Tecpro Systems completes acquisition of its subsidiary

Tecpro Systems has acquired the remaining 49% stake in its subsidiary - Tecpro Trema on March 17, 2011. With this acquisition Tecpro Trema becomes the wholly-owned subsidiary of Techpro Systems.The acquisition of Techpro Trema by Techpro Systems was approved by the board at its meeting held on November 12, 2010.Last month, it has also received its board’s approval for the scheme of amalgamation of Microbase Infosolution, a wholly-owned subsidiary of the company with itself.

Recently, Tecpro Systems has received orders aggregating to Rs 188 crore from Steel Authority of India (SAIL), Tamil Nadu Generation and Distribution Corporation and Gujarat State Electricity Corporation (GSECL).

Tecpro Systems is an established material handling company in India, engaged in providing turnkey solutions in material handling, ash handling, balance of plant ("BoP") and engineering, procurement and construction ("EPC") contracts.

Lords Chemicals to amalgamate Jagati Cokes

Lords Chemicals has approved in-principle amalgamation of Jagati Cokes with the company and other connected matters. The above decision was approved at the board meeting held on March 21, 2011.

The aforesaid board decision is subject to further approval by the shareholders of the company and other competent authorities.

Lords Chemicals is a leading Indian manufacturer of basic industrial chemicals like Sodium Dichromate, Chromic Acid, Chrome Oxide Green etc.

Lords Chemicals has become one of the leading producers of Sodium Dichromate through the use of Continuous Rotary Kiln Process. This chemical is used in a variety of applications like pigments, wood preservation, metal treatment, pharmaceuticals, etc.

Sharon Bio-Medicine In-House R & D Unit recognised

Sharon Bio-Medicine’s manufacturing site at L-6, MIDC, Taloja, Near Navi Mumbai, Maharashtra having its own In-House Research and Development Centre has been recognized by Department of Scientific and Industrial Research which falls under Ministry of Science and Technology, Government of India, New Delhi.
As per the provision of the act Sharon will avail exemptions of customs / excise duties and income tax which is available after been recognised by Department of Scientific and Industrial Research. This benefit is available till March 31, 2013 and is extendable after meeting certain criteria’s.
Last month, Sharon Bio-Medicine has signed Memorandum of Understanding with The State - Joint Stock Concern 'Uzpharmsanoat' of the Republic of Uzbekistan for setting up Pharmaceutical Plant in Navoi Free Industrial Economic Zone in Uzbekistan.
Sharon Bio-Medicine offers contract manufacturing for finished dosage forms; viz. tablets, capsules and injectables. Sharon has identified niche areas of oncology for export markets.

NHPC, TCS,Madhucon Projects and Essar Steel may witness some action today

Telecom Minister Kapil Sibal has ordered a high-level committee under a senior government officer to examine the VSNL-Tata divestment. Sibal has sought a report on the matter latest by March 31. He claims the divestment in 2002 was not fair and transparent.

The target of adding 62,000 MW of power capacity in the 11th Plan may come under pressure, as commissioning of NHPC's 2,000-MW Subansiri project in Assam is likely to be delayed by at least two years due to resistance from locals.

Leading IT Company TCS announced plans to ramp up its customers base for its product meant for Small and Medium Business (SMB) to more than 1,000 by the end of current year.

State-run Hindustan Copper plans to invest Rs 3,677 crore to almost quadruple its existing copper ore production capacity to 12.41 million tonnes per annum by 2016-17.

Ruias-owned Essar Steel's capacity expansion at its Hazira plant is almost complete, which will take its total production capacity to 10 million tonnes per annum.

Sheths of Great Eastern Shipping have deployed part of the cash generated from their traditional shipping business to expand their offshore business with Singapore as the hub for global operations.

Emami is keen to acquire Henkel AG's 51 per cent in Henkel India, the consumer goods maker, even as Jyothy Labs bagged a 14.9 per cent stake in the company.

National Aluminium Company (NALCO), the Navratna PSU, under the union ministry of mines, Govt. of India, has become the first PSU in the country by implementing a pilot-cum-demonstration project on Carbon Sequestration in its Captive Power Plant at Angul.

