|
IOC to
divest holdings in ONGC, GAIL
Chennai:
Indian Oil Corporation (IOC)
plans to divest its holdings in ONGC and Gas Authority of India.
Reports suggest that if it is made at current market prices, the
divestment will fetch IOC a profit of at least Rs 2,500 crore,
helping its bottomline for the fiscal 2002-03 remarkably well. The
IOC board of directors, which met recently, decided, in principle,
to sell its holdings in the two companies. The modus operandi of
the divestment itself is yet to be decided.
Back to
News Review index page
Oman
Oil roped in for HPCL, BPCL bid
New Delhi: Indian
Farmers Fertiliser Cooperative Ltd (Iffco) and Krishak Bharati
Cooperative Ltd have roped in Oman Oil Company as a partner for
their proposed joint bid to acquire either of the two oil refining
majors - Hindustan Petroleum Corporation Ltd and Bharat Petroleum
Corporation Ltd - lined up for disinvestment by the central
government.
We are in talks with OOC and an in-principle decision to make a
joint bid for HPCL and BPCL has already been taken, U S Awasthi,
managing director, Iffco, said.
Back to
News Review index page
GlaxoSmithkline
puts Ankleshwar plant on block
New Delhi: GlaxoSmithkline Pharma has put its manufacturing
facility at Ankleshwar in Gujarat on the block. The move is part
of GSKs new strategy to cut down on manufacturing activity in
India, as it is not proving to be a very viable operation in terms
of pricing of products.
The Ankleshwar facility is a huge one spanning over 50 acres and
primarily manufactures anti-ulcerant bulk drug Ranitidine, which
is also exported. Other drugs manufactured there include
glycochovine and cefalexin.
Back to
News Review index page
Mirc
Electronics expects double profits in 2002
Mumbai: Mirc Electronics, maker of Onida televisions, one
of Indias top-selling brands, expects pretax profit to double
this year on a sports-events-driven surge in sales.
Back to
News Review index page
US
Exim Bank questioned DPC project
Mumbai: Enron
piled pressure on the US Export-Import Bank to expedite financing
the Dabhol project, drawing fire from the bank staff who
questioned its long-term viability, according to documents dating
back to the mid-1990s.
Back to
News Review index page
Telco
spruces up Indica to shore up volumes
Mumbai: Telco is sprucing up the Indica again to shore up
volumes and take on competition in the B segment.
Back to
News Review index page
Indian
Bank posts first profit in six years
Mumbai:
After two years of rigorous
restructuring, Indian Bank has achieved a turnaround in 2001-02 by
posting a net profit of Rs 33.22 crore against a net loss of Rs
274 crore the previous year.
Back to
News Review index page
GP
Goenka group increases stake in NRC
Mumbai:
The GP Goenka group has
hiked its stake in the loss-making NRC Ltd, a Mumbai-based Rs
373-crore textile company, from 32 per cent to 57 per cent.
Back to
News Review index page
RIL
to make open offer for 20% in IPCL
Mumbai: Reliance
Industries has announced that it will make an open offer for
acquiring a 20-per cent stake in Indian Petrochemical Corporation
on 24 July.
Back to
News Review index page
Maruti
IPO advisor selection next week
New Delhi: The second stage of disinvestment in Maruti
Udyog Ltd is set to commence soon with the disinvestment ministry
scheduling the selection of the advisor for the first public offer
for the next week.
Back to
News Review index page
Titan
rolls out Edge, worlds thinnest watch
Mumbai: Titan
Industries Ltd has announced the laun-ch of Edge, which the
company claims is the slimmest watch in the world at 3.5 mm
thickness with a 1.15 mm thin movement.
Back to
News Review index page
Palio
Adventure cheaper than Siena Weekend
Mumbai: In line with its strategy of aggressive pricing,
Fiat India has decided to price the to-be-launched Palio Adventure
lower than the Siena Weekend.
Back to
News Review index page
Importers
fail to tap hepatitis-B vaccine market
New Delhi: Companies
importing hepatitis-B vaccine have been unable to gain a
significant share in the Rs 150-crore market despite slashing
prices, as the domestic manufacturers rule the roost.
Back to
News Review index page
A-I
expects to post Rs 24-crore net in 2002-03
New Delhi: The Air-India board has approved the proposed
budget of achieving a net profit of Rs 24.5 crore for 2002-03, as
against Rs 20 crore (provisional) in 2001-02.
Back to
News Review index page
Chennai
Petroleum PAT down at Rs 82 crore
Chennai: The public sector Chennai Petroleum Corporation
Ltd has posted a lower profit after tax of Rs 81.70 crore for the
fiscal 2001-02 compared to the Rs 122.43 crore it clocked during
the previous fiscal.
Back to
News Review index page
Moschip
preference issue to APIDC
Mumbai: The APIDC Venture Capital Fund, Gavva Estates,
Dynamic Constructions are among the few who will pick up shares in
the Hyderabad-based embedded systems firm - Moschip Semiconductor
Technology Ltd.
Back to
News Review index page
Nicco
Corporation rejigs debt, seeks partners
New Delhi: The
ailing Nicco Corporation Ltd has reduced its interest burden by
restructuring the debt and is also on the lookout for partners for
its different businesses.
Back to
News Review index page
Venkeys
Foods to merge with VIL
Hyderabad: As per
the directions of the Andhra Pradesh High Court, Venkys (India)
Ltd (VIL) has convened a meeting of its shareholders on 1 June to
consider the scheme of amalgamation of Venkeys Foods (India)
Ltd and VIL.
Back to
News Review index page
Sebi
issues notice to Matrix for code violation
Mumbai: The Matrix officials said they will file a reply to
the Sebi notice in a couple of days requesting the regulator to
condone the delays committed by the company in complying with the
disclosure norms and also exempt it from penalty, keeping in view
the successful efforts of the new management in enhancing the
overall shareholders wealth.
Back to
News Review index page
Century
Plyboards, Shyam group in ferro silicon JV
Chennai: The plyboard manufacturer major, Century Plyboards
(India) Ltd, has diversified into ferro silicon through a 50:50
joint venture company with the Shyam group recently.
Back to
News Review index page
Nagarjuna
Oil in talks with Vitol for equity
Chennai: Nagarjuna Oil Corporation Ltd, which is putting up a six
million tonne refinery at Cuddalore in Tamil Nadu, is holding
talks with Vitol, a large global oil distributor and marketer, for
the latter to take an equity stake in the project.
Back to
News Review index page
Subex
rights issue to not exceed Rs 20
Bangalore: Subex Systems Ltd has informed the BSE that the
board of directors at its meeting held on 22 May has decided on a
rights issue of equity shares to the existing shareholders of the
company up to a size not exceeding Rs 20.
Back to
News Review index page
Bharat
Forge gets $20-million Chinese order
Pune: The forgings company, Bharat Forge, has bagged an
approximately $20-million order for supply of engine components
from a forging company based in Wuxi city of Chinas Jiangsu
province.
Back to
News Review index page
Monsanto
reaps rich harvest on good monsoon
Mumbai: Capitalising on a good monsoon and the newly
consolidated operations, Monsanto India has managed a quantum jump
in its financial performance for the year 2001-02.
Back to
News Review index page
UDV
unit head bids for brands from own stable
Mumbai: Liquor industry veteran, Deepak Roy, in his
personal capacity has bid for the domestic whisky brands owned by
UDV India Ltd.
Back to
News Review index page
|
