HLL's new share certificates
Hindustan Lever Ltd (HLL) will issue new share certificates of Re 1 face value across-the-counter in exchange for its earlier Rs 10 face value shares. In a statement on Friday, HLL said that in a nationwide exercise, 12 such counters were set up. The exchange began on August 16, 2000, and ran for the last one month. The places with exchange counters were Mumbai, Delhi, Calcutta, Chennai, Bangalore, Kanpur, Rajkot, Ahmedabad, Baroda, Surat, Pune and Coimbatore.Ranbaxy's new drugs
Ranbaxy will be soon launching anti-infection formulations, `Co-Amoxyclav' and `O-Floxcine' in the German market. The patent for `Co-Amoxyclav' has already expired in the UK and Germany and will be expiring in 2002 in France. However, patent for `O-Floxcine' will expire in August 2001 in the UK and Germany.
L&T to complete demerger
Larsen & Toubro Ltd plans to complete the demerger of its cement business by the end of this fiscal, according to the company's president and wholetime director Mohan Karnani. Cement business constitutes 25 per cent of the total business of this Rs 8,000-crore company whose other major areas of activity are engineering and information technology.
Gulf Oil's borrowing limit hiked
Shareholders of Gulf Oil India on Friday approved the company's plans to increase its borrowing limit to Rs 150 crore from Rs 100 crore to finance its long-term business requirements. The company has also chalked out expansion plans with special focus on south India.
OTCEI to review IPO norms
The Over The Counter Exchange of India (OTCEI) has decided to review its initial public offer norms to attract technology-based companies for listing at the exchange. OTCEI is also considering to dispense with compulsory market making mechanism and will replace investor friendly method in order to align them as per the market requirements.
Sensex down 109 points
After a weak start in the first half, the stocks from the software sector witnessed near panic selling. A large number of stocks hit the lower circuit, and the net impact on the Sensex was a fall of 109 points to 4563. The advance-decline ratio was extremely negative and reflected the weak sentiment.
Indian Hotels plans ADR
Indian Hotels may opt for an American Depository Receipt (ADR) issue to part finance its $500 million plans to acquire luxury hotels in the US. "The company, which runs Taj Hotels, plans to acquire three luxury hotels in the US. The project is estimated to cost around $500 million. We may go for an ADR issue," Indian Hotels managing director RK Krishna Kumar said. The amount, to be raised through the ADR, which is the first ever of its kind by an Indian hotel company.
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