Integrated (Mauritius) Healthcare Holdings, an arm of Khazanah Nasional Bhd, has acquired 8.82 per cent stake in corporate hospital chain Apollo Hospitals from Bisikan Bayu Investments, another arm of the Malaysian sovereign fund, for Rs 470 crore.

The $68-billion conglomerate, Tata Group, has become the first Indian brand to figure in the top 50 global companies.

Outsourcing firm Hinduja Global Solutions (HGS) will hire about 2,000 people in the next fiscal to ramp up its headcount to 22,000.

Ganesh Polytex (GPL) is eyeing Rs 1,000 crore revenue in the next five years on the back of growing demand for polyester fibre, both in the global as well as the domestic market.

Viceroy Hotels (VHL) is looking to hive-off its Rs 560 crore Chennai project into a separate company to cut debt on its balance sheet.

Madhucon Projects has received a letter of award from National Highway Authority of India (NHAI) for 4-laning of Ranchi-Rargaon-Jamshedpur section of NH-33from Km 114.000 to Km 277.500 in the state of Jharkhand under NHDP Phase - III on design, build, finance, operate and transfer (DBFOT) on Annuity basis.

Everest Industries, one of India’s fastest growing building solutions company has announced that will set up a new manufacturing facility in East India to cater to the growing demand as it aims to cross Rs 1,000 crore revenue in 2011-12.

The country’s largest power producer National Thermal Power Corporation (NTPC) has started Stage-III commercial operation at Unit-VII of 500 MW of Korba Super Thermal Power Project with effect form March 21, 2011.

The Supreme Court has admitted the petition of Reliance Communications challenging the order of the telecom tribunal TDSAT which had set aside the plea of Anil Ambani group firm challenging penalty imposed by the state-run firm BSNL.

Reliance Industries projected a 13 per cent fall in gas production from its famed KG-D6 block to 38 million metric standard cubic meters of gas a day in 2012-13.

The US Foods and Drugs Administration (USFDA) will be sued by the US pharmaceutical company Mylan Inc, for an injunction on the launch of Ranbaxy’s cholesterol treatment drug Aricept, which is a generic version of Pfizer’s Lipitor.

ICICI Bank and Intuit, a global developer of business and personal finance management solutions, launched Money Manager, an online personal finance management solution.

Global Markets update 22/03/2011

 DJIA Up 178 (1.5%) NSDQ Up 48 (1.8%) FTSE 100 Up 68 (1.2%) Asian Markets as on 8.45 AM  NIKKEI Up 270 (2.94%) HANG SENG Up 79 (0.35%) SGX NIFTY Up 24.5

Markets bounce back;metals, auto stocks lead

The Indian equity markets have bounced back from the negative territory to the positive in late morning session as investors turn slightly positive about on metals stocks and some short covering was being seen in the Auto stocks too. Meanwhile, most of the other Asian markets were also trading in green and US index futures were showing similar trend. Though, the markets are trading in green but investors remain jittery after Western forces struck targets in Libya. Brent climbed more than $2 on Monday to top $116 after western forces launched a military campaign against Libya. Back home NSE Nifty and BSE Sensex were trading below their physiological level of 5,400 and 18,000 mark respectively. In the BSE sectoral indices Realty, IT and TECk counters were still facing some selling pressure. Broader markets were trading mixed the BSE Mid cap index was down 0.01%, while Small cap index was up by 0.10%.  The overall market breadth on BSE was in the favour of declines which slightly outnumbered advances in the ratio of 1266:1212, while, 110 shares remained unchanged.

Tata Steel trades higher as the company has successfully completed the issuance of perpetual hybrid securities worth Rs 1,500 crore. With the issuance of this bond the company became the first Indian corporate to issue securities of such kind. ICICI Bank and J.P. Morgan Securities India were the mandated lead arrangers for the issuance. The unique features of the securities are that they are perpetual in nature with no maturity or redemption and are callable only at the option of the company. The distribution rate (which may be deferred at the company’s option) on the securities is set at 11.8 percent, with a step up provision if the securities aren’t called after 10 years.

The BSE Sensex gained 43.81 points or 0.25% to 17,922.62. The index has touched a high of 18,007.73 and a low of 17,792.17 respectively.

The BSE Mid cap index was down 0.01%, while Small cap index was up by 0.10%. 

