CORPORATE
ANNOUNCEMENTS
A.L. Mudaliar steps down as Bata India chief
He has been a member of the Bata board for nearly two decades and Chairman since 1989. Mr Constantin Salameh, Director, Business Development, BSO Worldwide, has been inducted by the board and appointed acting Chairman. Mr Chandu Morzaria, ...
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Mitsubishi working on new car for India
MITSUBISHI is planning to launch a new car in the executive segment which could hit the road in a year's time. The Hindustan Motors Chief General Manager for Marketing, Mr K Chandran, told a press conference that work has started on launching a ...
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BHEL bags ONGC equipment contract
BHARAT Heavy Electricals Ltd (BHEL) has bagged the single largest contract from the Oil and Natural Gas Corporation (ONGC) for the supply of wellhead assemblies, christmas tree valves and gate valves, all of which are critical equipment used in ...
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GSPC issues LI to Saipem for offshore oil rig
GUJARAT State Petroleum Corporation (GSPC) has issued a Letter of Intent (LoI) to Saipem SPA, part of ENI, Italy for hiring out its oilrig for a period of 200 days. The rig, Saipem Perro Negro III, would has been contracted for drilling four ...
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BG India to invest $140 m in Panna
BRITISH oil major BG India on Thursday said it would, with partners ONGC and Reliance, invest $140 million for expansion and incremental oil recovery from the Panna oil field in India's western offshore. The development plan comprises ...
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Century delists from DSE
MUMBAI: Century Textiles and Industries Ltd has informed Bombay Stock Exchange that the Delhi Stock Exchange has delisted its equity shares of the company from the exchange with effect from March 8. ...
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TAXATION
TN chamber obtains interim stay on 5 pc electricity tax
THE Tamilnadu Chamber of Commerce and Industry has obtained an interim stay over its writ appeal filed before the Madras High Court Bench, restraining the Tamil Nadu Electricity Board from levying, demanding and collecting five per cent ...
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WATER
CPCL demo plant to produce water from sewage
CHENNAI Petroleum Corporation Ltd has set up a demonstration plant that can treat municipal sewage and produce one million litres of water a day. The plant, set up at a cost of Rs 60 lakh, was inaugurated today by Dr R.A. Mashelkar, Director ...
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CORPORATE BONDS
ICRA assigns highest safety rating to GAIL bonds
ICRA has assigned a `LAAA' rating, indicating the highest safety, to the Rs 1,000-crore non-convertible bonds (NCD) programme of GAIL (India) Ltd. The LAAA rating earlier assigned to the company's Rs 500-crore bonds programme has also been ...
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Emirates launches eurobond issue
EMIRATES airline on Wednesday announced that the debut eurobond issue for the airline is being launched at $500 million. The issue will be a floating rate note with a tenure of seven years and will pay a margin of 0.80 per cent over six ...
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RESTRUCTURING
NIIT to spin off software biz — Targets US, Europe to grow education division
NIIT Ltd has said it will get into the US and European markets to offer knowledge solutions, after the software business is hived off to a separate company. "So far we've been focussing on markets in developing countries. After the spin-off, ...
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ABB board okays sale of control valve biz
THE board of ABB India Ltd, the local arm of the Swiss-Swedish engineering major ABB Ltd, has approved a proposal to sell the company's control valve unit in India, ABB said in a statement to the Bombay Stock Exchange. The sale plan was in ...
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MERGERS & ACQUISITIONS
ACC pact for stake buy
MUMBAI: ACC has reached a non-binding agreement with UTI Mutual Fund to buy out their entire 13.3 per cent shareholding in Bargarh Cement (formerly Idcol Cement) for a total consideration of Rs 26.85 crore. It expects the transaction to be ...
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NEW PROJECTS
DBS opens office in Hyderabad, Kolkata
DBS Office Business Centers is expanding its network in the country. It has opened offices in Hyderabad and Kolkata. Ms Perveez Aggarwal, Managing Director, DBS Office Business Centres, said that the company has invested around Rs 6 crore in ...
