|
MTNL
cuts cell rates; cell-to-cell STD at Rs 1.90 per minute
Mumbai: Mahanagar Telephone Nigam Limited (MTNL)
has reduced tariffs on its post-paid cellular service
from Rs 1.80 to Rs 1.60 per minute. In a significant development,
cell to cell STD rates have also been reduced to Rs 1.90
per minute from the earlier level of Rs 2.90 per minute.
These rates are for Plan A which entails a monthly rental
of Rs 250. The cost of an SMS has also been reduced to
80 paise from Rs 1. Addressing a press conference in Mumbai,
MTNL CMD Narinder Sharma said all the tariffs included
the Interconnect User Charge (IUC).
Back
to News Review index page
ITC
net grows over 15per cent to Rs 1,371 crore
Kolkata: The multi-diversified tobacco major ITC
Limited on Friday reported a more than 15 per cent growth
in its net at Rs 1,371 crore for the fiscal 2002-03 as
the company’s gross turnover crossed the Rs 11,000
crore mark. The net profit of the company showed a 15.3
per cent growth on its previous year’s profit of
Rs 1,189 crore, while the turnover jumped from Rs 9,982
crore to Rs 11,025 crore, as per the results announced
after a board meeting on Friday. The pre-tax profit of
the company registered an even more impressive growth
of nearly 20 per cent at Rs 2,056 crore as the earning
per share of the company stood at Rs 55.41.
Back
to News Review index page
Parle
Agro to beef up distribution net
Mumbai: In a strategic move, Parle Agro Ltd, a
fruit drink major in India is planning to extend its distribution
network by 30 per cent to promote its new launches this
summer. To take on brands like Limca and Sprite, Parle
Agro has forayed into a new category by launching - Green
Mango - this summer. The company is currently rolling
out this product in metros like Mumbai, Chennai and Delhi
to start with. Incidentally, the company has already begun
exporting its new launch - Frooti Green Mango - to USA
and the Middle East, according to Prakash Chauhan, chairman
& managing director of Parle Agro. On Parle Agro’s
new initiatives, explains Mr Chauhan, “Our new product
with khatta-meeta taste is the first of its kind in the
world. It is really targeted at adults. After big metros,
we will introduce the new product in small metros and
rural belts within six months.
Back
to News Review index page
Divi's
Labs looks at 19 pc income growth
Hyderabad: Divi's Laboratories Ltd (DLL), the Hyderabad-based
Rs 260-crore active pharmaceutical ingredients and intermediates
manufacturer with focus on custom synthesis, has issued
guidance for the current fiscal. In a communiqué
to stock exchanges on Friday, the company said it expects
an income of Rs 310 crore and a net profit of Rs 60-65
crore for the financial year ending March 31, 2004. This
translates into a growth of 19.35 per cent in turnover
and between 9.28 per cent and 18.39 per cent in net profit
over the figures achieved during the fiscal 2002-03.
Back
to News Review index page
General
Motors to hike stake in finance arm
New Delhi: General Motors has finalised plans to
invest heavily in the Indian automobile financing market.
For this, the company has decided to increase its stake
in the company's automobile financing subsidiary, GMAC-TCFC
Finance Ltd, from the existing 51 per cent to 74.9 per
cent. General Motors holds a 51 per cent stake in the
Indian joint venture through its wholly-owned subsidiary,
General Motors Acceptance Corporation (GMAC), while the
remaining 49 per cent is currently held by TCFC Finance.
According to the company's plan, GMAC will buy out a total
of 95,60,000 equity shares of Rs 10 each accounting for
23.9 per cent stake in the company from the Indian partner
— TCFC Finance — for a consideration of Rs 9.56
crore, Government sources said.
Back
to News Review index page
Tata
Engg working on `Cub' — A low-cost commercial vehicle
for intra-city use
Pune: Tata Engineering is in the midst of developing
a small commercial vehicle, which is being designed to
fulfil the evolving transportation needs of the future.
Part of the New Products Introduction (NPI) process adopted
by the company a couple of years ago, `Project Telco Cub'
will see the company launching a low-cost commercial vehicle
which will meet the requirements of niche segments of
the industry looking for the right vehicle for intra-city
transportation. Top company sources told that Tata Engineering
was right now in the prototyping stage for the Cub, expected
to go into commercial production in end-2004. The vendor
community for the Cub has already been put in place and
designs are being worked on for the project, which will
supplement the company's range of commercial vehicles.
Back
to News Review index page
Hotel
Leela venture in marketing, operation deal with GHM Singapore
New Delhi: In what may be seen as a strategic tie-up,
Hotel Leela Venture Ltd has joined hands with General
Hotel Management (GHM) Singapore, the holding company
of Aman Resorts, for its Goa property. Under the agreement,
from April 1, 2003, GHM has become responsible for marketing
and operation of The Leela Palace Goa. While the existing
agreement with Kempinski Hotels for marketing The Leela,
Mumbai and The Leela Palace Bangalore will continue. The
property with 160 guest rooms, will now be relaunched
as Leela Goa. A new general manager, Andreas Herbst has
been appointed to take over the operations of the property.
GHM, however will not invest in the property.
Back
to News Review index page
Sun-n-Sand
to unveil management services
Mumbai: Sun-n-Sand, the 40-year-old hotel brand
with three fully-owned properties, has now decided to
add management services to its portfolio. Rajesh Advani,
director, Sun-n-Sand, said, “We will not give our
brand name only for franchising. The investors will have
to accept our management services along with the branding.”
There are already projects in the pipeline in metro cities
other than Mumbai. Bangalore, Goa, Chennai, Hyderabad
and New Delhi are some of the regions marked for management
tie-ups with potential investors. A core team is already
in place, having undergone training for over six months
to function as a fully equipped management company. Speaking
about the decision, Advani said, “Though the present
times are rather tough for the industry, there is tremendous
business potential for the future. There are a couple
of deals in the pipeline. We will announce them only after
the final agreement has been signed. There are other companies
who have also ventured into the management business but
we welcome competition and are ready to face them head-on.”
Back
to News Review index page
Pentair
Water India to launch consumer products for first time
Goa: Having established itself as a leading water-purification
equipment supplier to the industry, Pentair Water India
(PWI), the 100 per cent arm of the US-based $3 billion
water treatment technology giant Pentair Inc, is now eyeing
the growing but highly unorganised home water management
market. India, will be the first country in the world
where Pentair will launch its consumer products. Test
launched in Delhi and the national capital region (NCR),
last year, Pentair is taking its latest market initiative
national in the current year. To start with, the company
is spreading out to seven major cities and a number of
smaller towns and cities
Back
to News Review index page
STAR
to launch 2nd entertainment channel
Mumbai: STAR is launching a new entertainment channel,
‘STAR Classic’, in the free-to-air mode aimed
at rural and small-town audiences. The object is to provide
an alternative to advertisers of mass brands and to compete
with channels like Doordarshan and regional channels offering
a high reach at cheap prices. Business plans for the broadcaster
also include the launch of two more news channels for
Tamil and English-speaking audiences. Currently on the
drawing board stage, these news channels are expected
to be launched towards the end of this year. There would
be economies of scale if several news channels make use
of the large newsgathering structure STAR is setting up
for its Hindi channel, Peter Mukerjea, Star TV’s
CEO in India, said.
Back
to News Review index page
|