In the BSE sectoral indices Auto up 0.59%, FMCG up 0.44%, HC up 0.44%, CG up 0.38% and CD up 0.34% were the main gainers. However, Realty down by 0.44%, IT down by 0.34% and TECk down by 0.29% were the losers on the index.

The top gainers on the Sensex were M&M up 1.52%, HDFC up by 1.35%, Tata Steel up 1.12%, Sterlite Industries up by 1.04% and Tata Motors and up were up by 0.93%.

Hindalco Industries down by 2.18%, Cipla down by 0.78%, Reliance Communication down 0.77%, Infosys down by 0.71% and Maruti Suzuki down 0.31% were the top losers on the index.

Tyre stocks are trading lower on account of higher rubber prices which continued their recovery mood. Apollo Tyres climbed 1.69%, CEAT gained  1.32%, MRF advanced 1.41  and JK Tyre & Industries surged 0.99% .Rubber prices rebounded on easing of demand concerns caused by Japan earthquake and closure of automobile plants and market returned back to fundamentals. Natural rubber continues to be supported by higher prices of crude oil and tight supplies in producing countries.

The S&P CNX Nifty advanced 13.75 points or 0.26% at 5,387.45. The index has touched a high of 5413.30 and a low of 5348.20 respectively.

The top gainers of the Nifty were Sun Pharma up by 2.20%, M&M up by 1.85%, SAIL up by 1.53%, Dr Reddy up by 1.49% and Suzlon up 1.32%.

The top losers of the index were Ranbaxy down by 4.47%, Hindalco down by 2.13%, Reliance Communication down by 0.91%, Reliance Power down by 0.87% and Infosys down by 0.71%.

Ranbaxy declined over 4% on reports that Mylan has sued US FDA for Lipitor. The company is seeking to block Ranbaxy's lipitor copy. Lipitor was estimated to add $ 500-600 million to Ranbaxy's sales.

All other Asian equity indices barring; Shanghai Composite,  were trading in the positive terrain at this point of time. Hang Seng surged 1.07%, Jakarta Composite added 0.42%, KLSE Composite inched up 0.08%, Straits Times increased 1.26%, Seoul Composite rose 1.13% and Taiwan Weighted was up by 0.87%.

Shipping Corporation to acquire two AHTSVs

Shipping Corporation of India (SCI), under the Ministry of Shipping, is all set to acquire two Anchor Handling Towing and Supply Vessels (AHTSVs) of 120T Bollard Pull capacity each. These vessels were earlier contracted by a Norwegian ship-owner and are in advance stage of construction and will now be delivered to SCI in July 2011 and September, 2011.
However, the contracts were terminated by the owners in January, 2011. Later SCI signed the shipbuilding contracts with Cochin Shipyard in February, 2011 at New Delhi.
Recently, the company took the physical delivery of its Aframax size Tanker named 'm.t. Desh Samman' of 114683 DWT (Dead Weight Ton) capacity.
The company reported an increase of 40.74% in net profit to Rs 123.06 crore for the quarter ended December 2010 compared to Rs 87.44 crore in the same quarter last year. Total income for the quarter surged marginally by 3.77% to Rs 1019.31 crore compared to Rs 982.24 crore in the same quarter last year.

BPCL delays shutdown of its refinery units

Bharat Petroleum Corporation (BPCL) has delayed the shutdown plans of hydrogen unit at its Mumbai refinery and a diesel unit at the Kochi plant in order to meet local fuel demand.  The company had planned the schedule for shutdown in the month of April but it has been deferred, company officials stated.
Indian refiners are struggling to get a good response to their diesel import tenders as traders target more lucrative sales to quake-hit Japan. Last week BPCL bought only one of the four diesel cargoes it was seeking via tender for April delivery at a very high premium.
Further, other refineries like HPCL and IOC have also planned to defer shutdown of their units.
Recently, BPCL's announced that its refinery at Bina, a new unit, is likely to deliver impressive refining margins of $11 a barrel, in spite of soaring raw material prices, company officials quoted. The margin is expected to be more than double the margin of its other units in recent months.
The company reported a decline of 50.57% in net profit from of Rs 187.38 crore for the quarter ended December 2010 compared to Rs 379.09 crore in the same quarter last year.

