Lanco Infratech increases its stake in LGSL
Hyderabad: Lanco Infratech Ltd (LITL), part of the Lanco group, has informed the bourses that it has acquired 2.5-lakh equity shares of Lanco Global Systems Ltd (LGSL), another group company, representing 2.35 per cent of LGSL's paid-up capital, by the mode of transfer from open market.

The acquirers were already holding 4 lakh equity shares of LGSL, amounting to 3.75 per cent of its equity. With the fresh acquisition, the total holding of LITL in LGSL has now increased to 6.1 per cent of the total paid-up capital of LGSL.
Back to News Review index page  

Consortium of co-op banks to take over FACT
Kochi: The Kerala state government is mulling a consortium of cooperative banks led by a state cooperative bank to mobilise funds for taking over the ailing Fertilisers and Chemicals Travancore Ltd (FACT) in the cooperative sector.

Kerala Minister for Cooperation and Ports M V Raghavan was quoted as saying that the cooperative banks in the state are financially sound and hence a consortium of the state cooperative bank and the district cooperative banks could easily raise Rs 300 crore. The consortium could, therefore, acquire a good number of shares while the professionally experienced IFFCO or KRIBHCO could manage and run the plants.
Back to News Review index page  

Maruti exports cross 3 lakh units
New Delhi: Maruti Udyog Ltd (MUL) its total exports has crossed three lakh units, driven by the success of the Alto model in the European markets. The landmark was achieved with the latest shipment of 571 Altos to Hungary. The company had started exporting cars in 1986.

In fiscal 2002-03, revenue from exports was Rs 670.8 crore, which was 7.4 per cent of MUL's total sales. The company said exports of the Alto compact car touched 32,240 units in 2002-03, up by 163 per cent over the previous year. Overall exports continued to improve with a growth of 235 per cent to 17,746 units during April-July 2003.
Back to News Review index page  

Hearing on Star in GalaxZee today
New Delhi: Star TV has moved the Supreme Court against being forced to go on to GalaxZee, Siti's head-end in the sky (HITS) platform, and a hearing is listed for today. Siticable will use HITS for the CAS regime, whose limited rollout begins on the same day.

Earlier Zee-affiliate Siticable had obtained an interim injunction from the Monopolies & Restrictive Trade Practices Commission (MRTPC) which directs Star TV, ESPN and Sony to "continue to provide the signals" for distribution. MRTPC's next hearing is scheduled for 5 September.
Back to News Review index page  

WLL handsets: MTNL joins hands with Nokia, Samsung
New Delhi: Mahanagar Telephone Nigam Ltd (MTNL) has tied up with handset manufacturers Nokia and Samsung for limited mobility services using wireless in the local loop (WLL-M) services. The company has changed its marketing strategy and has decided to do away with the present practice of procuring handsets to pass on to WLL-M subscribers. Instead, Nokia and Samsung will sell their handsets through its distribution centres directly to subscribers.

This will give a wider choice to the subscribers and MTNL officials will be saved the cumbersome process of procuring handsets through tendering process. Currently, MTNL is not able to give new connections to its WLL-M subscribers as it doesn't have handsets.
Back to News Review index page