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Friday, March 26, 2004

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ANNOUNCEMENTS
Wyeth shuts down Mumbai plant; `evaluating' options
WYETH Ltd has shut down its manufacturing facility in Mumbai and is "evaluating its options for the future". Mr R.R. Iyer, Managing Director, told Business Line that the facility was a chemical process plant and had about 200 persons ... More

Timex board to meet tomorrow
TIMEX Watches Ltd is considering allotting 1.57-crore preference shares of Rs 10 each to its parent company Timex Watches BV. The company's board would take a decision on this matter at a meeting scheduled on March 27. ... More

HUMAN RESOURCES
ONGC eyes staff from other oil retailing cos
EMPLOYEES jumping on to a rival bandwagon is an old bane, more familiar to fast-moving consumer goods (FMCG), banking and mutual fund companies. Even State-owned oil companies have seen their well-trained talent jump ship to private sector ... More

MERGERS & ACQUISITIONS
Crisil buys 9 pc stake in Caribbean rating agency
CRISIL, the rating agency, on Thursday announced the acquisition of nine per cent equity stake in the Caribbean Information and Credit Rating Agency Ltd. The Caribbean agency offers rating and other services to 19 countries including the ... More

GM kicks off due diligence at Daewoo facility
A GENERAL Motors (GM) team visited the Daewoo Motors facility at Surajpur on Thursday, kicking off the due diligence process to purchase the plant, according to sources. They added that the team, numbering more than a dozen, consisted of ... More

NEW PROJECTS
BHEL commissions gas turbine in Oman
BHARAT Heavy Electricals Ltd (BHEL), the public sector power equipment major, has achieved a new milestone in the overseas markets with the commissioning of its first new 70 MW `Advanced Class' gas turbine-based generating unit in the Sultanate ... More

Grand Hyatt opens in Mumbai
The 547-room five-star facility has been developed by the Mauritius-based Saraf Industries and will be managed by Hyatt International. Saraf Industries and Hyatt International both hold a stake in the property. According to the Managing ... More

ALLIANCES & JOINT VENTURES
Elder Pharma inks pact with French co for skincare products
THE concept of "dermoceuticals" may be in its infancy in India, but the Paris-based Laboratories Biorga feels that the Indian market is ready. The company has entered into an exclusive marketing tie-up with the Mumbai-based Elder Pharma to ... More

Tata Power to sign MoU with GAIL, BP for Dabhol bid
TATA Power Company Ltd (TPCL) is set to sign a tripartite agreement with GAIL (India) Ltd and British Petroleum later this month to jointly bid for Enron India's assets in Dabhol Power Company. Talking to the media here on Thursday, Mr Firdose ... More

Eicher, Andhra Bank join hands for farm finance
EICHER Tractors, a unit of Eicher Ltd, has entered into an agreement with Andhra Bank for retail financing of tractors to the farmers. Addressing newspersons here on Thursday, the Eicher Tractors Chief Executive, Mr A. Ramasubramanian, said ... More

SOCIETY & DEVELOPMENT
TVS Motor's initiative ensures clean drinking water for Hosur
HOSUR, a sprawling industrial township near Bangalore, which has been deprived of clean drinking water supply despite a dam built for the purpose, will no more face the problem thanks to an initiative taken by TVS Motor Company. For six years ... More

IPOS
Ramkrishna Forgings plans Rs 12.2-cr IPO
RAMKRISHNA Forgings Ltd (RKFL) is entering the market to raise Rs 12.2 crore through its initial public offer of 61.25 lakh equity shares at a price of Rs 20 (premium of Rs 10). The funds would be used for expanding the operations of the ... More

OUTLOOK
LG expects 50 pc sales from non-metros
LG Electronics expects over 50 per cent of its total revenues this year from semi-urban and rural markets and may consider floating an IPO once revenues cross Rs 10,000 crore. The LG Electronics Managing Director, Mr Kwang - Ro Kim, told ... More

PERFORMANCE
Tagore songs, Ray movies boost MusicWorld sales
TWO of the world's best known Bengalis - Rabindranath Tagore and Satyajit Ray - have not only proved to be among the State's best ambassadors but they are also helping the RPG group to make money through higher sales at their music retail ... More

Coal scarcity hits VSP production
OWING to continued shortage of imported coal and metallurgical coke, Visakhapatnam Steel Plant has been constrained to curtail its production till the coal supplies become normal, according to a VSP spokesman. Though the global steel industry ... More


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Looking back
Mar. 14-Mar. 20
ONGC to expand MRPL capacity by another 3 mt

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Coca-Cola's Kinley plant in Kerala hit by agitation

Bengal panel flays `undue financial assistance to cos'


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