The Hindu Business Line : Sunday, September 04, 2005

Ranbaxy board to consider US listing
NEW DELHI: The board of Ranbaxy Laboratories Ltd will meet on Friday next to discuss about listing the company's share on the US stock exchange. "It will also consider conversion of its Global Depositary Receipts into American ... More

Taj-GVK board okays stock split
HYDERABAD: The board of directors of Taj-GVK Hotels and Resorts has approved five-for-one stock split. Post-split, the face value of each share would be Rs 2 and the total number of shares would be 6,27,01,495 as against the present ... More

Binani to sell stake in cement arm
MUMBAI: Binani Industries has said that it would divest 25 per cent stake in its subsidiary Binani Cement to an international financial investor. The company did not provide the name of the investor and the price at which these shares ... More

OVERSEAS BORROWINGS

Panacea Biotec to raise funds
NEW DELHI: The board of Panacea Biotec will meet on September 9 to consider raising funds up to Rs 500 crore for the company's expansion plans. It will consider various options including tapping the domestic/international markets ... More

COMPANY LAW

`New Company Law will protect small investors'
THE Minister for Company Affairs, Mr Prem Chand Gupta, said on Saturday that the new Company Law would provide stricter norms against those companies that have siphoned off funds collected from the public. The law would have provisions for ... More

Company Law Draft Bill likely to be presented in winter session
A draft Bill on the new Company Law that seeks to revise the 50-year-old Companies Act (1956) is likely to be introduced in the winter session of Parliament. The draft should be ready by the month-end, according to Dr J.J. Irani, who headed the ... More

AWARDS & HONOURS

Great India Tour bags IATO award
THIRUVANANTHAPURAM: Great India Tour Company (GITC) has won an award from the Indian Association of Tour Operators (IATO) for the best tourism brochure. The award was announced during the 21st IATO annual convention held recently in ... More

ACCOUNTANCY

Intellectual capital assessment tool for cos launched
CONSULTING company Bizworth India has partnered with Intellectual Capital Sweden AB to launch intellectual capital assessment service. IC Rating measures intellectual capital, which is an intangible asset of a company. Current valuation ... More

CORPORATE BONDS

Subex approves share allotment
BANGALORE: Subex Systems' board has approved the allotment of 2,30,769 equity shares of Rs 10 each at a premium of Rs 290 each, consequent to the conversion of Foreign Currency Convertible Bonds (FCCBs) of a value of $1.5 million to ... More

RESTRUCTURING

Shiva Cement gets nod for debt revamp plan
THE Rourkela-based Shiva Cement Ltd has received in-principle approval for its debt restructuring plan from its consortium leader, IFCI Ltd. The other lenders ICICI Bank, Bank of India, Bank of Baroda, Allahabad Bank and others have already ... More

MERGERS & ACQUISITIONS

IOC open to buying Bengal's stake in Haldia Petrochem
INDIAN Oil Corporation Ltd (IOC) is open to the idea of acquiring the West Bengal Government's stake — aggregating a little over 30 per cent of the company's equity — in Haldia Petrochemicals Ltd provided it is offered to the oil ... More

Clariant group: Positive reaction in the merger
Clariant: Hold
Colour-Chem: Hold
Vanavil Dyes: Hold
More

NEW PROJECTS

AP gets Rs 5,500-cr export-oriented refinery — ONGC-MRPL also to set up SEZ at Kakinada with IL&FS
OIL and Natural Gas Corporation Ltd (ONGC), its subsidiary MRPL and consortium partners, today announced plans to set up a Rs 5,500-crore export-oriented oil refinery at Kakinada in Andhra Pradesh along with a Rs 1,500-crore special economic ... More

FDI in paper sector: Finnish co may take lead
The Finnish group is expected to choose either Gujarat or Maharashtra to locate the plant. More

Su-Raj Diamonds plans units in Kochi, Kolkata
SU-RAJ Diamonds and Jewellery Ltd has announced its plans to set up jewellery manufacturing units in Kochi and Kolkata. Both the units are to come up at the special economic zones (SEZs) in the two locations and would cater to the jewellery ... More

Gayatri Sugars plans to set up distillery unit
GAYATRI Sugars Ltd (formerly NCS Gayatri Sugars Ltd) plans to set up a 40 kilolitres a day cane molasses-based distillery unit at its factory in Kamareddy (Nizamabad) district. The project, which is yet to be finalised, would cost Rs 25 crore. ... More

Grandix to invest Rs 30 cr in HP formulations unit
THE Chennai-based Grandix Pharmaceuticals Ltd proposes to invest Rs 30 crore in a formulations unit in Himachal Pradesh, which is to be dedicated for contract manufacturing. The contract is expected from "an MNC", according to the Grandix ... More

Essar Steel's CR mill goes on stream
ESSAR Steel Ltd inaugurated its 1.2-million-tonne cold rolling mill (CRM) at its Hazira steel complex on Friday, making itself a fully integrated steel producer. The Gujarat Chief Minister, Mr Narendra Modi, inaugurated the new facility. Mr ... More

Market buzz
BMW plans to set up an assembly plant in Chennai at a cost of $40 million (about Rs 180 crore). Commencement of commercial operations has been scheduled for the third quarter of 2006. This would take the number of car manufacturers in Chennai to ... More

SICK UNITS

BIFR approves Jessop capital restructuring
THE Board for Industrial and Financial Reconstruction has approved the capital restructuring of Jessop & Co Ltd. This will help the company to wipe out its accumulated losses of Rs 122.87 crore. At its meeting on August 31, the BIFR approved ... More

OUTLOOK

Philips aiming to double Indian operations
TERMING India as a "priority market" within Asia, consumer electronics giant Philips has said it aims to increase its overall Indian operations to over Rs 5,500 crore (1 billion euro) in the next few years, from Rs 2,500 crore. The company's ... More

PERFORMANCE

Hyundai sales up 32% in August
HYUNDAI Motor India has announced that it has recorded all-time high sales of 24,311 units in August 2005, posting a growth of 32 per cent over August 2004. The company's domestic sales in August were 14,902 units, a growth of 51.2 per cent ... More

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