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Journalism of Courage
Lupin Lab profits up
MUMBAI: Lupin Laboratories has posted encouraging results during the first half the current year with net profit increasing by 24 per cent to Rs 18.87 crore against Rs 15.21 crore same period last year. The total sales have increased by 15.82 per cent to Rs 368.70 crore against Rs 318.33 crore.
While the API sales increased by 19.3 per cent to Rs 176.38 crore Rs 147.90 crore, the domestic formulation sales went up by 16.7 per cent to Rs 177.33 crore Rs 151.93 crore.
Wipro GE
MUMBAI: Wipro GE Medical Systems, a joint venture between Wipro and General Electric has just won in its very first attempt the Software EngineeringInstitute Capability Maturity Model SEI CMM level 5, the highest assessment level for a software organisation. The international assessors were all praise for the design and management processes followed by the Wipro GE, Global Software Operation-IndiaGSO-I team.
Tata Honeywell
MUMBAI: Tata Honeywell, a joint venture between Honeywell Inc and Tata Industries acquired sole distribution rights for all Honeywell products in India effective January 1999. An agreement to this effect was signed between Honeywell and Tata Honeywell8217;s Mumbai-based India branch office. The transfer of distribution rights for the Honeywell products business brings the complete range of Honeywell products to Indian customers through Tata Honeywell.
Markets closed
MUMBAI: The Bombay Stock Exchange BSE, the National Stock Exchange NSE, the foreign exchange and call money markets and commodity markets like cotton, oilseeds, metals remained officially closed on Wednesday on account of quot;Ramzan idquot;.
ZicomElectronic
MUMBAI: Zicom Electronic Security Systems has launched an easy-to-use comprehensive security system for homes and small offices. The new security system code-named D2111A is an intruder detection system with an access control and fire alarm added on for extra value and security.
Aptech
MUMBAI: Aptech Computer Education, the training division of Aptech Ltd has introduced Vidya, a multilingual course which give each Indian the opportunity to become computer literate. Vidya has been priced at Rs 950 and will be offered through over 850 centres all over the country in English, Hindi, Gujarati, Bengali, Marathi, Kannada, Tamil and Telegu.
BSEL Information
MUMBAI: The shareholders of BSEL Information System have approved allowing foreign institution investors and overseas corporate bodies to invest upto 30 per cent in the equity of the company by way of private placement and/or open market purchase. In order to facilitate this, the resolution proposing raising of the equityshares capital to Rs 15 crore from the existing Rs 11.50 crore was also passed.
General Motors
NEW DELHI: US auto major General Motors will launch its midsize car Opel Corsa8217; by the end of 1999, a top official of the company8217;s Indian arm said here today. quot;We are on schedule to launch the Corsa in the country by the end of this year,quot; General Motors India Limited GMIL vice president marketing Rajeev Chaba said while launching a special edition of Opel Astra model to mark the 100 years of General Motors8217; operations worldwide. Chaba said though Corsa is considered a small car8217; in the GM family, it would be introduced in the country in a notchback version as the auto major8217;s second vehicle after the luxury sedan Opel Astra8217;.
Titan open offer for Wheels
CHENNAI: The open offer to the shareholders of Wheels India Ltd made jointly by Titan Europe Ltd and Sundaram Finance Ltd is opening on March 3, 1999. Shareholders will be paid Rs 139 per share. The open offer is for acquiring 18.33lakh shares of Wheels India representing 18.58 per cent of its paid-up capital of Rs 9.87 crore.
As the wheel business had very limited relationship with its other businesses, BTR Plc decided to divest its stake in Wheels India. Titan is a leading manufacturer of wheels and tyres for earthmoving and agricultural equipment, operating from manufacturing facilities in the US, the UK, Germany, France and Italy with total sales close to 800 million.
Elecrama8217;99 expo kicks off
MUMBAI: Elecrama8217;99, Asia8217;s largest exhibition on the electrical amp; professional electronic industry, was formally inaugurated on Wednesday by Gopinath Munde, deputy chief minister, Maharashtra. The exhibition will be held from January 21 to 27, 1999, at the Bombay Exhibition Centre NSE Complex, Goregaon East, Mumbai, where over 720 participants from different parts of the world will display their products, technologies and services. The exhibition which is held once every three years, has been organised by Indian Electricaland Electronics Manufacturers8217; Association, the apex association for this industry.
Exide profit rises by 137 pc
MUMBAI: Exide Industries Ltd reported a phenomenal 137 per cent rise in net profit to Rs 11.19 crore for the third quarter ended December 31, 1998. It made a net profit of Rs 4.72 crore in the same period previous fiscal. The result of the third quarter includes that from the operations of the manufacturing facilities acquired from The Standard Batteries Ltd with effect from February 16, 1998.
The gross profit before depreciation and taxes has was Rs 21.91 crore Rs 10.02 crore on net sales of Rs 173.09 crore Rs 107.01 crore. Profit after tax for the nine months to December 31, 1998, was Rs 29.42 crore Rs 18.07 crore. Gross profit before depreciation and taxation was Rs 58.84 crore Rs 34.32 crore. Profit before tax for the nine-month period was Rs 33.07 crore, an increase of 63 per cent over that in the same period previous fiscal.
ONGC to acquire Russian project
NEWDELHI: The Oil and Natural Gas Corporation ONGC has decided to take over the 4 million Astrakhan oil exploration project in Russia from subsidiary ONGC Videsh.
The involvement of ONGC Videsh8217;s Rs 15,097.26 crore-turnover parent will solve both its pecuniary problems and its constraints of limited empowerment. Incidentally, ONGC Videsh has already appointed investment bankers J. P. Morgan, to raise close to a billion dollars of overseas commercial borrowings for its three Russian projects, including the oil block in the Astrakhan.
The Oil and Natural Gas Corporation will bear all the expenses involved in the oil exploration project and take on the accompanying risks and gains. ONGC Videsh, which helped procure the contract in the first place, will continue to lend its expertise and services and get a share of the profits or loss in return.
