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Wednesday, May 6, 1998
  ICICI set to pick up 10% stake in Petronet India
Industrial Credit and Investment Corporation of India (ICICI) will pick up a 10% stake in Petronet India, the joint venture pipelines company where IOC, HPCL and BPCL hold a combined 50% stake. While IOC has subscribed to 18% of the equity, BPCL and HPCL have picked up 16% each. IBP will eventually pick up 2% from IOC's stake. 		  Saurashtra Cem lists preferential shares ahead of Sebi verdict
The promoters of Saurashtra Cement, facing an open hostile offer by the Autoriders group, have quietly managed to get their controversial preferential allotment to increase their stake listed at the Saurashtra Kutch Stock Exchange. This pre-empts a final view from SEBI on the legality of the three tranches of allotment -- together accounting for 1.58 crore shares.

Slowdown stings Grasim net
Grasim Industries, the Aditya Birla group flagship, has posted a 16 per cent decline in net profit despite a 13.3 per cent growth in net sales for the 1997-98 fiscal. Lower realisation in most lines of business dragged down profit margins. 		United India strikes cheap ONGC reinsurance deal
The Chennai-based United India Insurance has put through the reinsurance deal of the Oil & Natural Gas Corporation (ONGC) for 1998-99, about 20 per cent cheaper than that of the previous year. The assets covered by the policy is in excess of $ 12 billion.


Touchwood Agrotech Pvt. Ltd.

Global Tenders invited by MSTC

Screen: The Business of Entertainment

 
TVS Electronics plans to spin off UPS division into a separate arm
TVS Electronics Ltd, in a bid to bring about a strategic shift in its export focus, plans to spin off the uninterrupted power supply (UPS) division into a separate wholly-owned subsidiary. However, TVSE director Gopal Srinivasan told The Financial Express in an interview that the new subsidiary company had only been mooted now and it could be a year or more before it became a reality.
Hoechst Marion Roussel ties up with Chiron to make vaccines
German multinational Hoechst Marion Roussel and the $1-billion Chiron Corporation of the US has announced the formation of a vaccines joint venture, Chiron Behring Vaccines Pvt Ltd, in India. The joint-venture company, to be owned 51 per cent by Chiron and 49 per cent by Hoechst Marion Roussel, will initially manufacture the anti-rabies vaccine, Rabipur.

 


CORPORATE
Thermax likely to rake in Rs 350 cr from EPC orders
Gridco likely to incur Rs 200cr loss in '97-98

ECONOMY
Centre urged to prune stake in state-run banks
Asset reconstruction firm mooted to issue swap bonds for bad loans

EXPRESSIONS
A welcome move
Total autonomy

MARKETS
Dip in forwards may prompt Grasim to go ahead with external-debt plan
Crude futures prices fall as hopes on Opec meet wane

LEISURE
Modules on offer from University of Strathclyde
Building and construction industry offers a range of opportunities