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| BHEL pays record dividend NEW DELHI, Oct 8: Bharat Heavy Electricals Ltd (BHEL) has paid a record dividend of 40 per cent amounting to Rs 97.9 crore for fiscal 2001-02. A cheque amounting to Rs 66.3 crore, .....more BILT chemicals becomes NEW DELHI, Oct 8: BILT Chemicals, a Rs 250 crore company of the B M Thapar Group, today.....more SEBI cancels MUMBAI, Oct 8: The Securities and Exchange Board of India (SEBI) has cancelled the registration of.....more |
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J&K Bank pensioners
Excelsior Correspondent JAMMU, Oct 8: A delegation of All Jammu and Kashmir Bank Limited Pensioners......more New range of washing machines will enhance Electrolux’s market share Excelsior Correspondent JAMMU, Oct 8: The new range of washing machines launched by Electrolux Kelvinator .....more EROs Group scouts for NEW DELHI, Oct 8: The Eros Group, which bought the 315-room Kanishka Hotel for Rs 96........more |
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Purely indigenous LPG kits for vehicles introduced.... Mega property exhibition in Mumbai from Oct 12 ... |
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NEW DELHI, Oct 8: Bharat Heavy Electricals Ltd (BHEL) has paid a record dividend of 40 per cent amounting to Rs 97.9 crore for fiscal 2001-02. A cheque amounting to Rs 66.3 crore, corresponding to the equity (67.72 pe rcent) held by the Government was presented to heavy industries and public enterprises minister Balasaheb Vikhe Patil by BHEL’s chairman and managing director K G Ramachandran today. During last fiscal, BHEL maintained its track record of earning profits for three decades without a break, with its net profit at Rs 468 crore, surging nearly 50 per cent and an all time high top-line at Rs 7287 crore, growing by a healthy 14.8 per cent over the previous fiscal. Despite competitive pressure on prices, profit before tax also shot up by over 125 per cent to Rs 663 crore and earning per share jumped by almost 50 per cent to Rs 19.12. (UNI) |
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BILT chemicals becomes Solaris
Chemtech, NEW DELHI, Oct 8: BILT Chemicals, a Rs 250 crore company of the B M Thapar Group, today unveiled a new corporate identity and said it will focus on value-added speciality chemicals and bio-chemicals to clock a turnover of Rs 500 crore by 2005. The new company will be called Solaris Chemtech Limited. BILT Chemicals earlier existed as a division of Ballarpur Industries Limited (BILT), the Rs 1,500-crore flagship company of the Thapar group, till it was spun off in April 1998 as a separate company. "Solaris Chemtech is a natural transition of BILT Chemicals and it signifies energy with an ambitious growth agenda in the global chemicals domain," said company’s managing director Manoj Dutt. He said the change in the corporate identity reflects its transformation from being a bulk commodity player to a globally-focussed player in commodity and speciality chemicals, leveraging its process technology development capabilities to power its growth in the next few years. The company’s products can be segregated into four segments: phosphates, chlor alkali, bromine and bromine chemicals besides bio-chemicals, which is citric acid. It has four manufacturing units in Karwar, Khavda, Singach and Baroda — all in southern and western coasts of India. Mr Dutt said the vector of growth will be bio-chemicals sector into which the company’s entry was through acquisition of a citric acid manufacturing facility near baroda. Through technology upgradation, the capacity has now been enhanced by 25 per cent to 25,000 tonnes per annum. In the next two or three years, this may go upto 28,000 tonnes per annum. It has embarked on significant market development work in international markets of North America, Europe and Africa besides achieving half of domestic market share. "It is one such milestone in the spiralling growth process that will provide us a platform to display our prowess and focus on our core competencies," Mr Dutt said. The company’s bromine and bromine chemicals division currently has the largest manufacturing capacity at Khavda in Kutch (Gujarat) which will be expanded to 10,000 tonnes per annum by 2004. Its research and development has developed processes for new products for commercialisation and is currently working on six new bromine chemicals for the multi-purpose speciality chemical plant slated for commissioning in November near baroda. The application for a process patent TBBA, a brominated flame retardant, was filed in December 1999. The European patent office has through its international preliminary examination report cleared the way for national phase application for this process patent to be filed in countries like the United States, Japan, South Korea and China. Mr Dutt said the company is set to embark on a series of cost-reduction initiatives like outsourcing raw material and earmark two-third of production for exports by leveraging its cost-competitiveness in global markets. (UNI) |
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SEBI cancels broker’s registration MUMBAI, Oct 8: The Securities and Exchange Board of India (SEBI) has cancelled the registration of messers Madhur Shares Stocks Ltd, a member of Ahmedabad Stock Exchange (ASE) with immediate effect. The registration was cancelled in terms of sub-regulation (3) of regulation 29 of SEBI stock brokers and sub-brokers rules and regualtions, 1992, the SEBI said in a release today. The broker was declared a defaulter by the ASE and ceased to be member of the exchange and thereby failed to fulfill SEBI’s prerequiste condition of registration as broker. M/S Madhur Shares Stocks Ltd will not be entitled to carry on the business as a stock broker with immediate effect, the SEBI release said. (UNI) |
