The Hindu Business Line : Friday, February 07, 2003

Natco says senior executive stole technology
NATCO Pharma Ltd (NPL), the city-based pharmaceuticals manufacturer known for its research strengths and time-release technology, has lodged a complaint with the police that one of its senior executives responsible for the technology management ... More

Tata TD quits as primary dealer
TATA TD Waterhouse Securities Pvt Ltd, Mumbai, has requested cancellation of its primary dealership licence. With the Reserve Bank of India acceding to its request, Tata TD Waterhouse Securities ceases to be a primary dealer with effect from ... More

Novo Nordisk drops clinical trials on Dr Reddy's molecule
THURSDAY was a day of mixed fortunes, some good and some bad, for the basic drug research activities of Dr Reddy's Laboratories Ltd, the NYSE-listed pharmaceutical major. Novo Nordisk, which had earlier temporarily suspended clinical trials on ... More

Rolls-Royce to invest more in aero software projects
ROLLS-Royce expects to make more investments in manufacturing, design and software development related to aero engines in India. It has ruled out any plans to set up its own facility in the country. Rolls-Royce India Managing Director, Mr Tim ... More

Ashok Leyland to focus on `Leyparts' brand
ASHOK Leyland intends to step up its efforts to promote the `Leyparts' brand, the name under which the company sells its spare parts. Spare parts' sales contribute about Rs 200 crore to the company's turnover, but have been stagnating around this ... More

Kodak India to delist shares
NEW DELHI: Kodak India Ltd. has announced that it will delist its equity shares from the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). Kodak Ltd, UK that made a public offer to the shareholders of Kodak ... More

SS Organics to convert loans
HYDERABAD: Pharmaceutical company SS Organics Ltd has decided to convert the unsecured loans brought in by the promoters and their associates earlier into equity capital. At its meeting held last week, the board approved a proposal to ... More

Honda Siel plans entry-level gen set
KOLKATA: Honda Siel Power Products Ltd (HSPPL) will soon launch an entry-level generator set to cater to small households and commercial establishments. Mr R.S. Bidesi, Vice-President & Director, told reporters here today that the 0.5 ... More

ACCOUNTING STANDARDS

Adjustment of exchange differences — ICAI revises accounting standards
Company bottomlines are to be significantly impacted by the latest move of the Institute of Chartered Accountants of India (ICAI) to revise its Accounting Standard (AS-11) on the effects of changes in foreign exchange rates. More

OVERSEAS BORROWINGS

Cos can prepay FCCBs from local borrowings
THE Government has allowed companies to prepay their foreign currency convertible bonds (FCCBs) through locally mobilised resources, while relaxing the existing five-year minimum maturity condition for a period till September 30. In other words, ... More

ACCOUNTANCY

Tata Steel capital recast approved
THE board of directors of Tata Steel has approved a proposal to adjust the debit balance of Miscellaneous Expenditure Account not exceeding Rs 1,550 crore against the balance standing to the credit of the Capital Redemption Reserve Account and ... More

FINANCIAL PERFORMANCE

Bhilai Steel net profit up 23 pc in Q3
WITH a cumulative profit of Rs 440 crore, Bhilai Steel Plant (BSP) — the star performer of Steel Authority of India Ltd — has raised hopes of surpassing the Rs 600-crore net profit target set for the current fiscal. Sources said the ... More

MERGERS & ACQUISITIONS

PepsiCo seeks to change terms for franchisee buy
WITH the Coca-Cola disinvestment issue still hanging fire, it now seems to be the turn of the other soft drink multinational, PepsiCo, to join the bandwagon against decisions taken by the Foreign Investment Promotion Board (FIPB). PepsiCo has ... More

Raasi to appoint agency for merger
HYDERABAD: Raasi Refractories Ltd, which proposes to merge with itself the group company — Raasi Enterprise Solutions Ltd, has decided to appoint an independent agency or consultant to work out the details of the proposed ... More

Uniproducts completes HP Pelzer takeover
NEW DELHI: Uniproducts (India) Ltd, an auto component maker, said that it completed the acquisition of all the outstanding shares of HP Pelzer India Ltd (HPI), a subsidiary of the Pelzer group of Germany, a leading supplier of components ... More

CORPORATE GOVERNANCE

Corporate audit & governance report — Scope seen for new provisos
THE recent report of the Naresh Chandra committee on corporate audit and governance has generated interesting suggestions from senior company executives who have analysed in detail the recommendations made by the committee. The suggestions relate ... More

OUTLOOK

ONGC bullish on Raniganj CBM field
NATURAL gas enough to power the Capital for about four hours a day is to be produced by Oil and Natural Gas Corporation Ltd (ONGC) from its coal bed methane (CBM) field in Raniganj, West Bengal. "The Raniganj south block is likely to begin ... More

Italian dyeing machine co bullish on India
ITALY'S MCS group s.p.a, the 110-million euro turnover textile dyeing and finishing machinery manufacturing group, is hoping to penetrate India's dye-house machinery market with its new multiflow rope dyeing machine that offers high productivity ... More

PERFORMANCE

Bajaj Tempo sales up 34 pc in Jan
PUNE-based Bajaj Tempo Ltd, which has a presence in light commercial vehicles, utility vehicles, three-wheelers and tractors, has recorded a 34 per cent increase in sales across its product range up to January 2003 as compared to the ... More

ECONOMIC OFFENCES

Great (eleph)ant chase in US accounting
IT is often the grouse of many that petty offenders get thrashed even as those guilty of major blunders go free. As if to prove this point, a recent study by The Washington Post revealed that the Securities and Exchange Commission (SEC) ... More

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