News

News

Ø  IMF: India to grow faster than China at 7.5%;

Ø  Open to different options on Land Bill issue: Govt

Ø  Rel Jio may push Airtel to buy Aircel's 4G spectrum

Ø  FM Jaitley promises rational personal taxes

Ø  Adani Enterprises buys out Glencore's stake in JV

Ø  IMF warns slow China, urges Beijing to float yuan

Ø  Government begins roadshows for NTPC, BEL disinvestment

Ø  Govt drops Greenpeace India from its list of environmental NGOs

Ø  Govt hopes to roll out GST next year: Modi

Ø  ONGC-RIL row: Technical consultant report set to be delayed

Ø  Mah clears two Mumbai metro routes worth Rs 12,618 cr

Ø  10-year bond yield may touch 7.40% by end Dec: BS Poll

Ø  Defence companies in India to form industry alliance

Ø  European crisis will bend but not break Tata Steel

Ø  IL&FS, GIFT sign MoU with Siemens to develop smart mobility solutions

Ø  Govt panel recommends parity in taxation of various CSR activities

Ø  Sterling Generators plans Hosur facility to cut logistics cost

Ø  Suzlon bags repeat order from Orange for 100.8 MW

Ø  Arvind to double revenues from Tresca brand in 3 years

Ø  Cafe Coffee Day parent to launch IPO on 14 October

Ø  Aditya Birla Nuvo to sell 49% in renewables unit to Abraaj

Ø  Edelweiss setting up $1 bn real estate fund

Ø  Adani faces further delays over Australian coal mine permit

Ø  Parag Milk Foods files for IPO to raise Rs325 crore

Ø  India takes 17% more Iran oil in September than in August

Ø  Sensex rises for 5th consecutive session, Nifty settles above 8,150

Ø  Anil Ambani's Reliance MediaWorks sells 9.75% in Prime Focus for Rs 155 cr

Ø  Credit Suisse upgrades Coal India, NTPC to 'outperform' from 'neutral'

Ø  Terrorism has long-lasting impact on Indian economy: Moody's

Ø  Profit of Sensex firms likely to fall 3.7% in Q2: BofA-ML

Ø  Rational personal taxes, flat 25% corporate tax in 4 yrs: FM

Ø  Infibeam's Rs 450-cr IPO gets Sebi nod

Ø  Steel sector set to miss 300 mt output goal by 2025

Ø  Over Rs 77,000 cr fly out of mutual funds in Sept

Ø  ndiaFirst receives Rs 150 cr capital from promoters

Dr Reddys Laboratories Allots Equity Shares

The Committee of 23 June 2012 Dr Reddys Laboratories has 60,526 shares in the capital of Rs 5 each under the Employee stock option plans Dr. Reddy, 2002 and 6569 shares in the capital of Rs 5 every underlying reactions 6569 under Dr. Reddy ADR scheme employees Stock Option, 2007 to a number of employees for exercising their stock options.

Indian Overseas Bank launches e-kiosk at Cathedral branch in Chennai

Indian Overseas Bank (IOB), a public sector bank has launched 24x7 cheque depositing machine, E-kiosk at the Cathedral branch in Chennai. eKiosk is a standalone machine which reads MICR data and captures digital image of the deposited cheque and also gives a receipt to the depositor. The bank plans to open 100 such kiosks.

Recently, the company had hiked interest rates payable on select tenures for its domestic term deposits. The bank decided to revise rates payable on domestic term deposit with effect from May 17, 2011.

IOB has reported a growth of 240.79% in its net profit to Rs 434.30 crore for the quarter ended March 31, 2011 as compared to Rs 127.44 crore for the quarter ended March 31, 2010. Total income has surged by 38.40% to Rs 3916.58 crore for the quarter under review whereas the same was at Rs 2829.80 crore in the corresponding previous quarter.

