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Sebi
asked to probe Guj Ambuja's ACC deal
Mumbai: The Securities Appellate Tribunal (SAT)
on Friday directed Sebi to examine whether Gujarat Ambuja
Cements has gained control of ACC's management, following
its acquisition of a 14.45 per cent stake from the Tatas.
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GM
to launch Opel Vectra in India
Chennai: General Motors, the world's largest automaker,
said it would launch its Opel Vectra car in India in the
next two months to boost its share of a market it expects
to grow by eight to nine per cent annually this decade.
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MphasiS-BFL
to acquire Chinese firm
New Delhi:Software services company MphasiS-BFL
Software has signed an agreement to acquire Navion Software
Development in China. Navion is a fully owned subsidiary
of the US-based credit card company, Capital One.
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Grasim
logs 3-fold jump in Q2 profit
Mumbai: Grasim Industries has registered a three-fold
rise in net profit (after exceptional items) at Rs 128.7
crore for the quarter ended September as against Rs 31.6
crore for the corresponding period previous fiscal.
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Higher
taxation drags MTNL net down 35 pc
Mumbai: Mahanagar Telephone Nigam Ltd (MTNL) has
announced a 35.4 per cent drop in net profit for the quarter
ended September 30 at Rs 246.9 crore as compared to Rs
382.34 crore earned in the corresponding period last year.
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ALL
Q2 net up 12.5% to Rs 21 crore on higher sales
Chennai: Commercial vehicle manufacturer Ashok
Leyland Ltd, aided by robust volume growth, favourable
product mix and reduction in interest expenses, has reported
a 12.5 per cent increase in net profit to Rs 20.8 crore
for the second quarter ended September 2002, as against
Rs 18.51 crore during the
corresponding period last year.
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IHCL
clocks Rs 2.65-cr net; expects business to pick up
New Delhi: Post addition of 600 rooms at the end
of the second quarter to its portfolio, Indian Hotels
Company Ltd expects business to pick up in the coming
two quarters with the only overhang being the potential
war in Iraq.
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EID
Parry Q2 profit dips 39% to Rs 9 crore
Chennai: Notwithstanding a boost in other income,
the Chennai-based EID Parry (India) Ltd has reported a
38.88 per cent decline in net profit to Rs 8.77 crore
for the second quarter ended September 2002, as against
Rs 14.35 crore during the corresponding period last year.
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Glaxo
Clocks Rs 24.6 Crore Profit In Q3
Mumbai: Glaxo- Smith-Kline Consumer Healthcare
Ltd on Friday announced a 12.3 per cent decline in profit
after tax to Rs 24.63 crore during the third quarter ended
September 30, 2002.
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Glaxo
Q3 net falls 12% to Rs 25 cr
Mumbai: Glaxosmithkline Consumer Healthcare's third-quarter
net profit fell 12% to Rs 24.6 crore.
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Novartis'
Q2 net up 48% to Rs 32cr
Mumbai: Backed by high other income and lower tax
provision, net profit of Novartis India rose 48% to Rs
31.8 crore in the second quarter of ‘02-03, from
Rs 21.6 crore in the corresponding period last year. Net
sales was up 8% to Rs 130.5 crore from Rs 121.2 crore.
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German
Rem Q2 net slips 8%
Mumbai: German Remedies (GRL) has posted a turnover
of Rs 75.9 crore for the second quarter ended September
30, ‘02, an increase of 51% from Rs 50.3 crore turnover
in the corresponding period last year, according to a
GRL release.
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ABB
India board gets two more expat directors
New Delhi: ABB India, the local subsidiary of the
Swiss engineering major, has inducted two top officials
from its operations in China and Singapore to impart greater
regional perspective and co-operation.
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Renault
may assemble engines locally
New Delhi: French auto major Renault is exploring
the possibility of assembling engines in India.
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Adidas
to tap high-end sports goods market
New Delhi: Adidas is no longer content selling
premium footwear and sports gadgets in India. The $6-bn
footwear major is now looking at tapping the Indian appetite
for high-tech, cutting edge ware in non-traditional sports
like mountaineering, hiking, skiing and even golfing.
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Higher
taxation drags MTNL net down 35 pc
New Delhi: Mahanagar Telephone Nigam Ltd (MTNL)
has announced a 35.4 per cent drop in net profit for the
quarter ended September 30 at Rs 246.9 crore as compared
to Rs 382.34 crore earned in the corresponding period
last year.
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WeP
printer sales top 1 m
Bangalore: WeP Peripherals, (formerly Wipro ePeripherals
Ltd) yesterday announced that it had crossed the 1 million
mark in printers.
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HLL
Garden Reach unit workers threaten strike
Kolkata: Hindustan Lever Ltd (HLL) is contemplating
cutting down production and reducing the number of permanent
workers at its Garden Reach factory from 1200 to 700,
sources say. When contacted, a HLL spokesperson preferred
not to answer the query.
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ICCL
in talks with FIs, lenders for debt revamp
Kolkata: Ferro chrome major Indian Charge Chrome
Ltd (ICCL), an IMFA group company, is hopeful of soon
putting in place a debt restructuring package. Negotiations
in this regard have already been initiated with financial
institutions and other term lending institutions.
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Monnet
Ispat in talks with CIL
New Delhi: Monnet Ispat Ltd is in talks with public
sector giant Coal India Ltd (CIL) for setting up merchant
coal washeries that will function on a commercial basis
for the first time in the country.
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Chemplast
PVC project approval hits eco hurdle
Chennai: The Tamil Nadu Government has not approved
Chemplast Sanmar's proposed PVC project because of concerns
over possible adverse environmental impact.
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VocalTec
opens office in New Delhi
New Delhi: Telecom equipment provider VocalTec
Communications Ltd. has announced that it has opened an
office in New Delhi to support its expanding business
in India.
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Ashok
Leyland: e-com, ratings are next priorities
Chennai: Ashok Leyland is poised to reap the benefits
of more material cost reduction, from the last quarter
of the current year onwards, when the company's e-Commerce
initiative will be fully operationalised.
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Hindustan
Lever: Accounting change trims decline in topline figure
Mumbai: A change in Hindustan Lever's accounting
policy has made the shrinkage in top-line appear lower
than what it actually is. HLL's numbersshow 7.2 per cent
shrinkage in net sales for the September quarter.
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Tax
refund brings SCI back in black
Mumbai: An income tax refund of Rs 82.42 crore
enabled Shipping Corporation of India (SCI) to come out
of the red in the second quarter.
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M&M
rolls out petrol version of Scorpio
Mumbai: Mahindra & Mahindra Ltd (M&M) rolled
out the petrol version of its new sports utility vehicle
(SUV) - the `Scorpio' - here on Thursday.
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