Indo Gulf Fertilisers may see urea output at 9 lakh tonnes
Indo Gulf Fertilizers & Chemicals Ltd (IGFCL) is estimated to touch a record high urea production of over 9 lakh tonnes at the end of March 31, 1998, as against 6.68 lakh tonnes in the previous year. This is despite an annual shutdown of around three weeks which the company has undertaken from March 1 this year.
Insider-trading charge against Gopalakrishnan may be dropped
Sebi, which has held Hindustan Lever and five directors guilty of insider trading in Brooke Bond Lipton (BBLIL) shares before the merger was formally announced, is likely to drop charges against vice-chairman R Gopalkrishnan in another case where the latter was investigated for personally buying BBLIL shares.
"Allow share buyback to ward off takeovers"
The chairman of Raasi Cements BV Raju is trying to ward off the challenge by teaming up with "soft takeover-target" companies to spark off a legal assault on the Sebi-prescribed takeover code. Raasi promoters are desperately trying to muster support for their line of argument that the takeover code without a buyback clause is particularly harsh on target companies in case of hostile bids, as corporate funds are not allowed to ward off the challenge.
ONGC to start deep water exploration in Krishna-Godavari basin
The Oil and Natural Gas Corporation (ONGC) has changed priorities and will start work on deep water exploration in the Krishna-Godavari basin instead of the Kerala-Konkan region as planned earlier. The corporation's ship, Sagar Vijay, is on its way to the east coast and work here is expected to begin shorty.
South Korea's recovery prospects get a leg-up as creditors lend helping hand
South Korea's recovery prospects got a double boost on Friday as global creditors agreed to extend maturities on $21.37 billion in short-term debt held by Korean banks and foreign exchange reserves climbed. Friday was the deadline for international banks to accept an offer by the Seoul government to exchange about $24 billion in short-term debts of Korean banks for longer-term obligations guaranteed by the government.
Naidu hopes McKinsey will help him stay aloft
Andhra Pradesh chief minister N Chandrababu Naidu has set about in right earnest to carry out a balancing exercise of a different kind, which could prove more difficult than the political brinkmanship he has exhibited over the past few days. With the state assembly's budget session slated to begin on Monday, the laptop-lugging chief minister has his task cut out given the difficult financial position of the government, on the brink of disaster several times in the past.
