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Tatas Tele
to hold more than 50% in Hughes Tele
Mumbai: Tata
Teleservices will hold more than 50 per cent stake in Hughes
Tele.com after the completion of the Hughes-Tata deal, as it is
also buying the 6.5-per cent stake of Alltel, the third sponsor.
The company
is already planning to buy the stakes of the US-based Hughes
Network Systems and the Mittals, the promoters of Ispat
Industries. Initially the Tatas were expected to acquire a 49-per
cent stake in Hughes Tele, consisting 24.85 per cent held by HNS
and 24.2 per cent held by Ispat Industries.
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Tata
Steel net profit down 63% to Rs 205 crore
Mumbai: Tata Iron and Steel Company Ltd has reported a
62.97-per cent decline in net profit to Rs 204.90 crore for the
year ended 31 March 2002 as against the previous corresponding Rs
553.44 crore.
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Kinetic
group to rejig finance business
Mumbai: The
Kinetic group, which is planning to revamp its finance business,
may float a three-way joint venture, comprising Kinetic
Engineering, Kinetic Finance and a strategic partner.
The two-wheeler-maker, which initially was planning to rope in a
strategic partner for Kinetic Finance, is now seeking the option
of setting up a separate joint venture company, Kinetic
Engineering joint managing director Sulajja Firodia Motwani said.
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L&T
John Deere to use Sanaswadi unit for exports
New Delhi: Tractor manufacturer L&T John Deere has said it
will use its Sanaswadi-based manufacturing facilities to export a
range of tractors, aggregates and components to markets in the
Europe, China, Turkey and the US from August.
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Qatar
backs out of Gulf Air ownership
Mumbai: Qatar, one of the four founding partners of Gulf
Air, has pulled out of ownership of the airline. The decision to
relinquish ownership was disclosed in Abu Dhabi, following an
extraordinary meeting of members of the board of the airline.
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Punj
Lloyd procures Dabhol maintenance contract
Mumbai: Punj Lloyd Ltd, a construction major, has bagged
the care and preservation contract for the Rs 15,000-crore
assets of Dabhol power plant. The six-month contract is valued at
Rs 11.94 crore.
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Dr
Reddys files patent application in US
Hyderabad: Dr Reddys Laboratories has said it has filed
an Abbreviated New Drug Application with the US Food and Drug
Administration for clopidogrel bisulfate 75 mg tablets with Para
IV certification.
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Suzuki
will now be Marutis driver
New Delhi: Japans Suzuki Motor Corp officially took
management control of Indias largest carmaker Maruti Udyog Ltd,
for which it handed over a cheque of Rs 1,000 crore to its
partner, the Indian government.
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Kinetic to
woo Indian male with new Nova
Pune: Kinetic Motor Company hopes to sell 60,000 units of
its recently introduced Nova 115-cc, 4-stroke scooter in
2002-2003.
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Star
appoints Sanjay Pugalia as news director
New Delhi: Star India has announced the appointment of
Sanjay Pugalia as news director of Star News. His appointment will
be effective 1 July 2002 and he will report to Star News president
Ravina Raj Kohli.
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Tata AIG
unveils new low-premium product
Mumbai: Tata AIG Life Insurance has launched an easy-to-buy
life insurance product for the 18 to 45 age group, which does not
need bothersome medical tests.
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Tisco
to hike prices from 1 June
Mumbai: Tata Iron and Steel Company plans to raise its
prices on 1 June 2002, the third increase in as many months.
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FIs,
Centre want Maharashtra to revive DPC
Mumbai: With corporates reeling under an ongoing power
crisis in western Maharashtra, financial institutions and the
central government have stepped up pressure on the Maharashtra
government to restart the 740 mw phase I of Enrons Dabhol Power
Company.
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HPCL
net dives 28% to Rs 787.97 crore
Mumbai: Hindustan Petroleum, Indias third-biggest oil
retailer, posted a 28-per cent fall in net profit for the full
year to Rs 787.97 crore due to higher taxes, inventory losses and
a dip in product prices.
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Thomas
Cook net rises 150% to Rs 5.52 crore
Mumbai: Thomas Cook (India) has reported a 150-per cent
increase in its net profit to Rs 5.52 crore for the quarter ended
April 2002, against a net profit of Rs 2.21 crore for the
corresponding April 2001 quarter.
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Govt
to finalise sale of 4
ITDC hotels
New Delhi: The Cabinet Committee on Disinvestment will
finalise sale of four ITDC properties, including Kovalam and
Manali, today.
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Tata
stand on VSNL payout gets India Incs
support
Mumbai: Twin
images are flashing among the collective industry psyche, as
reactions to VSNL-Tata Teleservices Ltd deal, with a majority of
the reflexes supporting the business deal undertaken by the Tata
group.
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Toyota
project among 53 FDI proposals cleared
New Delhi: The
government has cleared 53 FDI proposals worth Rs 957 crore,
including automobile major Toyotas Rs 303.75 crore investment,
for picking up 90-per cent stake in Toyota Kirlosker Auto Parts
and Reckitt Benckisers proposal to increase foreign equity
stake in its Indian arm from 49 to 100 per cent with an investment
of Rs 403.19 crore.
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Knight
Piesold, Fourseasons to undertake project
Chennai: Consultancy
firms Knight Piesold of the UK and the Delhi-based Fourseasons
Marketing have been selected by the Chennai Metro Water Supply and
Sewerage Board to undertake a two-phase project for investigating
the exact status of the groundwater around Chennai.
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