Coal India in talks for 10-year contracts with overseas suppliers to rein in price volatility

Coal India (CIL) - the world’s largest coal miner is negotiating 10-year contracts with overseas suppliers in an attempt to protect Indian consumers from any volatility in global coal prices. The company is in advanced talks with suppliers in Australia, Indonesia, South Africa and the US for securing coal at 10% discount to the global benchmark price.

CIL is aiming to import at least 30 million tonnes of coal in fiscal 2011-12. The company is in negotiations with global firms such as Rio Tinto, Xstrata, Anglo American, Peabody, Massey Energy, Arch Coal, Murray Energy and Sinarmas since the state owned company did not get adequate confirmed responses from domestic consumers.

Further, the company now plans to import larger quantity of the fossil fuel as its expansion plans have been severely hit by factors such as new pollution norms and law and order issues at some of its mines.

Union Bank inks pact with Nokia

Union Bank of India (UBI) has launched Union Bank Money powered by Nokia across India, starting with the National Capital Region in partnership with Nokia. The service is already available to consumers in Gurgaon, and will be soon go live in Delhi, Faridabad and Noida. This will be followed by a nationwide roll-out over the next few months. The unique service specifically targets users, who do not have a bank account, by providing access to financial services through their mobile phones and driving financial inclusion.
Union Bank Money powered by Nokia operates across all handsets in India. Making the service ubiquitous, highly accessible and user-friendly, Nokia is pre-installing the application in a wide range of Nokia mobile handsets across price points. The application can also be installed nearly on all already existing Nokia handsets in the country.
The Financial Inclusion plan will aim at bringing banking services to over 10 million customers across 32,000 villages by 2013. Nokia will supplement the existing 3000 UBI branches across the country with its unparalleled network of retail outlets spread across the country.
Union Bank of India reported a surge of 8.51% in net profit to Rs 579.57 crore for the quarter ended December 31, 2010 against Rs 534.13 crore for the quarter ended December 31, 2009. Total income for the quarter stood at Rs 4,693 crore, up 24.88% over Rs 3,758 crore for the year ago period.

7Seas gets nomination for FICCI (BAF) Awards -2011

7Seas Entertainment, a Hyderabad based independent IP based games development company have been nominated for the prestigious FICCI (Best animated frames-BAF) Awards 2011.The FICCI nominated one of 7 Seas’ mobile games (The fight 3D) and online games (The dark man) under best mobile game category and best online game category respectively.
FICCI (The Federation of Indian Chamber of Commerce and Industry) frames Asia’s largest convention on the business of entertainment held in Mumbai annually, draws 2500 attendees from India and abroad every year.
7Seas is India’s first independent IP-based games development company certified by ISO: 9001-2008. The company with its head quarters at Hyderabad focuses on developing PC Games, Mobile Games, Console Games and Online Games.

Lenders and promoters to acquire stake in Kingfisher Airlines at 64% premium

Both lenders and promoters of Kingfisher Airlines will pick up equity in the debt-laden airlines at a substantial 64% premium to its current market price by March 31 if the company keeps its commitment on timelines earlier agreed upon. However, the company is yet to decide the date and share conversion price based on SEBI formula.
If this plan goes ahead, all the 18 lenders will own over 12 crore shares of the airline, which could be around 19% of the expanded equity base, without considering further equity dilution via the proposed GDR issue. However, the only catch is that all these banks would have to report mark-to-market losses and accordingly make provisions for it since the stock will be trading at a discount to its acquisition price.
At the end of the third quarter, 66.27% shares in Kingfisher Airlines were held by the promoter group (with UB holdings having 30.57% stake). Kingfisher plans to reduce its debt to Rs 6,000 crore from Rs 7,650 crore after the restructuring exercise.

Indian Oil Corp may defer shutdown of its unit

Indian Oil Corp (IOC) may consider 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.
Indian refiners are struggling to get a good response to their diesel import tenders as traders are expecting that they could get better price by selling the cargoes to Japan than India. Due to this IOC had called off its award for diesel tender.
Recently, IOC had announced its plans to close some of its secondary units and a naphtha cracker plant at northern Panipat refinery. The company’s biggest refinery is reportedly having a capacity to process 300,000 barrels per day (bpd) crude, while its giant naphtha cracker can annually produce 850,000 tonne of ethylene and 600,000 tonne of propylene in the next fiscal.
The company’s net profit for the quarter ended December 31, 2010 has zoomed by 134.68% at Rs 1634.76 crore as compared to Rs 696.59 crore for the quarter ended December 31, 2009.

