Update 4
Markets trading flat
The 30 share-index is currently trading flat. Sectors like IT, telecom and pharma are trading lower whereas engineering, auto and steel managed to trade in positive.
The BSE Sensex is currently trading at 13,704.69, down 1.84 points (2.19 p.m).Out of the 2542 shares traded so far, 1240 have moved up, 1210 have dropped while 92 remained unchanged.
Leaders on the index included BHEL, which buoyed up 2.73% to touch Rs 2529.90, L&T, which inched up 2.24% to Rs 1404 and NTPC, which gained 1.89% to Rs 142.85. Bajaj Auto, HDFC Bank, HDFC and Grasim also moved up.
Laggards on the BSE Sensex were Satyam, that declined 3.08% to Rs 463, Bharti Airtel, that reduced by 2.38% to Rs 623 and Reliance Energy, that slid 1.81% to Rs 542.65. HLL, ONGC, ITC and Cipla were among the major losers.
Siemens Board recommends 190% dividend
The board of Siemens has recommended a dividend of Rs 3.80 (i.e. 190%) per equity share of Rs 2 each for the financial year ended September 30, 2006.
The board of directors has decided to divest/sell the company`s 100% stake comprising 12,425,000 equity shares of Rs 10 each in its subsidiary, Siemens Public Communication Networks (SPCNL), Bangalore, to Nokia Siemens Networks India, a Nokia Siemens 50:50 joint venture company.
The board of directors has also approved the proposal for the sale/transfer of the company`s undertaking comprising of `Communication Enterprise Networks Division` (COM EN) with effect from April 01, 2007 in favour of a new 100% subsidiary company to be incorporated by Siemens AG, Germany (SAG) in India for this purpose, consequent upon the global restructuring of the said business by SAG, Germany.
The board has also constituted a committee of the directors to finalize the valuation, price consideration and take all the decisions and steps required for the implementation of the decisions.The above decisions were taken at the board meeting held on November 23, 2006.
Greaves Cotton declares final dividend
Greaves Cotton, at its 87th Annual General Meeting held on October 19, 2006 has declared a final dividend of Re 1 per share for the financial year, 2005-06.
The company has considered the re-appointment of Gautam Thapar and Dr S Kapur as directors of the company and Sharp & Tannan, chartered accountants, as statutory auditors of the company to hold office from the conclusion of this annual general meeting until the conclusion of the next annual general meeting of the company, on remuneration, terms and conditions.
VSNL to merge subsidiaries with itself
With a view towards having a simpler structure that can be managed more easily without compromising on operational efficiencies, Videsh Sanchar Nigam plans to merge nearly half of its subsidiaries with itself, as a part of a major restructuring exercise.
With over 50 international subsidiaries, VSNL has already begun the process of restructuring to reduce the number of its subsidiaries to 30.
The Tata group company has begun talks with tax and legal advisers to complete the restructuring plan in the next four to nine months. The majority of these subsidiaries have come into the VSNL fold after the acquisition of Bermuda-based Teleglobe International Holdings in February this year.
The 30 share-index is currently trading flat. Sectors like IT, telecom and pharma are trading lower whereas engineering, auto and steel managed to trade in positive.
The BSE Sensex is currently trading at 13,704.69, down 1.84 points (2.19 p.m).Out of the 2542 shares traded so far, 1240 have moved up, 1210 have dropped while 92 remained unchanged.
Leaders on the index included BHEL, which buoyed up 2.73% to touch Rs 2529.90, L&T, which inched up 2.24% to Rs 1404 and NTPC, which gained 1.89% to Rs 142.85. Bajaj Auto, HDFC Bank, HDFC and Grasim also moved up.
Laggards on the BSE Sensex were Satyam, that declined 3.08% to Rs 463, Bharti Airtel, that reduced by 2.38% to Rs 623 and Reliance Energy, that slid 1.81% to Rs 542.65. HLL, ONGC, ITC and Cipla were among the major losers.
Siemens Board recommends 190% dividend
The board of Siemens has recommended a dividend of Rs 3.80 (i.e. 190%) per equity share of Rs 2 each for the financial year ended September 30, 2006.
The board of directors has decided to divest/sell the company`s 100% stake comprising 12,425,000 equity shares of Rs 10 each in its subsidiary, Siemens Public Communication Networks (SPCNL), Bangalore, to Nokia Siemens Networks India, a Nokia Siemens 50:50 joint venture company.
The board of directors has also approved the proposal for the sale/transfer of the company`s undertaking comprising of `Communication Enterprise Networks Division` (COM EN) with effect from April 01, 2007 in favour of a new 100% subsidiary company to be incorporated by Siemens AG, Germany (SAG) in India for this purpose, consequent upon the global restructuring of the said business by SAG, Germany.
The board has also constituted a committee of the directors to finalize the valuation, price consideration and take all the decisions and steps required for the implementation of the decisions.The above decisions were taken at the board meeting held on November 23, 2006.
Greaves Cotton declares final dividend
Greaves Cotton, at its 87th Annual General Meeting held on October 19, 2006 has declared a final dividend of Re 1 per share for the financial year, 2005-06.
The company has considered the re-appointment of Gautam Thapar and Dr S Kapur as directors of the company and Sharp & Tannan, chartered accountants, as statutory auditors of the company to hold office from the conclusion of this annual general meeting until the conclusion of the next annual general meeting of the company, on remuneration, terms and conditions.
VSNL to merge subsidiaries with itself
With a view towards having a simpler structure that can be managed more easily without compromising on operational efficiencies, Videsh Sanchar Nigam plans to merge nearly half of its subsidiaries with itself, as a part of a major restructuring exercise.
With over 50 international subsidiaries, VSNL has already begun the process of restructuring to reduce the number of its subsidiaries to 30.
The Tata group company has begun talks with tax and legal advisers to complete the restructuring plan in the next four to nine months. The majority of these subsidiaries have come into the VSNL fold after the acquisition of Bermuda-based Teleglobe International Holdings in February this year.
posted by SY at 3:01 PM
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