Automobiles
Hyundai launches two variants of Sonata
HYUNDAI Motor India Ltd (HMIL) formally launched its luxury sedan -- the Hyundai Sonata -- in two variants. The variants, GLS and GOLD, are competitively at Rs 11.90 lakhs and Rs 13.10 lakhs respectively, ex-showroom in Delhi.
GM used car exchange scheme launch by Dec
GENERAL Motors India plans to get into the used car business, with its OK 5-Star used car exchange programme. This programme is likely to be launched by December in major locations in the country.
Corporate
Computation of book profit -- No adjustments needed for statutory norms: ICAI
ACCOUNTANTS certifying the computation of book profit under Section 115JB of the Income-Tax Act need not make adjustments for the statutory qualifications in the accounts examined by them.
Funding of expansion plans -- Eduquity in talks with venture capitalists
EDUQUITY Career Technologies Pvt Ltd, the Bangalore-based HR assessment company, is planning to raise between Rs 15-20 crore in the second round to fund its expansion plans.
Elgi Equipments hopeful of 10-15 pc revenue growth
THE compressor and automotive equipment major, Elgi Equipments Ltd (EEL), Coimbatore, hopes to log a 10 per cent to 15 per cent topline revenue growth aided by higher volume of sale of products such as diesel engines where it is eyeing the automobile OE
market.
Elgi escapes US-64 freeze -- Denies insider information
IN a case of escape by a proverbial whisker, Coimbatore based Elgi Equipments Ltd (EEL) has been able to withdraw a huge investment made in the beleaguered US-64 scheme before the freeze on withdrawal was slapped by the UTI.
`More cos must prospect for bio-resources'
EVEN as the domestic biotech industry, targets sales of $36 billion by 2008, more companies need to participate in the process of prospecting for bio-resources, Dr Manju Sharma, Secretary, Department of Science and Technology, has said here.
Financial Performance
L&T first quarter net zooms to Rs 65 crore
LARSEN & Toubro Ltd has registered a 244.65 per cent rise in net profit at Rs 65.07 crore for the quarter ended June 30, 2001, against Rs 18.88 crore in the corresponding period of the previous year.
E Merck net up 10.12 pc
E MERCK (India) Ltd has reported a net profit of Rs 12.51 crore for the second quarter ended June 30, 2001, a 10.12 per cent increase over Rs 11.36 crore for the same period last year.
Pharmaceuticals
Shantha Biotech in talks with Chiron for AIDS vaccine
THE US pharmaceutical major, Chiron, has approached the Hyderabad-based Shantha Biotechnics Pvt Ltd, for the production of an AIDS vaccine in India.
Shantha Bio defers IPO, listing plans -- In talks with 3 cos for contract R&D
THE Hyderabad-based Shantha Biotechnics is in talks with three foreign pharmaceutical companies to take up contract research and development. The company has also deferred its plans to raise money and list at the Indian and overseas bourses.
Power
SHV Energy to freeze investments till dismantling of APM
SHV Energy India, the wholly-owned subsidiary of the Dutch multinational SHV Gas, has decided to freeze its investments in the country till the dismantling of the administered price mechanism (APM) on petroleum products.
Steel
Tata Steel ranked best in world by WSD
Tata Steel has emerged as the world's leading steel maker in a study carried out by World Steel Dynamics (WSD).
Tata Steel cuts output at cold rolling plant
FACED with subdued demand for its cold-rolled steel, Tata Steel has cut back production at its cold rolling plant to 70,000 tonnes per month as against its capacity of 120,000 tonnes for the quarter July-September 2001.
