The Hindu Business Line : Tuesday, April 05, 2005

Ircon bags Nepal's highway contract
IRCON International Ltd has secured a Rs 63-crore contract for the strengthening and upgradation of Belabari-Chawara section, East-West Highway in Nepal. Asian Development Bank (ADB) will fund the project. Mr Anil Jain, Additional General ... More

Reliance hikes polymer prices
MUMBAI: Reliance Industries Ltd has raised the prices of its polymer products, used in making various plastic products for April. The hike is in line with the global hike in prices of crude oil, needed for making polymers. The per kg ... More

Morepen files drug master
NEW DELHI: Morepen Laboratories has filed a US Drug Master File (DMF) for the new polymorphic form VI of Atorvastatin Calcium, a cholesterol-lowering drug, with the Food and Drug Administration (FDA). It is also in the process of ... More

Ford rolls out 1,00,000th Ikon
CHENNAI: Ford India on Monday rolled out the 1,00,000th Ikon from its plant at Maraimalai Nagar, near here. To mark the occasion the company has launched "Josh100" limited edition celebration series. The company launched the Ford Ikon, ... More

CORPORATE DISPUTES

VSNL served notice on ILD calls issue
THE Department of Telecom on Monday issued a show-cause notice to Tata-managed Videsh Sanchar Nigam Ltd (VSNL) for allegedly routing international long distance calls through private leased line network used by business process outsourcing units. ... More

EXCISE AND CUSTOMS

ITC, Centre settle excise case
ITC has agreed not to claim the Rs 350 crore it paid as deposit to the exchequer in 1996 and that the Government in turn has agreed to withdraw its claim of another Rs 453 crore. More

CORPORATE BONDS

Strides concludes deal for private placement of bonds
STRIDES Arcolab Ltd has announced that it has concluded an agreement to privately place foreign currency convertible bonds (FCCBs) of $40 million (Rs 172 crore). The FCCBs, subject to approval by the EGM called on April 12, have a five-year ... More

FCI mobilises Rs 3,023 cr
NEW DELHI: The second private placement issue of Food Corporation of India (FCI) bonds mobilised Rs 3,023.5 crore against the basic issue size of Rs 1,000 crore. The Corporation has decided to exercise the green shoe option to retain ... More

MERGERS & ACQUISITIONS

Jubilant to buy 75% equity in US generics co
JUBILANT Organosys has signed a memorandum of understanding to acquire 75 per cent equity in a US generics company. Along with this, the board of directors has also approved a proposal to raise funds up to $100 million through the FCCB/GDR/ADR ... More

UB buys out 35% in Associated Breweries for Rs 24 crore
UNITED Breweries Ltd, jointly owned by the UB Group Chairman, Mr Vijay Mallya, and the UK brewer Scottish & Newcastle, has bought out the minority stake of 35 per cent in the Mumbai-based Associated Breweries and Distilleries Ltd (ABDL). The ... More

Sun Pharma to acquire M.J. Pharma manufacturing unit
SUN Pharmaceutical Industries Ltd has decided to acquire the pharmaceutical business of M.J. Pharmaceuticals Ltd. The company would acquire M.J. Pharma's manufacturing unit at Halol, Gujarat, along with its assets and liabilities pertaining to ... More

ALLIANCES & JOINT VENTURES

L&T ties up with Dubai co for alumina project in Orissa
LARSEN & Toubro has entered into an understanding with a Dubai-based aluminium major to set up a Rs 5,000-crore alumina refinery in Orissa. L&T's engineering and construction division will get an opportunity to execute a project valued at Rs More

Vaishnavi Corp in pact with Financial Dynamics
VAISHNAVI Corporate Communications has entered into a strategic alliance with Financial Dynamics, London, to collaborate in areas of communications consulting, investor relations and public affairs. As a result of this alliance, Vaishnavi will ... More

INCOME TAX

Wipro gets I-T demand notice for Rs 261.7 cr
WIPRO Ltd has said that it has been served with a notice by the Income-Tax authorities for payment of Rs 261.7 crore as taxes under the I-T Act 1961, primarily on account of denial of the deduction under Section 10A for the software profits the ... More

DIVERSIFICATION

Kannan Devan Hills Plantation co plans diversification — To foray into horticulture, floriculture
IN a bid to stay afloat and grow in the fickle world of commodity production, the newly-formed Kannan Devan Hills Plantations Company plans to diversify its production base by foraying into horticulture, floriculture, rearing of medicinal and ... More

Pantaloon mulls mall for home needs category
PANTALOON Retail (India) Ltd has acquired about five acres of land at Thoraipakkam, along the Old Mahabalipuram Road, to set up a mall. The mall would cater exclusively to the home needs category, according to reliable sources. The proposed ... More

OUTLOOK

Kannan Devan eyes profit in first year
HAVING taken management control of 16 tea estates that were managed by Tata Tea, the newly formed Kannan Devan Hills Plantations Company Ltd plans to turn around and make profits from the first year of operation itself. Mr T.V. Alexander, ... More

BHEL feels hamstrung by tender conditionalities
KING Drupad wanted the suitor for his daughter, Draupathi, to be selected through an open competition, but he also badly wanted Arjuna to be his son-in-law. So he designed a test that called for skills he knew only Arjuna possessed: Shoot an ... More

CIL targets 341 mt output
NEW DELHI: Coal India Ltd (CIL) has set a production target of 341.05 million tonnes for fiscal 2005-06 against 323.18 million tonnes in 2004-05, according to an official release. Of this, Eastern Coalfields Ltd is expected to produce ... More

NHPC to generate 13 b units
NEW DELHI: National Hydroelectric Power Corporation (NHPC) plans to generate 12.96 billion units of power during 2005-06, as against the 11.2 billion units generated in 2004-05. An MoU to this effect was signed by the NHPC with the ... More

PERFORMANCE

Maruti sales up 13.6 pc in 2004-05
PASSENGER car market leader Maruti Udyog Ltd on Monday announced that its vehicle sales grew 13.6 per cent last fiscal to 5,36,301 units, its highest ever annual sale since the company began operations over 21 years ago. This annual sale figure ... More

Eicher commercial vehicle sales up 45 pc in 2004-05
EICHER Motors registered a 48 per cent growth in the sales of its commercial vehicles in the domestic market during the financial year ended March 31, 2005 with sales of 21,709 units compared with 14,665 units in the previous year. Overall ... More

BSP set to post Rs 10,000-cr turnover
DESPITE the coking coal shortage, Bhilai Steel Plant is all set to register a turnover of Rs 10,000 crore and a net profit of more than Rs 3,000 crore for the financial year 2004-05. The plant, belonging to Steel Authority of India Ltd, has ... More

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L&T ties up with Dubai co for alumina project in Orissa

Infosys scores over India in S&P rating

50% value addition must on tea exports by EOUs, SEZs

Pharma MNCs likely to tighten hold on patents

Mundra port to set up Rs 1,000-cr modern shipbuilding yard

In Focus

BHEL Disinvestment

China's revaluation

Dabhol power regenerated