The Hindu Business Line : Corporate developments

Hinduja Foundries Ltd has decided to observe continuous production holidays for 5 days at its Ennore and Sriperumbudur units in addition to normal weekly holidays. The Hyderabad unit would work for five days in a week instead of six days and these measures are expected to continue till the demand for castings, which had declined due to the fall in the demand for commercial vehicles, tractors and cars, is revived.

House of Pearl Fashions Limited has informed that its subsidiary Multinational Textiles Group Limited, Mauritius, has entered into an agreement for purchase of 1,87,500 ordinary shares of $1 each (being 75 per cent of the issued ordinary shares) and 31,90,000 redeemable preference shares of $1 each (being 100 per cent of issued preference shares) of Simple Approach Ltd, Hong Kong. Simple Approach is engaged in marketing and distribution of apparels and is supplying to value added mid market retailers in UK and USA.

Karur Vysya Bank Ltd has entered into a tie-up with Religare Enterprises Ltd for offering its equity trading services to the customers of the bank.

Mangalam Cement ltd’s board of directors will consider on November 22 buy back of its shares.

Sardar Sarovar Narmada Nigam Ltd’s board of directors has decided to redeem the deep discount bonds and January 10, 2009, will be the date of redemption and Rs 50,000 will be the redemption amount per bond. The Register of Transfer and the Register of Deep Discount Bondholders will remain closed from December 13, 2008, to January 10, 2009, (both days inclusive) for the purpose of determining the list of bondholders entitled to receive the payment.

Trading in equity shares of State Bank of Bikaner and Jaipur will recommence w.e.f. November 14 pursuant to subdivision of the face value of shares from Rs 100 to Rs 10 under trade for trade (physical).