Financial Daily from THE HINDU group of publications
Friday, December 23, 2005
Markets (December 22)
BSE Sensex9372.30 (+33.13)
S&P CNX Nifty2835.25 (+12.35)
US Dollar (Buy/Sell)45.19/45.33



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Lupin gets USFDA nod for Cefprozil
LUPIN Ltd has received regulatory approval in the US for its Abbreviated New Drug Application (ANDA) for antibiotic Cefprozil oral suspension. The company said that its different dosages of Cefprozil, a generic equivalent of Bristol Myers ... More

Reliance to develop gas grid in AP — May set up bio-diesel plant
The Andhra Pradesh Chief Minister asked the Reliance team to ensure supply of gas for domestic, industrial and commercial use in the State by June 2008, according to official sources. More

Rajasthan Spinning to produce ladies trousers for Marks and Spencer
TEXTILE major, Rajasthan Spinning & Weaving Mills Ltd (RSWM)'s garment manufacturing plant in Bangalore is to produce ladies trousers for retail store, Marks and Spencer, the company announced on Thursday. The company is investing around Rs 40 .. More

JK Synthetics to sell Jhalawar plant
THE Kanpur-based JK Synthetics Ltd, which once used to be the flagship textile venture of the undivided JK Group, may soon become a shell company holding some investments only. The company, which is now owned by Mr Yadhupati Singhania, is ... More

Ucal sells stake in joint venture
CHENNAI: Ucal Fuel Systems is selling its 30 per cent stake in Engelhard Environmental Systems (India) Pvt Ltd to Engelhard Asia Pacific, LLC for Rs 28 crore, according to information provided by Ucal to the stock exchange. The company has ... More

HAL pays Rs 48.20-cr interim
BANGALORE: Hindustan Aeronautics Ltd has paid an interim dividend of 40 per cent or Rs 48.20 crore for the current financial year. The Defence sector PSU ended the half year till September 30 this year with turnover of Rs 1,311 crore ... More

Titan board meet on Dec 26
BANGALORE: Titan Industries Ltd has informed the Bombay Stock Exchange that a meeting of the `rights issue committee' of the board of the company will be held on December 26. The meet will consider and finalise the price of the equity ... More

Oudh Sugar to spend Rs 250 cr in expansion
KK Birla Group sugar company Oudh Sugar Mills Ltd is expanding its operations with an investment of Rs 250 crore. We have added 2,500 tonnes of sugarcane crushing per day (TCD) capacity this year and plan to expand by another 2,500 TCD next ... More


Prajay Engineers' warrants
HYDERABAD: Prajay Engineers Syndicate Ltd has allotted 13,50,000 warrants, convertible into equity shares, to Mr D. Vijay Sen Reddy (5,80,000), Ms V. Smitha Reddy (3,60,000), Ms S. Madhuri Reddy (4,10,000). Further, the company has not ... More


HC defers NTPC petition against Reliance
THE Bombay High Court deferred till Friday the petition filed by the National Thermal Power Corporation (NTPC) seeking an ad interim relief against Reliance Industries Ltd (RIL). The relief has been sought, as RIL wants changes in the terms of ... More


Uttam Galva raises $14 m thru FCCB issue
UTTAM Galva Steels today announced that it has exercised its green shoe option and raised $14 million through Foreign Currency Convertible Bonds (FCCB). The Green Shoe option of $14 million is over and above the initial FCCB offering of $30 ... More

Glenmark $30-m FCCB issue
MUMBAI: Glenmark Pharmaceuticals Ltd has made a $30-million foreign currency convertible bond (FCCB) offering. The bonds, expected to be listed on the Singapore Stock Exchange, are convertible into ordinary shares of the company, at the ... More

IOC to raise $300 m foreign loan
NEW DELHI: Indian Oil Corporation Ltd (IndianOil) has signed an agreement for raising a foreign currency loan of $300 million. In a statement issued here, the company said the IndianOil's Director (Finance), Mr S.V. Narasimhan, signed ... More


British honour for Asian Paints' units
MUMBAI: Four manufacturing facilities of Asian Paints in Ankleshwar (Gujarat), Mumbai (Maharashtra), Kasna (Uttar Pradesh) and Patancheru (Andhra Pradesh) have been presented with the British Safety Council (BSC) Sword of Honour. ... More


Independent directors — an unhealthy clause
With listed companies being taken to task even for innocuous statements made in the media companies are justified in being cautious, which perhaps explains the delay in appointing the independent directors. More


