Financial Daily from THE HINDU group of publications
Thursday, March 07, 2002
Markets (March 6)
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ANNOUNCEMENTS


Siemens gung-ho; to invest $500 million
UNFAZED by the controversies over the Enron-promoted Dabhol power project, diversified corporate giant Siemens AG on Friday said it would invest $500 million in India in the coming years to expand its already wide presence in the country. The ... More

Nocil Thane plant to resume production
AFTER a three-month shut-down, National Organic Chemicals Industries (Nocil) has decided to resume production at its Thane plant. "The plant will re-start operations in a day or two. But it may take a week or so to get back to normal ... More

Reliance hikes polymer prices
Polyvinyl chloride prices are up by Rs 3.05 per kg at Rs 36.10 per kg (Rs 33.05), while polypropylene prices are up at Rs 39.25 per kg (Rs 37.75 per kg). Polyethylene prices remain at Rs 39 per kg. Polyester staple fibre prices are up ... More

OPEN OFFERS


Bells Controls hamstrung by SEBI delay on open offer
THE ailing Bells Controls Ltd. has not been able to appoint a chairman or a managing director for almost six months now because the Securities & Exchange Board of India (SEBI) is yet to clear the open offer of its ... More

CORPORATE DISPUTES


BDA suit against National Industrial
BDA Ltd, a liquor-manufacturing establishment owned by Mr Kishore Chhabria, has filed a suit against National Industrial Corporation (NIC), another liquor manufacturer, alleging infringement of patent on containers used by it. It has alleged ... More

HUMAN RESOURCES


`Poaching' fears
THREATENED by the prospect of having their bright employees "poached" by major competitors, a section of the industry, especially those in high-profile segments such as information technology and telecom, favour doing away with the provision of ... More

RESTRUCTURING


BSNL to be split into four business units
PUBLIC sector telecom behemoth Bharat Sanchar Nigam Ltd (BSNL) is being split into four separate business units as part of a massive restructuring exercise to cope with the impending competition in basic and national long-distance ... More

Wockhardt sells IV fluid business to Baxter India
AS part of its restructuring, Wockhardt Life Sciences Ltd today announced that it has divested its intravenous (IV) fluid business to Baxter India Pvt Ltd, a subsidiary of Baxter Healthcare International Inc, US, for a consideration of Rs 195 ... More

MERGERS & ACQUISITIONS


Videocon stake in Matsushita set to slide
VIDEOCON'S stake in Matsushita Air-Conditioning India Pvt Ltd is set to come down, with the Foreign Investment Promotion Board approving a proposal by Matsushita Electronic Industrial Co Ltd, Japan, to hike it stake to 90 per cent from the ... More

NEW PROJECTS


24/7 to expand India operations
The company intends to double its existing capacity of 800 seats by setting up the second centre, which would be funded from internal accruals, said Mr Scott Kline. More

Toyota to set up export unit in Karnataka
TOYOTA Motor Corporation (TMC) is setting up a Rs 480-crore export-oriented unit (EOU) in Karnataka for the manufacture of automotive transmission system. The company also plans to raise its investments in the State in two phases. It will ... More

REGULATORY BODIES & RULINGS


Default calls `arrangement' stayed again
THE Telecom Dispute Settlement Appellate Tribunal (TDSAT) has extended its stay on the interim arrangement for distribution of all default mobile-to-mobile STD calls between Bharat Sanchar Nigam Ltd (BSNL) and Bharti Telesonic Ltd (BTSOL) on ... More

DCA doubles employee salary disclosure cut-off
THE Department of Company Affairs (DCA) has doubled the cut-off limit for disclosures of employees' remunerations by companies in their annual reports from the existing Rs 12 lakh per annum to Rs 24 lakh per annum. Following this amendment, the ... More

  • DCA settles 1,348 investor complaints

    ALLIANCES & JOINT VENTURES


    Bharti Telesonic, Escotel group sign pact
    BHARTI Telesonic, the private long distance operator and fully-owned subsidiary of Bharti TeleVentures, has entered into a five-year agreement with Escotel and ETL of the Escorts group to contract leased line connectivity for its cellular ... More

    Crisil ties up with Getit
    GETIT Infomediary Ltd, which publishes the Yellow Pages, has tied up with Crisil, the credit rating agency, to offer certification and verification service for businesses and the service industry. Called TrustMe, the certification service will ... More

    AV Birla, Reliance groups keen on Singapore ventures
    THE AV Birla and Reliance groups have held talks with a Singapore delegation for business tie-ups. According to Mr Teo Ming Kian, Chairman, Economic Development Board, Singapore, the Birla group is keen on a media joint venture. The Ambanis ... More

    INTERVIEW


    `Shaw Wallace can beat MNCs at their own game'
    WITH all odds stacked against him, people wrote off Mr M.R. Chhabria as yet another entrepreneur who wanted to make it big, but could not. What they didn't anticipate was his comeback. The Chairman of the Rs 3,000-crore Jumbo group of ... More

    `Meagre exports insulate Indian steel from US move'
    DR Jamshed J. Irani, Director, Tata Sons Ltd, and until the middle of last year Managing Director of Tata Steel, is a name closely associated with the country's steel industry. Then, who better to ask on what the additional tariff on steel ... More

    SICK UNITS


    Despite hike in administered price... Greater Calcutta Gas still gasping for breath
    THE Greater Calcutta Gas Supply Corporation will continue to register losses despite the West Bengal Government's decision to increase the administered prices of coal gas both for the industrial and domestic sectors. The company, which is a ... More

    OUTLOOK


    Hind Motors hopes to sell 15,000 Ambys this fiscal
    HINDUSTAN Motors Ltd is hopeful of selling about 15,000 units of the Ambassador car in the current fiscal. In 2000-2001, the company sold around 17,000 cars. The decline in Ambassador sales in the current financial year has been attributed ... More

    PEOPLE


    Raunaq Singh no longer MD of Apollo Tyres
    APOLLO Tyres has informed the Bombay Stock Exchange (BSE) that the present term of appointment of Mr Raunaq Singh as Managing Director of the company came to an end on March 5. His appointment as Managing Director was approved by the board at ... More

    TRENDS


    SEBI tells SEs to act tough on dividends
    THE Securities and Exchange Board of India (SEBI) on Wednesday clamped down on companies rushing to pay interim dividend before March 31. In a notice, the market regulator directed all stock exchanges not to relax the 30 days' and 42 days' ... More

    Promoters to save Rs 196 cr in taxes
    PROMOTERS of companies that have declared interim dividend since the presentation of the Union Budget could together save an estimated Rs 196 crore in the form of taxes that they would otherwise have had to pay, an analysis by Business Line ... More

    Finance Ministry move bursts dividend bubble
    CORPORATES were surprised, some of them terribly upset, over the Finance Ministry's sudden move that has virtually scuttled their plans to offer their shareholders a `handsome' dividend. What surprised them is the sudden notice from stock ... More

    Some cos willing to cancel interim dividend
    EVEN as the major stock exchanges on Wednesday decided against the relaxation of the minimum notice period required under Clause 16 of the Listing Agreement for declaring interim dividend, corporates generally took a non-confrontational ... More


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  • Top Stories
    US steel tariffs worry Indian majors


    Siemens gung-ho; to invest $500 million

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    IDBI may cut rate on Flexibonds

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    Gulf Oil, IDL get set to tie the knot


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