The Hindu Business Line : Saturday, July 02, 2005

Viceroy Hotels okays divestment in US arm
THE board of directors of Viceroy Hotels Ltd at its meeting held on Thursday has approved the 100 per cent outstanding equity disinvestment of the US-based wholly owned subsidiary, Mayuri India Cuisine Inc, located in Dallas, the company informed ... More

Visaka Industries to pay 20 pc final
THE board of directors of Visaka Industries Ltd, the Hyderabad-based yarn and asbestos cement sheets manufacturer, has recommended a final dividend of 20 per cent for the fiscal, taking the total dividend for the year to 30 per cent. The board ... More

FINANCIAL PERFORMANCE

Clarification
With regard to the report titled `Sundram Fasteners Q4 net at Rs 18.3 cr' published in these columns on July 1, Sundram Fasteners has clarified that the results for the quarter ended March 31, 2004, included the results of TVS Autolec Ltd for the ... More

RESTRUCTURING

Sujana Metal gets IDBI nod for debt revamp
INDUSTRIAL Development Bank of India (IDBI) has approved the restructuring of the long-term debt of Sujana Metal Products Ltd (SMPL). The restructuring includes reduction of interest rate on term loans, moratorium of loan repayment, interest ... More

MERGERS & ACQUISITIONS

Swedish Match divests holding in Wimco to ITC subsidiary — To make open offer for 20 pc equity
THE Stockholm-based Swedish Match AB Group, through Swedish Match Singapore Pte Ltd, and the wholly owned subsidiaries, Haravon Investments Pte Ltd and Seed Trading Pte Ltd, has divested its entire holding of 74 per cent in Wimco Ltd to Russell ... More

GAIL plans seven-fold rise in petrochem business — Mulls acquisition or equity participation
GAIL (India) Ltd is looking at various options, including acquisition or equity participation in an existing petrochemical plant in India or abroad, to capitalise on the growing demand for petrochemicals in the country (12 per cent) as well as ... More

Jubilant buys 64 pc stake in US drug co Trinity Labs
JUBILANT Organosys Ltd has acquired 64 per cent equity in the US-based generic pharmaceuticals company Trinity Laboratories Inc and its wholly owned subsidiary Trigen Laboratories Inc. As per the agreement signed, Jubilant will acquire the ... More

NEW PROJECTS

Jindal plans Rs 9,000-cr aluminium plant at Vizag
JINDAL South West Steel Ltd (JSW), part of the Rs 18,000-crore OP Jindal group, will set up a major aluminium project involving a refinery and smelter plant near Visakhapatnam at a total capital outlay of Rs 9,000 crore. JSW entered into a MoU ... More

OUTLOOK

IOC set to post losses over subsidised LPG, kerosene — Upstream oil cos urged to share greater subsidy burden
BARRING some drastic change in the revenue-sharing arrangement, which could hit ONGC and GAIL hard, the Rs 1,50,000-crore Indian Oil Corporation is going to register losses in the first quarter of the current fiscal, for the first time in its ... More

Simplex to foray into civil construction of gas pipeline, power
Piling continues to be a major business activity contributing 10 per cent of the total business. More

ONGC to treble tech budget to Rs 2,400 cr — To focus on offshore exploration
ONGC is now working on a massive overhaul of its exploration technology already in use. Planning to acquire the latest technology available globally, especially for offshore exploration, the company has decided to treble its technology budget ... More

Volvo Construction Equipment aims to be a niche player
VOLVO Construction Equipment, the Brussels headquartered $3.89-billion division of Volvo A.B., sees India as a promising but challenging market for construction equipment. Volvo's strategy is to be a niche player in the Indian market competing ... More

ONGC keen on stake in GSPC gas find
OIL and Natural Gas Corporation (ONGC) has expressed interest for a stake in the Gujarat State Petroleum Corporation (GSPC) gas find. GSPC has struck gas with an estimated outflow of 20 trillion cubic feet in the Krishna-Godavari basin ... More

VBC Ferro leased unit to take off soon
THE ferro alloys manufacturing facility of Jeypore Sugar Company Ltd, taken on lease by the Hyderabad-based VBC Ferro Alloys Ltd, is expected to take off in the next fortnight. The unit, located at Rayagada in Orissa, comprises 7.5 MVA and 5 ... More

PERFORMANCE

Hero Honda June sales up 12.5 pc
HERO Honda today said that its sales grew by 12.5 per cent to 2,26,073 bikes last month as against 2,00,922 units in June last year. According to a company statement, this growth was achieved in the face of continuing supply constraints of ... More

Honda Siel sales up 38 pc in June
NEW DELHI: Honda Siel Cars India Ltd (HSCI) on Friday said its sales jumped 38 per cent to 3,826 units in June this year as against 2,772 units sold during the same month of the previous financial year. The cumulative sales for the ... More

Bajaj Auto 2-wheeler sales rise 25.5 pc
BAJAJ Auto Ltd today reported a 20 per cent increase in sales of 2 & 3-wheelers for June 2005, to 1,61,282 units from the previous corresponding 1,34,391 units. Sales of 2-wheelers rose 25.5 per cent to 141,316 units (112,643 units for the ... More

Maruti sales up 4.6 pc in June; M800 down despite price cut
MARUTI Udyog Ltd reported a modest 4.6-per cent rise in sales in June 2005 at 41,390 units, against 39,574 units in the same month last year, even as sales of its `M800' model continued to skid despite a significant price cut announced in the ... More

GM India sales dip 9.7 pc in June
GENERAL Motors India June sales dipped 9.7 per cent to 2,183 units, against 2,418 cars in the same month last year, as unprecedented rains and floods in Baroda disrupted production and dispatches towards the month-end. "We lost sales of around ... More

PEOPLE

Anil Ambani appoints Gautam Doshi as M&A chief
MR Anil Ambani has roped in a full-fledged President, primarily responsible for mergers and acquisitions (M&A).This comes a day after Anil Dhirubhai Ambani (ADA) Enterprises made its first predatory move, with Reliance Land Pvt Ltd, part of ... More

Electrolux Kelvinator's Karwal puts in papers
THE consumer durables sector is in for another high profile movement with Mr Rajeev Karwal, CEO and Managing Director of Electrolux Kelvinator Ltd, putting in his papers. Confirming the development, Mr Karwal said he was serving a three-month ... More

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