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ONGC,
BG hope to settle PMT row my month-end
New Delhi: Oil and Natural Gas Corporation is hopeful
of resolving its eight-month-old dispute with British
Gas over the operatorship of the Panna, Mukta and Tapti
oil and gas fields by the month-end.
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TP
Issue: Irad calls insurers, transporters’ meet on
Oct 28
New Delhi: The Insurance Regulatory and Development
Authority has called for a meeting of general insurance
companies and transporters on October 28 in Hyderabad
on the issue of third party motor premium.
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Zee
fails to prove mettle, brass takes first flight
New Delhi: Even as Subhash Chandra continues to
increase his family’s involvement in running the
Zee group, Zee TV is seeing the flight of top professionals.
Over the past several days, the channel’s head of
sales Kanta Advani, and Zee MGM and Zee English head Monica
Dalton have left. The head of programming Chawla Shah
is learnt to be on her way out.
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Pfizer
takes back Becosule production from Omni
Mumbai: Pfizer, the Indian affiliate of the world’s
largest drugmaker Pfizer, has taken back the manufacturing
of its blockbuster vitamins brand Becosules from small-scale
outfit Omni Protech.
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Infosys
springs a Q2 surprise, net up 12%
Hyderabad: Exceeding all expectations, IT heavyweight
Infosys Technologies rode on 16.1 per cent rise in software
revenues to register a 12.01 per cent spurt in net profit
at Rs 225.77 crore and a 35.29 per cent rise in income
for the second quarter ended September 30, over the same
period quarter last fiscal.
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Reliance
Infocomm plans 1,000 outlets for telecom needs
Mumbai: Reliance Infocomm is planning to invest
Rs 750 crore in building up a retail chain offering a
one-stop shop for telecom solutions. The company plans
to create 1,000 such outlets, of which 30% will be owned
by it and 70% by franchisees.
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Amtek
buys Ahmednagar Forgings for Rs 50 crore
New Delhi: Amtek Auto is acquiring Pune-based Ahmednagar
Forgings (AFL) for around Rs 50 crore. The Delhi-based
auto component-maker is paying Rs 34.50 per share against
the current market price of around Rs 22.
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Telco
raises Rs 100 cr via debenture issue
Mumbai: Telco has raised Rs 100 crore through a
debenture issue, which offered twin options to investors.
Both options were of Rs 50 crore tranches each. DSP Merrill
Lynch (DSPML) was the sole book running lead arranger
to the issue. The issue is rated LAA-.
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Ecotel
hotel to be unveiled in Delhi by month end
New Delhi: ECO-tourism is emerging as a new mantra
in domestic tourism. Encashing an increasing awareness
about environment-friendly products, a new international
hospitality brand Ecotel, which belongs to HVS International,
is gaining grounds in the country.
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BM
Thapar buys 10% in Crompton Greaves from market
Mumbai: The BM Thapar Group has increased its equity
holding in the engineering company Crompton Greaves by
10 per cent through the creeping acquisition route. This
has taken the total promoters holding, including the share
of the foreign promoter- Crompton Parkinson, above the
50 per cent level.
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BILT
posts 56% rise in net at Rs 21.2 cr
New Delhi: Ballarpur Industries has posted 56 per
cent jump in profit after tax for the quarter ending September
30. Profits were reported at Rs 21.2 crore compared to
Rs 13.61 crore in the corresponding period last year.
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Hyundai
launches new diesel engine for Accent
Chennai: Hyundai Motor India Ltd today launched
the CRDi - Common Rail Direct Injection - diesel engine
Accent. The CRDi diesel engine, which is supposed to combine
the performance and handling of a petrol engine with the
fuel efficiency of a diesel engine, has been developed
by Hyundai Motor Company, South Korea, in association
with Detroit Diesel, US.
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New
owners pump Rs 36 cr into Hotel Sreelekha
Chennai: Hotel Sreelekha, which was acquired by
G.L. Raheja Group, is set to open in October 2003. At
present, the hotel is under renovation and the investment
into the project is Rs 36 crore, according Mr Amar Tekchandaney,
General Manager, Finance & Project, Palm Grove Beach
Hotels Pvt Ltd.
