The Hindu Business Line : Friday, January 07, 2005

Maruti hikes prices of Euro-III models
CAR major Maruti Udyog Ltd on Thursday raised the prices of three of its models by Rs 10,000 to Rs 15,000, with the introduction of models with Euro-III compliant engines. The price hike has been effected on the Euro-III compliant version of ... More

ACC to seek shareholders' nod for sale of AP unit
THE board of directors of Associated Cement Companies Ltd (ACC) has decided to seek shareholders' approval for the sale of its Mancherial Cement Works, located in the Adilabad district of Andhra Pradesh. Voting will be through postal ballot, a ... More

Pennar Steels calls EGM for equity restructuring
PENNAR Steels Ltd has informed the stock exchanges that an extraordinary general meeting will be held on January 27 to seek the approval of shareholders for the sub-division of existing equity shares in line with the scheme of reconstruction and ... More

BEL pays 40 pc interim
BANGALORE: Defence PSU Bharat Electronics Ltd (BEL) has declared a 40 per cent interim dividend for 2004-05. This is its first interim dividend. The CMD of BEL, Mr Y. Gopala Rao, presented the cheque to the Defence Minister, Mr Pranab ... More

BEML pays 15% interim
BANGALORE: The board of Bharat Earth Movers Ltd (BEML) has approved the payment of a 15 per cent interim dividend. It has fixed January 20 as the record date to determine the eligible shareholders, according to a release. ... More

PREFERENTIAL ALLOTMENTS

Power Ventures to invest in Easun
CHENNAI: Power Ventures Holdings (India) Pvt Ltd will pick up equity in Easun Reyrolle Ltd, investing Rs 2.5 crore for that purpose. Power Ventures is to be made a preferential offer of equity shares, according to an announcement in the ... More

CORPORATE DISPUTES

Reliance silent on report of Ambanis' legal separation
THERE was no official comment from the Reliance Group on a television news report today that the feud between the Ambani brothers is set to culminate in a legal separation between the two. The television report said that the brothers — ... More

Birla sisters move CLB against Lodha for transferring shares
THE two sisters of late M.P. Birla - Ms Laxmi Devi Newar and Ms Radha Devi Mohatta - on Thursday filed a petition under Section 111 of the Companies Act, 1956, before the Company Law Board (CLB), challenging the transfer of shares of East ... More

Priyamvada acted on her own, says Lodha counsel
APPOINTMENT of a Receiver over the property left behind M.P. Birla was the contention of the petition filed by Ms Laxmibai Newar and Ms Radha Mohta, the two sisters of M.P. Birla. The hearing resumed today in the Court of Mr Justice K.J. Sengupta ... More

MERGERS & ACQUISITIONS

German co to pick up 9.5 pc stake in Jindal Poly
THE Germany-based DEG Deutche Investitutions has finalised plans to pick up 9.5 per cent equity stake in Jindal Poly Films Ltd (JPFL) along with a board position. The German financial institution would pick up 13 lakh shares with face value of ... More

Bennett & Coleman acquires 4.53% stake in Pantaloon Retail
BENNETT & Coleman & Company Ltd is acquiring a 4.53 per cent stake in Pantaloon Retail India Ltd for Rs 70 crore. Pantaloon said it has approved the issue of 9.53 lakh equity shares of Rs 10 each for cash at a premium of Rs 724.02 to Bennett, More

Aberdeen picks up stake in CMC
HYDERABAD: CMC Ltd has informed the National Stock Exchange that Aberdeen Asset Management Asia Ltd has on behalf of funds acquired 39,000 shares aggregating 0.2574 per cent of the total paid-up capital of CMC Ltd, thereby crossing the ... More

CORPORATE GOVERNANCE

Decade-old RBI probe questions fund mop-up by RIL satellite cos
WHILE a debate currently rages in the media over the complex web of investments by affiliates of the Reliance Group, the phenomenon has drawn adverse notice from an inspection team of the Reserve Bank of India (RBI) as far back as 10 years ago. ... More

NEW PROJECTS

New hotel in Chennai
CHENNAI: Days Inn Deccan Plaza, a 100-room, only-vegetarian-cuisine three-star hotel in the city, is all set for a formal inauguration on Friday. The hotel has been built by the Deccan Hotels group of Chennai at a cost of Rs 36 crore. ... More

ALLIANCES & JOINT VENTURES

AGCO to source components from India through TAFE
AGCO Corporation of the US, a leading manufacturer of tractors and other agricultural equipment, plans to increase its components sourcing from India to $10 million (about Rs 45 crore) over a period of time. It has tied up with Tractors and ... More

BONUS ANNOUNCEMENTS

Glenmark to issue 1:1 bonus
MUMBAI: The board of directors of Glenmark Pharmaceuticals Ltd has approved a bonus share issue in the ratio 1:1 or one share for every one held, the company said. The bonus issue is to share the benefits of the company's growth with ... More

OUTLOOK

Rising lead prices — Exide to focus on volumes, cost cutting
RISING lead prices may have a telling effect on the profitability of Exide Industries this fiscal, and in order to beat the pressure on margins the company is stressing on volumes and cost-cutting exercises. Talking to newspersons here today ... More

PERFORMANCE

Ford India sales up 34 pc in December
FORD India sold 3,092 vehicles in December 2004, a 34 per cent increase over the 2,303 units it sold in December 2003. The company exported 2,046 kits of the Ikon against 1,702 kits in December 2003. For the whole of the year, its sales ... More

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