The Hindu Business Line - - THINK -

JUNE 12, 1999

Toy­ota to hike stake in In­dian ven­ture

Toy­ota Mo­tor Cor­po­ra­tion (TMC) of Japan is in­creas­ing its stake in the joint ven­ture com­pany in In­dia, Toy­ota Kir­loskar Mo­tors Pvt Ltd (TKMPL), from 74 to 87 per cent. Con­se­quently, its share of the Rs. 600-crore eq­uity of TKMPL will now go up to Rs. 522 crores from Rs. 444 crores. TKMPL is im­ple­ment­ing a project in In­dia for the man­u­fac­ture of what it calls "a multi-pur­pose ve­hi­cle which will have the char­ac­ter­is­tics of a pas­sen­ger car."

In­dus­trial growth in April rises 6.8 pc

For the first time in re­cent years, in­dus­trial growth in the in­au­gu­ral month of the fis­cal posted a 'rel­a­tively higher growth of 6.8 per cent, spurring hope of a pos­si­ble turn­around from the pro­longed spell of re­ces­sion, lat­est es­ti­mates of the Cen­tral Sta­tis­ti­cal Or­gan­i­sa­tion (CSO) show. As per the quick es­ti­mates of the In­dex of In­dus­trial Pro­duc­tion (IIP) with base 1993-94, for April 1999 the gen­eral in­dex stands at 147.4, which is higher by 6.8 per cent com­pared to April 1998 when it was a mod­est 4.8 per cent and an in­sipid 3.9 per cent in April 1997.

SEBI direc­tive on share de­nom­i­na­tion

The Se­cu­ri­ties and Ex­change Board of In­dia (SEBI) has asked stock ex­changes to in­di­cate the de­nom­i­na­tion value of the shares as fixed by the com­pany along with the mar­ket quo­ta­tions. In a press re­lease, SEBI said the cir­cu­lars of the Union Gov­ern­ment in re­spect of is­sue of eq­uity shares in stan­dard de­nom­i­na­tion of Rs. 10 or Rs. 100 has been mod­i­fied and "the com­pa­nies shall have the free­dom to is­sue shares in any de­nom­i­na­tion to be de­ter­mined by them in ac­cor­dance with sec­tion 13(4) of the Com­pa­nies Act, 1956."

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