The Hindu Business Line : Friday, September 02, 2005

Bajaj-US agency combine develops hydrogen-run auto
AN Indo-American business alliance forged under the United States-Asia Environmental Partnership (US-AEP) has developed a three-wheeler powered by hydrogen fuel. The vehicle, being exhibited at the annual convention of the Society of Indian ... More

ANNOUNCEMENTS

Reliance gets Rs 10,500-cr excise notice
RELIANCE Industries Ltd (RIL) has been served a show-cause notice by the Central Excise Department regarding non-payment of additional excise duty to the tune of Rs 10,500 crore on export of petroleum products from its refinery at Jamnagar in ... More

Eveready to invest Rs 5.5 cr in Oracle e-Biz suite
AS part of its efforts to reduce costs and improve forecast accuracy, among other things, Eveready Industries India Ltd (EIIL) is implementing the Oracle E-Business Suite enterprise application software on a Linux platform at an investment of Rs ... More

Volkswagen to return money siphoned off by Vashista Wahan
THE German auto major, Volkswagen, is all set to return to the Andhra Pradesh Government a sum of Rs 11.7 crore siphoned off by Vashista Wahan, a special purpose vehicle created for the purpose of establishing the car factory at ... More

Nagarjuna Power plant at Udupi to supply 100 MW to Kerala
THE proposed 1,015-megawatt thermal plant of Nagarjuna Power Corporation Ltd at Padubidri in Udupi district will supply 100 MW to Kerala. Addressing newspersons here on Wednesday evening, Mr Praveer Sinha, Chief Executive Officer of ... More

Wyeth set to bring blockbuster paediatric vaccine to India
WYETH is poised to bring its blockbuster — a billion-dollar pediatric vaccine for pneumococcal diseases into India. The vaccine is touted to be the first and only vaccine indicated for children up to two years of age. The estimated Rs ... More

Nagarjuna Const bags Rs 108-cr orders
NAGARJUNA Construction Company Ltd has secured two new orders worth Rs 108 crore. These include a project from IRCON International Ltd for the construction of flyovers in Patna valued at Rs 89 crore. The second order is for work from Sandoz ... More

Skoda to roll out Combi this month
SKODAAUTO India on Thursday said it would launch the premium station wagon Combi later this month followed by the Skoda Superb diesel. ``The Combi will be followed by the Superb diesel in November this year,'' SkodaAuto India Managing ... More

CORPORATE DISPUTES

Lodha counsel slams Birlas' conduct
RESUMING arguments in the case of appointment of Administrator over the property of M.P. Birla on Thursday at the Calcutta High Court, the Counsel of Mr R.S. Lodha slammed the conduct of B.K. Birla, G.P. Birla and Y. Birla. The matter came up ... More

MP Birla group forces poll on all resolutions at Pilani Inv AGM
THE M.P. Birla Group on Thursday forced a poll on all the seven resolutions proposed before the shareholders of the Pilani Investment and Industries Corporation Ltd at its annual general meeting. Apart from the accounts, dividend, auditors' ... More

Rahul Bajaj makes in-principle agreement with Shishir
MR Rahul Bajaj, Chairman of Bajaj Auto Ltd, said on Thursday that he has reached an in-principle agreement with his younger brother, Mr Shishir Bajaj, over the ownership of companies in the Bajaj group. "The family settlement has been made. It ... More

OVERSEAS BORROWINGS

New norms to check misuse of ADR/GDR funds: Ministry
THERE'S a growing suspicion that promoters of `dubious' entities are using American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds to plough back their tainted money held abroad into the country, said the ... More

ESOPS

Dr Reddys' grants 8,300 ESOPs
DR Reddys' Laboratories Ltd has granted 8,300 stock options to its employees at an exercise price of Rs 5, which is the par value of the shares of the company. In a communication to the BSE, the company said the shares covered by such options ... More

COMPANY LAW

Meet on Dr J.J. Irani report
HYDERABAD: The Federation of Andhra Pradesh Chambers of Commerce and Industry (Fapcci) is organising a conference on the Dr J.J. Irani report on Company law here on Saturday. The report, which was made public in May, recommended changes ... More

RESTRUCTURING

Escorts in recast mode — Nikhil Nanda appointed COO
ESCORTS Ltd on Thursday said that it was in final stage negotiations for financially restructuring its balance sheet by injecting funds into operations and replacing high cost debt. The company also announced the appointment of Mr Nikhil Nanda ... More

FIXED DEPOSITS

Govt to tighten disclosure norms for company deposits
Under the existing Act, every company, which accepts deposits is required to inform the Company Law Board (CLB) in case of any default in repayment or interest, within 60 days from the date of the default. More

MERGERS & ACQUISITIONS

IOC, Caliak to submit bid for 51% stake in Turkish firm
AN Indian Oil Corporation (IOC) team is set to furnish its bid for a 51 per cent stake in Turkish Petroleum Refineries Corporation (Tupras), the Turkish oil refining company, on Friday. According to senior IOC officials, a sub-committee of the ... More

