Markets regulator Sebi has debarred 70 directors of ``vanishing companies'' from accessing the capital market for five years. One of the criterion applied by Sebi for a `vanishing' firm included companies which did not comply with listing requirements.

Copper producers hike prices

Encouraged by an upturn in copper prices on the London Metal Exchange, the country's three main copper producers on Monday raised their prices for different products, the third hike in July. Sterlite Industries (India), Birla Copper and the state-run Hindustan Copper raised cathode prices by Rs 1,000 to 108,000 per tonne.

Creditors agree to roll over Daewoo debts

South Korea's second-largest conglomerate Daewoo Group got a fresh lease of life on Monday, when the company's creditors agreed to roll over its short-term loans, helping it avoid bankruptcy. Representatives of Daewoo's 69 creditors agreed to accept $8.4 billion worth of collateral and extend $3.4billion in new loans.

Heinz to launch ketchup brand

The US-based foods major HJ Heinz, five years after it took over Glaxo's food products division, is gearing up for an year-end launch of one of its own brands-Heinz ketchup-in the country, people familiar with the matter say. The ketchup is globally its flagship brand.

VSNL shares

The state-owned Videsh Sanchar Nigam will offer its shares to the domestic retail investor at a price band of Rs 700-800, which effectively means that the Government will offer them at a discount of at least 35-40 per cent to the current price of Rs 1,180 on the BSE. The company intends to enter the domestic retail equity market in mid-August.

TEC plans Rs 4,800cr investments

The Mumbai-based Tata Electric Companies plans to invest Rs 4,800 crore in the power sector during the next three years. The company has kicked off investments worth Rs 2,600 crore in select projects.

Shaw Wallace moves Supreme Court

Shaw Wallace & Co Ltd hasappealed to the Supreme Court against the Calcutta high court's June 15 order setting aside the company's repayment plan for its creditors. A division bench, comprising justices Ruma Pal and MK Basu, in its June 15 order had set aside the liquor firm's proposed repayment plan.

JCT seeks more time from FIs

The MM Thapar-controlled JCT Ltd has sought more time from financial institutions for bringing in Rs 100 crore as promoters' contribution for restructuring. The institutions, led by IFCI, had asked the company to deposit the amount in an escrow account as a precondition for approving a restructuring package.

Voltas to divest stake

Voltas is ready to give AB Electrolux 100 per cent control of the joint venture Electrolux Voltas, managing director ND Khurody said on Monday. The Tata group company had transferred its refrigerators and washing machines business to the joint venture as part of a restructuring plan.

Shell discovers oil at Rajasthan Guda-II

Shell India ProductionDevelopment BV has discovered oil in an exploration block in Rajasthan, an industry official said on Monday. According to the official, there was oil discovery at Shell's Guda-II well on July 4.

ANZ Grindlays to raise NBFC stake

The Foreign Investment Promotion Board on Monday allowed multinational banking major ANZ Grindlays to increase its stake in non-banking finance company Esanda Finance to 75 per cent. Canara Bank approaches BIFRAn aggrieved Canara Bank on Monday moved the BIFR to appoint a court receiver for attachment of two ABCL flats in Mumbai to recover dues worth Rs 14 crore. The board had declared ABCL a sick company on July 9.

Lupin Labs preference offer

The Lupin Laboratories board will not consider the proposed allotment of two lakh 13 per cent preferential shares of Rs 100 each to Allahabad Bank, essentially meant to augment the company's working-capital requirements, at the Tuesday's board meeting.

Elf to launch counter-bid

Employing the Pac-Man defensestrategy, in which a target company turns around and makes an offer for its hostile bidder, France's Elf Aquitaine SA has said it will launch a 50 billion euro ($50.97 billion) cash-and-stock counterbid to acquire TotalFina SA.

Sensex up 77 points

The bellwether 30-share Sensex found support in software, pharma and FMCG stocks and closed its Monday innings 76.81 points higher at 4716.81 points. Bulls returned to the market after two days of technical correction.

IDBI Flexibonds

IDBI is offering an annualised 12.5 per cent for its forthcoming Rs 1,500-crore `Flexibonds 7' issue, 20 basis point higher than ICICI's `Safety Bonds'. CMD GP Gupta said the Flexibonds series 99-b with four instruments will open for subscription on July 27.

Compiled by S Hariharan