CARE assigns ratings to bank facilities of Tulsyan NEC

Credit rating agency, CARE has assigned ‘CARE BB+’ rating to the long-term bank facilities of Tulsyan NEC for Rs 143.00 crore. The agency has also assigned ‘PR4+’ rating to the short-term bank facilities of the company for Rs 175.00 crore.
The ratings however, draw strength from the established track record of operations, sustained demand for steel products from the infrastructure sector, locational advantage of the company’s steel plant, diversified revenue streams, and the backward integration plans of the company by the setting up of a captive power facility.
Tulsyan NEC has reported net profit for the quarter ended March 31, 2011 at Rs 3.96 crore as compared to profit of Rs 4.03 crore for the quarter ended March 31, 2010 down by 1.73%. The company's total income was up by 85.75% to Rs 373.36 crore for the quarter under review as against Rs 201.00 crore for the similar quarter a period ago.
Tulsyan NEC is a diversified company with business interests in steel and plastic packaging material. The company manufactures thermo mechanically treated (TMT) bars, billets and ingots in the steel division and polypropylene woven sacks, flexible intermediate bulk containers and woven fabric in the synthetic division.

CARE revises ratings assigned to the bank facilities of Supreme Infrastructure

Credit rating agency, CARE has revised the ratings of Rs 224.75 crore long term bank facilities of Supreme Infrastructure to ‘BBB-‘from ‘BB+’. The rating agency has also revised the ratings of Rs 300 crore short term bank facilities of the company to PR3 from PR4.

The rating revision takes into account the improved financial performance of the company in terms of sales, profitability during FY10 and 9M FY11 and improved leverage position and average collection period in 9M FY11. The ratings continue to factor in the promoters’ long experience in execution of construction contracts, qualified management team, revenue visibility in the medium term, comfortable profitability margins and growth prospects of the infrastructure sector in general.

Supreme Infrastructure is engaged in the construction of highways, roads and bridges and engineering works. It also manufactures crushed metals, ready-mix concrete, asphalt and wet mix macadam

Indian Oil Corp to close the kerosene unit at its Haldia refinery

Indian Oil Corp (IOC) is likely to close the kerosene hydro-desulphurization unit at its Haldia refinery for maintenance from mid-April, prompting the firm to float a rare jet fuel tender. The firm plans to shut the unit at its 150,000 barrels per day coastal plant for a month.

In April and May the state-run firm has floated a tender seeking 29,000 tonnes of jet fuel via three parcels for delivery. It is India's biggest refiner with a capacity to process 1.294 million bpd oil from its 10 refineries.

Recently, IOC considered deferring shutdown of units at some of its refineries to meet local demand. IOC has to re-look at their shutdown plans when Indian fuel demand is rising at a fast face along with international fuel prices, company officials quoted. 

KEC International bags new orders worth Rs 801 crore

KEC International, the flagship company of PRG Group has bagged new orders worth aggregating Rs 801 crore in the areas of Transmission (domestic and international) and cables.
In India, the company has secured three orders from Power Grid Corporation of India (PGCIL) aggregating Rs 224 crore and one order from state utility Aptransco worth Rs 84 crore on Turnkey basis. In International markets, the company has bagged order aggregating worth Rs 386 crore from Saudi Arabia, South Africa, United States and Brazil.
The company has won supply orders for extra high voltage power cables, high tension, low tension and telecom cables from various customers worth Rs 107 crore.
KEC is in the business of manufacture of transmission towers and erection and laying of power transmission lines on an EPC basis. It is a global leader in the power transmission engineering, procurement and construction (EPC) business. The company is one of the largest Power Transmission EPC companies in the world.

Smartlink Network to sell its structured cabling business

Smartlink Network Systems has received its board’s approval for the sale of the structured cabling business comprising of manufacture, sale and marketing of structured cabling products carried on by it, under the brand name - Diglink - hereinafter referred to as the (Digilink Business) to Schneider Electric India.
The Digilink Business together with its respective assets and liabilities shall be transferred to Schneider, as a going concern on a slump sale basis, on a cash free and debt free basis, for a total consideration of Rs 503 crore.
Smartlink Network is engaged in the business of designing, manufacturing and marketing of advanced networking, broadband, digital, voice and data communications solutions. Company caters the global networking and connectivity needs of digital home consumers, small office professionals, small- to medium-sized businesses and enterprise environments.

