Electrotherm (India) incorporates its wholly owned subsidiary

Electrotherm (India) has incorporated it’s wholly owned subsidiary - Electrotherm Mali SARL in the Republic of Mali, Africa.
Last year in June, Electrotherm (India) has acquired the 100% shareholding of Hans Ispat and remaining shareholding of Shree Hans Papers, a subsidiary of Hans Ispat. In April the company had agreed to buy entire stake in Shree Ram Electro Cast at a total consideration of up to Rs 85 crore.
Electrotherm India is engaged in the manufacture of a wide spectrum of products for the metal melting industry.

REC to set up 3 Projects Specific Purpose Vehicles

Rural Electrification Corporation’s (REC) wholly owned subsidiary - REC Transmission Projects Company (RECTPCL) - has been appointed as the bid process coordinator (BPC) for three transmission projects. Out of which, the first includes Transmission System Associated with IPPs of Vemagiri Area- Package A, Vemagiri Pooling Station-Khammam 765 kV 1xD/c (1st ckt.) line and Khamam - Hyderabad 765 kV D/C (1st ckt.) line. The Transmission System Associated with IPPs of Vemagiri Area- Package B, Vemagiri Pooling Station-Khammam 765 kV 1xD/C (2nd ckt.) line and Khamam - Hyderabad 765 kV D/C (2nd ckt.) line.
The third project includes Transmission System Associated with IPPs of Vemagiri Area- Package C and Wardha-Jabalpur Pooling Station 765 kV 1xD/c line. The company for the same is in process to incorporate three Special Purpose Vehicles (SPVs) as its wholly owned subsidiary companies.
Since, RECTPLCL is wholly owned subsidiary of REC, the company’s board of directors have approved the proposal of incorporation of three SPVs as subsidiary companies of RECTPCL, which will also be the subsidiaries of the company.

Dhunseri to commence construction work on Egypt plant

Dhunseri Petrochem and Tea will start construction of its PET Resin manufacturing unit in Egypt by June. The company has put on hold its plans to start construction because of the political instability after an uprising in that country, which put an end to the 30-year-old rule of Hosni Mubarak.
The plant will be built with an investment of about $160 million and will have the capacity of about 420,000 tonnes per annum (TPA).

NTPC plans to raise $500 mn through dollar denominated bonds

The country’s largest power producer National Thermal Power Corporation (NTPC) is looking tap foreign markets to raise as much as $500 million through dollar denominated bonds. The proceeds are to be used to fund its plan to add 5,000 mw capacity next fiscal. It is also planning to raise funds through tax-free bonds in the country.
On the hand, the company is discussing the plans with the investment bankers and will unveil the final details in the coming weeks. The company has big plans for its coal and gas based power plants and is also trying to acquire coal assets abroad.
Recenlty, it has commissioned unit 6 of 500 MW of Farakka Super Thermal Power Station. Following the commissioning, the total capacity of the company has become 33,694 MW. With the coming of unit 6, the total installed capacity of Farakka Super Thermal Power Station has become 2,100 MW. Recently, the company had started Stage-III commercial operation at Unit-VII of 500 MW of Korba Super Thermal Power Project with effect from March 21, 2011.
NTPC posted a marginal increase of 0.27% in its net profit of Rs 2371.48 crore for the quarter ended December 31, 2010 as compared to Rs 2364.98 crore for the quarter ended December 31, 2009. Its total income has increased from Rs 11961.31 crore for the quarter ended December 31, 2009 to Rs 14165.90 crore for the quarter ended December 31, 2010

