Hyundai to launch new Sonata in July
Seoul: Hyundai Motors is all set to launch an all-new Sonata in India by July-end in the price range of about Rs16 lakh. The auto major may also offer a replacement scheme to the existing customers of the premier sedan.

According to Hyundai Motors India Ltd, officials, the quality audit test for the new model is underway. The test has to confirm that cars made in India are same as those produced in the US market.

The new model would be available in automatic and petrol versions, and the price has been retained at around Rs16 lakh. The company had stopped selling Sonata cars in India about six months back.
The new model would come with a completely redesigned body and a far more fuel-efficient engine. All safety features would be on par with those existing in Europe.

The company is targeting the sale of about 2,000 units annually and the car would be manufactured at its plant in Chennai.
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Ministry of Company Affairs to prosecute Xerox Modicorp
New Delhi: The Ministry of Company Affairs (MCA) has initiated proceedings against Xerox Modicorp Ltd, the Indian subsidiary of Xerox Corporation, for violations under the company law. The prosecution has been launched, based on the recommendations of the independent investigator appointed by it. The company was accused of siphoning off funds.

According to official sources, about 13 prosecutions for violations of various provisions of the Companies Act have been identified and ordered. Also, the Central Bureau of Investigation, the Customs & Excise Department and the Enforcement Directorate have been advised to proceed against the company and its directors for violations of the Acts under their jurisdiction such as Prevention of Corruption Act, Indian Penal Code, Customs & Excise Act, Foreign Exchange Regulation Act and Foreign Exchange Management Act.

An inter-ministerial group (IMG), which has been closely monitoring the developments, was set up to examine whether the company is guilty of siphoning off funds or had indulged in making `improper payments' to Government officials for securing high-value orders.

The investigation by an independent investigator appointed by the Company Affairs Ministry has revealed that there was siphoning off funds. A major foreign shareholder of the company had alleged that Xerox Modicorp was making `improper payments' to Indian Government officials. However, the investigator, according to sources, could not mention the names of the officials. The IMG is also examining this aspect.

The IMG comprises nominees of the Revenue Department, the Central Bureau of Investigation, the Law Ministry and the Company Affairs Ministry.

In June 2004, the Delhi-based chartered accountant firm Surendar K. Jain & Co, appointed as independent investigator, submitted its report to the Ministry. It took the firm close to two years to complete its investigation.

This move followed Xerox Corporation's revelations to the Securities and Exchange Commission in the US that the Indian subsidiary had made "improper payments" to Indian Government officials for securing high-value orders.

The investigator had also looked into the role of foreign representatives on the board of the company.
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Labland Biotechs to supply jatropha saplings for Saudi Arabia
Mysore: A local bio-technology company will supply jatropha saplings, a source of bio-fuel, to Saudi Arabia under an agreement with the London-based bio-diesel supplier, D1 Oils. D1 Oils had entered into a memorandum of understanding (MoU) with Saudi Arabian authorities for the cultivation of Jatropha curcas on 3,00,000 hectares, north of Riyadh.

Labland Biotechs has said that the company would supply the saplings for ten years, which would be grown in the Gulf country. Mark Quinn, Managing Director of D1 Oils said his company along with Aramco, world's largest oil producing company, had embarked upon a pilot project to grow jatropha crop in the deserts of Saudi Arabia.

The jatropha-derived bio-diesel will be blended with oil produced by Aramco to help its global clients comply with Kyoto protocol, to reduce greenhouse gases emission. Quinn said D 1 Oils has taken up cultivation of jatropha even in Egypt and African countries, besides wastelands in South-East Asia.
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Bajaj Auto working to develop four wheeled goods carrier
Mumbai: Bajaj Auto Ltd (BAL) has said that the company was working on a four-wheeled goods carrier but it could take 2-3 years for commercial introduction. Officials did not give details about the likely payload of the vehicle but said that BAL was not looking at the passenger space.

According to a senior company official, BAL was looking at the four-wheeled option more as an extension of its three-wheeler range and hence the tendency to shy off a passenger version, which could merit a category transfer for the vehicle.

Tata Motors has an ongoing project aimed at producing a car that could sell in the vicinity of Rs1 lakh or a similar level of affordability at the time of product launch. Its four wheeled carrier goods option, the Ace, was seen as tangible proof of the company's ability to shrink vehicle proportions and mark products to new low price points.

Company officials said that the four-wheeler project was a serious one with BAL's R&D, which is also working on bigger motorcycles, scooters and new generation three-wheelers.
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Reliance Energy investment arm to pick up stake in Gini & Jony
Mumbai: The investment arm of Reliance Energy plans to acquire 25 per cent equity stake in kidswear firm Gini & Jony. The company is expected to make an announcement regarding the details of the acquisition over the next few days.

The company has set up two units at Badi, Himachal Pradesh. The smaller project is already operational and produces 500 pieces per day. The larger project will manufacture 5,000 pieces a day and will be operational in September.

By the end of the year, the Badi units will produce 1.5 lakh pieces a month and the total production, including the output at Gini & Jony's Daman unit, will be 2.65 lakh pieces a month.

The synergy with the Reliance group is expected to boost the kidswear firm in terms of exposure to the market and business prospects.
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Veritas bags patent for FlashSnap
Pune: Veritas Software Corporation has announced that its Indian research and development centre has been awarded a patent for FlashSnap, a product feature in the Veritas Storage Foundation.

The FlashSnap feature helps IT organisations create multiple copies of an application and quickly recover information. The copies can be used for testing, development and backup recovery.
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Corporate Results: Bajaj Auto, BOC India
Bajaj Auto Q4 net surges 22 per cent
New Delhi/Mumbai: Bajaj Auto's Q4 net profit has surged by 22.2 per cent to Rs239.6 crore, up from Rs196 crore in the corresponding quarter of the previous fiscal. The sales for the quarter have zoomed 38.2 per cent to Rs1,773 crore, up from Rs1,283 crore in the quarter ending March 31, 2004.

For the fiscal ended March 31, 2005, the net profit has risen marginally to Rs766.8 crore, up 4.8 per cent from Rs731.5 crore. Meanwhile, sales are up 20.5 per cent to Rs5,927 crore, from Rs4,916.8 crore.

The two-wheeler auto major has announced an EPS of Rs23.8.

However, EBIDTA for both FY05 and Q4 has slipped over 15 per cent. The company will pay a dividend of Rs.25/share for FY05. According to the company, the margin contraction is due to rising raw material prices.

BOC India to pay 15 per cent dividend
Kolkata: The board of directors of BOC India Ltd has recommended 15 per cent dividend for the year ended March 31, 2005, including a 70th year celebration dividend of five per cent, according to company sources.

The company's turnover at Rs424.4 crore (Rs347.2 crore in 2003-04) registered 22 per cent growth. While gases business grew at eight per cent, the project engineering business grew at 127 per cent.

The profit before tax at Rs47.5 crore (Rs43.7 crore) showed a growth of eight per cent in spite of the profit for 2003-04 having included an extraordinary profit of Rs25.3 crore from property sales as compared to Rs3.5 crore in the year under review.

The net profit after tax at Rs27.97 crore (Rs29.29 crore), however, was five per cent below last year mainly due to higher deferred charge during the year.

The company is currently engaged in setting up an air separation unit with an integrated liquefier for Jindal Vijaynagar Steel Ltd at Bellary, pursuant to a long-term agreement to supply of industrial gases to the company.
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