Financial Daily from THE HINDU group of publications
Thursday, September 19, 2002
Markets (Sept. 18)
BL 2501046.32 (-9.05)
BSE Sensex3069.78 (-34.12)
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Dollar (Buy/Sell)48.36/48.49
Gold Std (10 gm)5215 (+15)

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CORPORATE

MODERNISATION


Apollo Tyres to seek shareholder nod for IFC loan
THE Rs 1,700-crore Apollo Tyres Ltd (ATL) will seek shareholders' nod at the annual general meeting (AGM) at Kochi on Thursday to empower its board of directors to create appropriate charge on all immovable and movable assets of the company for ... More

ANNOUNCEMENTS


Air India to purchase 17 long-range aircraft
THE board of directors of Air India today approved the purchase of 17 long-range aircraft, a shopping list that could be billed upwards of $2.5 billion. An airline official, however, said the cost of acquisition would be known only after the ... More

Shonkh closes shop in Bangalore
SOFTWARE products and services company Shonkh Technologies International Ltd, boasting alliances with Microsoft and EDS and whose former big-ticket investors included Mr Ketan Parekh and the Unit Trust of India, shut down its three development ... More

MFL mulls reducing output cost, inventory levels
MADRAS Fertilizers Ltd (MFL) is looking at further cost conservation, reduction in cost of production, rationalisation of wokforce and aggressive marketing to tide over the adverse market conditions. Mr Sukumar N. Oommen, who recently took ... More

RESTRUCTURING


Post-transfer of liquor businesses to subsidiaries — A `sombre' Shaw Wallace loses sheen
SHAW Wallace & Company (SWC), as a separate corporate entity, seems to have lost its glamour as a leading liquor manufacturer with the SWC management deciding to transfer its manufacturing, marketing and distribution activities of liquor and beer ... More

KEC International embarks on debt recast
KEC International Ltd, the Rs 500-crore power transmission line projects company belonging to the R.P. Goenka group, which had suffered a serious setback in its performance during the last couple of years, has embarked upon a major capital and ... More

MERGERS & ACQUISITIONS


Reliance ups stake in BSES to 40.29%
RELIANCE Power Ventures Ltd has informed the National Stock Exchange that Reliance Industries including "persons acting in concert" has purchased 32.65 lakh shares in BSES Ltd increasing the group's shareholding to 40.29 per cent. The company ... More

`CPCL merger with IOC not imminent'
THE possible merger of Chennai Petroleum Corporation Ltd with the Indian Oil Corporation is not imminent, the CPCL Chairman and Managing Director, Mr S. Rammohan, said here on Wednesday. Speaking to newspersons on the sidelines of the company's ... More

Foreign parent to hike holding in Wartsila
THE foreign parent of Wartsila India Ltd is looking at increasing its stake in the company from the current level of around 88 per cent, possibly through the buyback route. The overseas promoters are eyeing 100 per cent holding in the Indian ... More

Promoters hike stake in Heritage Foods
THE promoter and Executive Director of Heritage Foods India Ltd (HFIL), Ms N. Bhuvaneshwari, with her son, Mr. N Lokesh, has acquired 4,58,000 equity shares of the company on August 29, 2002 from Ms Megabid Finance and Investment Pvt. Ltd. as ... More

REGULATORY BODIES & RULINGS


BIFR going strong even as its days are numbered
THOUGH the countdown to wind up the "rehabilitator" of sick companies - the Board for Industrial and Financial Reconstruction (BIFR) - has begun, the Board is continuing to do what it is best at - "rehabilitating companies." This is ... More

RIGHTS ISSUES


Electrolux Kelvinator board okays cut in offer size of rights issue
WILL Electrolux Kelvinator Ltd (EKL), the Indian subsidiary of Swedish white goods major AB Electrolux, be lucky this time? The board of directors of the company has approved the revised rights issue proposal with reduction in offer size to Rs ... More

OUTLOOK


Intelligroup Asia shifts focus to Web services
INTELLIGROUP Asia Private Ltd, an end-to-end software services provider, has identified the emerging Web services sphere to provide business enhancement solutions for customers addressing specific industry verticals. The company is in the ... More

`Modern Foods may break even this fiscal'
MODERN Foods Industries Ltd (MFIL), the first state- owned company to be privatised and now under the fold of Hindustan Lever, is likely to break even this fiscal, according to Mr M.S. Banga, Chairman, Hindustan Lever Ltd. The quarter ended ... More

Balco firms up investment for Korba expansion
THE management of Bharat Aluminium Company Ltd (Balco), a subsidiary of the Sterlite group, has firmed up an investment plan for massive expansion at its integrated aluminium plant at Korba in Chhattisgarh. According to a Balco source, the ... More

PERFORMANCE


NTPC-SAIL Power declares Rs 16-cr dividend
NTPC-SAIL Power Company (NSPCL), a joint venture of the two power and steel majors in the public sector, has declared a total dividend of Rs 16 crore to both the promoters for the year 2001-02. In April this year, the company had paid an ... More

ECONOMIC OFFENCES


DCA shortlists officer to probe Flex Industries
CLOSE on the heels of appointing an independent investigator for Xerox Modicorp, the Department of Company Affairs (DCA), has now shortlisted an independent investigating officer to probe the charges against Flex Industries. The department has ... More

NEW PRODUCTS & SERVICES


Getit to launch `access' service
GETIT Infomediary Ltd, the publishers of Getit Yellow Pages for Chennai, is launching a new service called Getit Access, which will help advertisers spread their reach beyond their city of operation. According to Mr Sidharth Gupta, Chief ... More
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Electrolux Kelvinator board okays cut in offer size of rights issue


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In Depth
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Sep. 8-Sep. 14
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