ABB bags contract worth $900 million from Power grid

ABB has bagged a contract worth $900 million from Power Grid Corporation of India to build an electricity highway of more than 1,700 kilometers long in India, reflecting the unabated demand for power in emerging markets that has been a boon to the Swiss electrical-engineering giant during the economic crisis.
Besides ABB, Indian government-owned Bharat Heavy Electricals (BHEL) will also participate in the project, which uses ABB’s cutting-edge, long-distance power technology that may have been the key trigger in ABB's success to outbid rivals.
This will be world’s first 800 kV, 6,000 MW Ultra High Voltage Multi-terminal DC transmission link. The link comprises three converter terminals and a power transmission system with a built in capacity of up to 8,000 MW which is the largest HVDC transmission system ever built. In financial terms, this is the largest order finalized in T&D sector anywhere in the world and is valued at Rs 1,590 crore. The 800 kV North-East Agra UHVDC link will have a capacity to transmit up to 6,000 MW of clean hydroelectric power from the North-East Region of the country to Agra across a distance of 1,728 kilometers.
ABB reported a decline of 93.82% in net profit of Rs 6.77 crore for the quarter ended December 2010 compared to Rs 109.61 crore in the same quarter last year. Total income for the quarter increased 8.80% to Rs 2074.60 crore compared to Rs 1906.78 crore in the same quarter last year.

Government-run Union Bank of India (UBI) which is aiming to expand its overseas business is likely to get regulatory approval in the next six months. It is planning to set up a subsidiary in the United Kingdom and a branch in Australia and Belgium. However, the bank has already got approval from RBI for setting up operation in these countries. It plans to open a branch in Antwerp, Belgium and Sydney, Australia. The bank also plans to open a subsidiary in UK, which can cater to customers in the European region. Presently, the bank has representative offices in Sydney and London. Apart from this, the bank has a full-fledged branch in Hong Kong. The branch carries out normal commercial banking operations like acceptance of deposits, trade finance, external commercial borrowing (ECBs) and syndicated loans.

Government-run Union Bank of India (UBI) which is aiming to expand its overseas business is likely to get regulatory approval in the next six months. It is planning to set up a subsidiary in the United Kingdom and a branch in Australia and Belgium.
However, the bank has already got approval from RBI for setting up operation in these countries. It plans to open a branch in Antwerp, Belgium and Sydney, Australia. The bank also plans to open a subsidiary in UK, which can cater to customers in the European region.
Presently, the bank has representative offices in Sydney and London. Apart from this, the bank has a full-fledged branch in Hong Kong. The branch carries out normal commercial banking operations like acceptance of deposits, trade finance, external commercial borrowing (ECBs) and syndicated loans.

Mahindra Satyam sets up NMS for Nimsoft

Mahindra Satyam has set up the Nimsoft Monitoring Solution (NMS) on its Unified Service Management Platform (USMP) - a managed services platform developed to optimize client infrastructure performance and service levels for Nimsoft. The company leverages the multi-tenancy and online reporting capabilities of NMS to provide mid-market and on-demand/managed hosting clients with cost-effective, enterprise-class monitoring services.
NMS combines a highly-scalable cloud monitoring platform with customizable portals to help USMP meet the scalability, complexity and service performance requirements of its clients’ enterprise IT service demands. With its combination of comprehensive coverage, ease of use, and scalability, NMS enables organizations to leverage existing and emerging technologies and services, with unprecedented agility and ROI.
Mahindra Satyam is leading information, communications and technology (ICT) company providing top-class business consulting, information technology and communication services. It is part of the $7.1 billion Mahindra Group, a global industrial federation of companies and one of the top 10 business houses based in India.

NMDC likely to acquire the US coal mine for building steel plants

NMDC, the state-owned miner is looking to acquire a coal mine in the US for building steel plants in Chhattisgarh and Karnataka. It is reported that the company is in talks with the promoters of midsized coking coal mines in Pittsburg and Alabama to do due diligence part.

The company is keen to secure coal for its captive needs as it gets ready to build a steel plant in Chhattisgarh and another in Karnataka through a joint venture with Russia's Severstal. For the Karnataka plant, NMDC had inked a pact with Russia's leading steel maker OJSC Severstal in December last year to jointly set up a steel plant with an initial capacity of 2 million tons per annum, expandable to 5 million tons per annum later at an estimated cost of Rs 25,000 crore.

