Financial Daily from THE HINDU group of publications
Wednesday, July 17, 2002
Markets (July 16)
BL 2501125.76 (-16.22)
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Dollar (Buy/Sell)48.75/48.88
Gold Std (10 gm)5270 (+40)

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ANNOUNCEMENTS


Tata Steel to get on feet after DVC tripping
TATA Steel whose production was disrupted since July 12, due to a massive drop in power supply in the grid of Damodar Valley Corporation (DVC), is expected to resume by July 17. A company release said that the damage was restricted to ... More

Kvaerner bags Indo Rama deal
MUMBAI: Kvaerner Powergas India Ltd has been awarded a Rs 490-crore engineering, procurement, construction and project management contract to build a polyester staple fibre plant for Indo Rama. The plant with a proposed capacity of 500 ... More

BUYBACK


SEBI order on non-promoters' holding — Precot halts buyback
PRECOT Mills Ltd (PML), which came out with an offer to buy back 10 lakh equity shares held by the public, has put on hold this programme following a directive from the Securities and Exchange Board of India (SEBI). SEBI, which wanted Precot to ... More

Ivega buys back stake from investors
THE Bangalore-based Ivega, a software consulting and services company operating in the financial services space, has recently bought back an undisclosed equity stake from a group of 29 private investors. These private investors had contributed ... More

CORPORATE BONDS


  • Tata Tea NCD gets `LAAA'
  • `AAA' rating for NTPC bonds

    RESTRUCTURING


    CUMI gets Rs 31 cr for Palakkad unit
    CARBORUNDUM Universal Ltd has effected the sale of its electrocast refractories unit at Palakkad on April 17, for a consideration of Rs 31 crore. The sale of the unit to SERP Refractories India Ltd (part of the Saint-Gobain group) had been ... More

    NEW PROJECTS


    APFDC to expand teak plantations
    THE Andhra Pradesh Forest Development Corporation (APFDC) has firmed up plans to strengthen its diversification into raising teak plantations. With an investment of Rs 27 crore, teak plantations in 4,500 hectares are to be raised in the next ... More

    TCC shelves synthetic rutile project
    The company, along with the Regional Research Laboratory (RRL), Thiruvananthapuram has developed the new technology for manufacturing synthetic rutile. It was proposed to set up a plant somewhere near Thottappally in Alappuzha district at a cost of R s 93 crore to produce 30,000 tonnes of synthetic rutile per annum. More

    REGULATORY BODIES & RULINGS


    DCA probe reveals `minor violations' — `Naresh Goyal owns Tailwinds'
    THE investigations being conducted by the Department of Company Affairs (DCA) into the ownership pattern of the holding company of Jet Airways, Tailwinds, show that the company is fully owned by Mr Naresh Goyal, who is both an Indian citizen and ... More

    DCA issues notice to Xerox Modi
    THE Department of Company Affairs (DCA) has issued a notice to Xerox Modicorp, the Indian subsidiary of the US multinational, Xerox Corporation, to inspect its books of accounts. The department is planning to inspect the Indian subsidiary's ... More

    INTERVIEW


    Indian Seamless targets Rs 450-cr turnover
    WITH a financial restructuring package in place, the Indian Seamless Steels and Alloys Ltd (ISSAL), which has been in the red with an accumulated loss of Rs 240 crore hopes to return to the black in the current financial year on an expected ... More

    RIGHTS ISSUES


    No RBI approval needed to sell rights shares of overseas cos
    THE Reserve Bank of India (RBI) has eased the regulations under the Foreign Exchange Management Act (FEMA) by which Indians can sell shares allotted to them under a rights offering by overseas companies without the prior approval of the country's ... More

    OUTLOOK


    Bal Pharma to focus on R&D, herbals
    THE Bangalore-based Bal Pharma is aiming at a high growth, a Rs 100-crore company in the coming years and is focussing on contract research to tap big R&D opportunities with overseas companies. It recently spun off a separate subsidiary ... More

    PERFORMANCE


    ECGC net rises 29 pc despite spurt in claims
    DEPRESSED overseas markets, fluctuating prices and a sharp increase in wilful defaults have resulted in a 130 per cent spurt in claims on Export Credit Guarantee Corporation of India Ltd (ECGC). Claims settled by the corporation during the year ... More
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