Titan Industries’ retail chain arm - Tanishq to invest Rs 200 crore in next fiscal year

The jewellery retail chain arm of Titan Industries - Tanishq, is planning to set up around 15 showrooms in various parts of the country with an investment of Rs 150 - 200 crore in the next fiscal year.

The area of proposed showrooms would range from 3,000 sq ft to 20,000 sq ft, including four to five large showrooms spanning total area of over 8,000 sq ft each. The largest of the upcoming outlets would be a 20,000 sq ft showroom in Mumbai.

The company had recently launched its sixth showroom in Chennai, at Chromepet. With launch of the new showroom in Chennai, Tanishq retail chain presently has 123 exclusive boutiques in 76 cities. The new showroom in Chennai, of 4,000 sq ft, would provide a range of traditional Bengali jewellery, wedding jewellery in plain gold, diamonds, polki and kundan. The new showroom would also provide facilities including Karatmeter, a device to measure the purity of gold, for its customers.

Tanishq is a prominent jewellery brand of India and a division of Titan Industries.  It pioneered the concept of branded jewellery and ornaments in India. Tanishq, India’s largest, most trusted and fastest growing jewellery brand, offers traditional as well as trendy designs in gold, diamond and platinum.  

Nalco likely to hike aluminum prices by Rs 2000 - 3000 per tonne

National Aluminium Company (Nalco), second-biggest producer of aluminum is expected to increase the metal prices by Rs 2,000 - 3,000 a tonne with effect from April, in sync with firming global prices.

The price hike was essential to guarantee parity with import prices and to pass on the rise in input costs. Dollar weakness has also contributed to the rise in aluminum prices. At the London Metal Exchange (LME), aluminum is currently hovering at around $2,570 a tonne.

The existing global production of aluminum stands at 39-40 million tonne per annum and demand also stands at around the same level. Meanwhile, some smelters have been closed in China in the recent past leading to firming up of prices. This small demand-supply mismatch is only a temporary phenomenon as with the firming up of the price, the closed smelters have again resumed operation. The company also raised prices in January, but corrected them in the third week of the month itself as the global price slackened. It again raised the price by Rs 6,000 to around Rs 1.21 lakh a tonne in February, but reduced the rate by Rs 2,500 per tonne in March.

Nalco expected to clock an over 23% rise in net profit in the current fiscal to Rs 1,005 crore on higher metal prices. The company, which reported Rs 814.22 crore net profits in FY10, aims to clock Rs 1,098.24 crore net profit next fiscal and Rs 1,252 crore in 2012-13. Nalco, in which the government owns an around 87% stake, also hopes that its net sales will go up by 14.27% to Rs 5,777.31 crore in FY11 against Rs 5,055.66 crore in FY10. 

HDFC Bank expands its branch network

The country's second largest lender HDFC Bank in a bid to increase its footprint has opened 275 branches in the current fiscal taking its total network to 2,000. The bank had a total of 1,780 branches by the end of December 2010 compared to its distribution network of 1,725 branches in 779 cities as on March 2010. About 220 branches were added to the network in the last few months.

Besides having an overseas presence in Hong Kong and Bahrain, the bank’s reach after the opening of new branches has crossed 1,000 cities. As per the annual report for 2009-10, the bank opened over 300 new branches during the year. The bank's focus on semi-urban and under-banked markets continued, with 68 per cent of the bank's branches now outside the top nine Indian cities.

The bank, which has over 1.8 crore customers, acquired Centurion Bank of Punjab leading to the integration of 404 branches in 2008. Recently, HDFC bank has won the 'Best Retail Bank in India' award for the fifth year in a row beating a host of other competitors in Asia Pacific, Middle-East, Central Asia and Africa on a range of parameters.

HDFC Bank has also paid higher advance corporate tax for the fourth quarter. The company has paid Rs 500 crore as advance corporate tax, higher by 66.67% as compared to Rs 300 crore paid during same quarter last year.

