Godrej & Boyce Mfg Co seems to have a tough task ahead for raising over Rs 178.60 crore to fund the restructuring announced by the group recently. The restructuring includes a minimum outgo of Rs 48 crore for buying out GE's 40 per cent stake in Godrej GE Appliances whose equity in 1997-98 was Rs 120 crore.

Twin-bond auction sails smoothly

The twin gilts auction of government of India dated securities for a notified amount of Rs 5,000 crore sailed through smoothly amidst tight liquidity condition without devolving on RBI or primary dealers. The RBI pegged the yield of the eight-year paper at 11.35 per cent while the 19-year paper was pegged at 12.04 per cent.

Cadila Pharma plea

The ongoing battle between the Ahmedabad-based pharmaceutical majors, Cadila Pharmaceuticals and Cadila Healthcare over infringement of copyright of CPL's cardiovascular drug, Envas, an undisputed market leader, has finally been resolved.

Sonata Software eyes acquisitions

Sonata Software is looking at acquisitions of infotech companies in the service sector in the US. The purpose is to enhance the company's presence in major markets including the European Union as part of its growth strategies. The company is planning to appoint an consultant to frame the modalities.

OIDB to take 10% in Numaligarh plan

The Oil Industry Development Board will take a 10 per cent stake in the Rs 2,600 crore Numaligarh refinery scheduled to be commissioned in November this year. This is the first time that the board will be participating in the equity of a refinery. The three-million tonne project is now ready for full-fledged commissioning and talks are on with the Bangladesh Government to buy half the output.

British Airways, Avborne in deal

British Aerospace on Wednesday announced a new maintenance service for the Airbus Industrie A300-B4, intended to entice more cargo shippers to use the carrier in the Western Hemisphere. British Aerospace, a partner in the European consortium that has delivered 25 of the converted freighters since 1996, said Avborne Heavy Maintenance would provide service for the planes in Miami, beginning March next.

Infosys surges past Rs 8,000-mark

Infosys Technologies shares on Thursday crossed the Rs 8,000-mark to become the highest priced scrip in the country's bourses. Infosys stock, which closed at Rs 8,245.75 on BSE and Rs 8,234.20 on NSE Thursday, overtook Madras Cements stocks, which closed at Rs 7,954.55 and 7,930 on BSE and NSE.

Tisco private placement

Tata Iron has successfully completed a private placement of Rs 150 crore AA+ rated taxable debentures through the book building route. Tata Steel had offered the bonds in the range of 12.50-12.70 per cent payable annually for an average tenor of seven years. The Rs 150cr issue attracted bids in excess of Rs 280 crore.

Car makers may not raise prices

Despite a possible 10 to 15 per cent increase in production costs consequent to the hike in diesel prices, car manufacturers are unlikely to effect any immediate increase in prices. The competitive situation prevailing in the market is holding them back.

Compiled by Samuel Bodapaty