CORPORATE
ANNOUNCEMENTS
Human trials on Orchid's new anti-inflammatory drug in June
A DRUG developed by Orchid Chemicals to combat inflammation is likely to be put through clinical trials on humans in Europe by June this year, said Mr K. Raghavendra Rao, Managing Director. Mr Rao said the anti-inflammatory drug was developed ...
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PREFERENTIAL ALLOTMENTS
Suven Life allots preferential shares
SUVEN Life Sciences Ltd has informed the stock exchanges that its board of directors on Monday has allotted 30 lakh equity shares of face value of Rs 2 each on preferential basis to four investors. While Emerging Markets Management LLC was ...
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OPEN OFFERS
Lotte makes open offer for 20 pc Parrys stake
LOTTE Confectionery Co Ltd of Korea has come out with an offer to acquire 20 per cent of the equity shares of Parrys Confectionery Ltd at Rs 283.25 per share. On Friday, Lotte signed an agreement with the Murugappa group to acquire its entire ...
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OVERSEAS BORROWINGS
Norms eased for external commercial borrowings
IN continuation of the pre-poll `mini Budget' package, as announced by the Finance Minister, Mr Jaswant Singh, last week, the Government on Monday overhauled the policy guidelines governing external commercial borrowings (ECBs) to render it more ...
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Changes in ECB guidelines `a step towards full convertibility'
THE recent amendments to the external commercial borrowings guidelines are largely in the direction of liberalisation and should augur well for corporates seeking overseas funds, industry representatives said. "These changes are a step in the ...
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COURTS/LEGAL ISSUES
SC gives go-ahead to Essar Oil project
THE Supreme Court on Monday directed that Essar Oil Ltd's (EOL) Vadinar refinery project could continue with all the environmental clearances that had been granted by the Central and State Governments. The two-judge Bench, comprising Mrs ...
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FINANCIAL PERFORMANCE
Finolex Cables Q3 net up 52 pc
THE Pune-based Finolex Cables Ltd (FCL) has recorded an increase of 52 per cent in net and 10 per cent in total income for the quarter ended December 2003. According to an official release, FCL registered total income of Rs 120.75 crore as ...
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RESTRUCTURING
Haldia Petro lenders' meet on Jan 22
A MEETING of Haldia Petrochemical Ltd's (HPL) lenders has been convened on January 22 by the CDR (Corporate Debt Restructuring) Standing Forum, paving the way for optimism regarding the conclusion of the debt restructuring process. The meeting ...
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MERGERS & ACQUISITIONS
Birla Sun holding in Heritage Foods up
HERITAGE Foods (India) Ltd has informed the stock exchanges on Monday that it has received information from Birla Sun Life Asset Management Company Ltd on Saturday stating that the schemes of Birla Mutual Fund have acquired more than 5 per cent ...
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NEW PROJECTS
Visaka setting up Rs 18-cr asbestos unit
VISAKA Industries Ltd (VIL) is setting up a Rs 18-crore asbestos cement sheet unit at Tumkur in Karnataka apart from expanding the capacity of its spinning division at Nagpur at a cost of Rs 32 crore. According to the VIL Managing Director, Mr ...
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Chemfab Alkalies to put up Rs 30-cr desalination plant
CHEMFAB Alkalies intends to invest Rs 30 crore in a facility that can produce 4,000 cubic metres a day of drinkable water from sea water. This will enable Chemfab to overcome the water shortage constraint that is standing in the way of an ...
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REGULATORY BODIES & RULINGS
`Amend norms on enlisting company secretary services'
THE Institute of Company Secretaries of India (ICSI) has once again urged the Department of Company Affairs (DCA) to review its recent amendment that excludes companies located in smaller places from availing themselves of the services of a ...
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IPOS
Power Trading Corpn to float IPO for raising Rs 59 cr
POWER Trading Corporation (PTC) has announced that it would be floating an initial public offering amounting to around 39 per cent of its targeted equity capital of Rs 150 crore. The company, which has recently filed the draft Red Herring ...
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OUTLOOK
ICI Paints upbeat on southern markets
ICI Paints has focussed its marketing efforts on the southern region, which gives 27 per cent of its total turnover. The region accounts for a growth of 20 per cent in value, which currently is estimated at Rs 165 crore. ICI, which has ...
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Ashok Leyland plans Rs 390-cr investment — May make a foray into China, Pakistan
ASHOK Leyland Ltd plans to invest around Rs 390 crore for expansion and manufacture of new vehicles and set up joint ventures in China and Pakistan. The company Managing Director, Mr R. Seshasayee, told presspersons here on Monday during Auto ...
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IBP to tap new areas to sustain industrial explosive business
WITH a view to tackling competition and ensuring the sustained viability of its industrial explosives business, IBP Co Ltd, an Indian Oil group company, has decided to focus on sectors other than coal such as power, cement and infrastructure. ...
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PEOPLE
S.M. Datta at EID Parry helm
MR S.M. DATTA, former Chairman of Hindustan Lever Ltd, will take over as the Chairman of EID Parry (India) Ltd. The incumbent Chairman of the company, Mr M.V. Subbiah, has retired, "on attaining the age of retirement." Mr Subbiah will also ...
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