BIFR puts Pennar Aluminium in ICU
Pennar Aluminum Company (Palco) has been declared sick by the Board for Industrial and Financial Reconstruction (BIFR). The board has appointed IDBI as the operating agency (OA) and asked it to prepare a viability report. The company's promoters have been asked to give IDBI a "comprehensive and fully tied up" revival scheme by June 11.
Cambridge Technology Partners sets up shop in India, plans $1m investment
The US-based Cambridge Technology Partners (CTP) has formally entered the country by setting up a new office in Bangalore. The $400 million company is planning an initial investment of $1 million over a period of five years, for which it has sought permission from the FIPB.
MRF net profit leaps up by 128 per cent to Rs 52.73 crore
Tyre major MRF Ltd has posted a 128% jump in its net profit for the six months ended March 31, 1998. The impressive jump in profits was attributed by the company to higher realisations due to falling rubber prices and better "brand management". The company's turnover, however, increased by only 5%.
UB Global in pact with Italian firm for leather footwear production
UB Global Corporation Ltd, an arm of the UB group, has signed a pact with Collezioni Nico Nerini of Italy for manufacturing and marketing leather footwear. The liquor giant is also planning to set up a manufacturing facility in South India to produce leather footwear. At present the company is producing the footwear on subcontract-basis in the country.
IA, AI boards to discuss budget proposals today
The board of Indian Airlines and Air India will be holding a two-day meeting in Mumbai, beginning today, to discuss the domestic airline's performance and budget proposals of the international carrier. The IA board is also to discuss rehabilitation of flight engineers who would become redundant when the fleet of Airbus A300 aircraft are likely to be withdrawn from service.
Jay Shree Tea net up 91% to Rs 23 crore; offers to issue 1:1 bonus
Jay Shree Tea and Industries has posted a profit growth of over 180% for the year ended March 31, 1998. The company has also offered a 1:1 bonus issue to its shareholders. The annual results were approved at a board meeting on Tuesday. Jay Shree has been the first among tea companies to declare its reults for the year ended 1997-98.
