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Centre
to beef up security for Nalco bidders’ plant visit
New Delhi: The disinvestment ministry will beef
up the security for bidders of the National Aluminium
Company visiting the smelter and other facilities for
carrying out their due diligence exercise.
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Elite
Group plans foray into retail sector
Kochi: Leading food products manufacturer Elite
group is planning a major foray into the retail sector.
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SBI,
BoB lower deposit rates
Mumbai: The State Bank of India and Bank of Baroda
have been the first to respond to the central bank’s
rate cut. SBI and BoB have reduced their deposit rates
by 50 basis points and 25 basis points respectively.
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L&T
keeps mum on Grasim offer
Mumbai: The board of directors of Larsen &
Toubro, in the course of a three-hour long meeting on
Tuesday, discussed the open offer by Aditya Birla group
company Grasim Industries for an additional 20% in the
cement and engineering major.
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IBM
arm to absorb 800 PwC executives
Bangalore: The union of IBM India’s business
innovation services with former PwC consulting business
has created a new division called IBM Business Consulting
Service (BCS). BCS, like the earlier business innovation
service, will be a division within IBM Global Services,
the services arm of IBM. The business head for this division
will be announced soon said, Abraham Thomas, MD &
CEO of IBM India.
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TVS
Srichakra to hike capacity, lease MP plant
Madurai: TVS Srichakra, the Madurai-based tyre
maker, is planning capacity expansions, to cash in on
the buoyant two-wheeler market. The company is scaling
up production capacity by 25%, sources said.
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IPCL
Q2 net zooms 88% to Rs 45 cr
New Delhi: Indian Petrochemicals Corporation net
jumped nearly 88% to Rs 45 crore from Rs 24 crore last
year. During the first half of the current financial the
net profit jumped to Rs 39 crore from Rs 37 crore in the
corresponding period of the last fiscal.
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ONGC
H1 net up 35% to Rs 4,257 cr
New Delhi: Oil & Natural Gas Corporation (ONGC)
posted a net profit of Rs 4,257 crore for the first half
of ’02-03, up 35% over the corresponding period last
year. This was on a 31% increase in turnover from Rs 11,069
crore to Rs 14,497 crore.
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GE
Shipping Q2 net profit up 45%
Mumbai: GE Shipping registered a 45% growth in
net profit to Rs 56.7 crore for the quarter ended September
30, ’02, as compared with a net profit of Rs 39.1
crore for the second quarter of fiscal ’01-02, thanks
to a Rs 11 crore gain on asset sales, and a sharp reduction
in the company’s expenditure.
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Nalco
net up at Rs 119 cr in Q2
Kolkata: National Aluminium Company has posted
a net profit of Rs 118.6 crore for the second quarter
ended September ‘02, compared with Rs 6.2 crore in
the corresponding period of the previous year.
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Merck
Q3 net down 25% to Rs 11 cr
Mumbai: Net profit of pharma company Merck dipped
25% to Rs 10.8 crore in the third quarter of ’02
as sales fell and the company wrote off employee retrenchment
costs. Net sales fell 5% to Rs 89.4 crore.
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Tata
Tea net dips 41% to Rs 31 cr
Kolkata: Tata Tea has posted a 41% decline in its
net profit at Rs 30.8 crore for the second quarter ended
September ‘02 against Rs 52.4 crore in the corresponding
period of the last year. Total income from operations,
however, grew by 2% to Rs 190.6 crore.
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SAIL
reduces H1 loss by 51% to Rs 467 cr
Kolkata: Steel Authority of India continues to
be in the red but has reduced its losses in the first
half this year and made cash profits. The company has
reported a net loss of Rs 467 crore for the first half
of the current financial year (April -September ’02),
as compared to a loss of Rs 704 crore in the corresponding
period last year.
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Eutelsat
to launch a Satellite aimed at Indian broadcasters
Mumbai: Eutelsat, one of the world’s leading
providers of satellite communications solutions, will
by next month launch W5, a satellite on Ku band dedicated
to the Indian and Asian markets. The satellite will be
operational by January, 2003.
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KIOCL
pays Rs 21.99-cr dividend
Bangalore: Kudremukh Iron Ore Company Ltd (KIOCL)
has paid a dividend of Rs 21.99 core to the Government
for the year 2001-02. The 100 per cent export oriented
unit continues to maintain its profitability and achieved
a turnover of Rs 722 crore for the year.
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Samsung
expects highest-ever colour TV sales this month
New Delhi: Samsung India may well have hit upon
the right formula with its consumer campaign Phir Se Phod
Ke Dekho to clock its highest ever colour television (CTV)
sales in a month. The company expects to sell around 1.2
to 1.4 lakh units, this month.
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