The Hindu Business Line : Tuesday, June 03, 2003

AstraZeneca developing TB drug — Opens $10-million research facility near Bangalore
THE Indian arm of AstraZeneca said on Monday that it expects to reach the first milestone in developing an anti-tuberculosis drug by 2006 and a fully developed drug by 2010. ``We hope to find a candidate drug for tuberculosis by 2006. Another ... More

ANNOUNCEMENTS

Reliance Ind hikes prices of polymers
RELIANCE Industries Ltd today announced a hike in polymer prices while cutting fibre intermediates prices for June 2003. Among polymers, polyethylene and polyvinyl chloride prices have been raised by Rs 1.50 per kg each to Rs 37.20 per kg and ... More

COMPANY LAW

Companies Amendment Bill needs fine-tuning, say analysts
THE Companies (Amendment) Bill 2003, introduced by Mr Jaswant Singh, Union Finance & Company Affairs Minister, in Rajya Sabha on May 7, has several provisions the rationale of which is not clear. Also, certain proposals need to be fine-tuned. ... More

Some closely-held cos may get waiver on audit panel
IN what may turn out to be a breather for certain categories of closely held public companies, the Centre is mulling a proposal that would exempt such companies from setting up an audit committee even though their paid-up capital exceeds Rs 5 ... More

FINANCIAL PERFORMANCE

SRF net up at Rs 32 cr
SRF Ltd, manufacturer of nylon tyre cord fabric (NTCF) has reported a net profit of Rs 5.74 crore on net sales of Rs 189.10 crore during the fourth quarter ended March 31, 2003. The company had recorded a net profit of Rs 10.32 crore on net ... More

NEW PROJECTS

Coke to raise investment in TN
COCA-Cola Company has said that it will increase its investment in Tamil Nadu and probably put up one or two more plants (bottling plants) next year. This was conveyed by a Coca-Cola delegation led by Mr Patrick T. Siewert, Group President, ... More

ALLIANCES & JOINT VENTURES

Sale of injectible medicines — Orchid signs marketing pact with US co Apotex
ORCHID Chemicals & Pharmaceuticals Ltd signed a supply and marketing agreement today with Apotex Corp for the sale of its injectible medicines in the US. The products will be developed and manufactured by Orchid in India, while Apotex will handle ... More

MobileFirst inks pact with Rediff for infotainment
MOBILEFIRST, an alliance of leading cellular operators in the country such as BPL Mobile, Escotel, RPG Cellular and Spice Telecom, has announced a strategic tie-up with Rediff. com for the development of innovative entertainment content and ... More

SICK UNITS

Dues recovery — BIFR gives nod to proceed against Llyods Steel
THE Board for Industrial and Financial Reconstruction (BIFR) has given its nod to the financial institutions (FIs) and banks to proceed against Llyods Steel Industries Ltd (LSIL) for recovery of their dues. In its recent order, the BIFR bench ... More

OUTLOOK

SAIL sets turnover target of Rs 20,000 cr
The company is going for technical upgradation of plant and machinery with an annual investment of around Rs 600 crore to Rs 800 crore. More

RCI India to focus on China
DEVELOPING China as a favoured holiday destination among Indians will be RCI India's biggest focus this year, according to Mr Raju Shahani, President and General Manager, RCI Expansion Markets, RCI India Pvt Ltd. Apart from China, the other ... More

M&M: Upbeat on future prospects
AT a post-FY03 results meeting with analysts here today the top brass of Mahindra & Mahindra Ltd (M&M), manufacturers of the Scorpio sports utility vehicle, maintained there is a future to be had as an independent small automobile ... More

Budget class hotels thriving in Kovai
Business class hotels in the medium budget category were still having good occupancy rate in the city despite the industrial recession. More

PERFORMANCE

Maruti May sales up 46%
DRIVEN by strong performance of the 800 model and Wagon R, Maruti Udyog Ltd has recorded a 46 per cent growth in sales volumes in May this year over the same month last year. Total sales of Maruti, whose initial public offer (IPO) gets underway ... More

Baja Auto sales skid 5.9 pc
BAJAJ Auto recorded sales of 1,27,156 units of two- and three-wheelers in May, representing a 5.9-per cent drop as against 1,35,126 units sold in May 2002. According to the company, motorcycle sales during May hit an all-time high at 87,217 ... More

Hero Honda May sales up 12.25 pc
NEW DELHI: Hero Honda Motors Ltd said on Monday its sales for the month of May rose by 12.25 per cent to 1.63 lakh units, powered by robust growth in sales of the Splendor model. Splendor, which Hero Honda claims is the world's largest ... More

PEOPLE

R.C. Jain takes over as Eicher Group CE
THERE has been a change of guard at Eicher Tractors. Mr R.C. Jain, Chief Executive, Eicher Tractors, has moved to Eicher Group as Chief Executive - Group Affairs and will assist the group chairman in group-level activities. In his new role, ... More

Franklin Templeton shuffles top-brass

TRENDS

Family businesses stick to core strengths
FOR family businesses and independent business owners if it is not a season for consolidation, it must be one of venturing into allied businesses where every muscle in the organisation's belly can be leveraged to climb the growth ladder. And ... More

Dull stock market takes toll on auditoriums
During the stock market boom, over 100 AGMs used to be held in five or six major auditoriums... However, today less than 30 AGMs are held in a year by reputed companies between July and September in the city. More

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