Shareholder moves HC seeking ouster of Lodha as Birla Corp head
A CHENNAI-BASED shareholder of Birla Corporation has moved an application before the Calcutta High Court seeking removal of Mr R.S. Lodha as Chairman of the company on the grounds that Mr Lodha suffers from statutory disqualifications to act as a ... More


Reliance fixes Jan 25 as record date for demerger scheme — `Resulting cos' to issue shares to RIL shareholders
RELIANCE Industries Ltd (RIL) has fixed January 25 as the record date for verifying entitlement of its shareholders to receive shares in each of the four demerged companies, also called `resulting companies'. As per the scheme of arrangement ... More

TV18 announces consolidation scheme
TELEVISION Eighteen India Ltd announced that it has finalised the scheme for consolidating its media businesses. The scheme envisages setting up a holding called Network 18 India Holdings Ltd. The business news operations, including Awaaz and ... More

CMD, 5 directors of DCM resign
IN a major restructuring of the board of DCM Ltd, six directors, including its Chairman and Managing Director, Mr Vinay Bharat Ram, and the Chief Technology Officer, Mr Hemant Bharat Ram, have resigned. While no official reason for the ... More


IBP-IOC merger: Swap ratio likely to be modified
THE swap ratio for the proposed merger of the IBP Co Ltd with Indian Oil Corporation Ltd (IndianOil) is likely to be modified. At a recent meeting, the Committee of Secretaries (CoS) is understood to have suggested that the two companies ... More


Visa Steel to tie up debt for Orissa project by month-end
VISA Steel Ltd, which is executing a Rs 1,400 crore integrated steel and stainless steel project in Orissa, hopes to tie up the debt for the project by the month-end. "We have a debt component of Rs 750 crore, most of which has been tied up," ... More

Great Eastern Energy to invest Rs 575 cr in CBM project
GREAT Eastern Energy Corporation Ltd, a Y.K. Modi Group company, will invest Rs 575 crore in a coal bed methane (CBM) project in West Bengal. The company announced plans on Thursday to commission drilling of the first lot of 20 wells out of ... More


Wipro buys mPower in all-cash deal
WIPRO Technologies on Thursday announced the acquisition of the US-based mPower Inc in an all-cash deal worth $28 million. This amount includes the takeover of the Chennai-based MPACT, a joint venture of MasterCard and mPower. MasterCard, ... More

Tata Coffee to invest Rs 50 cr in Uganda unit
TATA Coffee proposes to raise long-term debt to fund its instant coffee manufacturing facility in Uganda. Mr M.H. Ashraff, Managing Director, Tata Coffee, said the company has teamed up Tata Africa, an associate company, to set up a 3,600-tonne ... More


Ferro Alloys venture to dig deep for platinum — Actual size of deposits inOrissa to be assessed
A 70:30 joint venture between Platinum Mining Corporation of India (UK), a subsidiary of Platinum Mining Corporation of India Plc, and Ferro Alloys Corporation, will begin deep diamond core drilling to assess the actual size of platinum deposits ... More


Avesthagen awaits 25-m-euro private placement
AVESTHA Gengraine Technologies Pvt Ltd is expecting a private placement shot of 25 million euros (Rs 134 crore) from an unnamed European player shortly. The funding will meet its acquisition plans overseas, the Avesthagen CEO, Dr Villoo M. ... More


IOC expects stiff competition in small, unorganised markets
HAVING dominated the consumer market for decades, Indian Oil is finally expecting stiff competition from private players especially in the small and unorganised consumer petroleum products market. Consumer market is roughly three times the size ... More
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Top Stories
Exports decline 11 pc in November — Apr-Nov exports up 16 pc

Cable TV rate hike not to be enforced: TRAI

`Oil marketing cos' under-recoveries continue to rise'

Indian holdings in US treasuries down at $14 b

Rising offtake buoys tea industry hopes

ISRO planning for indigenous launches

In Focus

Dynamic Tirupur
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FDI in retail sector
Indian Aviation: Sky is the limit
India Inc's bonus bonanza
India Inc's overseas acquisition

In Depth

Gender Justice
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Looking back
Dec. 11-Dec. 17
Bajaj plans fresh bike, scooter rollouts in 2006

52 MoUs for mining, but none cleared

Japanese firm Yanmar forays into farm implements market

Kirloskars cannot hike stake in Toyota Kirloskar beyond 11% — Original share buyback deal renegotiated

Nokia to set up global network solution centre in Chennai


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