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Wednesday, April 07, 2004

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ANNOUNCEMENTS
Zuari Ind gets Rs 66-cr I-T notice
ZUARI Industries Ltd has informed the BSE that the company has received Notice of Demand under Section 156 of the Income Tax Act, 1961 in a sum of Rs 66.02 crore for the assessment year 2001-2002. The company said it has decided to file an ... More

IOC in talks with 3 nations for retailing
"The company is targeting markets in those countries that are developing, have Indian ethnic populations or are undergoing deregulation." More

Nicholas Piramal backs cough syrup quality
NICHOLAS Piramal India Ltd (NPIL) on Monday said it stood by the quality of its paediatric cough syrup, Tixylix. The company statement comes following recent media reports that the Delhi government's Drug Control Department had said the ... More

Lupin to launch more branded drugs in US — Rolls out anti-infective SupraxO
LUPIN Ltd's anti-infective product Suprax“, or cefixime oral suspension, got of the blocks in the US market today. Announcing the launch, Lupin officials said that the company was looking to fortify its paediatric portfolio and another five ... More

Ranbaxy plans to widen AIDS drugs' reach
Ranbaxy Laboratories Ltd is in the process of discussing with The William Jefferson Clinton Foundation to extend the scope of the agreement to provide affordable HIV/AIDS drugs to more countries. Under the present agreement, countries in ... More

ESOPS
Disclosure document mandatory for ESOP optees, says SEBI
THE Securities and Exchange Board of India (SEBI) has made the disclosure requirement to be given to employees who avail of the stock option scheme mandatory for all options granted after June 30, 2003. The SEBI report also states that the ... More

COMPANY LAW
India Inc wants expert panel to be formed to review laws
INDIA Inc has urged the Government to consider constituting an expert committee to review various laws, and more particularly those that have a bearing on the corporate sector. "It is widely felt that India's legal and judicial system has not ... More

AWARDS & HONOURS
Award for Orchid Chemicals
CHENNAI: The Rotary Club of Madras on Tuesday presented Orchid Chemicals & Pharmaceuticals with its `Environment & Community Service Award' for 2003-04 in recognition of the company's work to protect the environment around its factory and ... More

CORPORATE BONDS
IOC mulls FCCB issue
FORTUNE 500 oil major Indian Oil Corporation Ltd may come up with a foreign currency convertible bonds (FCCB) issue. "We are examining the option of issuing FCCBs which can be later converted into equity. When fully converted, the equity will get ... More

MERGERS & ACQUISITIONS
2 OCBs get Govt nod to buy equity shares of Orchid
TWO overseas corporate bodies, Medrox and Harpline, have sought and received the Union Government's permission to buy the equity shares of Orchid Chemicals & Pharmaceuticals in the open market. Orchid Chemicals is an export-oriented unit that ... More

Ucal to hold talks with Escorts Auto on stake buy
THE board of directors of Ucal Fuel Systems has authorised the company's executives to hold discussions with the owners of Escorts Auto Components Ltd (Yamaha of Japan), for acquiring a majority stake in the company. Ucal officials told ... More

Faber to hike stake in Indian joint venture
ITALIAN kitchen chimney major, Faber SpA has increased its equity stake by 24.2 per cent to 75.2 per cent in its Indian joint venture Faber Heatkraft Industries Ltd (FBIL) as part of its strategy to nurse the market. The company bought the ... More

NEW PROJECTS
Ranbaxy to set up arm in Australia; enter NZ also
AFTER marking its presence in almost all the continents, Ranbaxy Laboratories Ltd will consolidate its operations Down Under next month by setting up a subsidiary in Australia followed by a foray into New Zealand. This initiative will give a ... More

Ponni Sugars (Erode) to set up distillery — Plans Rs 12-cr investment
PONNI Sugars (Erode) Ltd is to set up a distillery connected to its sugar mill at Erode. It plans to invest Rs 12 crore to produce 30 kilolitres of ethanol a day. This can be scaled up to 60 kilolitres later, according to company officials. The ... More

SOCIETY & DEVELOPMENT
Tata Tele to support Childline
TATA Teleservices has announced that it would be extending support to Childline India Foundation, an NGO that works for the betterment of street children. The company said that 25 per cent of net revenue generated in April from its global SMS ... More

PERFORMANCE
BHEL-Ramachandrapuram turnover up 27 pc
SETTING its eyes on the Rs 2,700-crore turnover target by 2007, Bharat Heavy Electricals Ltd (BHEL - Ramachandrapuram) has achieved a turnover of Rs 1,755 crore during 2003-04. This was 27 per cent more than last year's turnover of Rs 1,378 ... More

BHEL Bangalore units post 22% sales growth
THE three Bangalore-based units of BHEL have posted turnover of Rs 658 crore for 2003-04, a growth of 22 per cent over the 2002-03 figures of Rs 540 crore. Riding on the upswing in the economy and in the capital goods sector, the units ... More

Pitti Laminations' net worth turns positive
PITTI Laminations Ltd's (net worth turned positive and stood at Rs 5.7 crore at the end of December 2003. The city-based manufacturer of electrical steel laminations and stampings attributed this to the successful completion of settlements with ... More


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RBI says no ECBs for working capital


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