Financial Daily from THE HINDU group of publications
Tuesday, February 21, 2006
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BSE Sensex10079.30(+98.19)
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CORPORATE

ANNOUNCEMENTS


Matrix Executive Chief sells 20-lakh shares
HYDERABAD: Matrix Laboratories Ltd has informed the stock exchanges that its Executive Chairman, Mr N. Prasad, has sold 20-lakh shares of the company on February 17. The mode of sale is through stock exchange and the shareholding of Mr ... More

Nalco launches Web-enabled information system
NATIONAL Aluminium Company Ltd (Nalco) has taken yet another step towards improving transparency in providing information under the Right to Information Act, 2005 by launching a Web-enabled information seeking system. The system enables an ... More

ONGC flows oil from D1 field — To spend Rs 500 cr on development schemes
OIL and Natural Gas Corporation (ONGC) has successfully flown oil from the D1 field at the western offshore. The field, which was discovered during the same time as the Bombay High in 1976, was left dormant by oil pundits as they thought it was ... More

PREFERENTIAL ALLOTMENTS


Suryavanshi Spinning `realigning' to pref offer price levels
SURYAVANSHI Spinning declined further today ahead of its EGM on February 22. The stock had scaled its 52-week high at Rs 98.05 on the BSE on January 27 on expectation of a preferential issue with a premium. The company has since made a ... More

Avon Organics EGM for pref offer
AVON Organics Ltd (AOL), the Hyderabad-based pharmaceutical company, is holding an extraordinary general meeting (EGM) of its shareholders on February 28 to seek their consent for the issue of not exceeding 30-lakh fully paid-up equity shares of ... More

CORPORATE DISPUTES


HC restraint on vMoksha founder
HELIOS and Matheson Information Technology has said that the Madras High Court on Monday passed an order of interim injunction restraining Mr Pawan Kumar from carrying on any business or taking up any new employment or continuing in any other ... More

AWARDS & HONOURS


PRSI award finalists
THIRUVANANTHAPURAM: Leading companies and individuals have made it to the final list for the PR Practitioner of the Year Award and the PRSI Award for Corporate Social Responsibility for the Year 2005 instituted by the local chapter of the ... More

INSIGHT


Mittal Steel bid for Arcelor — A lesson in economic globalisation
The Mittal Steel bid for Arcelor has elicited differing views from the companies, observers and politicians. With the Arcelor brass appearing to change tack from the initial opposition to the bid, it may be best for politicians to keep off, says B hanoji Rao, doing a quick recap of the bid's progress. More

RESTRUCTURING


JIK Ind completes debt revamp — To focus on crystal biz
  • In the post-restructured phase, JIK Industries Ltd has narrowed its focus on its crystal ware manufacturing business. Mumbai, Feb. 20 JIK Industries Ltd, a high-margin crystalware manufacturing ... More

    MERGERS & ACQUISITIONS


    PM takes up Mittal's Arcelor bid with Chirac
    French President says no future plan has been submitted

    INDIA today took up at the highest level the controversial bid by steel tycoon Mr L.N. Mittal for acquiring the second largest global steel company Arcelor, with the Prime Minister, Dr Manmohan Singh, raising the issue with the visiting French ... More

    ONGC close to buying SPIC Petro for Rs 1,200 crore — Formal pact may be signed soon
    ONGC is poised to conclude an all cash deal for buying up SPIC Petro, a 100 per cent subsidiary of Southern Petrochemicals Industries Corporation (SPIC), for around Rs 1,200 crore. According to stock market sources, early this month, ONGC and ... More

    Jain Irrigation buys Parle's mango processing business for Rs 14 cr
    "The acquisition makes Jain Irrigation the largest processor of fruits and vegetables in the country and possibly the biggest mango pulp processor in the organised sector." More

    Pioneer Miyagi takes over gelatin facilities of China Synthetic Rubber
    The Rs 60-crore acquisition was part-funded by the Exim Bank of India. More

    GAIL eyes majority stake in Ethiopian exploration firm
    GAIL (India) Ltd is looking at acquiring majority stake in an Ethiopian exploration company - SIL Ethiopia International (SILEI). SILEI is a subsidiary of Jordanian company SI-Tech International (SIL). According to a senior GAIL ... More

