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Reva
bags UK order for 2.5 lakh cars
New Delhi: Reva Electric Car Co (RECC) is gearing
up to make the big splash over the next 12 months riding
on a wave of exports, new variants and the long-awaited
tax break for selling cars to government agencies. The
Bangalore-based car maker is also targeting operating
break-even in the second half of ’03, two years after
rolling out its first car in the market.
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Godrej's
Lawkim in call JV with US firm
New Delhi: Lawkim, a Godrej group company, along
with UpStream, a firm providing back office services for
US-based travel company Rosenbluth, have entered into
an exclusive joint venture to set up LawkimUpStream a
600-seat capacity voice, e-mail and chat services call
centre in Mumbai.
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M&M
in black with Rs 58cr Q2 net
Mumbai: Mahindra & Mahindra has posted a net
profit of Rs 58 crore (after tax and exceptional items)
for the quarter ended September ’02, as against a
loss of Rs 2.7 crore in the second quarter last year.
Net sales rose to Rs 820 crore as compared to Rs 761 crore
in the corresponding period last year.
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SSI
to consolidate business, eyes acquisitions
Chennai: SSI, leading software service and training
company, has chalked out an aggressive growth plan for
both of its businesses through inorganic way. While in
the software sector the size has become a critical factor
for service providers to sustain future growth, the IT
training business in India is set for consolidation, following
a severe shake-out.
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NPIL
pays back Rs 43cr debt from cash accruals
New Delhi: Indian drugmaker Nicholas Piramal (NPIL)
has reduced its borrowings by Rs 43.4 crore in the first
half of ’02-03, the company said yesterday in a six-month
review. After this repayment, the company’s interest
cost as a percentage of net sales has declined from 7.6%
to 5%. Besides, leveraging has dropped from 118% as on
March 31, ’02 to 86% on September 30, ’02, the
company said.
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UB
goes all out to scotch Shaw Wallace-SAB tie-up
Mumbai: United Breweries group, the country's leading
spirit and beer company, has approached the Bombay High
Court to restrain South African Breweries, a multinational
beer major, from entering into any deal with its main
competitor, Shaw Wallace.
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PCCW
to cut Data Access stake from 49% to 26%
Mumbai: The Hong Kong-based telecom major Pacific
Century Cyberworks (PCCW) is bringing down its stake in
Siddharth Ray-promoted international long distance operator
Data Access, from 49% to 26%.
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Kinetic
plans to expand Pune dealer network
Pune: Kinetic Engineering, the Pune-based two-wheeler
manufacturer, is looking at expanding its dealer network
in Pune, taking the number of showrooms in the city to
six. A final decision will be taken in the fourth quarter,
Sulajja Firodia Motwani, joint MD, KEL, said.
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Titan's
Q2 net slips 38% despite rise in income
Bangalore: A whopping 95% rise in the miscellaneous-expenditure
component, coupled with a provision for deferred tax and
a rise in the stock in trade dented the second quarter
net profit for leading watch and jewellery maker Titan
Industries, compared to the same period in fiscal ‘01-02.
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Tisco
Q2 net zooms 643% to Rs 203 crore, plans SA plant
Mumbai: Tata Iron and Steel Company Ltd (Tisco),
India’s largest private sector steel producer, has
posted a 642.61 per cent jump in its net profit at Rs
203.18 crore for the second quarter of the current fiscal
as compared to a profit of Rs 27.36 crore in the corresponding
quarter of the previous fiscal.
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Telco
turns around in Q2 with Rs 59-crore profit
Mumbai: Tata Engineering has registered a net profit
of Rs 58.8 crore for the second quarter ended September
2002, as against a loss of Rs 61.8 crore for the corresponding
quarter of the previous fiscal.
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IOC
6-months net up 307%
New Delhi: Indian Oil Corporation’s has posted
a net profit of Rs 3139 crore for the first six months
ending September 2002, an increase of 307 per cent over
the same period last year.
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BEL,
PicoPeta to make simputers
Bangalore: BEL and PicoPeta Simputers Pvt Ltd have
announced that they will jointly manufacture and market
a new range of the hand-held indigenously developed simputers
for various applications.
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Mentorix
bags $20-m contract from Pearson
Mumbai: Mentorix learning Technologies has announced
that it has won a $20 million, three-year contract from
the Pearson group company, Pearson Education Technologies
(Pearson Ed Tech) to develop integrated software solutions
for the education market.
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Shanta
Bio gets Rs 1-cr worth Unicef order
Hyderabad: Shanta Biotechnics, the indigenous producer
of the recombinant hepatitis B vaccine, has bagged a Unicef
order to supply 1.6 million doses of the vaccine to Albania,
Tajikistan and Turkmenistan.
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Indo
Rama files scheme of arrangement in HCs
New Delhi: The Rs 1,900-crore Indo Rama Synthetics
(I) Ltd (IRSL) has announced the filing of a Scheme of
Arrangement with the High Courts of Indore and Delhi on
October 28 and 30 respectively.
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Lok
Prakashan set to acquire NEPA
New Delhi: Lok Prakashan Ltd, publishers of the
Gujarati daily Gujarat Samachar, is set to acquire a controlling
stake of 72 per cent in the ailing public sector newsprint-maker
NEPA Ltd based in Madhya Pradesh.
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Singapore
Comp eyeing stake in Indian cos
Bangalore: Singapore Computer Systems Ltd (SCS),
a provider of information and communication technology
(ICT) services, is planning to pick up equity stake in
Indian software companies.
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Hindustan
Seals firms up plans for Lankan venture
New Delhi: Hindustan Seals Ltd, Asia's largest
producer of closures and caps, has firmed up plans to
set up a pilfer-proof cap manufacturing unit, crown closure
unit and galvanising plant in Sri Lanka at an estimated
investment of $10 million.
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MindTree
upbeat on West Asian market
Abu Dhabi: The IT firm MindTree Consulting, co-headquarted
in Bangalore and Somerset, New Jersey, US, entered the
Gulf and West Asian market earlier this year and is targeting
a sizeable growth in business in view of a strong prospect
base in the region, accoring to senior official.
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Borouge
targets Indian polyethylene market
Abu Dhabi: Borouge Pte Ltd, which launched on stream
its world class $1.2 billion petrochemical complex in
Ruwais, UAE on Tuesday, is targeting a significant share
of the bimodal polyethylene market in West Asia, India
and the Asia Pacific.
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