Gas transporter Gujarat Gas Company said its pretax earnings for July-September 2006 quarter would be hit by Rs 6 crore after floods in Gujarat affected gas supplies and prices. "Lower offtake of gas by some of the customers and alternative sourcing of gas supplies at higher rates is expected to impact the company," Gujarat Gas said in a statement on Wednesday. The company, which is an arm of Britain's BG Group, said the impact was limited only to the present quarter. Gujarat Gas runs a city gas distribution network in the city of Surat and its operations were hit after flood waters entered its facilities in the region.
Packaging firm Essel Propack said on Wednesday it signed an agreement to buy out Packaging India, a unit of personal care and cosmetic products maker CavinKare Pvt. Ltd.
Sun Pharmaceutical Industries has received final approval from the US Food and Drug Administration to market gabapentin capsules and tablets. Gabapentin is a generic version of Pfizer Inc.'s epilepsy drug Neurontin.
Tractor and motorcycle maker Escorts said on Wednesday its board had approved the divestment of its entire shareholding in Carraro India to its joint venture partner Carraro S.p.A. of Italy for 20 million euros. Escorts decided to sell off the stake because the company wants to focus on three core areas - tractors, construction equipment and auto components.
NCL Industries said on Wednesday its board had approved the issue of one s0hare for every six held in NCL Energy for the merger of the two companies. NCL Energy is engaged in generation of hydel power, having two projects of 7.5 MW and 8.25 MW in Andhra Pradesh and Karnataka respectively, generating power for the last few years.
State-run Andhra Bank said on Wednesday its board approved forming a joint venture with Japan's Dai Ichi Mutual Life Insurance and Bank of India to enter the life insurance business.