    NEW PROJECTS


    MNCs stepping up investments in India — Buoyant economy, growing domestic consumption
    MNCs had been slowing down investment between 1996 and 2003 while the scenario began to change from 2003.
    Analysts said that share prices of MNCs are being `re-rated'
    More

    `LNG plant near Dabhol to be completed by Sept'
    GAIL (India) Ltd has said that it would complete the remaining portion of the liquefied natural gas (LNG) plant adjacent to the Dabhol power project by the end of September. The company is also in talks with Qatar, Oman, Malaysia, Australia, ... More

    ONGC to go it alone in Tripura power project

  • SPV with IL&FS and Assam Government will not be required.
  • ONGC to further explore the option of power generation in remote or far-flung areas.
  • Final decision on power project to be taken by the board at its next meeting on March 3. More

    BHEL sets up solar-diesel power plant in Lakshadweep
    THE Bangalore-based Electronics Division of Bharat Heavy Electricals Ltd has said it has commissioned the country's largest solar-diesel hybrid power plant at Lakshadweep's tourist island of Bangaram. This will considerably reduce the ... More

    J.K. Cement may set up standalone grinding unit
    THE Kanpur-based J.K. Cement Ltd, belonging to Mr Yadhupati Singhania, may set up a standalone grinding unit somewhere around Haryana or Delhi, according to Mr Prashant Seth, General Manager (Finance). He was in the city along with other senior ... More

    Moser Baer plans subsidiary to develop SEZs
    MOSER Baer India Ltd today said that its board of directors, at a meeting on February 18, has decided to establish a new public limited subsidiary company that will function as a "developer" of special economic zones (SEZs). The board also ... More

    DIVERSIFICATION


    Upper Ganges to expand capacity at Rs 260 crore
    Upper Ganges is planning a rights issue too. It hopes to raise Rs 70 crore but it would be used for the long-term working capital needs. A formal application to the SEBI would be made within the next few weeks. More

    PERFORMANCE


    Tata Motors ramping up mini-truck production to 60,000 units
    TATA Motors is making an incremental investment of around Rs 200 crore for expanding its manufacturing capacity at its Pune facility for the 700cc mini truck — Ace, said Tata Motors Vice-President Sales and Marketing, Commercial Vehicle, Mr ... More

    PEOPLE


    Siddhartha Lal to be new MD of Eicher Motors
    EICHER Motors Ltd (EML) on Monday announced Mr Siddhartha Lal as its new Managing Director designate. He will assume this responsibility and that of Group CEO from May 1. Mr S. Sandilya, currently the Group Chairman and CEO, will continue ... More
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    Centre may not allow sale of Tamiflu in retail market — `Drug has adverse side-effects, not safe for children too'


    DoT for lowering cost of telecom operations

    Shortfall likely in direct tax collection this fiscal

    FM stations to zoom in on regional ads in small towns

    ONGC close to buying SPIC Petro for Rs 1,200 crore — Formal pact may be signed soon

    In Focus

    Infrastructure woes stare IT sector
    IPO Scams
    FDI in retail sector
    Dynamic Tirupur
    Surging Sensex
    Gold scaling new highs
    More

    In Depth

    Gender Justice
    Simple Economics
    Tax Talk
    More

    Looking back
    Feb. 12-Feb. 18
    GSK Pharma to bring in more products, intensify research

    Radico gets export duty waiver for grain distillery in UP

    Reliance Private Equity picks up 44 pc stake in DTDC for Rs 70 cr

    United Phosphorus buys Dutch seed firm for 100 m euros

    HLL back in the driver's seat

    Reliance Petro raises $1.5 b loan for Jamnagar refinery project

    Banks halt deposit-based lending to corporates

    Saint-Gobain to set up unit for solar control products — Opens second float glass plant

    Numaligarh Refinery mulls Rs 800-cr IPO — Final decision in four months

    Coal India likely to report Rs 6,000-cr net profit

    K.K. Birla Group makes changes in sugar biz restructure model

    Ranbaxy was not for `any' price for Betapharm: CEO

    Indian cos raise $10 b via ECB route in 9 months



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