COURTS/LEGAL ISSUES
HPL to move against UTI order
THE move initiated by UTI to bring an injuction on Haldia Petrochemicals Ltd (HPL) restraining the company from selling its movable assets except in the course of normal business, sent the company management into a huddle today, even as it ... More

RESTRUCTURING
VSNL to downsize fixed assets
THE shareholders of Videsh Sanchar Nigam Ltd (VSNL) have endorsed a resolution that downsizes the carrying value of fixed assets of the company by Rs 956 crore, this amount to be utilised from the `securities premium account' of the ... More

MERGERS & ACQUISITIONS
Raymond exiting steel — To sell holding in EBG India to German partner
RAYMOND Ltd is exiting the steel sector. It is selling off its 16.4 per cent stake in electrical and mild steel products manufacturing company, EBG India Pvt Ltd (EIPL), to its German partners, ThyssenKrupp Electrical Steel EBG GmbH (TKES). EBG ... More

Tatas to sell 25 pc stake in telecom venture to Avaya
AS part of its strategy to focus on the telecom services business, the Tata Group has decided to sell 25.1 per cent of equity in Tata Telecom Ltd to the US-based Avaya Inc, a global leader in Internet protocol services. An open offer has been ... More

ICICI Venture buys 14.5 pc stake in Welspun India
ICICI Venture Funds Management Company Ltd on Saturday announced that it had acquired 14.5 per cent equity stake in Welspun India Ltd for a consideration of Rs 75 crore. Its stake in Welspun will be facilitated by a preferential offer of 79.41 ... More

TRADE & LABOUR UNIONS
Tata Steel signs MoU with workers' union
TATA Steel and Tata Workers' Union have signed a memorandum of understanding under which the employees of Town Division, Tata Steel, will be transferred to the newly formed company called the Jamshedpur Utilities and Services Company (JUSCO). ... More

PERFORMANCE
Nalco registers record production
NATIONAL Aluminium Company Ltd (Nalco), a major producer and exporter of alumina and aluminium, closed the year 2003-04 with a record production of 2,98,000 tonnes, an increase of 22 per cent, according to Mr S.K Banerjee, Director (P&T), and ... More

Midhani turns around
RECORDING all-time high sales of Rs 125.11 crore and a profit of Rs 4.87 crore, defence PSU Mishra Dhatu Nigam Ltd (Midhani) has achieved a turnaround, clearing all accumulated losses during the financial year 2003-04. Midhani is a high-tech ... More

TRENDS
Is there `real' demand for industrial credit?
BANK credit has been rising steadily over the past couple of months and yet bankers and analysts are divided on whether it is indicative of any `real' pick-up in industrial credit. While on the one hand top bankers have been talking about ... More