The offer price of Rs 80 per
share by US-based Illinois Tool Works (ITW) for a 49 per cent
stake in its Indian subsidiary, ITW Signode India Ltd, is likely
to see an upward revision. This follows strong market rumours
of a counter offer by the MS Dalmia group.
THE fast-growing Glenmark Pharmaceuticals
is working on four more compounds — currently in pre-clinical
development — in the asthma segment, as part of its drug discovery
programme.
INDIAN Financial
Institutions (IFIs), led by the Industrial Development Bank
of India (IDBI), are weighing the option of taking over the
equity of Enron-led Dabhol Power Company (DPC) of around $900
million during the preparation of a package. Simultaneously,
the IFIs are also looking at the option of converting majority
of the loan amount of $1.2 billion into the equity.
Consolidation
of stock exchanges (SEs) now seems more closer than in the past,
if the hopes of some of the faltering and low-volume SEs to
merge with the The Stock Exchange, Mumbai (BSE) fructify, albeit
after the latter’s plans for demutualisation and corporatisation
are cleared by the Securities and Exchange Board of India (Sebi)
and the ministry of finance (MoF).
The
annual inflation rate again rose by 0.19 percentage points to
5.41 per cent for the week ended August 11 as primary and manufactured
products became costlier.
