Automobiles
The mathematics of a TVS minus Suzuki
MR Venu Srinivasan, Managing Director, TVS-Suzuki Ltd, has a Tamil nickname - 'moped mannar' (moped king). As things look today, the name may stick more than ever before. With Suzuki Motor Corporation getting out of the joint venture, the general opinion
is that the company would be pushed into the confines of the entry-level two-wheeler market.
Those were the days
``JOINT ventures are like long-term friendships. They go through ups and downs. Circumstances and expectations may change which cause tensions in the joint venture. But if you have a robust working relationship, whatever be the tension, you don't go and
shout from the rooftops. You keep negotiating, fighting internally, hammering it out and finally arrive at something that both can live with.''
Breweries
SAB hikes stake in Mysore Breweries -- `Second buyback within a month'
SOUTH African Breweries (SAB) India Ltd has increased its stake in Mysore Breweries Ltd (MBL) to 94.5 per cent following the buyback offer announced on July 2 this year. Under the Securities and Exchange Board of India (SEBI) regulations, SAB will now co
me out with a second offer to mop up the remaining shares held by the public.
Corporate
SPIC to shut down another division
SOUTHERN Petrochemical Industries Corporation (SPIC) has decided to close down its `Management Services and Systems (MS&S)' division.
Ministry to scrutinise results
THE auditors of Andrew Yule and Company Ltd (AY) have made several comments in their report on the company's latest annual accounts, saying that AY's losses for the year would in fact be Rs 29.2 crore as against the reported Rs 26.8 crore, had some adjus
tments and provisions for the past year been made.
An info overdose on related-party deals?
ARE shareholders going to be fed with an overdose of information? The answer has to be a `yes' if an analysis is made of the disclosures that companies will be required to make in the directors' report for 2001-02 onwards under the corporate governance n
orms read with Institute of Chartered Accountants of India's (ICAI) accounting standard AS18 and Clause 49 of the listing agreement.
Glaxo SmithKline merger okayed
MUMBAI: The amalgamation of Glaxo India Ltd and SmithKlineBeecham Pharmaceuticals India Ltd received approvals from the Karnataka High Court and Bombay High Court on Thursday.
Consultant to help Tata Tea in integration with Tetley
WITHIN the next two weeks, Tata Tea Ltd will appoint a consultant of international repute to help out the company with the integration of the operations of Tetley, according to the Vice-Chairman, Mr R.K. Krishna Kumar.
Spencer & Co to spin off travel unit
CHENNAI: Spencer and Company Ltd has decided to spin off its travel business into a separate business. The new company will be called Spencers Travel Services Ltd. Shareholders approved a proposal to this effect at the annual general meeting on Wednesday
.
Honda Chief is `Entrepreneur of the Year'
MUMBAI: Mr Brijmohan Lall Munjal, Promoter-Chairman, Hero Honda Ltd, has received the Ernst and Young `Entrepreneur of the Year' award (EOY) for the year 2001.
Geojit Sec UAE venture to open shop in October
BARJEEL Securities LLC, the brokerage services joint venture between the Indian firm Geojit Securities and a local UAE group, will begin operations in the first week of October.
United Phosphorus dividend pruned
THE shareholders of United Phosphorus Ltd have passed a resolution to prune the 20 per cent dividend recommended by the board earlier to 10 per cent.
PSU
BEML hands over mill rail to army
THE Rs 1,350-crore Bharat Earth Movers Ltd (BEML) has bagged a Rs 100-crore order from the Army for its mill rail.
Andrew Yule to develop defence sector products
THE public sector Andrew Yule & Co (AY) is planning to develop defence sector items as part of its strategy to change its customer profile and improve cash-flow.
Petrochemicals
Haldia Petro project cost goes up further
THE project cost of the joint venture Haldia Petrochemicals Ltd has increased from Rs 5,600 crore -- estimated in August 2000 -- to Rs 5,900 crore. The initial estimate for the project was Rs 5,170 crore.
Shipping
Shipping Corpn to relax VRS norms
THE Shipping Corporation of India (SCI) is set to relax the terms of its voluntary retirement scheme (VRS) by allowing professionals as MBAs and CAs to avail of the scheme.
Steel
Bellary Steels may go ahead with asset revamp plan
THE FI-devised plan for the asset restructure of Bellary Steels and Alloys Ltd is likely to go ahead even as its reconstituted board come up for approval this week.
Tyres
FIs puncture Dunlop plans
REPRESENTATIVES of financial institutions (FIs) today opposed key resolutions, including the one on adoption of the company's accounts for 2000-01, at Dunlop India Ltd's 74th AGM. Consequently, a poll was ordered, the result of which will be declared on
or before October 1.
