The Hindu Business Line : Wednesday, October 01, 2003

Wockhardt gets USFDA nod for Bethanechol
WOCKHARDT Ltd has said that it has received USFDA approval for marketing bethanecol chloride tablets in the US. The tablets will be marketed in the US through a strategic alliance with Ranbaxy Pharmaceuticals. This is the third Wockhardt ... More

ONGC extends comfort letter to MRPL for raising Rs 450 cr
THE ONGC board of directors has offered to extend a comfort letter for Rs 450 crore to enable its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) to raise funds for its working capital. Mr Subir Raha, Chairman, told reporters after ... More

Hatsun Agro delists from two SEs
THE shareholders of Hatsun Agro Product Ltd approved a resolution delisting the company from the stock exchanges at Chennai and Coimbatore at the annual general meeting on Monday. The company will continue to be listed at the Bombay stock ... More

ONGC begins drilling 46th well in Bengal basin
OIL & Natural Gas Corporation Ltd (ONGC) has commenced drilling in its 46th well in the Bengal basin. Named Gobindapur 1, the well is located 140 km from Kolkata in the Contai sub-division of East Midnapur district. ONGC had last drilled in ... More

Tentative approval for Ranbaxy cholesterol drug
PHARMA major Ranbaxy Laboratories Ltd (RLL) has said that it had received tentative approval from the US regulatory authority to manufacture and market five dosages of simvastatin drugs, used for cholesterol-lowering purposes. The US Food and ... More

Pantaloon dividend

ACCOUNTING STANDARDS

`System to track impaired assets must'
The ICAI's Accounting Standard on `Impairment of assets' (AS-28) would have a "huge impact" on "asset intensive companies", particularly those that are new, Mr Rahul Roy, Partner, S.R.Batliboi & Co and Past President of the Institute of Chartered ... More

NEW PROJECTS

Tata Power starts work on Jharkhand plant
`Merchant power plants' do not have long-term PPAs... they sell power on a competitive basis to utilities and power traders. More

ALLIANCES & JOINT VENTURES

HPCL, ONGC sign MoU for crude supply
OIL producer Oil and Natural Gas Corporation (ONGC) and refiner Hindustan Petroleum Corporation Ltd (HPCL) have signed a memorandum of understanding (MoU) for supply of crude oil, according to an official release. The agreement is valid for a ... More

DIVERSIFICATION

Exide gears for foray into rural electrification
EXIDE Industries Ltd is gearing up to make an entry into the area of rural electrification by being a technology provider. It also plans to utilise its distribution network to emerge as a rural technology service provider. There are about ... More

SICK UNITS

TCC on recovery path; makes profit
THE state-owned Travancore Cochin Chemicals Ltd at nearby Eloor, which has been in the red for the past few years, has started making cash profits from increased sales turnover. The companyhas now made a cash profit of Rs 2.5 crore during ... More

OUTLOOK

Reliance Energy not to raise tariffs if Tata Power cuts prices
RELIANCE Energy Ltd (erstwhile BSES Ltd), on Tuesday told the Maharashtra Electricity Regulatory Commission (MERC) that it would not raise retail tariffs if Tata Power Company (TPC), from which its buys electricity in bulk, agrees to cut power ... More

Piaggio draws Rs 100-cr map to double capacity
PIAGGIO Vehicles, which manufactures three-wheelers, is planning to spend a little over Rs 100 crore to double capacity at its Baramati facility to 1,00,000 units by mid-2004. "We are progressively enhancing capacity. Apart from this, we are ... More

TVS & Sons to unify brand for 3 businesses
TV SUNDRAM Iyengar & Sons Ltd, the parent and holding company of the TVS group, is all set to bring under one brand three of its businesses - TVS Xpress, the multi-brand car service network, TVS Value, the used car business, and TVS Care, the ... More

IOC plans Rs 15,000 cr for petrochem projects
INDIAN Oil Corporation Ltd has planned investments worth Rs 15,000 crore in petrochemical projects, Mr M S Ramachandran, Chairman and Managing Director, has said. Of this, Rs 8,000 crore will be spent over the next two years. IOC will be ... More

Electrolux Kelvinator to return to black only by mid-2005
AB Electrolux, the world's largest manufacturer of powered household appliances, does not expect its Indian operations to turn around till the second half of 2005. "The positive results from our ongoing restructuring programme in Electrolux ... More

PERFORMANCE

Hotel Corpn posts Rs 173.88-cr profit for '02-03
THE Air India subsidiary, Hotel Corporation of India, has reported a profit-before-tax of Rs 173.88 crore for the year 2002-03 and has declared a dividend of Rs 20.30 crore to the Maharaja. The financial results of HCI were approved by its ... More

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