GEC Alsthom starts due-diligence exercise, to decide new name soon
GEC Alsthom India Ltd has begun a due diligence exercise and is likely to decide on a new name for itself within the next few days. The Rs 525-crore company, is expected to call an extraordinary general meeting to have its new name ratified. The move comes in the wake of the company's parent GEC Alsthom to float a 50:50 venture between the UK-based GEC plc and its French partner, Alsthom.
Rifampicin makers file price review plea with centre, NPPA
Lupin Chemicals, Gujarat Themis Biosyn Ltd (GTBL) and Ciba CKD have filed review applications with the Union ministry of chemicals and fertilisers and the National Pharmaceutical Pricing Authority (NPPA) against the recent reduction in prices of rifampicin. The review applications came in the wake of the government's move to file a caveat in the Bombay high court, thus pre-empting the producers from taking legal recourse.
IOC capital expenditure for '98-'99 leaps up by Rs 900 cr
The Indian Oil Corporation (IOC) has earmarked Rs 3,200 crore as its capital expenditure during 1998-99, a figure well in excess of the Rs 2,300 crore in the current fiscal. The funds will be used for various projects in different stages of implementation. The more crucial projects include the Haldia-Barauni crude pipeline the six million tonne Koyali refinery.
Bonds in paperless mode may be exempt from stamp duty charge
The revenue department under the Union finance ministry has given an in-principle nod to waiving off stamp duty charges on the transfer of bonds in the dematerialised form. The proposal has now been forwarded to the Union law ministry for its comments. Approval of the proposal will boost asset securitisation by banks and financial institutions.
Gujarat Ambuja Cements bucks trend, sales up 35%
Defying sluggish demand, Gujarat Ambuja Cements has achieved the highest sales growth in the industry with a 35% increase during the first six months ended December 1997. Despite high interest costs, the company's net profit grew by 14% during the period in sharp contrast to the declining profits of most cement manufacturers. The company's sales also rose to Rs 524.28 crore, up from Rs 389.03 crore in the corresponding period last year.
