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GE
wants to recover its DPC investment
Mumbai: General Electric on Monday demanded payment
for the value of its 10 per cent equity in Dabhol Power
Company. GE’s equity investment was worth $100 million.
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Bombay
Dyeing shifts readymade garment business to Proline
Mumbai: Textile major Bombay Dyeing has shifted
its readymade garment business to Proline India Ltd, in
which the company recently acquired a 51 per cent stake.
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Nalco
launches rolled products
Mumbai: National Aluminium Company Ltd has entered
the market with rolled products. Till recently, it was
a primary producer of alumina and aluminium.
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Low
promoter stake may expose Birla Group companies to takeover
Mumbai: Even as the AV Birla Group contemplates
its strategy following the stay on its open offer for
acquisition of an additional 20 per cent in L&T, it
seems that the Rs 27,000 crore group has left its own
flanks unguarded.
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RIL
close to acquiring Korean petrochem firm
Mumbai: Reliance Industries, India's largest private
sector company, has emerged as the front-runner to acquire
a South Korean petrochemical company called KP Chemicals
in what could be its maiden overseas acquisition.
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VSNL
to cut data link rates
New Delhi: Corporates will have to pay less for
international data connectivity from next month. Soon
after dropping its Internet leased line prices, VSNL plans
to lower the price of its frame relay (technology popular
among corporates to connect their multiple offices) services.
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JPC
blames Ketan for market scam
Mumbai: The Joint Parliamentary Committee probing
the stock markets scam has zeroed in on disgraced 'big
bull' Ketan Parekh as the main culprit behind the stock
market scam, which shook the country in March '01.
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M&M
to make 70-150 HP tractors for US
Mumbai: Unmindful of the current sluggish domestic
market, Mahindra and Mahindra has major plans up its sleeve,
especially for the US market.
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Hotelier
Saraf in tie-up talks with Marriott, Raffles
New Delhi: After severing ties with Hyatt International,
Umesh Saraf, the promoter of erstwhile Grand Hyatt in
New Delhi, is talking to Raffles Group of Hotels of Singapore
for entering into a management contract to run the property.
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TVS
mobike sales up 69 per cent in Nov
Mumbai: Continuing its improved performance, witnessed
in the months of October and November this year, TVS Motor
Company sold 98,714 units in November.
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Alembic
plans ad blitzkrieg for Althrocin
Mumbai: Pharma major Alembic is launching a massive
nation-wide campaign to get a wider reach in the rural
market for its mega brand Althrocin, the largest antibiotic
brand in the country.
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Cognizant
scouts for acquisitions to expand BPO operations
Mumbai: Cognizant Technology Solutions, is looking
to acquire companies as part of its plans for aggressive
growth in the BPO sector. Its BPO operations are set to
be launched in February when its 400-seat capacity spread
in two locations at Bangalore and Pune is expected to
go `live'.
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Rolling
in: CVs to run on radials
New Delhi: Radial tyres, which were till recently
restricted to passenger cars, seem to be finally breaking
ground with commercial vehicles.
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BEML
to set up strategic units for 4 key businesses
Mumbai: Leading defence-equipment maker Bharat
Earth Movers (BEML) has planned a series of new initiatives
for future growth.
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Saregama
to soft-pedal wage freeze, VRS
Kolkata: Saregama India Ltd has decided not to
force the issue of either manpower reduction or wage freeze
on its employees now, says Abhik Mitra, managing director
of SIL.
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ICI
India transfers catalyst business to Johnson Matthey
New Delhi: ICI India has transferred its catalyst
business to Johnson Matthey Chemicals India Pvt Ltd. The
shareholders of the company had given their approval on
November 12 to the proposal of divesting its catalyst
business to Johnson Matthey.
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Ind-Swift
buys PSIDC stake in Laboratories
New Delhi: The Chandigarh-based Ind-Swift Ltd has
bought out Punjab State Industrial Development Corporation's
23.14 per cent stake in Ind-Swift Laboratories at an average
price of Rs 31-32 per share amounting to Rs 8 crore.
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NEG
Micon India gets Det Norske Veritas certification
Mumbai: NEG Micon (India) Pvt Ltd has been awarded
the Det Norske Veritas certifications for quality management,
environment management, and health and safety management
for its installation and service functions, according
to a press release.
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L&T
targets 25 per cent rise in export
earnings
Mumbai: Engineering and construction major Larsen
& Toubro Ltd (L&T) is looking at higher exports
to enhance its topline. It has targeted 25-30 per cent
earnings from exports over the next three years.
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Morepen
to gain from Loratidine's OTC status
New Delhi: It certainly seems to be a case of one
company's meat being another's poison in the pharma industry,
with allergy drug Loratidine being accorded the status
of an over-the-counter (OTC) drug.
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Bajaj
Auto's November sales up 5.7 per cent
Mumbai: Bajaj Auto Ltd has reported a 5.7 per cent
rise in its total sales of two-, three-wheelers for November
2002 to 1,28,367 units, as against 1,21,419 units of the
previous corresponding period.
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Hero
Honda sales rise 20.5% in Nov
New Delhi: Leading two-wheeler manufacturer Hero
Honda has registered a sales increase of 20.56 per cent
in November this year to 1,61,865 units from 1,34,257
units in the same period last year.
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Auditors
qualify Natco Pharma H1 accounts
Chennai: The statutory auditors of Natco Pharma
Ltd have qualified the accounts of the company for the
six months ended September 30, 2002.
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