The Hindu Business Line : Wednesday, July 02, 2003

Corolla, Qualis to cost more
TOYOTA-KIRLOSKAR Motor Company has increased the price of its luxury sedan Corolla by around Rs 8,500 while a decision on the quantum of increase in the price of Qualis will be taken shortly. Toyota-Kirloskar had earlier said that the decision ... More

Neuland exports ciprofloxacin to US
NEULAND Laboratories Ltd (NLL), the Hyderabad-based pharmaceutical company, has informed the stock exchanges on Tuesday that it has executed the first commercial shipment of Ciprofloxacin Hydrochloride USP valued at $40,80,00 to the ... More

Oberoi snaps tie-up with Jass Hotel
THE Oberoi Hotels Pvt Ltd on Tuesday announced the termination of its management agreement with Jass Hotel, Khajuraho, with immediate effect. In a statement, the group has said that following the termination of the management agreement, the ... More

Reliance hikes product prices
RELIANCE Industries Ltd on Tuesday increased prices of polymers, fibre intermediates and polyester products except polyethylene terephthalate, effective July 1, 2003. The company has hiked prices of fibre intermediates Purified terephthalic ... More

BEL bags TN police order for networking
BHARAT Electronics Ltd (BEL)has received a prestigious order from the Tamil Nadu Government to supply and install a State-wide digital microwave communication network for its police on turnkey basis. The contract is worth Rs 8.02 crore and BEL ... More

Zodiac Clothing to pay 50 pc

Bharatiya Intl to pay Rs 2/ share

OVERSEAS BORROWINGS

EKL gets Rs 45-cr grant from AB Electrolux
ELECTROLUX Kelvinator Ltd (EKL) is getting yet another package from the Swedish parent AB Electrolux to improve its financial health. AB Electrolux has expressed its intention to make a voluntary and discretionary revenue grant of Rs 45 crore to ... More

CORPORATE BONDS

OSIC plans bond issue for high-cost debt swap
The bond may carry a coupon rate varying between 9.5 and 10.5 per cent, and would be payable semi-annually. The bond tenure is said to be for two years. More

RESTRUCTURING

Foreign banks stay away from CDR mechanism — IBA taking efforts to pull them on board
In what is taking away much of the sheen and sting off the exercise, not a single foreign bank has signed on the dotted line to participate in the CDR mechanism even after over a year of the formal launch of the scheme. The CDR scheme was ... More

MERGERS & ACQUISITIONS

VSNL acquires international IP-VPN service provider
VIDESH Sanchar Nigam Ltd today said it has acquired the assets and network of an international Internet Protocol-based Virtual Private Network solution provider in the US, Europe and Far East. VSNL America Inc - VSNL's wholly-owned ... More

Zenovus to be merged with Dr Reddy's
DR Reddy's Laboratories Ltd has decided to merge with itself its wholly owned subsidiary - Zenovus Biotech Ltd. Dr Reddy's informed the stock exchanges that since Zenovus was its wholly owned subsidiary, there would be no issue of equity ... More

NEW PROJECTS

Global division in place for commercial vehicles — Tata Engg eyes newer foreign markets
THE COUNTRY'S largest commercial vehicle manufacturer Tata Engineering has its eyes trained on foreign shores and has recently set up an international division within its Commercial Vehicles Business Unit (CVBU) to exclusively work towards ... More

Century Plywoods to enter laminate market soon
CENTURY Plyboards (India) Ltd is planning to enter the laminate market in a big way with the commissioning of its Rs 38-crore laminate producing unit in November, this year. This was announced by the Deputy Managing Director, Mr Sanjay Agarwal, ... More

Indal to expand Hirakud smelter
INDIAN Aluminium Company Ltd ( Indal), an Aditya Birla group outfit, has decided to expand its Hirakud smelter in Orissa from 57,200 tonnes to 65,000 tonnes by transferring 54 pots currently lying idle at the closed smelter at Belgaum in ... More

ALLIANCES & JOINT VENTURES

GAIL inks pact with PY-1 Consortium — For sale, transportation of gas
GAIL (India) Ltd and the PY-1 Consortium, comprising Mosbacher India LLC (MIL) and Hindustan Oil Exploration Company Ltd (HOEC), have entered into an agreement for the sale of gas and its transportation. Mr B.S. Negi, Director (Planning), ... More

INTERVIEW

`We would like to double volumes in the next 3-4 years' — Mr Praveen P. Kadle, ED (Finance & Corporate Affairs), Tata Engg
TATA Engineering's Rs 300-crore PAT of the financial year 2003, was essayed to schedule. Almost two years ago in an interview following the company's Rs 500-crore FY01 loss, Mr Praveen P. Kadle, Executive Director (Finance & Corporate Affairs), ... More

EVENTS

`CFOs to be custodians of co's intangible wealth'
CHIEF Financial Officers (CFOs) have to play the custodian of a company's intangible wealth— its invisible assets such as its intellectual capital, brand equity and R&D prowess, according to the Managing Director of the Rs 2,173 crore Indo ... More

SICK UNITS

Hindustan Fluorocarbons officials pulled up by BIFR
OFFICIALS of Hindustan Fluorocarbons Ltd (HFCL) promoted by Hindustan Organic Chemicals Ltd (HOCL) came in for the stick from the Board for Industrial and Financial Reconstruction (BIFR). The BIFR bench has taken a serious note of the conduct of ... More

Sujana Metal gets ad hoc debt revamp package
SUJANA Metal Products Ltd (SMPL), the Rs 412-crore loss-making steel re-rolling and castings company, belonging to the Hyderabad-based Sujana group, said it has successfully obtained an ad hoc debt restructuring facility from the lenders. The ... More

HC orders winding up of Ahura Welding
THE Madras High Court has ordered winding up of the Coimbatore-based Ahura Welding Electrode Manufacturers Ltd, producers of iron and steel materials, for failure to meet their debts by paying the outstanding liability. Mr Justice A. ... More

Takeover of National Standard Duncan units — BIFR directs Tata SSL to submit a tied-up proposal
THE Board for Industrial and Financial Reconstruction (BIFR) has directed Tata SSL Ltd to submit a fully tied-up proposal for the two divisions of the ailing National Standard Duncan Ltd (NDL), which the company proposes to take over. NDL, a ... More

PERFORMANCE

Bajaj Auto 2-wheeler sales dip 7.5 pc in Q1
DESPITE a 11.2 per cent rise in motorcycle sales to 2,40,530 units in the first quarter of 2003-04, Bajaj Auto Ltd's (BAL) total two-wheeler sales have declined by 7.5 per cent to 3,02,580 units. According to an official statement, sales of ... More

Hero Honda sales up 15 pc in June
HERO Honda Motors Ltd has said it sold 1,60,889 two-wheelers in June, registering a growth of 15 per cent over the 1,39,993 vehicles it had sold in the same month last year. Cumulative sales during April-June this year rose by 8.8 per cent to ... More

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