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Fix reasonable targets: Plan Comm to road ministry
Not impressed by the ambitious plans announced by Road Transport and Highways Minister Kamal Nath, the Planning Commission has advised the ministry to fix a “reasonable target” for construction of roads this year. “...Fix a reasonable target for award of contracts in the rest of the current year and raise it subsequently as soon as possible,” the commission said in a communiqué to the highways ministry. The commission pointed out to the ministry that it would not be able to award road construction contracts for more than 3,794 km in 2009-10, against a target of 12,652 km.

3G bids: Industry fears 'winner's curse'
In 2000, British Telecom and Vodafone were the darlings of stock markets in the UK. But share prices and revenues took a knock after the telecom majors won 3G spectrum through a high-priced bidding.

News of the day

Prepare for more range-trading
The market turned weak on the cusp of settlement and made a partial recovery in the first session of the December settlement. The Nifty ended with a net week-on-week loss of 2.2 per cent, closing at 4,941.75 points while the Sensex was down 2.3 per cent at 16,632 points. The Defty lost 2.5 percent with the rupee losing ground.
International Business

Glenmark raises Rs 413 cr through QIP

Drug firm Glenmark Pharmaceuticals today said it has raised Rs 413.56 crore through the issue of over 1.87 crore shares to institutional buyers on private placement basis. - Suven Life gets two more US patents for NCEs - Glenmark plans to raise Rs 300-350 cr through QIP - SC issues notices to Centre, others on Novartis petition - Road to recovery: Gujarat"s pharma share rises to 30% - Aurobindo Pharma receives Swissmedic approval - Ranbaxy to launch Rocaltrol(R) in US soon The QIP issue, which opened on September 10, closed yesterday, the company said in a filing to the Bombay Stock Exchange, adding that it has priced the equity shares at Rs 221 a piece. The company proposes to issue 18,712,935 equity shares to raise aggregate proceeds of Rs 413.55 crore and the net proceeds, after deduction of issue expenses stood at Rs 403.81 crore, the filing added. The outstanding paid up capital of Glenmark pursuant to the issue would be Rs 26.96 crore. The proceeds from the issue will be used for covering the company"s debt. At present, the debt-equity ratio stands at 1.3:1, with a total liability of around Rs 1,950 crore. Shares of the company rose to an intra-day high of Rs 221.85, a jump of over 3 per cent from its previous closing price. The stock was later quoted at Rs 219.30, up 1.86 per cent on the BSE.


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