The Hindu Business Line : Friday, August 26, 2005

Glenmark's asthma drug gets nod for further trials
GLENMARK Pharmaceuticals has received the green signal from regulatory authorities in the US for further development of its prospective asthma drug, GRC 3886. The drug is now on course to enter the second phase of testing on human beings, or ... More

Bannari Amman Spinning to tap market for expansion
BANNARI Amman Spinning Mills, part of the Coimbatore-based Bannari Amman group, which has an annual turnover of Rs 1,200 crore, is entering the capital market with a public issue of 70 lakh equity shares of Rs 10 face value per share. The issue, ... More

Amartex to go in for IPO to fund retail expansion
AMARTEX Industries Ltd on Thursday announced plans to approach the capital market by this year-end to raise around Rs 60 crore. The company plans to invest the funds in increasing its retail presence across the country from 30 outlets at present ... More

Jagsonpal Pharma to pay 20%
NEW DELHI: The Delhi-based Jagsonpal Pharmaceuticals Ltd has announced 20 per cent dividend besides splitting its Rs 10 share to two shares of Rs 5 each. This decision was taken at the meeting of the board of directors. ... More

Dr Reddy's sunscreen gel
HYDERABAD: Dr Reddy's Laboratories has launched `Shadowz', a sunscreen in gel form, that promises to provide protection to patients prone to or suffering from melasma and photo dermatitis, both skin-related problems. The gel offered in ... More

Morepen files 52 DMF
NEW DELHI: Morepen Laboratories has filed 52 DMF (Drug Master File) across 10 European countries for six products. The filings are for cholesterol-reducing drug Atorvastatin for both the amorphous and the crystalline forms, ... More

CORPORATE DISPUTES

"There is complete harmony in the family... "
Every evening B.K. Birla plays the harmonium and his wife joins him in singing prayers. "My voice has become coarse but her voice still lilts," he says. More

Scribe of Priyamvada Birla's will moves SC
IN a major turn of events in the ongoing controversy between the Birla family and Mr R.S. Lodha, the scribe of Priyamvada Birla's will, Dr V. Gaurishankar, has filed a special leave petition (SLP) in the Supreme Court. The petition seeks ... More

Haldia Petro: CLB reserves order on TCG plea, clubs it with main petition
THE Company Law Board (CLB) on Thursday reserved its order on the fresh application moved on Tuesday by The Chatterjee Group (TCG) seeking review of its earlier order that upheld allotment of shares to Indian Oil Corporation Ltd (IOC) in Haldia ... More

OVERSEAS BORROWINGS

IOC to raise $670 m loan to refinance debt, import crude
INDIAN Oil Corporation Ltd (IOC) said on Thursday that it had recently signed agreements to raise $670 million as foreign currency loan. Of this, $200 million would be used to refinance existing syndicated term loans and the rest for crude oil ... More

AWARDS & HONOURS

Ranbaxy US arm gets award
NEW DELHI: Ranbaxy Laboratories Ltd's wholly owned subsidiary, Ranbaxy Pharmaceuticals Inc (RPI), USA, has received the Supplier Quality Award from Cardinal Health. Cardinal Health is the second largest wholesaler in the US, which supports ... More

MERGERS & ACQUISITIONS

IOC-OIL combine eyes tie-up with Statoil — Other Indian companies to join
INDIAN Oil Corporation (IOC) and Oil India Ltd (OIL), in partnership with other Indian companies, are eyeing an agreement with Norway's Statoil for acquisition of overseas oil and gas assets. A senior Petroleum Ministry official told ... More

L&T to acquire Datar Switchgear, to assume Rs 24-cr debt
LARSEN & Toubro has entered into an agreement to acquire Nashik-based company Datar Switchgear Ltd under a scheme to be approved by the Board for Industrial and Financial Reconstruction (BIFR). As part of the arrangement for its merger with ... More

NEW PROJECTS

We are not hungry for iron ore, says POSCO
POSCO, the South Korean steel major, will not push for exports of iron ore from India if the people and the Union Government do not want the exports to happen, authoritative sources in the company told journalists of The Hindu group of ... More

REGULATORY BODIES & RULINGS

CAG highlights deficiencies in ordnance factories' functioning
THE Comptroller and Auditor-General of India (CAG) has highlighted shortcomings in the functioning of ordnance factories, following a performance audit of the manufacture of high calibre ammunition, critical to sustaining superior firepower. In ... More

ALLIANCES & JOINT VENTURES

Coal India, OIL plan joint venture for liquefaction plant
THE State-owned Coal India Ltd (CIL) has initiated moves to produce oil from high sulphur coal available under the administrative control of North Eastern Coalfields (NEC) in Assam. The proposed coal liquefaction project is to be set up jointly ... More

Grandix Pharma ties up with Italian co
THE Chennai-based Grandix Pharmaceuticals Ltd has tied up with Chromogenix, Italy - a group company of one of the world's largest diagnostics major Instrumentation Laboratory Inc - to market chromegenic substrates in India. Grandix will ... More

Crest Animation's US arm, Lions Gate to co-produce 3 films
CREST Animation Studio's US-based subsidiary, RichCrest Animation, and Lions Gate Entertainment have announced a co-production and co-financing arrangement to produce three animated feature films. With this deal Crest moves forward into the ... More

RIGHTS ISSUE

Pantaloon Retail okays 1:5 rights issue
PANTALOON Retail (India) Ltd has approved a rights issue of one equity share for every five shares held at a price of Rs 500 per share. The sale is expected to aggregate Rs 224 crore. The price of Rs 500 is at a discount to the last traded ... More

BONUS ANNOUNCEMENTS

Gangotri Textiles board okays stock split, 1:1 bonus issue
GANGOTRI Textiles Ltd today decided to issue 1:1 bonus to its shareholders, which will double its present equity base of Rs 4.8 crore to Rs 9.6 crore. The company has also proposed to split the face value of its Rs 10 share into two shares of ... More

OUTLOOK

Jharkhand project: `Tata Steel's worry is on equipment supplies, project management'
TATA Steel, which has announced a 10-million tonnes steel project in Jharkhand, does not see any difficulty in raising Rs 55,000 crore for the project. But, equipment supplies and project management could be a hurdle the company may need to ... More

Amara Raja sales target
VISAKHAPATNAM: Amara Raja Batteries Ltd is aiming at 20 per cent growth in sales turnover during the current financial year, according to Mr Ganesh Swaminathan, the national sales manager. He was addressing a press meet here on Thursday ... More

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