Financial Daily from THE HINDU group of publications
Tuesday, July 16, 2002
Markets (July 15)
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ANNOUNCEMENTS


Backlog for Indica V2 — Tata Engg runs 2nd shift at Pune assembly unit
TATA Engineering's Pune-based passenger car manufacturing plant on Monday saw a milestone of sorts when the company commenced operations in the second shift at its final assembly, the first time ever since it kicked off passenger car business ... More

Gujral group opens centre for hospitality training
THE Gujral group of hotels has announced the launch of Golden Regency International Centre for Hospitality Management (GRICHM) in association with Regency Institute of TAFE (Training & Further Education), Government of South Australia. The ... More

BUYBACK


HC okays Sterlite arrangement
STERLITE Industries (India) Ltd today informed that the Bombay High Court had upheld the scheme of arrangement between the company and its equity shareholders, which envisaged purchasing up to 50 per cent of Sterlite's equity capital from its ... More

ACCOUNTING STANDARDS


The internal auditor shall inherit the earth
The flurry of accounting scandals that has rocked corporate America in the last few months has sent high-profile financial engineers, typically armed with MBA degrees, scurrying for cover — and brought back to centre stage the lowly .... ... More

CORPORATE DISPUTES


Ripples in `The Millionaire Club'
KARVY and Bajaj Capital, two leading distributors of financial products, are sparring over an interesting investment concept, named by the former as `The Millionaire Club'. Karvy, which claims to have introduced the concept, has alleged that ... More

MERGERS & ACQUISITIONS


Pfizer set to swallow Pharmacia for $60 b — May vault to 4th slot in India
PFIZER Inc, the world's largest drugmaker, has agreed to buy rival Pharmacia Corp for $60 b in shares, gaining control of top-selling painkillers. The acquisition would be the biggest this year and is expected to lead to more consolidation in the ... More

Gujarat Ambuja merger plan okayed
GUJARAT Ambuja Cements Ltd proposes to merge subsidiary Ambuja Cement Rajasthan Ltd with itself, with the board of directors of both companies unanimously approving the merger, said a news release by Gujarat Ambuja. The boards have recommended ... More

Sumitomo joins race for SWIL
SUMITOMO Corporation of Japan has joined the queue of interested parties to buy SWIL Ltd, a company, with 50,000 tpa capacity to produce refined copper, put on sale under a restructuring package worked out by its creditors. Apart from Sumitomo, ... More

NEW PROJECTS


Jindal Steel's rail mill to go on stream in Q3
JINDAL Steel and Power Ltd (JSPL) is likely complete the commissioning of its Rs 400-crore `Rail and Universal Beam Rolling Mill' by September this year following which commercial production is expected to start by the end of the third quarter of ... More

Apollo `First Med Hospitals'
CHENNAI: Apollo Hospitals Enterprises Ltd (AHEL) opened the first of its hospitals in the `First Med Hospitals' chain at Chennai on Sunday. The 74-bed hospital, located on the Poonamallee High Road, will primarily focus on providing ... More

REGULATORY BODIES & RULINGS


DCA prescribes norms for financial aid from IE&PF
PROFIT-MAKING associations may not be allowed to dip into the Investor Education & Protection Fund (IE&PF). However, the Committee of the IE&PF has the power to give a project to any organisation. The Department of Company Affairs (DCA) has ... More

TRADE & LABOUR UNIONS


TTP union urges Kerala Govt to help clear stocks
THE Kerala Government has been called upon to initiate measures on a war footing to sell the mounting stocks of titanium dioxide at the State-owned Travancore Titanium Products Ltd (TTP). The call was made by the annual meeting of Titanium ... More

ALLIANCES & JOINT VENTURES


GSPL signs pact for gas transportation
GUJARAT State Petronet Ltd (GSPL) has signed a gas transportation agreement for 0.3 MMSCMD of gas with Gujarat Industrial Power Corporation Ltd (GIPCL). This would translate into an additional annual revenue Rs 12 crore for GSPL. However, the gas ... More

PERFORMANCE


Shiva Cement may move into red
The Rourkela-based Shiva Cement Ltd may register a loss for the financial year ended June 30, because of low product price, plant closure for almost 100 days and some external factors. According to Mr R.P. Gupta, Managing Director of Shiva ... More

PEOPLE


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