Financial Daily from THE HINDU group of publications
Thursday, January 12, 2006
Markets (January 10)
BSE Sensex9445.30(-138.15)
S&P CNX Nifty2870.80 (-39.30)
US Dollar (Buy/Sell)44.25/44.38


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ANNOUNCEMENTS


Himalya Intl begins first phase of cheese production
HIMALYA International Ltd (HIL) has begun its first phase of cheese production at its new plant in Himachal Pradesh. Commercial production is expected to commence next month. "A technical team from the foreign collaborator visited our unit ... More

Sonalika unveils `Rhino' — To offload 10 pc more insubsidiary to Citigroup
The company was developing a hydrogen-powered four-wheeler in collaboration with the Banaras Hindu University. More

Bosch Group to invest more in common rail injection unit
THE Bosch Group is planning to invest additional funds to the tune of over Rs 1,000 crore during the next three years in four of its Indian subsidiaries. The group, which includes companies such as Motor Industries Company (MICO), Robert Bosch ... More

Oil India Ltd to invest $150 m for overseas ventures
OIL India Ltd (OIL) would be investing $150 million for overseas exploration and production activities in the coming fiscal. The company is likely to get an oil block in Nigeria, said Mr S.K. Patra, Director-Exploration, OIL. Mr Patra was ... More

Alfa Laval India bags Rs 1.5-cr orders from Indian Navy
PUNE-BASED engineering major Alfa Laval India has bagged orders worth Rs 1.5 crore from the Indian Navy for supply of centrifuge systems for their new ships. According to a statement issued to the national and Mumbai stock exchanges, the ... More

Sterling Holiday allots shares for warrants
CHENNAI: Sterling Holiday Resorts has allotted about 9.04 lakh shares of Rs 10 each for cash at a premium of Rs 33 per share to Infopile India against a conversion of 9.04 lakh warrants of Rs 43 per warrant. It has also allotted 10 lakh ... More

GHCL ramps up capacity at its new Romanian facility
BARELY a month after soda ash producer GHCL Ltd acquired a 65 per cent stake in a Romanian company, S.C. Bega Upsom S.A., it has ramped up production at the Romanian facility. GHCL has started implementing cost reduction measures aimed at ... More

Unichem Laboratories board okays hike in FII limit
MUMBAI: Unichem Laboratories Ltd has got approval from its board of directors to increase the investment limit of foreign institutional investors' (FII) in the company to 49 per cent. Earlier the company had received its board and ... More

HM's Lancer Cedia debut
NEW DELHI: Hindustan Motors' Lancer Cedia is all set for launch at the forthcoming Auto Expo. The vehicle recently received the required homologation certificate. Mr Ravi Santhanam, MD, Hindustan Motors Ltd, said, "HM is all geared for ... More

Himatsingka meet on interim
BANGALORE: Himatsingka Seide Ltd has informed the BSE that a meeting of the board of directors of the company will be held on January 21 to consider the following financial results for the quarter ended December 31, 2005. The board will ... More

IVRCL bags Rs 477-cr order
HYDERABAD: IVRCL Infrastructure & Projects Ltd (IVRCL) has announced that its order book position has improved by Rs 477.43 crore during the last two months. This includes Rs 259.73-crore road projects, Rs 154.95-crore water and ... More

ACCOUNTING STANDARDS


Far from fair value
THE year 2005 could well be described as one in which the project for global convergence of accounting standards commenced. Parleys are on, draft papers are being circulated and projects are being undertaken globally with this single intent. ... More

COURTS/LEGAL ISSUES


Creative accounting can turn source documents into works of abstract art
BILLS, cash memos and invoices come in all sizes. More than the final amount, what is of interest is the level of abstraction in the bill. For instance, Andy Brough, a fund manager at Schroders, wonders "if the invoice submitted by the broker ... More

`Clearance of ST dues only after BIFR's decision on extension of deferral scheme'
THE Madurai Bench of the Madras High Court has quashed an order of the Assistant Commissioner of Commercial Taxes, Dindigul, under Section 8 of the Revenue Recovery Act claiming a sum of Rs 2,21,52,052 as sales tax arrears from a paper mill in ... More

TAXATION


Chidambaram promises to simplify fringe benefit tax — `Non-navratna disinvestment on track'
THE forthcoming Budget will provide relief to the corporate sector on compliance with the fringe benefit tax (FBT) provisions. The Finance Minister, Mr P. Chidambaram, on Wednesday said that `some simplification' could be expected in the area of ... More

CONSULTING


Ma Foi channel partner
MANGALORE: The Mangalore-based Magnum Intergrafiks Pvt Ltd, an INS accredited advertising agency, will operate as channel partner for Ma Foi Management Consultants Ltd - the recruitment and HR services provider - in Mangalore and ... More

