Financial Daily from THE HINDU group of publications
Thursday, November 10, 2005
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ANNOUNCEMENTS


Cipla to develop generic version of bird-flu drug
CIPLA is going full-steam ahead in developing a generic version of Relenza, the other drug apart from Tamiflu, known to be effective in treating bird-flu. The Chairman and Managing Director of Cipla, Dr Yusuf Hamied, said today that his company ... More

Ramky Group offers stake to Onyx for waste management projects
THE Hyderabad-based Ramky Group has offered a joint venture stake to the multinational Vivendi Group's Onyx to participate in the management of the hazardous waste management projects in Mumbai and Hyderabad. The 50:50 joint venture, in the ... More

DLF to buy land from Mico in Chennai; plans office complex
DLF Commercial Developers Ltd has decided to buy a 4.41-acre property in Chennai from Mico Bosch for about Rs 138 crore, and plans to develop it into a retail and office complex. "We have bought the plot on Commander-in-Chief Road in Chennai ... More

Empee Sugars achieves financial closure for cogeneration project
EMPEE Sugars and Chemicals Ltd has achieved financial closure for its 20-MW cogeneration project. The company, which has turned around following the buoyancy in the sugar sector, has embarked on doubling its distillery and sugarcane milling ... More

PREFERENTIAL ALLOTMENTS


Gulf Oil plans pref issue
HYDERABAD: Gulf Oil Corporation Ltd has informed stock exchanges that its board of directors proposes to issue 10 lakh warrants on a preferential allotment basis. Each of these warrants would be convertible into one equity share of Rs ... More

MANPOWER


India Cements posts Rs 5.85-cr net in Q2; plans VRS
INDIA Cements Ltd has posted a net profit of Rs 5.85 crore on sales of Rs 466.52 crore for the quarter ended September 30, 2005 compared to a loss of Rs 17.73 crore on sales of Rs 357.25 crore for the same period last year. In the first six ... More

HUMAN RESOURCES


Salary level at Rs 3 cr, good times roll out for many CEOs
Top-level salaries, averaging a 20 per cent jump every year, are now hovering around Rs 2.5-3 crore. CEO salaries almost always include deferred payments in the form of ESOPs and bonuses but would average out to Rs 3 crore per annum, according ... More

MERGERS & ACQUISITIONS


McLeod Russel, Williamson Tea merger swap at 3:1
THE B.M. Khaitan Group has finalised the swap ratio for the merger of Williamson Tea Assam Ltd (WTA) into McLeod Russel India Ltd (MRIL). After two consecutive board meetings on Wednesday, the group announced that three new shares of MRIL of ... More

Azim Premji buys 4 pc in Himatsingka Seide
KOLKATA: Promoter of Wipro, Mr Azim Premji, has picked up 4 per cent stake in Himatsingka Seide. Today, he bought 8 lakh shares of Himatsingka from Arisaig Partners Asia Pte at Rs 136 a share. Arisaig has sold out its entire holding in ... More

CORPORATE GOVERNANCE


The new `independence' movement
M. S. Parthasarathy on whether having more independent directors on boards will help improve corporate governance More

NEW PROJECTS


Wockhardt Hospitals plans Rs 500-cr expansion — Gets JCI accreditation from US
WOCKHARDT Hospitals will invest Rs 500 crore in four greenfield projects over the next three years, said the Wockhardt Chairman, Mr Habil Khorakiwala. Wockhardt would not be looking at the acquisition route to grow its hospitals-network in the ... More

BILT forays into tissue paper segment; to invest Rs 25 crore
BALLARPUR Industries Ltd (BILT) today announced the launch of its tissue paper business and would be investing Rs 25 crore in the next five years. Branded `Etiquette', the range of products will comprise facial tissues, toilet tissues, ... More

REGULATORY BODIES & RULINGS


SFIO suggests action against Mardia Chem over funds misuse
The SFIO report said the company had indulged in falsification of accounts, false promoters claims, and diversion of funds. More

ALLIANCES & JOINT VENTURES


Force Motors signs pact with MAN Nutzfahrzeuge to make heavy trucks
MR Anton Weinmann, Chairman of the board of MAN Nutzfahrzeuge Group, and Mr Abhay Firodia, Chairman and Managing Director of Force Motors Ltd (formerly Bajaj Tempo Ltd), have signed a Letter of Intent for the joint manufacture of heavy trucks. ... More

GAIL signs pact with Belgium's EXMAR for LNG transportation
GAIL (India) Ltd has signed a memorandum of understanding with EXMAR Marine NV, Belgium for jointly pursing liquefied natural gas (LNG) and compressed natural gas (CNG) import projects in India. The two will co-operate in projects using ... More

OUTLOOK


Delay in finalising contracts may hold up IOC's polymer project
DELAY in finalising the contracts may affect the completion schedule of the proposed Rs 6,300-crore naphtha cracker and downstream polymer unit project of Indian Oil by at least a year. Completion of the project would mark IOC's first major ... More

PERFORMANCE


Ashok Leyland sales up in Apr-Oct
CHENNAI: Ashok Leyland sold 4,281 vehicles in October, 925 vehicles more than in the same month last year, but 1,594 vehicles fewer than in the previous month. But the cumulative sales for the April-October period, at 32,496 vehicles was ... More

TRENDS


D&O insurance policies market picking up
In India, D&O liability insurance is mainly purchased by companies that are listed overseas especially in exchanges such as Nasdaq. More
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