UB Global eyes Rs 50-crore shoe exports
Bangalore: During 2003-04, UB Global Corporation Ltd's (UBGCL) hopes to report Rs 50-crore turnover from shoe exports as against Rs 39 crore in the previous year.

With a large customer base spread over 17 countries and 50 importers, UBGCL caters to the well-known international labels including Clarks of the US, Hush Puppies in Belgium and France, Bugatti in Italy, Fabiani in Germany, Roland Cartier & Land Rover in the UK and Florsheim in Australia besides in-house brand names.
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Yazaki mulls auto unit in Visakhapatnam
Visakhapatnam: Yazaki Corporation, a Japanese major exporting auto components, is planning to set up a 100 per cent export-oriented unit (EOU) in India and Vizag is one of the places being considered for the purpose, according to Shinji Yazaki, president of the $10-billion dollar company.

Yazaki was speaking to newspersons after visiting the site shown by the VSEZ authorities for setting up the proposed unit. He was accompanied by the Development Commissioner of VSEZ, Ramesh Kumar.
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Nagarjuna Construction shareholders' nod for preferential offer
Hyderabad: Nagarjuna Construction Company Ltd (NCC) has informed the stock exchanges that the shareholders of the company at the extraordinary general meeting held here on Wednesday have approved issue of 10-lakh equity shares of Rs 10 each at a premium of Rs 125 each on preferential basis to Rakesh Jhunjhunwala and Rekha Jhunjhunwala and issue of 10-lakh equity shares of Rs 10 each at a premium of Rs 125 each on preferential basis to pre-identified individuals, body corporates and NRIs.

According to the company, the members have also accorded approval for issue of 5-lakh convertible warrants of Rs 135 each on preferential basis to promoters — A V S Raju and other promoter directors and family owned investment companies.
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Indian Hotels plans to raise $ 150 million
Mumbai: Indian Hotels Company Ltd has informed BSE that at the EGM of the Company held on January 27, 2004, the members of the Company approved the raising of long-term funds by the company for an amount not exceeding $150 million as per the basis mentioned in the notice to the said meeting.

A committee has been authorised to decide on the details of the instrument, its pricing and timing of the issue.
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Sterlite Industries' Q3 net rises 43.19%
Mumbai: Sterlite Industries (India) Ltd has reported a net profit of Rs 50.70 crore for the third quarter of the current fiscal, against Rs 35.47 crore recorded in the corresponding period of last fiscal, registering a 43.19 per cent jump.

The company notched up net sales of Rs 821.19 crore (Rs 550.57 crore). For the nine-month period ended December 2003, it reported a higher net profit at Rs 123.48 crore (Rs 107.1 crore) and net sales of Rs 2,185.44 crore (Rs 1,546.5 crore), according to the unaudited results declared by the company.
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Pfizer plans to sell Ankleshwar plant
Mumbai: Pfizer Ltd has entered into an agreement with Anodyne Remedies India Ltd to sell its plant in Ankleshwar, Gujarat for Rs 4.5 crore. This was, however, subject to approval from the Gujarat Industrial Development Corporation, the company told BSE on Wednesday.

Pfizer spokesperson told a business newspaper that the rationalisation was part of the parent company's global strategy to have only one manufacturing facility in every country. Meanwhile, two other manufacturing facilities that have come into the Pfizer stable, through its mergers and acquisitions, are also on the block. Pfizer's Hyderabad plant has been shut down and employees have been given VRS, the official said. The plant belongs to Parke-Davis (India) Ltd, the Indian subsidiary of Warner Lambert Co., the company that had globally merged with Pfizer Inc.
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Nicholas Piramal posts 76.1% growth in PAT
Mumbai: Nicholas Piramal India Limited (NPIL) registered a 19.3% growth in net sales and 76.1% growth in net profit for the third quarter of FY 2003-04 (Q3 FY04). Net sales stood at Rs. 2,620.2 million (Q3 FY03: Rs. 2,195.5 million). Operating profit before interest, depreciation and tax grew 26.9% to Rs. 548.1 million in Q3 FY04 from Rs. 432.4 million for the corresponding quarter in FY 03. The net profit grew to Rs. 373.2 million compared to Rs. 211.9 million in Q3 FY03.

NPIL's domestic formulations business outperformed the market for the seventh consecutive quarter, growing 13.4% against an industry growth rate of 5.1% (ORG-MARG MAT Dec-03). Top-10 Brands, formed 36% of the portfolio.
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