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Reliance hikes holding in BSES
Mumbai: Reliance Industries has increased
its shareholding in BSES Ltd, the power generation and distribution company, to 11.6 per
cent from 7 per cent.
Financial institutions and
mutual funds have a shareholding of 39 per cent in the company whose equity capital is Rs
138 crore.
There have been rumours about Reliance Industries taking
over the company, but the chairman and managing director of the company, R.V. Sahi,
reminded shareholders at the company's annual general meeting that the cap for not
attracting the regulatory takeover clause and thus an open offer to other shareholders has
been increased to 15 per cent.
The company's 495-MW Palghar power project has been
cleared by the government and a better site at Saphalke, a few kilometres from Palghar,
has been identified to locate the project.
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Infosys can issue ADR as
ESOP
New Delhi: The finance ministry has given
permission to Infosys Technologies to issue additional American depository receipts to
offer stock options to its Indian employees.
The company can now issue ADRs to its employees in the
form of stock options, which can be exercised at a later date. On sale of the ADRs,
profits made in dollar terms will, however, have to be repatriated to India. In case the
holder becomes a non-resident Indian, he can retain the sale proceeds abroad.
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JRD Quality Value award for
Tisco
Mumbai: The first JRD Quality Values trophy
will be given to Tata Iron and Steel Company, the first Tata group company among 80 to
earn the award after its institution in 1994-95.
Tisco gained 600 points on a scale of 1,000 in the JRD
Quality Value model for business excellence. The model is based on America's Malcolm
Baldridge National Quality Award.
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Hinduja-National Power
replaces J-Exim
New Delhi: The Hinduja-National Power
Corporation, which is setting up the 1,040 MW fast track power project in Visakhapatnam,
has replaced the Japanese Exim, Sanwa and NatWest banks with ICICI Ltd, ANZ Grindlays and
HSBC banks as lenders to the project.
The company has sent a notice to J-Exim to this effect and
has asked ICICI to raise the bulk of foreign debt of Rs 1,200 crore for the project. Chase
Manhattan, advisor to the project, has also been removed. The $450 million raised by
J-Exim will be underwritten by a consortium of ICICI, HSBC and ANZ Grindlays.
The Hinduja group holds 51 per cent in the project and the
National Power Corporation of the US the rest.
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Insolvency case against
Damania
Mumbai: The United Western Bank has filed an
insolvency suit against Parvez Damania, managing director of Sahara Airways, for
non-payment of dues amounting to Rs 2.5 crore.
An insolvency suit has also been filed against Mr
Damania's brother Vispi. The two are directors of Damania Pharma, the firm which had
borrowed funds from the bank, a report in The Economic Times, said.
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Hughes Ispat to hike
capital base
Mumbai: Hughes Ispat, the basic telecom
services provider for Maharashtra and Goa, is planning to expand its capital base. The
company had raised its capital base from $150 million last year to $180 million.
The exact amount to be infused is being worked out, a
company official said. The company is also reworking its business plan on the basis of the
government's new telecom policy.
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Shriram group plans JV for
AC business
New Delhi: The Sidharth Shriram group is
considering a joint venture with a foreign partner to handle its air-conditioner business.
The foreign partner will be offered a majority stake in the joint venture.
A group company, Siel Aircon, makes air-conditioners, and
another group company, Usha International, markets them.
Sidharth Shriram has said all activities relating to the
manufacture and marketing of air-conditioners will be transferred to the joint venture.
While Siel and Usha will have a shareholding of 40 per cent between them, the majority
stake will be with the foreign partner. Mr Shriram said.
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Sterlite to acquire more
copper mines
Mumbai: Sterlite Industries has prepared a
growth plan which includes acquisition of two or more copper mines abroad and augmenting
its jelly filled and optic fibre cable business through buyouts.
The company had earlier acquired a copper ore mine in
Australia, which caters to 35 per cent of its requirements. "We are thinking of
buying two more mines to further meet our needs, Tarun Jain, vice president (finance) of
the company, said.
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Nicholas Piramal
plans health insurance venture
Mumbai: Nicholas Piramal India is planning a
foray into the health insurance business. The company is in talks with an European
company, Francis Pinto, chief executive officer, said. The insurance company will be a
separate venture.
Dr Pinto said entry into healthcare will make the group's
operations.
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ACC net profit down
Mumbai: The Tata group's Associated Cement
Companies has reported a reduced net profit of Rs 7.02 crore for the quarter ending June
1999, against Rs 8.48 crore in the corresponding period of 1998-99. The company's sales
have gone up by 13.7 per cent to Rs 700.47 crore in the quarter.
The company attributed the decline in profit to lack of
improvement in selling price as the net price realisation has declined by 6 per cent.
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Nestle posts 40% hike in
profits
New Delhi: Nestle India has posted a 40 per
cent increase in its net profit to Rs 49 crore in the first six-month period of fiscal
1999-2000. In the corresponding period of last year, the company's net profit was Rs 35.1
crore. The domestic sales of the company rose 9 per cent to Rs 618.2 crore.
For the second quarter ended 30 June 1999, net profit was
Rs 28.5 crore, up 46 per cent from the corresponding quarter last year.
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Zee Tele profit up 41%
Mumbai: Zee Telefilms has reported a 41 per
cent increase in net profit to Rs 16.95 crore for the quarter ended on 30 June 1999, from
Rs 12.01 crore in the corresponding quarter last year.
The company booked advertisements worth Rs 100.5 crore
during April June 1999 against Rs 80.9 crore in the first quarter of 1998-99.
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Sumitomo moves against
Credit Lyonnais
New York: Sumitomo Corporation has filed a
case against a unit of French bank Credit Lyonnais, seeking $308 million in damages for
its alleged role in the copper trading scandal that resulted in $2.6 billion in losses for
the company in 1996.
The suit claims that Credit Lyonnais Rouse, the
derivatives trading unit of Credit Lyonnais, assisted Yasuo Hamanaka, Sumitomo's head
trader at the time, in his unauthorised trading. Hamanaka was sentenced to eight years in
prison in March after he pleaded guilty to fraud and forgery.
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Cadillac to forego crest
Michigan: Cadillac, the General Motors
luxury car unit, is all set to dump its crest and wreath logo that identified the car
maker since 1905. John Smith, general manager of Cadillac, said the logo is not as
forward-looking as some of the new vehicles planned, especially the Evoq model.
A new logo, to be unveiled soon, is part of an overall
change in Cadillac's products and marketing, timed to coincide with its 100th
anniversary in 2002. The car maker has introduced its new 2000 Cadillac DeVille, a car
with a 300 horsepower Northstar engine with many exclusive characteristics.
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Cox eyes Gannett's cable TV
assets
Atlanta: Cox Communications, one of the
largest broadband communications companies in the US, said it will pay $2.7 billion in
cash for the cable television assets of Gannett Co in a deal that boosts its cable
subscriber base to 6 million customers. Cox currently owns 18 cable systems in 15 states.
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