RITES registers record turnover of Rs 322 crore
New Delhi: On the strength of Rs 53 crore settlements of dues related to projects in Iraq, RITES Ltd registered the higest turnover of Rs 322 crore for the financial year ending March 31, 2003.
The company recorded a turnover of Rs 283 crore during the previous year.
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DRL to take drug development till final stage on its own
Hyderabad: In a major shift in its business strategy, Dr Reddy’s Laborat-ories Ltd (Dr Reddy’s) has decided to go for an independent drug development up to the formulation stage. "We have decided against licensing the molecules any more. We will do the development till the final stage", Dr K Anji Reddy, chairman, Dr Reddy’s, told the shareholders at the 19th annual general meeting held here on Monday.
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A-I, Lufthansa tie up for joint India-US flight operations
Bangalore: Air-India (A-I) and German airline Lufth-ansa are entering into a bilateral agreement to jointly operate India-US flights via Frankfurt from Bangalore, Hyderabad and Cochin, said Union minister for civil aviation Rajiv Pratap Rudy. As per the MoU which will be considered by the ministry this week, A-I will be operating four flights and Lufthansa three flights to Bangalore and Hyderabad and four flights of Lufthansa and three of A-I to Cochin with revenues shared by both carriers.
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Volkswagen team visits Pune MIDC site
Pune: A team of officials from German auto major Volkswagen was in Pune on Monday to take a look at the land being marketed by the state at the five star MIDC industrial estate in Ranjangaon for locating its new facilities in India.
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Colgate-Palmolive declares Rs 2.25 interim dividend
Mumbai: Colgate-Palmolive (India) Ltd has declared a first interim dividend of 22.5 per cent i.e. Rs 2.25 per share for the financial year 2003-04. The interim dividend requires a total payout of Rs 34.5 crore (inclusive of the dividend distribution tax) by the company and will be paid on or about September 24, to shareholders whose names are on the register of members of the company on the record date of September 19.
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Nestle signs buyback pact with BNIL
Kolkata: Nestle Food Products Ltd has entered into a 100 per cent buyback arrangement with Bengal Nestor's India Ltd (BNIL) for its ultra heat treated (UHT) milk and other diary products, to be produced from BNIL's plant at Ausgram in Bardhaman district of West Bengal.
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Avis Tie Up consolidates stake in Texmaco
Hyderabad: Avis Tie Up Ltd has increased its equity holding in Texmaco Ltd by nearly 2 per cent.
In a communiqué to stock exchanges, Texmaco said Avis Tie Up increased its holding to 4,94,666 equity shares on last Tuesday from 3,87,524 shares held by it earlier.
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Ranbaxy, Manipal Group join hands for research centre
Bangalore: Ranbaxy Labs and the Manipal Group-owned Kasturba Medical College have jointly set up a clinical research centre in Manipal. The new centre, which marks a step in collaborative research, has been opened at the Department of Pharmacology at KMC that will enable development of new drugs and train research faculty in conducting clinical trials as per international standards, according to Manipal Enterprises.
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