The Hindu Business Line : Friday, January 30, 2009

CORPORATE

HUMAN RESOURCES: Toyota Kirloskar shuts doors on contract workers
Bangalore, Jan. 29 Toyota Kirloskar Motor has decided not to recruit any more contract workers and has let go over 400 existing contract workers as it battles a major recession in the ...

SOCIETY & DEVELOPMENT: Soldiers in business suits
Not-for-profit workers of the Corporate Services Corps. They are soldiers, albeit from the corporate world and dressed in natty stripes and coordinated ties; and they are not out to demolish competition but take expertise to countries that need ...

FINANCIAL PERFORMANCE: BPCL Q3 net doubles with oil bonds’ help
Mumbai, Jan. 29 Lower inventory losses and higher compensation from the Government in the form of oil bonds helped Bharat Petroleum Corporation Ltd (BPCL) more than double its net profit for the quarter ended ...

OUTLOOK: CALS Refinery confident of funds despite a tight market
Hopes to achieve financial closure for $1.1 b Haldia refinery project before March. Kolkata, Jan 29 The tight global money market notwithstanding, CALS Refinery is hopeful of securing $250 million foreign funding and an equal amount of domestic ...

ALLIANCES & JOINT VENTURES: CavinKare ties up with Coty
Set to market Adidas range of personal care products. Chennai, Jan. 29 Chennai-based FMCG major, CavinKare, is set to bring in the Adidas range of personal care products — deo spray, body spray, shower gel, aftershave and eau de toilette ...

FINANCIAL PERFORMANCE: Cairn India posts Rs 236-cr profit
Rajasthan crude to flow from July-Sept quarter. New Delhi, Jan. 29 Cairn India Ltd has reported a consolidated net profit of Rs 236.42 crore in the quarter ended December 31, 2008 compared with a loss of Rs 13.91 crore in the same quarter last ...

OUTLOOK: Toyota to cut production till Feb
New Delhi, Jan. 29 Toyota Kirloskar Motor (TKM) said it will continue to maintain a 30 per cent production cut till ...

ALLIANCES & JOINT VENTURES: Germany’s Norma Group launches India operations
Pune, Jan. 29 The Norma Group, Germany-based manufacturer of clamps, plastic tubing and connectors for auto and non-auto applications, has begun operations in India with a manufacturing plant ...

FINANCIAL PERFORMANCE: Aditya Nuvo Q3 net loss at Rs 156 cr
Mumbai, Jan. 29 Aditya Birla Nuvo, which has interest in telecom, BPO, garments and insurance, reported a net loss of Rs 156 crore in the third quarter ended December 31, against a net profit of Rs 30 crore in the same period last year. Net ...

FINANCIAL PERFORMANCE: NCCL net down 8%
Hyderabad, Jan. 29 Nagarjuna Construction Company Ltd (NCCL) has recorded a dip of about 8 per cent in net profit at Rs 36.27 crore (Rs 39.65 crore), for the third quarter ended December 31, ...

FINANCIAL PERFORMANCE: Lupin net down 35%
Mumbai, Jan. 29 Lupin has posted a consolidated net profit of Rs 116 crore for the quarter ended December 31, 2008, down 35 per cent from Rs 180 crore clocked in the corresponding period of the previous year. the company told the Bombay ...

FINANCIAL PERFORMANCE: Tata Power Q3 net dips 49% to Rs 101 cr
Mumbai, Jan. 29 Tata Power Company Ltd has registered a 49 per cent decline in net profit at Rs 101 crore for the third quarter compared with Rs 197 crore for the same period ...

ALLIANCES & JOINT VENTURES: GVK Bio, Crelux in pact
Hyderabad: GVK Biosciences (GVK BIO) and CRELUX on Thursday announced that they have set-up a highly fragment-based drug discovery platform to deliver viable lead ...

FINANCIAL PERFORMANCE: Higher depreciation, forex losses dent Maruti
New Delhi, Jan. 29 Maruti Suzuki’s net profit for the third quarter ended December 2008 almost halved to Rs 213.5 crore (Rs 467 crore) marked by higher depreciation costs, volatility in the foreign exchange market and low sales ...

MERGERS & ACQUISITIONS: Corus sells majority stake in Teesside Cast biz
Mumbai, Jan.29 Corus, Marcegaglia SpA and Dongkuk Steel Mill Co Ltd have signed a memorandum of understanding under which Marcegaglia and Dongkuk would jointly acquire a majority stake in Corus’ Teesside Cast Products business, ...

OUTLOOK: Saab looking for more tie-ups
New Delhi, Jan.29 In an effort to cut costs and also tap into the Indian market, European company Saab is actively looking for more tie-ups with ...

ALLIANCES & JOINT VENTURES: Bharat Forge, Areva sign MoU
Pune: Bharat Forge Ltd, manufacturer of automotive forgings, and Areva, a player in nuclear power, have signed a MoU to set up a ioint venture to build a manufacturing facility for heavy forgings in India. According to an ...

OUTLOOK: Spice Energy’s oil, gas investments hit by meltdown
Kolkata, Jan. 29 The economic meltdown seems to have impacted the implementation of a slew of big budget investments – primarily in the areas of oil and gas and power – proposed by the Delhi-based Spice Energy ...

OVERSEAS INVESTMENTS: Fortis buys stake in Mauritius health facility
New Delhi, Jan. 29 Fortis Healthcare Ltd on Thursday announced its entry into the international market by acquiring equity stake in a Mauritius-based health ...

MERGERS & ACQUISITIONS: Diageo deal: United Spirits may pitch for Rs 1,500 a share
Bangalore, Jan. 29 United Spirits is expected to pitch for about Rs 1,500 a share as it negotiates a deal with the world’s largest liquor company, Diageo, for picking up a 14.9 per cent share in the Indian liquor giant. The total value ...

AWARDS & HONOURS: M.A. Alagappan awarded honorary doctorate
Chennai, Jan.29 Mr M.A. Alagappan, Executive Chairman, Murugappa Group, has been awarded an honorary doctorate by the Birmingham City University, according to a press release from the ...

NEW PROJECTS: Tata Marcopolo Motors starts production
Mumbai: The manufacturing facility of Tata Marcopolo Motors Ltd at Dharwad in Karnataka has begun commercial production, said a release from the company. Tata Marcopolo Motors is a 51:49 joint venture of Tata Motors ...

PEOPLE: Jagjeet Bindra on L&T board
Mumbai, Jan. 29 Larsen & Toubro has appointed Mr Jagjeet (‘Jeet’) S. Bindra, President of Chevron Global Manufacturing, to its board of directors as an independent, non-executive ...

PERFORMANCE: Usha Intl
New Delhi: Usha International Ltd has reported a profit before tax of Rs 12.41 crore (Rs 7.17 crore) for the first nine months of the current financial, up 73 per cent. The company’s earnings before interest, taxes ...

CORPORATE GOVERNANCE: Redefine role of independent directors: Bansal
New Delhi, Jan. 29 The role of independent directors and auditors in corporates need to be redefined, the Minister of State for Finance, Mr Pawan Kumar Bansal, ...

Columnists: • C Gopinath • Harish Bijoor • Ramanujam Sridhar • Radhika Chada • K Srikrishna

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Markets (Jan 29)

Nifty (at close)	2,823.95(-25.55)
US Dollar (Buy/Sell)	48.99
Brent crude (a bbl) Rs	2,104
Gold (a gram) Rs	1,271
Silver (a kg) Rs	20,330

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