ICRA assigns LAAA (Stable) rating to the bank facilities of Power Finance Corporation

Credit rating agency, ICRA has assigned the rating of LAAA with ‘Stable’ outlook to the Rs 31,500 crore (enhanced from Rs 28,000 crore) long term borrowing programme for the financial year 2010-11 of Power Finance Corporation (PFC). The rating agency has an outstanding rating of LAAA with ‘Stable’ outlook on the various outstanding long term bonds and long term bank borrowings, an outstanding rating of MAAA (pronounced M triple A) on the fixed deposits programme and an outstanding rating of A1+ (pronounced A one plus) on the Rs 5,000 crore Commercial Paper / Short Term Debt programme of the corporation.

The highest credit quality ratings assigned by the rating agency continue to reflect the company’s majority sovereign ownership and its strategically important role in the implementation of various Government of India (GoI) schemes for the development of the power sector such as Ultra Mega Power Projects (UMPP’s) and the R-APDRP scheme.

PFC provides large range of financial products and services like project term loan, lease financing, direct discounting of bills, short term loan, and consultancy services for various power projects in generation, transmission, distribution sector as well as for renovation and modernization of existing power projects.

Glenmark Pharma’s arm discovers IND enabling studies of NBE

Glenmark Pharmaceuticals SA (GPSA), a wholly owned subsidiary of Glenmark Pharmaceuticals India has discovered and initiated IND enabling studies of a Novel Biological Entity (NBE) lead candidate, GBR401 and anti-CD19 monoclonal antibody. GBR 401 is developed completely in-house by Glenmark’s Biologics Research Centre located in Switzerland.
The disease areas primarily targeted by GBR 401 are lymphomas and leukemia’s of B-cell origin. Lymphomas are cancers originating from the lymphatic system. Non-Hodgkin’s lymphoma (NHL), a type of B cell lymphoma, is the most common form of blood cancer.
GBR 401 shows great promise to emerge as a valuable therapeutic option to treat patients affected with B-cell malignancies. GBR 401 has demonstrated strong anti-tumour potency and anti-proliferative apoptotic activity in several in-vito and in-vivo studies. CD19 is known to be expressed earlier and more broadly in B-cell development than CD20, the latter being the target of the world’s second largest selling anti-cancer biotech product rituximab whose annual 2010 sales were in excess of %6 billion.

Welspun Corp bags orders worth Rs 1,182 crore

Welspun Corp the second largest line pipe company in the world, has won pipe orders worth Rs 1,182 crore (approx 155 KMT) largely from international clients. These new orders are likely to be executed over a period of one year.

With the addition of these orders the current order book of the company stands at Rs 6,153 crore (approximately 932 KMT for pipes and external plate orders of 40 KMT) without excluding the orders being executed in Q4 FY 2011.

The company will continue to open newer avenues and deliver superior customer value and sustain the leadership position in the world markets.

Welspun Corp is engaged in manufacturing of pipes. The company was declared the 2nd largest steel pipe producer in the world (Large Diameter) by Financial Times. The company is among the top 3 SAW pipe company in the world according to CLSA Asia Pacific Market Research.

Welspun Corp has posted a net profit of Rs 146.52 crore for the quarter ended December 31, 2010 whereas the same was at Rs 166.83 crore for the quarter ended December 31, 2009, down 12.17%.

Puravankara Projects launches Purva Midtown Residences

Puravankara Projects launched a new mid segment property which institutes the idea of Smart Living - Purva Midtown Residences in East Bangalore. The total project value is Rs. 135 crore and this launch follows the launch of Purva Windermere, a luxury project in Chennai.
This property comprises a total of 307 apartments which is centrally located off Old Madras Road, near C.V. Raman Nagar on a 4.2 acre land parcel. The mix of 2 and 3 bedroom apartments are ranging from 1208 sq. ft. to 1677 sq. ft. and are the epitome of comfort, convenience with an elegance attached to it. These apartments have been designed keeping in mind the double income working population of Bangalore.
Recently, Puravankara Projects has launched a new luxury property - Purva Oceana - in the most premium location on Marine Drive, Kochi. Purva Oceana which is strategically timing the launch closer to completion will be ready for occupation shortly. Purva Oceana, a 12 storied building, with 2 levels of parking, is located on the picturesque Marine Drive waterfront overlooking the Bolgatty Palace and the Marina.
Since inception in 1975, Puravankara has one mantra for success, part from this, values like uncompromising business ethos, focused customer centric approach, robust engineering, in house Research and Development has created the leading real estate brand

Ruchi Strips & Alloys completes its slump sale of the steel business

Ruchi Strips & Alloys has transferred its steel business as a going concern to its wholly owned subsidiary - RSAL Steel. The result of slump sale of the steel business was declared on March 05, 2011 following the ordinary resolution passed through postal ballot.

