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Saturday, July 24, 2004

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CORPORATE

ANNOUNCEMENTS
Bannari Infotech to launch Road Speed Limiter
A DEVICE to tackle the problem of overspeeding by heavy vehicles -Road Speed Limiter, developed indigenously by a Coimbatore-based company belonging to the Bannari Amman Sugars group, is to be launched shortly. The company, Bannari Infotech ... More

ITH to pay 15 pc
NEW DELHI: International Travel House (ITH) has reported a profit after tax of Rs 0.94 crore for the first quarter ended June 30 this year on a total income of Rs 10.58 crore. During the same period in the previous year, ITH had ... More

ACCOUNTING STANDARDS
SEBI tells Rolta to follow accounting norms
The company has been advised to discontinue its practice of including the cost of self assembled capital equipment and not to adopt, in future, any accounting practice inconsistent with relevant Indian and International Accounting ... More

CORPORATE DISPUTES
Priyamvada's will contains long-term succession plan
THE late Priyamvada Birla has spelt out a clear and long-term succession plan for the M.P. Birla group. According to sources, she has clearly stated in the will that Mr R.S. Lodha has expressed the desire to turn to philanthropic activity ... More

FINANCIAL SERVICES
What does the new auditor have to do with Lodha & Co?
DOES Clark, Gardner, Wolf & Co, the newly appointed statutory auditors of Birla Ericsson Optical Ltd, a M.P. Birla Group company, have any links with the company's outgoing auditor, Lodha & Co? The question has gained importance in the ... More

OUTSOURCING
Sinar Jernih to expand Indian operations
THE domestic hotel industry seems to be ready to increase its dependence on outsourcing as Sinar Jernih, a Malaysian company in the business, plans to expand its range of services. Engineering maintenance services are to follow its current ... More

COURTS/LEGAL ISSUES
Raymond gets interim order in trademark case
RAYMOND Ltd has obtained an ad-interim order in it's favour, in a trademark and corporate infringement suit filed in the Bombay High Court, against Bhilwara-based manufacturer Raymond Collection India Private Ltd (RCL), a Raymond Ltd ... More

FINANCIAL PERFORMANCE
Zen Tech turnover, net up
HYDERABAD: Zen Technologies, the Hyderabad-based manufacturer of training simulators, has recorded revenues of Rs 367.98 lakh for the quarter ended June 30, an increase of 206.88 per cent over Rs 119.91 lakh in the same period last ... More

RESTRUCTURING
Parent to transfer 5 pc stake in Gillette India
GILLETTE Company USA plans to bring down its stake in the Indian listed company, Gillette India, to about 40.65 per cent as part of an internal restructuring. As per data available with the Bombay Stock Exchange, foreign promoter holding in ... More

MERGERS & ACQUISITIONS
TCS to use IPO proceeds for `significant' buys
TATA Consultancy Services has said its upcoming initial public offer (IPO) would give it a leverage to go for "significant" acquisition deals, as part of its growth strategy. "As far as the inorganic route for growth in concerned, we have now, ... More

Bright Star stake up in VST by 2 pc
BRIGHT Star Investments Pvt. Ltd has acquired 3,10,273 shares of VST Industries Ltd amounting to 2.01 per cent of VST's paid-up equity. Following the fresh acquisition, the holding of Bright Star stood at 36,42,297 shares, translating into ... More

Merged entity promoter to hike stake in Sunline
IN a bid to enable the promoters consolidate their equity holding in the company, Sunline Technologies Ltd (STL) is planning to issue share warrants in favour of Dr Jayaram Chigurupati, the key promoter of Zenotech Laboratories that is merging ... More

TI to consider Diamond Chain merger with itself
TUBE Investments of India Ltd, a Murugappa group company, plans to merge its subsidiary, TI Diamond Chain, with itself. A proposal to amalgamate TI Diamond Chain with Tube Investments will be considered at a meeting of the board of directors on ... More

NEW PROJECTS
Unichem's Baddi plant to go on stream next year
UNICHEM Laboratories Ltd's new manufacturing facility at Baddi, Himachal Pradesh, for the manufacture of non-antibiotic formulations, is likely to go on stream by April 2005, according to Dr Prakash Mody, Chairman of the company. With the Baddi ... More

INCOME TAX
2 alternative packages on corporate I-T
THE Kelkar Task Force on Fiscal Responsibility and Budgetary Management Act 2003 (FRBM) has suggested two alternative packages, each of which is revenue positive, for corporate income-tax. The first candidate package proposes that all existing ... More

DIVERSIFICATION
Wadias eyeing aviation biz
MR Nusli Wadia, Chairman, Bombay Dyeing and Manufacturing Company Ltd, today said the group is "seriously" studying the feasibility of entering aviation. Mr Wadia said the group has submitted its application for a scheduled operator licence to ... More

SICK UNITS
Kerala: Autokast employees worried over delay in clearing revamp plan
THE delay in clearing the proposal submitted by the expert committee of the Save Autokast Forum (SAF) to revive the ailing State-owned Autokast Ltd in Alapuzha district, has worried its employees. The deadline set by the BIFR for submitting ... More

OUTLOOK
Godrej Consumer sees buoyant growth — Bets on new products improved sales network
UNPERTURBED by the current monsoon scenario, Mr Adi Godrej, Chairman and Managing Director, Godrej Consumer Products Ltd (GCPL), said the company would continue its "robust" growth on the back of improved distribution network and sustained thrust ... More

PERFORMANCE
Wipro Consumer enters isabgol segment; posts 31% growth
WIPRO Consumer Care and Lighting has forayed into the isabgol segment under the Wipro Sanjeevani brand. The laxative product is currently being test-marketed in western Uttar Pradesh, and will be rolled out nationally in the near future, said ... More


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