Honda`s Gurgaon factory reopens
New Delhi: The Honda Motorcycle and Scooters India's (HMSI) unit in Manesar in Gurgaon was reopened with an estimated 1,000 people reporting to work, according to a HMSI spokesperson.

This was after a temporary closure that lasted for less than a day.

HMSI, under normal conditions, employs close to 1,800 people of which 1,000 are permanent employees and the remaining trainees.

The company's labour problems had escalated towards the end of June, and the company was keeping the production at 50 per cent levels with the help of temporary hands and some borrowed from vendors in the region. Earlier, the production had dipped to 20 per cent levels against a full capacity of 2,000-units per day.

The company had closed its factory after lunch on Tuesday as a precautionary measure to avoid law and order problems. But with normalcy returning to the Gurgaon region, the factory was re-opened today.

The company said it suffered a loss of Rs100 crore during the strife period. However, media reports from Japan said that the loss so far was around $27 million (around Rs120 crore).
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ONGC to restore supply in a month
Mumbai: ONGC is expected restore 70 per cent of production in four weeks. The loss of production due to the massive fire that destroyed the Oil Natural Gas Corporation's exploration platform at Mumbai offshore is estimated to be 1,10,000 barrels a day.

According to the organisation, it will take a year's time to restore production to full capacity though ONGC would explore alternate routes to make up the loss to a great extent.

The platform was insured for $195 million and the multipurpose support vessel. MSV Samudra Suraksha, which hit the platform, was insured for $60 million.

The toll in the devastating fire has risen to 12 with 15 people still reported missing.
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Toyota to expand dealerships
Mumbai: Toyota Kirloskar Motors double its dealership in India in another two years. At present the company has 48 dealers in the country. The expansion would take place in small towns and rural markets. At present the company has dealerships only in big cities and towns.

Toyota has targeted sales of 50,000 of its recently launched Toyota Innova this year. Last year Toyota sold 36,000 Toyota Qualis, which was discontinued this year.
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Ford to launch its global car in India
Mumbai: Ford Motor Corp will launch its global car in India, too, in the next couple of months.

The car will be available in both petrol and diesel engine variants. The diesel variant will be powered with contemporary Ford Turbo Diesel Common-rail Injection (TDCi) technology.

Along with the new model, the company will introduce Ford Duratec and Duratorq engines.

According to the company it has designed the new model keeping the Indian market in mind. It is being developed by Ford's global engineering and design team supported by a specialised team of Indian engineers.
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L&T Q1 net profit up at Rs143 cr
Mumbai: Larsen & Toubro Ltd (L&T) has posted a net profit of Rs142.97 crore for the quarter ended June 30, 2005. This included a one-time profit of Rs38.18 crore on the sale of its dairy and milk processing equipment business.

The net profit, minus this input, stood at Rs104.79 crore, up over 30 per cent from Rs80.13 crore posted in the same period last year.

This came on the back of a 17 per cent rise in gross sales at Rs3,155 crore during the period, up from
Rs2,688.58 crore in the corresponding previous quarter. Net sales stood at Rs3,111.08 crore (Rs2,639.73 crore).
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SAIL net up 41 per cent
New Delhi: Steel Authority of India (SAIL) has recorded a profit before tax (PBT) of Rs1,701 crore in the first quarter ending June 30, 2005 recording a 41 per cent growth over the corresponding period last year.

However, the company's profit after tax (PAT) stood at Rs1,123 crore, marginally higher than the corresponding figure of the previous financial year.

According to the company, this was due to the significantly higher tax payment of Rs578 crore during the quarter against Rs94 crore during the corresponding period last year.

The tax payment was higher this year, because till last year the company was under the ambit of minimum alternative tax (MAT) due to the brought forward losses and unabsorbed depreciation. Having wiped out all the accumulated losses, SAIL has now come under the fold of regular corporate tax.

During the quarter, the public sector steel major reduced its interest charges by around Rs57 crore; achieving a reduction of 30 per cent more over the corresponding quarter last fiscal.
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IOC bids for majority stake in Turkish co
New Delhi: State owned petroleum major Indian Oil Corporation has bid for a 51 per cent stake in Tupras, the Turkish oil refining company, according to petroleum minister Mani Shankar Aiyar, in the Rajya Sabha.

The minister said that during his recent visit to Turkey the two sides had agreed to establish a joint working group to promote cooperation in the oil and gas sector.

The minister said the oil companies of both countries would cooperate in pursuing exploration and production contracts in each other's countries as well as in third countries.

While IOC has submitted a bid for stake in Tupras, an invitation has been extended to Turkish companies to invest in upcoming refinery projects in India, Aiyar said.
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Tinplate to invest Rs500 cr
Kolkata: The Tinplate Company of India (TCIL) plans to invest around Rs500 crore over the next three years for capacity expansion and installation of new lines as the company ventures to enter downstream activities.

The capacity expansion would be in two stages — the first phase would be in the current financial year from 145,000 tonne to 170,000 tonne and the second stage to 350,000 tonne.

The first phase would require an investment of Rs60 crore which entailed capacity enhancement from 145,000 tonne to 170,000 tonne per annum. This also includes an investment of Rs16 crore in printing and lacquering in the current year.

The board of the company has given an in-principle approval for investment of Rs400 crore for further doubling of capacity, which would be completed by 2007-08.

In addition, the company was considering opportunities in metal beverage cans business in India. TCIL would invest in installing a new line possibly in strategic alliance with some other parties.
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domain-B : Indian business : News Review : 29 July 2005 : companies