CORPORATE
ANNOUNCEMENTS
ONGC made six finds in 2003-04
STATE-RUN oil exploration giant Oil and Natural Gas Corporation (ONGC) made six new discoveries during 2003-04 in a year that saw the gross turnover of the company and its subsidiaries cross the $10 billion mark. "During the year, ONGC made six ...
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COURTS/LEGAL ISSUES
HPL to seek `legal redress' on UTI order
THE move initiated by UTI to bring an injunction on Haldia Petrochemicals Ltd (HPL) restraining the company from selling its movable assets except in the course of normal business has sent the company management into a huddle,, even as it ...
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TAXATION
SEZ service tax waiver norms eased
THE Finance Ministry has further improved the existing service tax exemption on the taxable services provided to a developer of a special economic zone (SEZ) or a unit in such a zone. It has made obtaining such exemptions much easier. Besides ...
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NEW PROJECTS
Kerala hopeful of getting BMW plant
GERMAN automajor BMW is considering Kochi for setting up its first plant in the country. A team from the company has conducted a site inspection and held discussions with the State Government recently. The State Government has offered a ...
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ICI-HLL venture to set up EOU for fragrances
QUEST International India, the 51:49 joint venture between paints and chemicals major ICI India and Hindustan Lever, is in for some action in the coming months in the form of a possible exit from its food ingredient business, as well as an ...
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INTERVIEW
Keltec set to expand product range
THE state-owned Kerala Hitech Industries Ltd (Keltec) has had a chequered history since going into commercial production in 1994. Conceived as a unique venture for the development and manufacture of a range of critical hardware requirements of ...
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OUTLOOK
Toyota Kirloskar Auto gears up for global entry
THE excitement is almost palpable at Toyota Kirloskar Motor's (TKM) plant at Bidadi near Bangalore. The countdown for the D-day when the Indian operations will be integrated into Toyota's new global sourcing strategy has begun. Starting next ...
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MMTC to double turnover in 3 years
HAVING registered the highest-ever sales turnover of Rs 10,000 crore in fiscal 2003-04, the MMTC group, including its fully-owned subsidiary of Singapore, is all set to double this volume of business by the end of the tenth Plan period ...
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PERFORMANCE
Vizag Steel turnover tops Rs 6,000 cr
THE sales turnover of Visakhapatnam Steel Plant crossed the Rs 6,000-crore mark during 2003-2004, registering a rise of 22 per cent. Mr B.K. Panda, Chairman and Managing Director of the plant, reviewing the performance at the annual press meet ...
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ACC posts 11 pc rise in cement sales
ASSOCIATED Cement Companies Ltd (ACC) has ended the last fiscal (April-March 2003-04) with cement sales exceeding 15 million tonnes, registering a growth close to 11 per cent. This is the first time ACC has crossed 15 mt sales, and with this, ...
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PEOPLE
Top-level changes at Ashok Leyland
THE month of March saw two top-level changes in Ashok Leyland, consequent upon two Executive Directors retiring. Mr K. Sridharan, Special Director (Finance) has been made the Executive Director (Finance), following the superannuation of Mr T ...
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