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Friday, August 05, 2005


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CORPORATE

ANNOUNCEMENTS


L&T consortium bags Tata Steel order
MUMBAI: Larsen & Toubro Ltd and its international consortium partners have bagged two major EPC (engineer-procure-construct) contracts valued at Rs 1,550 crore for Tata Steel's 2.4-million tonne expansion project in Jamshedpur. L&T's ... More

Phoenix conveyor at ACC plant
NEW DELHI: Phoenix Yule Ltd, manufacturer of conveyor belts, has executed a 2.5-km long pipe conveyor belt at ACC's plant at Chaibasa in Jharkhand. The belt will transport limestone from the limestone pits situated 2.5 km away from the ... More

CORPORATE DISPUTES


CLB reserves order on Chatterjee Group plea
THE Company Law Board on Thursday reserved its interim order on the petition filed by The Chatterjee Group on the issue of fresh shares of Haldia Petrochemicals Ltd to Indian Oil. The matter was heard by Mr S. Balasubramanium, CLB Chairman. ... More

OVERSEAS BORROWINGS


Prajay Engg plans global issue
HYDERABAD: The board of directors of Prajay Engineers Syndicate Ltd has decided to offer foreign investors FCCBs (foreign currency convertible bonds) or ADRs (American Depository Receipts) or GDRs (Global Depository Receipts) aggregating ... More

COURTS/LEGAL ISSUES


HC restrains Customs from taking action against Ruia Cotex
MR Justice Pronab Kumar Chattopadhay of the Calcutta High Court has directed the Customs authorities not to take any coercive measure regarding Ruia Cotex Ltd (RCL) and its Director, Mr Pawan Kumar Ruia. The petitioners had asked for orders ... More

RESTRUCTURING


Reliance board meet today
MUMBAI: Reliance Industries Ltd has informed the BSE that its board of directors will meet on August 5 to consider the scheme relating to the proposed demerger of Power, Financial Services and Telecommunications Services (scheme of ... More

MERGERS & ACQUISITIONS


TVS Motor to buy Bharat Tech frames division for Rs 33 cr
TVS Motor Company Ltd has decided to buy out the frames division of Bharat Technologies Auto Components Ltd, which is located at Hosur, Karnataka for Rs 33 crore. Bharat Technologies is a 100 per cent supplier of all two-wheeler frames used by ... More

First Global calls off deal with Way2Wealth
THE First Global group has called off its acquisition of Way2Wealth Securities (W2W), a financial services company, due to non-compliance of certain clauses by the sellers. First Global had announced last month that it would acquire W2W, ... More

Fidelity ups stake to 12% in IVRCL
FIDELITY International Ltd (FIL), along with others, has acquired 5,90,171 shares of IVRCL Infrastructures & Projects Ltd, constituting 2.81 per cent of the company. In a communiqué to stock exchanges, IVRCL said the acquisition was made ... More

B.K. Birla- Kumar Mangalam combine secures Century Textiles control
PILANI Investments & Industries Ltd, the holding company of the several outfits of Birla factions, on Thursday saw its control pass over jointly to Mr B.K. Birla and his grandson Mr Kumar Mangalam Birla. But more importantly, with a buyout deal . More

NEW PROJECTS


Orissa Sponge Iron plans steel plant in Karnataka
ORISSA Sponge Iron Ltd is looking into the possibility of setting up a 2.5-lakh tonne a year steel manufacturing plant in the Bellary region in Karnataka at an investment of about Rs 200 crore. Mr Munir Mohanty, Director, Torsteel Ltd, which ... More

ALLIANCES & JOINT VENTURES


Delphi in pact with WorldSpace to make mobile radio
DELPHI Corporation, the global leader in automotive systems and components, has signed an agreement with WorldSpace Inc, the global satellite radio broadcaster, to make mobile satellite radio available in Asia. In a press release here, Delphi ... More

Iran gas co open to tie up with Indian cos
The National Iranian Gas Exporting Company, Managing Director, Mr R. Javadi, on Thursday said that his company would be open to partnering with Indian private companies looking to invest in the energy sector in Iran. When asked whether any ... More

TCS to offer drug discovery solutions — Signs pact with Italian biotech start-up
TATA Consultancy Services Ltd, which has struck a one-million-euro partnership with an Italian firm, has announced it would become the first IT services company to work on molecules and not just software code. The agreement with Congenia, a ... More

DIVERSIFICATION


JCB forays into apparels market
CONSTRUCTION equipment manufacturer JCB India today announced its entry into the apparel business with the launch of its first clothing line endorsed by Formula-1 driver Narain Karthikeyan. "This is not only a brand building exercise ... we ... More

RIL gearing for retail foray?
RELIANCE Industries Ltd, after demerger of its power, telecom and financial services businesses on Wednesday, is getting ready to enter the greenfield area of retail. If the size of investment, said to be Rs 20,000 crore over the next four ... More

OUTLOOK


Vedanta unveils plan to invest $700 m in two projects
THE board of Vedanta Resources Plc has approved two new capital projects with total investment of $700 million. The two projects are the $300-million 170,000 tonnes a year zinc expansion at Chanderiya, due in early 2008, and a $ 400-million ... More

Suashish Diamonds plans global expansion
SUASHISH Diamonds Ltd (SDL), one of largest diamond exporters in the country, is expanding its presence in the global market and is looking at various options, including acquisition. SDL is a sightholder of the Diamond Trading Company as well ... More

Tata Power eyes S. Africa, Bangladesh
The expansion activities and new projects, both domestic and overseas, would entail investments of Rs 18,500 crore. More

PERFORMANCE


Eicher Motors CV sales up 7 pc in July
EICHER Motors has registered a 7 per cent growth in its commercial vehicles sales in July as compared to the same month last year. The total sales were 1,751 units (1,651 units). According to Mr Rakesh Kalra, Chief Executive, Eicher Motors, ... More

PEOPLE


Amrutanjan MD passes away
MR S. Radhakrishna, Managing Director, Amrutanjan Ltd, passed away this morning. He was 72 years old. A postgraduate in Chemistry, Mr Radhakrishna joined Amrutanjan in the mid-1950s and has been guiding the company for the past five decades. ... More
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