The Hindu Business Line : Thursday, February 02, 2006

Sun Pharmaceuticals mulls 10 pc of income for research
WITH the accent continuing to be on research, Mumbai-based drug company Sun Pharmaceutical Industries Ltd looks to peg its spending at over 10 per cent of sales, said Mr Dilip Shanghvi, Chairman and Managing Director. "Investments in R&D ... More

ANNOUNCEMENTS

Ashok Leyland wins Rs 230-cr order from defence forces
COMMERCIAL vehicles manufacturer Ashok Leyland Ltd on Wednesday announced that it had won a Rs 230-crore order from the Indian army for supplying 872 specialised water carriers. ``The first indigenously-built water carrier, meeting general ... More

PREFERENTIAL ALLOTMENTS

JK Paper considering equity offer to IFC, Fenner — To raise Rs 100 cr via preferential issue
JK Paper Ltd plans to raise about Rs 100 crore through issue of shares to the World Bank's private arm International Finance Corporation (IFC) and Fenner India Ltd. The company would raise Rs 99.97 crore through preferential issue of equity ... More

OUTSOURCING

Jubilant bags manufacturing contracts worth $40 m
JUBILANT Organosys Ltd has managed to garner annual contracts worth $40 million from well-known pharmaceutical and agro-chemical companies for custom manufacturing of intermediates and fine chemicals for the calendar year 2006. In addition to ... More

IPR

Biocon makes $3.5 m pitch for Nobex IP
BIOCON has made a `stalking horse' or early suitor bid of $3.5 million (around Rs 15.75 crore) for the intellectual property assets of its troubled US R&D partner Nobex Corp. The US company that has filed for bankruptcy safeguards under ... More

MERGERS & ACQUISITIONS

ONGC likely to get valuation report on SPIC Petro soon
OIL and Natural Gas Corporation (ONGC) is expecting the due diligence and valuation report on its proposed plan to acquire stake in SPIC Petrochemicals, the petrochemicals business of SPIC soon. Ernst & Young, which has been appointed as a ... More

McLeod Russel takes entire share capital of Doom Dooma
Doom Dooma will continue to operate as a separate entity. More

CORPORATE GOVERNANCE

NTPC gets four independent directors
NTPC Ltd has said four part-time independent directors have been appointed on its board from January 30, for a period of three years, NTPC informed the BSE. The independent directors are IIT-Mumbai Director Mr Ashok Misra, former Chairman of ... More

NEW PROJECTS

Berger Paints to start units in Haryana, Russia — Turnover at Rs 294 crore in third quarter
WITHIN the next one year, Berger Paints will have two new manufacturing facilities commissioned, one within the country and the other outside. "The Rewari unit in Haryana will start production from January next year, while the one at Kraskadar ... More

Gulf Jyoti's transmission tower manufacturing facility in Dubai
GULF Jyoti International LLC (GJI), a joint venture company between Gulf Investment Corporation, Kuwait and Jyoti Structures Ltd, India, has announced the setting up of a transmission tower manufacturing facility at Dubai Investments Park. The ... More

KMML calls for EoI to set up titanium sponge project
THE State-owned Kerala Minerals and Metals Ltd (KMML) at Chavara in Kollam district has called for Expression of Interest from global technology providers for setting up and commissioning of its proposed 10,000 tonne per annum titanium sponge ... More

Dalmia Cement to raise up to Rs 700 cr for expansion plans — Focus on cement, sugar businesses
Dalmia Cement will look at various options, including preferential allotment of shares, foreign currency convertible bonds or global depository shares, to raise the money. More

TTK Prestige to invest Rs 20 cr in new facilities
TTK Prestige plans to make fresh investment of Rs 20 crore in the next two years to set up new manufacturing facilities in Uttaranchal and Coimbatore to augment its pressure cooker capacity. This will take its total capacity to 1.7 million units ... More

Ras Al Khaimah to invest in infrastructure, ceramic projects
RAK (Ras Al Khaimah, one of the seven United Arab Emirates) Investment Authority is looking at investing in infrastructure projects and ceramic tile plants in India. "We will set up another plant in Gujarat. We are making studies in this ... More

OVERSEAS INVESTMENTS

CCEA defers decision on OVL bid for blocks in Nigeria
THE Cabinet Committee on Economic Affairs (CCEA) has deferred a decision on ONGC Videsh Ltd (OVL) taking up two exploration blocks in Nigeria by paying an upfront signature bonus of $485 million. Asked whether the CCEA had considered the ... More

