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Novartis
shelves work on Dr Reddy’s anti-diabetic drug
Dr Reddy’s Laboratories received a setback on Thursday
following Novartis’ decision to discontinue further
development of the anti-diabetic compound, DRF 4158, licensed
to it.
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Chemplast
Sanmar to demerge shipping arm
Chennai: Chemplast Sanmar Ltd, part of the Sanmar
Group of companies, on Thursday said that it is planning
to demerge its shipping arm, Sanmar Shipping Ltd, as part
of its business restructuring exercise.
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Mumbai
Auto Show gets off to lacklustre start
Mumbai: The Mumbai Auto Show took off to a stuttering
start with leading manufacturers like Hyundai India, Bajaj
Auto, General Motors, Ford India and Honda Siel giving
it a miss.
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Jindal
Steel & Power records 105 per cent rise in net at
Rs 60 crore
New Delhi: Jindal Steel & Power has recorded
a 105 per cent increase in net profit at Rs 60.21 crore
on an increased turnover of Rs 267.82 crore for the third
quarter ended December 31, 2002.
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Honda
Siel power launches new Genset
New Delhi: In order to maintain their supremacy
in the portable generator market, Honda Siel Power Products
Ltd launched ‘Honda Gen-X’, a range of silent
and technologically superior gensets on Thursday.
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TPC
may buy AES' 49 per cent in Orissa firm
Cuttack: Tata Power is close to buying the 49 per
cent stake held by US power major AES in the Orissa Power
Generation Company.
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Dow
Jones up 51 points at close
London: US stocks climbed on Thursday, hoisting
the technology-packed Nasdaq more than 2 per cent, as
companies like chip maker Texas Instruments Inc. topped
Wall Street's quarterly expectations and tempted investors
after five straight sessions of declines.
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Novartis
steps up pressure, hikes its stake in Roche to 32.7 per
cent
Mumbai: Novartis has boosted its voting stake in
Swiss healthcare rival Roche Holding to 32.7 per cent
from 21.3 per cent at the end of '01, Europe's number
three drugmaker said on Thursday.
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Gail,
GSPC may thrash out gas-swap agreement
New Delhi: Public sector gas major Gas Authority
of India (Gail) and the Gujarat government-owned energy
company, Gujarat State Petroleum Corporation (GSPC), are
in talks for a gas swap agreement in Gujarat.
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Tisco’s
Q3 net jumps 8-fold
Mumbai: Tata Steel, the country’s largest
private sector steel company, has posted an eight-fold
increase in net profit for the third quarter ended December
‘02.
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Nestle
scoops up Movenpick's ice-cream unit
New Delhi: Nestle will buy Swiss firm Movenpick's
ice-cream unit on undisclosed terms, it said on Thursday,
as it battles Anglo-Dutch group Unilever for global dominance
in the tasty segment.
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HCL
Tech Q2 net down 36 per cent y/y
Mumbai: HCL Technologies Ltd, India's fifth-largest
software exporter, reported on Thursday second-quarter
consolidated net profit fell 35.9 per cent year-on-year,
slightly below market expectations, pushing its shares
lower.
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India
Cem plan to sell stake in Raasi, Vishaka hits block
New Delhi: Troubled cement maker, India Cements’
plans to sell Vishaka Cement and Raasi Cement to cut its
huge debt burden, may have hit a stalemate.
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MG
Rover to sell high-end cars here
Mumbai: The UK-based MG Rover plans to market its
high end mid size cars in the country through Telco. Tata-Rover
deal could also spawn a whole host of other models which
employ the Indica sub-assemblies, such as the Aria coupe
and convertible as well as the Indiva mini MPV which made
its appearance at Geneva in March last year. Plans also
include sourcing components and powertrains
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Colour
Chem net up on cost cuts
Chennai: Colour Chem has registered a rise in net
profit at Rs 3 crore during the quarter ended December
31, 2002 as against Rs 56 lakh in the corresponding period
last year.
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Indal
net dips on lower sales
New Delhi: Indian Aluminium Company Ltd (Indal)
yesterday reported a lower net profit of Rs 28.7 crore
for the quarter ended December 31, 2002 (Q3), as against
the Rs 30.12 crore for the previous corresponding period.
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Tata
Power net rises on higher generation
Mumbai: Tata Power Company Ltd has posted a 34
per cent jump in net profit at Rs 145.97 crore in the
third quarter ended December 31, 2002. Net profit in the
same period last year was Rs 108.98 crore.
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Tata
Power shelves optic fibre plans
Mumbai: Tata Power has shelved its plans to create
a national optic fibre network. Instead, the company plans
to focus on supplying quality broadband services to users
in Mumbai and Pune.
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Crisil
upgrades IPCL debentures
Mumbai: Crisil has upgraded IPCL's Rs 1,200 crore
non-convertible debenture issue to AA from AA-. It also
upgraded the Rs 203 crore non-convertible debenture issue
to AA from AA-, upgraded the fixed deposit programme to
FAA+ from FAA, and reaffirmed the P1+ ratings for its
Rs 200 crore short term debenture issue and Rs 900 crore
commercial paper programme.
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Bausch
& Lomb seeks tie-up with LV Prasad
Kolkata: Bausch & Lomb India, the eyecare major,
has entered into talks with the LV Prasad Eye Institute
to enlist technical support for the nationwide Lasik Education
Programme which the company proposes to launch soon.
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ONGC
not keen on Bhatinda refinery
New Delhi: The Oil and Natural Gas Corporation
Ltd (ONGC) has said it is not interested in taking over
HPCL's proposed Bhatinda refinery.
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NEG
Micon aims at Rs 300-crore turnover this fiscal
New Delhi: NEG Micon (India) Private Ltd, the wholly-owned
subsidiary of NEG Micon A/S of Denmark, hopes to end this
financial year with a turnover of about Rs 300 crore.
In 2001-02, it achieved a turnover of Rs 98.70 crore.
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