Business Today - Date: 6/24/99 3:01:30 PM
Ramco Industries hives off Ramco Systems
ramco.com
Ramco Industries has hived off Ramco Systems effective April 1, 1999. The company will issue 1 share of Ramco Systems for every share of Ramco Industries. On NSE today, Ramco Industries scrip was trading at Rs 818.15 up Rs 60.60 since yesterday.
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Pentafour to acquire companies abroad; ADR/ GDR issue approved
pentafour.com
Pentafour will be investing US$60mn in acquiring software and multimedia companies in the US, Europe and Asia. Mr. V Chandrasekaran, CMD, Pentafour said that acquisitions abroad will enable the company expand its reach in the markets. Meanwhile, shareholders of Pentafour have approved the proposed US$60mn GDR/ ADR issue as well as a raise in authorized capital from Rs300mn to Rs 500mn.
According to Mr Chandrasekharan, multimedia would contribute 60-70% of the company's revenue in two years time, currently they contribute 55% of the revenue. This will directly follow the change in the world market for animation work in films, which is expected to increase from the current level of US$15bn to US$40bn in three years time.
Pentafour has set Sept 15 as the record date for its proposed bonus share issue. The company said earlier that it will issue one share for every existing Rs10 share, and it is open to considering more bonus shares in the future. Pentafour's shares are listed on the Luxembourg Stock Exchange and London Stock Exchange. In BSE late this afternoon, Pentafour was trading Rs1096.25 up 23.35.
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Ford to launch 'Ikon' in November
india.ford.com
Ford India Ltd is all set to launch 'Ikon' in November this year. Mr. Phil Sanders, Director, FIL said pricing and positioning of the car would soon be finalized. He said that trial production is scheduled to commence in July at the company's plant at Maraimalai Nagar near Chennai. The company is planning to produce 25,000 units in the first year and exports will commence within 18 months. Latin American markets are the most likely export destinations.
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L&T plans to acquire stake in Advent Computer Services
larsentoubro.com
L&T Information Technologies is planning to acquire a stake in Advent Computers Services. It will manage the operations and product development at Advent. The Memorandum of Understanding also includes a tripartite agreement with a German IT firm-CCG Munich, for providing offshore development activity for CCG's clients and to take care of CCG's resource management.
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Japanese Stanley Electric to take-over Lumux
Stanley Electric a Japanese auto-component major is close to taking 51% stake in Lumux Industries. Negotiations are in the final stage and Stanley will soon increase its stake from 18% to 51% through a preferential offer and dilution of equity by the promoters the Jain family, holding 38 %. After Denso, Koyoseiko and Somic, Stanley joins the other Japanese auto-component companies in increasing their stake in Indian venture. The preferential offer is pegged at Rs120 per share. Lumux is the largest manufacturer of illuminating automotive products in India with a turnover of Rs1.4bn and a net profit of Rs350mn. Stanley has a 90 % market share in lighting equipments for two-wheelers and 30 % in four-wheelers market in Japan.
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Grasim to build a 1mt plant in Trichy
adityabirla.com
Grasim Industries will invest Rs3.1bn for setting up a 0.93mn ton cement plant at Raddipalayam, near Trichy in Tamil Nadu. Construction at the site has commenced and the plant is expected to commence production by February next year. This greenfield venture will take Grasim's capacity to 11.58mn ton next to L&T and ACC, both of whom have a capacity of 12mn ton each. Grasim will source limestone from the recently acquired Dharni cement plant which is close to Raddipalayam and sell over 90% of the production is Tamil Nadu. This is part of the company's strategy to increase its base in south where it does not have a strong presence.
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