Financial Daily from THE HINDU group of publications
Thursday, February 21, 2002
Markets (Feb. 20)
BL 2501107.36 (-7.70)
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CORPORATE

ANNOUNCEMENTS


Cadila not to take IPO dose till 2005
THE Rs 550-crore Cadila Pharmaceuticals Ltd (CPL) has decided against an initial public offering (IPO) till 2005. This is a part of its overall strategy for life after the new patent regime. Talking to Business Line, Mr I.A. Modi, ... More

Madhusudan cancels EGM -- 51 pc stake sale to Duravit hangs fire
MADHUSUDAN Oils & Fats Ltd (MOFL), owners of the Cera brand sanitaryware, has withdrawn the notice to its shareholders for the extraordinary general meeting (EGM) scheduled on February 26. The EGM was to ratify the company's decision to ... More

SWC has no plans to offload stake in beer, liquor business
SHAW Wallace & Co Ltd (SWC) has no immediate plans to offload equity in beer and liquor businesses to foreign partner. A SWC spokesperson told Business Line, ``As of now, Shaw Wallace has no plans of offloading equity stake in either ... More

ACCOUNTING STANDARDS


ICAI standards for joint ventures
THE Institute of Chartered Accountants of India (ICAI) has issued new accounting standards for financial reporting of interests in joint ventures. The new standards will come into effect from April this year, according to a press release. The ... More

COURTS/LEGAL ISSUES


NJMC petition against tribunal award rejected
THE Calcutta High Court has dismissed the writ petition of National Jute Manufacturers Corporation Ltd (NJMC), challenging the award of the National Tribunal adjudicating under Section 10 (1A) of the Industrial Dispute Act, 1947. The said ... More

RESTRUCTURING


Tata Engg writes off Rs 1,180 cr
THE board of Tata Engineering on Wednesday approved a Rs 1,180-crore write-off from the value of investments and fixed assets. This will be adjusted against the surpluses in the Securities Premium Account. The approval is part of a financial ... More

ABB net up at Rs 65 cr; to pay 50 pc dividend
FOCUS on exports, product upgradation and cost- cutting have pushed up the net profit of Asea Brown Boveri Ltd (ABB Ltd) by 20.9 per cent for the fiscal year ended December 31, 2001 to Rs 65.32 crore (Rs 54.01 crore). Net sales during the year ... More

Positive signs seen in M&M revamp move
RATING agency, Crisil, informed today that it sees the proposed restructuring at Mahindra & Mahindra Ltd (M&M) with three of its subsidiaries being amalgamated with itself as a "positive development.'' However, the amalgamation, which is ... More

MERGERS & ACQUISITIONS


Canara Bank, LIC to take CDSL stake
GLOBAL Trust Bank, Canara Bank and Life Insurance Corporation are set to pick up stake in Central Depository Services (India) Ltd (CDSL). While GTB had announced some time back its intention to pick up a stake in CDSL, and even paid up Rs 7.5 ... More

NEW PROJECTS


Kyndal plans arm for knowhow sale
SCOTTISH liquor major Kyndal Spirits Ltd, one of the largest producers of scotch whisky in the world with 9 per cent share of the global market, has decided to set up a wholly-owned subsidiary in India with an investment of $1 million. The ... More

Six Continent to bolster Indian presence
SIX Continent Hotels, a global hospitality chain, plans to have hotels in Mumbai and Goa shortly and is looking at having a presence in Bangalore and Chennai, the chain's Chief Executive Officer, Mr Daniel Desbaillets, said here ... More

REGULATORY BODIES & RULINGS


DCA probing 6 Reliance cos
THE Government has ordered the inspection of books of accounts and other records of six Reliance group companies, including the flagship Reliance Industries Ltd (RIL), based on a complaint by Mr Rashid Alvi, Member of Parliament, according to ... More

ALLIANCES & JOINT VENTURES


Alfa Laval in pact with 2 foreign cos for gasohol
PUNE-BASED engineering company Alfa Laval has entered into a technological collaboration with two foreign partners to tap the evolving market for gasohol. The Managing Director, Mr Satish Tandon, said the company recently tied up with Katzen ... More

Satyam in alliance with Hummingbird
SATYAM Computer Services Ltd, has announced a global strategic alliance with Hummingbird Ltd, an enterprise software US company, to jointly offer software and consulting services. The alliance is expected to cover software and consulting ... More

Tata Steel ties up with Nippon Steel
TATA Steel has signed a three-year technical agreement with Nippon Steel Corporation. The agreement is effective from April 1. A Tata Steel statement said the pact would take the company's cold rolled automotive steels into the market for the ... More

OmegaTech, Vasta in marketing pact
THE US-based OmegaTech Inc, a biotech R&D company, has entered into a marketing agreement with Vasta Marketing, Chennai, to market DHA Gold, a long chain fatty acid applicable as a nutrition supplement and food additive with beneficial health ... More

Kale Consultants-IATA pact for `CEO Cockpit'
THE aviation and banking software company, Kale Consultants Ltd (KCL), on Wednesday announced a "development and commercialisation'' agreement with the International Air Transport Association (IATA) to create a new product for the airline ... More

SICK UNITS


Richardson & Cruddas revival scheme declared failed -- ICICI to advertise for change in management
TAKING note of the fact that the ailing Richardson & Cruddas (1972) Ltd (RCL) and its promoter, Bharat Yantra Nigam Ltd (BYNL), have failed to revive the company under the sanctioned scheme of 1995, the Board for Industrial and Financial ... More

OUTLOOK


MphasiS hopeful of attaining targets
SOFTWARE services and e-solutions firm MphasiS BFL Ltd expects to maintain the momentum in client acquisition as well as in volume growth in the current quarter, even as pricing pressure chokes scope to hike billing rates, the Chief Financial ... More

PERFORMANCE


Alembic's new drugs to account for 12% turnover
THE Baroda-based Alembic Ltd, as part of its shift from acute diseases to chronic disease management, has lined up new drugs in diabetes, cardiac and nutraceuticals segments. Ms Malika C. Amin, Wholetime Director, told mediapersons that its new ... More

PEOPLE


IBP's Mathur hangs up his boots sans regrets
MR S.N. Mathur, who resigned as the Chairman and Managing Director of IBP Co Ltd, now a subsidiary of the Indian Oil Corporation (IOC), is a much relaxed man today. "For the past one year or so, I have been trying hard to ensure the smooth ... More
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Comments & Letters to the Editor to: bleditor@thehindu.co.in

Top Stories
Pranab prescribes spending spree to spur demand


SEBI throws the book at Mallya, Chhabrias -- `Divest wrongfully acquired shares in Herbertsons'

TRAI's green signal for Net telephony from April

PSU general insurers chart phased revamp

Farming technology fills in for child labour

Reliance, Bharti among 5 to get letters of intent for ILD

Unilateralism running amok -- Stop US before it wreaks havoc

In Depth
Inside Kashmir
Guide to derivatives
US-64
Looking back
Feb. 10-Feb. 16
ChrysCapital buys 5 pc stake in NIIT -- Seeks FIPB nod for 10 pc more

Schreiber to acquire 11 pc Britannia stake in Dynamix

Open offers up despite fewer M&A deals

Rashtriya Chem eyes 74% stake in SAIL unit

RBI approves ADR/GDR re-issue

VSNL enters Tata family

Pechiney may bid for Nalco control

Paradeep sold for Rs 151.7 cr

TVS signs Sachin as brand ambassador


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