Supreme Petro turns around
Supreme Petrochem (SPL) has turned around with a net profit of Rs 5.28 crore for the quarter ended March 31, 2003, on a turnover of Rs 214.54 crore. The corresponding quarter for the previous year showed a loss of Rs 1.2 crore on a turnover of Rs 169.57 crore. For the nine-month period ended March 31,2003, the company posted a net profit of Rs 16.30 crore against a loss of Rs 19.87 crore for the same period last year.
EIL has signed a performance MoU with the government. For the first time, the agreement will include overseas business turnover as a performance parameter. The company has set challenging targets with respect to turnover, gross margin and order book position.
PVR Ltd has announced its equity partnership with ICICI Venture, which has agreed to infuse Rs 38 crore from its India Advantage Fund to assist the cinema major in the Rs 100-crore expansion project.
UTI Bank shareholders have approved the issuance and allotment of 3.83 crore shares on preferential basis at Rs 42.75 per share to four investors — Mauritius-based ChrysCapital, Bahrain-based Citicorp Banking, LIC and Karur Vysya Bank on preferential basis.
Tata Consultancy Services (TCS) has teamed up with Swiss software firm Canoo Engineering. The deal willl make available to TCS’s customers Canoo’s sophisticated Java thin client technology — Ultra Light Client.
Sterling Biotech has bagged export orders worth Rs 22.5 crore from two US-based firms. It has bagged an Rs 12.5-crore order from GNC group and a Rs 10-crore order from Cardinal Healthcare.
Rabo India Finance has firmed up a Rs 62-crore loan for Sanjana Cryogenic Storages to build ammonia import tank terminals for Hind Lever Chemicals and Indo Gulf Corporation. Hind lever has entered into a 25-year build-operate-and-own contract with Sanjana Cryogenic to set up a terminal by September on the east coast.
Development Credit Bank (DCB) has raised fresh sub-ordinated debt of Rs 66 crore as Tier II capital to finance its expansion plan. The bonds raised at the coupon rate of 8 per cent with a tenor of 63 months were privately placed and subscribed by various banks, financial institutions and insurance companies.
The electrical standard business unit of electrical and electronics division of L&T has launched a new version of moulded circuit breaker called DU-100.
Samtel Color has launched the super flat tubes to cater to the growing demand of flat TVs in the country.
Tektronix has tied up with with China-based Datang Mobile to provide test and measurement equipment for the development of ‘Time Division – Synchronous Code Division Multiple Access’ networks and element.