Corporate
IDBI raises $100 m in syndicated loan
INDUSTRIAL Development Bank of India (IDBI) has said it has raised $100 million (nearly Rs 470 crore) in the international markets. It said that the deal set a benchmark for international borrowings for future Indian issuers as the issue was priced very
competitively.
Bagasse-based power plant in UP -- Avant-Garde to do project study for Balrampur Chini
SUGAR major Balrampur Chini Mills Ltd (BCML) has appointed Chennai-based Avant-Garde Engineering & Consultants to prepare a feasibility report for its proposed 15 MW bagasse-based power plant in Uttar Pradesh. The project is estimated to cost around Rs 6
0 crore.
Iffco's bond issue oversubscribed
NEW DELHI: The Rs 150-crore maiden bond issue of the Indian Farmers' Fertiliser Cooperative Ltd (Iffco) has been over-subscribed almost three times. Iffco's unsecured redeemable promissory note offering has garnered a total subscription of Rs 437 crore.
MICO plans third buyback
MOTOR Industries Co Ltd (MICO), a majority-owned subsidiary of the Bosch Group of Germany, is planning a third open offer for buyback of shares later this year. The company has just completed its second tranche of share buyback.
Beeyu tea factory in Nilgiris
BEEYU Overseas Ltd, which has been in tea export business for the past several years, has set up a modern tea factory attached to its acquired tea estate at Doddabetta in Nilgiris.
Scrap dividend tax: BSE
REDUCTION, if not abolition, of corporate dividend tax, deployment of pension funds in equities, increase in investment ceilings in equities by the State-owned insurance companies and banks and development of retail debt market top the wish-list of the B
ombay Stock Exchange (BSE).
Morepen Lab in pact with Swiss company
THE Delhi-based Morepen Laboratories Ltd today announced a technology and marketing joint venture with the Swiss company, DiaMed AG. Morepen will have exclusive marketing rights in India for DiaMed Optimal Rapid malaria test kits and ID Micro Typing Syst
ems for blood group serology.
Guj Ambuja raises $100 m through FCCB issue
MUMBAI: Gujarat Ambuja Cements Ltd (GACL) has raised $100 million through an issue of foreign currency convertible bonds (FCCB). The issue has a coupon of one per cent with a maturity period of five years.
Mahindra Intertrade to market branded products
MAHINDRA Intertrade Ltd (MIL), the wholly owned trading subsidiary of Mahindra & Mahindra Ltd (M&M), today announced its entry into the marketing of branded products, taking over of the marketing and distribution of LEGO toys in India.
ICICI appointed OA for Madras Petrochem
ICICI has been appointed as the operating agency by the Board for Industrial and Financial Reconstruction (BIFR) for Madras Petrochem Ltd (MPL).
Essar Steel turns corner -- 4:5 rights issue of Rs 267 crore
MUMBAI: Essar Steel Ltd has registered a net profit of Rs 15.08 crore for the third quarter of 2000-2001 against a net loss of Rs 116.05 crore in the year-ago period.
Financial Performance
Ballarpur Ind net, turnover up
NEW DELHI: Ballarpur Industries Ltd (BILT) has reported a turnover of Rs 390 crore during the quarter ended December 31, 2000, representing a growth of more than 27.5 per cent over Rs 305.82 crore achieved in the same period, the previous year.
Deepak Nitrite
PUNE: Net sales of the Pune-based Deepak Nitrite Ltd has increased by 17.36 per cent during the third quarter ended December 31, 2000. Sales for the quarter stood at Rs 50.77 crore against Rs 43.26 crore recorded in the same period, the previous year.
Gujarat Narmada net rises
AHMEDABAD: BHARUCH-BASED Gujarat Narmada Valley Fertilizers Company (GNFC) has returned a net profit of Rs 28.62 crore for the third quarter of the current fiscal, a sharp rise of 47 per cent from Rs 19.34 crore in the previous year.
Havell's India sales, net up
NEW DELHI: Havell's India has announced a total sales of Rs 42.09 crore for the third quarter of the current fiscal, a growth of 53.89 per cent over Rs 27.44 crore in the corresponding period of the previous year.
Kalyani Steels
The Pune-based Kalyani Steels Ltd has recorded net sales of Rs 45.40 crore for the quarter ended December 31, 2000, over Rs 25.91 crore in the previous year period.
LMW net dips 40 pc in Q3
COIMBATORE: Lakshmi Machine Works Ltd's (LMW) net profit slipped by 40 per cent to Rs 3.63 crore during the third quarter of the current fiscal, over the previous year period.
Nicholas Piramal net up 19.5%
MUMBAI: Nicholas Piramal India Ltd has reported a 19.50 per cent increase in net profit at Rs 13.42 crore in the third quarter ended December 31, 2000, as against Rs 11.23 crore in the corresponding period last year.
Hindalco Q3 net rises 11 pc
MUMBAI: Hindalco Industries Ltd has ended the October-December 2000 quarter with a 11-per cent increase in net profit at Rs 170 crore as against Rs 152.7 crore in the year-ago period.
Zicom Electronic's net rises 91 per cent
MUMBAI: Zicom Electronic Security Systems has announced a net profit of Rs 1.31 crore, showing a growth of 91 per cent over the net profit of Rs 0.68 crore in the previous corresponding quarter.
Pharmaceuticals
Bilcare set to enter US, European markets
WITH an ISO 9002 Certification and the recently acquired DMF (Drug Master File) registered with the USFDA (US Food and Drug Administration) for its flagship division, Bilcare, the Pune-based Bhandari Industries Ltd, medicine packaging suppliers, is all s
et to launch its entry into the US and European markets.
Stocks
One lakh scrips transacted in one deal
CHENNAI: One lakh shares of Balaji Industrial Corporation Ltd were transacted in a single deal at the Madras Stock Exchange on Monday, at Rs 115 per share.
NSE to go slow on index options
THE National Stock Exchange (NSE) has decided to postpone trading in index options till a certain degree of market comfort is achieved, Mr Ravi Narain, Managing Director, NSE, has said.
CSE adopts new tech for trading system
THE Calcutta Stock Exchange (CSE) has put into operation an upgraded hardware and software, at a cost of Rs 8 crore.
