Tejas crosses another milestone
Bangalore: The Technology Demonstrator-1 (TD-1) version of the Light Combat Aircraft, named Tejas, crossed another milestone by crossing a speed of Mach 1.4, on its 73rd test flight. India is developing the Light Combat Aircraft (LCA), as a state-of-the-art multi-role supersonic aircraft.

The LCA program is primarily aimed at the development of an advanced fighter for the Indian Air Force. Fourth generation technologies are being generated and sourced for the LCA program. Currently, two LCA technology demonstrators (TD-1 and TD-2) are undergoing flight trials. The last indigenously designed and produced aircraft was the second generation HF-24 Marut.
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BHEL board to consider interim dividend
Mumbai: Bharat Heavy Electricals Ltd has informed BSE that a meeting of the board of directors will be held on February 27, 2004 to consider declaration of interim dividend on equity shares.
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Satyam to double its strength at Chennai
Chennai: The software services major, Satyam Computer Services plans to double the strength of its staff in Chennai, from the current two thousand to a level of around four thousand in the next 12-18 months.
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BSES restrained by MERC
Mumbai: Acting on a complaint made by the Tata Power Company the Maharashtra Electricity Regulatory Commission on Friday asked BSES Ltd. (now Reliance Energy) to stop giving rebates to customers, and further, to recover such discounts as it may have already given.

It was Tata Power contention that BSES was trying to match its rates in a manner not permitted by law.
BSES, in turn, contented that the TPC was trying to force it to raise its rates to certain categories of consumers so as to lure them away.
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Zee Telefilms goes in for capital restructuring
Mumbai: The board of directors of Zee Telefilms Ltd.(ZTL) has approved capital restructuring proposals to correctly reflect the intrinsic value of the business. An extra ordinary general meeting of the members of the company has been convened on March 25, for obtaining approvals.

The company said it has taken operational and strategic initiatives to improve shareholder value. ZTL had appointed Deloitte Haskins and Sells to value the business of overseas subsidiaries under the changed circumstances. The value of businesses of overseas subsidiaries is Rs 1231.9 crore, which is lower than Rs 3003.5 crore valued at the time of acquisition of these companies. The capital restructuring proposal of the company is subject to necessary approvals of its shareholders and the Bombay High Court.
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IOC plans $100-m investment in Sri Lanka
Bangalore: In the next two years, the Indian Oil Corporation expects to cover 30 per cent of the Sri Lankan market and accordingly plans to invest around $100 million in order to expand its operations.

The Sri Lanka IOC Ltd. has drawn up a comprehensive blueprint covering retail marketing and aviation fuel services for the island nation, along with plans to add 120 more petrol stations. To this end the company has taken over a large bulk storage terminal in Trincomalee as well as 100 petrol stations. As part of its global expansion plans, IOC has opened offices in Malaysia and the United Arab Emirates.
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Blue Star ties up with Hanbell for compressors
Mumbai: With its tie-up with the Taiwan-based Hanbell Precise Machinery Co Ltd. for supply of hermetic screw compressors, Blue Star will now be able to produce its own screw chillers, which are used in central air-conditioning systems.

Blue Star, is a leading player in the air-conditioning and refrigeration sectors. The company had so far been importing 200 chillers a year. Last fiscal, the company had clocked a net profit of Rs 31.04 crore on a turnover of Rs 601.06 crore.
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SAIL on growth path
Kolkata: Steel Authority of India Ltd. hopes to end the current financial year with a 9-10 per cent growth in sales in terms of volume and 25-30 per cent sales growth in terms of value. According to the company the exports are likely to be in the region of 12-13 lakh tonnes. The company is also preparing a growth plan whereby its total production base will increase 66 per cent from 12 million tonnes to 20 million tonnes by 2010.
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Atlinks - Bharti Teletech to make GE phones
New Delhi: Atlinks, a subsidiary of Thomson, and Bharti Teletech Ltd., the manufacturing arm of the Bharti group, have entered into a strategic alliance, as part of which, Bharti Teletech will manufacture Atlinks' fixed line phones for global exports. The company will also become the sole marketing and distribution company for Atlinks in the region, and will also sell GE branded telephones shortly. The company currently plans to export one million GE phones in the next two years.
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Quantech Global to invest $2 m in India centres
Hyderabad: Quantech Global Services has announced plans to invest about $2 million in their Asian Technical Centres to be based in Hyderabad and Bangalore. It would also double its headcount in the near term.

Addressing a press conference here on Friday at their Hitec City centre, the President of Quantech Global, Dr Mukesh Gandhi, and the Chief Financial Officer, Mr David Zischke, said "India and Asia Pacific offer tremendous business opportunity for Quantech Global services. Our growth strategy is to continuously expand and bring design and engineering capabilities closer to customers to keep up swiftness to respond to their business and market requirements."
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