Financial Daily from THE HINDU group of publications
Wednesday, February 22, 2006
Markets (Feb 21)
BSE Sensex10168.11(+88.81)
S&P CNX Nifty3035.50 (+29.65)
US Dollar (Buy/Sell)44.37/44.50


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CORPORATE

ANNOUNCEMENTS


ONGC crude pipeline restored
OIL and Natural Gas Corporation (ONGC) has restored its Nawagaon-Mehsana crude pipeline that had been closed following a leakage on Monday morning. "The pipeline had developed a leak near Thor village, about 35 km from Mehsana. As soon as the ... More

Punj Lloyd bags Rs 125-cr HPCL deal
NEW DELHI: Punj Lloyd Ltd has secured Rs 125.07 crore-order from Hindustan Petroleum Corporation Ltd for "laying pipeline and associated facilities" for three stretches in the Mundra-Delhi pipeline project. The project duration is 12 ... More

PRIVATE PLACEMENT


Logix shortlists two US cos for buy-out — Board meet today to discuss fund-raising
LOGIX Microsystems Ltd, a provider of enterprise business solutions, has shortlisted two US companies for acquisition and may conclude a deal sometime in the irst quarter of the next financial year, said the Managing Director, Mr Sanjay Soni. ... More

PREFERENTIAL ALLOTMENTS


Vimta Labs to raise Rs 78.41 cr via pref offer
THE board of directors of Vimta Labs Ltd, the city-based contract research and clinical trials company, at its meeting here on Monday considered the proposal to raise funds of Rs 78.41 crore through preferential allotment of 8,25,432 equity ... More

CORPORATE DISPUTES


GAIL notice to BSE — Panna-Mukta-Tapti team to approach Oil Ministry
THE controversy over supply of natural gas by Panna-Mukta-Tapti (PMT) joint venture (between ONGC, British Gas and Reliance) to GAIL (India) Ltd is unlikely to die down quickly. The joint venture will soon approach the Union Ministry of ... More

GAIL issues notice to IPCL on gas supply pact
GAIL (India) Ltd today said that it has served a notice to IPCL stating that supplies to the company would be disconnected if the latter does not sign a revised gas supply agreement. GAIL supplies 1.03 million standard cubic metre per day ... More

TELECOMMUNICATIONS


Reliance Communications Q3 net profit at Rs 310 cr
RELIANCE Communications Ventures Ltd (RCVL) posted a net profit of Rs 310 crore for the third quarter ended December 31, 2005, on revenues of Rs 3,327 crore, according to a statement from the Reliance group of Anil Ambani. RCVL is the holding ... More

MANPOWER


McDowell announces VRS for employees
MCDOWELL & Company has announced a voluntary retirement scheme for its employees. The VRS is part of the final phase of the integration of the operating spirits companies, Herbertsons Ltd, Triumph Distillers & Vintners Ltd, Shaw Wallace ... More

IPR


Exclusive marketing rights for Novartis' cancer drug cancelled
Natco Pharma had challenged the grant of EMRs to Novartis. The grant of EMRs to Novartis had forced several Indian pharmaceutical companies such as Ranbaxy, Cipla, Sun, Hetero, Torrent and Emcure to withdraw their generics from the market. More

MERGERS & ACQUISITIONS


Carborundum Universal acquires Canadian firm
CARBORUNDUM Universal Ltd has informed the stock exchanges that it had acquired Abrasive Enterprises Inc(AEI), a closely held company at Summerside, Prince Edward Island, Canada. The acquisition was completed through a 100 per cent subsidiary, ... More

Siemens signs MoU with Babcock for 50% stake in Flender
SIEMENS Ltd has announced that it has signed an MoU with Babcock Borsig Ltd to acquire a 50 per cent stake in Flender Ltd for Rs 65 crore (euro 12 million). Flender Ltd is a joint venture between Flender AG and Babcock Borsig, with Babcock ... More

