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Wednesday, November 03, 2004

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ANNOUNCEMENTS
IVRCL bags irrigation orders worth Rs 923 cr
IVRCL Infrastructures & Projects Ltd (IVRCL) has been awarded four irrigation contracts worth Rs 923 crore by the Government of Andhra Pradesh. The Department of Water Resources (Irrigation) has awarded the projects to IVRCL Prasad Sew, one of .. More

Nissan SUV X-Trail sells over 100 units in two months
NISSAN's sports utility vehicle X-Trail has managed to sell over 100 vehicles within two months of its launch in the country and is now considering entering the luxury car segment late next year. A Nissan official told Business Line that ... More

DaimlerChrysler to enter truck market — Plans launch of Actros in early 2005
DAIMLERChrysler India Pvt Ltd (DCIL) is all set to create some action in the country's growing truck market, where it is gearing up for a new-year launch of its first truck in India, the 40-tonner Actros. The DCIL Chief, Mr Hans Huber said ... More

OVERSEAS BORROWINGS
BPL-Sanyo CTV venture to raise $30 m
BPL's joint venture with Sanyo for the colour television business, armed with a letter of comfort from the latter, is planning to tap the financial institutions, including overseas banks such as Sumitomo Mitsui Banking Corporation in Japan, for ... More

Good response to L&T's FCCB issue
LARSEN & Toubro Ltd's foreign currency convertible bond issue of $125 million launched in the international market on Monday was well received by international investors, said a news release from the company. The convertible bonds have a ... More

TVS Motor goes in for $60-m ECB
TVS Motor Company Ltd has contracted to borrow $60 million (Rs 270 crore) through `external commercial borrowing' route. The company has so far drawn $20 million. The money would be utilised to finance both domestic capital needs, including the ... More

INSIGHT
Why Press Note 18 needs to be scrapped
There is no logic in letting Press Note 18 continue after opening up much of the manufacturing sector to 100 per cent FDI. More

FINANCIAL PERFORMANCE
Greaves Cotton posts six-fold increase in net
GREAVES Cotton Ltd, a B.M. Thapar Group company, reported a six-fold increase in net profit for the quarter ended September 30, 2004, to Rs 12.72 crore over Rs 2.13 crore in the corresponding period of 2003. It reported a total income and ... More

MERGERS & ACQUISITIONS
Shriram group, Sembcorp may pick up stake in Ramky Pharma
THE Chennai-based Shriram group and Sembcorp Industries of Singapore are expected to pick up stakes in Ramky Pharma City (India) Ltd, a company that is executing a Rs 700-crore `bulk drug manufacturing theme park' at Visakhapatnam in Andhra ... More

Honeywell completes acquisition of Tata stake in joint venture
HONEYWELL International Inc, the $23-billion diversified corporation, has announced that its wholly owned subsidiary, Honeywell Asia Pacific Inc, has completed acquisition of Tata group's 40.62 per cent stake in Tata Honeywell Ltd. This ... More

CORPORATE GOVERNANCE
`Rating agencies must cover more firms on corporate governance'
THE Chairman of the Securities and Exchange Board of India, Mr G.N. Bajpai, has mooted the need for private sector led corporate governance norms for Indian corporates. Addressing the inaugural session of the SEBI-FICCI annual global ... More

NEW PROJECTS
LML in expansion drive, eyes bigger share in bike market
THE two-wheeler major LML , has embarked on an expansion drive that would see the company expanding its manufacturing capacity and launching a series of bikes including an entry level motorcycle and gearless scooter. The Executive Director of ... More

Hind Paper finalises Rs 1,000-cr capacity expansion plan
ANTICIPATING that the domestic paper and newsprint market will remain bullish in the foreseeable future, the State-owned Hindustan Paper Corporation (HPC) has finalised a fresh investment proposal to expand capacity of its two paper mills in ... More

Shanthi Gears on expansion mode — Still on the look out for strategic partner
SHANTHI Gears Ltd (SGL), a major player in the industrial gears segment in the country, is investing about Rs 50 crore during the current fiscal to ramp up production capacity and to put the company into an exclusive league of manufacturers of ... More

SICK UNITS
BIFR confirms winding up of Pennar Profiles
WITH repeated attempts to revive the ailing Pennar Profiles Ltd (PPL), yielding no results, the Board for Industrial and Financial Reconstruction (BIFR) has confirmed its opinion of winding up PPL. In its recent order, the BIFR Bench noted ... More

PEOPLE
Vinita Bali to head Britannia
MS Vinita Bali is the new Chief Executive Officer of the Nusli Wadia-managed Britannia Industries Ltd. Ms Bali, a former worldwide marketing director of Coca-Cola, will succeed Mr Sunil Alagh who made a controversial exit in April 2003. The ... More

Sidharth Ray co exits Data Access — Quits on fallout with management
THE Sidharth Ray-promoted SPA Enterprises has exited the international long distance (ILD) company Data Access after passing on the management of the company to a consortium of investors. Mr Ray had held a 76 per cent stake in the telecom ... More

NEW PRODUCTS & SERVICES
Ford rolls out Fusion
SHORTLY after 2.30 p.m. today, a Moondust Silver coloured Ford Fusion rolled out of Ford India's plant at Maraimalai Nagar signalling the beginning of commercial production of the vehicle. At the wheel was Ford India's Managing Director and ... More


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Top Stories
Power Ministry seeks 150 mt captive coal reserve for DVC


`ITES cos need to have offshore centres to stay in race'

Cotton prices may drop on record global output

Hutchison consolidation among 57 FDI proposals cleared

Decline in anti-dumping measures: WTO

Looking back
Oct. 24-Oct. 30
FDI outflow rises as Indian cos clinch more buys overseas: Unctad

M&M scouting for acquisition in China


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