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Grasim
sees L&T main PAT back at Rs 347 crore a year after
demerger
Mumbai: The alternative proposal for the demerger
of Larsen & Toubro’s cement business, being drawn
up by Grasim Industries, has said that after the demerger,
L&T Main can revert to its pre-demerger profit after
tax level of Rs 347 crore in one year’s time.
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Tata
Tea to refinance TTGB outstanding debt by Feb 28
Mumbai:
Tata Tea Ltd will refinance its entire outstanding
external debts, incurred during its March 2000 acquisition
of the UK-based Tetley Group, by February 28, 2003.
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DPC
revival delayed as GE drags feet
Mumbai: Efforts to revive the Dabhol Phase-I (658
mw) have been stuck up at the moment, in view of non-submission
of a proposal by GE India to the Union ministry of power
for its involvement in the revival of Phase-I and completion
of Phase-II and also due to lack of substantial progress
on the legal front.
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Hindustan
Lever goes for price hike in toilet soaps
Mumbai: Even as Hindustan Lever Ltd has passed
on the benefit of supply-chain savings in the form of
price reductions to the consumer on Surf Excel, it has
taken a marginal price increase on toilet soaps.
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EPIC
split likely to benefit Indian exporters, importers
New Delhi: Indian exporters and importers could
be in for a regime of lower freight rates to Europe, following
a notice of a split issued by three members of EPIC
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Net
users' base up 34 per cent in 2002
Mumbai:
Despite more than 160 ISPs closing shop, the internet
subscriber base went up by about 34% to 32 lakh at the
end of year '02
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Infosys
may cap ADS offering at 3 mn shares
New Delhi: Infosys will indicate a cap on number
of shares to be offered in its sponsored ADS offering
(expected to be in the range of 2m to 3m equity shares).
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Idea
edges out BPL in national league
Mumbai: Idea Cellular has displaced BPL Mobile
to emerge as the third largest company in terms of subscriber
base in India, after the launch of operations in the Delhi
circle.
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J&W
Seligman picks up 4.5 per cent
stake in Mastek
New Delhi: US-based foreign institutional investor
J & W Seligman has picked up 4.5 per cent in Mumbai-based
software services company Mastek. According to market
players, the fund has not crossed the five per cent limit,
after which it is necessary to notify stock exchanges.
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Air-India
plans separate unit for ground services
New Delhi: Air-India is planning to set up a fully-owned
subsidiary for ground handing services with an authorised
capital of Rs 100 crore. The initial paid-up capital of
the national carrier’s subsidiary would be Rs 10
crore.
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Maruti
ties up with RIL for lease & fleet management
New Delhi: Car market-leader Maruti Udyog has entered
into a contract with Reliance Industries and its group
companies for its business of lease and fleet management.
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SAIL
hikes prices of long products yet again in Jan
Kolkata: Steel Authority of India (SAIL) has jacked
up steel prices for the second time in just 11 days of
New Year.
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L&T
management not yet ready to give
in
Mumbai: The battle for Larsen & Toubro's cement
business could still continue for some time. Even as the
Aditya Birla group is busy hammering out a valuation for
the 16-million tonne cement business with the financial
institutions, the L&T management, it seems, is not
yet ready to give up the fight.
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Ford
could roll out Fusion in '03
Mumbai: Ford India may only have to invest a few
hundred crore on its new car programme since it has already
created the necessary infrastructure and vendor skill
sets through its existing Rs 1,700 crore investment in
India.
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Statoil
to review deal with ONGC
New Delhi: The Norwegian State-owned oil company,
Statoil, has sought review of its proposed multi-million
dollar deal for leasing deep sea drilling rigs to Oil
and Natural Gas Corporation (ONGC).
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Meeting
on interconnection agreement today - Cell cos to defy
TRAI order
New Delhi: The private cellular operators, shocked
at the directive issued by the Telecom Regulatory Authority
of India (TRAI) to provide interconnection to Tata Teleservices
Ltd (TTSL), are meeting on Monday to chalk out a joint
strategy of action.
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ONGC
to invest Rs 3,700 cr in deepwater exploration
New Delhi: Oil and Natural Gas Corporation (ONGC)
plans to invest Rs 3,700 crore in deepwater exploration
blocks over the next five years to enable reserve accretion
to the tune of six billion tonnes of oil and oil equivalent,
according to the sources.
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Coke
to invest $45 million in South
New Delhi: Reinforcing its presence in the Indian
market, Coca-Cola plans to invest well over $100 million
in the next couple of years. Of this, as much as $45 million
has been earmarked for Andhra Pradesh, Tamil Nadu, Karnataka
and Kerala.
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