Santowin Corporation inks MoU for gold mine exploring in Ghana

Santowin Corporation has executed a memorandum of understanding (MoU) with a party in Ghana for mining of gold in Ghana. The transaction of the business was informed at its board meeting held on March 19, 2011.

The board has empowered the managing director to take all necessary steps towards implementation of the project in Ghana and elsewhere and also empower to execute Power of Attorney agreement, etc in the interest of the company.

It has also approved that, if necessary, it will open a subsidiary in West Africa and seek listing of company at the Ghana Stock Exchange. The board has also approved to open the bank account in Ghana and remit the money so required for fulfillment of terms and conditions of agreement as and when the same is required.

Further, the company has approved to raise loan for the fulfillment of future commitment if necessary.

DLF to launch its luxury homes project 'Bay View' at Marine Drive today

The country's largest real estate company - DLF will be launching its luxury homes project 'Bay View' at Marine Drive today. The project which comprises exclusive air-conditioned apartments have prices ranging from Rs 1 crore to Rs 2.8 crore developed in 3.78 acres of land.

The project is in close proximity to the Vallarpadam International Container Terminal and the new Express Highway which connects the container terminal with NH47. The apartments in the complex are in the range of 1300 sq.ft to 2700 sq.ft, approximately and a few exclusive town houses have also been included to cater to very exclusive clients.

The apartments are airy and most of them have east facing entrances to make them Vaastu compliant. The property overlooks the backwaters, harbour and the Bolgatty Island. It also has a 20,000 sq.ft clubhouse with swimming pool, three tier security system with video surveillance, air-conditioned lobbies with lounge seating, convenience store for daily needs, etc. The company is also planning to open an exclusive boutique shopping arcade in the complex.

DLF is primarily in the business of real estate development. It operates in all aspects of real estate development, ranging from acquisition of land, to planning, executing, constructing and marketing of project. The company has reported a net profit of Rs 204.84 crore for the quarter ended December 31, 2010 as compared to a net profit of Rs 224.43 crore for the quarter ended December 31, 2009, down by 8.73%.

Monnet Ispat’s subsidiary completes acquisitions of Indonesian Coal Company

Monnet Ispat and Energy’s wholly owned subsidiary -- Monnet Global (MGL) -- has completed the acquisition of Indonesian Coal Company -- PT Sarwa Sembada Karya Bumi -- at a price of $24 million in Jambi, Indonesia.
The acquisition gives MGL access to one of the largest thermal coal mine spreading over an area of 25,000 hectares. Presently, only 1500 hectares, out of the entire 25,000 hectres, have been explored and the company has been able to establish 65 million tonne of the coal reserves in the mine and expects these reserves to go up substantially after completing exploration of the total land area.
The prestigious Coal Contract of Works (CCOW), also called Peranjinan Karya Pengusahaan Pertambangan Batubara) PKP2B, which was awarded to  PT Sarwa by the Government of Indonesia, subsequent to the acquisition, gets transferred to MGL making it to the amongst the very few Indian companies to have CCOW.
MGL, a wholly owned subsidiary of Monnet Ispat, has offices in Dubai, Jakarta and Johannesburg (South Africa) and does all the global acquisition and mergers for the group.

Sadbhav Engineering bags two orders worth Rs 869.23 crore

Sadbhav Engineering has bagged two projects/ works worth aggregating Rs 869.23 crore from the Executive Engineer, Narmada Development Division 20, Mandleshwar, M. P. in joint venture with GKC Projects - Hyderabad.
The first contract worth Rs 349.30 crore comprises execution of Omkareshwar right bank lift canal including its distribution network up 40 Ha, Chak for culturable command area (CCA) of about 29947 Ha, on turn key basis from RD 51.281 Km to 125.00 Km (excluding VRB at RD 51.281 Km Wasvi- Sirsodia Road). The company will lead the joint venture with 60% participation share.
The second contract worth Rs 519.93 crore comprises execution of Omkareshwar right bank lift canal including its distribution network up 40 Ha, Chak for culturable command area (CCA) of about 28073 Ha, on turn key basis from RD 0.00 Km to 51.281Km (including VRB at RD 51.281 Km Wasvi- Sirsodia Road). The company will lead the joint venture with 40% participation share.
Recently, the company had announced that it is all set to commission 3 of its toll road projects 9 - 12 months in advance, against the original completion date of March 2013. The 97 km Bijapur Hungund toll road will be commissioned by Dec 2011.

