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Tuesday, March 22, 2005

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ANNOUNCEMENTS


Leyland buses for Muzaffarabad service
THE J&K State Road Transport Corporation has selected Ashok Leyland's `Stag' buses for the Srinagar-Muzaffarabad service. The buses would be deployed on the 170-km route, the company release said. "J&K SRTC is extremely happy to be ... More

EID Parry Board approves stock split
CHENNAI: EID Parry India Ltd has informed the BSE that the board of directors of the company, at its meeting held on March 21, has, inter alia, approved sub-division (stock split) of the nominal value of equity shares from Rs 10 per ... More

Divi's Labs hikes FII holdings limit
DIVI'S Laboratories Ltd has informed the stock exchanges that its shareholders have approved the special resolution through postal ballot for increasing the shareholdings limits of the foreign institutional investors (FIIs) from 24 per cent to ... More

BUYBACK


Ministry to examine Malco's share valuation plan for buyback
TAKING note of the allegations that the valuation of shares for de-listing by the book-building process of Madras Aluminium Company Ltd (Malco) was "misleading, manipulative and non-transparent", the Ministry of Company Affairs (MCA) has decided ... More

Malco delisting: Physical shares now hold the key
EVEN as Twinstar Holdings is deciding on the cut-off price for the buyback for Malco shares, it is possible that the company may have to cross many roadblocks before it goes ahead with the delisting as planned. The cut-off price is likely to ... More

ACCOUNTING STANDARDS


Meet on accounting norms at Ujire
MANGALORE: A two-day seminar on `Accounting standards: What they are and what they should be,' organised by Sri Dharmasthala Manjunatheshwara College, will begin at Ujire in Dakshina Kannada district on March 23. A college press release ... More

CREDIT RATING


Moody's ranks Tata Steel on par with global majors
MOODY'S Investor Services has positioned Tata Steel on par with steel majors, Arcelor and Thyssen Krupp, by assigning a `Baa2' rating with stable outlook. This assumes importance as Tata Steel plans to raise Rs 5,000 crore for its expansion ... More

MERGERS & ACQUISITIONS


UB to buy 54 pc stake in Shaw Wallace for Rs 1,300 cr
IT may finally be time to pop the bubbly for the Bangalore-based alcoholic beverages company, the UB group. McDowell & Company Ltd, a group company, has inked an agreement with Jumbo World Holdings Ltd to acquire indirect control up to 54.54 per More

Jumbo set to exit India
A FEW weeks before his demise on April 6, 2002 Manu Chhabria told one of his liquor business allies in a late night meeting that he feared his businesses could go without effective management if he were to die. The man, who was once described ... More

NEW PROJECTS


ONGC revives plan to expand MRPL capacity
ONGC is planning to expand the capacity of Mangalore Refineries and Petrochemicals Ltd (MRPL) to 15 million tonnes. The 9.6-million tonne refinery currently produces close to 12 m.t. of refined products. The expansion will also add new product ... More

REGULATORY BODIES & RULINGS


Ministry to examine shareholding plan of Tata-Murdoch's DTH
THE proposed shareholding pattern and the management structure of Space TV, the 80:20 direct-to-home venture between Tata Sons and Rupert Murdoch's Network Digital Distribution Services (NDDS), is being examined by the Ministry of Company ... More

ALLIANCES & JOINT VENTURES


M&M, Renault ink pact to produce Logan cars
FRENCH automobile major Renault hopes to increase its annual worldwide sales from 2.5 million cars to 4 million cars by 2010, according to the company Chairman, Mr Louis Schweitzer. Key to this scaling up is the Logan model, a right-hand drive ... More

Novavax ties up with Ranbaxy
NOVAVAX Inc, a specialty biopharmaceutical company has entered into an agreement with Ranbaxy Laboratories to evaluate a new transdermal product. This product has been formulated using Novavax's proprietary micellar nanoparticle (MNP) ... More

GAIL to undertake pipeline projects in Bangladesh
GAIL (India) Ltd has signed a memorandum of understanding with Business Development Corporation Ltd (BDCL), Bangladesh, for joint cooperation in gas transmission, pipelines and distribution networks in that country. As per the MoU, GAIL will ... More

INTERVIEW


`India cannot be competitor to China'
THE mood in the leather industry is upbeat as the focus of international markets turns to India. Mr Rafeeque Ahmed, Chairman, Council for Leather Exports, talks to Business Line on some of the trends, issues and concerns. Exports up to ... More

OUTLOOK


ONGC mulls agency model for retail outlets
AFTER having inaugurated its first retail outlet at Mangalore late last week, ONGC is set to expand the network by some 12 to 15 `OvaL RelaxTop' outlets during the next fiscal. According to sources, the new outlets are expected in the ... More

Toyota may go slow on low-end Innova
TOYOTA-KIRLOSKAR might go slow on producing the economical model of Innova, and increase the production of the new crossover car's higher-end diesel variants. Sources in Toyota-Kirloskar told Business Line that the higher end of the ... More

PEOPLE


Arvind Pande made Additional Director of Era Constructions
ERA Constructions (India) Ltd on Monday announced the appointment of Mr Arvind Pande as its Additional Director. "He has joined as a non-executive and independent director of Era Constructions (India) Ltd with effect from March 19, 2005," a ... More
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