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BSNL
overstated profits, says CAG
New Delhi: Bharat Sanchar Nigam Ltd has been pulled
up by the Comptroller and Auditor General for overstating
its profits by close to 41 per cent for fiscal year 2002-03.
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Sun
Pharma to set up two new R&D units
New Delhi: Sun Pharmaceutical Industries Ltd is
planning to add two new research and development facilities
in Mumbai and Baroda and will increase its expenditure
to Rs 75 crore next fiscal from the current Rs 45 crore.
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Suven
Life Sciences EGM clears share split
Hyderabad: Suven Life Sciences Ltd has informed
the stock exchanges today that its shareholders at the
extraordinary general meeting held on Monday have approved
the sub-division of equity shares into face value of Rs
2 each from the face value of Rs 10 each.
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Wockhardt
files new drug application
New Delhi: Wockhardt Ltd has filed an Investigational
New Drug application for its new drug for respiratory
infections, WCK-1152.
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L&T's
paid-up capital to go down
Mumbai: Larsen & Toubro's scheme of arrangement
for demerger of its cement company entails diminution
of the paid-up equity capital of the company from nearly
Rs 250 crore to around Rs 25 crore, with the face value
of the share reduced from Rs 10 to Re 1.
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L&T
bags $30-m order in UAE
Mumbai: Larsen & Toubro has won an order worth
$30 million from the gas gathering and processing company,
GASCO in the United Arab Emirates, which is a part of
the ADNOC group.
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IHCL
to seek shareholders' nod to raise funds
Mumbai: Indian Hotels Company Ltd is holding an
extraordinary general meeting on January 27 to seek shareholders'
approval to raise through issue of securities, long-term
funds not exceeding $150 million. It also plans to issue
cumulative redeemable preference shares of Rs 100 each
for an aggregate amount of Rs 100 crore.
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IVRCL
shareholders okay preferential offer
Hyderabad: IVRCL Infrastructures & Projects
Ltd has informed the bourses that its shareholders have
approved the preferential offer of 80 lakh equity shares
of Rs 10 each to CVC International (40 lakh shares) and
ChrysCapital II (40 lakh shares) and their associates
at a price of Rs 125 per share at the company's emergency
general meeting held on Monday.
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Ranbaxy
Eyes US, Local Acquisitions Seals RPG Aventis deal
New Delhi: Ranbaxy Lab-oratories on Monday concluded
and signed the acquisition of RPG Aventis in France and
announced that it is now looking at buying pharmaceutical
companies with strong brands in the US. The company is
also eyeing acquisitions in the domestic market.
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Amway
comes under scanner of Drug Control authorities
New Delhi: Amway India has, for the second time,
come under the scanner of the Drug Control Authority at
least in one state - Kerala - for allegedly selling some
of its products under violation of existing food and drugs
laws. According to Mr M.P. George, Assistant Drugs Controller,
Intelligence Branch, Kerala, Amway India has been selling
some of its products as either `food supplements', `nutritional
supplements' or `dietary supplements', without obtaining
the necessary licences.
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TVS
Motor to patent new engine technology
Chennai: TVS Motor Company has sought a patent
for the technology it has developed for its latest vehicle,
the TVS Centra. The engine technology, which the company
calls `VTi' (for variable timing intelligent), has three
components in it - friction reduction, better combustion
and lesser fuel wastage reduction.
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Tata
group to expand global business this year
Mumbai: The Tata group has drawn up a strategy
to focus on expanding its business globally during the
current calendar year. Stating this in a message delivered
to the group employees, Tata group chairman Ratan Tata
said, "This is an important new phase in the group's
growth plans."
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