The Hindu Business Line : Wednesday, August 06, 2008

CORPORATE

ACCOUNTING STANDARDS: ‘AS 11 norms would have driven down India Inc profits’
Mumbai, Aug. 5 Several blue-chip Indian companies would have reported substantially lower net profits for the fiscal first quarter had they followed Accounting Standard 11 (AS 11) on forex borrowings. ...

MANAGEMENT: ‘Nominated board directors can take part in stock options’
Mumbai, Aug. 5 A director nominated by an institution as its representative on the board of directors of a company is eligible to participate in the Employee Stock Option Scheme (ESOS) of the company, SEBI clarified in a circular on Monday. ...

PERFORMANCE: Cement realisation flat as cos put price on hold
Input cost on the rise; South-based cos put up good show. Mumbai, Aug. 5 The compulsion on cement companies to hold the price line amidst the rising input cost was clearly evident from the flat realisation reported by frontline companies in ...

MERGERS & ACQUISITIONS: GHCL gains on stake hike hopes
Is the promoter group of Nirma Ltd, picking up stake in GHCL? According to market grapevine, stocks were being picked up in substantial volumes by certain entities, supposedly close to Nirma Ltd promoters. Market sources claim that total stake of ...

MODERNISATION: KIOCL to invest Rs 500 cr on modernisation, value addition
Mangalore, Aug 5 Kudremukh Iron Ore Company Ltd (KIOCL) is planning to invest around Rs 500 crore in various projects in the next three years. This will involve modernisation of certain units at the plant, creation of infrastructure and ...

ALLIANCES & JOINT VENTURES: NTPC, GE Energy, ADB in pact for renewables venture
New Delhi, Aug. 5 State-owned generation major NTPC Ltd has joined hands with the Manila-based Asian Development Bank (ADB), GE Energy Financial Services, Kyushu Electric Power Co and Brookfield Renewable Power to form a joint venture firm to ...

NEW PROJECTS: Thermax designs boiler to convert waste to energy
Pune, Aug. 5 Thermax Ltd, the energy and environment solutions major, has designed a boiler that will burn distillery waste and spent wash into usable energy — steam and power. The boiler was commissioned at a leading distillery in ...

ALLIANCES & JOINT VENTURES: Reliance Money, NMCE to set up comex
New entity to go live from December. Mumbai, Aug 5 Reliance Money, the financial distribution company of Anil Dhirubhai Ambani Group and the Ahmedabad-based National Multi-Commodity Exchange (NMCE) has entered into a joint venture to set up a ...

COURTS/LEGAL ISSUES: No permanent workman could be dismissed without an enquiry: HC
Chennai, Aug. 5 Once a Labour Court had held that a workman was on permanent rolls, it was not open to management to alter his status, the Madras High Court has ruled. ...

RESTRUCTURING: Amara Raja Group to realign biz, set up holding co
Chennai, Aug 5 The Amara Raja group has decided to recast targets besides realigning businesses by setting up a holding company. Apart from Amara Raja Batteries Ltd (ARBL), the group includes Amara Raja Power Systems, Amara Raja ...

OUTLOOK: Bengal hopeful of Nano rollout schedule
Kolkata, Aug. 5 The West Bengal Government is hopeful that the first batch of the Tata Nano will roll out from the Singur factory as scheduled later this ...

PEOPLE: Louis Pereira to head Mahindra Automotive
Mumbai, Aug 5 Mahindra & Mahindra today announced the appointment of Mr Rajesh Jejurikar as Chief of Operations and Mr Rajan Wadhera as Chief of Engineering and Development. Mr Louis Pereira has been appointed CEO of Mahindra Automotive ...

STANDARDS & BENCHMARKS: Aurobindo drug gets US nod
Aurobindo Pharma Ltd has received final approval from the US Food and Drug Administration (US FDA) to manufacture and market alendronate sodium tablets. They are the generic equivalent of Merck's Fosamax tablets which are indicated for the ...

CORPORATE DISPUTES: Ambani split: ‘Onus on RNRL to make MoU public’
Mumbai, Aug. 5 The family memorandum of understanding between the Ambani brothers, which split the Reliance empire, has become a major issue of argument in the ongoing court case between Reliance Industries Ltd and Reliance Natural Resources ...

ACCOUNTING STANDARDS: ‘Adopt global financial reporting standards totally’
Our Bureau Kolkata, Aug. 5 The transition to International Financial Reporting Standards (IFRS) for Indian companies has to be made by adopting global standards fully, instead of converging in bits and pieces, Mr N. Ramesh Rajan, Chairman, ...

NEW BUSINESS: NCC orders
Hyderabad: Nagarjuna Construction Company (NCC) Ltd has received four new orders worth Rs 443.50 crore. It bagged a Rs 108-crore order for taking up Pranahita-Chevella Lift Irrigation Scheme. This project would be completed in ...

NEW BUSINESS: BHEL powers ahead in supercritical segment
Order unlikely to make significant impact on co’s revenues. BHEL’s 2 x 800 MW supercritical boilers order from Andhra Pradesh Power Development Company may be viewed as a confidence-building measure for the company’s ...

OUTLOOK: HM to launch small CV in Oct
Hindustan Motors Ltd (HM) will launch a small commercial vehicle in October this year. The vehicle, for which field tests are currently on, will be manufactured at the company’s Uttarpara factory, its Chairman, Mr C.K. Birla, said at the ...

DIVIDEND ANNOUNCEMENT: MRPL pays Rs 150-cr dividend
Mangalore Refinery and Petrochemicals Ltd (MRPL) has paid a dividend of Rs 150.64 crore to Oil and Natural Gas Corporation (ONGC) for 2007-08. A company release said here on Tuesday that Mr R.S. Sharma, Chairman and Managing Director of ONGC and ...