FIPB postpones decision on Star's plea for uplinking
New Delhi: The Foreign investment promotion board (FIPB) has postponed taking a decision on Star's uplinking application. This is even though the I&B ministry has said that that the company has met the 26 percent FDI cap norm, the FIPB has still not decided on the issue, reliable I&B ministry sources said.

The ministry of home affairs has begun its probes on directors of the applicant company, Media content & communication services (MCCS). As the government suspects violation of norms in spirit, an inter-ministerial group with representatives of the ministries of law, DCA and I&B ministry has been formally set up to examine Star's application as well as the existing norms. The will look into the foreign equity guidelines, particularly related to news and current affairs channels, in order to ensure that they are tightened to prevent violation or breaches and to make sure it is adhered to in letter and spirit.
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Wipro: Q1 net up 43 per cent
Bangalore: Wipro Ltd has announced that its consolidated income for the first quarter of 2003-04 was sequentially by 3 per cent to Rs 1,199 crore against the previous quarter while net profit fell sequentially by 9 per cent to Rs 206 crore. However, revenue rose 29 per cent and net profit 43 per cent over the first quarter of 2002-03.

The global information technology business of the company, Wipro Technologies' income grew by 6 per cent sequentially in the first quarter, whereas operating profit (before interest and tax) fell 5 per cent sequentially. This represents a decline in gross margin of 2.4 per cent to 22.2 per cent.

Wipro's stock price declined 2.33 per cent (Rs 21.90) to close at Rs 917 on the Bombay stock exchange (BSE), from previous close of Rs 938.90.
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Sundaram Fasteners to acquire owner's stake in TVS Autolec
Chennai: Sundaram Fasteners Ltd has entered into an agreement with Mr K. Vasudevan and his family members for acquiring 23.55 per cent equity of TVS Autolec Ltd. Thus Mr Vasudevan and family will sell 17.42-lakh equity shares of TVS Autolec to Sundram Fasteners at a price of Rs 125 per share. After the acquisition, Sundram Fasteners' stake in TVS Autolec will rise to 74.84 per cent.

In May 1999 Sundaram Fasteners picked up a little over 25 per cent from the promoters and later that year, it raised its stake to 51.06 per cent through a combination of public offer and preferential allotment. The total cost of acquisition amounted to Rs 28 crore.

TVS Autolec, which manufactures mainly water pumps and oil pumps for automobiles, was promoted by Mr Vasudevan. After the acquisition in 1999 its name was changed from Autolec Industries Ltd to TVS Autolec Ltd.

The TVS Autolec scrip opened at Rs 115.40, and closed at Rs 124.05, after reaching a high of Rs 126 on the BSE on Friday.
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Palio: Unsung hero
Bangalore: Fiat India's premium small car model Palio has helped the company reduce losses in India by as much as 65 per cent over the previous year.

Company sources said since its launch in September 2001, about 44,000 Palios have been sold so far accounting for 90 per cent of the total sales of Fiat's products.

However, Palio sales took a dive in June 2003 by 74 units to 1,131 over the previous month, but sources attribute this to developments in its parent company in Italy than otherwise.

In January 2003, (Fiat follows the calendar year), total sales increased 35 per cent over the corresponding period for the previous month while sales in May increased nearly 63 per cent to 1,204 compared with April.

Out of the 1,131 units sold in June, Palio accounted for 1,037 units while Siena, Adventure and Uno accounted for the rest. The 1.2 ELX petrol variant of Palio accounted for over 60 per cent of the total sales.
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Reliance Info to launch new campaign
Mumbai: As competitors have undermined Reliance Infocomm's price advantage the company is changing the way it communicates with its customers. The net result is a brand-new campaign that emphasises not just price but also a host of other features, which are designed to appeal to customers.

The new campaign of Reliance India Mobile (RIM) will be launched on 21 July, and will have as its central theme the 'Joy of RIM'. The new campaign will also focus on coverage, clarity and the much-hyped R-world.

The Joy of RIM campaign, which has been on the drawing board for the last six months comprises two one-minute television spots and four print advertisements, all in keeping with the brand's new mantra, joy.

Mudra Advertising, which has been working on the print promos, has come up with four advertisements featuring the joy of affordability, clarity, coverage and colour.
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TVS to launch Centra: 100 kmpl bike
Chennai: TVS Motor Company will launch a totally new 100 CC four stroke motorycyle, 'TVS Centra' by September this year.

The company claims the bike will give a mileage of 100 Km per litre as it is built on a totally new manufacturing platform. The company hopes to sell at least 20,000 units of the new bike every month from January 2004.

TVS had invested around Rs 100 crore on the new manufacturing platform.

The company announced that it would also launch a 125 cc new variant of its highly successful 'Victor' by September-October this year.
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Nirma to launch toothpaste
Mumbai: Nirma, the Ahmedabad based soaps and detergent major, has decided to enter the highly competitive toothpaste market.

The company has already begun manufacturing toothpaste at its existing plant, which has an installed capacity of 2,000 tonnes, according to the company's latest annual report.

Industry sources say the major incentive for the company to enter new business lines is its strong distribution network and is the company is looking at markets which have synergies with current businesses. These potential new businesses include hair care and fabric care.
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Gulf Oil net soars 99 percent in '03
Mumbai: Gulf Oil Corporation, a Hinduja Group company has posted an impressive 99 per cent increase in its net profit at Rs 15.32 crore for fiscal 2002-03 as against Rs 7.70 crore in the previous year.

The company has announced a dividend of 50 per cent.

The turnover of the company in last fiscal rose 60 per cent at Rs 405 crore as compared to Rs 253 crore of the 2001-02, according to a company release. Earnings per share during this period was Rs 11.04 as against Rs 8.12 in the previous year.
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