The Hindu Business Line : Saturday, September 06, 2003

Visaka MD raises equity holding
HYDERABAD: Visaka Industries Ltd (VIL) has informed stock exchanges that its Managing Director, Dr G. Vivekanand, has acquired 1,80,312 equity shares of Visaka, constituting 1.69 per cent of its paid-up equity, from IFCI Ltd at the rate ... More

Royal Enfield to roll out new range
HIGH-powered bike maker, Royal Enfield is planning to come out with a range of new products this year in the 350 cc to 500 cc motorcycles segment. According to Mr Siddhartha Lal, Chief Executive, Royal Enfield, the company is working on a ... More

Heritage Foods executive director consolidates holding
MS N. Bhuvaneswari, Executive Director of Heritage Foods (India) Ltd, the Hyderabad milk and milk products company, has purchased 1,45,393 shares of the company. This constitutes 1.46 per cent of the equity, last Friday. The company informed ... More

PREFERENTIAL ALLOTMENTS

Arvind Remedies' board approves preferential offer
ARVIND Remedies' Board of Directors on Friday cleared an equity preferential allotment of $ 10 million to Citiconsult Emerging Markets, UK. Mr Arvind Shah, Managing Director, was authorised to negotiate the details of allotment with ... More

AUDITING

ICWAI moots compulsory cost audit for all sectors
HAVING recently received favourable feelers from the Government on expanding the cost audit requirement to more industrial sectors in both manufacturing and services segments, the Institute of Cost & Works Accountants of India (ICWAI) has urged ... More

CORPORATE BONDS

Crisil assigns AAA for Reliance bonds issue
Crisil has assigned an AAA (triple A) rating to the Rs 1,000 crore non-convertible debenture issue of Reliance Industries Ltd (RIL). It has also reaffirmed the AAA rating and P1+ rating assigned to the company's Rs 10,560 crore non-convertible ... More

RESTRUCTURING

JK Ind to leverage on benefits from recast — Vikrant Tyres merger completed
J.K. Industries Ltd (JKI), flagship company of the Hari Shankar Singhania Group, on Friday announced the completion of a comprehensive restructuring exercise of its businesses that has led to its emergence as a pure automotive tyre ... More

HFCL told to split into 2 as recast measure
HIMACHAL Futuristic Communication Ltd (HFCL), which has embarked on a business restructuring exercise, has been advised by its consultants to consider the option of segregating assets of its core business from its other assets. In other words, ... More

FIXED DEPOSITS

Split plan not to affect Bajaj Auto FD rating
CRISIL on Friday informed that the `FAAA' rating for the fixed deposit programme of Bajaj Auto Ltd (BAL) would remain unaffected even if the marketable securities portfolio of the company is split between itself and a separate investment ... More

MERGERS & ACQUISITIONS

Aravali to get AP stake in Sirpur Paper Mills
ARAVALI Securities and Finance Ltd, the co-promoter of Sirpur Paper Mills Ltd, informed stock exchanges that it expected to receive the shares of Sirpur Paper currently held by the Andhra Pradesh Government by September 12. In a communication, ... More

CORPORATE GOVERNANCE

Corp governance: `Qualitative compliance must'
THE fundamental issue of corporate governance is of ethics, and therefore, good governance cannot be imposed by legislation; it must come from within. And mere quantitative compliance is not enough; there must also be intellectual honesty and ... More

NEW PROJECTS

Samsung commissions Noida fridge unit
SAMSUNG India Electronics Ltd has commissioned its refrigerator manufacturing plant in India. "Samsung India expects to notch up a 13 per cent market share in the refrigerator category this year selling 4,00,000 units," Mr R. Zutshi, Director ... More

BONUS ANNOUNCEMENTS

P&G board to meet on bonus shares issue
THE Board of Directors of Procter & Gamble Hygiene and Health Care Ltd will meet on September 8 to consider an issue of bonus shares. The board will also discuss the accounts for the year ended June 30, 2003 and recommendation of dividend for ... More

SICK UNITS

`FACT can make Rs 150-cr profit in 3 years if help is given'
THE ailing Central PSU, Fertilisers and Chemicals Travancore Ltd (FACT), could be revived to make a profit of Rs 150 crore in three years, if the proposed restructuring were implemented by the Centre and the concessions sought from the State ... More

OUTLOOK

Matrix unveils plan for Rs 1,000-cr topline by 2006
APART from the strategy of not competing with its business partners in the finished dosages and complement them with active pharmaceutical ingredients (APIs), Matrix Laboratories Ltd (MLL) has firmed up a plan to sustain growth rates of at least ... More

Ondeo Nalco India's parent changes
The changeover would have a better impact on the company in terms of operations, as the acquirers have expressed trust in the professional management of the Indian outfit. More

Ultra aims to double turnover
ULTRA Group has targeted a 100 per cent increase in its turnover at Rs 50 crore during the current fiscal, banking mainly on its expanded portfolio. The company, having established its position in the VCD and DVD markets, is now focusing its ... More

TRENDS

`Cos turnaround will be more broad-based'
THE corporate sector is not only likely to sustain the recovery that was flagged off in 2002-03, but also the turnaround is expected to become more broad-based in the current fiscal, according to a Crisil study. Focussing on some of the key ... More

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