Automobiles
Hyundai may opt for `Santa Fe' as SUV model
HYUNDAI Motor India Ltd (HMIL), set to do a market study to introduce a sports utility vehicle (SUV), will most likely choose the `Santa Fe' model, currently selling well in the competitive US market.
Ratan Tata blames losses on poor commercial vehicle sales
ECHOING an earlier similar statement of his, Mr Ratan Tata, Chairman, Tata Engineering & Locomotive Company Ltd (Tata Engineering), has said the company has failed to perform as well as it should have on the commercial vehicles (CVs) front.
Tata-Peugeot mid-size car plan deferred
TATA Engineering today informed that following the completion of its joint feasibility study with PSA Peugeot Citroen for developing a mid-size passenger car, the two companies have decided not to go ahead with the project at this point in time.
Corporate
DRI to supply heat exchangers to Japanese co
DESICCANT Rotors International (DRI) has become the first Indian company to export indoor air quality equipment to Japan.
Raise non-wholetime directors' pay: CII
THE Confederation of Indian Industry (CII) has urged the Government to enhance the managerial remuneration of non-wholetime directors.
RCA group ties up with Swiss co
WITH liberalisation of foreign trade and increase in volumes of export and import, commodity survey and superintending services in the country are undergoing perceptible changes. Expansion of facilities and services as also collaboration seem to be gaini
ng ground. Integral to international trade, inspection and certification services are critical for its success.
VSNL's Gupta on Intelsat board
THE Chairman and Managing Director of Videsh Sanchar Nigam Ltd, Mr. S.K. Gupta, has been elected as one of the directors on the board of Intelsat Ltd. at its meeting held at Washington on July 19.
Wage talks at HLL unit hits snags
THE negotiations over the long-term wage settlement between the management of Hindustan Lever Ltd (HLL) and Hindustan Lever Sramik Karmachari Congress, the union controlling HLL's workers employed in the Garden Reach factory here, has run into rough weat
her, according to HLL sources.
Timex to come out with preferential allotment
THE Netherlands-based Timex Watches BV, the promoter of Timex Watches, has decided to induct fresh capital into the Indian company to meet the immediate requirements of funds. This is to be done by way of a preferential allotment of 1.7 crore shares of R
s 10 each at a premium of Rs 0.70 per share determined as per SEBI guidelines.
Work suspension in Kesoram Text continues
THE manufacturing activity at the factory of Kesoram Textiles Mills Ltd (KTML), a B.K. Birla group outfit, continues to remain ``suspended''. The suspension of work was declared in January 5, 1999. At the time of declaring work suspension, the mill, loca
ted near here, had around 3,800 workers on its rolls.
ABB to merge all Indian arms
ASEA Brown Boveri, Zurich, (ABBZH) has decided to consolidate its Indian operations and, as the first step, the Swedish conglomerate plans to merge all its Indian subsidiaries.
Amway hopes to double turnover to Rs 500 cr
PROVING the critics of direct selling wrong, Amway India Enterprises is expecting to close the current year with a turnover of Rs 500 crore, nearly a two-fold increase from the figures of last year (Rs 250 crore).
Arvind lenders clear debt recast scheme -- Petition to be filed in High Court
THE lenders to Arvind Mills Ltd, who met at the company's office on Friday last, have ratified the Ahmedabad company's Rs 2,751-crore debt recast plan.
Kirloskar Oil facing cash crunch -- Can't subscribe to 15 pc stake in Denso tie-up
KIRLOSKAR Oil Engines Ltd (KOEL), the flagship of the Pune-based Atul Kirloskar group of companies, is facing a severe fund crunch which is preventing it from subscribing for the additional 15 per cent stake in Denso Kirloskar Industries Private Ltd (DKI
PL), a joint venture with Denso Corporation of Japan. The equity stake was to be picked up after April, 2001.
Prannoy Roy shortlisted for PGCIL board
THE Power Ministry has shortlisted psephologist and NDTV President, Mr Prannoy Roy, for the job of non-official director, PowerGrid Corporation of India Ltd (PGCIL). There are two non-official directors on the board of the wholly-owned Government transmi
ssion company.
No breach of norms in ACC takeover, rules SEBI
THE Securities and Exchange Board of India (SEBI) has ruled that there is no violation of SEBI (Substantial Acquisition of shares and Takeovers) Regulations, 1997, in the manner in which Gujarat Ambuja Cements Ltd (GACL) and the Ambujas took over ACC Ltd
without making a public offer.
BIFR draft scheme to revive United Bleachers
THE Board for Industrial and Financial Reconstruction (BIFR) based on the revised rehabilitation proposal received from Canara Bank, the operating agency (OA), has circulated a draft rehabilitation scheme (DRS) for United Bleachers Ltd (UBL).
S&L joint bidding strategy boosts orders
STEWARTS & Lloyds of India Ltd (S&L), a subsidiary of Tata Steel, has tied up with Tata Growth Shop (TGS), an independent profit centre within Tata Steel, for jointly bidding for major turnkey engineering projects.
Financial Performance
Saregama posts Rs 65 lakh Q1 loss
KOLKATA: The board directors of Saregama India Ltd (SIL) has recommended 30 per cent dividend for the year ended March 31, 2001, same as last year.
Rajasthan Spinning net dips
NEW DELHI: Rajasthan Spinning & Weaving Mills Ltd (RSWML) has reported a 86.08 per cent decline in net profit for the quarter ended June 30, 2001 to Rs 0.33 crore as against a net profit of Rs 2.37 crore recorded in the same period during the previous ye
ar.
Rain Calcining posts profit in Q1
HYDERABAD: Rain Calcining Ltd (RCL), the Visakhapatnam-based Rs 290-crore calcined petroleum coke and power producer, has registered a significant growth both in turnover and net profit for the first quarter of the current fiscal year ended June 30, 2001
.
IMPAL net up
CHENNAI: India Motor Parts & Accessories Ltd (IMPAL) has reported a turnover of Rs 46.87 crore for the quarter ended June 30, 2001, as against Rs 49.27 crore in the corresponding quarter of last year.
Parrys Confectionery register Rs 2.09 crore loss
CHENNAI: Parrys Confectionery Ltd, has registered a loss of Rs 2.09 crore for the three months ended June 30, 2001 as against the loss of Rs 2.96 crore for the corresponding period in the previous year.
Global Tele net drops 12.8 pc
GLOBAL Tele-systems Ltd (GTL) has reported a 12.88 per cent dip in net profit (before extraordinary items) for the quarter ended June 30, 2001 as compared with its net profit for the previous corresponding quarter.
Castrol net up 11 pc despite lower sales
DESPITE a 2.1 per cent drop in sales volume, lubricant manufacturer, Castrol India Ltd could improve its performance by registering an 11.2 per cent rise in net profit at Rs 36.94 crore for the quarter ended June 30, 2001.
Steel
Should IISCO's search for partner continue?
MR Nirupam Sen, West Bengal's Industry Minister, while replying to a calling attention motion in the Assembly on July 18 said the State Government was yet to hear from the Centre about the Rs 510 crore proposal for limited modernisation of the facilities
of The Indian Iron & Steel Co Ltd (IISCO).
