The Hindu Business Line : Wednesday, November 05, 2003

Kanoria Chem to hike formaldehyde output
KANORIA Chemicals & Industries Ltd (KCI), has emerged as a low-cost manufacturer of chlor-alkalies and alcohol-based intermediates in the country. "Our strategy is to focus on technological innovations in the manufacturing processes. Focus on ... More

Tentative US nod for Ranbaxy's anti-diabetic drug
RANBAXY Laboratories Ltd has said it had received tentative approval from the US regulatory authorities for anti-diabetes drug Metformin Hydrochoride in the extended release tablet form. Bristol Myers Squibb is the original patent holder for ... More

Tata Tea brand to be strengthened
TATA Tea Ltd (TTL) would continue to invest in Tata Tea brand in the backdrop of competition from regional and local brands and unbranded tea. The company would also employ innovation based on consumer insight to modernise category and enable ... More

Garden Reach declares 35 pc dividend
GARDEN Reach Shipbuilders and Engineers Ltd, a Ministry of Defence undertaking, has declared a dividend of 35 per cent for 2002-03. A draft of Rs 7.49 crore as dividend was presented to the Defence Minister, Mr George Fernandes, here today.The ... More

L&T fabricates 8,000-t platform for ONGC
A 1400-TONNE structure, part of the 8,000-tonne mega process platform for Oil and Natural Gas Corporation, has already been loaded on a floating deck on the Tapti shore of Larsen & Toubro's Hazira facility, the finishing touches being given to ... More

Lupin promoters divest 4 pc stake
THE promoters of the pharmaceutical company Lupin Ltd, Dr Desh Bandhu Gupta and associates, have sold nearly 4 per cent of Lupin's total equity in the market for a total consideration of about Rs 90 crore. The promoters have offloaded 15 lakh ... More

OVERSEAS BORROWINGS

Hedging of foreign currency loans not mandatory: Reddy
HEDGING of corporate loans above $10 million is not mandatory, the RBI Governor, Dr Y. Venugopal Reddy, said in an interview with Business Line. He also made it clear that the RBI, IRDA and SEBI will jointly monitor Systemically ... More

COMPANY LAW

FICCI opposes automatic rights for FIs on boards
Corporate India now wants SEBI to ensure that "institutions do not have an automatic right to appoint directors". Large sections are of the view that, if desired, the shareholders should make the appointment. More

AWARDS & HONOURS

CII-Exim Bank award for BHEL units
FOUR of BHEL's major manufacturing divisions have been conferred top honours under two categories of the CII-Exim Bank Award for Business Excellence. The Tiruchi unit has received the commendation for Significant Achievement in TQM. The ... More

COURTS/LEGAL ISSUES

Dr Reddy's scrip rises despite Pfizer `threat'
NOTWITHSTANDING market whispers about Pfizer's reported plans to sue the US Food and Drug Administration (FDA) for approving Dr Reddy's Laboratories' new drug application for AmVaz (Amlodipine Maleate), the stocks of the Indian pharma major rose ... More

MANPOWER

Maruti VRS: Third round to start next week
MARUTI Udyog Ltd (MUL) is likely to throw open the second phase of its second voluntary retirement scheme (VRS) next week, this time targeting employees at the shop floor. Supervisors, assistant supervisors, technicians and other workers at ... More

CORPORATE BONDS

ITI plans bond sale to raise Rs 244 cr
ITI Ltd plans to raise close to Rs 244 crore in the current financial year in bonds. The company plans to raise Rs 150 crore by December and float another issue to raise Rs 94 crore in January, according to Mr C.S. Verma, Director ... More

MERGERS & ACQUISITIONS

GFCL becomes subsidiary of Coromandel Fertilisers
FOLLOWING the acquisition of 54.48 per cent equity holding by the Murugappa-group controlled Coromandel Fertilisers Ltd (CFL) recently, Godavari Fertilisers and Chemicals Ltd (GFCL) has become the subsidiary of the former. In a communication to ... More

NEW PROJECTS

Ashok Pharma plans second unit near Chennai
ASHOK Pharmaceuticals plans to enter the US market with a range of pharma products. It will invest Rs 8 crore on a second factory near Poonamallee, near here, which will be compliant to the US standards. The plant will manufacture a range of ... More

INTERVIEW

To cut costs, counter competition — CUMI plans to set up own local, global units
THE Rs 300-crore Carborundum Universal Ltd, part of the Murugappa group, was recently in the news for having picked up a majority stake in an Australian joint venture, albeit for a small amount of Rs 1.50 crore. The company is looking at setting ... More

EVENTS

MCF's safety programme
MANGALORE: Mangalore Chemicals and Fertilizers (MCF) Ltd has been training its employees and the neighbouring public on safety and emergency preparedness, Mr P.C. Jain, Senior Vice-President (Works), MCF, has said. Participating in a ... More

SICK UNITS

Move to revive Autokast Ltd
SPATO, an organisation of the officers of public sector units and autonomous bodies in the State, has mooted a proposal to revive the sick PSU, Autokast Ltd in Alapuzha district. The "viable project proposal", prepared by an expert committee ... More

OUTLOOK

Electrolux Kelvinator upbeat on growth prospects
ELECTROLUX Kelvinator India Ltd is expected to swing to black only in 2005. Its advertising account is up for grabs. The company is clear on some matters: It will continue to build on its positioning, `Nurturing Hopes, Nourishing Life,'; it will ... More

Bharat Dynamics aims to double turnover
MISSILE manufacturer Bharat Dynamics Ltd (BDL) today said that it would double turnover next year with fresh orders of equipment and expected orders to refurbish the existing inventory of missiles with the Defence forces. The sales turnover of ... More

PERFORMANCE

Maruti revs up Vitara imports despite slow SUV sales
MARUTI Udyog plans to import another 75 units of sports utility vehicle Grand Vitara XL-7 next month even as car manufacturers are finding it harder to sell SUVs in the country. Sources in the company told Business Line that it has been ... More

Mahindra Oct auto sales up 41 pc
MAHINDRA & Mahindra Ltd (M&M) has reported a 23.4 per cent growth in its farm equipment sales during October 2003 with at 6,792 tractors against 5,505 units in the year-ago period. The company's auto sales registered a growth of 41 per cent ... More

New Honda City sales at 813 units in 2 days
HONDA Siel Cars said on Tuesday its new City midsize car sold 813 units in just two days since its launch on October 30. The new version of the City came as a replacement for the older version of the car. In a statement here, the company said ... More

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