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SKF
Bearings to foray into services business
Mumbai: SKF Bearings India will launch a new service
business venture called Reliability Systems to provide
maintenance advisory services to corporates in various
industries.
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Ashok
Minda group buys out French partner in Sylea Auto
New Delhi: Auto component manufacturer Ashok Minda
Group has announced acquisition of Sylea Automotive India,
previously a wholly owned subsidiary of $10 billion French
auto component major Valeo.
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Raymond
net up 2.4 per cent to Rs 90 crore in 2002-03
Mumbai: Raymond Ltd has posted a 2.4 per cent increase
in the net profit at Rs 90.26 crore for the year ended
March 31, 2003 as against Rs 88.11 crore for the previous
year.
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FAG
net rises 32 per cent to Rs 20 crore in ’02
New Delhi: FAG Bearings has announced that for the
year ended December 2002, its net profit stood at Rs 19.77
crores, registering an increase of 31.62 per cent over
2001.
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Nicholas
Piramal posts Rs 40 crore net in Q4
Mumbai: Nicholas Piramal India Ltd has posted a higher
net profit of Rs 39.63 crore for the fourth quarter ended
March 31, 2003 as against a net profit of Rs 2.76 crore
for the corresponding quarter last year.
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Haldia
Petro begins export of finished goods
Kolkata: Haldia Petrochemicals Ltd (HPL), the three-way
joint venture between the West Bengal Government, Purnendu
Chatterjee, and the Tatas, has begun exports of finished
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Scheme
of arrangement for Essar Oil debenture holders
Mumbai: The delay in completion of the refinery project
has compelled Essar Oil to go back on its commitment on
payment of interest to its debenture holders. The company
has since filed an application with the High Court of
Gujarat in Ahmedabad, ... More
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Eveready
shelves bifurcation plan
Kolkata: The proposal to bifurcate the battery and
tea business of the Rs 1,000-crore Eveready Industries
India Ltd has been shelved for the time being.
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Grasim
sets May 7 for L&T open offer
Mumbai: Grasim Industries has announced May 7, as
the date of its open offer for 20 per cent stake in Larsen
& Toubro. The offer will open six months after its
originally scheduled date of December 9, 2002.
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Pharmacia
becomes `subsidiary' of Pfizer
New Delhi: Pharma Healthcare, the erstwhile Abbott
India, will now be an `indirect' subsidiary of Pfizer
Inc, USUS as a result of the completion of a merger of
Pharmacia Corporation, which holds majority stake in Pharmacia
Healthcare and Pilsner Acquisition sub Corporation, globally.
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Godrej
Foods' stake change
Mumbai: Godrej & Boyce Mfg Co Ltd has become a
holding company of Godrej Foods Ltd.Following the scheme
of arrangement between Godrej Appliances Ltd, Godrej Capital
and Godrej & Boyce Mfg Co , all shares of Godrej Foods
Ltd held by Godrej Capital have been transferred to Godrej
& Boyce from March 31, 2003.
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Non-compliance
of orders — BIFR pulls up IFB Ind
New Delhi: IFBIndustries Ltd, its promoters and directors,
came in for a stick from the Board for Industrial and
Financial Reconstruction (BIFR), with the board directing
issuance of a show-cause notice (SCN) to the company for
non-compliance of its directions.
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Whirlpool
hopes to clock 15 pc growth
Bangalore: Confident about clocking a growth of 15
per cent this year, Whirlpool of India Ltd on Thursday
unveiled its new range of direct cool refrigerators and
air-conditioners.
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Wipro
to buy US consulting firm for $18.7 m
Bangalore: Wipro Ltd has signed a pact to acquire
US business and IT consulting firm NerveWire Inc for $18.7
million in all cash deal. Wipro expects the transaction
to be completed in the quarter ending June 2003, subject
to regulatory approvals.
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13
pc rise in Keltron operating profit
Kochi: The Kerala State Electronics Development Corporation
(Keltron) has, for the third time in a row, bettered its
year-on-year performance with the public sector electronics
major achieving a 13 per cent growth in operating profit
for 2002-03.
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Satyam
revenue up 14.7 pc; earnings flat — Writes off Rs
152-cr investment
Chennai: Satyam Computer Services Ltd has recorded
revenues of Rs538.4 crore from software services for the
fourth quarter ended March 31, 2003. It posted a net profit
of Rs 115.79 crore against Rs 115.15 crore in the corresponding
period of the previous year.
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