Sterling Resorts has decided to hive off the Sterling Grand Golf Course project located in Noida into a separate company. Though the board of directors has approved the move, financial institutions are yet to give their consent. The board has also approved a preferential offer of Rs 18 crore of Rs 10 share at par to non resident Indians and individuals.

Hyundai exports Santro parts

Hyundai Motors (India) has begun exporting body panels and parts of its Santro car to the Korean market in anticipation of its proposed launch there. Export of car parts are being made to the parent company Hyundai Motor Company (HMC) from this month, a company statement said. Hyundai Motor (India) has already exported over $300,000 worth of Santro parts to Korea till date.

Toy firms receive trade enquiries

Eight Indian companies have bagged orders and generated trade enquiries worth Rs. 5 crore at the recently concluded Nurnberg toy fair in Germany. Thejoint participation was organised by Toy Association of India under the aegis of electronics and software export promotion council and Indo-German export promotion (IGEP) project. "Indian companies are doing well, but they must move faster than their competitors from China, Hong Kong and Korea," IGEP director D Kebschull said.

IDBI-assisted firms improve sales

The performance of Industrial Development Bank of India (IDBI)- assisted companies has improved in the third quarter with sales rising by 10.7% and net profits by 12 per cent compared to the same quarter in the previous year. According to a study by the financial institution on a sample of 200 companies directly assisted by it, the total income growth in these companies rose by 12.2%, while cost of production increased by 11.3%.

US firm sells 50.8 lakh shares

The US based Mallinckrodt Inc and EID Parry (India) Ltd have sold 50.8 lakh shares of Coromandel Fertilisers (CFL) back to CFL. The share purchase agreement has alreadybeen signed.