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Tata
Motors: To raise $500 m in international markets
Mumbai: Tata Motors Limited has said that its board
has approved in principle the raising of additional long-term
resources up to $500 million through issue of appropriate
securities in the international markets.The funds would
be used to meet the capital and product development expenditure
related to the company's growth projects in its commercial
vehicle business unit and passenger car business unit.
They would also refinance its recent acquisition of Daewoo
Commercial Vehicle Company in South Korea.
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Morepen
gets USFDA approval for facility
New
Delhi: Morepen
Labs Ltd has received a fresh US Food and Drug Administrator
approval for its active pharmaceutical ingredient manufacturing
facilities at Masulkhana, Himachal Pradesh.The facility
is currently manufacturing anti-histamine drug Loratadine.
Morepen has added two more products to the facilities.
These two molecules, Citalopram and Sertraline, are anti-depressant
drugs. The Drug Master Files for them are expected to
be filed in the next six months. The company has regular
supply contracts with companies such as Novartis and Merck.
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Indo
Gulf Fertilisers: Plant shut-down for lack of gas
Mumbai: Indo Gulf Fertilisers Ltd has informed
the Bombay Stock Exchange that it is shutting down its
plant operations at Jagdishpur due to non-availability
of natural gas until March 20. The company said it has
been informed by GAIL India Ltd that due to ONGC's off-shore
BPA platform shutdown from March 07 to March 20, there
will be no supply of natural gas to its fertiliser complex
at Jagdishpur during this period.
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HIRL
is now Micro Inks
Mumbai:
To
improve its brand recall amongst international customers,
Hindustan Inks & Resins Ltd (HIRL) has adopted the
name of it's US-based wholly-owned subsidiary, and has
re-christened itself as Micro Inks Ltd. HIRL has been
the only printing inks firm in India, to have successfully
implemented the SAP R3 ERP solution, integrating its marketing
offices through satellite links. With a network of 12
branches, five technical centres and around 500 distributors,
HIRL, has a 30-per cent market share in India.HIRL, now
Micro Inks, began its operations in 1986, and is a part
of the $239-million Bilakhia group.
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Interim
dividend from Siyaram at Rs 4
Mumbai:
Siyaram Silk Mills Ltd has informed the Bombay Stock Exchange
that the board has declared interim dividend at 40 per
cent (Rs 4 per equity share of Rs 10 each) at its meeting
held on March 6.
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Alok Industries: To
hike share capital
Mumbai:
Alok Industries plans to increase its authorised share
capital by Rs 180 crore to Rs 300 crore through an issue
of preference or equity shares to different entities including
its promoters. According to an official, the company will
initially issue preferential shares worth Rs 68 crore.
Some of them will be issued to TAD Mauritius Ltd for a
consideration of Rs 6.8 crore at Rs 10 per share.
The Jiwrajka family are the company's promoters.
The company will use the funds to retire high cost debt
and to expand its processing and weaving unit at Silvassa.
The funds would also augment the company's working capital
requirements, the official said. It will convene an extra-ordinary
general meeting on March 29, 2004, to consider these matters.
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Merven
to allot warrants and CCPS
Hyderabad:
Merven
Drug Products Ltd has informed the stock exchanges that
its board of directors would be meeting on March 20 to
allot 5,67,324 warrants to ICICI Venture Capital Fund
and 90,00,000 cumulative convertible preference shares
(CCPS) to Swiss Tec VCF. The company had obtained the
consent of its shareholders for the proposed allotment
at the extraordinary general meeting held on February
23.
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Avon
Organics: Allots warrants to promoters
Hyderabad:
Avon
Organics Ltd, the Hyderabad-based pharmaceutical company,
has informed the stock exchanges on Monday that the allotment
committee meeting of its board of directors is scheduled
to be held on March 10 for allotment of 4.8 lakh convertible
warrants to promoters on preferential allotment basis.
