Automobiles
AutomartIndia to offload 18 pc stake to venture fund
USED-CAR retailer, AutomartIndia Ltd, promoted by the Mahindra group, HDFC and Sah & Sanghi, has finalised a deal wherein it will offload 18 per cent stake in the company to a venture fund to finance its working capital requirements and expansion plans.
Ucal Fuel MD Adhimoolam to retire
UCAL Fuel Systems Ltd's Managing Director, Mr S. Adhimoolam, will retire at the end of this month. Mr K. Jaykar, Vice-chairman, is expected to take over as the Managing Director.
Maruti sales up 12 pc in July
MARUTI Udyog Ltd (MUL) has reported a 12 per cent increase in sales during July this year, with 29,509 passenger cars sold during the month, as compared to 26,337 units sold during July 2000. In comparison, the company had sold 26,092 units during June 2
001.
Toyota Kirloskar's Qualis sales at 3,107 units
BANGALORE: Toyota Kirloskar Motor (TKMM) has sold 3,107 units of its Qualis, a multi-utility vehicle in July 2001, as compared to 2,301 units in the same month last year, a company release said here.
Bajaj Auto July sales up 9 pc
NEW DELHI: Bajaj Auto Ltd has registered a sales of 1,08,176 units in the two and three-wheeler segment for July, up nine per cent over the 99,279 units recorded during the corresponding month last year.
LML July sales down 20 pc
LML Ltd, the Kanpur-based two-wheeler manufacturer, has reported sales of 10,291 scooters during July this year, a fall of over 20 per cent from the sales of 12,959 scooters achieved during June last year.
Hero Honda sales up 40 pc in July
Hero Honda Motors Ltd (HHML), the country's largest motorcycle manufacturer, has sold 1,03,245 motorcycles during July this year, representing a growth of 40 per cent over the sales of 73,806 motorcycles recorded during July 2000.
Corporate
Moser Baer secures $84-m export credit
MOSER Baer India Ltd (MBIL) has achieved financial closure for its $233 million expansion of its optical media production facility by securing a Euro 97 million (around $84 million) long-term export credit from a syndicate of European investment banks.
Crompton Greaves expects return to profitability
CROMPTON Greaves Ltd (CGL), which ended the 2000-2001 fiscal with a net loss of Rs 73.16 crore, is expected to return to profitability by the end of current fiscal, Mr S.M. Trehan, Managing Director, said.
Action against Lucknow-based co
NEW DELHI: The Department of Company Affairs (DCA) has ordered prosecution against the Lucknow-based plantation company, Arya Plantation and Farm Developers Ltd and its directors in default for having made investment in excess of the limit prescribed by
the provisions of Section 372 of the Companies Act, 1956, without obtaining prior approval of the Board of Directors and also of the Central Government.
Ness Wadia is Bombay Dyeing Deputy MD
MUMBAI: Mr Ness Wadia, son of Mr Nusli Wadia, Chairman of Bombay Dyeing and Manufacturing Ltd, has been appointed the Deputy Managing Director of the company.
AB Hotels keen on ITDC properties
NEW DELHI: AB Hotels Ltd, promoters of the Radisson Hotel, Delhi has evinced an interest in acquiring a stake in the properties of India Tourism Development Corporation (ITDC) as well as other hotel sites.
Ravva Oil Field: Videocon Petro awaiting consultant report
``THE valuation of the field is a routine exercise carried out on an annual basis to ascertain the business value,'' Mr Kuldeep Drabu told Business Line.
Crisil AGM okays stock option plan
CRISIL today obtained shareholder approval at its annual general meeting for a proposed employee stock option plan that, if exercised, will represent 0.9 per cent of the expanded capital of the company.
Financial Performance
Punjab Tractors net up at Rs 25.40 cr
PUNJAB Tractors Ltd (PTL) has reported a total revenue of Rs 220.50 crore for the quarter ended June 30, 2001. This represented a marginal increase of about three per cent over the total revenue of Rs 214.24 crore achieved during the corresponding quarte
r of the previous year.
ETC Networks Q1 net at Rs 1.10 cr
MUMBAI: ETC Networks Ltd has reported a net profit of Rs 1.10 crore for the quarter ended June 30, 2001 as against Rs 0.85 crore in the year-ago period.
Essel Packaging net slips 8.24%
NEW DELHI: Essel Packaging Ltd has reported a 8.24 per cent decline in net profit for the quarter ended June 30, 2001 to Rs 8.57 crore as against a net profit of Rs 9.34 crore recorded in the same period the previous year.
IVRCL net up at Rs 3.86 cr
HYDERABAD: IVRCL Infrastructures & Projects Ltd has posted a turnover of Rs 69.08 and a net profit of Rs 3.86 crore during the first quarter of the current fiscal as against a turnover of Rs 45.56 crore and a profit of Rs 2.83 crore achieved in the same
quarter the previous year.
Mutual Funds
Alliance to seek nod for investing in ADRs/GDRs -- Eyes derivatives trading
ALLIANCE Capital Mutual Fund is planning to seek the approval of the Reserve Bank of India and the Securities and Exchange Board of India (SEBI) for investing in American depository receipts (ADRs)/global depository receipts (GDRs) of Indian companies in
overseas markets by way of remittances from India.
Pharmaceuticals
Wockhardt hikes Vitamin B12 output capacity
WOCKHARDT Ltd has doubled its Vitamin B12 manufacturing capacity in order to cater to the export market. The capacity has been increased to 3,500 kg.
Dr Reddy's gets $5 m from Novartis
HYDERABAD: Dr Reddy's Laboratories Ltd (DRL) has announced that the licensing agreement it entered into with Novartis Pharma AG has received the US regulatory clearances and has came into effect from July 30, 2001.
Power
Reliance `not keen on Dabhol Power'
RELIANCE Industries Ltd is not interested in buying Enron's Dabhol Power Company, Mr Anil Ambani, Managing Director, Reliance Industries, has said.
Sugar
Rajshree Sugars likely buyer of Sical's unit
THE Coimbatore-based Rajshree Sugars & Chemicals is believed to be in talks with South India Corporation (Agencies) Ltd (Sical) for buying Sical's sugar unit.
