BEST FORGOTTEN
Article Abstract:
The Steel Tube of India (STI) group, based in Indore, recently announced the inauguration of a textile plant by Finance Minister Yashwant Sinha. However, the group's high pitched ad, released on the eve of the inauguration, completely omitted the name of one of its group companies, STI Products India (STIPI). None of the STI group's four listed companies' shares are traded regularly on the stock exchange. Between November 1982 and September 1994, the STI group collected Rs800.3 million from investors, other than promoters', through five public issues, four rights issues and one private placement. The investment is currently worth only Rs364.8 million which means that the investing public have lost 54.5 percent of their money entrusted to the group. Group company STI India's recent ad campaign may imply that its textile plant was inaugurated only in September 1998, but the plant was actually in operation since 1997. It claims to have completed its Rs2 billion textile project with a spindleage of 67,500 numbers. STIPI, which is based in Bangalore and manufacturers automobile tubes, posted a loss of Rs1.33 per share for 1997-98 which is possibly the reason why the promoters forgot to include this company's name in their advertisement. (tsm)
Publication Name: Financial Express Investment Week
Subject: Business, international
ISSN: 0015-2005
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
RAMA GROUP: DISPARATE DIVERSIFICATION
Article Abstract:
The Rama Group promoted by non resident Indians, the Ramsinghanis, began operations in India with a 33,000 tonnes per annum (tpa) sulphuric acid plant at Vapi in Gujarat. The group acquired a company in Pune producing single super phosphate (SSP) and sulphuric acid. It was named Rama Krishi Rasayan. Rama Fertilisers Pvt Ltd (RFPL) is another SSP unit at Janagadh. The group next ventured into the paper industry with the 10,000 tpa kraft paper unit, Rama Pulp & Papers Ltd (RPPL). The Rama group also ventured into petrochemicals with the formation of Rama Petrochemicals Ltd (RPCL) to manufacture methanol. The Rama group collectively raised Rs1,105.3 million from the public and the capital loss amounts to 77.6 percent constituting Rs857.2 million. In 1995, RPCL decided to diversify into manufacture of pharma and photographic grade gelatine with a capacity of 1,750 tpa at Chandigarh. It also plans to set up an export oriented denim project with a capacity of one million metres pet annum. Both projects are yet to commence production. (uh) >EN
Comment:
Begins operations in India with 33,000 tons yearly of sulphuric acid plant at Vapi in Gujarat
Publication Name: Financial Express Investment Week
Subject: Business, international
ISSN: 0015-2005
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: CONTINUES TO ELECTRIFY ALSTOM PLANNING TO REVAMP, DOWNSIZE OPERATIONS KIRLOSKAR ELECTRIC NET PROFIT DOWN 59%
- Abstracts: MERCEDES BENZ TO DOWNSIZE INDIA WORKFORCE. CARS ON DISASTER ROUTE, DEC SALES DOWN 28%
- Abstracts: VIRAJ GROUP: RISE AND FALL WITHIN A DECADE! CHEMPLAST AHMEDNAGAR FORGING (AFL)
- Abstracts: VYSYA BANK SIGNS MoU WITH ING BARINGS FOR CONSUMER FINANCE. GE CAPS, HDFC FIRM UP SEPARATE PLANS IN CONSUMER FINANCE
- Abstracts: RPG IN PACT WITH SEARLE TO RETAIN BRAND NAME. RAMCO, EIL IN PACT TO OFFER ERP SOLUTIONS. NAL, K'TAKA UDYOG MITRA IN TECH TRANSFER PACT