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Jindal
Vijayanagar contract for Mecon
Kolkata: Mecon Ltd has bagged an assignment from
Jindal Vijayanagar Steel Ltd (JVSL) against stiff competition
from various multinational companies. The job incorporates
setting up of a 1,250 cubic metre blast furnace at Toranagallu
in Bellary district of of Karnataka.
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Exide
plans to introduce `Eternity' car battery
Kolkata: Exide Industries Ltd (EIL) has planned
to launch a new longer life car battery. Stating this
here yesterday, the Exide Chairman, S.B. Ganguly, said
that the battery has been christened as `Eternity', and
will be launched in the first quarter of 2003-04.
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L&T
wins two IBRD projects in Tanzania
Mumbai: Larsen & Toubro has won two World Bank
financed lumpsum turnkey contracts in Tanzania of total
order size $100 million. The order is from a company called
Songas Ltd.
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Out-of-court
settlement fails - `Phaneesh suit will hit results'
Hyderbad: Infosys Technologies yesterday indicated
that the option of out-of-court settlement in the sexual
harassment and wrongful termination suit had fallen through
and the lawsuit might go to trial.
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Tata
Engg raises stake in Concorde to 49 per cent
Mumbai: Following the approval from the Reserve
Bank of India, Tata Engineering and Locomotive Company
Ltd has increased its equity in Concorde Motors Ltd (CML)
to 49 per cent through the purchase of Jardine International
Motors (Mauritius) Ltd's holding in CML.
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Chordia
group plans food park in Pune
Pune: The city-based Chordia Food Products is setting
up a food park at an outlay of Rs 100 crore spread over
the next seven years. The 100-acre Chordia food park is
being set up at Shirwal, 55km off Pune on the Pune-Bangalore
Highway.
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Exide
arm to make switch mode rectifiers for telecom sector
Kolkata: Caldyne Automatics Ltd, a subsidiary of
Exide Industries Ltd, has decided to manufacture switch
mode rectifiers (SMR) for telecom application.
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Foretech
in expansion mode
Bangalore: Foretech India, a Bangalore-based customer
support company, is expanding its horizon as an information
provider through Eazycall, a service that furnishes any
kind of information through its toll free telephone number
1600-44-1947.
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Reva
ties up with UK co for Europe foray
Bangalore: The Bangalore-based Reva Electric Car
Company has tied up with Going Green Ltd, a UK-based organisation
that markets environment-friendly products and services.
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Albert
David, Calcutta varsity sign R&D pact
Kolkata: The pharmaceutical company, Albert David
Ltd, has entered into an agreement with Calcutta University
for research and development activities.
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SRF
board clears move to invest in IT-based biz
New Delhi: The board of directors of nylon tyre
cord fabric manufacturer, SRF Ltd, on Wednesday approved
a proposal to invest up to Rs 15 crore in information
technology based businesses in India or abroad.
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Decision
soon on Trayons revival
Kochi: The State Government is expected to take
a final decision on the revival of the sick Travancore
Rayon Ltd (Trayons) within the next fortnight.
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M&M
auto sector grows 27 pc in Apr-Sept
Mumbai: Mahindra & Mahindra's (M&M) auto
sector has registered a growth of 27 per cent for the
period April to September 2002 with a sale of 36,103 vehicles
against a sale of 28,475 units in the year-ago period.
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Maruti
opens first used car outlet in TN
Chennai: Maruti Udyog Ltd (MUL), which made an
entry into the used car market about a year back as part
of its strategy to expand its market reach, opened a `Maruti
True Value' outlet in Coimbatore on Thursday, making it
the first MTV outlet in Tamil Nadu.
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Scorpio
stings Bolero's share
Mumbai: M&M's much hyped Scorpio may have helped
utility vehicle volumes to grow, but with a catch. Scorpio
sales have expanded the UV market, but the vehicle has
eaten into the mid-size car segment and into volumes of
its very own Bolero.
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