The Chhattisgarh plant, which is the first steel venture of the company with 3 million tons per annum capacity, being constructed at a cost of Rs 15,500 crore, is expected to be operational by 2014, while the constructions work of the proposed 2 million tons per annum steel plant in Karnataka is expected to begin in 2012.

The company is also in talks with Tata Steel to ink an equal joint venture for setting up a 2 million tons per annum steel plant at Bastar in Chhattisgarh.

Godrej Consumer Products commences commercial production at Guwahati Factory

Godrej Consumer Products has commenced commercial production of personal care products at its factory at Plot no. 52, Brahmaputra Industrial Park, Dol Gobinda Mandir Road, Village Sila, Guwahati on March 23, 2011.
Recently, Sara Lee Corporation has terminated Godrej Household Product’s (GHPL), a 100% subsidiary of Godrej Consumer Products license for Kiwi (shoe care) and Kiwi Kleen brands in India and Sri Lanka with effect from April 3, 2011. Consequently, Sara Lee will pay a consideration of Rs 177 crore to Godrej Household Product.
Also in an effort to battle mounting raw material costs, personal care products maker - Godrej Consumer Products (GCPL) is planning to hike soap prices by 4-5% starting in month of April.
On consolidated basis, the group has posted a net profit of Rs 118.82 crore for the December 2010 quarter as compared to Rs 85.12 crore for the December 2009 quarter, up 39.59%.

Sara Lee terminates Godrej Consumer’s arm license for Kiwi and Kiwi Kleen brands

Sara Lee Corporation has terminated Godrej Household Product’s (GHPL), a 100% subsidiary of Godrej Consumer Products license for Kiwi (shoe care) and Kiwi Kleen brands in India and Sri Lanka with effect from April 3, 2011. Consequently, Sara Lee will pay a consideration of Rs 177 crore to Godrej Household Product.

Godrej Consumer Products (GCPL) is a flagship company of Godrej Group. The company is major player in FMCG market. It has three manufacturing units located at Malanpur (M.P) Guwahati (Assam) and Baddi (H.P).

On consolidated basis, the group has posted a net profit of Rs 118.82 crore for the December 2010 quarter as compared to Rs 85.12 crore for the December 2009 quarter, up 39.59%. Total income for the quarter grew by 86.64% to Rs 986.68 crore from Rs 528.64 crore for the corresponding quarter of the previous fiscal.

Vikash Metal & Power to issue GDR

Vikash Metal & Power has informed that the company plans to issue Global Depository Receipts (GDR) up to an aggregate of US$ 12 Million and the aforesaid issue of GDRs will open tentatively in the last week of March subject to necessary statutory and legal approvals.

The fixed minimum issue price of the proposed GDR is Rs.15.00 (INR) which has been determined in accordance with the amended guideline vide circular, New Delhi dated November 27, 2008 issued by the Joint Secretary to the Government of India.

Vikash Metal & Power was incorporated with the object of carrying on the business of trading in dolomite and iron & steel products.

Tirupati Inks reports fire incident at its Kanpur factory

Tirupati Inks informed that a major fire has erupted at the factory premises at Kanpur, Uttar Pradesh during early hours of March 21, 2011. The company has clarified that plant and machineries, inventories and other assets were fully insured. In this regards the company is in process of taking necessary action along with assessing the loss suffered and filing claims with insurance authorities.
The company has also informed that its manufacturing facilities at Jammu are fully operational and hence it is not anticipating any major disruptions in the delivery schedule of the finished products.
The company is mainly engaged in the business of manufacturing of printing ink and trading in polyester films. The Company has two manufacturing facilities i.e. one at Kanpur & another at Jammu. At Kanpur Unit, mainly printing ink is manufactured apart from a small volume of printing cylinders and at the Jammu Unit, only printing ink is manufactured.

