CORPORATE
ANNOUNCEMENTS
Maruti's `Swift' launch next year, says Khattar
MARUTI Udyog Ltd (MUL) has lined up a new hatchback car, Swift, for the Indian market and will launch it next year to compete with Fiat's Palio and the recently launched Hyundai Getz. "The new car would be fitted with a 1.3 litre engine and ...
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L&T Cement is now UltraTech Cement
THE Aditya Birla Group has renamed L&T Cement, which it had earlier acquired from Larsen & Toubro, as `UltraTech', making it the third big cement brand of the flagship Grasim Industries. "Nothing has changed except the name. What essentially
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Ranbaxy discontinues rofecoxib formulations
RANBAXY Laboratories Ltd has decided to discontinue all its rofecoxib formulations with immediate effect from India. The company will also discontinue marketing rofecoxib formulations in Peru, Myanmar, and Jordan, where it has a small market ...
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TTP may contest PCB closure notice
THE State-owned Travancore Titanium Products Ltd (TTP), the leading manufacturer of anatase grade titanium dioxide in the country, is planning to move the Kerala High Court against the closure notice served on it by the State Pollution Control ...
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No change in Alloy Steel Plant's scrap iron imports
EVEN as all scrap iron importers are under a national scanner for having brought in explosives, the Durgapur-based Alloy Steel Plant (ASP) is sitting cool and will continue to import the material. This is the result of the decision taken by the ...
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D&B rating to IVRCL
HYDERABAD: Dun & Bradstreet India, the Indian arm of Dun & Bradstreet International Rating Organisation, has assigned a rating of `5A1' to IVRCL Infrastructures & Projects Ltd (IVRCL). While 5A indicates that the overall financial ...
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ACCOUNTING STANDARDS
Audited, unaudited results — Cap on variation in net profit figures proposed
THE variation in the net profit after tax figure between unaudited and audited results of companies should not exceed 10 per cent or Rs 10 lakh, whichever is higher. This is one of the changes in the listing agreement proposed by the ...
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PREFERENTIAL ALLOTMENTS
Nagarjuna Construction issue
HYDERABAD: Nagarjuna Construction Company Ltd has informed the bourses that its board of directors will meet on October 20 to consider in principle the approval for raising up to Rs 120 crore by issue of equity shares/securities/warrants ...
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CORPORATE DISPUTES
Birlas have vested interest over property: Lodha's counsel
THE Birlas have vested interest over the property of MP Birla but do not have any actual legal interest therein, according to Mr Anindya Mitra, counsel for Mr R.S. Lodha, who stated this during argument of the petition made by Mr Lodha seeking ...
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INSIGHT
Press Note 18: A way out of imbroglio
The Government is keen to scrap Press Note 18 as it believes that it is restricting fresh FDI flows. Indeed, there is merit in this, and one needs to take a dispassionate view. Tragically, no one is saying anything about the small investor, who could lose out in such a situation. This can be remedied. The government can ask the foreign investor to offer a market price, or shares, at the same value in the new venture to protect the small shareholder.
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ACCOUNTANCY
Formation of multi-disciplinary accountancy firms — Institutes to approach Govt
TO keep pace with the increased demand for providing multi-disciplinary services under one roof, the three professional institutes of - Company Secretaries, Chartered Accountants, and Cost & Works Accountants - have decided to approach the
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MERGERS & ACQUISITIONS
Indian cos' overseas acquisitions set to go up
THERE have been several announcements of Indian companies acquiring businesses abroad but this is just the tip of the iceberg, say investment bankers. Considerable growth in the number of outbound acquisitions and the increasing complexity of ...
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MMTC to approach Ministry on NINL open tender issue
THE board of directors of MMTC on Thursday decided to formally approach the Union Commerce Ministry for issuing an open tender next week inviting up to 51 per cent equity participation in Neelachal Ispat Nigam Ltd (NINL). The development ...
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NEW PROJECTS
LG to invest $100 m in Pune plant expansion
LG Electronics India Pvt Ltd has identified IT and telecom products as a major driver of business growth in the years ahead. The company has decided to invest $100 million at its Pune plant for setting up capacities for manufacturing mobile ...
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Bhoruka Power to expand installed capacity
BHORUKA Power Corporation Ltd, a leader in small hydro development in the country, is going in for a major expansion in its installed capacity. The company has started works on the 24-MW Chayadevi Project in Gulbarga district and the 9-MW ...
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REGULATORY BODIES & RULINGS
CLB disposes Govt plea to recast boards of Ketan Parekh cos
THE Company Law Board (CLB) has not accepted the Central Government's application to revise the board composition of five Ketan Parekh Group (KPG) companies by inducting majority of Government directors. While disposing of the appeal, the ...
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ALLIANCES & JOINT VENTURES
Godrej Ind in tie-up with Avestha
MUMBAI: Avestha Gengraine Technologies Pvt Ltd, a biotech research company, on Thursday announced a strategic tie-up with two investors towards furthering its R&D efforts. One of them is Godrej Industries Ltd. "The strategic ...
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DIVERSIFICATION
Mirza Tanners plans foray into apparel
MIRZA Tanners Ltd, owners of the popular Red Tape and Oaktrak shoe brands, is in the process of expanding its business fabric by foraying into the men's apparel segment. This is part of the company's brand extension programme, which is aimed at ...
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OUTLOOK
ONGC plans foray into oil recovery consultancy
AFTER the increase in recoveries from the Mehsana, Balol and Santhal fields in Gujarat, by using the in-situ combustion method, ONGC is planning to take up consultancy on oil recovery as a business venture. The company has already adopted a Rs ...
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Ford expects 40 pc increase in sales
FORD India expects its domestic sales to increase by 40 per cent in the current year, compared with its own forecast of 20 per cent. The company expects to sell 27,000 vehicles. In addition, the company would export some 24,000 cars (in knocked ...
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Corsa Swing slows, but GM to keep pushing
ITS monthly sales is in single digit for quite sometime now, but its parent General Motors says that it will continue to push the Opel Corsa Swing brand for as long as possible. In June, General Motors sold a single unit of Swing but since ...
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Pepsi chief may discuss investment plans with Chidambaram
DURING his four-day visit to India beginning October 23, the PepsiCo International Chairman and CEO, Mr Steve Reinemund, is expected to meet senior Government officials including the Finance Minister, Mr P. Chidambaram. While sources described ...
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PERFORMANCE
Minister visits BEL unit
BANGALORE: The Union Minister of State for Defence & Parliamentary Affairs, Mr B.K. Handique, on Thursday visited BEL's Bangalore complex. The CMD, Mr Y. Gopala Rao, made a presentation on BEL's performance and recent achievements. BEL ...
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PEOPLE
Ratan Tata made honorary citizen
MUMBAI: Mr Ratan Tata, Chairman, Tata Motors, was made the honorary citizen of North Jeolle Province in South Korea by Mr Kang Hyon-Wook Governor of Jeollabuk-do Provincial Government. The Tata Daewoo Commercial Vehicle Company's ...
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