The Financial Express -- Corporate

Saturday, May 24 1997

Pertech defaults on payment to ad agencies

A sizeable payment default by Pertech Computers (PCL), the country's second largest player in the computer hardware industry, to its ad agencies has got some of the top names in the advertising world into a cash crisis. PCL is going through a rough phase with the personal computer market hit by a prolonged discount war and sales margins dropping sharply. Among the agencies affected by PCL's defaults are: MAA Bozell, Contract and Everest.

Infrastructure Bond Issue

HPCL mulls third partner for Vizag project

Hindustan Petroleum Corporation (HPCL) has finalised plans for setting up a 500 MW thermal power plant at Vizag in Andhra Pradesh. The corporation board cleared the proposal last week and the Memorandum of Understanding (MoU) with Andhra Pradesh State Electricity Board (APSEB) will be signed shortly. Hindustan Petroleum will hold 26% stake in the Rs 2,000 crore power project and will be the largest equity holder. APSEB will also have an equity stake though its percentage has not been finalised.

Murugappa arm floats acrylic bathtub venture

Coromandel Engineering Company of the Murugappa group has floated a joint venture with Australian firm Stylus Industries Pty Ltd for manufacture of acrylic bath tubs and related bathroom accessories. Coromandel Engineering Company will hold a 60% equity stake in the joint venture called Coromandel Stylus (India) (CSIL). The balance 40% will be held by the Australian partner. CSIL will, to begin with, have a capital base of Rs 65 lakh.

CBI quizzes Sinha, 4 SBI staffers

Special police team to probe muddle

CBI questions former SBI chairman

ICI net at Rs 42 crore, payout up 5%

Hero Honda targets 45% hike in motorcycle production

Dr Reddy's Lab eyes growth areas

Crisil net profit up a shade at Rs 8 crore

UTI MMMF yields 9.51%

Parasrampuria Synthetics debt rating downgraded

Tisco falls prey to MAT; other income props bottomline

SBI Antwerp case hearing on Tuesday

ITC needs to renew portfolio:Deveshwar