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Thursday, July 15, 2004

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CORPORATE

ANNOUNCEMENTS
Nagarjuna Construction gets Rs 240-cr orders
NAGARJUNA Construction Company Ltd (NCCL) has secured new orders aggregating Rs 240 crore. These include a contract of Rs 110 crore from the Department of Drinking Water & Sanitation, Jharkand Government for the construction of drinking water ... More

CORPORATE DISPUTES
Control of MP Birla group — Universal Cables, Vindhya Telelinks hold the key
IT IS a complex web of interconnected ownership. But as the battle for control of MP Birla group companies hots up, the key to the eventual control of listed companies in the group centres on Universal Cables and Vindhya Telelinks. This is ... More

Birla family holds meeting; Lodha stays away from office
According to one view, a difficult problem in the transfer of assets, if and when the transfer has to be made, will be their segregation in cases where crossholdings are involved in the companies concerned. More

Priyamvada's will: R.S. Lodha files caveat
MR R.S. Lodha, responding to a threat challenging the legality of the late Priyamvada Birla's will, leaving the assets of the MP Birla group, valued at around Rs 5,580 crore, to him, has filed a caveat in all courts within the Kolkata ... More

MERGERS & ACQUISITIONS
Pfizer, Pharmacia boards clear merger
THE boards of Pfizer Ltd and Pharmacia Healthcare Ltd (PHL) have approved the scheme of amalgamation of the two companies and fixed an exchange ratio of five shares of PHL to one Pfizer share. The face value of PHL and Pfizer's equity share is ... More

NEW PROJECTS
Days Inn Deccan in Chennai
CHENNAI: A vegetarian business class hotel, Days Inn Deccan, is scheduled to open 48 of its 102 rooms by the end of August. The Rs 30-crore project is promoted by the Deccan Agency Group, which has interests in real estate, lotteries and ... More

SICK UNITS
APSFC to aid Govt in rehabilitating sick industries
THE Andhra Pradesh State Financial Corporation (APSFC) has announced that it will join the Government's efforts to rehabilitate the sick industries in the State. Addressing APSFC's 48th annual general meeting here on Wednesday, Mr M. ... More

OUTLOOK
Exide powers global initiatives — Deals with Russian Navy, China co on anvil
EXIDE Industries, the domestic leader in storage batteries, is recharging its overseas initiatives. The Chairman, Mr S.B. Ganguly, told reporters after the company's 57th AGM here on Wednesday that he would lead a team to Russia to sign an MoU ... More

Exide chief concern over lead prices
THE Chairman of Exide, Mr S.B. Ganguly, today said that the rising lead and lead alloy prices are concerns for the company during the current financial year. Though, he indicated that the price rise since January this year of around 15 per ... More

BPCL looks for partners in airport privatisation
BHARAT Petroleum Corporation Ltd, one of the latest entrants to the Fortune 500 list, is looking for partners to participate in the privatisation of Mumbai and Delhi airports. The oil company hopes to join one of the domestic and overseas ... More

Budget levies will impact ONGC bottomline: Raha
THE recent Budget announcements have dented Oil and Natural Gas Corporation's (ONGC) bottomline by over Rs 400 crore during 2004-05. The Budget imposed a 10 per cent service tax on survey and exploration besides a 2 per cent cess on all direct ... More

Ashok Leyland pitches for maintenance contract for Defence vehicles
ASHOK Leyland has sought annual contract for maintaining Defence vehicles. A suggestion to this effect was made by an official of the company to Vice Admiral P Jaitly, Chief of Material, Indian Navy, at a meeting organised here by the ... More

Revathi Equipment eyeing new acquisitions, tie-ups
EFFICIENT capital allocation seems to be the Coimbatore-based Revathi Equipment Ltd's business slogan this year as the company's balance sheet may this September show Rs 15 crore in new income, thanks to the compensation for the breached ... More

INVESTOR PROTECTION
For investor-friendly annual reports — Govt may ease disclosure norms for subsidiary cos
COMPANIES having subsidiaries may get some breather with the Ministry of Company Affairs (MCA) proposing to ease the existing provisions for holding companies to make accounts of their subsidiaries available to the public along with the annual ... More


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