Financial Daily from THE HINDU group of publications
Tuesday, September 13, 2005
Markets (Sept 12)
BL 2502456.45 (+29.97)
BSE Sensex8138.42 (+78.41)
S&P CNX Nifty2484.15 (+28.70)
US Dollar (Buy/Sell)43.79/43.92
Gold Std (10 gm)6435 (+5)


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ANNOUNCEMENTS


Gujarat NRE launches portal for coal trading
GUJARAT NRE Coke today launched an Internet-based coal trading portal coalrx.com. The company plans to auction one million tonnes of coal through this portal during the current financial year, the Vice-Chairman and Managing Director of the ... More

ONGC seeks exemption from subsidy sharing; offers to pay more revenues
OIL and Natural Gas Corporation (ONGC) has offered to pay more revenues to the Government, in the form of a higher dividend payment, in case it is spared from the subsidy sharing policy. The company has been demanding a fair deal in the mechanism ... More

Monsanto to set up corn drying plant near Hyderabad
MONSANTO India Ltd, an agricultural solutions company, has decided to set up a corn drying plant near Hyderabad in the next 18 to 24 months. Land required for setting up the unit had been acquired, Monsanto has informed the Bombay Stock ... More

Max tele-medicine centres
NEW DELHI: Max Healthcare Institute Ltd will open 30 tele-medicine centres by March 2006 with various partners across the nation with a joint investment of about Rs 1.5 crore. "We intend to take tele-medicine across the country in ... More

GE Shipping board meet
MUMBAI: The board of Great Eastern Shipping will be meeting on September 15 to consider the scheme of arrangement of the proposed de-merger of the company's offshore division. According to sources, a decision will be taken on the ... More

KSL announces share split
MUMBAI: KSL and Industries has announced a stock spilt of its Rs 10 face value share to Rs 4 face value share with effect from September 23. A resolution to this effect was passed at the extraordinary general meeting of the company on ... More

PREFERENTIAL ALLOTMENTS


Hind Dorr-Oliver to make preferential allotment to IVRCL
THE board of directors of Hindustan Dorr-Oliver Ltd (HDO), which has now become the subsidiary of IVRCL Infrastructures & Projects Ltd, has on Monday decided to issue equity through preferential allotment route. In a press release here, IVRCL .. More

CORPORATE DISPUTES


Ranbaxy guns for Pfizer's $12-b cholesterol drug — Generic cos watch blockbuster battle closely
IT is the mother of all patent challenges, quips an analyst closely watching the development of Ranbaxy's onslaught on Pfizer's $12-billion cholesterol drug Lipitor. Whether or not success is scripted in favour of Ranbaxy, the case is becoming ... More

OVERSEAS BORROWINGS


Madhucon plans global issue
HYDERABAD: The board of directors of Madhucon Projects Ltd (MPL) would meet on September 17 to consider the issue of foreign currency convertible bonds (FCCBs) or global depository receipts (GDR) to raise $80 million, equivalent to around ... More

CORPORATE BONDS


Indian Oil bonds subscribed 2.5 times
INDIAN Oil Corporation Ltd (IndianOil) on Monday said that the recent bond issue floated by it for mobilising Rs 1,000 crore has been over-subscribed. In a statement, the company said that the bond has been over-subscribed by over 2.5 times to ... More

RESTRUCTURING


Birla group restructuring — Indo Gulf shareholders get a good deal
IT was precisely two years ago, in July 2003, that the Aditya Birla group decided to separate the fertiliser and metals businesses of Indo Gulf Corporation, to create two companies that could better focus on their respective businesses; resulting ... More

MERGERS & ACQUISITIONS


JP Morgan in talks to buy stake in Andhra Cements
JP Morgan is in talks with Mr G.P. Goenka for picking up approximately 15 per cent stake in Andhra Cements Ltd, the ailing cement producer. JP Morgan is aiming at precisely 14.95 per cent of the company's equity, sources close to the ... More

Novartis' stake in Chiron
THE 50:50 joint venture between Chiron Vaccines and Panacea would be benefited if Novartis finally picks up the balance equity in the US-based company, said Mr Rajesh Jain, Joint Managing Director, Panacea Biotec. Though Chiron has rejected ... More

NEW PROJECTS


Tecumseh commissions rotary compressor unit
TECUMSEH Products India, part of the $2-billion US major, has commissioned its 7,50,000 rotary compressor unit capacity at its manufacturing base at Balangar, making it the first company to achieve this figure in the country. The company is ... More

ALLIANCES & JOINT VENTURES


GV Films MoU with Sidesh Films
MUMBAI: GV Films Ltd has informed BSE that it has entered into an MoU with Mumbai-based Sidesh Films P Ltd for forming a 50:50 joint venture on a profit sharing basis to produce a Hindi film. The film to be directed by Mahesh Manjrekar ... More

SICK UNITS


Bengal seeks BIFR intervention in Metal Box rehabilitation issue
THE West Bengal Government has taken up with the Board for Industrial and Financial Reconstruction (BIFR) the issue of the non-implementation of Metal Box India Ltd's (MBIL) updated rehabilitation scheme, particularly in respect of the company's ... More

OUTLOOK


Panacea Bio sets sights on foreign markets for new products
PANACEA Biotec is betting on three new products — in the pain management, gastro-enteritis and diabetes segments — for growth in the next three-four years. The Rs 500-crore that is to be raised (for which the company has got the ... More

Scooters India may go public by fiscal-end
SCOOTERS India Ltd (SIL), the Rs 160-crore public sector automobile company, plans to come out with a public issue before the fiscal-end, according to its Chairman and Managing Director, Mr P.K. Datta. Though the divestment measures initiated ... More

Eisai looks to extend footprint in India
JAPANESE drug major Eisai is looking to expand its footprint in India. Poised to roll out its blockbuster dementia drug Aricep, the company is conducting global clinical trials on the drug in India. Mr Soichi Matsuno, Deputy President and ... More

ONGC profits may take a hit in second quarter
ONGC's profit growth may fall in the second quarter compared to the first if asked to share as big a chunk of the subsidy as it did in the first quarter. The company is, however, expecting the annual subsidy to be lower than the Rs ... More


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