The Hindu Business Line : Friday, September 23, 2005

HOEC strikes oil in Gujarat
HINDUSTAN Oil Exploration Company has struck oil in the Pramoda oil field in Gujarat. "The hydrocarbon produced in light crude," the company has said in a release to the stock exchange. The oil field lies in the block numbered CB-ON/7 in onshore ... More

Sanmar Group co sells more stake in India Cements
STARGATE Investments Ltd of the Sanmar Group has sold a further 2.52 per cent stake in India Cements Ltd bringing down its holding in India Cements to 10.74 per cent, according to information provided by India Cements to the Stock ... More

Glenmark files for Phase I trials in UK on diabetes drug
GLENMARK has filed to commence the first phase of human trials on its prospective diabetes drug molecule GRC 8200 in the UK. Phase I of the study is expected to be completed in February 2006. Glenmark has also put in place an aggressive ... More

Sterlite share allotment
MUMBAI: Sterlite Industries (India) has informed the BSE that the Committee of Directors has allotted 5,76,800 equity shares of Rs 5 each on conversion of 7,000 foreign currency convertible bonds. "The equity shares so allotted shall rank ... More

Sakthi Sugars allocates Rs 25 cr for cane price equalisation fund
SAKTHI Sugars has set aside Rs 25 crore as `Cane Price Equalisation Fund' from its net profit of Rs 27.02 crore. The board met here on Wednesday and decided to apportion this sum. When contacted, the Managing Director, Mr M. Manickam, said ... More

PREFERENTIAL ALLOTMENTS

SQL Star to raise Rs 50 crore, restructure operations
SQL Star International Ltd., has sewn up plans to raise Rs 50 crore to fuel its expansion-cum-restructure plan. The move follows change in the company management control earlier this year. The Executive Chairman of SQL Star, Mr N.R. Ganti, said ... More

OVERSEAS BORROWINGS

SpiceJet to close $70-m FCCB issue in October
SPICEJET will close its $70-million FCCB issue in the first week of October. The bonds will be listed at the Luxembourg Stock Exchange. The airline will convert part of the funds into equity. It has reduced the FCCB size to $70 million from ... More

AWARDS & HONOURS

CLC bags Texprocil award for fabric export
CLC Corporation has been awarded The Cotton Textiles Export Promotion Council's (Texprocil) Gold Trophy for export performance in the fabrics sector for 2004-2005, a company release said. CLC Corporation, the trading arm of CLC Global, is an ... More

MERGERS & ACQUISITIONS

Herbertsons board okays merger with McDowell
THE board of Herbertsons Ltd today approved the merger of the company with McDowell & Co. The merger will be effective from July 1, 2005. The board has also announced a merger ratio of two McDowell shares for every three Herbertsons shares ... More

CORPORATE GOVERNANCE

For better corporate governance — `Independent directors must serve on fewer boards'
GOOD corporate governance has become imperative in the light of new laws in the US and the UK, with whom a lot of Indian companies do business, said Mr Pramod Bhasin, President and Chief Executive Officer (CEO), GECIS Global, at the Confederation ... More

NEW PROJECTS

Kudremukh to invest Rs 1,500 cr in expansion
THE public sector Kudremukh Iron Ore Company Ltd proposes to invest Rs 1,500 crore in fresh projects and upgradation of existing mines in the Bellary-Hospet belt in Karnataka and Orissa. The investment includes the Rs 300 crore for upgradation ... More

Fuel woes may dampen NTPC's new projects
FUEL management woes are likely to besiege the commissioning of several of the Rs 26,000-crore National Thermal Power Corporation's gas and coal-based power projects coming up over the next two years. While uncertainties over the proposed gas ... More

Strides, Jubilant among cos setting up new units in Karnataka
STRIDES Arcolab and Jubilant Organosys are making two new investments in the State. While Strides is setting up a Rs 48-crore bulk drugs unit in the new Hassan SEZ, the Noida-based Jubilant is investing Rs 46 crore in a pharma and biotech ... More

ALLIANCES & JOINT VENTURES

Tata Motors, Fiat tie up to explore cooperation in passenger car segment
TATA Motors announced on Thursday that it was signing a memorandum of understanding (MoU) with Fiat S.p.A to "analyse the feasibility of cooperation, across markets, in the area of passenger cars that would encompass development, manufacturing, ... More

HPCL, Maharashtra tie up for bio-diesel venture
HINDUSTAN Petroleum Corporation Ltd (HPCL) has joined hands with the Maharashtra State Farming Corporation Ltd (MSFCL), a Government of Maharashtra undertaking, for a jatropha seed-based bio-diesel venture. Oil extracted from seeds of jatropha ... More

Tata-Fiat alliance takes shape
THURSDAY'S announcement of cooperation between Tata Motors and Fiat follows months of speculation, first in the Italian media and later in India, of a likely understanding between the two companies. Amidst the growing consolidation happening in ... More

DUBAL, L&T to set up Rs 15,000-cr refinery
LARSEN & Toubro Ltd (L&T) and Dubai Aluminium Company Ltd (DUBAL) of the United Arab Emirates, will jointly set up a 3-million-tonnes-per-annum capacity alumina refinery in Rayagada district of Orissa. The Rs 15,000-crore integrated project . More

SOCIETY & DEVELOPMENT

Bravo, Tata!
IT HAS long been taken as axiomatic that corporates should not be obsessed only with maximising their profits, but give back to society a part of all that they take from it by way of natural and material resources, ... More

Donation for school building
HYDERABAD: SHV Energy Private Ltd, the subsidiary of Dutch company SHV Energy, has donated Rs 22 lakh for construction of a school building at Bachupally in Ranga Reddy district. The school will provide residential accommodation to ... More

RIGHTS ISSUE

Jessop & Co plans 5:1 rights issue
JESSOP & Co today announced plans to come out with a Rs 50-crore rights issue of shares of Re 1 each approximately at the rate of five new shares for each existing share held. Market analysts say that as the Centre currently owns a 27-per-cent . More

OUTLOOK

Mallya unveils road map to form United Spirits
THE road-map for integration and consolidation towards the creation of United Spirits Ltd was unveiled by liquor baron Mr Vijay Mallya here on Thursday. Giving details of this "complex exercise", he confirmed that the company was looking to ... More

IOC will maintain profitability: Behuria
THE recent price hike in petroleum products and the funds to be raised through oil bonds would help IOC maintain profitability and dividend payout, according to the Chairman, Mr Sarthak Behuria. The company expects its under-recoveries to come ... More

HPCL plans LNG terminal at Mundra — Eyeing stake in Hazira import terminal
HINDUSTAN Petroleum Corporation Ltd (HPCL) is looking at setting up a green field LNG terminal in Mundra, Gujarat, as part of it plan to enter the business of gas distribution. Talking to the mediapersons here on Wednesday after the company's ... More

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