City Union Bank opens three new branches

Private sector lender - City Union Bank - has opened three new branches at Gudiyatham, Kallakurichi on March 23, 2011 and Bhavani in Tamilnadu on March 24, 2011 respectively.
Recently, the bank has opened two new branches at Rohini in New Delhi and Jalandhar in Punjab on March 6, 2011 and March 7, 2011, respectively.
The bank reported an increase of 42% in its net profit for the quarter ended December 31, 2010 which stood at Rs 57.70 crore against Rs 40.65 crore for the quarter ended December 31, 2009. It reported total income stood at Rs 349.28 crore for the quarter ended December 31, 2010 against Rs 278.58 crore for the quarter ended December 31, 2009.

City Union Bank opens three new branches

Private sector lender - City Union Bank - has opened three new branches at Gudiyatham, Kallakurichi on March 23, 2011 and Bhavani in Tamilnadu on March 24, 2011 respectively.
Recently, the bank has opened two new branches at Rohini in New Delhi and Jalandhar in Punjab on March 6, 2011 and March 7, 2011, respectively.
The bank reported an increase of 42% in its net profit for the quarter ended December 31, 2010 which stood at Rs 57.70 crore against Rs 40.65 crore for the quarter ended December 31, 2009. It reported total income stood at Rs 349.28 crore for the quarter ended December 31, 2010 against Rs 278.58 crore for the quarter ended December 31, 2009.

Essar Oil inks pact with Graphite India for the supply of 55,000 scmd of coal-bed methane

Essar Oil has inked a pact with K K Bangur - controlled Graphite India (GIL) for the supply of 55,000 scmd (standard cubic metre a day) of coal-bed methane (CBM), latest by the fourth quarter of 2011. Gas will be supplied from Essar's CBM block near the industrial city of Durgapur in West Bengal. The Durgapur facility is the largest as well as the oldest of the GIL facilities in India (three) and abroad (one in Germany).

Essar for this has also recently approached the Petroleum and Natural Gas Regulatory Board (PNGRB) to build a 3-km dedicated pipeline connecting the graphite facility in Durgapur. The proposal is reportedly approved by the regulator.

Based on an expression of interest (EoI) submitted by Essar, PNGRB recently invited bids for laying a trunk pipeline from Asansol to Howrah (approximately 200 km) in the State. If implemented, it will be the first common carrier pipeline in the State as well as the Eastern region paving way for monetization of CBM assets in the coal bearing areas of Bengal and Jharkhand.

Essar produces coal-bed methane from 38 production wells. The company further hopes that the production is likely to reach between 40,000 and 60,000 scmd by end of March and would be ramped up to 80,000 - 1,00,000 scmd by July-September.

Essar Oil (EOL) offers a spectrum of products to bulk customers in the industrial and transport sectors. It supplies aviation turbine fuel to Indian Armed Forces. It the first private company in India to enter into petro-retailing sector through franchisee model.

Godrej Properties to jointly develop residential properties

Godrej Properties is in talks with various firms to form a joint venture as quickly as possible, since there is huge demand coming from residential properties. It is negotiating for jointly developing residential properties and expects to announce a couple of them in the first quarter of FY12.
Godrej Properties had earlier entered into joint ventures for construction of commercial properties.
Realty sector is expecting a price correction over the next 3-4 months but Godrej Properties has no plans to cut prices while in most of their project the prices are increasing. The company expects the sales to double in FY11 on strong growth across regions and segments.
Recently, Godrej Properties acquired the entire paid up share capital of Udhay OK-Realty from HDFC Ventures Trustee Company (in its capacity as trustee of HDFC Property Fund). This is pursuant to an approval of the shareholders in the Annual General Meeting (AGM) held on July 17, 2010. Godrej Properties reported a net profit of Rs 13.25 crore for the quarter ended December 31, 2010 against Rs 17.59 crore for the quarter ended December 31, 2009, declined 24.67%.

