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Thursday, August 05, 2004

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CORPORATE

ANNOUNCEMENTS
Essar Steel says no hike in prices
The company said that it fixes its prices on a quarterly basis and the last price was fixed effective July till September, and that still stands. "There is no question of any increase in price for all regular customers during the quarter," the ... More

NEB to set up software park in Visakhapatnam
NEB Electronics Pvt Ltd is planning set up a software technology park in Visakhapatnam. As per initial estimates, the project involves an investment of Rs 40 crore, according to the company's Director and Chief Executive Officer, Mr Nagaraj. ... More

USFDA's nod for Ranbaxy tablets
NEW DELHI: Ranbaxy Laboratories Ltd has received the approval from the US Food and Drug Administration (USFDA) to manufacture and market Fluconazole tablets and suspensions used for treatment of some infections caused by candida, a ... More

ACCOUNTING STANDARDS
India Inc for review of `falsification of accounts' proposal
CORPORATE India has stepped up pressure on the Finance Ministry to modify the proposed provision in the Income-Tax law on falsification of books of accounts. Stating that this proposal in the Finance Bill 2004 has created a fear psychosis ... More

CORPORATE DISPUTES
UB seeks adjournment in Herbertsons case
THE UB group has sought an adjournment of the hearing on Herbertsons' case that was scheduled to resume before the Supreme Court on August 6. UB and its Chairman, Mr Vijay Mallya, battling with Mr Kishore Chhabria for control over Herbertsons ... More

ESOPS
Bal Pharma proposes 15 pc dividend, ESOPs
THE board of Bal Pharma Ltd has recommended a 15 per cent dividend for 2003-04. It has approved allotment of preferential shares and also a 1:2 rights issue at a premium of Rs 20 per share. Pending shareholder approval, the Bangalore-based ... More

COMPANY LAW
Ministry has open mind on board set-up, holding cos
The main gain for the board members is that the Government has decided to drop the proposal of prescribing a retirement age for directors. More

CII hails concept paper on Company Law
THE Confederation of Indian Industry (CII) has welcomed the Government's move to simplify and rationalise the Company Law and to reduce the number of sections in the law. "This will give the industry an opportunity to discuss the recommendations ... More

COURTS/LEGAL ISSUES
RPG Group drops rubber business consolidation plans
THE inordinate delay in getting the merger plans okayed, as the approval from the Kerala High Court is still awaited, has forced the RPG Group to drop its plans of consolidating its natural rubber business. On Tuesday, the boards of ... More

WATER
CPCL to set up desalination unit
CHENNAI: Chennai Petroleum Corporation Ltd proposes to set up a 5.8 million gallons-per-day seawater desalination plant at Ennore, some 16 km from its Manali refinery. The project will cost Rs 193 crore and will take 30 months to ... More

HUMAN RESOURCES
Rash of resignations in consulting world
THE consulting world has been witness to significant upheaval during the recent times, with scores of senior consultants quitting their jobs over the last couple of months. The latest controversy has come about with Ernst and Young, Global ... More

NEW PROJECTS
Ashok Leyland plans Rs 150-cr foundry
ASHOK Leyland proposes to invest Rs 150 crore in setting up a greenfield 50,000-tonne foundry. It will be located in Tamil Nadu and will take about two years to go on stream, the company's Managing Director, Mr R. Seshasayee, told Business ... More

DPSC not keen on equity partner now
DPSC Ltd, the erstwhile Dishergarh Power Supply Co Ltd, may not hesitate to rope in a new equity partner, provided the arrangement benefits the company and also helps implement its expansion programme. Indicating this here on Wednesday, the ... More

Mirza Tanners to set foot in France, Germany
AFTER establishing its presence in the UK shoe market, Mirza Tanners Ltd, owner of the brands Red Tape and Oaktrak, is now looking to make a foray into other markets of Europe, especially France and Germany. The company is putting up a plan on ... More

ALLIANCES & JOINT VENTURES
Taj group forays into wildlife tourism — Ties up with CC Africa, Cigen
The target audience would comprise pure wildlife tourism enthusiasts, circuit tourists and the high-end domestic travellers keen on such an experience. More

German co signs pact with CCMB
THE German major in imaging systems, Carl Zeiss, and the Centre for Cellular and Molecular Biology (CCMB), here have signed a memorandum of understanding to conduct workshops on advanced microscopy and image analysis. The effort is to sensitise ... More

BPCL, GSPC to ink piped gas supply deal
GUJARAT State Petroleum Corporation Ltd (GSPC) is entering into a gas sale agreement with Bharat Petroleum Corporation Ltd (BPCL) for the supply of 5 lakh standard cubic metres per day (scmd) for distribution in the State capital. The sale ... More

NATURAL CALAMITIES
Sun Pharma, Ipca Labs plants hit by floods
THE monsoon has taken its toll on drug companies, with Mumbai-based Sun Pharma and Ipca Laboratories reporting floods at their plant sites in Silvassa, located in Dadra and Nagar Haveli. Sun Pharma said that two of its dosage form plants at ... More

DIVERSIFICATION
Oil Ministry lukewarm to PSUs diversification — ONGC plans may be hit
EVEN as some of the public sector oil companies are seeking to `do an Exxon Mobil', the Petroleum Ministry top brass is nudging them to stick to their `core' businesses and provide rigorous justification for their ambitious diversification plans. ... More

Unrelated diversification the new mantra
According to analysts, hedging the risks involved with being present in just one or two businesses seems to be the primary motive behind companies mapping into new areas with potential for growth. More

OUTLOOK
Keystone India to ramp up operations
KEYSTONE India, the Indian arm of the Chicago-based professional services firm LaSalle Consulting, is planning to ramp up its operations in the country over the next one year to provide customised analysis and industry-specific information for US ... More

Fiat India preparing blueprint for expansion
ITALIAN carmaker Fiat said on Wednesday that it is preparing a new blueprint for India to expand its operations. "We expect the blueprint to be out before the end of the year," the Fiat India Director (Commercial), Mr Ravi Bharadwaj, told ... More

Ind-Swift to enter critical health care segments
IND-SWIFT Ltd, a research driven pharmaceutical company, is set to make a foray into fast growing and critical health care segments in the coming years by creating exclusive marketing divisions to handle a slew of new products. The company has ... More

PERFORMANCE
Grasim July cement despatch up
MUMBAI: Grasim Industries has reported increased shipments, year-on-year, for both Grasim Cement as well as for its recent acquisition UltraTech Cemco Ltd, for the month of July. Despatches at Grasim Cement moved up 12.54 per cent from ... More

PEOPLE

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