Financial Daily from THE HINDU group of publications
Thursday, May 05, 2005
Markets (May 4)
BL 2502043.20 (+21.62)
BSE Sensex6289.55 (+72.78)
S&P CNX Nifty1942.60 (+21.90)
US Dollar (Buy/Sell)43.48/43.61
Gold Std (10 gm)6120 (-10)

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CORPORATE

ANNOUNCEMENTS


Scorpio launched in Malaysia
Mahindra Ltd (M&M) on Wednesday announced the launch of the Scorpio in the Malaysian automobile market. It would be marketed through USF-HICOM (Malaysia) Sdn Bhd, which is a member of DRB-HICOM, a diversified conglomerate and the ... More

Flextronics plans delisting, to buy out shares at Rs 575
FLEXTRONICS, the electronics manufacturing services provider, today announced its proposal to delist its India-based subsidiary, Flextronics Software Systems Ltd (FSS), from both the BSE and the NSE by purchasing all outstanding public ... More

ICSA to allot shares, warrants
THE board of directors of ICSA India Ltd, the city-based IT services and solutions company, has decided to make allotment of six lakh equity shares and six lakh fully convertible warrants to allottees approved at the recent extraordinary general ... More

Reliance Energy allots 97.5 lakh shares to Reliance Power
RELIANCE Energy Ltd has allotted 97.5 lakh equity shares of Rs 10 each to Reliance Power Ventures Ltd (RPVL), one of its promoter companies, at a premium of Rs 630 a share. According a communiqué to the BSE today, Reliance Energy said that its ... More

Hosiery major Rupa sets sights on SAARC nations
AFTER exporting its products to West Asia, Europe, Canada, South Africa and Australia, hosiery and casual wear major Rupa & Co Ltd has set its eyes on markets in the SAARC countries. The company has appointed consultants to facilitate ... More

BUYBACK


Glaxo buyback opens on May 9; price not above Rs 800
GLAXO SmithKline has announced its buyback offer at a price not exceeding Rs 800. The offer will add up to an aggregate of Rs 230.65 crore and will represent 25 per cent of the company's paid-up equity capital. The proposed date of opening the ... More

COURTS/LEGAL ISSUES


HC verdict on land development: SC reserves orders on Mumbai textile mill owners' plea
THE Supreme Court on Wednesday reserved orders on a batch of appeals against a Bombay High Court interim order restraining the Brihanmumbai Municipal Corporation (BMC) from granting permission to textile mill owners to develop the land with the ... More

Panel to suggest means to reduce litigation in co affairs
THE Ministry of Company Affairs has constituted an expert group under the chairmanship of senior advocate Mr O.P. Vaish to evolve a mechanism to reduce the pendency of litigations. The panel has been asked to submit its report by July. The ... More

MANAGEMENT


AIMA convention in Hyderabad
HYDERABAD: The All India Management Association (AIMA) is holding its two-day National Management Convention (NMC) on September 23 and 24 at Hyderabad. Announcing this here, the convention Chairman and Chairman of Satyam Computer ... More

NEW PROJECTS


Italy's Bisazza plans capacity expansion
ITALIAN glass mosaic company Bisazza is planning to ramp up capacity of its manufacturing facility in Kadi, near Ahmedabad, to one million square metres from the existing 400,000 square metres, in order to cater to a surge in demand in the ... More

IOC commissions diesel hydro treater at Mathura Refinery
INDIAN Oil Corporation Ltd (IOC) has commissioned the Rs 1,046-crore diesel hydro-treating unit (DHDT) at the Mathura Refinery to facilitate supply of Euro-III equivalent quality diesel. According to the company, "The commissioning of the DHDT ... More

OVERSEAS INVESTMENTS


More powers likely for IOC, OIL boards
AFTER empowering the board of directors of ONGC Videsh Ltd (OVL) for approving overseas projects involving investments up to $70 million or Rs 300 crore, whichever is less, the Government is now considering giving similar powers to the boards of ... More

REGULATORY BODIES & RULINGS


CLB orders inspection of Kowa Spinning accounts
THE Company Law Board (CLB) has directed the Central Government to inspect books of accounts of Kowa Spinning Ltd for the years 1994 to 2000. While ordering an inspection, the Board also directed the Central Government to take further actions, ... More

ALLIANCES & JOINT VENTURES


Godrej Agrovet ties up with Taiwanese co
GODREJ Agrovet Ltd has tied up with Uni-President Enterprises Corporation, a Taiwan-based company, to further strengthen the business of shrimp feed in India. A mutual understanding for this purpose was reached at a meeting between Mr C.K. ... More

XPS to team up with Russian major
XPS, the express cargo company from the TCI stable, would join hands with a Russian logistics major to offer inbound and outbound services to its clients. "We hope to complete the deal in a month," Mr Chander Agarwal, Director (Global) of XPS, ... More

INTERVIEW


`Ashok Leyland `de-risked' from key threats'
DESPITE turning out very good results, Ashok Leyland's Managing Director, Mr R. Seshasayee, says that 2004-05 was a year he would like to forget. The demand in the market was very good but Ashok Leyland's production was constrained by a two-month ... More

SOCIETY & DEVELOPMENT


Matrix Labs' gesture to bereaved families
AT a time when several companies pay just nominal ex-gratia as per the statutory prescriptions to the bereaved families of their employees, Matrix Laboratories Ltd (MLL) has shown considerable care in supporting the families of eight of its staff ... More

VENTURE CAPITAL


SIDBI Venture to pick up stake in Hertz India — Hertz charts out Rs 300-cr expansion plan
IN a bid to finance its expansion plans, car rentals company Hertz India has made a fresh issue of equity to SIDBI Venture Capital Ltd (SVCL). "SVCL would initially be making an investment of Rs 10 crore and may invest more in the future," Mr ... More

PERFORMANCE


Eastern Coalfields on recovery path
EASTERN Coalfields Ltd (ECL), a sick subsidiary of Coal India Ltd (CIL), is on the path of recovery, thanks to higher sales realisation of its coal. The company, for the year ended March 2005, has reduced its annual loss to around Rs 15 crore ... More

PEOPLE


Sunil Alagh, C.Y. Pal join UB board
UNITED Breweries (UB) Ltd, jointly owned by the UB Group Chairman, Mr Vijay Mallya, and UK brewer Scottish & Newcastle, has recast its board of directors, inducting Mr Sunil Alagh, former top honcho of Britannia Industries, and Mr C.Y. Pal, ... More
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Looking back
Apr. 24-Apr. 30
Maruti may raise prices in May — Rolls out five millionth car

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