BIZBITS

Cyclone to delay exports: NalcoBHUBANESHWAR: The state-run National Aluminium Company Ltd Nalco said on Wednesday that its aluminium ex...

Cyclone to delay exports: Nalco
BHUBANESHWAR: The state-run National Aluminium Company Ltd Nalco said on Wednesday that its aluminium exports from the cyclone-hit state of Orissa could be delayed for 15-20 days but the commitments will be met.

quot;Export commitments of aluminium metal from Calcutta Port could be delayed by 15 to 20 days,quot; Nalco chairman P Parvathisem told Reuters. quot;But we will be meeting the export commitments despite the cyclone.quot; Parvathisem said road links between the eastern state of Orissa and the capital of West Bengal, Calcutta, have been damaged in Friday8217;s super cyclone. He said Nalco8217;s alumina exports would not be affected as the shipments were sent through the Vishakapatnam Port in southern Andhra Pradesh state. quot;Production of aluminium metal at Angul and alumina at the refinery at Damanjodi is going on in full swing,quot; Parvathisem said.

A Nalco spokesman told Reuters on Tuesday that the company8217;s 218,000 tonne-per-annum smelter at Angul had not suffered anydamage but transport problems had hit sales. Nalco produced 101,316 tonnes of aluminium metal in the first six months of 1999/2000 April-March against 63,146 tonnes in the corresponding period of the previous year. It exported 40,915 tonnes of aluminium in the first six months of 1999/2000.

HCL Tech book-runners for IPO
MUMBAI: HCL Technologies has announced appointment of Kotak Mahindra Capital Company and ICICI Securities and Finance Company I-Sec as the joint book-runners to the company8217;s upcoming initial public offering IPO.

The company also appointed JM Morgan Stanley and DSP Merrill Lynch as lead managers to the issue, HCLT said in a statement. HCL is planning an IPO of 14.2 million equity shares, amounting to 10 per cent of its total equity capital, through book-building route, to fund its takeover initiatives in the US and Europe. The offer document of the issue was approved recently by the Securities and Exchange Board of India SEBI and the company would take a finaldecision on the size and timing of the issue based on the advise of the lead managers, it said.

Cadbury launches new Picnic brand
MUMBAI: Cadbury India has recently launched its popular chocolate brand, Picnic, in a new avatar. Picnic, one of Cadbury8217;s most popular brands wordwide, was first introduced in India in early 1998. Packed with raisins, peanuts, crisps, caramel and chocolate, the new product is expected to boost the company8217;s sales.