CORPORATE
ANNOUNCEMENTS
Grasim units in Karnataka shut due to water scarcity
GRASIM Industries Ltd has informed the Bombay Stock Exchange that due to water scarcity in central Karnataka, it was forced to stop operations at the pulp and viscose staple fibre (VSF) plants at Harihar. Due to poor monsoons, the Bhadra dam ...
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Orchid drug facility gets European clearance
CHENNAI: Orchid Chemicals and Pharmaceuticals has announced that the European regulator, EDQM, had approved the manufacturing facilities for the company's bulk drug, Cefotaxime Sodium. The approval opens the door for Orchid to export to ...
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IVRCL bags orders worth Rs 71 cr for Rajkot water project
IVRCL Infrastructures & Projects Ltd (IVRCL) has received orders worth Rs 71 crore for the execution of the Narmada Canal Distribution Network (NCD-1) project for Rajkot district water supply scheme from the Gujarat Water Supply and Sewerage ...
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Owens Corning plans glass fibre knitting at Taloja
THE Taloja plant of Owens Corning India Ltd (OCIL), a joint venture between the US-based Owens Corning and Mahindra & Mahindra, will soon have glass fibre knitting capability. Announcing this on Wednesday, Owens Corning said that the investment .
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ACCOUNTING STANDARDS
A sudden spurt of action
Mohan R. Lavi on what the changes to the Accounting Standards Preface imply
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PREFERENTIAL ALLOTMENTS
Aurobindo allots Rs 89-cr worth shares to Merlion
THE board of Aurobindo Pharma Ltd (APL) has allotted 23,70,000 equity shares of Rs 5 at a price of Rs 375 per share, aggregating Rs 88.9 crore, to Merlion India Fund Ltd. The APL shareholders had earlier at the extraordinary general meeting ...
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OUTSOURCING
Companies comfortable driving this outsourcing business
THERE is an outsourcing business that is growing without anybody getting hot under the collar. As companies include cars in executives' compensation packages, attendant issues such as locking money to buy cars and handling maintenance have ...
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AWARDS & HONOURS
Encyclopaedia Britannica wins awards
ENCYCLOPAEDIA Britannica has bagged two awards for "excellence" in book production at the ongoing World Book Fair here. The Federation of Indian Publishers presented the company with the top award in reference category for the Encyclopaedia of ...
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Kribhco bags 3 productivity awards
KRISHAK Bharti Co-operative Ltd (Kribhco) has won three national productivity awards for the year 1999-2000, 2000-01 and 2001-02. While in the year 1999-2000 the cooperative won the second prize, it won the first prize for the next two ...
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RESTRUCTURING
CESC takes initiatives towards pledging equity
THE RPG-group flagship, CESC Ltd, has now begun to make arrangements for pledging 40 per cent of the promoter's equity holding in the company, in favour of lenders. Sources said that this was being done as part of the promoter's obligation in ...
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MERGERS & ACQUISITIONS
Tata Motors acquires Daewoo Commercial for Rs 465 crore
TATA Motors Ltd on Wednesday announced the signing of the investment agreement to acquire Daewoo Commercial Vehicle Co Ltd (DWCV) for a total price of KRW 120 billion, approximately $102 million or Rs 465 crore. "This is a major step for Tata ...
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CORPORATE GOVERNANCE
Independent directors: Chamber opposes panel recommendations
THE PHD Chamber of Commerce and Industry (PHDCCI) has suggested that the minimum number of independent directors required to be appointed by companies should be one-third of the total strength. It said that the significance of the role of ...
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NEW PROJECTS
Reliance chooses NTPC site for power project
RELIANCE has decided to set up a 3,500 MW gas-based power project at Dadri, in Uttar Pradesh. Dadri also happens to house National Thermal Power Corporation's (NTPC) 817 MW gas-fired generation plant. Dadri has the two key ingredients that ...
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The Park proposes two more hotels
THE Park Hotels, a member of the Apeejay Surendra group, plans to open two more units, one each in Mumbai and Hyderabad. It plans to develop a 200-room hotel in Mumbai at an estimated cost of Rs 100 crore. It is yet to freeze on a location. ...
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REGULATORY BODIES & RULINGS
Auditors-General meeting today
OUTLOOK
Punjab Tractors sees 8-9 pc volume growth
DESPITE seeing depressed sales for the past couple of years, Punjab Tractors is targeting to end the current fiscal year with a growth of about 8-9 per cent. "We are looking to end with volume sales of over 26,000 units this year from the ...
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Tata Coffee to focus more on value-added segment
TATA Coffee sees value-added products accounting for nearly 80 per cent of its sales in the next three to four years. At present, a little over 40 per cent of the 10,000 tonnes coffee that the company grows in its 24,000 acres estates is sold ...
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Pfizer evaluating products for launch in India
THERE may not be a flood of new drugs into the Indian market, once the product-patent regime comes into force on January 1, 2005 — but the date is not going unnoticed either. Pharma major Pfizer, for instance, is evaluating products that ...
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ECONOMIC OFFENCES
Should gatekeepers be shown the door?
BIRD flu is not the only infectious disease around. Scandals are infectious too — such as deceit and risk that corrupted the financial markets. And in Infectious Greed, Frank Partnoy discusses how big ...
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