Automobiles
Daewoo to revamp dealerships
HIT by plummeting sales in the major cities of the country, Daewoo Motors India Ltd (DMIL) is planning to revamp a select group of eight dealerships in seven cities to improve consumer perception of the company and eventually lead to higher sales.
Banking and Finance
Gelli to step down today
MR Ramesh Gelli, Chairman and Managing Director of Global Trust Bank, has decided to step down. He will submit his resignation at the bank's board meeting tomorrow. Mr Gelli will resign from both positions of chairman and managing director, a release fro
m the bank said.
`Dena Bank's exposure to MMCB fully covered'
DENA Bank is fully covered against its exposure of Rs 5 crore to the Madhavpura co-operative bank, according to Mr A.J. Joshi, CMD. ``In this case, the bank has appropriated Madhavpura's deposits worth Rs 2.5 crore and is covered by Government securities
to the extent of another Rs 2.5 crore.''
Corporate
Swiss co to take 40% stake in Mediascope
SWISS media company, Publicitas Promotion Network (PPN), part of the $1.2-billion PubliGroupe, has decided to acquire 40 per cent stake in Mediascope, an international media representation house in India.
Aventis exempted from open offer
THE Securities and Exchange Board of India (SEBI) has granted exemption to Aventis Pharma Holding from making an open offer in the proposed acquisition of shares of Hoechst Marion Roussel Ltd from Hoechst AG.
One-year-old getting alliance proposals -- SABe TV channel is not up for sale, says Adhikari
LESS than a year ago, when Sri Adhikari Brothers Television Network Ltd started its television channel SABe TV as a 100 per cent subsidiary, the decision was greeted with euphoria.
Courts
Shop tenant loses appeal in apex court
Revisional Court can reverse finding of fact if fresh evidence of subsequent relevant fact is brought on record to render justice.
Economy
UK institute keen to help in PSU reform
THE London-based Adam Smith Institute (ASI), which is assisting three States -- Andhra Pradesh, Madhya Pradesh and Orissa -- in the privatisation process, is holding parleys with a few others to chart out their strategy.
Bharat Shah's bail rejected
THE special court set up under the Maharashtra Control of Organised Crime Act today rejected the bail application of film financier and diamond exporter, Mr Bharat Shah.
Import monitoring: Standing group to meet next week
AS proposed in this year's Exim Policy, the standing group consisting of Secretaries of Commerce, SSI & ARI, Revenue and Animal Husbandry and DGFT, will meet next week for the first time to go into import monitoring of 300 sensitive items.
New pension scheme on the anvil
THE Finance Ministry would soon place a public pension scheme called Old Age Social Income & Security Scheme (Oasis) for the approval of the Union Cabinet.
Financial Performance
Infosys Q4 income up 100 pc -- Full year net profit at Rs 628.81 cr
SOFTWARE services major Infosys Technologies today announced a 100.03 per cent rise in its total fourth-quarter revenue at Rs 572.08 crore.
Hotels
Sanjay Khan, Hilton tie up for managing resorts
CINE Star-turned entrepreneur Sanjay Khan (Tipu Sultan) has tied up with hospitality major, Hilton International, part of UK's Hilton Group Plc, for the management of his dream project, the Rs 100-crore plus Golden Palms Spa and Resort at Bangalore.
Information Technology
We're ready to face any challenge: Infosys chief
INFOSYS Technologies is geared to meet any challenge and would seize any business opportunity for achieving higher growth in the current fiscal, said Mr N.R. Narayana Murthy, Chairman and CEO. The company is focussing mainly on the European and Asia-Paci
fic market to achieve the targeted 30 per cent growth.
Decline in per capita revenue productivity
INFOSYS Technologies' per capita revenue has taken a beating indicating a fall in employee utilisation rate. This is despite the optimistic financial outlook projected by the company.
Software under cyclical trend?
THE gloomy revenue outlook projected by Infosys Technologies for the first quarter ended June 2001 and for the financial year 2001-02 appears to have taken the markets by surprise. From the revenue and earnings outlook, it is obvious that Infosys is like
ly to experience a steep decline in its revenue and earnings growth.
SEBI begins probe into Satyam results `leakage'
THE Securities and Exchange Board of India (SEBI) has initiated a preliminary probe into the alleged leakage of audited financial results of Satyam Computer Services Ltd even before the board met to take on record the results and before the closure of tr
ading hours.
PSU
KIOCL project
MANGALORE: The Union Minister of State for Steel, Mr B.K. Tripathy, will lay the foundation stone on April 12 for the Rs 300-crore iron ore project of Kudremukh Iron Ore Company Ltd (KIOCL) slated to come up at Ongole in the Prakasam district of Andhra P
radesh.
Pharmaceuticals
Dr Reddy's lists ADS at $10.12
THE American Depository Shares (ADS) of Dr Reddy's Laboratories Ltd opened at $10.12 at the New York Stock Exchange on the first day of trading, marginally higher than the issue price of $10.04.
Policy
Veg/non-veg food packets to be labelled from Oct 4
DISCERNING consumers will now be able to differentiate vegetarian and non-vegetarian packed food products, thanks to a labelling system that has been made mandatory for packed food.
States
Schemes for weavers fail to take off
IN the wake of reports that powerloom weavers are committing suicide, the Andhra Pradesh Government is currently formulating short-term and long-term plans for the upliftment of the weavers community in the State.
Ostrich-like actions
SUCH is the lethargy and lackadaisical approach by certain State Governments and its departments to issues of common interest that even the best-intentioned moves get entangled in litigations and controversies and later turn out to be imbroglios with no
solution in sight. Perhaps, procrastination is in the Indian psyche and which is why the powers-that-be tend to bury their heads in the sand like an ostrich till the last moment.
Uncollected revenues in AP mount to Rs 2,265 cr
THE uncollected revenue in sales tax, State excise duties, motor vehicle taxes, stamp duty and registration fees and taxes and duties on electricity in Andhra Pradesh has mounted to Rs 2,265 crore of which Rs 1,007 crore was pending for more than five ye
ars.
IT slowdown may hit Karnataka service sector
THE slowdown in the Information Technology sector is likely to hit the growth targets of Karnataka and consequently impact the overall revenue receipts and indebtedness of the State.
Stocks
Report card makes stocks shiver
IT was gloom and doom all over as Infosys punctured investors' hopes and led the 133-point decline in the benchmark BSE-30 shares sensitive index (Sensex) today to its 23-month low even as major Asian markets posted large gains.
Process to amend SEBI Act begins
THE Government has kicked off an exercise to amend the SEBI Act, in a bid to strengthen the powers of the capital markets regulator.
Telecommunications
Spice Telecom discount scheme in Kolkata
SPICE Telecom has tied up with over 100 retail outlets in Kolkata to offer discounts to its customers. Spice customers can now avail themselves of discounts ranging between five per cent and 15 per cent at the 100-odd retail outlets spread across designe
r stores, restaurants, garment stores etc, here.
