High cane price puts UP mills in crisis
Lucknow: The UP sugar industry is passing through a grave financial crisis due to high cane price and fall in sugar price in open market.
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Spic likely to review plan to exit Indo-Jordan Chemical Co
Chennai: Southern Petrochemical Industries Ltd may reconsider its decision to sell its majority stake in Indo-Jordan Chemical Company, if it does not fetch an attractive price.
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M&M set to roll out Bolero Sportz with cheaper price tag
Mumbai: Mahindra and Mahindra (M&M) is all set to launch a new version of its multi-utility-vehicle ‘Bolero’ at below Rs five lakh in an aggressive strategy to drive sales and boost market share in the growing domestic utility vehicle market.
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BSES moves IDBI Fof representation in team visit to Dabhol Plant site
Mumbai: The Mumbai-based power utility BSES has called upon the IDBI to include its three representatives during the visit of an inspection team on October 28 to take stock of the distressed Dabhol project.
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Early-bird IT companies, private banks lead uptick in second quarter profits
Mumbai: The second quarter net profit of 53 early-bird companies increased by 38.2 per cent to Rs 889.66 crore during July-September 2002 from the level Rs 643.82 crore of the previous corresponding period.
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RIL web stores, pumps under 1 brand
Mumbai: Reliance Industries will have a common brand identity for the petroleum and communication markets as the company readies itself for a foray into both in the next one year.
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Chandra OCB sells 4% in Zee Tele
Mumbai: A significant change in Zee Telefilms' share-holding pattern is evident with Delgrada, an overseas corporate body owned by ZTL promoter Subhash Chandra, having offloaded nearly 4% of its stake in Zee Telefilms
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Provogue scouts for strategic alliance
Mumbai: Provogue, the high-profile apparel brand that created a niche for itself through celebrity advertising campaigns, is looking for a strategic partner almost four years after its launch.
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New Octavia to hit roads in 2004
New Delhi: Skoda Octavia is in for a facelift. The new-look Octavia, more aerodynamic and technologically-advanced, is slated for launch in early 2004. The design cues will remain the same, though it will be a bigger car.
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Batra Hospitality still owner of Centaur
Mumbai: The Centaur Airport Mumbai hotel, sold to the Sahara group last week will continue to be owned by Batra Hospitality. Sahara’s deal with Batra Hospitality will not involve a transfer of ownership to the former’s name, sources said.
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ONGC arm set to buy 25% in Sudan project
New Delhi: ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation, which has been in discussions for an oil equity in Sudan may finally get a breakthrough with the formalisation of the equity sale agreement with Talisban.
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MTNL emerges third-largest ISP, adds 3.4 lakh Net users
New Delhi: Mahanagar Telephone Nigam Ltd’s (MTNL) subscriber base of Internet users has crossed the 400,000-mark, making it the third largest Internet service provider (ISP) in the country.
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Rama Newsprint looking for buyers or partners
Rama Newsprint and Papers (RNPL), the largest private sector manufacturer of newsprint in the country, which has been making losses for the last one year is looking for buyers. It is talking to a couple of Indian companies and significantly is also in discussions with a Canadian company.
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Sanmar exits Atofina, sells 49% holding to foreign ally
New Delhi: Sanmar Properties and Investments (SPAI), an investment holding company belonging to the Sanmar Group, said it has sold its entire 49% holding in Atofina Peroxides India to the foreign collaborator, Atofina, France. It has received a sale consideration of Rs 23.1 crore.
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HLL to launch direct-to-home retailing in Mumbai
Mumbai: FMCG leader HLL is expanding its new retailing venture, Sangam, to Mumbai. The company has recently launched the initiative in Navi Mumbai, on the outskirts of Mumbai. Branded Sangam Direct, the service is a direct-to-home retailing business.
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Matrix Lab promoters plan to acquire controlling stake
Hyderabd: The promoters of Matrix Laboratories Ltd (MLL) are planning to consolidate their holding in the company from the current level of 38.26 per cent in the existing paid-up equity base of Rs 7.18 crore.
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P&O seeks FIPB nod to invest in Adani Container
Ahmedabad: P&O Ports Pvt Ltd, Australia, has sought the Foreign Investment Promotion Board (FIPB) clearance to bring in $60 million towards equity stake in Adani Container Ltd, a wholly owned subsidiary of Adani Exports Ltd.
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Dev group sets up Shelter beach resort
Chennai: Shelter Beach Resort, a three-star beach property along the East Coast Road (ECR), is targeting conferences and incentives market. Set up at a cost of Rs 4.5 crore, this is the second hotel set up by the Dev Group of companies.
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Nagarjuna's refinery in TN close to financial closure
Hyderabd: The Nagarjuna group, which is in the process of establishing Rs 3,000-crore, 6-million-tonne refinery project in Cuddalore in Tamil Nadu, has announced that it is in the process of achieving "financial closure" shortly.
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Birla Electricals mulls plant in H.P.
Hyderabad: Birla Electricals Ltd (BEL) is establishing an assembly line plant at Paonta Sahib in Himachal Pradesh for assembling De'Longhi range of products and other home appliances. The company will be investing Rs 25 crore over a period of two years on the plant that will start operations from June, next year.
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Irish co in pact with ICM
Hyderabad: Cornerstone International, software and training company of Ireland, has signed a service agreement with ICM Ltd of Hyderabad. As per the agreement, Cornerstone will carry out localisation system works to bring ICM's e-learning products in line with European standards and additional functions to include the European Driving Test for Computing (EDTC).
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Ginni Filaments mulls foray into non-wovens
New Delhi: The Rs 172-crore Ginni Filaments Ltd, a 100 per cent export-oriented unit (EOU) engaged in cotton yarn and fabrics, plans to diversify into the manufacture of non-wovens.
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Microsec India diversifies into IT
Kolkata: Microsec India Ltd, a financial and business consulting firm, has diversified into information technology (IT). A new company, MIL Technologies Ltd, which has been set up for the purpose, will initially focus on IT in industry segments such as financial services, insurance, legal services, aviation insurance and avionics.
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