Business Daily from THE HINDU group of publications
Monday, Aug 14, 2006
Business Daily from THE HINDU group of publications Monday, Aug 14, 2006 |
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Corporate
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Announcements Indian promoters hike stake in Ucal Fuel Our Bureau
Chennai , Aug. 13 Indian promoters have raised their stake in Ucal Fuel Systems Ltd to 26 per cent, the same level as that of foreign promoters. An announcement in the National Stock Exchange said the Indian promoters had bought 2.68 per cent stake in the open market, which brought their holding to 26 per cent. The foreign promoters, Mikuni of Japan, hold 26 per cent in the company. Asked for a comment, a senior official of Ucal Fuel said that the promoters raised their stake only because they were allowed to hold the same stakes as the foreign collaborators under the joint venture agreement. In another development, two mutual funds — Franklin India Prima Fund and HDFC Long Term Equity Fund — have picked up 5.87 per cent and 5 per cent stakes each. Meanwhile, Ucal Fuel's annual report for 2005-06, mentions a new plant at Bawal, Haryana. Noting Maruti Udyog Ltd's upcoming plant at Manesar for producing diesel engines, the annual report says that Ucal Fuel, "is trying to get into this new business for supply of oil pump, vacuum pump, water pump and plastic injection moulding products."
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