Financial Daily from THE HINDU group of publications
Thursday, October 16, 2003
Markets (Oct. 15)
BL 2501701.97 (+13.14)
BSE Sensex4855.26 (+73.23)
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US Dollar (Buy/Sell)45.64/45.78
Gold Std (10 gm)5665 (+20)

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CORPORATE

MODERNISATION


Kochi Refineries on modernisation path
THE detailed feasibility report (DFR) for the second phase of modernisation of Kochi Refineries Ltd (KRL), upgradation of auto fuels to Euro III quality and capacity expansion to 10 million tonnes per annum (MTPA) involving a total investment of ... More

ACCIDENTS


GNFC plant mishap claims 5 lives
AN explosion that rocked the nitrophosphate complex of Gujarat Narmada Valley Fertilizers Company (GNFC) in the south Gujarat district of Bharuch on Tuesday night has claimed the lives of five men, including three GNFC employees and two contract ... More

ANNOUNCEMENTS


Jai Balaji to float Rs 10-cr IPO
THE Kolkata-based Jai Balaji Sponge Ltd is coming out with its maiden public issue of one-crore equity shares of Rs 10 each for cash at par. The Rs 10-crore issue opens on October 21 and closes by the month-end. The amount payable on ... More

BSES gets 50 offers for power purchase plan
BSES Ltd has received around 50 responses to its tenders for purchase of surplus power from independent power producers and captive power plants across the country amounting to around 2,000 MW. Mr Anil Ambani, Chairman and Managing Director, ... More

BSES to introduce pre-paid power
BSES Ltd plans to introduce pre-paid power meters in Mumbai within the "next few months". The project will be the first of its kind in India. The meters will enable retail consumers to buy power according to their budget and will also ensure ... More

Shriram group strikes it rich in Hi-Tech Arai deal
THE Chennai-based Shriram group has sold its 44.8 per cent stake in Hi-Tech Arai Ltd to Arai Seisakusho of Japan, for Rs 18.81 crore. Back in 1988, the group had invested Rs 2.5 crore in the company's Rs 5.6 crore equity — so the group ... More

Astec Valve gets Dh1 m orders for `GasFuse' product
ASTEC Valve and Fitting Company (AVFC) has received orders worth an estimated Dh 1 million, for its innovative `GasFuse' product launched at the Arab Oil and Gas Show (OGS) currently under way in Dubai. The new product is a pressure safety ... More

Kopran product bags US patent
KOPRAN has received approval from the patent office of the US for its new chemical entity (NCE), KNC-6. The patent was filed in September 2001. According to a company release, KNC-6 is a dual action anti-ulcerant with significant ani-secretory ... More

OUTSOURCING


Caterpillar to increase sourcing from India
CONSTRUCTION equipment major Caterpillar Inc plans to increase sourcing of products from its Indian subsidiary as part of its strategy. ``We plan to sell our products produced at Indian units in global markets. Also, we have already commenced ... More

AWARDS & HONOURS


Natco gets DSIR award
HYDERABAD: Natco Pharma Ltd (NPL), the Hyderabad-based pharmaceutical company known for its time-release technology, has been selected for the award of Department of Scientific and Industrial Research (DSIR) for its research and ... More

FINANCIAL PERFORMANCE


BSES net jumps to Rs 88.83 cr in Q2
HIGHER revenues from the EPC business and a steep rise in other income have enabled BSES Ltd to report a 134 per cent jump in net profit at Rs 88.83 crore (Rs 37.97 crore) for the quarter ended September 30, 2003, despite a marginal fall in net ... More

  • Padmalaya Tele Q2 net up

    MERGERS & ACQUISITIONS


    Micro Labs acquires Dr Reddy's Pondy plant
    MICRO Labs has acquired a formulations plant at Pondicherry from Dr Reddy's Labs. The company already has a facility close to the acquired one, which will supplement its manufacture of capsules and tablets, according to a release. "The main ... More

    NEW PROJECTS


    Bikanervala to set up units in Canada, Dubai
    IT is probably the first instance of a local halwai establishing an overseas production base. The Delhi-based Bikanervala Foods Pvt Ltd is in the process of setting full-fledged units for manufacturing traditional Indian sweets and namkeens ... More

