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Journalism of Courage
DRL sales up 26 per cent
MUMBAI: Dr Reddy8217;s Laboratories DRL has registered a 26 per cent jump in sales to Rs 109.59 for the second quarter of the current fiscal, as against Rs 87.17 crore in the corresponding period of 1997-98.
The finished dosages segment continues to be the major contributor to the sales turnover by accounting for 55 per cent of the total turnover for the second quarter of 1998-99. This division registered sales of Rs 59.93 crore, a 15 per cent increase over the last year.
On brand performance, the company8217;s Ciprolet brand ciprofloxacin made steady progress contributing Rs 7.15 crore to the turnover, a 157 per cent increase over the corresponding period of the previous year. The company also launched a range of new products and brand extensions like Ciprolet-A, a combination of ciprofloxacin and tinidazole, Nise Gel, Stamace.
Pawar for entrepreneurs clinic8217;
NAGPUR: E-Forum, a 100 per cent software export oriented company and a joint venture between ADCCResearch and Computing Centre Pvt Ltd amp; Forum Systems Inc of US, was inaugurated by Sharad Pawar, MP and Leader of Opposition in the Lok Sabha.
Pawar stressed the need of formation of entrepreneurs8217; clinic8217; in the region to guide the unemployed. The unemployed would get information about starting small business and guidance of government8217;s schemes, he added.He said quot;the youth should follow the example of Sagar Meghe who has started the E-Forum venture. Today, computers are playing an important role in every field whether it is textiles, agriculture or bio-technology. This has helped in giving quality products to consumers,quot; he added.
Indo Rama Synthetic stir ends
NAGPUR: The strike in the Indo Rama Synthetic has been called off following a fruitful negotiation between management and workers representative in presence of Collector on Thursday.
It may be recalled that the labour problem began in the Indo Rama since December 1997 as CITU led body presented a fresh charter of demands to themanagement including hike in wages and transportation facility. The management had rejected the demands terming them illegal.
New president for Oils Exchange
MUMBAI: Navinchandra Narandas Shah has been unanimously re-elected president of Bombay Oilseeds amp; Oils Exchange for 1998-99.ManglabhaiPopatbhai Mulji Chheda was also unanimously re-elected vice president of the exchange, a press release said.
Sharp recovery in gold prices
MUMBAI: Gold prices recovered sharply on the bullion market here on Saturday due to brisk local buying coupled with higher international advices. Silver turned easy on increased arrival of raw silver. Standard gold resumed firm at Rs 4350 and rose further to close at Rs 4360, showing a fresh gain of Rs 60 over the previous close of Rs 4300. 22-carat gold was nominally quoted higher at Rs 4035 as against the last close of Rs 3980. Ten-tola gold bar .999 purity shot up by Rs 900 to end at Rs 51,600 from the previous mark of Rs 50,700. Ready silver .999 fineness,ended at Rs 7850, registering a fall of Rs 50.
NRL may go public
MUMBAI: The Rs 2,600-crore Numaligarh Refinery NRL is planning a public issue of around Rs 350 crore in February 1999. The lead managers for the offering, which will be at par Rs 10 per share, are believed to be SBI Caps, I-Sec and JM Financial. NRL has been jointly promoted by Bharat Petroleum, which has a 32 per cent stake, IBP 19 per cent and the government of Assam 10 per cent. The 3-million-tonne project is nearly 95 per cent complete and is expected to be commissioned early next year.
Sources said the size of the issue would be pruned depending upon Oil India8217;s decision to take a stake in the refinery.
Parke-Davis
MUMBAI: Parke-Davis may decide to put on the block its popular medicated soap brand, Neko, as part its strategy to focus on fast-growing, volume-driven products. Earlier this week, Parke-Davis chairman and managing director Pramod H Lele told The Indian Express that he was open to the divestmentof Neko, though it is unclear if an official mandate for the sale of the brand has been assigned. The Neko brand, a trademark of Parke, Davis amp; Co, USA, is known for its trichlorocarbanilide TCC-based skin care qualities.
StanChart card
MUMBAI: Standard Chartered has launched an affinity card in partnership with Johnson amp; Johnson vision products. The card will be offered complimentary by Johnson amp; Johnson vision products to all their eye-care practitioner ECP as a step towards building and enhancing customer relations. quot;This card will enable the ECP to place an order for acuvue products with the company and charge the entire amount to this card,quot; a release issued by the bank said.
Exim, Nasscom
MUMBAI: The Export-Import Bank of India and National Association of Software and Service Companies have entered into a memorandum of understanding for providing software exports. quot;As per the terms of MoU, Exim bank will assist member companies of Nasscom in export marketing, acquiring ofinternational quality standards such as ISO 9000, setting up joint ventures and subsidiaries overseas,quot; a company release said.
LIC plans
MUMBAI: Life Insurance Corporation LIC will observe October 1998 as social security month to reiterate its commitment to the economically weaker sections of the society through its various social-security group insurance schemes. quot;During the entire month, the benefits available under the various schemes will be highlighted at the seminars and functions arranged throughout the country,quot; LIC chairman G Krishnamurthy said.
Elite Capital
MUMBAI: The Reserve Bank of India in exercise of the powers conferred on it under section 45 IA of RBI act, 1934, rejected the application for certificate of registration submitted by Elite Capital and Management Services. quot;The company will not bee able to transact the business of a non-banking financial institution as defined in clause a of the section 45 1 of the RBI act,quot; a RBI release said.
Cadburyoption
MUMBAI: Cadbury Schweppes is joining the evergrowing breed of multinationals offering stock options to their Indian employees. The UK-based beverage major will be offering the senior management cadre of its Indian operations a stock option in the parent company. The stocks will have a minimum lock-in period of three years and a maximum of 10 years.
