ICICI Bank raises ADS size to $175 million
ICICI Bank on Tuesday decided to raise the size of its proposed ADS issue to $175 million, from $125 million. The issue proceeds will be used to fund the bank's acquisition plans and shore up its capital adequacy ratio. ICICI Bank plans to hit the market in March last week. The ADS will be listed on the NYSE.Nasdaq crosses 5,000
The Nasdaq Composite Index roared past 5,000 for the first time ever on Tuesday, as investor obsession with "new economy" stocks reached a fever pitch, undaunted by the Federal Reserve's threat of higher interest rates. Centre plans to stop rice imports
India wants to stop all rice imports by imposing duties to protect domestic growers hurt by the influx of cheap Asian grains, consumer affairs and public distribution minister Shanta Kumar said on Tuesday.
ED plans action against
Vijay Mallya The Government is contemplating action against UB group chairman Vijay Mallya for not responding to summons under Fera. Summons to Mallya were given four times in the last five months for alleged violation of Fera involving crores of rupees.
NPPA cuts prices of two drugs
The NPPA on Tuesday decided to reduce the prices of two scheduled bulk drugs. The price of Cloxacillin Sodium (oral grade) has been reduced by 40 per cent from Rs 2,356 per kg to Rs 1,421 per kg, and that of Trimethoprim has been cut by 26 per cent from Rs 1,172 per kg to Rs 865 per kg.
Bank strike called off
Four bank workers' unions which had planned a strike on March 13 have called it off, following talks with managements. The strike was called off following conciliation meetings of the unions with the IBA.
FIPB okays Nestle stake hike
The FIPB has approved the proposal of Nestle SA of Switzerland to raise its stake in Nestle India to 56 per cent, from 51 per cent. Nestle had sought the FIPB approval for raising its stake through the creeping-acquisition route.
Ford India to step up Ikon output
Buoyed by the success of the Ikon, Ford India is increasing its production by 20 per cent within the next two months. This will be the first major increase in production capacity by the company.
Udayan Bose is global MD of Lazard
Udayan Bose has been appointed as a global managing director of Lazard's new World-wide Partnership, formed after the merger of the three Lazard Houses, which came into effect on March 1, 2000.
A clarification
This is with reference to the report titled `Escotel, Modicom in merger talks', which appeared in The Financial Express on March 3, 2000. Escotel Mobile Communications denies that it is in discussions with Modicom for any form of merger.
-- Complied by S Hariharan
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.