: The consortium of ONGC, British Gas
and Reliance is losing Rs 1.5 crore a day by way of unrealised
production potential from the Tapti, Panna and Mukta oilfields,
on account of underperformance while the partners squabble
over operatorship.
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Guj
Heavy Chem plans to diversify into BPO sector
Mumbai: Gujarat Heavy Chemicals (GHCL), the Sanjay
Dalmia-controlled soda ash company, is planning to diversify
into business process outsourcing (BPO) in a big way.
Apart from its entry in the new segment, it has also undertaken
the modernisation of its textile manufacturing facility
at a cost of Rs 20 crore.
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Deo-Mart
India to show men 'No Mercy'
Mumbai: The no mercy shopping by their better
halves have often put many a man on the rack. But heres
something for a change. Men can now go on a shop till
you drop role reversal, round-the-year and still smile
their way to the bank.
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Birla,
Canfin, SBI MFs buy 3% stake in Indian Rayon
Mumbai: Birla Mutual Fund, Canbank Mutual Fund
and SBI Mutual Fund have recently acquired a combined
stake of 3% in Aditya Birla group company Indian Rayon.
Leading FII Jardine Fleming has acquired another 1.5%
stake.
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Modi
Entertainment set to enter online lottery biz
Mumbai: Lalit Modis Modi Entertainment Network
is set to foray into the online lottery business through
its 100% subsidiary MWC Market Services Ltd.
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PVR
Group snaps up Phoenix's multiplex
Mumbai: The Delhi-based PVR Group has clinched
the deal for the massive eight-screen Phoenix Mills multiplex
in the central Mumbai entertainment and shopping mall.
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Taj
Krishna to invest Rs 20 cr in renovation
Hyderabad: The Taj Krishna, one of the luxury
hotels in the Taj Group in city, will invest Rs 20 crore
during fiscal 2003-04 in renovation and launch a discotheque
next month.
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Four
Ranbaxy products go over-the-counter
New Delhi: Through this foray, RLL seeks to target
the estimated $1 billion domestic OTC market and the estimated
$50 billion global market. And Ranbaxy has company in
this segment as other active players include the highly-visible
Dr Morepen, from the Morepen Laboratories stable.
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TTD
installs solar cooking system
Hyderabad: From next month, Tirumala Tirupati Devasthanams
(TTDs) will be using the world's largest solar cooking
system for providing free meals to the devotees of Lord
Venkateshwara under its "Nitya Annadanam" scheme.
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Andrew
Yule may shed stake in Phoenix Yule
Kolkata: The loss-ridden Andrew Yule & Co
Ltd (AYL), a Government of India enterprise, in a bid
to come out of the difficult financial situation, is planning
to shed its entire 26 per cent stake in Phoenix Yule,
a joint venture between the Belting Division of AYL and
Phoenix AG of Germany.
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Wockhardt
launches new cancer drug
Mumbai: The Mumbai based pharma major Wockhardt
Ltd has introduced a 10,000 iu (international unit) per
day version of recombinant erythropoietin, `Wepox'.
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ABB
bags Rs 235-cr PowerGrid contract
New Delhi: ABB, the power and automation technology
group has bagged a large contract from PowerGrid Corporation
of India Ltd. (PGCIL) to design, build and install a new
power transmission system at Visakhapatnam.
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Sathavahana
pulls back pref offer on new SEBI guidelines
Hyderabad: The preferential issue was to result
in the promoters consolidating their equity holding at
41.05 per cent from the existing level of 26.33 per cent,
while the other investors were to acquire a fresh holding
of 9.02 per cent as against no holding at present.
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Haldia
Petro plans 3 new projects
Kolkata: The joint venture Haldia Petrochemicals
Ltd (HPL) has lined up three new projects during the current
fiscal to enhance production and exports. These were discussed
by the directors at the company's 16th annual general
meeting here on Monday.
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Mismanagement
of funds alleged - Govt moves CLB against Eveready
New Delhi: The Central Government has asked the
Company Law Board (CLB) to allow it to appoint directors
on Eveready Industries board to effectively safeguard
the interest of the company and stakeholders.
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Pioneer
Online, APTS sign pact
Hyderabad: Pioneer Online, a Hyderabad-based IT
solutions provider, has entered into a memorandum of understanding
(MoU) with Andhra Pradesh Technology Services Ltd (APTS)
to take up marketing for KM-ATOM a file management solution
by the latter.
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Goldstone
Tele plans foray into power sector
Hyderabad: Goldstone Teleservices Ltd, the telecom
products company, which had earlier this year announced
its moves to foray into the IT-enabled services (ITES)
space by establishing a call contact centre, is now planning
to diversify into products for the power sector.
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Chettinad
Cements to give 2:5 rights
Chennai: The Chennai-based Chettinad Cement Ltd
is coming out with a rights issue of two new equity shares
for every five shares held. The company hopes to raise
an amount not exceeding Rs 40 crore through the rights
issue.
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United
Breweries hopes to be in the black by March
Mumbai: United Breweries Ltd, the stand-alone
beer business of Mr Vijay Mallya, expects to report net
profit by March-end 2003, top company officials said.
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