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Thursday, September 30, 2004

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CORPORATE

ANNOUNCEMENTS
Nalco to pay 40 pc dividend
WITH the successful completion of the first phase expansion, National Aluminium Company (Nalco) is now ready to take up its second phase expansion at a cost of Rs 4,091 crore, according to the company's Chairman-cum-Managing Director ... More

CORPORATE DISPUTES
Lodha counsel submits more documents
THE case pertaining to the discharge of caveats filed by the Birlas (in the probate of Priyamvada will matter) came up for hearing on Wednesday before Mr Justice K.J. Sengupta of the Calcutta High Court. At the outset of the hearing, counsel ... More

Mallya claims deal with Chhabria on control in Herbertsons Ltd
THE UB group Chairman, Mr Vijay Mallya, has claimed to have reached an agreement with Mr Kishore Rajaram Chhabria in a 10 year-old dispute regarding control over Herbertsons Ltd and said that he was ready to merge the company along with Triumph ... More

Centre says BCCI is a `state'
ZEE Telefilms, which has challenged the Board of Control for Cricket in India's (BCCI) decision to cancel the telecast rights tender, today found an ally in the Government. Supporting Zee Telefilms on the issue of maintainability of its petition, ... More

CLB vacates its order on BPL Communications
CALL it a family feud or a corporate war between the patriarch of a company and his prodigy, the case of BPL Communications Ltd in the Company Law Board (CLB) seems to have all the ingredients of a high tension court room drama. In a turn of ... More

Pilani AGM held sans MP Birla group representation
DESPITE holding 25 per cent in Pilani Investment & Industries Corporation Ltd, MP Birla Group will not have any representation on its board of directors for the time being. Priyamvada Birla used to be a director on the board of Pilani ... More

CORPORATE BONDS
SAIL's bonds upgraded
MUMBAI: Crisil has upgraded SAIL's non-convertible bonds and fixed deposit programmes to A and FA+ from BBB and FA respectively. It also reaffirmed ratings on Tata Steel's non-convertible debentures, fixed deposits and commercial paper ... More

Tata Motors, Leyland upgraded
MUMBAI: Crisil has upgraded the ratings of Tata Motors and Ashok Leyland. Crisil said the rating upgrade is driven by significant improvement in Tata Motors Ltd's financial risk profile, which it is expected to sustain in the medium ... More

MERGERS & ACQUISITIONS
Neelachal entity plans open tender for controlling stake
THE merged entity of Neelachal Ispat Nigam Ltd (NINL) and its subsidiary, Konark Met Coke Ltd (KMCL), is set to come out with an open tender seeking equity participation for a controlling stake of 51 per cent in the company. NINL has already ... More

REGULATORY BODIES & RULINGS
CLB directs Sterling Holiday to register transfer of shares to GIIC
THE requirement as to the time limit for delivery of instruments of transfer with a company for registering the transfer of shares under Section 108(1C)(2) of the Companies Act, 1956 was "directory in nature and not mandatory," the Southern ... More

TRADE & LABOUR UNIONS
Indal wage talks end in stalemate
THE stalemate continued in the Indian Aluminium Company Ltd (Indal) of Hindalco Industries Ltd at Alupuram as the management and trade unions failed to reach an agreement on the long-term settlement even after two days of discussions before the ... More

DIVERSIFICATION
Hindustan Tin plans foray into flexible packaging
HINDUSTAN Tin Works Ltd (HTWL) on Wednesday announced plans to diversify into the flexible packaging business. The company has taken a flexible packaging unit on lease and plans to go in for a greenfield project, once the new business ... More

SICK UNITS
Dunlop hopeful of progress in next AAIFR hearing
Besides the debenture holders, the company has also initiated discussions with its bankers for one-time settlement and the dues of a majority of bankers have been settled. More

OUTLOOK
BEML targets Rs 2,000-cr sales turnover
DEFENCE engineering PSU Bharat Earth Movers Ltd, which is armed with a comfortable order book, has targeted a sales turnover of Rs 2,000 crore and pre-tax profit almost doubling to Rs 100 crore for the current fiscal year. It will be a growth ... More

ONGC to ramp up crude production
OIL and Natural Gas Corporation (ONGC) today said that it would ramp up domestic crude oil production to 28-29 million tonnes per annum by 2007 from the current level of 26 million tonnes. Addressing a press conference here today on the ... More

Haldia Petro eyes overseas debt markets to raise funds — In talks with Standard & Poor's for assessment
RIDING on a maiden net profit of Rs 100 crore in the last financial year, 2003-04, Haldia Petrochemicals Ltd has started looking at overseas debt markets for raising funds. The company has already initiated discussions with rating agency ... More

Effluent issue dogs Saptarishi Agro
SAPTARISHI Agro Industries Ltd, an export-oriented unit for culturing mushrooms that hoped to begin operations this year after an 18-month break, has fallen foul of the Tamil Nadu Pollution Control Board (TNPCB) over solid waste and ... More

PEOPLE
M&M farm equipment chief
MUMBAI: Mr Anjanikumar Choudhari, Executive Vice-Chairman, Bristlecone Inc USA, will take over from Mr K.J. Davasia as the President of the Farm Equipment Sector, Mahindra & Mahindra. Mr Choudhari will take over from Mr Davasia when he ... More

TRENDS
IFC arm to buy Rs 45-cr carbon credits from Balrampur Chini
Sources in the sugar industry say this agreement could turn out to be a precedent-setting one. More


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Looking back
Sep. 19-Sep. 25
Tata Motors registers higher sales in South


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