The Hindu Business Line : Saturday, January 25, 2003

Convention centre planned at Kovalam
THE Galfar group, the new owners of the now divested Kovalam ITDC Beach Resort, has decided to set up a major convention centre which will offer facilities similar to what are available at the flagship Galfar International Convention Centre in ... More

COURTS/LEGAL ISSUES

Inter-co property transfer liable to stamp duty: HC
IN an order which would greatly assist the financial crisis-ridden State Governments', the Calcutta High Court has held that transfer of property, movable and immovable and including shares, from one company to another is liable to payment of ... More

FINANCIAL PERFORMANCE

Export volumes push up Tata Chem net
TATA Chemicals Ltd (TCL) on Friday reported a profit-after-tax of Rs 55.5 crore for the third quarter ended December 31, 2002, as against the previous year corresponding period's Rs 46.09 crore. Net sales/income from operations was Rs 460.78 ... More

Spending cuts boost Leyland's net 72.3 pc
ASHOK Leyland has reported a 72.3 per cent growth in its net profit for the quarter ended December 2002 over the same quarter last year. The company's net profit increased to Rs 23.28 crore, up from Rs 13.51 crore previously. This was possible ... More

Camlin net up on cost cuts
STATIONERY and art materials company, Camlin Ltd, which has also forayed into pharmaceuticals and fine chemicals, has reported a net profit of Rs 6.95 crore compared to Rs 2.62 crore in the corresponding period last year, registering a growth of ... More

Bombay Dyeing posts Rs 5.9-cr profit in Q3
BOMBAY Dyeing and Manufacturing Company Ltd has reported a net profit of Rs 5.94 crore for the third quarter ended December 31, 2002 as against a loss of Rs 22.94 crore in the corresponding period in the previous year. Income from operations ... More

Debt restructuring helps Eveready earn profit
A SUCCESSFUL debt restructuring programme and cost reduction exercises have helped Eveready Industries India Ltd to register a nominal net profit of Rs 81.82 lakh in the third quarter of the current fiscal as against a net loss of Rs 5.73 crore ... More

BPCL net up as import parity prices increase
AN increase in import parity prices of petroleum products has led to a 224 per cent jump in the net profit of Bharat Petroleum Corporation for the third quarter ended December 31, 2002 to Rs 233 crore (Rs 71.90 crore). Net sales for the ... More

Lakshmi Mills back in black
LAKSHMI Mills Company Ltd has shown improved sales and profit in its third quarter operation ended December 31, 2002. The company posted a marginally higher sales in the quarter at Rs 44.36 crore and registered profit before tax of Rs 70.56 ... More

Hindalco Q3 net down 39 pc on lower volumes
LOWER volumes and rising input cost impacted Hindalco Industries Ltd's net profit which fell by 39 per cent to Rs 101.1 crore for the third quarter of 2002-03 against Rs 165.5 crore in the year-ago period. Net sales slipped to Rs 521.5 crore ... More

Better productivity drives Indo Gulf net profit up 20 pc
IMPROVEMENT in asset productivity and operating efficiencies helped Indo Gulf Corporation Ltd (IGCL) to post a 20 per cent increase in its net profit at Rs 105.55 crore for the third quarter of 2002-03 against Rs 88.17 crore in the year-ago ... More

IBP's Q3 net slides 98 pc
IBP Company Ltd, a subsidiary of Indian Oil Corporation (IOC), has recorded a net profit of Rs 1.32 crore for the quarter ended December 31, 2002, down 98 per cent over the Rs 66.62 crore recorded in the corresponding period last year. While ... More

RESTRUCTURING

20 cases under review for corporate debt recast
AROUND 20 cases are currently under the consideration under the three-tier corporate debt restructuring (CDR) framework that has been put in place, the Chairman of the Industrial Development Bank of India, Mr P.P. Vora, has said. "So far, we ... More

MERGERS & ACQUISITIONS

Tata Chem, HLL unit swap set at 2.5:1
THE boards of Tata Chemicals Ltd (TCL) and Hind Lever Chemicals Ltd (HLCL) on Friday approved the proposal to merge both companies and cleared a swap ratio of 2.5:1 (i.e., 2.5 shares of TCL for every one share of HLCL held) for the ... More

Hindalco to acquire Australia mine
IN a bid to de-risk its copper business, the Aditya Birla Group has opted for backward integration and initiated the process to acquire copper mining assets in Australia for a total consideration of A$79.80 million (Rs 253.77 crore at Thursday's ... More

SITA plans to acquire one more company
SITA World Travel plans to acquire at least one more company during the year, its Chief Operating Officer (COO), Mr Himmat Anand, said here today. "There are three to four companies which we are looking at. However, it is still too early to ... More

NEW PROJECTS

Om group plans EOU for granite furniture
THE Chennai-based Om group of companies proposes to put up a `100 per cent export oriented unit' for the manufacture of granite furniture and bathroom fittings, the group's Chairman, Mr N. Ashoken, told Business Line. The project, expected ... More

TRADE & LABOUR UNIONS

Coke's cost cut move leads to labour woes in bottling unit
SOFT drink major Coke's decision to reduce transportation cost and the price of its products has led to labour problems in one of its two bottling units in West Bengal. The S.R. Goenka-owned Bengal Beverages Pvt Ltd is a bottler of Coke and its ... More

Dunlop workers protest against settlement delay
DUNLOP India Ltd workers staged a demonstration and courted arrest protesting the delay in implementing a settlement concluded in October last year. The settlement had provided for recommencement of operations and a voluntary retirement scheme at ... More

ALLIANCES & JOINT VENTURES

Nirmal Agro in pact with US co
NIRMAL Agro Industries (India) Ltd, which is in the process of setting up a joint venture pineapple processing plant in the city, has signed a seven-year agreement with its US collaborator, the Ashco group of companies, to market its products in ... More

OUTLOOK

PepsiCo likely to pump Rs 350 cr into bottling
SOFT drinks major PepsiCo India Holdings intends to invest Rs 350-400 crore in the domestic market in the current year. "This is the investment which will be infused in our company owned bottling operations (COBOs), which account for 50 per ... More

PERFORMANCE

LG turnover rises 50 pc
LG Electronics India has announced that its sales turnover has jumped by 50 per cent during 2002 to Rs 3,315 crore on the back of growth in consumer electronics, home appliances and IT business. For the current year, the company is targeting a ... More

PEOPLE

New MD for Keltron
THIRUVANANTHAPURAM: Kerala State Electronics Development Corporation (Keltron) will have a new Managing Director in Mr V. Ram Kumar, who will hold the charge in addition to his capacity as Executive Director of the public sector ... More

NEW PRODUCTS & SERVICES

Portable oxygen from Praxair
PRAXAIR India Ltd has announced the launch of two new portable oxygen products in Bangalore. Its `oxygen anytime, anywhere' concept marks its big-time entry into healthcare services in Bangalore, according to a release here. Both the 5-kg ... More

Elder Pharma launches new drug
ELDER Pharmaceuticals Ltd has launched Fluimucil in oral form, containing N-acetylcysteine (NAC), through a special arrangement with Zambon, Italy, which owns the global patent for NAC. Fluimucil is used to treat respiratory disorders by ... More

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