The Hindu Business Line : Thursday, December 25, 2003

Tata Power Broadband may turn Tata Power arm
TATA Power Broadband, a division of Tata Power, may seek approval from shareholders to become a wholly owned subsidiary of the power major. The broadband division that functions as a carriers' carrier believes it will leverage itself by ... More

GKB Rx Lens plans to raise capital
PRESCRIPTION and fashion eyewear major, GKB Rx Lens Pvt Ltd, is working on plans to raise fresh capital by way of an initial public offering or private placement. A firm decision in this regard will be taken next year. Mr Lalit Gupta, Director ... More

Bal Pharma plans to set up 2 more plants
BULK drugs player, Bal Pharma, says it plans to expand its manufacturing facilities at an investment of Rs 30-35 crore as it prepares to enter the regulated Western markets in the coming years. It would be adding two more plants, one each for ... More

JK Ind board recommends 20 pc dividend
J.K.INDUSTRIES (JKI) has reported a net profit of Rs 22.09 crore on a turnover of Rs 2,077 crore for the year ended September 30, 2003. The Board of Directors of JKI has recommended a dividend of 20 per cent on the enhanced capital resulting from ... More

OPEN OFFERS

Bambolli Holdings makes open offer for AP Tanneries
FEDEX Securities Ltd has, on behalf of Bambolli Holdings Pvt Ltd, made an open offer to the public shareholders of Andhra Pradesh Tanneries Ltd to acquire 1,15,000 equity shares of Rs 10 each, representing 20.04 per cent of the subscribed paid-up ... More

OVERSEAS BORROWINGS

RBI embargo on guarantees — ECB proposals worth $1,000 m pile up with banks, FIs
A Managing Director of a medium-sized corporate house, whose ECB has been held up to the RBI decision, severely criticised the apex bank's move. More

COURTS/LEGAL ISSUES

I-T Dept `voids' transfer of shares from Shaw Wallace Breweries to SABMiller
A top-ranking SWC official on the condition of anonymity said the company was preparing to challenge the declaration on both technical and legal counts. More

ACCOUNTANCY

Bringing them to `account'on foreign jaunts
THE Centre plans to empower itself to specify through rules the manner of approval of foreign travel tours undertaken by the functionaries of the three institutes governing the professionals of chartered accountants, cost accountants and company ... More

CORPORATE BONDS

ICRA upgrades debenture scheme of TV 18
CREDIT rating agency ICRA has upgraded the rating assigned to Rs 13.44-crore secured partly convertible debenture programme of Television Eighteen India Ltd (TV 18) from LBBB- to LBBB+ indicating moderate safety. This is because the relative ... More

MERGERS & ACQUISITIONS

The other side of the Infy story
IN a different kind of victory over the Aussies, compared to what our cricket team has been up to, the IT major Infosys has acquired a privately-held Australian service provider, Expert Information Services Pty Ltd. While, in India, the news ... More

Iran offers IOC stake in petrochem projects
INDIAN Oil Corporation has been offered stake in two Iranian petrochemical projects by the Teheran-based National Petrochemicals Company. The offer is the result of bilateral talks held earlier this year when the two countries agreed to work ... More

NEW PROJECTS

Abhishek Industries board okays yarn project
ABHISHEK Industries Ltd has informed the Bombay Stock Exchange that the board, in its meeting held on December 22, has approved, inter alia, the implementation of an open-end yarn project with an installed capacity of 16 tonnes per day at a ... More

SOCIETY & DEVELOPMENT

Lanco Power donation
HYDERABAD: Lanco Kondapalli Power, the Independent Power Producer located in Kondapalli village of Krishna district, has donated Rs 10 lakhs towards the Chief Minister's Relief Fund to help the affected in the severe cyclone that hit ... More

RIGHTS ISSUES

Sterlite okays 1:1 bonus, 3:10 rights
THE board of directors of Sterlite Industries (India) Ltd on Wednesday approved the issue of bonus shares in the ratio of one share for every existing one. Following the bonus issue, the company will also go in for a rights issue in the ratio ... More

OUTLOOK

IOC aims to become a `transnational oil major'
INDIAN Oil Corporation is dreaming big, globally. The country's only Fortune 500 Company aims to become a "transnational oil major" in the next few years. IOC plans to initially spread its wings through smaller markets where major multinationals ... More

PEOPLE

Sunil Khanna to take over as Zee TV President
ZEE Network has announced an in-house reorganisation possibly in the wake of Zee TV President, Ms Apurva Purohit's plan to quit. The company says the move is aimed at job enrichment and offering higher responsibilities. Mr Sunil Khanna, CEO, ... More

ICSI to elect new president
WITH the term of the existing council of the Institute of Company Secretaries of India (ICSI) set to end on January 19, the institute went to polls on December 8 to elect a new team. The new president will be shortly elected from the newly ... More

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