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Friday, September 24, 2004

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RESEARCH & DEVELOPMENT
Orchid partner crosses research milestone
ORCHID Chemicals & Pharmaceuticals on Thursday announced that its associate company's anti-diabetic molecule crossed a milestone in human clinical trials when it successfully finished Phase 2(a). Orchid hopes to out-licence the molecule to ... More

ANNOUNCEMENTS
MRPL capacity expansion not this year
ONGC has postponed its capacity expansion plan in Mangalore Refinery and Petrochemicals Ltd (MRPL), as the latter has been able to stretch its capacity by 120 per cent over the licensed level of 9.69 million tonne. The current level of ... More

Maini Precision to supply aero engine components to Snecma
BANGALORE-BASED Maini Precision Products Ltd and Snecma Moteurs of France have signed an agreement under which the Indian company would supply mechanical components for the latter's CMF 56 aero engines. Maini Precision Products, which is a ... More

BUYBACK
ONGC wants to buy back shares from IOC, GAIL
The proposal is being considered by the Union Petroleum and Natural Gas Ministry. Both IOC and GAIL want to dilute their holdings in ONGC, worth well over Rs 12,000 crore, in tranches. Confirming this, Mr R.S. Sharma, Director (Finance) of ... More

CORPORATE DISPUTES
No bitterness in family, argues Birlas' counsel
THERE was no bitterness in the Birla family, as alleged by counsel of Mr R.S. Lodha, was the moot argument in totality on Thursday made by both Mr Arun Jaitley, counsel for Mr B.K. Birla, and Mr P.K. Roy, counsel for Mr Y. Birla, before Mr ... More

AWARDS & HONOURS
Award for 2 Tata Steel staff
MUMBAI: Tata Steel employees, Mr Prashant Kumar and Mr Shiva Prakash Rao, of the company's Procurement division has been declared the winners of this year's Maple Leaf Award. The International Federation of Purchasing and Materials ... More

MERGERS & ACQUISITIONS
ONGC Videsh in talks to buy equity stake in Ecuador block
ONGC Videsh Ltd, the overseas investment arm of ONGC, is negotiating with EnCana Corporation to acquire equity stake in oil blocks in Ecuador, according to the ONGC Chairman and Managing Director, Mr Subir Raha. "We are looking at the ... More

NEW PROJECTS
Suzuki, Maruti to pump in Rs 6,000 cr over 5 years — Plans include car assembly unit, diesel engine plant

  • New diesel plant to be part of Suzuki Metals India, currently a 51:49 joint venture between Suzuki and Maruti.
  • Suzuki to conduct feasibility study to set up gearbox unit in India.
  • Maruti to roll out premium hatchback model ... More

    Wockhardt Hospitals goes for expansion
    THE Rs 100-crore Wockhardt Hospitals Ltd (WHL) has taken up a major expansion project worth around Rs 500 crore to build 16 more speciality hospitals in the country. WHL has already set up nine hospitals - a cluster of six in Mumbai and one ... More

    Jubilant to set up 2 subsidiaries
    CHEMICALS and pharma company Jubilant Organosys has announced setting up of two wholly owned subsidiaries for its new chemistry services and clinical research ventures. The company's board approved the formation of the two subsidiaries - ... More

    LG to open Pune plant next month
    THE new manufacturing facility of LG Electronics India at Ranjangaon near Pune will be inaugurated in the first week of October. Though the plant is designed to make LG India's entire range of products, initially it will manufacture only ... More

    Cypress to invest $2 m; opens 2nd design centre
    CYPRESS Semiconductor Corporation, a semiconductor and system on chip (SoC) solutions provider, has announced its second design centre in India, which would see an investment of $2 million this year and similar annual spend thereafter. Mr Paul ... More

    REGULATORY BODIES & RULINGS
    Ranbaxy gets FDA nod for respiratory drug
    RANBAXY Laboratories Ltd is set to challenge Schering Corp's Claritin-D tablets providing temporary relief from hay fever and other respiratory allergies. Ranbaxy has received approval from the US Food and Drug Administration (FDA) to ... More

    ALLIANCES & JOINT VENTURES
    Glenmark signs $190-m pact with Forest Labs — To take asthma drug to N. America
    GLENMARK Pharmaceuticals SA (Switzerland), a wholly owned subsidiary of Glenmark Pharmaceuticals India (GPL), has entered into a collaboration agreement with Forest Laboratories Inc, USA, for the development and commercialisation of PDE4 ... More

    Kingfisher takes Kiwi route to go Down Under
    UNITED Breweries Ltd has inked a manufacturing and distribution pact with Independent Liquor of New Zealand to take its flagship beer Kingfisher Premium Lager Down Under. The arrangement will facilitate Kingfisher's foray into the mainstream ... More

    OUTLOOK
    Tata Chem: Continued caution on soda ash front
    TATA Chemicals anticipates a 5 to 5.5-per cent growth in its domestic sales of soda ash that is in line with the projected market growth for the commodity this fiscal. Notwithstanding growth prospect, business scenario for the commodity ... More

    Higher newsprint prices may hit Mid-Day Multimedia profits
    A CONTINUOUS increase in newsprint prices at a time when inflation numbers and interest rates have edged up is expected to put pressure on profitability margins during the second quarter of the current fiscal for Mid-Day Multimedia Ltd. Mid-Day ... More

    PEOPLE
    A.K. Puri takes over as CMD of BHEL
    MR A.K. Puri, Director (Power), Bharat Heavy Electricals Ltd (BHEL), has assumed charge as the Chairman and Managing Director of the public sector power equipment major. He took over from Mr H.W. Bhatnagar, who was functioning in his capacity ... More


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