Financial Daily from THE HINDU group of publications
Thursday, September 15, 2005
Markets (Sept 14)
BL 2502463.27 (-8.45)
BSE Sensex8189.48 (-4.48)
S&P CNX Nifty2492.45 (-7.90)
US Dollar (Buy/Sell)43.86/43.99
Gold Std (10 gm)6435


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CORPORATE

ANNOUNCEMENTS


Shyam Cellular to sell 7.95% in NDTV to General Atlantic at Rs 116 crore
SHYAM Cellular Infrastructure Projects Ltd's agreement to sell its 7.95 per cent stake in New Delhi Television Ltd (NDTV) to General Atlantic LLC has been valued at Rs 116.06 crore, informed sources said. The company would sell 48,36,000 ... More

Skoda introduces the Combi in 2 versions
SKODAAUTO India , a fully-owned subsidiary of SkodaAuto a.s. (part of the Volkswagen Group), on Wednesday announced the introduction of the station wagon Combi in the Indian market. The company will be launching two variants of the Combi ... More

Raymond to divest stake in Colorplus to apparel arm
RAYMOND Ltd has decided to divest its entire shareholding of 74.1 per cent in Colorplus Fashions Ltd to Raymond Apparel. The company informed the Bombay Stock Exchange that the move was intended to consolidate its apparel business. ... More

Praj bags contract from Turkey firm
PUNE-BASED Praj Industries Ltd, a player in the bio-fuel segment, has been awarded a contract for a bio-ethanol plant from Konya Seker, Turkey. The value of the contract is around Rs 36 crore for 2,80,000 litres of bio-ethanol per day, said Mr ... More

Shangri-La Hotels to become fully operational by Nov
SHANGRI-La Hotels and Resorts, a leading luxury hotel chain in the Asia-Pacific region, opened its doors here today. "We have had the soft launch of the hotel today offering about 220 rooms. It will become fully functional by the end of October ... More

OVERSEAS BORROWINGS


GDR, FCCB norms in place — Relief for companies that took `effective steps' before Aug 31
UNLISTED companies that took verifiable "effective steps" before August 31 to raise funds overseas through the global depository receipts (GDRs) or Foreign Currency Convertible Bonds (FCCB) route have been spared the requirement of prior or ... More

MERGERS & ACQUISITIONS


Claridges gains full ownership of SeaRock Hotel
THE Claridges Hotels and Resorts would assume full ownership of the 410-room SeaRock Hotel in Bandra, following a settlement reached with mutual consent at the Mumbai High Court on Tuesday. The Claridges Hotels and Resorts, which already has ... More

CORPORATE GOVERNANCE


SEBI to allow 4-month gap between board meetings
The stipulation of a three-month time gap between two board meetings actually ended up limiting the time available for companies to release end-of-the-year audited accounts, especially if the previous board meeting had already been held say, a month before the close of the financial year. More

NEW PROJECTS


JBF in pact to set up polyester unit in UAE
JBF Industries has tied up with the Ras Al Khaimah Investment Authority to set up a polyester resin packaging (PET) and polyester films manufacturing facility in Ras Al Khaimah, the UAE. The plant will have a capacity of 900 tonnes per day ... More

IFC, Rabo bank agree to fund Southern Online's expansions
TWO of the leading international funding agencies - International Finance Corporation (IFC) and Rabo Bank - have agreed to fund the future expansions of Southern Online Bio Technologies Ltd (SBT), the Hyderabad-based company that is ... More

Taj plans hotel in Coimbatore by Oct 2007
TAJ Hotels Resorts and Palaces will develop a new Taj Business Hotel in Coimbatore. Taj Hotels has entered into a long-term licence agreement with the owners of Hotel Surya International. The new hotel will come up on the property occupied by ... More

Maral Overseas may complete capacity expansion next June
MARAL Overseas Ltd, a member of the Bhilwara group, which is expanding its textile/apparel production capacity at a capital outlay of Rs 150 crore is likely to complete the project by June next year, according to Mr Shekhar Agarwal, Managing ... More

OVERSEAS INVESTMENTS


VSNL to invest $ 40-m in under-sea cable system
VIDESH Sanchar Nigam Ltd will invest $ 40 million (over Rs 170 crore) in the SEA-ME-WE4 cable system between France and Singapore, with India as a landing point. The company has also been appointed Network Administrator for the entire ... More

INCOME TAX


`FBT will hit IT, ITeS, pharma, FMCG sectors'
FRINGE Benefit Tax (FBT) provisions are untenable, as they affect business travel, entertainment and hospitality expenses and, particularly, the superannuation schemes. The IT, ITeS, pharma, FMCG and the insurance sectors have especially been ... More

RIGHTS ISSUE


Apollo Sindhoori rights at 1:5
APOLLO Sindhoori Capital Investments Ltd has informed the stock exchanges that the company's rights issue would be in the ratio of 1 share for every 5 shares held. The size of the issue will be 5,54,000 shares of Rs 10 each at a price of Rs 100 ... More

SICK UNITS


Duncans Ind gets Rs 31 cr for debt revamp
BANKS and financial institutions have released approximately Rs 31 crore for the rehabilitation of Duncans Industries Ltd, the flagship of the G.P. Goenka Group. This is just about half the amount that the banks and the FIs have agreed to ... More

PEOPLE


Top moves in two-wheeler cos
IT is a season of movements for key officials at two-wheeler companies. In fact, top officials from at least four two-wheeler companies have put in their papers in recent months. Most recently Mr Atul Sobti who was Executive Director ... More

ONGC AGM notice silent on Govt nominees
THE notice sent to the shareholders for the 12th Annual General Meeting of Oil and Natural Gas Corporation (ONGC) on September 21 is silent on the appointment of two additional Government nominees, including the Director-General of Hydrocarbons ... More


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Top moves in two-wheeler cos

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In Focus

BHEL Disinvestment
The Yuan Revaluation
Dabhol power regenerated
Tracking the rains
Sethusamudram Canal Project
India Inc's overseas acquisition
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In Depth

Gender Justice
Simple Economics
Tax Talk
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Looking back
Sep. 4-Sep. 10
`New Company Law will protect small investors'

Ownership of equity: A tangled web the Govt weaves

SME rating agency launched — 'Centre will ensure higher credit flow to SSI units'

Ranbaxy to raise $1.5 b, list on US bourses


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