The Hindu Business Line : Friday, December 02, 2005

ONGC may contest I-T Dept's additional claim of Rs 1,000 cr
THE Oil and Natural Gas Corporation (ONGC) has disputed the Tax Department's additional claim for the payment of about Rs 1,000 crore for 2003-04 and has sought a legal opinion to contest the claim, the ONGC Chairman and Managing Director, Mr ... More

Perlecan begins phase-I trials on obesity drug
PERLECAN Pharma Pvt Ltd, a joint venture between Dr Reddy's Laboratories, ICICI Venture Funds Management Company Ltd and Citigroup Venture Capital International Mauritius Ltd, has announced the commencement of phase-I clinical trials of its new ... More

Ranbaxy to launch 2 AIDS drugs
NEW DELHI: Ranbaxy Laboratories Ltd plans to launch two new anti-AIDS drugs - Virolis-E and Virocomb-E - in India. In most countries outside India, these products will be labelled and sold under the Coviro-E and Avocomb-E brand ... More

Colgate 30 pc second interim
MUMBAI: Colgate Palmolive (India) Ltd has informed the BSE that its board of directors has declared a second interim dividend of 30 per cent or Rs 3 per equity share for the financial year ending March 31. This interim dividend will be ... More

USFDA nod for Lupin drug
MUMBAI: Lupin Ltd has announced that it has received US Food and Drug Administration (USFDA) approval for its Abbreviated New Drug Application (ANDA) for Cephalexin capsules USP 250 mg and 500 mg. The US market for Cephalexin capsules ... More

OPEN OFFERS

Piramal group makes open offer for 20 pc stake in Dawn Mills
THE Piramal Group has made an open offer to the shareholders of Dawn Mills Company Ltd at Rs 4,644 per share to acquire another 20 per cent holding in the company. The group had earlier announced that it has acquired 52 per cent stake in Dawn ... More

OVERSEAS BORROWINGS

IVRCL raises $65 m through FCCBs
IVRCL Infrastructures & Projects Ltd announced that it has successfully raised $65 million through issue of foreign currency convertible bonds (FCCBs). In a press release here on Thursday, the company said the bonds have a zero coupon with a ... More

OUTSOURCING

Terex Pegson to source components worth $2 million
THE $6-billion Terex Pegson plans to source components worth $2 million from India. The Terex Pegson Director for sales in South Asia and West Asia, Mr Rajender Khoda, told a news conference on Wednesday that the quality of vendors in India was ... More

INSIGHT

Why MNCs need to create products for India, in India
The operation of subsidiaries based in emerging markets and conducting research targeted at domestic consumers offer MNCs radically new big-win opportunities, as they will be defining a new segment, and growing it in the absence of competitors. Polic y-makers, industry leaders and academic institutes need to work jointly to create and disseminate a list of "dream innovations" that will inspire young scientists to solve important problems, says Prashant Sarin. More

RESTRUCTURING

HLL tea unit demerger okayed
MUMBAI: Hindustan Lever Ltd (HLL) has informed the BSE that the Bombay High Court has approved the demerger and transfer of tea divisions of Assam and Tamil Nadu of the company to Doom Dooma Tea Company Ltd and Tea Estates India Ltd ... More

MERGERS & ACQUISITIONS

ONGC appoints consultants for due diligence of SPIC Petro
"Prospects of complete buyout of SPIC's petrochemical project cannot be ruled out. However, a final decision would be taken only after the due diligence and valuation of the project is completed," said an ONGC official. More

Suryavanshi Spinning plans merger
HYDERABAD: Suryavanshi Spinning Mills Ltd (SSML) has informed the stock exchanges that a meeting of its board of directors would be held on December 5 to consider and if thought fit to approve the merger of Suryavanshi Textiles Ltd, a ... More

NEW PROJECTS

Sical to raise funds for iron ore terminal
SOUTH India Corporation (Agencies) Ltd (Sical) will go in for a combination of measures - a rights issue, a preferential allotment of equity shares and a preferential allotment of optionally convertible redeemable preference shares - to ... More

ALLIANCES & JOINT VENTURES

Nalco signs pact with NMDC
BHUBANESWAR: The National Aluminium Co Ltd (Nalco) has signed an agreement with the National Mineral Development Corporation (NMDC) for the sharing of rights over the Nickel Technology Proving Plant (Ni-TPP). The agreement was signed by ... More

INTERVIEW

Bajaj Auto expects to grow at 17-20 pc after April
We do not think that the rural surge, which we are anticipating might happen immediately, in the next four-five months. So for the next four-five months, we will be moderate in terms of growth rate. More

SOCIETY & DEVELOPMENT

Brooke Bond initiative on education in Mangalore
BROOKE Bond, which plans to provide basic infrastructure to 150 schools in the country through its `Har Dil Mein Smile' offer, handed over cheques to six schools in Mangalore. Speaking on the occasion, Mr Krishnan Sundaram, Senior Brand ... More

SICK UNITS

Trayons promoters sign OTS pact with IDBI Bank
THE stalemate in reviving the sick Travancore Rayons Ltd (TRL) at nearby Perumbavoor seems to have been broken with the promoters reaching a one-time settlement (OTS) with the operating agency, the IDBI Bank. The Coimbatore-based NDEE group ... More

OUTLOOK

Siemens bets on India for Asian growth
THE German multinational Siemens AG, which has identified India as the group's key growth market for Asia, said on Thursday it will augment its manufacturing facilities in the country. This includes setting up of a transformer factory at Kalwa ... More

Escorts Construction expects 40 pc turnover growth
WITH the road infrastructure sector set to redouble its work after a brief slow down, Escorts Construction Equipment Ltd (ECEL) has projected over 40 per cent growth in its turnover for the fiscal 2005-06. The company, which manufactures and ... More

IOC likely to be hit by pricing pressures
INDIAN Oil Corporation's refinery margins continued to remain under pressure in third quarter due to under recoveries from kerosene and liquefied petroleum gas (LPG) and are likely to impact earnings this fiscal. Speaking to presspersons here ... More

PERFORMANCE

Maruti sales up 11% in Nov
MARUTI Udyog Ltd has posted an 11 per cent increase in vehicle sales in November, with higher demand for the Swift and Alto and exports driving growth. Maruti sold 47,391 cars, vans and sport-utility vehicles in the domestic and overseas ... More

Hero Honda Nov sales up 6.5 pc
Hero Honda has recorded a 6.5 per cent increase in sales volume to 2,51,186 motorcycles in November 2005 as compared with 2,35,836 motorcycles sold during the same month last year. The cumulative sales of the company for the period ... More

Bajaj Auto Nov sales flat
MUMBAI: Bajaj Auto Ltd on Thursday reported a one per cent growth in total sale of 2&3-wheelers for November at 1,83,411 units, from the previous corresponding 1,82,360 units. Sale of 2-wheelers was lower by 0.22 per cent at ... More

TVS Motor sales up 5 pc
CHENNAI: TVS Motor Company sold 1,13,261 two-wheelers in November 2005, a 5 per cent increase over the November 2004 sales of 1,07,830 units. According to a company press release, TVS Motor sold 68,122 motorcycles in November 2005, ... More

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