CORPORATE
ANNOUNCEMENTS
BPCL to halve product offtake from Reliance
BHARAT Petroleum Corporation Ltd (BPCL) has decided to cut by half its product offtake from Reliance Industries Ltd's Jamnagar refinery in the coming fiscal. According to BPCL officials, Indian Oil Corporation's (IOC) decision to convert the ...
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Ranbaxy gets tentative USFDA nod for hypertension drug
RANBAXY Laboratories Ltd has received tentative approval from the US Food and Drug Administration (USFDA), Office of Generic Drugs, to manufacture and market Quinapril Hydrochloride tablets used for the treatment of hypertension. The tablets ...
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L&T bags Rs 70-cr hotel deal in Bahrain
LARSEN & Toubro has won a contract worth Rs 70 crore for construction of a 15-storied hotel and service apartments for the Radissons Group, a news release from the engineering and construction company said. This is L&T's first contract in ..
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ACCOUNTING STANDARDS
CAs told to hone up IT skills
CHARTERED accountants, who are required to be the conscience keepers of the corporate world, are "inadequately equipped" to deal with developments in the field of information technology (IT), according to Mr Y.H. Malegam, Chairman of the National ...
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OVERSEAS BORROWINGS
RBI nod for $473.21 m ECBs
THE Reserve Bank of India has in February given approvals to 39 companies to raise external commercial borrowings worth $473.21 million. The apex bank released the latest information relating to the ECBs under both automatic and approval routes ...
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FINANCIAL PERFORMANCE
Nestle: Sales up; but profit growth lukewarm
THE double-digit growth rates in profits and sales reported by Nestle India for the December 2003 quarter may appear striking, at a time when insipid numbers are the norm in the FMCG industry. But Nestle India's 17.4 per cent sales growth, is ...
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CORPORATE GOVERNANCE
`Cos must go beyond ethical minimum'
IT'S a different sort of feelgood; some 40 per cent of consumers in the US buy from companies that make them feel good to deal with, work with and buy from, according to Dr Klaus Leisinger, President and Executive Director, Novartis Foundation ...
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`Cos should adopt corporate governance ratings'
THOUGH efforts are on by regulators, chambers of commerce and rating agencies, it may take a while before the corporate sector buys the concept of corporate governance ratings (CGR). "The benefits of CGR for the company, regulators and ...
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NEW PROJECTS
REL to call for gas supply bids for UP power project
RELIANCE Energy has decided to buy natural gas for its proposed 3,500 MW power plant at Dadri, Uttar Pradesh by calling for international competitive bids. "Despite large in-house natural gas reserves in the Reliance Group, REL has decided to ...
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TRADE & LABOUR UNIONS
Alacrity Housing staff on strike seeking wages
THE employees' union of Alacrity Housing Ltd, affiliated to CITU, have been on strike for the past one week because the company has not paid their wages for the past 15 months, according to the employees who assembled on Monday in front of the ...
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Ludlow Jute Mills may reopen next month
LUDLOW Jute Mills, belonging to Aekta Ltd, which was closed due to labour unrest since September last, is likely to reopen next month. Aekta, which is a listed company, belongs to the city-based Kanoria Chemicals. Unlike other mills, which are ...
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ALLIANCES & JOINT VENTURES
Kochi Refineries signs production pact with BPCL
KOCHI Refineries Ltd (KRL) has signed a memorandum of understanding with Bharat Petroleum Corporation Ltd regarding capacity utilisation and other production and performance parameters. The MoU envisages a crude thruput of 7.55 million tonnes ...
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BONUS ANNOUNCEMENTS
Marico Industries declares 1:1 bonus
THE board of Marico Industries Ltd has declared a bonus issue in the ratio of one share for every share held aggregating to Rs 29 crore. The company had offered a 1:1 bonus share issue in mid-2002. The board has also recommended the third ...
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SHAREHOLDER ACTIVISM
Shareholder files affidavit against L&T-Grasim deal
AN affidavit opposing Larsen & Toubro's petition for Court sanction for the L&T-Grasim cement deal has been submitted. The petition comes up for hearing at the High Court, Mumbai, on March 18. The objection, submitted to the advocates of L&a
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OUTLOOK
GM upbeat on Tavera prospects
GENERAL Motors India's new multi-utility vehicle (MUV) the Chevrolet Tavera, which will be launched in the second quarter of 2004, would be competing with the likes of the Mahindra Scorpio and Toyota Qualis. According to a company statement, ...
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Zydus plea to allow import of Pekin duck eggs
THE Zydus Cadila has represented with the Government to be allowed the import of specific pathogen free (SPF) eggs of Pekin ducks from the UK. The plea is for a waiver on an existing ban by the Government on chicken and eggs from all ...
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Getz, Elantra launch plans on track: Hyundai
HYUNDAI Motor India says its expansion plans are on track as also plans to launch two cars during the year. The Elantra will be launched in the second quarter of this calendar year and the Getz in the third quarter. The company hopes to sell ...
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PEOPLE
BHPV chief resigns on `health grounds'
THE Managing Director of the ailing Bharat Heavy Plates and Vessels (BHPV) Ltd, Mr Shailendra N. Roy, has submitted his resignation and sent the communication to the Ministry of Heavy Industries. Confirming his resignation here on Monday, Mr ...
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