The key benefit envisaged from the hiving off the steel division is to enhance the potential to raise further funds and attract an investor for the growth of business and/or combining with a larger entity/strategic partner.

Ruchi Strips manufactures cold rolled full hard (CRFH) coils as per international standards, suitable for manufacturing of galvanized sheets of different applications. Cold rolled closed annealed steel (CRCA) coils & sheets of international standards, suitable for automobile application.  

Gloster Jute Godown Mill in Bauria reports fire incident

Gloster has reported an incident of fire at one of its Jute Godown Mill at Bauria in West Bengal on March 29, 2011 causing damage to raw material stock and the godown. The fire came under control in the early morning on March 30, 2011 but fire fighting is under way.
The company has further informed that the operations of mill are not disturbed and work is going on normally. The extent of damage/loss is yet to be ascertained and company has adequate coverage of insurance for the properties/ stock.
Gloster is a professionally managed company engaged in the manufacture of jute and allied products. The company presently has two business units along with one Captive Power Plant (CPP) which is used as standby situated in the district of Howrah.

Super Spinning Mills wholly owned subsidiary acquires Elgi Building Products

Super Spinning Mills wholly owned subsidiary - Sara Elgi Arteriors acquired 58.32% of equity share capital of Elgi Building Products, a leading manufacturer of PVC extrusions used in the manufacture of UPVC doors and windows.
With this acquisition Elgi Building Products became a subsidiary of Sara Elgi Arteriors and thereby step down subsidiary of Super Spinning Mills. Super Spinning Mills also holds the balance of 41.68% of equity share capital of Elgi Building Products.
Super Spinning Mills commenced operations with the manufacture of grey, gassed, mercerised and dyed cotton yarn. Today, the company has carved a niche for itself on the textile map of country.

Prism Informatics to acquire GOD Barcode Marketing

Prism Informatics has entered into agreement with the promoters/owners of GOD Barcode Marketing mbH (GODBM), Germany for acquiring 100% stake in the company. The acquisition highlights the continued focus by Prism Informatics on strategic acquisition.

The investment of Prism Informatics in GODBM will bring many new competencies and the possibility to deliver those solutions not only to Germany but also to Europe.GODBM is a technology and service provider with key focus in the logistics and supply chain domains, serving clients for close to three decades. The acquisition is expected to strengthen supply chain and logistics domains within these verticals and will allow Prism to grow their clientbase and leverage cross selling across established clients in diverse geographies.

Recently, Prism Informatics has won a contract for Business Intelligence from 'The Mega Home Store - @home, India'. The company will implement Business Objects and Business Warehouse for @home.

Prism Informatics is a mid-sized software development company. Prism's focus has been on delivering cutting edge software solutions coupled with building client relationships. Promoted by Pradeep Kothari, a young technocrat, the Prism team is constantly on the endeavor to contribute to the success of the organization.

Tata Steel aims to slash steelmaking costs

Tata Steel is working on a pilot project that will enable it to use waste material in iron ore. It has devised a novel way to produce iron-ore from waste, which will cut steelmaking costs. The company is in talks with the central government for a pilot project.
The company will produce sponge iron and make use of lean materials that have higher alumina. The sponge iron produced would be used for producing steel through the electric arc furnace route and may be used in future projects of Tata Steel. Tata Steel, so far, has been producing steel using the blast furnace technology. Tata Steel signed a memorandum of understanding with the institutes for the purpose.
As part of the plan, the Jamshedpur Human Resource Development Centre in association with Veltech would be established. The proposed post graduate diploma in iron and steel making would be a self-funded three year diploma course after BSc for employment in the officer’ category. It would entail active involvement of Tata Steel such as conditional placement at the officer level.