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| FICCI asks SEBI to retain
announcement of bonus, rights issue MUMBAI, Apr 21: FICCI has asked the market regulator SEBI to retain the announcement of bonus and rights issue within the ....more Assam Co for more aggressive in Nelp VII, to raise $ 250-300mn KOLKATA, Apr 21: The Assam Company Ltd (ACL) is looking to partner domestic and ....more BHEL wins mega contract for power plant in Bihar TIRUCHIRAPALLI, Apr 21: State-run power plant equipment maker BHEL has won orders worth around Rs 2,030 crore for supply and installation of the main plant .......more Andrew Yule, Descon legal tiff not to affect stake sale KOLKATA, Apr 21: The ongoing legal tussle between pubic sector engineering firm Andrew Yule & Co. Ltd and its associate Descon Ltd would not affect the stake sale process by the PSU in Dishergarh Power Supply ....more |
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Satyam Q4 PAT up 18 pc at Rs 468 cr;
declares dividend MUMBAI, Apr 21: Consulting and IT services provider Satyam Computer Services today announced a 17.84 per cent jump in its January-March quarter profit after tax .....more Dabur Pharma’s new owner launches open offer NEW DELHI, Apr 21: European health care firm Fresenius Kabi, which acquired 73.3 per cent control of Dabur Pharma -.....more PSL bags 2 orders worth Rs 1,225 cr MUMBAI, Apr 21: Steel pipe manufacturer PSL Ltd today said it has bagged two orders worth Rs 1,225 crore from engineering major Larsen & Toubro (L....more Select pulse prices downon sluggish demand NEW DELHI, Apr 21: Dal urad and malka receded by Rs 50 a quintal in the wholesale pulses market here today following slackness in demand against increased arrivals.Meanwhile, other pulse prices ruled flat on little bouts of buying and .....more |
FICCI asks SEBI to retain announcement of bonus, rights issue MUMBAI, Apr 21: FICCI has asked the market regulator SEBI to retain the announcement of bonus and rights issue within the ambit of its insider trading policy, as stock prices are too sensitive. In a memorandum to Securities and Exchange Board of India (SEBI) on the proposed amendments to the SEBI (Prohibition of Insider Trading) Regulations, 1992, FICCI, while welcoming the proposal that the regulations should not freeze legitimate trading by the Specified Persons, feels that the management of a company should be authorised to decide and create window freeze. The proposal that companies should either designate a single broker, through whom all transactions in stock by insiders be completed or require insiders to use only one designated broker who will agree to the procedures set out by the company, does not go well with FICCI. "We feel that these steps may not help in better reporting or monitoring. In case of big companies with large number of employees spread across various geographical locations, it is not feasible to appoint designated brokers. Also, there would be employees registered to carry out on-line trading," FICCI said. FICCI, however, favours the SEBI proposal of widening the scope of term 'shares' to 'securities' thereby including Equity Derivatives for the purpose of disclosures. "This is well-justified step since after introduction of Derivatives in 2000, inclusion of derivatives under the Regulations was very important so as to bring all dealings in securities with in the ambit of the regulations," FICCI said. (PTI) Assam Co for more aggressive in Nelp VII, to raise $ 250-300mn KOLKATA, Apr 21: The Assam Company Ltd (ACL) is looking to partner domestic and international firms in its pursuit for more oil and gas blocks to be auctioned under the seventh round of National Exploration Licensing Policy, its director Abhay Chawdhry said. "In this round, we are planning to bid for more oil and gas blocks in other parts of the country. We are in talks with several companies to form joint venture for bidding," he said. The Government will auction 57 oil and gas blocks under National Exploration Licensing Policy-VII, the bid date for which has been postponed to May 16. ACL, which currently has two blocks in joint venture with Canadian energy company Canaro Resources, is aiming at larger blocks in this round. Chawdhry, however, did not divulge names of the possible partners for NELP VII. Speaking about the existing oil blocks, he said Amguri fields was producing 1,000 barrels oil equivalent (BOE) of oil and gas per day, but the production would go up after more facilities were installed. "We are aiming to increase the production to 5000 BOE per day by end of 2008-09," he said. Speaking about development of Amguri fields and AA-ON exploration blocks, he said that the company would invest USD 32.82 million as its share for development of 14 oil and gas wells for 2008-09. (PTI)
BHEL wins mega contract for power plant in Bihar TIRUCHIRAPALLI, Apr 21: State-run power plant equipment maker BHEL has won orders worth around Rs 2,030 crore for supply and installation of the main plant package at the 1,000 MW Nabinagar Thermal Power plant project in Bihar. A company press release said that the orders have been placed by Bharathiya Rail Bijlee Company Limited (BRBCL). Slated for synchronization in the 11th plan, the units will add 24 million units every day to the grid on commissioning. While BHEL, Tiruchirapalli, will manufacture steam generators with Electrostatic precipitators, the auxiliaries and others will be made by the Ranipet unit, the release said. (PTI) |
Andrew Yule, Descon legal tiff not to affect stake sale KOLKATA, Apr 21: The ongoing legal tussle between pubic sector engineering firm Andrew Yule & Co. Ltd and its associate Descon Ltd would not affect the stake sale process by the PSU in Dishergarh Power Supply Company (DPSC) Ltd. Sources close to the development told PTI that the company would go ahead with the stake sale in power utility DPSC. Deloitte & Touche had been appointed by the PSU for valuation of the shares of DPSC, where Andrew Yule holds around 7 per cent shares. Besides Andrew Yule, two companies, Bengal Coal Company Ltd and Katras Jherriah Coal Company Ltd, jointly hold around eight per cent in DPSC Ltd. Sources said that along with financial institutions, around 57 per cent stake in DPSC Ltd would be divested. They said that the stake sale in DPSC Ltd is part of the revival package of Andrew Yule, which became sick and was subsequently referred to BIFR in November 2002. As required by the revival package, Andrew Yule would also divest its stakeholding in Phoenix Yule and Tide Water Oil. Sources said that unlocking of investments held by Andrew Yule in these companies would be made in phases. Both in Phoenix Yule and Tide Water Oil, Andrew Yule holds 26 per cent stake each. Meanwhile, Descon, which holds 32.31 per cent share in DPSC, had been fighting a legal battle with Andrew Yule as the latter moved the court against the former. Sources said that Descon, an associate company of DPSC, had pledged its holding of 32.21 per cent with a third party for raising funds. "This was being done without informing Andrew Yule and was grossly violative of SEBI regulations," sources said. In 1995, DPSC had made a rights issue. Owing to lack of funds, Andrew Yule was not able to subscribe to the offer. Instead, it had asked Descon to subscribe to the offer on behalf of Andrew Yule. Sources said that the formalities would be completed relating to the stake sale of Andrew Yule in DPSC shortly. (PTI) |
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Dabur Pharma’s new owner launches open offer NEW DELHI, Apr 21: European health care firm Fresenius Kabi, which acquired 73.3 per cent control of Dabur Pharma last week, today announced a public offer to purchase further 20 per cent stake in the domestic drug firm at a price of Rs 76.50 per equity share in cash. The deal for control of the company cost the European firm Rs 878.2 crore and the open offer, if fully subscribed, would cost the new owner around Rs 240 crore. Fresenius Kabi has also entered into an agreement with a third party to secure the participation of 2.4 per cent of Dabur Pharma share capital in the public offer. The European firm said the acquisition will be entirely debt financed from funds that have already been procured. (PTI) |
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