Rajesh Exports to go inorganic for retail foray — To buy small, medium jewellery stores
RAJESH Exports is set to change the face of neighbourhood jewellery stores as it plans to acquire several of them to launch its own retain chain. The Chairman, Mr Rajesh Mehta, told Business Line that the company has decided to take the ... More

`ONGC working on acquisition of Nigerian blocks'
THE ONGC Chairman, Mr Subir Raha, said that ONGC was working on the proposed acquisition of two exploration blocks in Nigeria. He, however, declined to divulge details. On being asked whether there was any hope on the issue of acquiring ... More

NEW PROJECTS


Tata Tea gets ready to exit from all plantations
  • Also to quit Lankan joint venture Watawala Plantations Ltd
  • Planning a greenfield project in China
  • To expand in the beverage space and access new markets More

    AML Steel plans to invest Rs 1,944 cr in Jharkhand plant
    THE Chennai-based AML Steel Ltd announced today that it has planned an investment of Rs 1,944 crore to set up a steel manufacturing plant in Jharkhand. The company has recently been granted mining rights for iron ore from the Ministry of Mines. ... More

    ALLIANCES & JOINT VENTURES


    Global Automobiles in technical tie-up with Guangzhou of China
    WEST Bengal is going to get another two-wheeler manufacturing unit within the next few months. If the first joint venture to come up in technical and financial collaboration was with the Salim Group of Indonesia, the second is in technical ... More

    SOCIETY & DEVELOPMENT


    Tatas to set up advanced cancer centre in Kolkata
    TATAS are replicating the Mumbai-based Tata Memorial Centre by setting up a 150-bed advanced cancer treatment centre in the city at a cost of Rs 120 crore on a 10-acre plot. The foundation stone of this institution, which has been named Tata ... More

    OUTLOOK


    Kalam wants more Indian cos in Fortune 500
    THE President, Mr A.P.J. Abdul Kalam, on Tuesday urged more Indian companies to make it to the Fortune 500 list by becoming brand institutions. He said that righteousness and indomitable spirit are the key qualities that make a corporate ... More

    PEOPLE


    Masahiro Takedagawa is new Honda Motor Operating Officer
    MR Masahiro Takedagawa, President and CEO of Honda Siel Cars India (HSCI), is scheduled to take charge as the Operating Officer of Honda Motor Company Ltd, Japan, a company release said. In addition to his current position as the HSCI ... More
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    Outlook positive for major commodities


    Exclusive marketing rights for Novartis' cancer drug cancelled

    Pawar calls for restraint in bird flu reports — Don't create panic, media told

    Govt yet to decide on DAP subsidy

    Bankers seek lower service tax on credit cards

    Hectic lobbying on by vegoil refiners against cheap imports

    Air India places $2-b order for GE engines

    In Focus

    Infrastructure woes stare IT sector
    IPO Scams
    FDI in retail sector
    Dynamic Tirupur
    Surging Sensex
    Gold scaling new highs
    More

    In Depth

    Gender Justice
    Simple Economics
    Tax Talk
    More

    Looking back
    Feb. 12-Feb. 18
    GSK Pharma to bring in more products, intensify research

    Radico gets export duty waiver for grain distillery in UP

    Reliance Private Equity picks up 44 pc stake in DTDC for Rs 70 cr

    United Phosphorus buys Dutch seed firm for 100 m euros

    HLL back in the driver's seat

    Reliance Petro raises $1.5 b loan for Jamnagar refinery project

    Banks halt deposit-based lending to corporates

    Saint-Gobain to set up unit for solar control products — Opens second float glass plant

    Numaligarh Refinery mulls Rs 800-cr IPO — Final decision in four months

    Coal India likely to report Rs 6,000-cr net profit

    K.K. Birla Group makes changes in sugar biz restructure model

    Ranbaxy was not for `any' price for Betapharm: CEO

    Indian cos raise $10 b via ECB route in 9 months



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