Beeyu Overseas bids for Lankan tea property — Ties up with Colombo-based firm; plans jt venture marketing firm with Tata Coffee
THE Bangalore-based Tata Coffee Ltd will soon float a joint venture marketing company with the city-based tea firm, Beeyu Overseas Ltd. Beeyu is hoping to acquire a Government-owned tea estate and factory in Sri Lanka next month after placing ... More

Ranbaxy, Wockhardt ready war chests for acquiring Alpharma
PHARMACEUTICAL companies eyeing overseas acquisitions are finding it relatively easy to mobilise funds. According to investment banking circles, Ranbaxy Laboratories Ltd and Wockhardt Ltd, which are both in the race to acquire stakes in US-based ... More

NEW PROJECTS

TT to set up new unit in Gujarat
TT Ltd, manufacturers of cotton yarn, fabric and garments, is investing Rs 121 crore for the expansion of its Gajroula (Uttar Pradesh) and Avinashi (Tamil Nadu) plants, and setting up a new spinning plant at Gondal (Gujarat). The company plans ... More

Atlas Copco to expand facilities in Pune, Nashik
ATLAS Copco is expanding its facilities in Pune and Nashik. The new facility in Pune will become operational by mid-2006, while the Nashik facility is scheduled to be fully operational by the second quarter of 2007. Announcing this here on ... More

Hero Honda Motors to set up third manufacturing plant
HERO Honda Motors Ltd on Thursday said it would announce the setting up of a third manufacturing plant by November to meet increased demand. "The third plant would start production before Diwali next year," said the Hero Honda Managing ... More

ALLIANCES & JOINT VENTURES

Eureka Forbes in pact with BPCL
KOCHI: Eureka Forbes Ltd, makers of vacuum cleaners and water purifiers, has tied up with Bharat Petroleum Corporation Ltd (BPCL) to sell its products through BPCL's cooking gas distributors across the country. Distributors of Bharatgas ... More

DIVERSIFICATION

Madras Cements commissions captive power plant in TN
The captive power plant, which can run on petroleum coke, coal or lignite, cost the company about Rs 95 crore. More

STANDARDS & BENCHMARKS

MCF gets safety management system certificate
MANGALORE Chemicals & Fertilizers (MCF) Ltd, a UB group company, has been awarded the certification on occupational health and safety management system conforming to OHSAS 18001:1999 standard. A press release by the Company Secretary, Mr S. ... More

Ultimate Hospitality gets quality tag
WHAT'S cooking? You ask this question and Mr Gandra Praveen Rao would say his 100 culinary staff are busy preparing 10,000 meals - everyday! Seventy-five per cent of these go to corporate clients scattered around the city. Of an estimated ... More

OUTLOOK

TVS Motor to roll out bikes in Indonesia by October 2006
TVS Motor Company said on Thursday that it expects to launch its motorcycles in Indonesia by October next year. "We have acquired land in Indonesia and trial production of motorcycles should begin in July next year and we expect to start ... More

Toyota conducting feasibility study on entering small car segment
TOYOTA Kirloskar Motors Ltd said on Thursday that it is conducting a feasibility study on entering the small cars segment in India. "We need to have something in the small car segment. We are still in the feasibility stage, but we are working ... More

PERFORMANCE

IOC calls again for petro products price hike
REELING under the constant threat of suffering revenue losses by selling fuel below the cost of production, Indian Oil Corporation (IOC) on Thursday once again renewed its appeal to the Government for raising the prices of four petroleum ... More

Bajaj Auto sales up 34 pc in August
BAJAJ Auto Ltd (BAL) on Thursday reported a 34 per cent rise in the total sales of two and three-wheelers in August this year at 186,802 units, from 139,743 units in the year-ago period. Two-wheeler sales for the month were up 37 per cent ... More

Tata Motors sales up 20 pc in August
TATA Motors on Thursday reported a 20.2 per cent growth in total vehicles sold (including export) for August to 36,205 units (30,113 units for the year-ago period). This included a 24.8 per cent in domestic sales of commercial vehicles to ... More

Maruti sales up 9.5 pc in Aug
MARUTI Udyog Ltd on Thursday reported a 9.5 per cent rise in sales in August this year at 46,509 units against 42,480 units in the same month last year, despite a slight slowdown in exports. The decline in the numbers of the `M800' model, ... More

TVS Motor 2-wheeler sales up 15 pc
TVS Motor Company's total two-wheeler sales in August this year increased by 15 per cent to 1.03 lakh units compared to 89,500 units during the same period last year. The total motorcycle sales in August were 59,675 units (49,020 units), a 22 ... More

TRENDS

India Inc eyes jatropha farming in a big way
Both public and private sector companies such as Indian Oil Corporation (IOC), IFFCO, ONGC and Emami have approached the Chhattisgarh Government seeking permission for contract farming of this plant, which is a good source of ... More

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