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Tuesday, August 10, 2004

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ANNOUNCEMENTS
Ocimum announces free bioinfo service
OCIMUM Biosolutions, a life sciences contract research and development company with operations in India and the US, announced free bioinformatics services focused towards biomedical research in the field of genomics. These services encompass ... More

Arvind Mills gets shareholder nod to up FII limit to 49%
ARVIND Mills Ltd (AML) has received approval from shareholders to increase its FII limit to 49 per cent of the paid-up equity capital of Rs 195.37 crore. The approval to raise the limit from 24 per cent to 49 per cent came at the AGM held at ... More

Natco Pharma launches drug for prostate cancer
HYDERABAD-based Natco Pharma Ltd has announced the launch of a drug to treat prostate cancer in the 140-mg capsules form under the brand `X-trant' (estramustine). In a press release here on Monday, Natco Pharma said X-trant was helpful in the ... More

Apollo Tyres opens outlet for farmers
APOLLO Tyres Ltd on Monday announced the opening of Apollo Pragati Kendras , exclusive outlets for selling the entire range of its farm tyres to the agricultural community. The outlets are being designed as one-stop shops, with the first one ... More

ACCOUNTING STANDARDS
ICAI calls for changes in ESOP norms
THE Institute of Chartered Accountants of India (ICAI) wants the Securities and Exchange Board of India to drop all accounting related guidance from the latter's guidelines on employee stock option plans (ESOPs) and employee share purchase plans ... More

CORPORATE DISPUTES
UB, Shaw Wallace bury the hatchet
SHAW Wallace & Company (SWC), managed by the Jumbo group, today announced that all disputes between it and the UB group, headed by Mr Vijay Mallya, have been resolved. This brings to an end a series of legal cases, some dating as far back as ... More

COMPANY LAW
More disclosure norms for foreign cos on cards?
IT may not be easy for foreign companies to set up business in India, if the proposals of the Concept Paper on the revamped company law are accepted. As per the proposals, such companies will have to follow similar disclosure norms that are ... More

CLB clears 248 cases
NEW DELHI: IN June, the regional benches of the Company Law Board (CLB) passed orders regarding payment of deposits in the case of 69 applications under Section 58A of the Companies Act, 1956 and Section 45QA(2) of the Reserve Bank of ... More

COURTS/LEGAL ISSUES
Service tax case: SC dismisses plea against tribunal order
THE Supreme Court has dismissed the Revenue Department's special leave petition (SLP) against the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) order in the Daelim Industrial Co Ltd case. In that case, CESTAT had held that in ... More

HUMAN RESOURCES
Assocham against job quota in private sector
THE Associated Chambers of Commerce and Industry of India (Assocham) has protested the move to introduce a legislation for job reservation in the private sector, saying that it will have adverse impact on the industry. The job reservation ... More

NEW PROJECTS
Laundry chain White Tiger plans Rs 70-cr expansion
Dhrov India Ltd, a subsidiary of the Rs 200-crore Shiv-Vani group with interests in oil exploration and textiles, has launched a chain of dry cleaning and laundry stores under brand name `White Tiger' which offers dry cleaning and other ... More

Venkateswara group to set up bird breeding farm in West Bengal
THE Venkateshwara Hatcheries group is setting up a green field grandparent bird-breeding farm in West Bengal. The project, being taken up at an estimated cost of Rs 5 crore, will help the group tap the huge existing demand for breed stock in ... More

Alps Industries to set up new plant
ALPS Industries Ltd, engaged in manufacture and export of home furnishings, has finalised plans to set up a Rs 110-crore spinning plant, as part of its expansion programme to make use of the emerging opportunities in the export market in the wake ... More

DIVERSIFICATION
Universal Cables on diversification path
FROM cables and capacitors, Universal Cables Ltd is now planning to diversify into cream and cheese, corn and hay, mushroom and milk. The M.P. Birla Group company, which pioneered the manufacture of power and telecom cables in India four ... More

SICK UNITS
Rs 115-cr revival plan proposed for Hind Antibiotics
The board of ailing Hindustan Antibiotics Ltd has submitted a Rs 115-crore revival package to the Government involving fresh capital infusion and one-time settlement of dues of financial institutions. The Department of Chemicals and ... More

Hearing on SCM closure petition on August 23
THE hearing by the Joint Secretary in the Ministry of Labour on the petition filed by the National Textile Corporation's (NTC) Tamil Nadu and Pondicherry subsidiaries for the closure of one of the subsidiary's sick textile units in Pondicherry ... More

OUTLOOK
Indian Hotels bullish on growth
INDIAN Hotels Company Ltd (IHCL) will be a major beneficiary of the growth in global tourism pegged around six per cent over the next 10 years, Mr Ratan Tata, Chairman of the company, said. India and China, according to Mr Tata, will be major ... More

Sona Koyo may source from Thailand post-FTA
IN the wake of the opportunities thrown up by the Free Trade Agreement (FTA) with Thailand, auto components major Sona Koyo Steering Systems Ltd has decided to set up a buying office in Thailand. The company's Chairman and Managing Director, ... More

Gujarat Ambuja to set up 1.2 mt facility at Dadri
GUJARAT Ambuja Cements is putting up a 1.2 million tonne cement manufacturing facility in the vicinity of National Thermal Power Corporation's facility at Dadri in Uttar Pradesh at a cost of Rs. 100 crore. This would bring Gujarat Ambuja's ... More

Reliance Hirma unit to go commercial next year
RELIANCE Power Ltd's 3,960-MW project at Hirma in Orissa will begin selling power by March 2008, according to a review of energy markets by Reliance Industries Ltd. The report prepared by RIL's Energy Research Group said the first unit of the ... More

Better earnings from oil firms seen this quarter
EARNINGS of state-owned oil marketing companies are likely to improve a shade sequentially in the second quarter of the current fiscal as domestic price hike cushions the spiralling global oil price, analysts said. "We expect global prices will ... More

Divi's Labs sees Rs 400-cr turnover
DIVI'S Laboratories, Hyderabad, has projected a turnover of Rs 400 crore for the financial year 2004-05. The company achieved a turnover of Rs 317 crore in the fiscal 2003-04, with a net profit of Rs 73 crore. Giving the highlights of the ... More

TRENDS
What the CEOs took home
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Top Stories
WTO framework agreement: No cause for celebration


Rs 115-cr revival plan proposed for Hind Antibiotics

PFC plans floating rate for future loans

Bank guarantee for mobile operators to be cut 50 pc

GTB full year net loss widens to Rs 812 cr

Service tax case: SC dismisses plea against tribunal order

Tyre stocks race ahead on price increase hopes

Port restriction on natural rubber imports scrapped

Looking back
Aug. 1-Aug. 7
Xerox Corp wants to make Indian venture 100 pc arm — Modis raise objections

Alto drives Maruti sales

Balrampur Chini open to buying sugar mills in UP

HPCL unveils VRS package; looks to shed 400 staff

Corporates sustain Q1 growth momentum

Asahi India plans expansion, to invest Rs 600 cr

Oil Ministry lukewarm to PSUs diversification — ONGC plans may be hit


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