SAIL wipes out accumulated losses
New Delhi: Steel Authority of India Ltd has reported its highest ever-net profit of Rs 2,512 crore for the financial year 2003-04, thus wiping out all its accumulated losses. The net profit of Rs 2,512 crore was against the loss of Rs 304 crore in the previous fiscal.

At Rs 24,178 crore, SAIL's turnover recorded a growth of 26 per cent. SAIL has also announced a massive investment of at least Rs 10,000 crore to increase its production capacity to 20 million tonnes.
Back to News Review index page  

CMC plans to bid for census projects abroad
New Delhi: CMC Ltd plans to bid for multi-million dollar IT implementation for the census projects of the US and the Canadian governments. For the US project, CMC is in the process of identifying certain US partners. The company plans to bid for certain parts of the project, including system integration component, software customisation and development of tools.

In Canada, the census survey is already on. Though CMC did not bid for the project, it is looking at working in some areas of the project together with those who had got the tenders.
Currently CMC is providing solutions to a stock exchange in Kuwait, the police department in Kenya and for the railways ticketing system in Syria. The company has over 3,500 employees, 180 services locations and 18 development centres in the country.
Back to News Review index page  

Rs 647-cr MSEB order for BHEL
New Delhi: Bharat Heavy Electricals Ltd (BHEL) has secured a contract worth Rs 647 crore from Maharashtra State Electricity Board (MSEB) to set up a 250 MW power unit. The order has been placed by MSEB to set up one unit of 250 MW at Paras Thermal Power Project in the State, according to an official release.
Back to News Review index page  

ITC net up to Rs. 387 crore in Q4
Kolkata: ITC Ltd. has reported 19.68 per cent increase in net profit at Rs 387 crore during the fourth quarter ended March 2004. It's 2003-04 net profit surged by 16.15 per cent to Rs 1,592.85 crore. The Board of Directors have recommended a dividend of Rs 20 per share.
Back to News Review index page  

Matrix Labs will prepay loans
Hyderabad: Matrix Laboratories Ltd has announced its decision to prepay all its long-term loans estimated at about Rs 68 crore from the proceeds of the preferential offer. In a statement, the Matrix management said that the company has completed allotment of 11,25,000 equity shares each to India Newbridge Investments Ltd, an investment arm of the US-based Newbridge Capital and Maxwell (Mauritius) Pte Ltd, an investment vehicle of Singapore Government-owned Temasek Holdings. This was for a price of Rs 1,500 per share aggregating to Rs 337.50 crore.
Back to News Review index page  

American Epress and Taj Hotels tie up
Mumbai: American Express has tied up with Taj Hotels Resorts and Palaces for a money-saver programme for holders of the AmEx corporate card. Under the 'Taj Corporate Plus Programme,' every Rs 85,000 spent collectively by executives of a corporation on their corporate cards at participating Taj Hotels will earn the corporation one night's free stay in a standard double room at the participating properties. According to an official release, the offer is valid for all expenses charged between May and September. The free room stays are redeemable till September 30, or any time between April and September 2005.
Back to News Review index page  

Tata Honeywell PAT at Rs. 25.3 crore
Pune: Tata Honeywell, integrated automation and software solution provider, has reported revenue of Rs 342.4 crore for the fiscal ended March 2004. The company had recorded revenue of Rs 269.1 crore for the fiscal ended March 2003, registering an increase of 27 per cent. According the official release, the profit before tax stood at Rs 20.1 crore as against Rs 16.7 crore recorded for the fiscal ended March 2003, reporting an increase of 20 per cent. The profit after tax stood at Rs 25.3 crore as compared to Rs 16.8 crore for the fiscal ended March 2003, recording an increase of 51 per cent. The order book as of March 31, 2004 stood at Rs 430.1 crore (Rs 358.6 crore).
Back to News Review index page  

Bajaj launches CT 100
Bangalore: Bajaj Auto has launched a new motorcycle, CT 100, which gives a mileage of over 100 km per litre. The mobike comes with a two-year warranty and is priced at around Rs 32,000. The motorcycle is fitted with a unique ride control switch, which helps the user in achieving higher mileage.
Back to News Review index page