CORPORATE
ANNOUNCEMENTS
Reliance Energy plans to raise foreign investment limit
RELIANCE Energy proposes to increase the limit for foreign investors to 49 per cent of the company's capital. The company will seek shareholder approval for increasing the limit at an extraordinary general meeting to be held on March 22, ...
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Ramky group to build waste management complex in Bangalore
RAMKY Group, a leading infrastructure and waste management company operating out of Hyderabad, is all set to build the country's first integrated municipal solid waste management complex in Bangalore City. The Bangalore Mahanagar Palika (BMP) ...
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Varun Shipping buys LPG carrier
VARUN Shipping Co Ltd acquired its fifth LPG carrier, making it the owner of India's largest LPG fleet accounting for 65 per cent of the total LPG tonnage at present operating under the Indian flag. The new vessel, Maharshi Shivatreya, has a ...
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LG India to get rid of `excess' shareholders
LG Electronics India Ltd (LGEIL), the Indian arm of LG, has now decided to rid itself of "excess" individual shareholders in order to retain its original shareholding pattern. The need arose following the merger of the telecommunications ...
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Reliance hikes polyester prices
RELIANCE Industries Ltd has raised prices of fibre intermediate and polyester products for March 2004. Analysts say the increase is a result of the growing international demand for petrochemicals and improved demand within India for naphtha, ...
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AWARDS & HONOURS
Hindustan Latex bags industrial safety award
HINDUSTAN Latex Ltd has won the industrial safety award of National Safety Council, Kerala Chapter, for industries other than those in the chemical and engineering sectors in the large industries category. The company won the CRL Rolling Trophy ...
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AUDITING
RBI to postpone implementing revised norms for audit firms
THE Reserve Bank of India has decided to defer the implementation of the revised empanelment and categorisation norms for audit firms to be considered as statutory central or branch auditors of 27 public sector banks, for a period of one year. ...
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MERGERS & ACQUISITIONS
United Phosphorus buys 20% in Cropserve
UNITED Phosphorus Ltd has acquired 20 per cent stake in Cropserve, a company based in South Africa. At present, the said company is marketing various agro chemicals of different companies in Zambia, Zimbabwe, Malawi, Mozambique. "This ...
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Rourkela biz men acquire 59 pc in Raasi Refractories
TWO of the Rourkela-based industrialists specialising in iron and steel business have acquired over 59 per cent stake in Raasi Refractories Ltd (RRL), the Hyderabad-based ailing refractory bricks manufacturer belonging to the Raasi ...
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NEW PROJECTS
Elegant sets up shop in Nagpur
ELEGANT Publicities, a Chennai-headquartered advertising agency, which only recently completed 50 years in business, has set up its branch office in Nagpur. The agency, which earned revenues of Rs 7 crore last year and expects to add ...
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ALLIANCES & JOINT VENTURES
German major Rethmann, Seaways team up for projects in India
GERMAN logistics major, the $2.6-billion Rethmann Group, which also has interests in bio-technology and waste management, has tied up with Hyderabad-based Seaways Group for taking up projects in these sectors in India. The two companies are ...
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AQUAS to sign joint venture pact with Icrisat
AVASTHAGEN Quality Agriculture Services Pvt Ltd (AQUAS) and the International Crops Research Institute for Semi-Arid Tropics (Icrisat) will sign a joint venture agreement this month, according to the AQUAS Chief Executive Officer, Dr Viloo ...
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SOCIETY & DEVELOPMENT
AP corporates pledge help to RDF
HYDERABAD: Leading corporate houses, which include Dr Reddy's Laboratories and HSBC (India), have promised to support the Rural Development Foundation (RDF) in implementing its developmental plans. At a fund-raising dinner hosted by the ...
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IPOS
Biocon issue won't drown in IPO deluge: Mazumdar-Shaw
IN a market that is already believed to be inundated with too many public issues, what lies ahead for biotech company Biocon Ltd, whose IPO process kicks off on March 11? "Biocon is a differentiated story and we believe that there is enough ...
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DIVERSIFICATION
Satnam Overseas to diversify product range
SATNAM Overseas Ltd, manufacturer of Kohinoor brand of Basmati rice, is diversifying its product range to other food products to emerge as a leading food company by 2005, according to the Director of Satnam Overseas Ltd, New Delhi, Mr Nitin ...
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OUTLOOK
ONGC Videsh looking to tap Latin America
OIL & Natural Gas Corporation Ltd (ONGC), through its wholly-owned subsidiary ONGC Videsh Ltd, is on the lookout for exploration opportunities in Latin America. The oil exploration major is looking for exploration contracts in Chile, Cuba, ...
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L&T bullish on UAE projects
LARSEN & Toubro Ltd is focussing on major integrated EPC projects in the UAE and other Gulf states after it recently bagged two contracts valued at $55 million (about Rs 250 crore) in Abu Dhabi, according to a senior company official. Mr K. ...
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Increasing competition — GM pegs Vectra, Forester sales at 2003 level
TOUGH competition has forced General Motors to peg the sales target for its CBUs, Opel Vectra and Chevrolet Forester to the previous year's level. "There is too much competition in their respective segments because of newer models being ...
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PERFORMANCE
TVS Motor sales up 4%
TVS Motor Company sold 96,408 two-wheelers in February compared with 92,951 in the same month last year, recording a four per cent rise. However, the company sold fewer motorcycles during the month — 59,286 units compared with 61,265 ...
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Honda Siel car sales rise
HONDA Siel Cars India Ltd on Monday said its car sales have jumped by 752 per cent in February 2004, with sales of the new-look City and Accord going strong. The company sold a total of 2,691 units of its new City, Accord and CR-V models ...
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Ambition drives Hero Honda sales up
LEADING two-wheeler manufacturer Hero Honda on Monday said that its volumes jumped by 52 per cent in February 2004 to 2,04,555 units from 1,34,763 units in the same month last year. According to the company, its recently launched models, ...
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Bajaj Auto records higher sales
Bajaj Auto Ltd on Monday reported a rise of 11 per cent in total sales of two- and three-wheelers to 1,26,678 units for February, against the previous corresponding 1,14,414 units. According to an official statement, two-wheeler sales rose six ...
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PEOPLE
R.P. Singh new MD of Bhilai Steel Plant
TRENDS
Borrowing spree in the offshore turf
AS one more measure of feel-good, it can be said that Indian offshore loan market has performed well, going by the latest statistics culled from Basis Point Annual, 2004 (www.basispoint.net). This, in spite of a dismal performance by ...
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