Financial Daily from THE HINDU group of publications
Thursday, October 27, 2005
Markets (October 26)
BL 2502261.13 (-7.33)
BSE Sensex7974.69 (-17.05)
S&P CNX Nifty2408.50 (-9.70)
US Dollar (Buy/Sell)44.99/45.12
Gold Std (10 gm)6945 (+60)


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CORPORATE

ANNOUNCEMENTS


Jones Lang LaSalle plans to increase headcount
COMMERCIAL real-estate services firm Jones Lang LaSalle today said that it is likely to look at more than a three-fold increase in headcount in the country to 3,000-4,000 professionals in the next five years, entailing an expansion of project ... More

Shriram Properties plans Rs 900-cr project on Standard Motor land
SHRIRAM Properties Ltd, which has emerged the highest bidder for the 57.84-acre Standard Motor Products of India Ltd (now under liquidation) property in Chennai, plans to develop an IT park and a commercial and residential complex on the land. ... More

ONGC gets green signal for drilling in Mahanadi basin
ONGC has finally been awarded environmental clearance for exploratory drilling in the Mahanadi basin on the Orissa sea coast. The clearance was delayed by almost a year due to concerns over the impact on the endangered Olive Ridley turtles ... More

PREFERENTIAL ALLOTMENTS


Spentex to raise Rs 81 cr thru pref issue
TEXTILE firm Spentex Industries plans to raise Rs 81 crore through preferential allotment of equity shares to Citigroup Venture Capital International Growth Partnership Mauritius Ltd (CVCI) and the promoters of the company. CVCI will hold around ... More

CORPORATE DISPUTES


Gilead Sciences-Roche spat — Uneasy calm prevails over bird flu drug
THERE is an uneasy calm surrounding anti-viral oseltamivir, popular these days by its brandname Tamiflu — a sought-after drug to mitigate the effects of bird flu. As governments go into a flutter over stocking the medicine, oseltamivir ... More

AWARDS & HONOURS


HZL gets Greentech award
VISAKHAPATNAM: Hindustan Zinc Ltd here has been given the Greentech Environment Excellence Silver Award for 2004-2005 in the metal sector for its environment management. The award was received by Mr Dipak Kumar Ghosh, General Manager, at ... More

COURTS/LEGAL ISSUES


DuPont bid to protect trademark
NEW DELHI: Dupont India has initiated legal action against local traders and manufacturers for infringing its trademark `Teflon,' used more popularly as a non-stick coating for cookware. In a case filed by DuPont India through its ... More

RESTRUCTURING


HDFC to advise WL Ross AMC on investment in corporate turnarounds
HOUSING Development Finance Corporation will partner global private equity investor WL Ross & Co LLC to manage the latter's dedicated fund for investment in Indian corporate restructurings and turnarounds. This fund, arguably the first of its ... More

MERGERS & ACQUISITIONS


Tata Steel prefers acquisitions in South-East Asia, China
SOUTH-EAST Asia and China continue to be Tata Steel's preferred geography for acquisitions. The company would look at acquisitions elsewhere only if availability of crucial raw materials such as iron ore and coal is easy. "We would look at some ... More

UTI Mutual stake in IVRCL goes up to 9.45%
UTI Mutual Fund has acquired 5.11 lakh shares of IVRCL Infrastrctures & Projects Ltd, aggregating to 2.39 per cent of its total share capital on October 17 through market purchase route. Following this, the holding of UTI MF in IVRCL has ... More

JP Morgan to take 25 pc in Binani Cement
"This will enable Binani Cement to achieve multiple objectives of financial restructuring and funding for doubling of cement capacity." More

Emirates Post buys 60 pc stake in House of Patels group co
EMIRATES Post has bought out a 60 per cent stake in Wall Street Exchange Centre LLC for over $15 million. Wall Street Exchange is part of an Indian multinational group — House of Patels, which has major interests in the fields of logistics ... More

L&T sells glass container biz to C.K. Somani group
LARSEN & Toubro has sold its glass container business to Ace Glass Containers of the C.K Somani group for an undisclosed amount. The Somani group also owns Hindustan National Glass & Industries Ltd. The sale consideration is roughly the same More

Glenmark acquires Argentine marketing firm Servycal
GLENMARK Pharmaceuticals Ltd has acquired the Argentine marketing company Servycal SA for an undisclosed consideration. Servycal is expected to close the fiscal 2005-06 with sales revenues of $4 million, Glenmark told the BSE. The ... More

NEW PROJECTS


Finolex lines up plans to make insulated cables
THE board of directors of the Pune-based Finolex Cables Ltd (FCL) has approved projects for the manufacture of medium voltage (up to 66 KV) insulated power cables and miniature circuit breakers (MCBs), and earth leakage circuit breakers ... More

REGULATORY BODIES & RULINGS


MRTPC slaps ban on LG advertisement
THE Monopolies and Restrictive Trade Practices Commission (MRTPC) on Wednesday restrained Korean electronic major LG Electronics India Pvt Ltd from releasing any false, misleading or deceptive advertisement relating to its gift scheme in any form ... More

ALLIANCES & JOINT VENTURES


Drug intermediates: NPIL signs deal with AstraZeneca
THE Mumbai-based Nicholas Piramal India Ltd (NPIL) has signed a development and know-how agreement with Sweden's AstraZeneca AB for drug-intermediates. No details were disclosed on the deal size or the segments covered. As per the agreement ... More

DIVERSIFICATION


McLeod Russel set to begin tea tourism
The plan is to create a chain of properties across a number of tea gardens spreading from the Terai and Dooars in West Bengal to Assam and further into Myanmar. More

OUTLOOK


Ford mulls expansion of hybrid car production
FORD Motor Company is seriously evaluating expanded production of hybrid cars, its Chairman and Chief Executive Officer, Mr William Clay Ford Jr, indicated during a meeting with the Tamil Nadu Chief Minister, Ms J. Jayalalithaa, here today. A ... More

HM to boost production line at Chennai with Cedia model
HINDUSTAN Motors Ltd will strengthen the production line at its car plant in Chennai with the introduction of a new Mitsubishi model Cedia early next year. Some completely built models from Mitsubishi would also be sold through the company's ... More

PERFORMANCE


Tisco: Other income props up growth
TATA Steel's report card for the second quarter reveals a modest performance. The post-tax earnings growth of 12.5 per cent was buoyed by other income that more than doubled to Rs 118.8 crore. Excluding other income, the growth rate was at a more ... More
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In Depth

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Looking back
Oct. 16-Oct. 22
UK, Australian firms in race to be legal advisors for Iran pipeline project — No response from Indian firms

Staffing cos may soon pip IT firms in job market

Omax Auto set to acquire US firm

More pharma patent litigations in store — Ranbaxy, Dr Reddy's prepare for long battle

NTC case: Maharashtra not to appeal, says CM

Cabinet gives in-principle nod for IBP-IOC merger

Govt chalking out plan for joint overseas bidding by oil PSUs

Reliance group demerger scheme put to vote


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