Bajaj Tempo net soars
Bajaj Tempo has said its net profit has soared to Rs 32.17 crore during 2002-03 from Rs 1.6 crore in the previous fiscal. The company’s board has recommended a payment of 50 per cent dividend at Rs 5.0 per share of the face value of Rs 10 each. Net sales jumped by 31 per cent year-on-year to Rs 826.25 crore from Rs 630.33 crore, a company release said. The impressive growth was achieved on the back of improved sales of light commercial vehicles (LCVs), multi- utility-vehicles (MUVs), tractors and three-wheelers which stood at 38,125 units.
Gujarat NRE Coke
Gujarat NRE Coke has been awarded the Greentech Safety Silver Award for the year 2002-03.
Sundaram Mutual Fund has declared a maiden 20 per cent dividend on its Select Focus scheme, an equity fund.
BILT Graphics, a subsidiary of Ballarpur Industries, has raised $ 10-million through an external commercial borrowing arranged by Rabo India Finance and placed with Rabobank International, Singapore.
Punj Lloyd has tied-up finances for the construction of state-run gas firm Gail’s Dahej-Vijaipur gas pipeline project. IL&FS was mandated to syndicate the facilities aggregating Rs 277 crore, which has been tied up with a consortium of banks led by the Punjab National Bank.
NCR Corporation has won the self-service category of The Banker Technology Awards.
Principal Mutual Fund has declared a dividend of Re 0.0598 for the Monthly Income Plan — Monthly Dividend Option. The Short Term Plan-Institutional — Monthly Dividend Option has also declared a dividend of Re 0.0488.
Chennai-based Hexaware Technologies has received a multi-million-dollar contract from a US-based customer, whereby it will provide human resource solutions to the latter. “The solutions will be deployed globally using Peoplesoft version and .Net technologies,” Hexaware Technologies CEO Rusi Brij said.
Blue Dart Express has announced commencement of its services in Kharagpur through its regional service participant, Kharagpur Gas Service.
The International Finance Corporation (IFC) will provide a $ 50-million loan to Tata Engineering to support its ongoing investment programme and new product development initiatives. IFC has also signed an agreement to provide a loan of about $ 13 million to Dewan Housing Finance Corporation Ltd.
Victory for TVS
The inaugural NFO-Autocar motorcycle satisfaction study, conducted with over 5000 bike owners in the country, has voted TVS Victor as the bike that delivers the maximum mileage.
ICICI Bank has launched a co-branded credit card with Amway India to be offered to distributors in 62 locations.
Allianz Bajaj Life Insurance Company has reported a gross premium income of Rs 53.78 crore for the year 2002-03 with a total sum assured at Rs 3,976 crore. The first premium income stood at Rs 53.78 crore, while it issued 1.15 individual policies during the reporting year.
Arrow has launched Urban and Backwoods range of men’s wear.