Financial Daily from THE HINDU group of publications
Wednesday, November 27, 2002
Markets (Nov. 26)
BL 2501080.51 (+7.87)
BSE Sensex3187.76 (+12.20)
S&P CNX Nifty1036.15 (+9.95)
Dollar (Buy/Sell)48.16/48.29
Gold Std (10 gm)5210 (-35)

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ANNOUNCEMENTS


Kawasaki to source small bikes from Bajaj Auto
BAJAJ Auto Ltd (BAL) is likely to serve as a sourcing hub for "smaller'' bikes for its Japanese collaborator, Kawasaki Heavy Industries Ltd. According to Mr Madhur Bajaj, Vice-Chairman, Bajaj Auto Ltd, "Kawasaki, which has a presence in the ... More

Reliance to hike PSF capacity
RELIANCE Industries Ltd said on Tuesday that it is increasing its polyester staple fibre capacity by 40,000 tonnes. The company is building a new polyester staple fibre plant at Hazira. The new plant, to be built by German major Zimmer AG, will ... More

CORPORATE DISPUTES


Coke, Pepsi agree to end dispute
COLA giants Coke and Pepsi have agreed to amicably settle their ongoing row over the loss of bottles. A decision to this effect was taken at a meeting of senior representatives of Hindustan Coca-Cola Beverages Pvt Ltd (HCCBPL) and Pepsi along ... More

ENVIRONMENT


Of green issues & luncheons
`WHY should business care' was the theme deliberated over lunch at the World Economic Forum's session on environment, hosted by Coca-Cola. And as the session concluded, one could not help wondering does business care at all? With the clatter of ... More

CORPORATE BONDS


KNNL to raise Rs 125 crore through bonds
KARNATAKA Neeravari Nigam Ltd (KNNL) is in the process of raising Rs 125 crore through sale of bonds in the market. The bonds would be placed privately to banks and financial institutions. The issue has been rated by ICRA at LA+(SO), ... More

RESTRUCTURING


HPL may ask for extension of Nov 30 deadline
WITH the beleaguered Haldia Petrochemicals Ltd (HPL) being caught in a Catch 22 type situation, efforts are on to approach the financial institutions and banks for an extension of the deadline given by them for injection of Rs 500 crore by ... More

Electrolux board okays AP plant closure
AS part of the restructuring plan, the board of directors of Electrolux Kelvinator Ltd (EKL), the Indian subsidiary of the Swedish white goods major, AB Electrolux, on Tuesday approved the closure of the Sanathnagar Compressor Plant in Andhra ... More

Consultant named for Air India, IA revamp
AS part of a major revamp exercise, Air India and Indian Airlines have jointly appointed a consultant to formalise a long-term business plan for the two airlines. According to the Minister of Civil Aviation, Mr Shahnawaz Hussain, the consultant ... More

Gillette to sell Geep battery business
GILLETTE India Ltd has got approval from its shareholders to divest from its non-alkaline business. The company had sought the requisite consent of shareholders by postal ballot under Section 192A of the Companies Act for sale of its Geep ... More

MERGERS & ACQUISITIONS


Grasim hearing today as SEBI makes its case
THE Securities and Exchange Board of India (SEBI) today filed an affidavit before the Securities Appellate Tribunal (SAT) - as instructed by the latter - to show that it has fresh evidence to investigate whether the Birlas obtained ... More

SEBI argument
MUMBAI: According to sources who claimed access to the SEBI affidavit, some of the points made by the regulator to support that Grasim had controlled L&T were; that Grasim recommended appointment of two directors on the board of L&T; that ... More

Lafarge still eyeing L&T's cement biz
THE Indian outfit of the French cement major, Lafarge, is quite keen to acquire the cement business of L&T once the management finalises the modus operandi of demerging it into a separate company. Industry sources said that Lafarge is still ... More

Aztec mandates ING to scout for buy-outs
INTERNET infrastructure software maker Aztec Software and Technology Services Ltd has mandated ING to scout for possible acquisitions. The company is currently in talks with a couple of such firms, according to its Chief Financial Officer, Mr ... More

Ranbaxy chief says due diligence not properly done
RANBAXY Laboratories' Chief Executive Officer (CEO), Mr D.S. Brar, has expressed concern over the quality of due diligence exercises that are being undertaken in the acquisition of Indian companies. "The due diligence done on some of the ... More

NPIL proposes merger with Global Bulk Drugs
THE board of directors of the pharma company, Nicholas Piramal India Ltd will consider a proposal to merge Global Bulk Drugs & Fine Chemicals Pvt Ltd with itself in its meeting on November 29. According to a press release, the proposal for ... More

SEBI to review `takeover code'
THE Securities and Exchange Board of India (SEBI) is expected to take a re-look at the provisions of the `takeover code' in view of the recent developments involving Larsen and Toubro and Grasim, and ACC and Gujarat Ambuja cases. The issue is ... More

REGULATORY BODIES & RULINGS


Cabinet approves Bill on company tribunals
THE setting up of the proposed National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) is in its final leg with the Union Cabinet giving its nod on Tuesday to the Companies (Amendment) Bill, 2001, which ... More

INTERVIEW


`Perform or perish' diktat has helped us: Indian Seamless MD
Indian Seamless is planning to increase its capacity from the present 1,90,000 tonnes to 2,50,000 tonnes within the next two years without any major investment. The investment would be to the tune of only Rs 15 crore which is to be carried out in a p hased manner and this would be utilised for equipment purchase. More

OUTLOOK


Himalaya looks to double turnover in 2 yrs
The herbal healthcare company is expected to end the financial year 2002-03 with a sales figure of Rs 325 crore as compared with Rs 250 crore last fiscal. Speaking to newspersons in Mumbai, Mr Ravi Prasad, President and Chief Executive ... More

M&M bets on Bolero Sportz
MAHINDRA & Mahindra Ltd (M&M) expects its new utility vehicle Bolero Sportz to drive up sales and help it gain a market share of 25 per cent in nine-12 months from the current level of 18 per cent in the segment where Bolero is positioned, the ... More

Sonata pins hopes on small, medium sectors
LAST year, the Indian IT market (minus hardware) actually grew by 20-25 per cent, said Sonata Information Tehcnology Ltd (SITL), Assistant Vice-President, Business Solutions Group, Mr Mayurnath. The Indian services market was pretty much ... More


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