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Thursday, January 08, 2004

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ANNOUNCEMENTS
Keltec starts production of titanium gas bottles
THE state-owned Kerala Hitech Industries Ltd (Keltec), a company specialising in the manufacture of strategic and critical components for the aerospace industry, has started production of titanium gas bottles used in satellites, launch vehicles ... More

MECON appointed consultant for VSP coke oven facility
VISAKHAPATNAM Steel Plant (VSP) has appointed the Ranchi-based MECON Ltd as consultant for the installation of Rs 300 crore coke oven battery (No. 4). According to a MECON source, the major facilities envisaged for the complex include a ... More

Balaji Tele promoters offload 4.85 pc stake
BALAJI Telefilms Ltd has informed the National Stock Exchange that the promoters of the company, Kapoors, have sold 25,00,000 shares of the company constituting 4.85 per cent of the total equity share capital. The promoters holding now stands ... More

Tata Indica to cost more
TATA Motors Ltd on Wednesday announced that it has implemented a price hike on the Indica with immediate effect. ``Prices have been increased by an average of 1.9 per cent at the showroom level. The price rise had become inevitable due to the ... More

OUTSOURCING
Outsourcing allows cos to be competitive:
O `Brien

WITH barriers both in trade and services sector, everybody loses. Outsourcing of jobs abroad, whether manufacturing, production or service activities such as call centres, allows companies to be competitive and ensures developed economies to ... More

Cummins India to be made sourcing hub for parent
THE Rs 2,000-crore Cummins operations in India, with nine companies in its fold, could soon be developing as a sourcing hub for both products and services for the $ 5.9-billion Cummins Inc, Ms Jean Blackwell, Chief Financial Officer and Chief of ... More

COURTS/LEGAL ISSUES
Apex court clears Tata Housing project in Goa
THE Supreme Court has permitted Tata Housing Development Company to go ahead with its premium housing project `Villa Paradiso' in Goa, which had been stayed earlier by the Mumbai High Court on the grounds that it was built on forest land. The ... More

SHORT TERM INSTRUMENTS
Narmada Chematur paper upgraded
ICRA has upgraded the rating assigned to the Rs 25-crore commercial paper (CP) programme of Narmada Chematur Petrochemicals Ltd (NCPL) from `A1' to `A1+'. Although the revised rating indicates the highest safety, the relative degree of safety ... More

MERGERS & ACQUISITIONS
Reliance to take over Nocil division
RELIANCE Industries Ltd on Wednesday said it had agreed to take over the ailing petrochemicals and plastics division of erstwhile rival National Organic Chemicals Industries Ltd (Nocil) through its business associate, Sunbright Cement Agencies ... More

SEBI plans changes in takeover code
SEBI is proposing to amend the Acquisition of Shares and Takeover Regulations to revise the definition of public shareholding and promoter and to reduce the upper limit of shareholding from 75 per cent to 51 per cent for availing creeping ... More

CLC group buys RPG stake in Spentex
THE Delhi-based CLC Group, which is engaged in manufacturing and exporting of yarn and fabric, has clinched a deal for acquisition of 48.87 per cent stake in Spentex Industries Ltd that was held by the RPG Enterprises. With this acquisition, ... More

IL&FS picks up stake in Datamatics
IL&FS through IL&FS Investment Managers Ltd (IIML) has acquired a minority stake in Datamatics Technologies Ltd (DTL), the city-based third party business process outsourcing company promoted by Dr Lalit Kanodia. The amount raised from IL& More

NEW PROJECTS
Spurred by New Electricity Act — Reliance to revive Hirma power project
BSES Ltd, the power sector arm of the Reliance group, has decided to revive the $4-billion 3960-MW Hirma mega thermal power project in Orissa that has been in a limbo for the last two years. In a recent letter to the Power Ministry, the ... More

Raymond to invest Rs 211 cr to expand apparel business
RAYMOND Ltd on Wednesday announced plans to invest Rs 211 crore in the expansion programme for its apparel and denim businesses. The program will include setting up two new manufacturing units for apparels and denim-wear in Bangalore and a ... More

ALLIANCES & JOINT VENTURES
MoU signed for ceramic unit
THE first day of the CII's Partnership Summit being held here marked the signing of memorandum of understanding for setting up a Rs 115-crore ceramic unit in the State at Peddapuram in East Godavari district. Signed between the Andhra Pradesh ... More

Easy Bill ties up with BSES for bill collection
EASY Bill, a Hero Group company, today said it has tied up with BSES, the power distributor in Delhi, for bill collection. With this, BSES customers can pay their electricity bills at 450 centres of Easy Bill, and get instant receipt on ... More

OUTLOOK
M&M targets TN tour operators with Bolero variants
MAHINDRA & Mahindra on Wednesday launched two variants of the Bolero utility vehicle in Tamil Nadu. The company sees good scope for the variants — the XL and the XLS — in the contract carriage or the tour operator segment as they have More

Kinetic raises bike sales target
BOOSTED by the positive response to its recently launched Velocity motorcycle, Kinetic Engineering has revised upwards its annual motorcycles sales target to 1,50,000 units. The company will also be increasing the production of the 115 cc ... More

PEOPLE
Rajeev Dubey joins Mahindra & Mahindra
MUMBAI: The former managing director of Rallis India, Mr Rajeev Dubey, is joining Mahindra & Mahindra Ltd (M&M) as Executive Vice-President (Human Resources & Corporate Services). Mr Dubey has previously held senior positions at Tata Stee More

New tech director for BDL
HYDERABAD: Commodore Pralay Kanti Samanta (Retd) has assumed charge as Director (Technical) of Bharat Dynamics Limited (BDL), a defence public sector enterprise. He succeeds Mr P.R.K. Chakrapani, who retired in August last ... More


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Top Stories
Cummins India to be made sourcing hub for parent


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