Cabinet to consider sale of SCI equity to GHCL today
New Delhi: The Cabinet on Tuesday will consider the proposal to sell Shipping Corporation of India’s 20 per cent equity in the joint venture company, Greenfield Holding Company Ltd, to Mitsui OSK Lines for $11 million.
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Burlington Worldwide weighs manufacturing base in India
New Delhi: The $1-billion Hong Kong-based textile major Burlington Worldwide Ltd is exploring the possibility of setting up manufacturing bases in India.
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Rallis, Kureha Chemical tie up for fungicide plant
Mumbai: Agrochemicals major Rallis India Ltd, part of the Tata Group, has tied up with Kureha Chemical Ltd, a leading Japanese company for a Metconazole fungicide plant.
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TVS Motor aims to turn global player, plans Victor facelift
Mumbai: TVS Motor Company managing director Venu Srinivasan is betting big. The company is aiming to be a global motorcycle player in the next five years.
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Kopran inks formulations manufacture pact with Pliva
Mumbai: Kopran Ltd has entered into an agreement to contract-manufacture a range of formulations for global pharma major Pliva.
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C2C war: Cell firms to slash ISD rates by 50 per cent
New Delhi: The cellular industry plans to reduce airtime tariffs for cell-to-cell incoming calls to zero and cut international long-distance tariffs by 50 per cent.
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Firms pay 35 per cent more tax till Dec '02
Mumbai: Corporate tax paid by the 100 largest companies in Mumbai has gone up over 35% in April-December '02, according to figures collated by the income-tax department.
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Oil selloffs to bypass Parliament
New Delhi: The decks have been cleared for sell-off of the two oil PSUs, HPCL and BPCL, with Attorney-General Soli Sorabjee ruling out the need for seeking Parliamentary approval before going in for their disinvestment.
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Voltas to focus on intl market, product service bundling
Mumbai: After having gone through a major restructuring phase in the last five years which has resulted in consolidation of business and reduction of workforce to the tune of 60 per cent Tata group company- Voltas Ltd is now charting on a growth path.
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Bharti Tele cuts Q3 loss 83 per cent, revenue up 103 per cent
New Delhi: The stock price of Bharti Tele-Ventures jumped more than 16 per cent as the telecom major announced a 103 per cent increase in revenue and a near break-even in the third quarter ended December '02.
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Jisco back in the black, posts Rs 30-cr net
New Delhi: Galvanised steel firm Jindal Iron and Steel Company bounced back into the black in the third quarter, as exports to the US grew. The company reported a net profit of Rs 30 crore for the quarter ended December ‘02 as against a net loss of Rs 15 crore in the corresponding period last fiscal. Sales during the period grew 60 per cent to Rs 412 crore.
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IDBI plans to recast SPIC loan
Mumbai: Industrial Development Bank of India (IDBI) is looking at a debt restructuring proposal of Southern Petrochemicals Industries Corporation (SPIC), which envisages bringing down yield on average interest on rupee debt of Rs 1,174 crore from levels of 14 per cent to 7.6 per cent per annum.
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Centre finalises Rs 200-cr recast for Hind Organics
New Delhi: The Centre has finalised a financial restructuring package for Hindustan Organic Chemicals (HOCL), involving an assistance of Rs 200 crore mainly for funding voluntary retirement plans, to ensure maximum participation in the disinvestment process to sell its 32.61 per cent stake in the public sector company.
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Delhi Centaur to renovate 125 rooms
New Delhi: The Air India subsidiary, Hotel Corporation of India (HCI), which runs the Delhi Centaur, is planning to take up renovation of another 125 rooms to make them world-class products.
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NPIL to replace nimesulide with `Vah'
New Delhi: Even as the debate goes back and forth on the use of nimesulide, a popular fever drug, Nicholas Piramal India Ltd has decided to phase out its version of the drug, Orthobid and replace it with Vah (Valdecoxib), touted to be a "better drug with less side-effects".
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SRF drops buy-back proposal
Mumbai: The board of directors of nylon tyre cord manufacturer SRF Ltd on Saturday decided against proceeding with the earlier announced buy-back programme of 9.7 million equity shares of the company at Rs 24 per share through tender offer route.
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Ind-Swift kicks off merger plan
New Delhi: The Chandigarh-based Ind-Swift yesterday announced its decision to merge its two group companies, Mukur Pharma and Swift Formulations, with Ind-Swift Ltd.
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AB Corp: I-T Dept asked to take speedy decision on reliefs
New Delhi: The Board for Industrial and Financial Reconstruction (BIFR) has asked the Income-Tax Department to take a quick decision on the reliefs to be granted to the Big B's entertainment company, Amitabh Bachchan Corporation Ltd (ABCL) now known as AB Corp Ltd.
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Apollo Tyres looking for acquisitions in China
New Delhi: Apollo Tyres Ltd, in its bid to become a transnational company, is on the look-out for acquisitions in China, Indonesia, and Africa.
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Honda pins hopes on Accord - New model launch next fiscal
New Delhi: Honda Siel Cars India is all set to rejuvenate its business in the premium D segment of the domestic car market where its Accord model is positioned.
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Exide plans to boost exports to Rs 100 cr
New Delhi: Battery maker Exide Industries has said that it plans to offset poor Government spending with higher exports, which is expected to reach Rs 100 crore in two years.
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Thermax eyeing acquisitions
New Delhi: Thermax Ltd is eying acquisitions for inorganic growth through with an increased focus on the company's international operations.
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Lucas-TVS arm to focus on preventive solutions
Mumbai: Lucas Indian Service, the Rs 120-crore subsidiary of Lucas-TVS (which is owned by the TVS group) is looking to strengthen its position as an auto electrical solution provider by focusing on providing preventive maintenance solutions.
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BOC net up 11 pc on higher sales
Mumbai: BOC India has recorded an 11 per cent growth in sales at Rs 82.96 crore for the third quarter ended December 31, 2002 over the corresponding period in the previous year.
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M&M auto sales up 29 pc in Apr-Dec 2002
Mumbai: Mahindra & Mahindra Ltd (M&M) informed on Monday that its auto sector had registered a 29 per cent sales growth over April-December 2002, notching up total vehicle sales of 58,679 units as against the 45,487 units of the previous corresponding year.
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