Jindal keen on Orissa unit
Jindal Strips has evinced interest in setting up a 1.8-million-tonne capacity steel plant at Duburi in Orissa’s Jajpur district. The matter was discussed between the company’s director for corporate affairs, N.C.Mathur and chief minister Naveen Patnaik. The chief minister expressed the government’s readiness to provide infrastructure facilities for the project and assured all assistance. The plant, Mathur said, will cost about Rs 5,000 crore and have employment potential of 23,000 people, 3,000 of whom would be direct recruits.
US-based NCR Corporation, an ATM making company, will invest $ 6 million to expand its manufacturing capacity and software development centre in India. The new plant at Bangalore would have a capacity to make 8,000-10,000 machines to cater to the Indian market, which is expected to grow at 60-70 per cent annually.
J M Mutual
J M Mutual Fund has launched four new products. J. M. Income Fund, with ‘AAA’ Crisil rating, is ideal for investors with a six month to one-year investment horizon. The High Liquidity Fund, also having ‘AAA’ rating, is an ideal parking vehicle for short-term surpluses. The Short-Term Fund is intended for investors with one to six month time horizon. The fourth product is J. M. Government Securities Fund.
NEC Corporation has established its international purchasing liaison office in Chennai. The office would source for new software development vendors and hardware suppliers in India to support NEC’s production facilities worldwide, a company release said, adding that as the anchor contact between NEC and Indian suppliers, it would track the market trend of both hardware and software industries in India.
MBT net up
Mahindra British Telecom (MBT) has posted a 23.95 per cent rise in net profit at Rs 45.49 crore for the quarter ended September, compared with Rs 36.7 crore in the same period last year. The total income for the period under review grew by 11.81 per cent at Rs 159.79 crore compared with Rs 142.90 crore in July-September 2001.
Bank of Baroda
Bank of Baroda’s (BoB) greater Mumbai zone plans to set up an offshore business unit (OBU) in Seepz, a special economic zone based in the western suburbs. “We want to set up an OBU in Seepz and will write to the bank’s head office expressing our desire to do so,” BoB general manager of greater Mumbai zone, K. K. Agarwal said.
Credit rating agency Icra has reaffirmed the ‘A 1+’ rating assigned to the Rs 150-crore commercial paper (CP) programme of Chambal Fertiliers and Chemicals Limited.
Fitch India has affirmed the moderate expectation of credit risk “BBB+ (Ind)” rating to the Rs 10-crore non-convertible debenture programme of Cosmo Ferrites Limited.