Govt rejects BSNL plea to enter Delhi, Mumbai - Puts off merger plan
New Delhi: The Ministry of Communications has put off the proposal to merge Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd and has also rejected BSNL's plan to foray into the Delhi and Mumbai telecom markets. BSNL had applied for a licence for the two circles last month. The Minister of State for Communication, Dr Shakeel Ahmad, in a written response in Rajya Sabha on Thursday said, "There is no proposal to merge BSNL and MTNL. BSNL had sought licence for entering on telecom circle in Delhi and Mumbai and the request has not been granted." The decision comes as a blow to BSNL who suffer a major handicap in being unable to offer nationwide telecom solutions to its customers. For the two metros it has to depend on MTNL to provide services.
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M&M launches Scorpio in Kuwait
Mumbai: Mahindra & Mahindra Ltd (M&M) has announced the launch of its sports utility vehicle, the Scorpio, in Kuwait. According to an official statement, M&M's foray in the Gulf is accompanied by the launch of an exclusive showroom in Kuwait by Gulf Contracting and Trading Co, of the Naser Al-Sayer Group. The Scorpio model in Kuwait comes equipped with a Renault petrol engine. The diesel engine Scorpio is also available.
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Biocon to pay 20 per cent dividend
Bangalore: Biocon Ltd at its first annual general meeting on Thursday has approved payment of 20 per cent dividend.
For the year 2003-04, Biocon has posted net profit of Rs 138.6 crore or an increase of 218 per cent over Rs 43.5 crore for the last fiscal. Revenues nearly doubled to Rs 549.3 crore (Rs 283.3 crore). The diluted EPS for par value of Rs 5 was Rs 15.95 (Rs 5.02).
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Carrera finalizing plans for $130 million textile project
Mumbai: The US-based Carrera Holding Inc, makers of Carrera brand of jeans and causal wear, are finalizing plans to set up a green-field textile project in India at an estimated investment of $130 million. The company has identified two locations in India - Coimbatore in the South and a SEZ near JN Port in Mumbai. A company called Carrera Holding India is being incorporated to implement the project, according top company sources. Carrera, with manufacturing facilities in five countries, has an annual turnover of $550 million. The Indian project will consist of seven units: three engineering plants to manufacture weaving, finishing machines, and robotics for garment manufacture, finishing house, industrial service, on-line accounting and retailing.
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Aztec Q1 net up at Rs 2.8 crore
Bangalore: Aztec Software and Technology Services has reported a jump in net profit to Rs 2.81 crore for the quarter ended June 2004, compared to Rs 27 lakh in the corresponding previous period. During the quarter, profits went up by Rs 2.63 crore. Revenues for the quarter were Rs 16.13 crore, an increase of 90 per cent over the corresponding previous period. Sequentially, revenues grew 27 per cent, according to a company release.
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HP cuts notebook prices by 3-6 pc
New Delhi: Hewlett-Packard India has announced a price drop of 3-6 per cent across various notebooks models, saying that it intended to pass on the benefit of duty cuts to the consumers. The company has however kept the price of its PCs unchanged post-Budget. The company has decided to reduce the price of notebooks as they are fully imported and the level of countervailing duty has been brought down on finished goods.
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Capital IQ to invest another $3 million in India centre
Hyderabad: Capital IQ, a New York-based information solutions provider for the global financial community, has announced the opening of a new research and development centre here and plans to invest about $ 3 million this year that would see the addition of about 300 more techies in the Hyderabad centre. The company provides financial information to corporates across the globe. The information is procured from various stock exchanges and is developed into analytical data, which is utilised by over 700 prestigious financial institutions, advisory firms and corporations in the world, according to the company.
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ESPN and Yahoo tie up for SMS content
New Delhi: ESPN Star Sports and Yahoo! India have entered into a tie-up for SMS interactivity and promotion across the channel starting with the Indian Oil Asia Cup. The service will enable mobile subscribers to get real-time scores and access customised content such as polls, exclusive contests, trivia and way more by sending SMS to 8243.
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