The Hindu Business Line : Thursday, August 26, 2004

ANNOUNCEMENTS
M&M ramps up capacity for Scorpio
IN order to meet consumer demand for its utility vehicles, automotive major Mahindra and Mahindra has ramped up capacity for the Scorpio. "We have increased capacity of the Scorpio to about 130 vehicles per day. The overall capacity at our Nashik ... More

Ford to launch Fusion in Dec — India's first `crossover' car to cost between Rs 5 lakh - Rs 7 lakh
The Ford India Managing Director and President, Mr David Friedman, told newspersons on Wednesday that the company has combined elements from different pedigrees of vehicles to create India's first urban utility vehicle (UAV). The car is a ... More

Phaarmasia plans capital reduction
PHAARMASIA Ltd, the ailing pharmaceutical formulations manufacturer that suffered complete erosion of net worth, proposes to go in for a capital reduction programme and reorganise the capital structure by raising fresh funds. As on April 1, ... More

Hyundai puts off Getz launch due to truckers' strike
HYUNDAI Motor India Ltd (HMIL), set to log exports of Rs 1,000 crore on August 27, will now be launching its latest hatchback Getz by September 15 instead of the proposed launch either late this month or early next month due to the ongoing ... More

Sony bags `Aitraaz' music rights
MUMBAI: The music rights of Mukta Arts' film Aitraaz has been acquired by Sony Music. The film is slated for release on November 12.

OPEN OFFERS
Asian Broadcasting to make open offer for Balaji Telefilms
ASIAN Broadcasting FZ-LLC, an affiliate of the Star Group, is making an open offer to the shareholders of Balaji Telefilms Ltd to acquire up to 1.3 crore shares, amounting to 20 per cent stake, for a price of Rs 90 each. Last week, Asian ... More

CORPORATE DISPUTES
Lodhas raise questions over Birlas' joint stand
THE first day of hearing in the case between the Birlas and the Lodhas over the late Priyamvada Birla's will began with the latter raising questions regarding the joint stand taken by the Birlas. In an argument laden with data and references ... More

`Mahatma was witness to Birla clan partition'
THE very reference to Mahatma Gandhi put an end to all the hustle and bustle in Room No 7 of Calcutta High Court. Mr Anindya Mitra, the senior lawyer representing Mr Rajendra Singh Lodha, put in on record that it was none other than the Mahatma ... More

COMPANY LAW
CAs worried over possible ban on non-audit services
THE controversial issue of non-audit fees that an auditor can receive from a client for whom statutory audit work has been performed has resurfaced. The concept paper on the new Company Law now seeks to prohibit auditors from offering certain ... More

COURTS/LEGAL ISSUES
SC upholds SEBI decision on Colour Chem takeover
THE Supreme Court has pronounced its verdict on the Colour Chem case pertaining to an open offer for 20 per cent to minority shareholders by the company's overseas parent under the takeover rules. The apex court upheld the SEBI order on the ... More

MERGERS & ACQUISITIONS
ITC board clears hotel arms merger, share swap ratios
THE board of directors of ITC Ltd, at its meeting held here today, has approved the amalgamation of its subsidiaries ITC Hotels Ltd and Ansal Hotels Ltd with itself. The board has approved the following share swap ratios: Three shares of ITC for ... More

To ward off takeovers — Promoters hike stake to 49 pc in BSL
IN a bid to ward off a takeover threat from the Kolkata-based Sarda Group of companies, promoters of BSL Ltd claim to have increased their holding in it to 49 per cent. "We have increased our stake in BSL from 41 per cent to about 49 per cent ... More

IOC board okays proposal to bid for Indonesian gas firm
THE board of Indian Oil Corporation (IOC), today approved to bid for a 40 per cent stake in Indonesian oil and gas exploration firm PT Medco Energi Internasional Tbk. ``We have completed due diligence of Medco and are now valuing the ... More

NEW PROJECTS
Sterlite to set up steel plant in Orissa
THE Sterlite Group, promoter of the London Stock Exchange-listed Vedanta Resources Plc, has decided to set up a five million-tonne steel plant in Keonjhar district of Orissa at an approximate cost of Rs 12,500 crore. Sterlite Iron and Steel Co ... More

SPC Bio to set up biodegradable plastic unit
SPC Biotech Ltd plans to set up a manufacturing unit to make high-end, biodegradable polymers, which are increasingly finding use in the medical industry as absorbable medical implants, from agro-based renewable sources with an investment of Rs ... More

REGULATORY BODIES & RULINGS
Govt pulled up for `apathy' towards CLB
A PARLIAMENTARY panel has deplored the Government for its apathy towards the Company Law Board (CLB). The Standing Committee on Finance (2004-05) in its report noted with serious concern that only three members as against the sanctioned strength ... More

ALLIANCES & JOINT VENTURES
Sterlite in pact with Brazil co
MUMBAI: Sterlite Industries (India) Ltd said it has signed long-term contract with Companhia Vale do Rio Doce (CVRD), Brazil, for sourcing copper concentrate for its Tuticorin smelter. The first vessel carrying copper concentrates from ... More

STANDARDS & BENCHMARKS
Pritish Nandy Comm becomes ISO compliant
MUMBAI: Pritish Nandy Communications has been awarded the ISO 9001: 2000 by SGS UK Ltd. It is the first company in India to be certified ISO compliant in the entertainment and movie space. ... More

OUTLOOK
Doubts over gas supply — Vizag Steel mulls alternative plans to expand capacity
UNCERTAINTY over availability of natural gas supply is forcing Vizag Steel Plant to prepare alternative plans for expanding manufacturing capacity. Gearing up to expand the liquid steel capacity from 3.4 million tonnes to 5 million tonnes by ... More

Tata group looking beyond the border
INDUSTRY should not get overtaken by the desire to improve corporate results at the cost of the longer term, said Mr Ratan Tata, Chairman of the Tata group, referring to the recent price cuts by steel manufacturers in a situation of rising ... More

PEOPLE
Alagappa University degree for A.C. Muthiah
CHENNAI: The Karaikudi-based Alagappa University on Wednesday conferred the degree of Doctor of Letters on the SPIC group Chairman, Mr A.C. Muthiah. The citation mentions the successful business, social and philanthropic initiatives that ... More

Scoreboard
SE Diary

Comments & Letters to the Editor to: bleditor@thehindu.co.in
Subscribe to: Business Line

Pick a Winner Stock Market Contest

Company secretaries look for more room in pharma sector

Domestic focus lifts HCL Info profits

Aircraft as an ad medium

Govt raises foodgrain output target by 6 pc

Indian Bank net rises to Rs 118 cr in Q1

Looking back
Aug. 15-Aug. 21
Wipro eyes acquisitions to grow FMCG business

ONGC hopes to strike gas on East Coast

ESPN-Star, Zee in slanging match over cricket telecast

ONGC to enter petrol retailing by fiscal-end

TNPL plans to expand capacity — To invest Rs 595 cr