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Corporate

Thursday, May 28, 1998

	Lupin Labs set to sew up largest Indian pharma acquisition in US The Rs 642-crore Lupin Laboratories is close to sewing up its first major acquisition in the US. The deal would translate into the largest asset acquisition by an Indian drug company in the US, and will significantly enhance Lupin's generic market reach there. Lupin's top management did not, however, divulge the details of the acquisition.		Oriental Bank net seen up 16% to Rs 205 crore The Oriental Bank of Commerce net profit is likely to rise 16% to around Rs 205 crore in 1997-98, according to analysts. The bank had posted a net profit of Rs 175.3 crore last year. The Delhi-based public-sector bank, the first nationalised bank to tap the capital market, will announce its results on Friday.
	IPCL to maintain 40% dividend The Indian Petrochemicals Corporation Ltd (IPCL) board has recommended that the company's dividend should be maintained at 40 per cent for 1997-98. The board also approved IPCL's long-term corporate plan "Global Strategy And Vision 2010," which will serve as a guideline for achieving growth in terms of size, volumes and technological excellence.		MSEB shelves eight-year $50m foreign currency loan The Maharashtra State Electricity Board (MSEB) has shelved its 8-year $50-million foreign currency loan. The loan was at 85 basis points over Libor. MSEB's subscription for a 30% stake in the Dabhol Power Company (DPC) will now be entirely funded out of rupee funds.

Air-India draws up plans to avoid debt trap by reducing operations
Air-India (A-I) has drawn up a strategy to cut down operating losses and prevent the airline from falling into a debt-trap. Private placement of bonds worth Rs 100 crore, securitisation of receivables worth Rs 600 crore and wrap-around loans of Rs 315 crore are some of the options that A-I will consider to increase its cash-flow without adding to its debt burden.

Ind Auto reworks Fiat ad to woo customers
Ind Auto, the 51:49 joint venture of Fiat India Automobiles and Premier Automobiles, has launched a year-long advertising programme to restore consumer confidence in the Fiat brand name. The estimated Rs 10 crore campaign seeks to firmly establish Fiat's pedigree and its makers' commitment to India.

ONGC may pick up stake in Bina refinery
Corporate Briefing
JL Morison set to unveil premium toothbrush
Marketplace Briefing
Kodak launches business-imaging systems
Financial Briefing
ICI now calls it quits in Asian Paints
Bharat Electronics makes foray into civilian markets
SBI Caps net profit swells 63% to Rs 28 crore
Cosmos Cooperative Bank hikes paid-up capital
ICI may park remaining Asian Paints shares with a "friendly" FII
HC order forces HLL to keep Industrial Perfumes factory operations
Addon to add more horns