The Hindu Business Line : Friday, January 03, 2003

HPL may assign pact with GAIL to banks — To raise Rs 17 cr for debt servicing
HALDIA Petrochemicals Ltd (HPL) may assign (legal transfer of a right) to some banks the agreement that it had signed with Gas Authority of India Ltd (GAIL) on December 31, 2002, to raise upfront some funds for the cash-strapped company. With ... More

ONGC mulls interim dividend this quarter
THE Prime Minister, Mr Atal Bihari Vajpayee, will deliver the key note address in the fifth Petrotech 2003, the biennial conference on the oil and gas industry, which will be inaugurated by the Union Petroleum Minister, Mr Ram Naik, here on ... More

Reliance raises polymer prices

ACCOUNTING STANDARDS

SEBI directs listed cos to do secretarial audit
The audit is aimed at reconciliation of total shares held in CSDL, NSDL and in physical form with the admitted, issued and listed capital of companies, says a SEBI release. More

PREFERENTIAL ALLOTMENTS

Jindal Polyester board to decide on pref shares
THE board of directors of Jindal Polyester Ltd (JPL) will now meet on January 6 to consider issuance of zero per cent Optionally Convertible Preference Shares up to Rs 35 crore to the promoters of the company and their associates on a ... More

RESTRUCTURING

ITC proposes unit to outsource agarbattis — Partnership soon with cottage sector
THE board of ITC Ltd, at its recent meeting here, has cleared a proposal, as part of the company's growing FMCG portfolio, for setting up a Strategic Business Unit for outsourcing agarbattis from the small scale sector. This has already ... More

MERGERS & ACQUISITIONS

Aurobindo shareholders okay Ranit, Calac merger
THE shareholders of Aurobindo Pharma Ltd (APL), the city-based Rs 1,050-crore pharmaceuticals major, have approved the proposal mooted by the company to amalgamate two of the group companies - Ranit Pharma Ltd and Calac Pvt Ltd - with the ... More

Citigroup may cut stake in Polaris to 40 pc
CITIGROUP Inc is likely to bring down its stake held in software maker Polaris Software Lab Ltd to a "little more than 40 per cent" from the current level of 47.36 per cent through selling shares to private equity funds who could offer more ... More

Patton raises stake in Tinplate to over 5%
THE city-based Patton Group has increased its shareholding in the Tinplate Company of India Ltd (TCIL) from 4.9 per cent to 5.01 per cent. Mr Sanjay Budhia, Managing Director of Patton Ltd, told Business Line that the move should not be ... More

REGULATORY BODIES & RULINGS

Ranbaxy seeks FDA nod for Ofloxacin sale
RANBAXY Laboratories Ltd has filed an application to sell a once-a-day version of the anti-infective, Ofloxacin, in the US. "We have filed the application with the US Food and Drug Administration on December 30," said Dr Rashmi H. Barbhaiya, ... More

ALLIANCES & JOINT VENTURES

French major in jt venture to make UPS
THE euro 150-million French power equipment SOCOMEC, known for its high-quality power supplies, industrial switching and protection for low voltage electrical installations, is adding one more feather to its two successful Indian joint ventures ... More

SICK UNITS

Sale of surplus mill lands in TN — NTC asks bidders to hike price quotes
The prices quoted by some bidders were said to be nearly 50 per cent below the minimum price fixed by NTC. More

OUTLOOK

Aban Loyd expects rig demand to rise
THE Chennai-based Aban Loyd Chiles Offshore Ltd, which offers rigs and floating production facility for offshore oil exploration and production, expects good demand for rigs in the near term, especially since the Oil and Natural Gas Corporation ... More

PEOPLE

Henrik Hauggaard appointed Tetra Pak MD

Ramesh Chandra is new ED of NHPC

NEW PRODUCTS & SERVICES

Eicher Jumbo 20.16 launched in Karnataka
EICHER Motors Ltd (EML) has launched its first heavy commercial vehicle `Eicher Jumbo 20.16' in Karnataka. The new product is the first heavy commercial vehicle to be designed and developed entirely in India. The Jumbo 20.16 offers several key ... More

IOC launches auto LPG in eastern India
BARELY three days after launching branded petrol called IOC Premium and a branded variant of high speed diesel christened Diesel Super, Indian Oil Corporation Ltd (IOC) today introduced for the first time in eastern India the Auto Gas, an ... More

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