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Tuesday, November 02, 2004

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ANNOUNCEMENTS
IOC's Vadodara refinery unit to remain shut for 1 month
INDIAN Oil Corporation engineers could take nearly a month to get the Fluidised Catalytic Cracking Unit (FCCU) of the Vadodara refinery, which was ripped apart by a blast on Friday, back in operating condition. "The FCC unit of the Koyali ... More

ONGC plans feasibility study gas-based power plant in Tripura
OIL and Natural Gas Commission Ltd (ONGC) is making steady progress towards vertical integration of the oil and natural gas value chain. The company will launch the detailed feasibility (DFR) study for its proposed 700-MW gas-based power plant ... More

DaimlerChrysler to reintroduce clean diesel
GLOBAL car major DaimlerChrysler has embarked on a major initiative that will seek to reintroduce clean diesel to markets across the world. The company is in the middle of a programme that will campaign for what it terms the "bread and butter" ... More

Feasibility report on GAIL's Myanmar gas import soon
INTERNATIONAL consultant Snamprogetti will submit the pre-feasibility report (PFR) on GAIL's proposed natural gas import project, preferably through a pipeline, from Myanmar to India in mid-November. The report will ultimately help facilitate the ... More

STC pays Rs 5.46-cr interim dividend
THE State Trading Corporation (STC) on Monday gave out a cheque of Rs 5.46 crore by way of interim dividend for the current fiscal, following the corporation's total turnover for the first half of the current fiscal exceeding Rs 5,000 ... More

TTP hands in dividend
THIRUVANANTHAPURAM: The public sector Travancore Titanium Products Ltd (TTP) has handed over to the State Government a 30 per cent dividend payable for year 2003-04. Announcing this, an official spokesman said here that the company had ... More

ACCOUNTING STANDARDS
ICAI moots different accounting system for Govt-run bodies
IN order to create awareness regarding the importance of accounting standards, the Institute of Chartered Accountants of India (ICAI) feels that it is imperative to promote the concept of different accounting system for Government-run bodies. ... More

CORPORATE DISPUTES
Star, Sahara reach compromise on logo
AS part of a compromise with the Sahara Group, the Star group on Monday agreed to change the logo of its new channel from January 1, 2005 by adding the word `STAR' to its insignia `ONE.' The Sahara Group had dragged Star to the Delhi High Court ... More

AWARDS & HONOURS
Sunil Mittal chosen E&Y Entrepreneur of the Year
MR Sunil Bharti Mittal of Bharti Enterprises has been chosen `Ernst & Young Entrepreneur of the Year 2004'. Mr Mittal will now represent India at the Ernst & Young World Entrepreneur of the Year Award ceremony to be held in Monte Carlo, Mona More

INSIGHT
Forces driving the New Economy
THERE is a general tendency to presume that the old and orthodox thinking is regressive, while the new and novel is good. But this assumption need not be always right. While some new thinking may provide a real ... More

TECHNOLOGY
Shiva Cement develops tech to process iron ore
THE Rourkela-based Shiva Cement Ltd has developed a process know-how in the field of iron ore benefication. According to Mr R.P. Gupta, Managing Director of Shiva Cement, commercial trials of the process have been successfully completed. The ... More

FINANCIAL PERFORMANCE
Modest rise in Phyto Chem's profits
HYDERABAD: Phyto Chem (India) Ltd has posted a turnover of Rs 5.21 crore and a net profit of Rs 38.59 lakh during the second quarter of the current fiscal as against a turnover of Rs 3.13 crore and a profit of Rs 27.50 lakh registered ... More

CCL Products profit up
HYDERABAD: CCL Products (India) Ltd has posted a turnover of Rs 24.92 crore and a net profit of Rs 4.38 crore during the second quarter of the current fiscal as against a turnover of Rs 11.45 crore and a profit of Rs 72.71 lakh registered ... More

MERGERS & ACQUISITIONS
VSNL to buy Tyco Global for $130 m
IN the second instance of an Indian company buying a global submarine cable network, VSNL today announced that it has agreed to acquire Tyco Global Network from Tyco International for $130 million (around Rs 600 crore) in an all-cash ... More

NEW PROJECTS
SCI board okays investment in Sethusamudram project
THE board of directors of Shipping Corporation of India (SCI) on Saturday approved a proposal to invest Rs 50 crore in the equity capital of the Rs 2,000-crore Sethusamudram canal project. The board, at its last meeting, had deferred a decision ... More

ALLIANCES & JOINT VENTURES
German co ties up with Tecpro for bulk material handling systems
GERMAN engineering major FAM Forderanlagen Magdeburg has chosen an Indian company as a strategic associate to manufacture complete range of its bulk material handling systems. The 120 million euro (around Rs 693 crore) German company has signed ... More

Canadian team scouting for jt ventures, tie-ups
A CANADIAN delegation from its Quebec province is on a five-day visit to the country looking for joint ventures and partnerships with Indian companies. The delegation, which includes about a dozen companies including from various sectors such ... More

INTERVIEW
`Ind-Swift Labs on threshold of entering US, Europe'
IN the Indian pharmaceutical industry where companies have crossed the $1-billion revenue mark, the Chandigarh-based Ind-Swift Laboratories Ltd (ISLL) may seem a fledgling. But in time, it too aims to become a big player in the active ... More

SOCIETY & DEVELOPMENT
Coca-Cola staff plant trees on eve of AP Formation Day
HYDERABAD: Over 1,200 employees of Coca-Cola India, working in seven bottling plants in the State, have planted 5000 saplings on Monday to celebrate the "Andhra Pradesh Formation Day". The company has decided to celebrate the State ... More

SICK UNITS
SBI told to scout for new management to revive NEPA
THE hunt for a resourceful management to revive the Madhya Pradesh-based newsprint maker, NEPA Ltd, seems to be starting all over again. The Board for Industrial and Financial Reconstruction (BIFR), in its recent order, has directed State Bank of ... More

PERFORMANCE
Maruti sales up 27.6 pc in Oct
NEW DELHI: Maruti Udyog Ltd said sales in October rose 27.6 per cent on increased demand for models such as Alto and WagonR. Maruti sold 49,399 vehicles last month, compared with 38,715 in the same month last year. This includes exports ... More

M&M reports increase in sales
MUMBAI: Mahindra & Mahindra Limited (M&M) reported a rise in its total automotive sales to 12,893 units for October 2004 as against the previous corresponding 11,939 units. This included an increase in sale of utility vehicles to 10,138 ... More

Hero Honda's record sales
NEW DELHI: HERO Honda Motors Ltdsold a record number of motorcycles in October, with the festive season driving purchase among consumers. Hero Honda sold 245,475 motorcycles last month, 18 per cent more than the same month last year. In ... More

Bajaj Auto clocks 13.4 pc rise in sales
MUMBAI: Bajaj Auto Ltd (BAL) on Monday reported a 13.4-per cent rise in total sale of 2- & 3-wheelers in October 2004 to 1,76,693 units as against the previous corresponding 1,55,783 units. But for the first time in many months, its sale ... More

Higher sales from TVS Motor
CHENNAI: With the recent launch of `TVS Star', the product portfolio of TVS Motor Company is "complete" and the next two quarters will be a "period of consolidation" for the company, says a press release from TVS Motor. TVS Motor ... More


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