HPCL may delay 15-day shutdown of Mumbai refinery

To meet fuel demand from local industry, Hindustan Petroleum Corporation (HPCL) may defer the planned 15-day shutdown of its 60,000 barrels per day crude unit at Mumbai refinery to September.
However, the company has no plans to change a 45-day maintenance shutdown of a 60,000 bpd crude unit, a visbreaker unit and a fluid catalytic cracker (FCC) at Vizag refinery. The shutdown will begin in November. HPCL runs a 130,000 barrels-per-day (bpd) refinery in Mumbai and a 166,000 bpd plant at Vizag, in the southern state of Andhra Pradesh.
Recently, the refinery was planning to add new facilities at its Vizag refinery to convert low-value heavy oils into premium products which will significantly increase refining margins, company officials stated. The refinery is also likely to merge Prize Petroleum (PPCL) with itself after attempts to seek for a 50% stake in its oil exploration firm did not yield favorable response. The company will take a final decision on March 25, when the representatives of PPCL will meet the HPCL board.

Most Asian equities climb in Monday morning trade

Majority of Asian equities climbed in the Monday morning trade as investors tracked the positive cues from the US markets which climbed on Friday while Japan’s progress in battling radiation leaks at a nuclear complex too spurred optimism in the region. However, the surge in crude oil prices on the back of lingering upheaval in Libya, where the US and allied forces launched a military campaign over the weekend in support of a UN resolution, threatening to jeopardize the market's fragile confidence. Stock markets in China remained very volatile in morning trade as oil stocks advanced due to spike in crude prices while copper producers receded on fears that the Chinese central bank may take measures to tame inflation.
Hang Seng surged 234.16 points or 1.05% to 22,534.39, Jakarta Composite advanced 10.51 points or 0.30% to 3,504.58, KLSE Composite added 0.56 points or 0.04% to 1,504.45, Straits Times climbed 25.65 points or 0.87% to 2,961.43, Seoul Composite soared 17.89 points or 0.90% to 1,999.02, Taiwan Weighted jumped 85.86 points or 1.02% to 8,480.61.
On the other hand only Shanghai Composite traded in the negative zone after shedding 4.92 points or 0.17% to 2,901.96.
Stock markets in Japan remained shut on account of Spring Equinox Day holiday.

Tata Steel rises on launching Perpetual Hybrid Securities

Tata Steel is currently trading at Rs 599.00, up by 2.70 points or 0.45% from its previous closing of Rs 596.30 on the BSE.

The scrip opened at Rs 600.35 and has touched a high and low of Rs 602.90 and Rs 596.55 respectively. So far 264725 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 737.00 on 26-Mar-2010 and a 52 week low of Rs 448.65 on 26-Jul-2010.

Last one week high and low of the scrip stood at Rs 607.00 and Rs 577.15 respectively. The current market cap of the company is Rs 57441.88 crore.

The promoters holding in the company stood at 32.53% while Institutions and Non-Institutions held 42.37% and 23.90% respectively. 

Tata Steel has successfully completed the issuance of perpetual hybrid securities worth Rs 1,500 crore. With the issuance of this bond the company became the first Indian corporate to issue securities of such kind. ICICI Bank and J.P. Morgan Securities India were the mandated lead arrangers for the issuance.

The unique features of the securities are that they are perpetual in nature with no maturity or redemption and are callable only at the option of the company. The distribution rate (which may be deferred at the company’s option) on the securities is set at 11.8 percent, with a step up provision if the securities aren’t called after 10 years.

These securities rank senior only to share capital of the company. This provides equity characteristic to these hybrid securities.

Recently, Tata Steel has signed a binding agreement with Canadian iron ore miner New Millennium Capital Corp (NML) for joint development of the taconite iron ore deposit in Canada, 30 kilometers northwest of Schefferville.

Also in a bid to strengthen its downstream capability to serve the automotive sector, the company is planning to set up a new line to double the slitting capacity of its service centre at Gelsenkirchen, in Germany.