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Kerala
HC declines to stay Govt order on Coke
Kochi:
A division Bench of the Kerala High Court today declined
to stay the Government order prohibiting Coca-Cola from
drawing ground water from the wells in its plant at Plachimada
till the onset of monsoon. The Bench has observed in its
order that prima facie it sees no reason to doubt the
"bona fides" of the Government stand that the
order was issued to protect the people's right for drinking
water and to tide over the difficult situation created
by drought.
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Nicholas
Piramal gets approval for Canere merger
Mumbai: Shareholders
of Nicholas Piramal India Ltd approved the scheme of amalgamation
for the merger of Canere Actives & Fine Chemicals
and the company, at a Court convened meeting held here
on Monday. At an EGM held subsequently, shareholders also
gave their approval to the increase in authorised share
capital of the company from Rs 75 crore to Rs 125 crore,
NPIL has informed the BSE. Other resolutions receiving
approval include clearance for the issue and allotment
by the Company of 15,00,000 - 5 per cent Cumulative Redeemable
Preference Shares of Rs 100 each, credited as fully paid
up, to the shareholders of Canere, in the ratio of 3:20
(i.e. 3 Preference Shares for every 20 Equity Shares held
in Canere).
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Tyco
Elec to manufacture high end military products
Bangalore:
Tyco
Electronics, a business segment of Tyco International
Ltd, and a leader in electrical and electronic components,
has announced that it will start manufacturing a high-end
MIL (military) certified product, called the refractive
plate switch, at its facility in Bangalore.
The refractive plate switch is a multimode optical switch
that is capable of withstanding up to a 200 G shock with
duration of 8 ms without interruption of the signal path.
This product allows the user to bring signal path integrity
to the fast ethernet environments, as well as the older
installed FDDI ring networks by maintaining low loss and
resistance to extreme environmental and shock situations.
The aerospace, defence and military organizations in India
will use these high quality, mil-certified products.
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HPCL and Shell: Product
and Infrastructure sharing
Mumbai:
HPCL has signed an agreement with Shell India Private
Ltd for product and infrastructure sharing between the
two companies. The non-binding MoU with Shell India Private
Ltd will cover development of product supply and infrastructure
sharing, HPCL has said in a notice to stock exchanges.
The MoU will be subject to various approvals, which both
companies would need to obtain.
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Berger
Paints: To issue 1:2 bonus shares
Kolkata:
At
an extraordinary general meeting the shareholders of Berger
Paints India Ltd approved the resolution relating to the
issue of bonus shares in the ratio of 1:2. The shareholders
also approved another resolution relating to the delisting
of the company's shares from the stock exchanges in Ahmedabad
and Delhi.
The company said that its reserves and surplus as on March
31, 2003, amounted to Rs 141.29 crore which would be further
supplemented with retained earnings of the current year.
The company's shares, which are required to be compulsorily
traded in the dematerialised form, are traded in negligible
volumes at stock exchanges other than NSE and BSE. The
delisting of the shares from stock exchanges in Ahmedabad
and Delhi would save costs to the company. The company's
shares however would continue to be traded in NSE, BSE
and CSE.
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Magma tools for IC
design market
Bangalore:
Chip design solutions provider Magma Design Automation
India announced on Monday the launch its synthesis platform
`Blast Create' and `Palace' software tools for the Indian
IC design market. According to the company the new tools,
apart from providing cost competitiveness to chip designers
also reduce the turnaround time compared to the traditional
ones.
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Network
Security India 2004
New
Delhi: Network
Security India 2004, is a one-day conference which aims
to equip organizations better against the increasing threat
of corporate espionage, data piracy, cyber terrorism and
information security breaches.The conference is being
supported by the Internet Service Providers' Association
of India, Telecom Equipment Manufacturers' Association
of India and the Telecom Users Group of India
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to News Review index page Artlab
Madras ties up with US college
Chennai:
Artlab
Madras has tied up with the US-based College of Communications
(of the University of Nations) to develop a multimedia
and animation training curriculum that is customised for
India. The one-year course will start in July and will
cover various sections of digital media, including print
communication, graphics arts and illustration, digital
photo editing, 3D and editing
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