The Hindu Business Line : Saturday, September 17, 2005

ONGC secures insurance claim for BHN platform
ONGC has secured its insurance claim for the Bombay High North (BHN) platform amounting to Rs 761.6 crore. ONGC lost this offshore platform in a fire on July 27. According to a company statement, United India Insurance Company has settled the ... More

Not under control yet
The raging fire in one of the oil wells of Oil India Ltd at Dikom in Dibrugarh district of Assam. Experts from the US-based Boots and Coots on Friday joined the OIL-ONGC crisis management team to douse the fire. It may take about 72 hours to ... More

ANNOUNCEMENTS

Cubex Tubings plans to double authorised capital
CUBEX Tubings Ltd is set to increase the authorised capital of the company from Rs 10 crore to Rs 20 crore and plans to offer GDRs to raise about $10 million. After the Cubex board met on September 15, the company informed the NSE about its ... More

UB Group plans to increase beer brewing capacity
AFTER the mega buy-out deal involving Shaw Wallace & Co, early this year, the UB Group is in the process of rationalising its network of breweries. "We may close some and have some new operations wherever required," Mr Kalyan Ganguly, ... More

ONGC plans more retail prototypes
OIL and Natural Gas Corporation (ONGC) Ltd, which opened its first retail outlet in the country in March this year, is planning to open more two such prototypes, said Mr Subir Raha, ONGC Chairman. "Based on the experiences of these three ... More

RSP blast furnace-4 ready
NEW DELHI: Rourkela Steel Plant (RSP) of Steel Authority of India Ltd has recommissioned its blast furnace-4 on Tuesday. The furnace was rebuilt at a cost of Rs 118 crore and would enable RSP achieve annual capacity of 2 million ... More

Ranbaxy drug gets US nod
NEW DELHI: Ranbaxy Laboratories Ltd has received approval from the US Food and Drug Administration, to manufacture and market Gabapentin tablets used to treat seizures. The Ranbaxy formulations have the same therapeutic effect as that of ... More

Elder to make Swiss co's drug
MUMBAI: Elder Pharmaceuticals will manufacture and market in India Artrodar, an arthritis drug, belonging to Switzerland's TRB Chemedica International SA. This in-licensing pact marks Elder Pharma's foray into the estimated Rs 800-crore ... More

CORPORATE DISPUTES

Lodha counsel's charge against B.K. Birla
B.K. Birla tried to destroy the M.P. Birla Group of Companies, alleged the counsel of R.S. Lodha on Friday before Mr Justice K.J. Sengupta of the Calcutta High Court, during his long argument refuting the petition filed by the Birla sisters for ... More

OVERSEAS BORROWINGS

Jindal Saw raises $65 m
NEW DELHI: Jindal Saw Ltd on Friday announced that it has raised $65 million through the issue of 8.135 million global depository shares (GDS) excluding a greenshoe option of $10 million. The GDS, each representing one underlying ... More

AWARDS & HONOURS

NMDC chief gets Visvesvaraya award
MR B. RAMESH KUMAR, Chairman-cum-Managing Director, National Mineral Development Corporation Ltd (NMDC), was presented the Bharat Ratna Sir Mokshagundam Visvesvaraya Award instituted by the Government of Andhra Pradesh and the Institution of ... More

Maruti gets Japanese Govt award
NEW DELHI: Maruti Udyog Ltd has received a commendation from the Ministry of Economy, Trade and Industry of Japan, for its role in promoting Japanese brands in India. The award was given by the Japanese Ambassador to India, Mr Yasukuni ... More

GOVT BONDS

IOC to get major chunk of oil bonds
INDIAN Oil Corporation Ltd is to get a major chunk of the `seven per cent Oil Companies of India Special Bonds 2012' issued recently. The Government had announced the release of the second tranche of oil bonds amounting to Rs 5,762.85 crore to ... More

MERGERS & ACQUISITIONS

ONGC considering buyout of SPIC's petrochemicals biz
OIL and Natural Gas Corporation Ltd is conducting a due diligence to acquire the petrochemicals business of SPIC (Southern Petrochemical Industries Corporation Ltd), according to reliable sources. The sources said that the company was ... More

Citigroup hikes stake in Tata Coffee
The Citigroup has recently increased its stake in Tata Coffee to over five per cent of the company's paid-up capital. The Citigroup Global Markets (Mauritius) Pvt Ltd has acquired about 54,500 shares of Tata Coffee from the open market, ... More

India Cements' promoters complete share transfer
THE Sanmar group on Friday sold 11.91 per cent of its stake in India Cements to the co-promoters led by Mr N. Srinivasan, the company's Vice-Chairman and Managing Director, for a total consideration of about Rs 192 crore. The Sanmar group, led ... More

Alchemist to merge Valiant Healthcare
ALCHEMIST Ltd, formerly Toubro Infotech and Industries Ltd, has decided to merge the Delhi-based healthcare company, Valiant Healthcare Ltd, with itself. The boards of these companies have approved the proposal and the merger will be by way of ... More

OVERSEAS INVESTMENTS

Suzlon to set up manufacturing base in US, China
SUZLON Energy, a leading player in wind turbine generators, has chalked out plans to expand in the international market with an investment of Rs 320 crore. The company said it is setting up manufacturing bases in China and the US. "After ... More

TRADE & LABOUR UNIONS

Talbros Chennai unit workers stay away over wages
TALBROS Automotive Components Ltd on Friday said that there was an industrial relations problem, arising out of ongoing negotiations on a `Wage Settlement Agreement', at its Chennai plant, as a result of which workers were staying away from their ... More

ALLIANCES & JOINT VENTURES

RINL, NMDC in pact to set up sponge iron plant in Chhattisgarh
RASHTRIYA Ispat Nigam Ltd (RINL) and the National Mineral Development Corporation (NMDC) signed a memorandum of understanding here on Friday to set up a pellet/sponge iron plant in Chattisgarh as a joint venture. According to a brief press ... More

OUTLOOK

New Holland Tractors aims to double revenue by 2007
UPBEAT about the growth in the domestic market as well as the export potential, New Holland Tractors India on Friday said that it expects to double its revenue to Rs 1,000 crore by 2007. "Our revenue should touch Rs 500 crore in 2005, which ... More

TVS Motor aims to sell 8.5-lakh motorcycles
TVS Motor Company expects to sell 8.50 lakh motorcycles in the current year, compared with 6.7 lakh last year, company officials said on Friday. If it achieves its target, the company will have a market share of about 15 per cent. On ... More

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