Financial Daily from THE HINDU group of publications
Wednesday, September 25, 2002
Markets (Sept. 24)
BL 2501030.67 (-3.68)
BSE Sensex3022.25 (+0.97)
S&P CNX Nifty966.20 (-4.10)
Dollar (Buy/Sell)48.37/48.49
Gold Std (10 gm)5300 (+10)

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CORPORATE

ANNOUNCEMENTS


L&T bags two Kuwait contracts
LARSEN & Toubro Ltd has bagged two engineering, procurement and construction contracts from Kuwait National Petroleum Company valued at $14.1 million and $10.7. The contracts are for revamp of KNPC's sulphur recovery units at their refineries ... More

PREFERENTIAL ALLOTMENTS


BSE to probe pref issues of 5 cos
EMBOLDENED by a ruling by the Securities Appellate Tribunal (SAT) in its favour, the Bombay Stock Exchange (BSE) has decided to probe preferential issues of five companies. According to BSE sources, a chartered accountant firm has been ... More

OPEN OFFERS


Madura Coats offer gets FIPB approval
THE Foreign Investment Promotion Board has approved the open offer of J&P Coats Ltd and Coats plc to acquire 36.8 per cent share capital of Madura Coats Ltd for Rs 40 per share. The open offer will open on September 25 and close on October 24, ... More

OVERSEAS BORROWINGS


Firm rupee boosts corporate leveraging
THE gearing ratios of corporates in the country have improved considerably, with the strengthening of the rupee against the dollar in the last few weeks. The rupee has strengthened by close to 70 paise per dollar since April, induced by strong ... More

AWARDS & HONOURS


Samsung India wins award
SAMSUNG India Electronics Ltd, the Korean consumer electronics major, has won the first prize in the `consumer electronics' category at the annual `Awards for excellence in electronics', instituted by the Department of Information ... More

MANPOWER


Glaxo VRS for Ankleshwar unit
MUMBAI: GlaxoSmithKline Pharmaceuticals Ltd has informed BSE that its board has approved a Voluntary Retirement Scheme (VRS) for workmen of the Ankleshwar factory. A VRS package in terms of the approved scheme will be offered to them. ... More

RESTRUCTURING


HPL board meet to review IDBI-okayed restructuring plan
THE board of Haldia Petrochemicals Ltd (HPL) which is slated to meet next week, will review the `in principle' nod given by Industrial Development Bank of India to the company's restructuring proposal, which has been pending for over a year ... More

Hinduja TMT may merge media arms
HINDUJA TMT Ltd was considering a merger of its media subsidiaries into a single entity which may go in for an initial public offering (IPO) subsequently, its Chairman, Mr Ashok Hinduja, said at the company's annual general meeting today. The ... More

MERGERS & ACQUISITIONS


Promoters, Templeton to hike stake in Aurobindo
THE promoters of Aurobindo Pharma Ltd (APL), the Rs 1,050-crore major, and Templeton Strategic Emerging Markets Fund LDC, are set to acquire 10.5 lakh equity shares of the company, which amounts to 4.52 per cent on the expanded equity base. The ... More

Promoters to hike stake in Padamalaya Tele
THE promoters of Padmalaya Telefilms Ltd, the Hyderabad-based infotainment solutions provider, are set to adopt the creeping acquisition route to up their stake to 51 per cent from the present 49 per cent consequent to their strategic tie-up with ... More

CORPORATE GOVERNANCE


`Corporate governance norms need relook'
THE Federation of Indian Chambers of Commerce and Industry (FICCI) today called for a relook at the existing norms for corporate governance to ensure better compliance of corporate standards. "To achieve better compliance of corporate ... More

REGULATORY BODIES & RULINGS


DCA puts one more official member on ICWAI council
IN a bid to tighten its grip on the functioning of the Institute of Cost and Works Accountants of India (ICWAI), the Department of Company Affairs (DCA) has increased the number of its official nominees in the central council of the ... More

ALLIANCES & JOINT VENTURES


APSTC inks pact with two Malaysian cos
THE Andhra Pradesh State Trading Corporation (APSTC) has entered into a MoU with two Malaysian companies, IOI Berhad and PKPS, both of Kuala Lumpur, to help in the promotion of its activities, according to Mr. S. Balasubrahmanyam, Managing ... More

INTERVIEW


`New forays will provide the spark to Indian Rayon growth'
INDIAN Rayon and Industries Ltd (IRIL), having identified its diverse businesses as asset-intensive and not so asset-intensive, expects its new businesses to provide a major boost to its turnover growth. Our existing businesses such as VFY, ... More

BONUS ANNOUNCEMENTS


1:10 bonus from Beeyu Overseas
BEEYU Overseas Ltd has decided to go in for a bonus share issue at a ratio of 1:10. The entire issue will be funded out of the company's general reserves. Currently, Beeyu Overseas' capital base is Rs 5.32 crore comprising 53.19 lakh equity ... More

OUTLOOK


SAIL hopes to break even
STEEL Authority of India Ltd (SAIL) is likely to break even this fiscal provided the prevailing market uptrend persists, according to the Chairman of the State-owned steel major, Mr Arvind Pande. Addressing shareholders at the 30th annual ... More

ECONOMIC OFFENCES


I-T raids on Parekh Platinum
PAREKH Platinum Ltd was on Tuesday raided by the income-tax authorities, allegedly for concealing income. According to I-T sources, raids were continuing late in the evening. The I-T authorities have also conducted countrywide raids on Pest ... More

PEOPLE


Changes at Kellogg's
MR R.C. Venkateish, Managing Director, Kellogg's India, has been promoted as Managing Director of the multinational breakfast major's operations in Japan. Replacing him in India is Mr Navneet Saluja, hitherto Director (Sales & Marketing), who ... More
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