    Voltas sets up shop in Dubai
    VOLTAS Ltd, which has pre-qualified for several major new projects in Dubai emirate, has recently opened a new office in Dubai to build on its success in Abu Dhabi and tap the potentially large market for its expertise in other parts of the ... More

    Chinese ceramic co to set up unit in Gujarat
    Foshan NewMay Ceramic Co Ltd, a Chinese company, has signed an MoU in the Gujarat capital to set up a Rs 55-crore vitrified ceramic tile manufacturing company here. It is the proposal of the Chinese company to set up a manufacturing unit in ... More

    Le Meridien hotels at Ahmedabad, Kovalam, Jaipur soon
    Le Meridien already manages properties in six major gateway cities of the country, Bangalore, Chennai, Cochin, Mumbai, Pune and New Delhi. More

    REGULATORY BODIES & RULINGS


    Tata group cos exempted from open offer for TFL
    THE Securities and Exchange Board of India (SEBI) exempted the two Tata group companies from making an open offer for Tata Finance Ltd (TFL) shares as it accepted the latter's plea of special circumstances surrounding the acquisition. In ... More

    ALLIANCES & JOINT VENTURES


    Strides signs supply pact with Japanese co
    STRIDES Arcolab has signed a development and manufacturing agreement with SORM Co of Japan for long-term supply of generic drugs, OTC and nutraceutical products. The two will set up a joint venture company for generic drugs in Japan and ... More

    Genome, Shasun in bioinformatics deal
    THE US-based Genome Technologies has entered into a bioinformatics deal with Shasun Chemicals and Drugs on the heels of cost advantages offered by India. Genome and Shasun would establish a new company in India to carry out bioinformatics work. ... More

    EVENTS


    FMCG majors brainstorm to ease supply-chain bottlenecks
    THE significance of product tracking and recall could not have been emphasised more - even as the consumer grapples with issues such as worm-infested chocolates or pesticide-laced soft drinks. And it is precisely such supply chain ... More

  • Cost management workshop by Kerala-CII

    SICK UNITS


    FACT revival: Time running out?
    IF the Centre does not implement a revival package of Fertilisers and Chemicals Travancore Ltd (FACT) or if the company is not converted into a multi state cooperative society before the company's annual general meeting scheduled for December 18, ... More

    Rival unions clash; Chittivalasa mill locked out again
    TENSION gripped the Chittivalasa jute mill at Tagarapuvalasa in Visakhapatnam district on Tuesday evening, as rival unions affiliated to the CITU and the AITUC clashed and the mill management declared a lockout in view of the situation. Nine ... More

    OUTLOOK


    RSP's new mantra to achieve 100% capacity utilisation
    REGISTER 100 per cent capacity utilisation during the month and earn Rs 100 more at the end of it. This is the mantra that has pepped up 19,000 employees out of the total workforce of 24,000 at Rourkela Steel Plant (RSP) to produce more and ... More

    PERFORMANCE


    Everest on growth path; plans fresh investments
    THE acquisition of the stake of Etex Group, Belgium, in Everest Industries Ltd (EIL) by ACC seems to have had a profound influence on the fortunes of the company, which has turned the corner and is now making fresh investments to boost ... More

    Alloy Steel's saleable steel output up 15 pc
    ALLOY Steels Plant (ASP) has registered substantial growth in its production during the first half of the current financial year 2003-'04. According to a company press release, production of saleable steel has increased by 15 per cent to 52,799 ... More

    PEOPLE


    New Ranbaxy CFO
    NEW DELHI: Ranbaxy Labs has informed the BSE that Mr Ram S. Ramasundar has joined as Executive Vice-President (Finance) & CFO designate. He will take over as CFO from Mr Vinay Kaul, who retires on December 31. ... More
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    For this Iraqi, it's thank you Bush

    Vietnam set to overtake India in rice export — Halt in shipments, dwindling stocks

    Pharma export up 21pc, says report

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    Now, a musical threat from Pak

    No trickledown yet of falling rates

    In Focus
    Cola Controversy
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    In Depth
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    Looking back
    Oct. 5-Oct. 11
    No directions yet on biogenerics

    GAIL to unbundle sourcing, marketing

    Tata Motors sales up 49.8 pc in Sept


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