MERGERS & ACQUISITIONS


Gokuldas Images sells 16 pc stake to IL&FS — Major expansion in Weekender proposed
GOKULDAS Images has sold 15-16 per cent stake in the company to IL&FS, and is planning a major expansion of its retail brand, Weekender in the next two years. The deal was inked during the last week of December, Gokuldas Images' Managing ... More

NEW PROJECTS


Sree Sakthi to reposition as high-end player in kraft paper
SREE SAKTHI Paper Mills Ltd hopes to reposition itself as a high-end player in the kraft paper market through an expansion programme, which it plans to fund through a Rs 25-crore equity offer to the public. Making a sales pitch prior to the ... More

Infosys expanding fast outside Bangalore
The company will add capacity in Pune and Chennai. There will be significant investment in Mysore. More

Dynemic Products to raise Rs 15.5 cr through IPO
THE Ahmedabad-based Dynemic Products Ltd, engaged in the manufacturing of food colours and blended food colours, is coming out with its initial public offer to raise Rs 15.47 crore. The issue will open on January 18 and close on January 25. ... More

Gudel to open manufacturing unit in Pune today
GUDEL, one of the players in the linear robotic technology and automation system, is inaugurating its factory at Pirangut near Pune on Thursday. The factory, with an investment of $2.5million, would be manufacturing industrial robots, gantry, ... More

MCF to get sulphuric acid plant soon
Built at a cost of Rs 12 crore, the captive plant is likely to be commissioned during this month. Company sources told Business Line that the captive sulphuric acid plant would have a production capacity of 100 tonnes a day. The company is ... More

ALLIANCES & JOINT VENTURES


Tata-Fiat alliance agrees to leverage mutual strengths
With Fiat in the brink of bankruptcy, its Indian arm has been hamstrung andnot been able to either bring in new models or increase capacities. More

NDDB in pact with Sri Lanka body
THE National Dairy Development Board (NDDB) has signed a memorandum of understanding with Gemidiriya Foundation, an autonomous body set up by the Sri Lanka Government, to set up a dairy project. "NDDB will provide assistance in the ... More

OUTLOOK


Skoda Auto aims to double sales in 2006
CZECH carmaker Skoda Auto is targeting to sell 13,500 cars in India this year, 51 per cent more than the 8,953 cars it sold in 2005, a senior official of its Indian unit said on Wednesday. Mr Lukas Folc, Managing Director, SkodaAuto India Pvt. ... More

Honda Siel sees potential for hybrid cars in India
With the increasing consciousness about environmental issues, the acceptance of hybrids will be much more. More

CIL may slow down production — Current stock at pitheads crosses 19 mt
COAL India Ltd (CIL) is likely to slow down production over the next few weeks. The two subsidiaries that are likely to be affected most are Mahanadi Coalfields Ltd (MCL) and South Eastern Coalfields Ltd (SECL). This is because a number of ... More

JYPTI preparing 5-year growth plan
JYPTI Ltd, the Vadodara-based irrigation and electric equipment company, is preparing a five-year growth plan to become a Rs 500-crore company in the next five years. The company, which registered a turnover of Rs 80 crore last year, is ... More

PERFORMANCE


Productive year for VSP
VISAKHAPATNAM: The Visakhapatnam Steel Plant achieved production of 4.12 million tonnes of hot metal, 3.56 million tonnes of liquid steel, 3.21 million tonnes of saleable steel, 3.36 million tonnes of cast blooms, 2.04 million tonnes of ... More

PEOPLE


New MD for Kinfra
THIRUVANANTHAPURAM: The Kerala Industrial Infrastructure Development Corporation (KINFRA) has announced the appointment of Mr A.S. Suresh Babu as the Managing Director of the company for a period of three years. Mr Suresh Babu, who has ... More
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Top Stories
Gokuldas Images sells 16 pc stake to IL&FS — Major expansion in Weekender proposed


Bank investments in G-secs less than 35% of deposits

Textile sector needs more reforms, investment — IMF study scenarios give little cause for cheer

MphasiS Q3 net rises 52 pc

Sugar prices decline as Centre releases extra quota for UP mills

Left seeks restoration of 9.5% interest rate on EPF

ICICI Bank to hire 10,000 more this year — Retail growth drives recruitment drive

ONGC submits report on discoveries

Tata-Fiat alliance agrees to leverage mutual strengths

In Focus

Surging Sensex
Dynamic Tirupur
Trends in IT - 2005
FDI in retail sector
WTO - Hong Kong meet
India Inc's overseas acquisition
More

In Depth

Gender Justice
Simple Economics
Tax Talk
More

Looking back
Jan. 1-Jan. 7
Cos raise over Rs 75,000 cr from global markets in 2005

Adherence to Clause 49: IOC convenes EGM to induct more independent directors

Africa promises bed of roses for floriculture sector

Total value of M&A, PE deals in 2005 at $18.2 b

Mahindra buys 98.6 pc in UK's Stokes Group — Forging capacity to go up by 36,000 tonnes


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