Sterlite on Crisil watch
The Credit Rating Information Services of India Ltd (Crisil) has placed the outstanding long-term ratings of Sterlite Industries (India) Ltd’s (SIIL) debt instruments on “watch with developing implications” following the company’s decision to restructure its copper and power transmission line/aluminium conductor business. The Rs 400-crore non-convertible debt and the Rs 25-crore preference share programmes have been placed under AA and PFAA (rating watch with developing implications). The Sterlite board has decided to transfer the copper business as a going concern with effect from April 1, 2003 with the assets and liabilities of the copper business and investments transferred at their book values, the company said in a notice to the Ahmedabad Stock Exchange. Shareholders shall at their option be entitled to issue allotment of equity share of Rs 5 each in the new entity for every share or Rs 175 for every share held in SIIL.
CMC Ltd has been selected by the Reserve Bank of India for providing an “integrated establishment system” for its 13 central office departments in Mumbai and 20 regional offices in India, a release said.
Sundaram Growth Fund, the equity fund of Sundaram Mutual, has declared a dividend of 20 per cent (Rs 2 per unit of Rs 10).
Benchmark Mutual Fund has declared bonus for Nifty BeES unit holders. The bonus units will be in the ratio of 1 unit for every 110 units held.
I-flex Solutions has announced that its product Flexcube has gone live in Antwerp Diamond Bank, Mumbai. It has also designed and deployed a data centre for the bank.
Icra has downgraded the rating assigned to the Rs 5-crore bond programme of HMT Bearings to ‘MB Plus’ indicating inadequate safety, a release said.
Mahindra & Mahindra has ventured into the industrial engines business. The engines will be manufactured at its plant in Kandivli and Nagpur.
Chittaranjan Locomotive Works (CLW) has started indigenous production of 3 phase AC electric locomotive. Its board has set a target of 69 locomotives for the current financial year.
National Aluminium Company Limited (Nalco) has received the top export award of Capexil for the year 2001-02 for the fifteenth consecutive time.
TPG Information System, the in-house information system department for the business-to-business express carrier TNT Express, has been recognised as one of the world’s top technology developers by Compass Management Consulting.