Tata Engineering posted a whopping Rs 500.34 crore loss in fiscal 2000-01 as against a Rs 71.2 crore profit in the previous year. Net Sales declined 7.89 per cent to Rs 8095 crore from Rs 8789.91 crore. The company attributed the poor performance to the economic slowdown, in addition to the rise in diesel prices and rationalisation of sales tax which affected vehicle sales.
US power major CMS energy has threatened to pull out from $ 1.4 bln 1600-mw Ennore power plant citing lack of support and co-operation. CMS wants a counter guarantee from the central government. An alternative pay mechanism has been prepared which will ensure payment if the state fails to pays its dues.
The company already has interests in three power plants in the country while two are operational and the third one at Ennore is under construction.
More From This Section
In his first interview to the media after spending 55 days in custody, Ketan Parekh has turned the table around on BoI. He claimed that there was no scam, and that he had to pay the price for taking a bullish view on the market. On his part, a Rs 5,000 crore defamation case is being contemplated against BoI.
Government is likely to reduce its stake in Bharat Heavy Electricals Ltd (Bhel) through a public offer. The government has a 67.72 per cent stake in the company which will eventually come down to 26 per cent in keeping with the stated disinvestment policy.
US pharma major Pfizer Inc has taken Zydus Cadila Healthcare to court over the brand name Penegra which it contends is a direct take off on Viagra. The Delhi High Court restrained Cadila Healthcare from using any other trademark that was similar to Viagra and also using the blue diamond shape characteristic of Pfizer's pill.