HCL Infosystems unveils new range of laptops and desktops

HCL Infosystems, India’s premier hardware, services and ICT system Integration Company, has launched its new range of laptops and desktops. The laptop series - HCL ME 1014 and HCL ME 1015 and desktop series - HCL Infiniti M A365 Pro are packed with unique features embedded with latest technologies.

The newly launched HCL laptop and desktop series are amongst the first dual-core computers in India powered by the new latest 2nd Generation Intel Core family of processors. The products are also available on quad-core platform. The new devices from HCL are empowered with powerful configuration along with excellent features like Multi-touch Gesture Touchpad for laptops, HCL Desktop Management Software (HDMS) for desktops, one touch in-built customer service button with HCL Touch, in-built data recovery button with EC2 etc. will ensure a better and more-enhanced experience to the users.

The newly launched HCL computing devices ensure better customer experience with enhanced computer performance and better energy efficiency. This a breakthrough for providing robust media processing, more computing muscle for higher workloads, and a smoother multi-tasking experience without compromising on the style factor. It supports faster encoding and decoding of different media formats, along with smooth HD playback with high visual quality and colour fidelity enhancements.

Kotak Bank’s property investment arm to raise $500 million by the second quarter of this year

In a bet on the long term case for property in Asia's third-largest economy, Kotak Realty Fund, the property investment arm of India's Kotak Mahindra Bank, plans to raise as much as $500 million by the second quarter of this year. The fund intends to raise about $150-$200 million from domestic investors and another $300 million from global markets. Separately, Kotak is raising a $300 million private-equity fund to invest in infrastructure projects in the country.

Kotak Realty Fund had in the last week, sold one of its property assets - Peepul Tree Properties - to Tata Realty Fund for Rs 525 crore or $117 million. The fund had made an initial investment of Rs 95 crore.

Further the fund, which has about $750 million worth of assets under management, plans to invest close to $100 million over the next couple of months in major Indian cities. The investments will mainly be in the residential property assets.

Private equity funds, including four domestic and 10 international funds, have invested a total of $14 billion in Indian property during the last ten years. Of that, private equity firms have sold Indian property holdings worth nearly $2 billion.

Perfect Octave’s album “Silsila Suron Ka” gets GIMA Award 2010

Perfect Octave Media Projects’ album -- Silsila Suron Ka -- has won the prestigious GIMA Award 2010 for Best Classical Music Instrumental Album of the year. The album featured world’s best Indian Music instrumental Jugalbandi by legendry maestros Hariprasad Chaurasia and Shivkumar Sharma.

The company owns the copy rights in the said album. While retaining the copy right in the said valuable IP, the company has recently licensed this album to Times Music and now is available at leading music stores.

Recently, the company had also won an award by prestigious MTV-IMMIS for its one of the best selling album titled “Hari OM Tat Sat” by Jagjit Singh as best devotional album of the year.

Content creation is an ongoing and continuous process. The company’s objective is to create classic, thematic and world class music products in the targeted musical segment.

Godrej Consumer products to hike soap prices

In an effort to battle mounting raw material costs, personal care products maker - Godrej Consumer Products (GCPL) is planning to hike soap prices by 4-5% starting in month of April. The company is hiking the price since vegetable oil prices have rose significantly. Rising crude prices due to unrest in North Africa and West Asia will affect the fuel prices and freight cost.
GCPL has already hiked the prices of soap on two occasions one in September by 5% and other in January by 3-5 %. In the new fiscal year, the company is also planning to launch its own brand of air freshener along with various other new launches.
GCPL in FY12 hopes to continue announcing new buys in domestic and overseas market and expects Rs 30-40 crore in revenue, from recently acquired Naturesse Consumer Care Products and Essence Consumer Care Products which own brands like Swastik and Genteel.
Recently, FMCG major GCPL had announced its plans to boost growth in Rs 7,500 crore soap market through more acquisitions. Godrej Consumer Products has reported a surge of 18.19% in net profit to Rs 66.39 crore for the quarter ended December 31, 2010 against Rs 56.17 crore for the quarter ended December 31, 2009.