CORPORATE
ANNOUNCEMENTS
Cadila Pharma likely to acquire US co
THE Ahmedabad-based Cadila Pharmaceuticals Ltd, which is looking at growth through mergers and acquisitions, is in advanced stages of negotiations for acquiring a company in the US. This is part of the company's strategy for achieving a ...
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Dr Reddy's diabetic drug set to enter phase-3 trials
WITH a research and development (R&D) budget of Rs 165 crore during 2003-04, three drugs in phase-2 clinical trials and more than half a dozen ANDA filings in the US, Dr Reddy's Laboratories, is upbeat about its `discovery driven' research ...
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Sirpur Paper mulls fund raising
HYDERABAD: Sirpur Paper Mills Ltd has informed stock exchanges that its board of directors will meet on January 23 to consider raising of funds for an expansion and modernisation project by issue of ordinary shares, warrants, debentures, ...
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Kennametal cuts product prices
BANGALORE: Kennametal Widia India Ltd, a major metal working player, has said that it has cut its prices of fully imported products following the duty reductions announced by the Government recently. The price cut helped in passing on ...
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Haria EGM postponed
MUMBAI: Haria Exports Ltd has informed the BSE that the extra-ordinary general meeting fixed for bonus issue on January 28, has been postponed to February 10. ...
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Radaan plans to split shares
CHENNAI: Radaan Mediaworks India Ltd plans to split its Rs 10 shares into Rs 2 shares. Company officials said that this would improve the liquidity of the company and make the shares more affordable to small investors. The ...
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PREFERENTIAL ALLOTMENTS
Suryalata to consider CRPS
MUMBAI: Suryalata Spinning Mills Ltd has informed the Bombay Stock Exchange that a meeting of the company's board of directors will be held on January 19, inter alia to consider the allotment of cumulative redeemable preference ...
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OUTSOURCING
MNCs to outsource auto components worth $ 1.3 b
MAJOR global multinational players Electrolux, Caterpillar, Kautex Textron and Eaton plan to outsource auto components worth more than $ 1.3 billion by 2005 from Indian component suppliers. This was disclosed at the global outsourcing summit ...
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MERGERS & ACQUISITIONS
Gulf Oil Corpn close to buying pharma unit
GULF Oil Corporation is close to acquiring a pharmaceutical company based in Hyderabad. Sources, who disclosed this, however did not want to give any further information, pending completion of all formalities of the deal. They said that the ...
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Pioneer gets nod for merger of Salzer, JJ Textiles
PIONEER Embroideries Ltd has finally got the approval of the Bombay High Court for merger of the Coimbatore-based Salzer Textiles and JJ Textiles (another closely held, unlisted company) with it. "We got the approval only last evening. We will ...
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La-Mere nod for merger
MUMBAI: La-Mere Apparels Ltd has informed the Bombay Stock Exchange that the board meeting held on January 9 approved the amalgamation of San Blue Enterprises Pvt. Ltd (a 100 per cent wholly-owned subsidiary) with the company, subject to ...
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NEW PROJECTS
Chinese bikemaker Lifan to set up facility here
THE Rs 22,000-crore Lifan Group, which is based in China, is planning to set up a facility in India to produce its range of motorcycles. "The facility will be set up either via a joint venture with a local partner or through a fully-owned ...
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Mico plans to make CRDi gear in India
AUTO ancillary maker Mico is firming up plans to manufacture common rail direct injection (CRDi) equipment in India that could see drop in sales of its flagship brand, the inline pumps, the heart of most diesel vehicles in the country. In ...
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Danish shoe major ECCO to set foot in India
THE Danish shoe major, ECCO, plans to set its footprint in the fast-growing Indian shoe market by September this year. The euro 450-million ECCO group, which produces over 11 million pairs of shoes annually and is owned by the Toosbuy family, ...
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Parenteral Drugs plans 2 new plants
PARENTERAL Drugs (India) Ltd plans to set up two manufacturing facilities for drugs and pharmaceuticals in Himachal Pradesh and Andhra Pradesh. While the first plant would be set up in Himachal Pradesh, the second plant would be in Andhra ...
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REGULATORY BODIES & RULINGS
Foreign cos can set up subsidiaries in SEZs
THE Reserve Bank of India has granted general permission to foreign companies to establish branch offices/subsidiaries in special economic zones (SEZs). These companies may undertake manufacturing and service activities, subject to certain ...
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DIVERSIFICATION
Weikfield to set up Infopark
JELLY, custard powder, mushroom and now into IT sector. The Pune-based Weikfield Group has joined hands with Vascon Engineers, players in the construction and real estate segment, to set up the Vascon-Weikfield IT-Citi Infopark. Talking to ...
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OUTLOOK
ONGC bets on new drilling operations
WITH a staggering $800,000 per day spent on deep water drilling, Oil and Natural Gas Corporation (ONGC) expects to find promising reserves from its ongoing campaign involving three drill ships over the next three years. The campaign involves ...
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ECONOMIC OFFENCES
Fastow guilty plea seen as a breakthrough
THE guilty plea agreed upon by one of the top Enron executives, Mr Andrew Fastow, has lent hopes to the Justice Department and officials at the Securities and Exchange Commission that bigger fishes like Mr Jeffrey Skilling and Mr Kenneth Lay at ...
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PEOPLE
Castrol India new director
MUMBAI: Castrol India Ltd has informed the BSE that Mr Philip J. Hughes was nominated by Castrol Ltd UK with effect from January 9, as a director of the company in the place of Mr D. Hulf. On Mr Hulf ceasing to be a director, his ...
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