ALLIANCES & JOINT VENTURES

Akme Projects in real estate joint venture with Ireland firm
AKME Projects Ltd, a real estate company promoted by Mr Anil Nanda, on Wednesday entered into a 50:50 joint venture partnership with Ireland's Cathedral Financial Consultants to tap opportunities in real estate with regard to residential, ... More

Voss ties up with Pune's Exotech for automotive unit
THE 200-million euro German component manufacturer, Voss Automotive has entered the Indian market through a joint venture with the Pune-based Exotech Group to manufacture specialised, new technology connectors for braking and fluid handling ... More

Grauer & Weil forms joint venture with Spanish co
GRAUER and Weil India Ltd, leaders in the area of metal finishing in the country, on Wednesday announced a formal alliance with Sidasa of Spain, global technology leader in functional coatings, a part of Unicoating. The joint venture will be ... More

BEML seeking technical tie-ups
BHARAT Earth Movers Ltd has said that it is looking out for suitable international technical partners for two of its manufacturing plans for the Defence sector. These are the light armoured Recce vehicles on 4x4 drive and the 155-mm turret to ... More

INTERVIEW

FY06 subsidy burden seen at Rs 12,000 cr: Raha
THE ONGC Chairman and Managing Director, Mr Subir Raha, says that their FY06 subsidy burden is seen at Rs 12,000 crore. He feels that unpredictable policies will pose further problems. Excerpts from CNBC-TV18's exclusive interview with Mr Raha: ... More

SOCIETY & DEVELOPMENT

Visakha Dairy launches Medicare
A TRUST floated by Visakha Dairy has launched a medicare scheme for 62,000 dairy farmers in Visakhapatnam, Vizianagaram and Srikakulam districts. Under the `Sukhibhava padhakam,' the farmers have to pay an annual contribution of Rs 100. The ... More

DIVERSIFICATION

Heritage plans retail foray
HERITAGE Foods (India) Ltd, the Hyderabad-based Rs 267-crore milk and milk products company, plans a foray into processed food products retail business as well as infrastructure and construction. The company board at its meeting on Tuesday ... More

OUTLOOK

Muthoot draws up growth plan
THIRUVANANTHAPURAM: THE Muthoot Pappachan group has drawn up a Rs 35-crore investment plan for expansion of its hotel business here. The programme covers phase-II expansion of "Muthoot Plaza" into a convention centre-cum-business hotel ... More

PERFORMANCE

TAFE's tractor sales grow 60% in Jan
TRACTORS and Farm Equipment Ltd (TAFE) on Wednesday said it sold 6,100 tractors in January 2006 against 3,810 in January last year. This includes the sales of Eicher tractors, which the company acquired mid-2005. According to a TAFE press ... More

Ford India sells 5,173 cars in Jan
FORD India sold 5,173 vehicles in January 2006, a 124 per cent increase over the 2,307 units it sold in January last year. According to a Ford India press release, the recently launched Ford Fiesta is driving the growth. The company has ... More

Bajaj Auto sales up 28 pc in Jan
BAJAJ Auto Ltd (BAL) on Wednesday reported a 28 per cent rise in total two and three-wheeler sales for January 2006, to 203,777 units from the previous corresponding 158,709 units. This included a 28 per cent increase in two-wheeler sales to ... More

Maruti sales rise 3 pc
CAR manufacturer Maruti Udyog Ltd today reported a 3.2 per cent rise in total sales to 50,109 units in January, 2006 as against 48,544 units in the same month last year. Sales in the domestic market in January increased 7.1 per cent to 48,526 ... More

MMTC declares 25 pc interim
MMTC has declared an interim dividend of 25 per cent for the year 2005-06 taking the overall dividend declaration of the company since inception to a total of Rs 341.28 crore to the Government of India on its equity investment of Rs 3 crore. ... More

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Drop in global piracy attacks: IMB

Govt may hike capital base of non-life insurers to Rs 250 cr

As global majors strengthen presence — Indian cement industry logs highest growth in output

Gem & jewellery exports surge to $17 b in 2005

TNT to invest 100 m euro in India — Rolls out domestic services

Ten Sports to hike ad rates for ODIs by 30 pc on DD feeds

UB reports higher Q3 net, income on volume growth

ONGC likely to get valuation report on SPIC Petro soon

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