Tata Power buys 10% in PTC
Tata Power Company (TPC) has inked a subscription agreement with Power Trading Corporation of India (PTC) to acquire 10 per cent equity in the latter for Rs 10 crore in one or more tranches. “We offered 10 per cent equity to the Tatas in line with our belief that private players should be offered a pie in the company,” PTC chairman and managing director Tantra Narayan Thakur said. Meanwhile, TPC’s rival BSES Ltd, in which Reliance Industries Ltd is the single largest shareholder, would soon subscribe to another 10 per cent equity in PTC.
HDFC Bank has lowered the monthly interest rates for its international silver and gold credit cards from 2.95 per cent to 2.65 per cent with immediate effect. This cut would translate to a reduction of 4.88 per cent on an annualised basis, a bank release said.
Hutch has launched a service through which its subscribers can read BBC News on short messaging service.
Eicher Motors Limited (EML) has registered a 25 per cent growth in domestic sales of its commercial vehicles in December 2002 over the same period last year. EML recorded a sale of 1,030 vehicles compared with 823 in December 2001.
Hero Honda Motors Limited has recorded an increase of 24.87 per cent in sales volume in the period April-December 2002. It recorded sales of 12, 81, 344 units during the period under review compared with 10, 26, 102 units during April-December 2001.
Indian Telephone Industries (ITI) has paid a dividend of Rs 3.37 crore to the government for fiscal 2002. The cheque represents 5 per cent dividend payable for the year ended March 2002 on the government’s share capital in ITI Ltd.
Greaves Ltd has tied-up with three overseas firms to bring new products and technologies to the Indian market. The Rs 600-crore company tied up with Gomaco of USA, world leaders in concrete paving, Soilmec of Italy for piling machines and Extec of the UK for crushers and screens.
SBI Mutual Fund has declared a 1.90 per cent quarterly dividend for its magnum monthly income plan units (face value Rs 10 each). Similarly, 0.80 per cent dividend would be paid on magnum’s income plan units (monthly option).
Modi Enterprises has entered into a contract with Stockholm-based Essnet for an online lottery system. Modi Enterprises has a 10-year contract with Manipur government for an online lottery with an option to renew the same for a similar period.
IBM India Research Laboratory has launched its technology centre at its facility within the IIT campus in New Delhi.