The Hindu Business Line : Saturday, October 15, 2005

BEL pays 112% dividend
BHARAT Electronics Ltd has paid its highest-ever dividend of 112 per cent for fiscal 2004-05. The Chairman and Managing Director, Mr Y. Gopala Rao, presented the dividend cheque of Rs 43.69 crore to the Defence Minister in New Delhi on ... More

ONGC refutes allegation of shortfall in LPG supply
OIL and Natural Gas Corporation has said that the company has fully met the actual demand of oil marketing companies for liquefied petroleum gas (LPG). In a statement issued here on Friday, it refuted the allegations that the shortfall in ... More

CORPORATE DISPUTES

HC raps GAIL for collecting transportation fee from Essar
ESSAR Steel Ltd has got a major relief from the Gujarat High Court on the issue of paying transportation charges to GAIL (India) Ltd for gas moved in the private sector company's own pipeline. A single judge Bench of the Gujarat High Court has ... More

OVERSEAS BORROWINGS

Preparation for overseas borrowings — ONGC ropes in Moody's for rating
OIL and Natural Gas Corporation (ONGC) has roped in Moody's to provide an `issuer' rating for the company. This, according to ONGC sources, is to prepare the organisation for any future borrowings. Company sources, however, ruled out any ... More

India Cements raises $100 m through GDS
INDIA Cements Ltd on Friday said it has raised $100 million (about Rs 450 crore) by issuing about 2.3 crore global depository shares (GDSs). The GDSs, each representing two underlying equity shares of Rs 10 each, were priced at $4.3226 (Rs ... More

AWARDS & HONOURS

2 Rane group cos win Deming Prize
TWO companies of the Chennai-based Rane group — Rane Engine Valves Ltd and Rane TRW Steering Systems Ltd — have received the Deming Prize, awarded by the Japanese Union of Scientists and Engineers. Rane Engine Valves is a listed ... More

CORPORATE BONDS

High ICRA rating for Tata Power debentures
TATA Power Company Ltd's Rs 1,000-crore and Rs 500-crore non-convertible debenture programmes have received the highest LAAA rating from Investment Information and Credit Rating Agency (ICRA). The earlier rating was LAA+, informed a press ... More

RESTRUCTURING

ACC to sell 50 pc stake in arm to Everest Finvest
ACC has agreed to sell 50 per cent stake in its subsidiary Everest Industries Ltd to Everest Finvest (India) Ltd for a consideration of Rs 99.16 crore. ACC had entered into a share purchase agreement with Everest Finvest (India) for sale and ... More

FIXED DEPOSITS

Crisil reaffirms outstanding ratings on Ranbaxy
CRISIL has reaffirmed its outstanding ratings on the fixed deposit and commercial paper programmes of Ranbaxy Laboratories Ltd. The reaffirmation follows the ruling of the UK High Court of Justice in a case filed by Ranbaxy against Pfizer, ... More

NEW PROJECTS

NTPC invites consultants for gas exploration, LNG foray
NTPC Ltd has invited expressions of interest from consulting firms to advise the firm in making investments across the entire natural gas value chain, including gas exploration and setting up liquefaction terminals. The country's largest power ... More

Volkswagen team departs after talks
The officials indicated that they would like to set up a base for manufacture of 60,000 cars in the first year and then ramp it up to 1,00,000 during the second year. More

ALLIANCES & JOINT VENTURES

Delhi-Chicago flight — American Airlines ties up with Air Sahara
AMERICAN Airlines on Friday signed a code-share agreement with Air Sahara for the daily non-stop flight it will operate between Delhi and Chicago from November 17. The airline has announced a special promotional return fare of Rs 38,000, which ... More

Ministry nod for CIL coal gasification project with ONGC
THE Union Ministry of Coal has allowed Coal India Ltd (CIL) to take up an underground coal gasification project jointly with ONGC. This will now help CIL sign a formal MoU with ONGC, although the CIL board has already approved ONGC's ... More

OUTLOOK

GAIL scouting for equity partners for Nabuko project
GAIL (India) Ltd is in the process of selecting equity partners for participating in the Nabuko gas pipeline project connecting Turkey with Austria. Announcing this here at a press conference on Friday, Mr Proshanto Banerjee, Chairman and ... More

Paramount Airways commercial take-off slated for Oct 19
PARAMOUNT Airways is likely to start its commercial flight on the Coimbatore-Delhi sector from October 19 and the airline has denied that the delay in starting operations is for want of clearance from the civil aviation authorities. "There is ... More

Sah Petroleum eyeing 36 pc topline growth
SAH Petroleum, manufacturer of industrial and automotive lubricants and greases of various types, is looking at a 36 per cent topline growth this fiscal. The company has targeted sales of Rs 115 crore for 2005-06 against Rs 84 crore last ... More

Hospitality co CGH Earth to focus on TN, Karnataka
THE CGH Earth group (formerly Casino Group) of hotels is on a major expansion spree. With its holiday property to be opened at Karaikudi village in Chettinad in October next year and a beach resort at Gokarnam in Karnataka slated to open this ... More

Hanwha L&C may set up manufacturing unit in India
HANWHA L&C, a part of the $6-billion Korean Hanwha Group, may set up its own manufacturing unit in India if the domestic market proves conducive to its range of products, according to Mr D.K. Jha, Senior Manager, Hanwha Chemical Corporation, a .. More

BP Group targets rural India with hybrid cooking appliance
STRESSING the need for clean and affordable energy sources for cooking, the BP Group Chief Executive, Lord John Browne, said BP has developed a hybrid appliance integrating liquefied petroleum gas (LPG) and a biomass burner to reduce indoor air ... More

Cipla to launch generic drug for bird flu
CIPLA has done it again. As more countries report incidents of Avian flu, the Mumbai-based drug maker Cipla has said that it will be ready with generic versions of Roche's anti-influenza drug Tamiflu by the year-end. "Cipla has developed the ... More