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Saturday, April 24, 2004

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ANNOUNCEMENTS
Vizag Steel in talks to buy coal mines abroad
VIZAG Steel Plant is exploring the possibility of setting up a joint venture overseas with a view to owning some coalmines abroad. Talks in this regard have already been initiated with 2-3 companies in Australia, according to Mr B.K. Panda, ... More

PSL bags $198-m Sudanese order
PSL Ltd has bagged an order worth $198 million (Rs 900 crore) from Sudanese Oil & Gas Company, Petrodar, for the Melut Basin Oil Development Project in Sudan. The company said the Rs 900 crore contract, ranked as one of the biggest single ... More

Shanthi Gears orders cross Rs 100-cr mark
NOTWITHSTANDING the steep increase in steel prices, there appears to be some buoyancy on the industrial front. A look at the order book of the industrial gear manufacturing major, Shanthi Gears, will confirm this trend. For the city-based ... More

BHEL bags order
MADURAI: Bharat Heavy Electricals Ltd has bagged a contract for supply of solar powered water pumping system, valued at Rs 19 crore, to Punjab Energy Development Agencies. The contract is for supply, installation, commissioning and after ... More

OVERSEAS BORROWINGS
Tata Tele (Maha) board okays FCCB issue
THE board of directors of Tata Teleservices (Maharashtra) Ltd (TTSL) on Friday approved an issue of foreign currency convertible bonds (FCCB) of up to $150 million to international investors. This would be by way of circulation of an offering ... More

AWARDS & HONOURS
Leela Goa gets Imperial Mark
THE Leela Goa has been awarded `The Imperial Mark' for excellence in the field of hospitality by the 300-year-old Imperial Mark Commission. According to a statement from the hotel, the Leela joins a select list of organisations including the ... More

AUDITING
The `comfort' factor for auditors from public issues
A COMPANY that has raised money through public issue would now be required to provide comfort to its statutory auditor on the "completeness of the disclosure" of the end-use of such money in the financial statements. The comfort would come ... More

FINANCIAL PERFORMANCE
Bharti Tele: Powered by mobile biz
THE mobile business segment continues to be a strong driver of the financial performance of Bharti Tele-Ventures (Bharti) for the quarter ended March 31, 2004. This segment accounted for 64 per cent of the total revenues, 60 per cent of ... More

Greaves Cotton posts Q3 net loss
THE B.M. Thapar-controlled Greaves Cotton Ltd has reported a net profit of Rs 12.28 crore for the nine-month period ending March against Rs 6.79 crore recorded during the corresponding period of the previous year. This was after the company ... More

CREDIT RATING
Tata Power debt rating downgraded
ICRA has revised the rating assigned to the long-term debt programmes of Tata Power Company Ltd (TPC) from LAAA to LAA+. The revised rating indicates a single notch downgrade from the "highest safety" to "high safety." The rating for the ... More

CORPORATE BONDS
Core promoter subscribes to Leyland's bond issue
ASHOK Leyland's principal shareholder, LRLIH Ltd of UK, has invested $50.93 million (about Rs 230 crore) into the company, by subscribing to Ashok Leyland's $100 m bond issue. The Hindujas have a majority stake in LRLIH Ltd. The bond - an ... More

RESTRUCTURING
Philips to sell lamp unit to Videocon group co
PHILIPS India Ltd has decided to sell its lamp manufacturing facility located at Taratolla in Kolkata to Kitchen Appliances India Ltd, a Videocon group company, for a consideration of Rs 1 crore. Speaking to newspersons after the company's 74th ... More

Court nod for L&T cement demerger
LARSEN & Toubro's scheme of arrangement for demerger of its cement business undertaking today obtained sanction from the High Court in Mumbai, after nearly a month of the Court commencing hearing on the case. The scheme of arrangement, filed ... More

MERGERS & ACQUISITIONS
IT Microsystems to enter hotel biz
A SMALL infotech company called IT Microsystems appears to be turning itself into a part-hospitality company. After its acquisition of a North Carolina-based hotel property sometime ago for $3 million, through its wholly owned subsidiary IT ... More

CESC resolutions passed
CESC Ltd has informed that in connection with proposed merger of Balagarh Power and CESCON, both wholly owned subsidiaries, with it, the resolutions pertaining to issue of rights shares and mortgaging of properties have been passed by majority ... More

NEW PROJECTS
IOC plans to set up ethylene cracker at Paradip refinery
AFTER it's failed attempt to acquire managerial stake in Haldia Petrochemicals Ltd, Indian Oil Corporation (IOC) plans to set up its own 8,00,000-tonne ethylene cracker at the proposed Paradip refinery. The petrochemicals project will target ... More

Asahi to invest Rs 180 cr in Chennai plant
ASAHI India Glass Ltd will invest a total of Rs 180 crore in the plant it is setting up near Chennai to manufacture automotive safety glass. This investment will depend on market conditions and will happen in a period of two-and-a-half to five ... More

Gateway Distriparks plans greenfield project in Vizag
GATEWAY Distriparks Ltd, an Indo-Singapore joint venture logistics company, plans to set up a greenfield project at the Vizag port. The company has signed a memorandum of understanding with East India Petroleum Company Ltd to set up container ... More

TRADE & LABOUR UNIONS
`Go slow' at MRF plant on wage talks
PRODUCTION at MRF's Tiruvottiyur plant in Chennai has been affected following a stand-off between the management and the workers' unions over discussions on a wage settlement. A company spokesman said, "there is a bit of a go slow", but ... More

INTERVIEW
Tommy Hilfiger set for Indian summer
A LEGEND'S aura rests easy on him as Tommy Hilfiger renews his ties with India. It's a relationship that dates back to the 70s when he was still a rookie on the road to success. And now, as he formally unveils his $2 billion business, Tommy ... More

OUTLOOK
Rajasthan Spinning mulls foray into readymade garments
THE Rs 450-crore Rajasthan Spinning & Weaving Mills Ltd (RSWM), a LNJ Bhilwara Group company, is gearing up to take best advantage of the opportunities that would emerge in a post-multifibre arrangement (MFA) regime from January 1, 2005. The ... More

STC aims at Rs 10,000-cr turnover
BUOYED up by the `excellent' physical results posted in the just-ended fiscal, the State Trading Corporation (STC) had drawn up plans to cross Rs 10,000-crore sales turnover during the current fiscal, the Chairman and Managing Director, Dr Arvind ... More

Strong Q1 sales not sustainable: GSK Pharma
GLAXOSMITHKLINE Pharmaceuticals Ltd said on Friday that the strong sales performance seen by the company in its first quarter this year are "unlikely to be sustainable in the next three quarters". The company's sales in the said quarter is ... More

PERFORMANCE
Tata Ryerson earns Rs 300 cr in 2003-04
TATA Ryerson Ltd, a 50:50 joint venture of Tata Steel and Ryerson-Tull of the US, hopes to process and distribute two million tonnes of steel by 2010. This would translate into a revenue of around Rs 1,000 crore and a profit after tax of Rs 30 ... More


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