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Timken
opens $12-m R&D unit in Bangalore
Bangalore:
Timken, the alloy steel and bearing company, has opened
its second biggest research and development centre in
the world near Bangalore. The technology centre has an
investment of around $12 million.
Timken Engineering and Research India is a wholly owned
subsidiary of Timken India in which Timken holds 80 per
cent stake; the rest is with the public. The company will
carry out work in the areas of product development, design
of certain types of bearings and IT-related services.
The Timken research centre in Bangalore will be fully
integrated with other such centres of the company.
Timken is a leading global manufacturer of bearings and
alloy steels and is a provider of related products and
services with operations in 27 countries. A Fortune 500
company, it recorded sales of $3.8 billion in 2003. Timken
India Ltd is based in Jamshedpur and has a turnover of
around $50 million.
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Steel
sector seeks cheaper ECBs to replace costly debt
New Delhi: The Indian Steel Alliance (ISA) has
approached the Ministry of Finance to permit the primary
steel manufacturers to retire their high cost domestic
debts with cheaper foreign loans. The ISA represents the
five main hot-rolled steel manufacturers - Steel Authority
of India Ltd, Tata Steel, Jindal Vijaynagar, Essar Steel
and Ispat Industries.
In the first round of debt restructuring for three primary
steelmakers - Jindal Vijaynagar, Essar and Ispat - the
domestic institutions had modified the repayment terms
with lower interest rates and longer repayment period.
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Zensar
ties up with PeopleSoft for shared services
Mumbai: As part of its BPO initiatives, Zensar
Tech has entered into a partnership with PeopleSoft to
host Enterprise HCM applications for third parties under
licence from PeopleSoft. Zensar Tech has bought multiple
seat licences from PeopleSoft to host HR applications
across all domains. Globally, the market for shared services
is projected at $60 billion by 2008.
It will initially target the Indian and gradually the
Asia-Pacific region, where the market is expected to grow
to $3 billion by 2008.
Zensar has a small IT development facility at Shenzen
in China and it has a tie-up with an Irish firm.
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Idea
Cellular creates a Buzz
Mumbai: Idea Cellular has announced new tariffs,
with its Buzz 300 package. The scheme offers cell-to-cell
rates at Rs 1.20 per minute.
Although the landline-to-landline tariff is Rs 1.20 for
three minutes, Idea hopes to compete with landlines since
market surveys indicate that most cell-to-cell calls are
well under 60 seconds. Idea thinks that cell-to-cell rates
of Rs 1.20 for one minute are comparable with this.
The new tariffs would be introduced in all circles of
operation.
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TVSE
declares dividend
Chennai: TVS Electronics Ltd has recorded a 10
per cent jump in net profit to Rs 1.34 crore for the quarter
ended March 2004 as compared to Rs 1.22 crore for the
same period in the previous year. It has also declared
an annual dividend of 7.5 per cent.
The company had recorded a net profit of Rs 60 lakh for
the quarter ended December 2003 on revenues of Rs 64.64
crore. The company has also paid off Rs 8 crore of debt.
Its current debt stands at about Rs 99 crore and the company
expects to pay off about Rs 20 crore of debt this year.
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HCL
Tech to pay 100 pc interim
New Delhi: HCL Technologies Limited has announced
a 58 per cent increase in net profit in January-March
2004 quarter to Rs 125.8 crore and declared an interim
100 per cent dividend for its third quarter.
HCL Tech revenues in January-March 2004 grew 39 per cent
year-on-year to touch Rs 647.2 crore, according to a company
release.
In keeping up with the practice of declaring quarterly
dividend, HCL Tech announced a dividend of Rs 2 on a share
of face value of Rs 2. This announcement brings the total
interim dividend the company has paid so far to the shareholders
in 2003-04 at 300 per cent.
In the first nine months, the company's revenues stood
at Rs 1,830.34 crore and net profit at Rs 318.43 crore,
excluding the proceeds from the sale of its stake in HCL
Perot Systems to joint venture partner Perot Systems of
US. The sale had added Rs 263.3 crore to the net consolidated
income of the company in the October-December 2003 quarter.
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Top
rating for Honeywell Tech
Bangalore: Honeywell Technology Solutions Lab,
Bangalore, has announced that it has achieved SEI CMMI
Maturity Level 5 rating recently.
A Level 5 CMMI rating provides the highest recognition
to an organization's software and systems engineering
processes. It establishes a company as a quality provider
of systems engineering, software engineering and IT services.
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Hanmer
& Partners ties up with IAS in Dubai
New Delhi: Hanmer & Partners Communications
has entered into an agreement with Dubai Media City-based
Integrated Advertising Services (IAS), a leading media
representative in the Gulf area, to set up IAS-Hanmer
& Partners.
Integrated Advertising Services (IAS), set up in 1992,
represents reputed Indian and international media houses
such as Star TV Network, South China Morning Post, Sony
Television, Outlook, Condenast Traveller, Vogue and Gulf
Air Inflight. IAS also co-owns Ikon Advertising &
Marketing, a Dubai-based advertising and marketing agency.
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Hero
Motors launches Sting
Chennai: Hero Motors have launched their new offering,
the Hero Sting. The Sting is a step-through bike, powered
by a 92-cc engine. The standard version of the bike will
be priced at Rs 23,990 while a premium model will cost
Rs 25,000.
According to the company the other offerings slated for
the coming months are the Smart DX, a 75-cc, 4-stroke
moped, which will be available in two variants, to carry
passengers or haul load. A scooterette, Hero Sonic Aprilia
(a two-stroke, 75-cc or a 4-stroke, 92 cc) will be on
the roads in January 2005. Twister, a 4-stroke and liquid
cooled family vehicle and Hero Aprilia SR 125, a 4-stroke
moto-scooter are the other models in the pipeline.
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Parryware
launches taps and fittings
Chennai: The Parryware Division of EID, Parry (India)
Ltd, which has 40 per cent share in the sanitary ware
market, has come out with a range of taps and fittings.
According to the company it will source these from manufacturers
in Delhi.
The taps have been priced between Rs 3,000 and Rs 8,000
for a bathroom set.
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Zodiac's
summer '04 collection
Mumbai: Zodiac Clothing Company Ltd (ZCCL) has launched
its spring and summer '04 Collection.
The collection features linen and uses fifties mercerised
cotton as the fabric. The colours used in this collection
include a palette of sunny yellow, azure blue, earthy
tans and pearly whites for the shirts breathe-easy fabrics.
ZCCL has sales offices in 3 of the 5 fashion capitals
of the world - New York, London and Dusseldorf. They manufacture
and market two brands, Zodiac and Zod.
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HLL's
Breeze gets a relaunch
Mumbai: Hindustan Lever Ltd (HLL) has relaunched
its mass market soap brand, `Breeze', in three variants.
The variants will be Scent Magic, Scent Magic Lime and
Scent Magic Sandal Breeze. Breeze Scent Magic is priced
at Rs 8 for 100 gm. The company said the initiative is
based on company's deep consumer insight and strives to
fulfil our mission of creating value for consumers.
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Ranbaxy
gets nod for hypertension drug
New Delhi: Ranbaxy Laboratories has received the
US Food and Drug Administration approval to market Fosinopril
Sodium tablets in the US.
Fosinopril sodium is indicated for the treatment of hypertension.
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