The Hindu Business Line : Tuesday, June 25, 2002

Scorpio pricing aggressive but not irrational, says M&M
THE "aggressive'' pricing of the new sports utility vehicle (SUV) from Mahindra & Mahindra, `Scorpio', will not hit the company's bottomline, Mr Anand Mahindra, Vice-Chairman & Managing Director, said. "The pricing is aggressive, but not ... More

BSES defers announcement of results
According to sources, the board, which met today, was forced to defer the results announcement after nominees of financial institutions asked that a second audit of accounts be conducted. However, the company informed the BSE that "the meeting ... More

Kisco bags maiden export order
THE new joint venture company Kudremukh Iron & Steel Company Ltd (Kisco), promoted by three public sector units, namely Kudremukh Iron Ore Company Ltd (KIOCL), Metallurgical and Engineering Consultants (India) Ltd (Mecon) and the Metal Scrap ... More

GSPL pipeline commissioned
GUJARAT State Petronet Ltd (GSPL) has commissioned the Rs 30-crore, 25-km Mora-Utran pipeline which will soon be used to carry gas to the Gujarat Electricity Board's (GEB) Utran power station. The present contractual obligation between GSPL and ... More

Kirloskar Brothers to pay 45 pc

BUYBACK

`Violation of listing agreement' — SEBI tells Parry Agro not to proceed with buyback
Parry Agro is also said to have disclosed in the public announcement and the draft offer document that the company intended to delist the equity shares from all the stock exchanges on completion of the buyback. More

HC admits DCA plea against Sterlite buyback
THE Bombay High Court on Monday admitted the appeal as well as the stay application filed by the Department of Company Affairs (DCA) on the proposed buy-back scheme of Sterlite Industries (India) Ltd. The matter would be taken up for hearing on ... More

RESTRUCTURING

Mysore Cements shelves plans to sell off 3 plants — To issue pref shares to IDBI
THE S.K. Birla group company, Mysore Cements Ltd, has shelved its plan to sell off its plants at Jhansi, Damoh and Narsingarh for the time being in the absence of any serious bidders, according to market sources. Meanwhile, the company plans ... More

Friday Corpn capital rejig plans hit snag
WEB content provider Friday Corporation's plans to restructure its capital has hit a roadblock following an apparent lapse in the scrutiny of the declarations made by it to the Reserve Bank of India (RBI). The company had sought approval for ... More

MERGERS & ACQUISITIONS

Shaw Wallace, UB join in UDV race
AT least four players are in the race to buy the Indian whiskies of United Distillers & Vintners (UDV), part of Diageo Plc, which are on sale. The deadline for the bids ended today. The domestic liquor majors, UB Group & and Shaw Wallace & Co, ... More

SICK UNITS

BIFR talks tough in Telengana Paper case
The Bench took strong objection to the fact that the company had neither submitted its audited balance sheet as on March 31, 1998, 1999 and 2000 nor the provisional/ audited balance sheet for 2000-01. More

OUTLOOK

Ikon vrooms into the land of samba
However, unlike in the case of Mexico and South Africa, where the Ikon is sent as completely knocked down (CKD) kits and assembled at Ford's plants in those two countries, the Ikon being sold in Brazil is assembled in Mexico and then sent in a ... More

IFC to invest $24.6 m in Usha Beltron
INTERNATIONAL Finance Corporation (IFC), Washington, has decided to invest $24.6 million in Usha Beltron Ltd (UBL). Of this, $3.6 million would be invested as equity while the balance of $21 million would be invested as a 11-year term loan at an ... More

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