Financial Daily from THE HINDU group of publications
Thursday, September 25, 2003
Markets (Sept. 24)
BL 2501537.85 (+44.40)
BSE Sensex4356.39(+124.70)
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US Dollar (Buy/Sell)45.78/45.89
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ANNOUNCEMENTS


Carsyon to unveil new anti-cholesterol drug
ROSUVASTATIN, the hottest new kid on the anti-cholesterol block, seems to be setting the domestic pharma market afire. If Ranbaxy Labs entered the scene from the North with `Rosuvas' a few days ago, Carsyon, the cardiovascular division of ... More

Kinetic to launch five new models
KINETIC Engineering Ltd (KEL), which made its presence felt in the motorcycle category with Aquila's launch one-and-a-half years ago, is all set to hit the domestic market with five more models. These are the GF 170, Big Boss 115, Velocity, Laser ... More

HPCL in talks for NELP bidding
HINDUSTAN Petroleum Corporation Ltd is in negotiations with experienced players in the oil exploration and production business to bid for blocks in the fourth round of NELP. "We are in talks with one or two companies for bidding in the fourth ... More

BUYBACK


Bombay Dyeing to buy back share at Rs 90
THE board of directors of Bombay Dyeing & Manufacturing Company Ltd has decided to buyback shares at a price not exceeding Rs 90 per share. The total amount is not to exceed Rs 33.57 crore, the company informed the BSE on Wednesday. The ... More

ACCOUNTING STANDARDS


New advisory panel on accounting norms set up
THE Government has constituted a new 12-member National Advisory Committee on Accounting Standards (NACAS), whose chairman and members would hold office for a period of one year. The term of the earlier committee ended on August 28, 2003. Mr ... More

PREFERENTIAL ALLOTMENTS


Asahi India board okays share allotment
THE share allotment committee of the board of directors of Asahi India Safety Glass Ltd (AISGL) has approved the allotment of 59,63,793 equity shares of Re 1 each of the company to the shareholders of the erstwhile Floatglass India Ltd ... More

COURTS/LEGAL ISSUES


HC admits petition against disinvestment in MFL
THE Madras High Court has admitted a writ petition challenging the reported move to disinvest in Madras Fertilisers Ltd. The First Bench, comprising the Chief Justice, Mr Subhashan Reddy, and Mr Justice A. Kulasekaran, while admitting the ... More

MERGERS & ACQUISITIONS


Shell offers 15% stake to GAIL in Egypt project
ROYAL Dutch/Shell has offered GAIL (India) Ltd a 15-per cent stake in an offshore medium sized gas field in Egypt. "Shell has offered us a minority stake in an exploration block in Egypt. We are evaluating the proposal," the GAIL India ... More

Jindal board okays proposal to buy French company
IN a move that would signal its foray into the polyester film based coating business, the board of directors of the Rs 500-crore Jindal Polyester Ltd (JPL) has approved a proposal to acquire the Lyon (France)-based `Rexor'. Rexor is a company ... More

NEW PROJECTS


Volkswagen team in AP
The top brass from the German automobile major, Volkswagen AG, is currently touring India and Andhra Pradesh as a part of its efforts to select a site for a greenfield car assembly line in India aimed at making the subcontinent a sourcing hub for ... More

RCF may scrap fertiliser project in Rajasthan
RASHTRIYA Chemicals and Fertilizers Ltd (RCF) has said it may have to scrap its proposed Rs 450-crore di-ammonium phosphate (DAP) project in Rajasthan because of delays by Hindustan Zinc Ltd (HZL) on committing raw material supplies to the ... More

REGULATORY BODIES & RULINGS


DCA likely to take up fresh probe into Daewoo affairs
TROUBLE is far from over for Daewoo India, the makers of Matiz. The Department of Company Affairs is in the process of initiating fresh investigations to probe into the affairs of the company. According to informed sources, "The department had ... More

DCA identifies cases for serious fraud office
THE Department of Company Affairs has identified the first batch of cases to be referred to the Serious Fraud Investigation Office (SFIO), an agency set up for investigating serious corporate frauds. Said the Secretary, DCA, Mr M.M.K. Sardana: ... More

Morepen GDR issue hearing likely tomorrow
MOREPEN Laboratories Ltd's case on the freezing of its global depository receipts (GDR) is likely to come up for hearing before the Debt Recovery Tribunal (DRT) on Friday. In March this year, Morepen had issued 50 lakh GDRs worth an estimated ... More

DIVERSIFICATION


Beeyu Overseas to foray into grains export — May enter into pact with HLL to sell coffee in Poland
Beeyu has, however, ruled out the possibility of purchasing a tea garden. More

SICK UNITS


Kothari Sugars pins hopes on revised rehab package
KOTHARI Sugars and Chemicals Ltd hopes to get a relief of about Rs 150-160 crore on its accumulated losses of about Rs 233 crore under a revised rehabilitation package, according to the company's Chairman and Managing Director, Mr B.H. ... More

OUTLOOK


Ispat targets Rs 4,000-cr turnover
HAVING registered a 64 per cent rise in operational income during 2002-03 compared with the previous year, Ispat Industries Ltd is hopeful of registering a turnover in excess of Rs 4,000 crore in the current fiscal. In 2002-03, the private sector ... More

Nicco hoping to turn around by 2005-06
THE ailing Nicco Corporation Ltd is hoping to achieve a turnaround by 2005-06, according to Mr Rajive Kaul, Chairman of the company. He was talking to reporters after addressing the shareholders at the 20th annual general meeting of the ... More


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In Focus
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Oil PSUs: Disinvestment dilemma
In Depth
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Looking back
Sep. 14-Sep. 20
Row between RIL, PSU oil marketing cos — Law Ministry says it is too premature for intervention

Business Standard offers 13 pc stake to Financial Times

Green Summit begins — India Inc shedding crocodile tears: NGOs


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