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Friday, April 09, 2004

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CORPORATE

ANNOUNCEMENTS
Grant Thornton opens office in Bangalore
GRANT Thornton International (GTI), world's fifth largest accounting firm and a global leader in providing assurance, tax and specialist advice to entrepreneurial businesses and their owners, on Thursday announced the opening of its office here. ... More

Srinagar Centaur becomes operational
IN a move which is likely to benefit not only Air India but also tourists going to Srinagar, the Centaur Hotel in the city has now become operational offering visitors not only rooms but also convention facilities. Senior officials of the ... More

Sun Pharma board okays to raise funds
THE board of Mumbai-based Sun Pharmaceuticals Industries Ltd has approved an enabling provision to raise funds up to a maximum of $350 million or Rs 1,525 crore. In a communication to the Bombay Stock Exchange (BSE) on Thursday, the company ... More

Indo Rama cuts PSF price
POLYESTER manufacturer, Indo Rama Synthetics (I) Ltd (IRSL), has, from April 1, reduced the basic price of its 1.2 denier polyester staple fibre (PSF) to Rs 63.75 per kg. The price level of PSF stood at Rs 64.50 per kg as on March 1 this ... More

CORPORATE DISPUTES
Natco Pharma may move SC on marketing rights for cancer drug
AGGRIEVED over the move of the Delhi High Court on Tuesday of disposing off the case on the issue of exclusive marketing rights (EMR), Natco Pharma Ltd (NPL) said it "would be examining various options available to it under the ... More

COURTS/LEGAL ISSUES
Vindicates our stand on deposit issue: Mardia
THE man who dons the dubious tag of the Indian banking industry's leading defaulter, Mr Rasiklal S Mardia has always had a penchant to view things differently. Even as the Supreme Court upheld the validity of the Securitisation and ... More

Kerala HC puts brakes on ICVL divestment proceedings
THE Kerala High Court has ordered that further proceedings in the disinvestment of the Palakkad-based Instrumentation Control Valves Ltd (ICVL) would be subject to further orders on a writ petition challenging the disinvestment of 51 per cent of ... More

US Court gives clean chit to Ranbaxy on Ceftin patent dispute
A US Court has found that Ranbaxy Laboratories Ltd's Cefuroxime Axetil product, a generic version of GlaxoSmithKline's (GSK) antibiotic Ceftin, did not infringe Glaxo's patent. As a result, the Indian drug maker will not have to pay any damages ... More

STOCKS
Draft norms on delisting made public
THE Securities and Exchange Board of India is seeking to delist the shares of companies where public shareholding in a company falls below the minimum level specified in the listing agreement. This is part of the draft report of the Securities ... More

MERGERS & ACQUISITIONS
ONGC Videsh to buy Shell stake in Angola
ONGC Videsh Ltd on Wednesday announced that it has reached an agreement with the Royal Dutch/Shell group to buy a 50 per cent stake in an offshore oil field in Angola for $600 million. ONGC Videsh, the subsidiary of the country's biggest state ... More

ALLIANCES & JOINT VENTURES
GAIL, DuPont in pact for selling pipe coating system
GAIL (India) Ltd and DuPont India on Thursday signed a marketing alliance for selling the DDG system, according to an official release. The DDG system comprises DuPont's Fusabond adhesive products, DuPont's Nap-Gard epoxy powder and GAIL's ... More

INTERVIEW
`We may list our shares in Singapore'
The company has just announced its performance results for 2003-04 and the net profit has gone up five-fold. Second, the company proposes to raise money, possibly through an equity issue in Singapore. Third, a Rs 30-crore project, to produce ... More

BONUS ANNOUNCEMENTS
MphasiS BFL beats guidance — Net up 47 pc; plans 1:1 bonus, 30 pc dividend
IN the first of the earnings announcements from the IT sector, the MphasiS BFL group has declared a 47 per cent rise in net profit and a 35 per cent rise in revenues, exceeding its own guidance. Consolidated net profit for the year stood at Rs ... More

SICK UNITS
It's curtains for Incab Industries
ALL roads for reviving Incab Industries Ltd seem to have closed. Finding that repeated attempts to revive the company have failed, the Board for Industrial and Financial Reconstruction (BIFR) has confirmed its opinion on winding up the company. ... More

Supplies on credit to FACT: KRL reluctant
THE attempt of the Department of Fertilisers to get petro-product supplies on credit from Kochi Refineries Ltd (KRL) to FACT has failed to yield results. In a reply to the Ministry of Petroleum, which had pursued the matter, KRL has stated ... More

OUTLOOK
Haldia Petro profit seen at Rs 50 cr in 2003-04
HALDIA Petrochemicals Ltd (HPL) has closed 2003-04 with an estimated Rs 50 crore net profit, the first since its inception. The company grossed a Rs 4,000-crore turnover in the last fiscal compared with Rs 3,000 crore the year before. Mr ... More

Maybach deliveries may begin from Sept
ONE of the world's costliest cars, the Rs 5-crore Maybach will go in for homologation (testing for road-worthiness) next week with deliveries expected to start in September. ``We don't expect any problems during homologation as we are geared up ... More

Tata Motors in talks with Chinese co for tie-up — Turnover seen at Rs 15,000 cr for 2003-04
TATA Motors Ltd is expected to end fiscal 2003-04 with a turnover in excess of Rs 15,000 crore. In the previous year, its gross sales were Rs 10,837.01 crore. The company, which held an EGM on Thursday to seek shareholders' approval to raise ... More

PERFORMANCE
Keltron turnover up 15 pc at Rs 83 crore
THE public sector Kerala State Electronics Development Corporation (Keltron) recorded a 15 per cent growth in turnover during the financial year-ended March 31, 2004. The turnover for the year stood at Rs 83.33 crore as against Rs 72 crore in ... More

Tata Motors sales up 43 pc in 2003-04
TATA Motors on Thursday reported a total sale of 3,14,256 vehicles (including export) for 2003-04, a growth of 42.9 per cent against 2,19,865 vehicles sold in the previous year corresponding period. According to an official statement, domestic ... More

KMML turnover up to Rs 268 cr
THE Kerala Minerals and Metals Ltd (KMML), the grey-gold company in the State public sector, at Chavara in Kollam district has increased its sales turnover to Rs 267.60 crore in 2003-04 from Rs 260.88 crore in 2002-03. The company, which had ... More

PEOPLE

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  • Top Stories
    Bankers upbeat about better asset recovery


    Natco Pharma may move SC on marketing rights for cancer drug

    Corporate governance
    Insider trading rubs heavily: ICRA survey


    Tougher norms to check breach of tariffs

    Demand flows for corn; exports may top 10 lakh t

    Looking back
    Mar. 28-Apr. 3
    EC ruling: What's in store for Microsoft?

    Strides programme to hone staff skills

    SAIL, Essar move High Court for probe into steel dumping

    Renaissance's Dalmia picks up stake in Lakshmi Vilas Bank

    Maruti sales rise 30 pc in 2003-04

    Reliance, Niko find gas in K-G Basin

    UB group edges out Bacardi as fourth largest spirit marketer

    RBI says no ECBs for working capital


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