Hero Honda ’02-03 profit climbs 25 per cent, announces 900 per cent dividend
New Delhi: Hero Honda Motors recorded a 25 per cent increase in net profit to Rs 581 crore and a 14 per cent higher turnover at Rs 5,195 crore for the year ended March 31, 2003.
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GACL Q3 profit rises 22 per cent to 67 crore
Mumbai: Gujarat Ambuja Cements Ltd has registered a 22.07 per cent rise in net profit at Rs 66.86 crore for the third quarter ended March 31, 2003, compared to Rs 54.77 crore during the same period of previous fiscal.
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DHL brand relaunched post-global integration
Mumbai: DHL, Danzas and Deutsche Post have announced the relaunch of their parcel, express and logistics businesses’ visual under the new DHL brand. This follows the global consolidation announcement of DHL in October, Danzas and Euro Express into the new DHL.
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ONGC’s Ethane & Propane plant coming up in Dahej
New Delhi: ONGC is setting up an ethane and propane plant at Dahej in Gujarat. Company sources said that the plant along with a Liquefied Natural Gas project which is currently under construction in Dahej, would cost the company about Rs 500 crore.
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MTNL, BSNL cut free calls, rentals stay unchanged
New Delhi: Announcing new telephone tariffs, state-owned MTNL and BSNL on Thursday slashed by more than half the number of free calls, retained the three-minute pulse for local calls and kept unchanged the overall monthly rentals.
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BHEL R&D mulls new facilities
Hyderabad: The corporate research and development (R&D) of the Bharat Heavy Electricals Ltd (BHEL) here has proposed a centre of excellence in coatings with an investment of Rs 40 crore. The proposal is actively being considered by the BHEL board.
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Electrolux to pump Rs 20 cr in Indian arm
New Delhi: Committed to resurrecting the financial health of its Indian joint venture Electrolux Kelvinator Ltd (EKL), Swedish white goods major AB Electrolux has expressed its intention to make a voluntary and discretionary revenue grant of Rs 20 crore.
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Suez Lyonnaise told to make open offer for Ondeo Nalco
Kolkata: The Securities and Exchange Board of India Chairman, Mr G.N. Bajpai, has ordered French water treatment and chemicals major, Suez Lyonnaise des Eaux — acquirer of controlling interest in the Ondeo Nalco India Ltd — to make public announcement for an open offer for 20 per cent of its stake under the takeover regulations.
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ECIL plans second VRS — Turnover crosses Rs 1,000 cr
Hyderabad: The Electronics Corporation of India Ltd (ECIL) proposes to come out with yet another voluntary retirement scheme (VRS) to further reduce its employee strength by 1,000. The company, which registered a turnover of Rs 1,005 crore and a profit before tax (PBT) of Rs 150 crore during 2002-03, currently has 3,000 executives and 2,300 workers on its rolls.
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Net rises, but Infosys warns of slow growth
Hyderabad: The largest listed software exporter Infosys Technologies Ltd that topped its earnings guidance said its net profit for financial year 2002-03 was Rs 957.93 crore, up 18.56 per cent from Rs 807.96 crore a year ago.
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Adlux to set up factory complex
Kochi: Adlux Properties, a sister concern of Kuwait's Adlux Technologies, plans to set up a factory complex on 60 acres of land at Karukutty in Kerala.
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NMDC initiates steps for mineral processing unit
Kochi: The National Mineral Development Corporation (NMDC) has initiated steps to set up a mineral processing unit in Kollam district. The corporation had signed a memorandum of understanding with the Kerala State Industrial DevelopmentCorporation (KSIDC) in this regard at the Global
Investors Meet (GIM) in Kochi in January this year.
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Escorts gets into contract farming
New Delhi: In a yet another contract farming initiative, Punjab Agro Industries Corporation (PAIC) has signed a memorandum of understanding with Escorts Ltd to undertake contract farming in an area of 50,000 acres for basmati, oilseeds and durum wheat during the kharif and rabi seasons of 2003-2004.
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RBI nod for HLL bonus debenture
Mumbai: Hindustan Lever Ltd has received the approval of Reserve Bank of India for the issue and allotment of bonus debentures and payment of special dividend. The company said this was the last approval and final step required to implement the scheme. It had sought RBI's approval in December 2002 under the provisions of FEMA 1999.
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Ashok Leyland sales up 23 pc
Chennai: A spurt in the demand for multi-axle vehicles and an order from the Tamil Nadu Government for 1,300 passenger vehicles have lifted Ashok Leyland's sales by 22.8 per cent, by volume, in 2002-03, over the previous year. The company sold 36,445 vehicles as against 29,673 vehicles in the last year, an increase of 6,772 vehicles.
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LNM Group is world's 2nd largest steel co
New Delhi: Figures released by the International Iron and Steel Institute (IISI) for 2002 reveal that the UK-based LNM Group has become the world's second largest steel company, with an annual output of 34.8 million tonnes (m.t.) of crude steel.
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Export orders of L&T engg unit up 125 per cent
Mumbai: The Engineering and Construction (E&C) division of Larsen & Toubro has entered the current financial year with an order book position of Rs 9,400 crore, which is 25 per cent higher than its position in April 2002.
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