L&T completes ONGC project
Larsen and Toubro Ltd (L&T) has completed the $44.27 million CRMP-II pipeline project of ONGC 30 days ahead of contracted date. This will facilitate water-injection in depleted reservoirs, increasing the oil and gas output and recovery. For the first time, new-technology flexible pipelines of about 30 kms were used in Bombay High which are much more environment-friendly than the earlier rigid steel pipes.Bal Pharma net up to Rs 53 lakh
Bal Pharma has posted a net profit of Rs 53.38 lakh for the second quarter of fiscal 2000-01 against Rs 44.31 lakh during the corresponding period last year. During the period, the company raked Rs 11.40 crore (Rs 8.26 crore) in revenues.
Investsmart plan for Jet travellers
Investsmart India Ltd has announced a unique promotion programme to induce Jet Airways passengers to `Smart Investing.' Started on November 6, a one-month promotion called `Flight to Fortune' will be on all Jet flights across the country. The participants will have the opportunity to win portfolios of bluechip shares - like Wipro, Infosys, Hindustan Lever, Nestle, ITC, L&T, RIL, Zee, Ranbaxy, MTNL etc - worth Rs 7 lakh.
Credence launches forex channel
Credence Analytics (India) Pvt Ltd has launched `Forex Channel' on its inTreasury.com. Credence director Shafali Sachdeva said, "Bank and corporate treasuries will now be able to access indicative rates for the rupee on their desktops by logging inTreasury.com." The portal will carry rates of 15 major currencies like Japanese yen, euro, pound sterling, Australian dollar, Canadian dollar, Thai Baht, Indonesian rupiah, and Korean won etc.
Top safety rating for NWFL
Icra has assigned an MAAA rating to the Rs 25-crore medium-term non-convertible debenture programme of Nation Wide Finance Ltd (NWFL). Citicorp Finance India Ltd, a 100 per cent subsidiary of Citicorp Overseas Investment Corporation, Delaware, which, in turn, is a 100 per cent subsidiary of Citibank NA has acquired a 74 per cent stake in NWFL in April 2000. Following the acquisition, NWFL would be an integral part of the Citigroup's foray into the retail financing business.
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