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Since 1st March, 1999
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Business Briefs

ONGC stock option

New Delhi, Nov. 18: Oil and Natural Gas Corp is considering giving 2-3 per cent of its equity shares to workers as employee stock option (Esop). “We are considering giving our 40,000 Esops (in all 4 crore shares),” said an ONGC director. ONGC, which has appointed global consultant Mercer as its advisor, is the only state-run firm currently working on an ESOP. Mercer will help ONGC in designing and implementing the Esop. ONGC is working on parameters of assessing performance of employees. Equity shares would be given in proportion to their performances.

CMIE forecast

Mumbai, Nov. 18: Indian economy is expected to grow by 7.4 per cent in 2003-04 and the next year is also likely to be good for the country, according to Mahesh Vyas, managing director and CEO of Centre for Monitoring Indian Economy (CMIE). “Inflation will be around 4.5 per cent in this fiscal. Even the farm output has increased but volatile in agriculture growth is a matter of concern,” he said.

Cane price

New Delhi, Nov. 18: The Centre has constituted a high-level expert group to work on a new pricing policy for sugarcane. The six-member group will be headed by T. Haque, chairman of Commission on Agriculture Costs and Prices.

Data Access

New Delhi, Nov. 18: Data Access is planning to participate in a new $100 million undersea cable project between India and West Asia. It will feed the capacity requirements for its mega business process outsourcing infrastructure venture in Bangalore.

NPIL drug

Mumbai, Nov. 18: Nicholas Piramal India Ltd has claimed to have developed a novel anti-cancer drug to arrest and regulate the multiplication of cancer cells.

SAP move

Bangalore, Nov. 18: German software giant SAP plans to double its headcount in India to 1,500 next year, said Peter Zencke, member of SAP executive board.

Hitachi arm

New Delhi, Nov. 18: Hitachi Data Systems today said it would set up a wholly-owned subsidiary in India next year to strengthen its operations.

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