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Yuksom Breweries plans to go beyond N-E
YUKSOM Breweries, which ranks among the largest beer producing companies in the North-East, proposes to increase its production capacity with a view to catering to larger markets, including a few major ones abroad. The company, which now ...
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Rolls Royce in talks with Reliance for gas kit supply
THE UK-based Rolls Royce has begun discussions with Reliance Industries Ltd for supply of equipment for distributing gas to end users and power generation. Speaking to reporters here on Thursday, Mr Tim Jones, Managing Director, Rolls Royce ...
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Petronet proposes terminal at Mangalore — Hopes to team up with ONGC
PETRONET LNG Ltd (PLL) is planning to set up a five-million-tonne liquefied natural gas (LNG) import terminal at Mangalore, literally in the backyard of likely customer Mangalore Refineries and Petrochemicals Ltd (MRPL). Petronet, which just ...
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Netafim to expand, set up plant in AP
THE Vadodara-based Irrigations Solutions Provider, Netafim Irrigation India Pvt Ltd, has firmed up plans to hike its plant capacity in Gujarat for the production of drip irrigation facilitating pipes and set up a new unit in Andhra Pradesh. A ...
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Matrix Labs gets US nod for second unit
MATRIX Laboratories Ltd (MLL), the Hyderabad-based active pharmaceutical ingredients (APIs) major, has received the United States Food and Drug Administration (USFDA) approval for its manufacturing facility located at Jeedimetla near here. The ...
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ALLIANCES & JOINT VENTURES
Dodsal bags order for petro products supply in Afghanistan
INTERNATIONAL Petroleum and Trading FZCO, IPT, a subsidiary of the Dodsal Group, has signed a landmark private sector agreement for a period of 49 years, giving IPT the rights for import, storage, supply and distribution and sale of petroleum ...
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IPOS
Proalgen Biotech to come out with IPO
PROALGEN Biotech, which makes carotenoids from algae, is to shortly come out with a public issue of equity shares to raise Rs 15.40 crore in order to expand its manufacturing capacity. At a press conference today, Mr N.S. Balamukundan, ...
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RIGHTS ISSUE
Varun Shipping plans rights, global offering
VARUN Shipping Ltd, owners of the country's largest LPG fleet, has plans to come out with a rights issue as well as an international public offering to part finance its $60 million (around Rs 271 crore) capital expenditure programme. According ...
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SHAREHOLDER ACTIVISM
Proposed share sale to Bajaj Auto — Maharashtra Scooters shareholders seek fair returns
THE Maharashtra Scooters Minority-shareholders' Association (MSMA), representing small investors aggrieved by the State's proposed sale of equity in the company to Bajaj Auto Ltd (BAL), has called for safeguards to ensure equitable returns to all ...
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OUTLOOK
Nicholas Piramal profit `to take Rs 50 lakh hit'
MUMBAI-BASED pharma major Nicholas Piramal India Ltd has saiday that its annual profit would be lower by Rs 50 lakh due to the price cut on certain drugs and formulations effected by the Government earlier this month. Through its notification ...
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LG Elec looks at Rs 7,000-cr turnover
LG ELECTRONICS India Pvt Ltd has targeted sales of five lakh GSM mobile handsets in the current calendar year. This will translate into revenues of Rs 350 crore, according to Mr K.R. Kim, Managing Director of LG Electronics India Pvt Ltd. The ...
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Hyundai all set to ship Santro to Mexico
HYUNDAI Motor India is all set to export its best-selling car, Santro, to Mexico. In Mexico, the Santro will be badged as Dodge Atos. Dodge as a brand belongs to DaimlerChrysler, which has a 10 per cent stake in Hyundai Motor India's parent, ...
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Steelage hopes to double turnover
GUNNEBO Asia Pacific, a security solutions company, is looking to triple its turnover by three times in three years to euro 150 million. Steelage Industries Ltd, a subsidiary of the Gunnebo Security Group, has a similar task to double its Rs ...
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