Mar 22, 2008

Corporate News 22nd March 2008

Crompton Greaves Board to consider third interim dividend

Crompton Greaves Ltd has informed that a meeting of the Board of Directors of the Company will be held on March 28, 2008, to consider for declaration of third interim dividend for the financial year 2007-08.

Further the Company has informed that, April 04, 2008 has been fixed as the Record Date for the purpose of payment of interim divided. The dividend payment date will be April 17, 2008.

Allahabad Bank cuts Interest on Housing Loans by 25 Basis Points

Allahabad Bank has informed that the Bank has decided to reduce interest on Housing Loans by 25 basis points for both floating and fixed loans up to Rs 20 lacs with effect from April 01, 2008.


State Bank of Bikaner and Jaipur to raise Tier-I capital

New Delhi: State Bank of Bikaner and Jaipur has decided to raise Tier-I capital by private placement of unsecured, redeemable, non convertible IPDI - aggregating to Rs 200 crore. The necessary approval have been placed before the directors of the board. The company made this announcement during the trading hours today, 17 March 2008.

Securities Capital - Outcome of Board Meeting

Securities Capital Investments India Ltd has informed that the Board of Directors of the Company at its meeting held on March 18, 2008, has approved the change in the name of the Company and the Object Clause of the Memorandum of Association of the Company. The said changes are subject to the approval by members, Registrar of Companies and stock exchange.

The Board has decided to conduct a Postal Ballot to get the approval of the Shareholders for the same.

Best & Crompton - Outcome of Board Meeting

Best & Crompton Engineering Ltd has informed that the Board of Directors of the Company at its meeting held on March 18, 2008, has considered and approved a Draft Scheme of Amalgamation of "Beacon Weir Ltd", a Wholly Owned Subsidiary of the Company, with the Company, in terms of Sections 391-394 of the Companies Act, 1956 effective from April 01, 2007.

Further the Company has informed that, the Board of Directors of Beacon Weir Ltd at its meeting held on March 18, 2008 approved the Draft Scheme of Amalgamation of this Wholly Owned Subsidiary with the Company with effect from April 01, 2007.


Infotrek Syscom to issue and allot warrants

New Delhi: The board of Infotrek Syscom has decided to issue and allot 30,00,000 warrants each convertible into one equity share of Rs 10 each at a premium of Rs 50 per share. Further, the board decided to form a committee of 2 members namely B K Soni (managing director) and Aruna Soni (director) to comply with the procedural requirement for the allotment of warrants, convertible warrants, equity shares and other instruments. This was decided at the board meeting held on 17 March 2008.


PNB expects 20-pc rise in FY08

New Delhi: Punjab National Bank expects around 20 per cent growth in net profit during the current fiscal. According to the source, the bank expects the net profit to be in the range of Rs 1,800 crore to Rs 1,900 crore during 2007-08.

Pfizer betting big on Asia

Mumbai: As the world's largest drug maker Pfizer braces for big losses of billions of dollars with its blockbuster cholesterol drug lipitor facing generic competition, the company is now turning to India and China for respite.

For the fist time, Pfizer's Asia revenues were higher than its US sales. So far Pfizer's key focus in Asia was Japan but now Pfizer plans to focus its research initiatives on disease areas common in Asia. The company's new oncology center in California is scouting for Indian partners to jointly develop drugs for cancers common in Asia.

The company says its clinical trial programmes are expected to substantially increase in India besides its research and development investment in the country. Clearly, as the giant reorganises its global portfolio of research programmes in order to reallocate resources it looks like India is well positioned to play a critical role in the next growth phase of this $50 billion giant.