The Hindu Business Line : Saturday, September 14, 2002

ONGC seeks to market branded LPG
THE Oil and Natural Gas Corporation (ONGC) has sought rights to market liquefied petroleum gas under its own brand name. Currently, the company sells close to 1.2 million tonnes LPG through oil marketing companies - IOC, BPCL and HPCL. The ... More

IBP looking to sell abroad
IBP Co Ltd, a subsidiary of Indian Oil Corporation (IOC), is looking into opportunities for marketing its petroleum products outside the country. Mr A.K. Sinha, acting Managing Director as well as the Finance Director of IBP, while talking to ... More

MK Electric products to promote green building
MK Electric (India) Ltd is launching its integrated intelligent building solutions to help integrate the concepts of green building into construction activities. Mr R. Parasuraman, Managing Director, MK Electric (India) Ltd, told newspersons ... More

PREFERENTIAL ALLOTMENTS

Pref allotment to come under takeover code
The SEBI has removed the clause in the takeover code that hitherto exempted preferential issues made under Section 81(1A) of the Companies Act from the regulations relating to mandatory public announcement and consolidation of holdings under the code . More

OPEN OFFERS

Technip told to make open offer in Seamec
THE Securities and Exchange Board of India (SEBI) has directed Technip Coflexip (formerly Technip SA, France) to make an open offer to the shareholders of South East Asia Marine Engineering and Construction (Seamec) for 20 per cent shares of the ... More

AWARDS & HONOURS

Fellowship for J.J Irani

MERGERS & ACQUISITIONS

Vorin Labs, Medicorp set to merge with Matrix — Boards to meet on Sept 19
IN a major development, three listed pharmaceutical companies based in Hyderabad, one of them controlled by Ranbaxy Labs and the other having significant holding by the Chennai-based Shriram group, are moving towards merging into a single entity ... More

Shriram group to sell Hi-Tech Arai stake — In talks with foreign allies
THE Chennai-based Shriram group is in talks with Mitsubishi Corporation and Arai Seisakusho for selling its 45 per cent equity stake in Hi-Tech Arai Ltd. Both the Japanese companies are equity partners in the Rs 75-crore Hi-Tech Arai, with ... More

Greenfield shadow over SCI sell-off
THE controversial Greenfield Shipping deal in which Shipping Corporation of India (SCI) holds a 20 per cent stake worth $11 million has come to haunt the privatisation of the state-owned shipping line. The SCI board, at its meeting slated for ... More

Gujarat HC approves RIL-RPL merger
THE Gujarat High Court today approved the merger of Reliance Petroleum Ltd with Reliance Industries Ltd. With this approval, Reliance Industries Ltd (RIL) will become India's first private sector Fortune 500 company, a news release said. The ... More

Citicorp to limit stake in Shriram group to 14.9%
CITICORP Finance (India) Ltd will take only a 14.9 per cent equity stake, each in Shriram Investments Ltd and Shriram Transport Finance Company Ltd, as against 19.9 per cent as proposed earlier. This is because of the "imminence" of the new ... More

SICK UNITS

AAIFR to begin hearing on Dunlop revival
EVEN as the management of Dunlop India Ltd (DIL) has pleaded its inability to finalise the accounts for the financial year ended March 2002, the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) is ready to begin its ... More

OUTLOOK

ITC e-choupals soon to sell life insurance
ITC'S Secunderabad-based agri business division has decided to distribute life insurance products and some food items through its e-choupal network. It has also planned to offer rural market research data and analysis as a new service. Mr S. ... More

Vikrant Tyres hopes to bounce back into black
VIKRANT Tyres Ltd, a subsidiary of J.K. Tyres Ltd, expects to be back in black and report net profit by the end of the 2002-03 fiscal. "Our continuous endeavour is to be a profitable company," the company's President and Director, Mr A.K. ... More

Gujarat Ambuja rules out capacity expansion now
GUJARAT Ambuja Cements Ltd has ruled out any fresh expansion in capacity but aims to maintain its existing growth rate, which is twice the present average Indian cement industry's growth. This was stated by Mr Narotam Sekhsaria, Managing ... More

`HR practices help Leyland turn around'
A HOLISTIC approach to human resource management, processes and optimal utilisation of resources have contributed to the turnaround at Ashok Leyland's Hosur-I plant and ensured sustained increase in profits during the current year, according to ... More

Hindalco output seen hit by rains

PERFORMANCE

Sterling timeshare owners' concern over losses
THE Sterling Resorts Timeshare Owners' Association (SRTOA), at its annual general meeting, has noted with concern that the company continues to suffer loss and has extended its financial period to 18 months that ended on June 30, 2002. The ... More

ECONOMIC OFFENCES

Checking the explosion of corporate fraud
Financial scams have exploded in India and abroad. While the Indian corporate world has been afflicted by such scams continuously from the days of Harshad Mehta to Tata-A. F. Ferguson now, the American scene appears to be much worse. T. C. A. Rama nujam examines the recent Indian and international trends in dealing with financial frauds and suggests how the proposed Serious Frauds Office should work for effective results. More

NEW PRODUCTS & SERVICES

Hero Honda launches `Ambition' in South
THE "powerfuel" 133 cc motorbike, that promises to give 79 km per litre, `Ambition' was launched in the south from Bangalore, by Hero Honda here on Friday. Ambition's engine uses an advanced microprocessor ignition system that helps in ... More

Consul launches energy saver

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Looking back
Sep. 1-Sep. 7
BSNL, MTNL merger plan takes industry by surprise

Bharat Forge to cut interest cost by retiring part of debt

NTPC to float arm for power trading — Maiden deal with Kayamkulam

Cabinet okay to shut HFC, FCI units

Yamaha to outsource bikes from Indian arm