AccelTree launches 'Fulcrum'
Pune: Software tools company AccelTree Software Pvt Ltd has launched FULCRUM, a Java development tool for superior coding, testing and validation.

Announcing the tool, AccelTree chairman Vivek Mannige told a press conference here that FULCRUM addresses the developing requirements of companies using Java technologies in their products.

It is a Java development tool that uses a proprietary concept of code templates that can be used as building blocks to construct efficient Java objects and applications.
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Fennel picks up 14.5% stake in Borosil
Mumbai: Fennel Investment and Finance has picked up a 14.57 per cent stake in Gujarat Borosil through a negotiated deal.

Gujarat Borosil has said in a notice issued to the Bombay Stock Exchange that Fennel has acquired 50 lakh shares on 2 April 2002.

The company has been referred to the Board for Industrial & Financial Reconstruction (BIFR).

The glass manufacturer had clocked sales of Rs 52.09 crore in the year 2000-01 but had posted a loss of Rs 26.87 crore in the same period. It had posted a loss of Rs 16.57 crore in the previous year.
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FII holding in Ashok Leyland up by 2.1%
Mumbai: Foreign institutional investors (FIIs) have hiked their stake in Ashok Leyland by 2.1 per cent in the last three months. FII holding increased from 4.4 per cent at the end of December 2001 to 6.5 per cent at the end of March 2002.

In the same period, institutional investors, including mutual funds and Unit Trust of India (UTI), offloaded 1.48 per cent in the company. Their stake fell from 10.05 per cent to 8.57 per cent.

Currently, the company has 11.89 crore equity shares.
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Rain Calcining posts Rs 16 cr net
Hyderabad: Rain Calcining posted a net profit of Rs 15.71 crore, after a deferred tax provision of Rs 6.48 crore, on a turnover of Rs 291.57 crore for 2001-02. In the preceding fiscal, the company had posted a net profit of Rs 9.16 crore on the back of other income of Rs 19 crore in the form of an insurance claim.

The improved performance is attributed to lower interest costs of Rs 11 crore following a debt restructuring approved by financial institutions, higher price realisation for its product (calcined petroleum coke) in foreign markets and improved efficiencies in manufacturing.

The company has, however, painted a bleak picture for the current year due to the Re 1 per unit additional burden on wheeled energy.

Rain Calcining with a co-generation power unit sells 41 MW surplus power to HT industrial units under a wheeling agreement with the state power transmission utility. The new wheeling rates are effective from April 2002.
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TCS revenue may exceed Rs 4,000 cr in 2001-02
New Delhi: Tata Consultancy Services is likely to exceed Rs 4,000 crore revenue for 2001-02 posting a growth rate of about 30 per cent.

The expected revenue figure will be exclusive of the CMC revenues in which TCS acquired 51 per cent stake at a cost of Rs 152 crore last fiscal.

While Asia Pacific's contribution to the total expected revenue is likely to be in the range of eight per cent, Europe is the rising region for the company.

TCS which recently set up centres in Melbourne, Tokyo and Germany is also exploring an entry into the Chinese market.
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Reliance seeks nod for retail outlets
New Delhi: Reliance Petroleum (RPL) has applied to the government for permission to market 10 million tonnes of diesel and 2.4 million tonnes of petrol annually through a network of 5,849 retail outlets across the country.

RPL has applied for marketing rights for transportation fuels in the format prescribed by the government in its 8 March 2002 notification confirming eligibility to sell petrol and diesel on companies which have invested Rs 2,000 crore in oil infrastructure.

"RPL has invested more than Rs 14,000 crore in constructing the largest grass-root refinery (of 27 million tonnes per annum capacity) in the world at Jamnagar, Gujarat," the company said in its application seeking authorisation to market motor spirit (petrol) and high speed diesel (diesel).

The company, in its application, has stated that it would set up 8,768 petrol dispensing pumps and 15,007 diesel dispensing pumps at 5,849 retail outlets across the country.
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MBIL to invest $40 mn at Greater Noida
New Delhi: Moser Baer India Ltd (MBIL) is planning to invest up to $40 million for ramping up capacity mostly in its new greater Noida facility.

The bulk of expansion at Greater Noida site would be in formats like DVD-R, DVD-video, DVD-ROM and pre-recorded CD-recordable among others.

The Greater Noida facility would be focussing on backward integration operations (components, P-cases, dyes and solvents).
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UTI to be split into three
New Delhi: The government has finalised a three-tier structure for the Unit Trust of India as part of its corporatisation.

At the core of this proposal, which would be taken up by the cabinet soon, lies the repeal of the UTI Act and the replacement of the existing trust with a new three-tier arrangement.

Finance ministry officials would meet this week to chart out the future course of UTI. At the apex of the new structure would be a company, which in turn would set up a trust and an asset management company (AMC).
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Sterling Infotech plans sub-sea cable
Ahmedabad: Sterling Infotech is planning to set up an 8-fibre pair fully protected sub-sea cable between India and the US.

The cable would connect Chennai to Guam in the US and the work would be implemented by a Mauritius-based company Dishnet Seacn Limited.

Apart from laying down the sub-sea cable, the company also plans to venture into telecom business in a big way in the future.

The company is planning to enter basic telecom, cellular services, global mobile personal communications by satellite, international long-distance services, value added services, ISP gateways, end-to-end bandwidth services, manufacturing of telecom equipment, infrastructure provider for dark fibre, 3G wireless services and other IT projects in the country.
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DaimlerChrysler plans to buy Mitsubishi
Frankfurt: DaimlerChrysler has plans to take a majority stake in its Japanese partner Mitsubishi Motors, chief executive Juergen Schrempp said in a magazine interview.

Schrempp reiterated, however, that Mitsubishi had to become profitable again and had to reduce its 13 billion euro debt pile before DaimlerChrysler would raise its current 37.3 per cent stake to above 50 per cent.

"This (taking over the majority in Mitsubishi) is obviously our long-term goal," Schrempp told German magazine Der Spiegel in an interview made available ahead of publication.

The automaker, heading for a stormy annual meeting next week, has faced intensifying criticism of its strategy to create a world-wide car conglomerate with some questioning the wisdom of the Mitsubishi partnership.
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