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J&K Bank pensioners meet M Y Khan Excelsior Correspondent JAMMU, Oct 8: A delegation of All Jammu and Kashmir Bank Limited Pensioners Association led by president Mr Bashir Ahmed (Ex-Deputy General Manager) today met Mr M Y Khan, Chairman of the Bank. As per a release at the outset the delegation congratulated the chairman for achieving glorious financial results and also acknowledge the fact that under his dynamic and able leadership and guidance the Bank has attained the multi-pronged premier position amongst all the banks. The delegation also thanked Mr Khan for solving their long pending issue of releasing their terminal benefits and further requested the Chairman for considering other problems faced by the pensioners of the Bank. The Chairman listened to the problems projected by the delegation with patience and assured that these would be looked into sympathetically. The delegation felt obliged and again thanked Mr Khan for showing keen interest towards the former employees of the Bank. |
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New range of washing machines will enhance Electrolux’s market share Excelsior Correspondent JAMMU, Oct 8: The new range of washing machines launched by Electrolux Kelvinator Ltd is all set to enhance the market share of the company in the market of washing machines which is presently only four percent. This was stated by Mr Chandrakant Aggarwal, Executive Vice-President Business Unit North of Electrolux while addressing a press-conference here today. "We are hopeful that with the range of new washing machines company’s market share will register sharp rise within short span of time and we will leave behind our competitors", he said. He claimed that recently launched "Washy Talky" washing machine which guides the user with talking instructions to make the job convenient and interactive is receiving good response from the customers. "With the coming together of Electrolux and Kelvinator the customer can get the best of brand confidence and technical excellence in many products", he said. Disclosing that company will soon launch several interesting products with visible benefits, the Executive Vice-President of Electrolux said that the products which will soon enter into market include CFC frost free refrigerators from Electrolux Kelvinator which is a leading player in refrigerators with more than 25 percent market share. About the company, he said that Electrolux is a Swedish company and is the largest home appliances company in the world. The large shares of company are due to large options and convenience that Electrolux continuously provides to its customers in product range. Informing more about the company, he said company is operating in about 140 countries with manufacturing units in all most all the countries. "In India we have three factories of refrigerators and one for washing machines", he disclosed and said that company’s main thrust is on innovation and quality. With service infrastructure availability for far flung markets in and around Jammu, newest product offering and exclusive visibility through the showrooms it is certain that the customers will be the best beneficiaries. Earlier, Mr Aggarwal inaugurated two exclusive showrooms of Electrolux Kelvinator—Mahajan Home at K C Plaza and Bahu Plaza. Exchange offer in refrigerators and washing machines subject to some conditions is also being offered to the customers. |
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EROs Group scouts for brand for Kanishka NEW DELHI, Oct 8: The Eros Group, which bought the 315-room Kanishka Hotel for Rs 96 crore as part of ITDC’s disinvestment programme, has started the consultation process with various international hotel chains like the Radisson, the Hilton and the Marriott to manage the new property. The group, which already runs the park royal intercontinental hotel here, will initiate dialogue as problems related to the Kanishka property have been sorted out and the group has taken possession of the land, sources told UNI. Kanishka, which attracted a record eight bidders, had gone to the Eros Group in July this year. However, the company had not yet taken possession of the hotel, reportedly due to differences over the completion certificate of the hotel — a persistent problem with all the ITDC Hotels up for sale — which was said to be incomplete. Also, there were problems in regard to the control over the shopping mall which was earlier common between Indraspatha hotel, formerly known as Ashok Yatri Niwas, (which was acquired by moral trading investments ltd for Rs 45.03 crore) and Kanishka. However, it was later decided that the shopping Mall Area would be given to the owners of Kanishka. The sources said the Eros group was not engaging in talks with the intercontinental group because there was already two hotels operating under its brand in the capital. "One is our own Nehru place hotel while the other one is Mr Lalit Suri’s hotel, which is just a stone’s throw away from Kanishka. "Thus we have decided against going in for intercontinental as the brand is already well established in the capital and thus would cut into sales of each other," the sources added. The Marriott Group already has a hotel in saket here while the Radisson Hotel has a hotel on the outskirts of the national capital. With the problem sorted out, the group took over the property today and is now expected to go upswing with its refurbishing plans, which it plans to carry out on a massive scale. "Though we don’t intend to make much changes in the outer structure, internally it needs a complete overhaul for which we plan to make heavy investments," the sources said, adding that they expected the hotel to be fully operational by the end of 2003. The sources said Eros group plans to begin with an initial budget of Rs 35-40 crore for the internal revamping exercise, which would be positioned as a five-star hotel. The bidders for Kanishka included the Chaudharys of Nepal, who have a 50:50 joint venture with the Taj Group called Taj Asia the promoters of Taj Lanka Lalit Suri of Bharat Hotels the Munjals of Hero Honda A L Batra, promoter of Radisson Delhi and Umesh Sarraf, owner of the Grand Hyatt in Delhi. The group’s 216-room park royal intercontinental is being operated in collaboration with the SPHC Group, a renowned hotel management group in the Asia Pacific region. (UNI) |
