Financial Daily from THE HINDU group of publications
Tuesday, October 29, 2002
Markets (Oct. 28)
BL 250996.05 (-6.22)
BSE Sensex2834.41 (-41.12)
S&P CNX Nifty922.70 (-9.50)
Dollar (Buy/Sell)48.38/48.52
Gold Std (10 gm)5160 (+20)

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ANNOUNCEMENTS


Ranbaxy to market UK co cancer drug
THE dynamic Rs 100-crore anti-cancer drugs segment is witnessing the entry of a new player in Ranbaxy Laboratories Ltd (RLL). RLL today announced an exclusive marketing right (EMR) with UK-based biopharmaceutical company K.S. Biomedix (KSB) Ltd ... More

ENVIRONMENT


Essar Power, Indal keen on carbon trading
ESSAR Power Ltd, which is in the process of changing from naphtha to natural gas as feedstock for its power plant at Hazira, is working on trading in the carbon dioxide that it could save through emission reduction. According to senior Essar ... More

CORPORATE BONDS


Guj Ambuja NCDs on ratings watch
FITCH Ratings India has put the Rs 450-crore non-convertible debentures of Gujarat Ambuja Cements Ltd (GACL) on ratings watch with evolving implications after the Securities Appellate Tribunal (SAT) asked SEBI to re-investigate purchase of 14.5 ... More

MERGERS & ACQUISITIONS


SEBI `overlooked' alliance issue in ACC deal
THE Securities and Exchange Board of India (SEBI) had overlooked, among others, two obvious and crucial pieces of information while investigating whether Gujarat Ambuja Cements Ltd (GACL) had gained control of Associated Cement Companies Ltd ... More

NEW PROJECTS


Madras Cements to make spray plasters
MADRAS Cements Ltd has set up a Rs 15-crore plant at Sriperumbudur, about 50 km from here, to manufacture a range of spray plasters to be used by the construction industry. The plant, with a capacity of 40 tonne per hour, is expected to begin ... More

ALLIANCES & JOINT VENTURES


IBP, IFTEX Petro in marketing pact
FUEL retailer IBP Co and speciality chemicals maker IFTEX Petrochemicals Ltd have entered into a strategic marketing alliance to market fuel additives and car care products through IBP's retail outlet network. The marketing alliance will cover ... More

Corel, Trifin sign pact for distribution
CANADIAN software maker, Corel Pty Ltd, said it has signed a distribution agreement with Trifin Technologies to strengthen its operations in India. Corel said it partnered with Trifin because of its strong relationships with the Desktop ... More

BONUS ANNOUNCEMENTS


India Nippon bonus
CHENNAI: The board of directors of India Nippon Electricals Ltd has announced a bonus issue of shares, in the ratio of seven shares for every ten held. The issue would capitalise Rs 3.32 crore of the free reserves. The record date for this ... More

OUTLOOK


Rising costs may see Polaris H2 bottomline drop
POLARIS Software Lab on a stand-alone basis (without the subsidiaries and OrbiTech) may see its bottom line numbers drop for the second half of the year. The reasons for this include merger-related costs (with OrbiTech Solutions) and the ... More

PERFORMANCE


Low sugar prices take toll on Balrampur Chini
SUGAR major Balrampur Chini Mills Ltd recorded a mixed result in the second quarter of 2002-03. While its turnover increased by 65 per cent, net profit suffered a setback and fell by 35 per cent compared to the corresponding quarter of ... More

Britannia performs better than the numbers suggest
WITH net sales slumping by five per cent and net profits inching up by a mere 3.6 per cent, Britannia Industries' financials for the quarter ended September 2002 may appear lacklustre. But the numbers are actually better than they appear. The ... More

Drought ploughs into Punjab Tractors net
PUNJAB Tractors Ltd's (PTL) drastic fall in profits for the second quarter of this fiscal in comparison to the last has not come as a surprise. On the one hand, the company's profitability is under pressure from falling offtake and consequently ... More

CPCL gains on global crude prices
HIGHER prices of petro-products, which have moved up in sympathy with the higher international crude oil prices, have enabled Chennai Petroleum Corporation Ltd to turn in better results for the quarter ended September 2002. The company's net ... More


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