The Hindu Business Line : Thursday, December 11, 2003

BHEL centre for excellence
MADURAI: Bharat Heavy Electricals Ltd (BHEL) is a setting up a centre for excellence in computational fluid dynamics (CFD) with wide ranging applications at its corporate research and development division at Hyderabad. According to Mr ... More

ANNOUNCEMENTS

NEI bags Rs 4-cr order from US co
NATIONAL Engineering Industries Ltd (NEI), a GP-CK Birla group company, today announced that it bagged an export order worth Rs 4 crore from a US major - Brenco. A technical partner of NEI, Brenco will outsource 7,000 units of 6X11 ... More

Bharat Forge to raise Rs 350 cr for expansion
THE board of Bharat Forge Ltd (BFL) today approved raising long-term resources of up to Rs 350 crore, subject to other requisite clearances. "The structure to be used for the said funding will be decided in due course," the company's statement ... More

Madras Cement interim

OPEN OFFERS

HSBC Sec cleared in Modi Rubber open offer case
THE Securities and Exchange Board of India (SEBI) today absolved HSBC Securities of any negligence while acting as merchant bankers to the public offer made in June 2001 by Mr V.K. Modi and others to acquire shares representing 35 per cent equity ... More

CORPORATE DISPUTES

Oil PSUs agree to pay Rs 150-cr dues to RIL
AFTER a six month-long dispute, the public sector oil marketing companies have agreed to pay around Rs 150 crore to Reliance Industries Ltd(RIL) as arrears on purchase of LPG and kerosene from its refinery from April-June this year. For ... More

AWARDS & HONOURS

Surya Roshni bags award for energy management
SURYA Roshni Ltd, one of the largest manufacturers of lighting products, was recently felicitated for its contribution towards energy conservation at a function organised by the Confederation of Indian Industry (CII) and Godrej GBC to identify ... More

INSIGHT

Dysfunctional financial activism
The arguments of information and investment activists are aimed at altering the flow of information or cash flows or both from closely-held companies. These arguments assume that the right to privacy is negotiable and somehow ignore the more importan t contribution that closely-held companies make through expanding employment and enlarging the basket of goods and services, says G. Ramachandran. More

TAXATION

PHDCCI for cut in corporate tax rate
THE PHD Chamber of Commerce and Industry (PHDCCI) has suggested that the corporate tax rate for resident companies be lowered to 30 per cent (with no surcharge). In its pre-budget memorandum submitted to the Finance Minister, Mr Jaswant Singh, ... More

MANPOWER

Moderate response to CESC's retirement scheme
CESC Ltd, the RPG-controlled power utility, will require about Rs 100 crore to meet its voluntary retirement scheme obligations. The scheme closed on December 5 with 2,300 applications, which is nearly 50 per cent short of the target of ... More

RESTRUCTURING

Goodricke selling off unviable tea estates
GOODRICKE Group Ltd is restructuring its operations in Darjeeling by selling off unviable tea estates and simultaneously trying to acquire good tea gardens. Recently, the company sold four of its 13 estates in Darjeeling to the city-based ... More

Eicher recast plan more to synergise operations
THE proposed restructuring of Eicher Ltd and Eicher Motors Ltd (EML) appears targeted at better leveraging the synergies that exist between the two and to harvest the benefits that tend to be available to large (over Rs 1,000-crore) ... More

MERGERS & ACQUISITIONS

GG Auto board to take up US co acquisition on Dec 18
GG Automotive Gears Ltd, which informed the BSE on Tuesday about ongoing negotiations to acquire a US company, today said its board will meet on December 18 to consider carrying out a due diligence. The US firm is involved in manufacturing high ... More

Forbes Gokak to merge arms

CORPORATE GOVERNANCE

Cabinet nod to amend CAs Act
THE Union Cabinet on Wednesday gave its nod to a Bill that seeks to amend the Chartered Accountants Act, Cost and Works Accountants Act and the Company Secretaries Act. The Bill aims to improve the functioning of the professional firms in the ... More

NEW PROJECTS

Biological E plans Rs 100-cr expansion — To focus on innovative formulations
BIOLOGICAL E Ltd (BE) is firming up various initiatives to meet the challenges and exploit opportunities emerging for the pharmaceutical industry after 2005. Banking heavily on its biotechnology capabilities, the company has embarked on a Rs ... More

ALLIANCES & JOINT VENTURES

Zee, Rajshri Pictures in pact for film distribution
ZEE Telefilms Ltd (ZTL) has entered into a tie-up with Rajshri Pictures Ltd for domestic distribution of Hindi and other language films throughout the country. The tie-up does not involve equity participation. Zee-Rajshri Film Distribution will ... More

SOCIETY & DEVELOPMENT

LG gesture to social cause
COMMITTED to the cause of corporate social responsibility, the consumer electronics and durables major LG Electronics India Pvt Ltd has pledged Rs 25 lakh to the efforts to improve the lot of disadvantaged children. Announcing its partnership ... More

Radio City's gesture

BONUS ANNOUNCEMENTS

Rane Brake shareholders okay bonus issue
SHAREHOLDERS of Rane Brake Linings Ltd on Wednesday approved a resolution to issue bonus shares. The bonus issue will transfer Rs 3.6 crore out of the company's general reserve into the share capital. (Thus, the Rs 3.6 crore can no longer be ... More

OUTLOOK

Nicholas Piramal looking for buyers for tail-brands: Ajay
WITH a string of acquisitions and joint ventures in its kitty, is the Rs 1,100-crore Nicholas Piramal India Ltd (NPIL) spreading itself too thin? Though there is a strategy behind its acquisition spree, the company has nevertheless rationalised ... More

ITC hopes to garner 4 pc share of biscuit market with Sunfeast
THE foods division of ITC hopes to capture at least 4 per cent market share in branded biscuits by the end of the financial year. This was stated by Mr Pankaj K. Garg, Branch Manager of ITC - Foods Division, here on Tuesday on the occasion ... More