Fire In NLC Unit Hits Generation

Updated: Jan 29 2003, 05:30am hrs
A fire in the 210 mw thermal power unit of the Neyveli Lignite Corporation (NLC) has affected power generation in the unit, a company official has said. The conveyor belt used for carrying lignite to the unit caught fire Monday night which was put out later. About one tonne lignite was destroyed in the fire causing an estimated damage of Rs 1 crore. The cause of the fire was yet to be known. The resumption of power supply from the plant would take more than four days, he said.

ISB Prof Wins Top Award
Professor Raghuram G Rajan, professor of finance at the Indian School of Business (ISB), Hyderabad won the prestigious Fischer Black Prize instituted by the American Finance Association (AMA). The Fischer black prize, a biannual prize, modeled along the lines of the `Fields' medal in Mathematics and the Clark medal in Economics, and recognises outstanding contributions to the field of finance by a person under 40-years, an ISB release said.

High Steel Prices Hit TI Profit
Tube Investments India Ltd on Tuesday reported a lower net profit of Rs 5.78 crore (Rs 7.32 crore) over a turnover of Rs 282.82 crore (Rs 260.65 crore) for the quarter ended December 31, 2002. The company's bottomline was hit by higher steel prices as well as a drastic slump in demand for cycles. The net profit from cycle sales has declined to Rs 1.44 crore (Rs 2.53 crore), the profit from engineering division declined to Rs 9.20 crore (Rs 11.90 crore) during the period. The interest burden during the period stood at Rs 4.18 crore (Rs 3.84 crore).

Titan Q3 Net Dips 35%
Titan Industries Ltd's net profit for the third quarter ended December 31, 2002 has dipped 35 per cent to Rs 4.56 crore (Rs 6.99 crore). The company has posted a revenue growth of 10.5 per cent at Rs 229.57 compared (Rs 207.72 crore). The Time products division has recorded a revenue of Rs 124.04 crore (Rs 122.47 crore). Revenues of the jewellery division stood at Rs 105.18 crore (Rs 85.26 crore), a growth of 23 per cent.

MRO-TEK Income Up 17.5%
MRO-TEK Ltd has posted a revenue of Rs 27.72 crore for the third quarter ended December 2002, recording a growth of 17.5 per cent compared to Rs 23.59 crore in the corresponding period of the previous fiscal. The net profit of the company dipped 5 per cent to Rs 1.60 crore (Rs 1.68 crore).

Proxim's India Development Centre
Proxim, a provider of high performance WLAN and WWAN products, has announced the launch of its India development centre in Bangalore. The new development centre would develop solutions that address customers' demand for high quality wireless network management software.

Global Conference On Data Engg
The Institute of Electrical and Electronics Engineers (IEEE) and Computer Society of Indian will jointly organise an international conference on data engineering in Bangalore. The four-day event to be held between March 5 and 8 will project the latest developments in data engineering technologies. Over 250 delegates are expected to take part in the conference. This is an annual convention and the last was held in the US.

Central Team's TN Drought Schedule
The Central team visiting drought affected areas of Tamil Nadu would visit Thanjavur, Tiruvarur and Nagapattinam on January 31.