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Telco’s
CV volume to grow at 5-7 per cent this fiscal
Mumbai: Tata Engineering has pegged its volume growth
in the commercial vehicle segment at 5-7 per cent in fiscal
2003-04. The company believes that there is a scope for
upward revision in commercial vehicle sales due to the
continued government thrust on infrastructure.
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Acrylic
makers’ forum upset over exclusion of ACN from duty
cut
New Delhi: The Forum of Indian Acrylic Manufacturers
has, in a representation to the finance minister, expressed
its disappointment that their demand for reduction of
duty on acrylonitrile, the raw material to produce acrylic
fibre, has also not been considered.
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Morepen
Labs, Niper sign deal for research program
New Delhi: Morepen Laboratories has signed an agreement
for collaborative research program with National Institute
of Pharmaceutical Education and Research.
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Chemists’
body warns of indefinite strike on VAT
New Delhi: Following the token strike on Tuesday to
oppose the implementation of value added tax, All India
Organisation of Chemists and Druggists has threatened
to go on an indefinite strike of all chemist shop from
April 15, 2003.
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IBM
paid $31 mn for PwC India
New Delhi: It has been learnt from the sources that
IBM has paid $30.8 m for buying the Indian arm of PwC.
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Pay
more for expats
Mumbai: Domestic corporates hiring expatriate managers,
or multinationals bringing their own employees into the
country, will now have to pay far higher compensation
which head-hunters say could go up by as much as 25 per
cent, due to increased tax liabilities.
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WPP
to hike stake in O&M to 65 per cent
Mumbai: The Martin Sorrel-promoted WPP Group, the
world's largest conglomerate of advertising and marketing
companies, is planning to hike its stake in Ogilvy &
Mather India.
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Rs
1,000-cr bonanza awaits oil cos
New Delhi: The Government has decided to pay an additional
Rs 1,000 crore as subsidy to oil companies to partially
compensate them for losses on sale of LPG and kerosene
at subsidised rates during 2002-03.
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Tata
Tea gets Rs 25.35-cr dividend from UK unit
Mumbai: Tatas' £271-million acquisition of the
Tetley Group Ltd, UK, has started paying off with the
involved special purpose vehicle (SPV), Tata Tea (GB)
Ltd, announcing a maiden interim dividend of more than
40 per cent of Tata Tea Ltd's (TTL) 2001-02profit after
tax.
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BHEL
executes DVC contract
Kolkata: Bharat Heavy Electricals Ltd has crossed
a milestone regarding the execution of the turnkey contract
for the extension of the Mejia Thermal Power Station (MTPS)
of Damodar Valley Corporation (DVC).A BHEL statement said
it achieved the feat of lifting a 121-tonne boiler drum
through an elevation of 180 feet within 12 months of getting
the letter of intent.
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HC
stays strike by BPCL workers
Chennai: The Madras High Court on Tuesday stayed the
strike by the employees of the State-owned Bharat Petroleum
Corporation Ltd (BPCL). According to the strike notices
served on the BPCL and the Hindustan Petroleum Corporation
Ltd (HPCL), the employees proposed to go on a three-day
strike from Tuesday protesting against the Central Government's
decision to disinvest its stake in the two public sector
companies.
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BASF
defers move to acquire Fipronil business
New Delhi: BASF India on Tuesday said that it has
deferred the decision to acquire assets pertaining to
Fipronil business in India. At a board meeting of the
company held on March 24, the item concerning the acquisition
of assets pertaining to Fipronil business was taken up
for discussion and thereafter the consideration of the
subject matter was deferred, a notification to the stock
exchanges stated.
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South
Asian Petro in global marketing tie-up
Kolkata: South Asian Petrochem — the PET (polyethylene
terephthalate) resin plant of the Dhunseri group - has
entered into marketing tie-ups with overseas companies
for selling 75 per cent of the capacity of its new plant
which is slated to be commissioned shortly.
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Sony
India to drive growth via exclusive showrooms
Mumbai: With a new managing director at its helm,
a bigger promotional push, and a focus on its flagship
Sony World stores to drive growth in the next financial
year, Sony India Ltd has chalked out aggressive plans
for India. There are now 33 Sony World stores in the country,
and the plan is to have 55 stores by 2005, according toMr
Teruo Ishii, Sony India's outgoing MD.
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RPL
complains of Rs 250-cr annual loss
Mumbai: Relaince Petroleum Ltd (RPL) has written to
the Union Government that it is losing around Rs 250 crore
annually after entering into a new contract with IOC,
HPCL and BPCL last year for the sale of around 12.5 million
tonnes of products.
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