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Purely indigenous LPG kits for vehicles introduced NEW DELHI, Oct 8: The capital-based Yash Propane Auto Energy Pvt Limited has introduced the new generation 100 per cent indigenous LPG kits in the capital, which could be fitted in vehicles with engines between 600 and 1000 cc. Talking to mediapersons, Mr P N Mago, group advisor of the company said the company proposed to introduce second generation of LPG kits for cars between 1000 and 1875 cc by early 2003. The indigenously-produced kits also have auto gas tank upto the capacity of 60 kg LPG. Mr Mago said usage of domestic LPG cylinder is both unsafe and illegal in automobiles and claimed that auto LPG is the cheapest and cleanest fuel availabile in the capital. Oil companies including ONGC and GAIL also proposes to sell LPG in the domestic market, he added. The various sizes of kits would be available between Rs 18,000 and Rs 34,000, Mr Mago said. (UNI) |
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Mega property exhibition in Mumbai from Oct 12 MUMBAI, Oct 8: The Maharashtra Chamber of Housing Industry (MCHI) will organise a four-day mega exhibition on real estate from October 12 to showcase property on the Western and Central suburbs of the metropolis simultaneously. Announcing this here today, MCHI honorary secretary Sunil Mantri said the event "great suburban twin shows - an exhibition of Indian real estate housing finance" will be a one-stop-shop for buying property. The shows at the NSE complex, Goregaon and Nirmal Nagar at Mulund will enable customers to interact with over 50 real estate developers at each exhibition and showcase 1200 residential properties, 30 housing finance institutions, banks and legal advisors. The shows will consist of over 150 stalls at each venue. Properties from Dadar to Virar will be on display at the Western venue and those from Dadar to Kalyan, New Mumbai and Pune in the Central venue. Mr Mantri said to safeguard the rights of a customer and to promote fair and transparent dealings, the chamber will issue guarantee at the shows. The MCHI guarantee envisages that all projects should be completed on the dates assured in the promotional material and client agreements. If however, due to causes beyond the control of the developer there was a delay, the developer will be forced to compensate the customer. The guarantee also assures that the developers will provide amenities spelt out by them, he said. (UNI) No sale of stake in Bisleri for the moment: Chauhan NEW DELHI, Oct 8: Even as the debate over who rules the roost in the over Rs 1,000 crore distilled water business continues between Parle Bisleri and Coke’s Kinley, Mr Ramesh Chauhan of Bisleri has ruled out "for the moment" selling off a major chunk in his company to either nestle India or French group Danone. Mr Chauhan, chairman of Parle Bisleri, said the company had no immediate plans to sell the around 49 per cent earmarked for selling in Bisleri to either of the two companies. "I will not say that the talks have failed. All I want to say is that talks in this regard have been going on for around two years but currently we have not decided anything on the sell-out plans," Mr Chauhan told UNI. However, he also added that whenever a deal was clinched, Parle Bisleri would retain the controlling stake. Both Nestle and group Danone are already into the Indian market, though as marginal players. While Nestle’s pure life is a small player in the packaged water market, Group Danone’s Evian caters to only the very niche premium bottled water market, with a 1-litre bottle being priced around a whopping Rs 100. Mr Chauhan said Bisleri’s 20 litre packaged water product was growing at the rate of 250 per cent. "The market is huge and we hope to capture and further consolidate our position further," he said. Mr Chauhan said the 20 litre pack was now being reinvented to acquire not only a more consumer=friendly format but also highlight the safety of the brand and its offering. "The new pack comes with thread fitting and valve cap, which come with snap-on fittings which not only makes water draining more easy but also its contents more safe," he said. Asked whether the company had further plans on introducing newer products in the segments, he replied in the affirmative, though refusing to divulge further details. "You have to wait and see what we introduce. All I can say is that it will be according to the tastes and demands of the packaged water market which is evolving as well growing at a fast pace," he said. The Indian bottled water business has currently around over 200 players, of which the branded market accounts for a major chunk. Parle Bisleri has so far around 16 plants across the country of which over a dozen are owned by it while the balance are run by franchisees. (UNI) Cooptex Salem expects Rs 10 cr sales SALEM, Oct 8: Co-optex, the state-run handloom textile marketing agency, expected a sales turnover of Rs 10 crore at its outlet here during this festival season. Inaugurating the Deepavali season sale at Co-optex’s "Silk Maligai" here, District Collector Dr J Radhakrishnan said it was one of the biggest such showrooms in the Asia. Sarees worth Rs 1.66 crore were sold last year, he said adding that a discount of upto 20 per cent would be given on silk sarees and 30 per cent on cotton sarees. (PTI) |
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