The Hindu Business Line : Saturday, May 17, 2003

Shasun Chem to spend Rs 120 cr on R&D in next 3 years
SHASUN Chemicals & Drugs has planned to pump in Rs 120 crore over the next three years towards capital expansion. The money will be raised through a mix of debt and internal accruals, said an official. Following speculation in the media about ... More

ANNOUNCEMENTS

Sterlite bids successfully for Zambian mine
STERLITE Industries Ltd (SIL), a major non-ferrous metal player in the country, has emerged as the successful bidder for a controlling stake in Konkola Copper Mines Plc, the biggest Government-owned copper mine in Zambia. Company officials said ... More

AEEPL in talks with BSES for carbon trading venture
NET flows of carbon calculated for India may not have changed since 1990, but this has not prevented prospective players, including comparatively small-sized environmental consulting firms, from nursing dreams of trading in carbon. The ... More

Lanco shuts pig iron plant temporarily
LANCO Industries Ltd, the Tirupathi-based pig iron and Portland slag cement manufacturer controlled by the Kolkata-based Electrosteel Castings Ltd, has shut down its pig iron plant temporarily aimed at relining and upgradation of its mini blast ... More

Hatsun Agro sets new trend for pvt dairies — Introduces fortnightly, monthly milk cards
HATSUN Agro Product Ltd, the Rs 300-crore private dairy, is looking to monthly milk card sales to widen its market share. This is a new initiative for a private milk brand, and it is expected to help Hatsun achieve significant growth in turnover ... More

Welspun Guj bags Rs 390-cr GAIL order
The company's joint venture Eupec Welspun Pipe Coating India Ltd has also received Rs 40-crore order for the same project to coat the 82.5-km pipeline. More

Essar Oil gets $60 m from sale of rigs
ESSAR Oil Ltd has raised $60 million through the sale of 11 oilrigs to the Abu Dhabi-based Bi Jabr Group. The Bin Jabr group's bid was selected based on KPMG's recommendation. The company has moved away from the oilrigs business to focus on ... More

Reliance scales down infocomm capex
RELIANCE Industries Ltd has revised the estimated capital expenditure for its Infocomm project to Rs 18,000 crore from the earlier estimates of Rs 25,000 crore. ``The revision is attributed to the sharp fall in telecom equipment cost ... More

Asian Paints plans bonus issue
DECORATIVE paints major Asian Paints informed the stock exchanges on Friday that its board of directors would consider issue of bonus shares when it meets on May 28. The company board would also review the financial results for the year ended ... More

AUDITING

Rotation of audit firms on hold for now
The issue of rotation of audit firms, which has come in for global debate ever since a spate of corporate failures surfaced in the US over the last few years, has an important bearing on auditor-management relationship and independence aspect to such relationships. More

MERGERS & ACQUISITIONS

Boards to consider merger of Bayer, CropScience unit
BAYER India Ltd and Bayer CropScience India Ltd on Friday informed the Bombay Stock Exchange in separate communications that their respective boards of directors would meet on May 19 to consider a proposal to merge the two companies. According ... More

REGULATORY BODIES & RULINGS

Generic antibiotic cefuroxime axetil — Ranbaxy set to gain on Apotex's temporary loss
FOR Canada-based drug major Apotex, it's a temporary loss on antibiotic cefuroxime axetil. But, it just may end up being Ranbaxy's gain. Ranbaxy will be able to garner about three months more of exclusive sales for its generic version of ... More

DIVERSIFICATION

Now, agri-supermarts from Escorts
THE Rs 1,500-crore Escorts Agri Machinery Group, a strategic business unit of Escorts Ltd is set to roll out a novel initiative — rural supermarts. This initiative is part of its contract manufacturing strategy. According to Mr Vinay ... More

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