Tata Communications surges on the BSE

Tata Communications is currently trading at Rs. 216.70, up by 6.25 points or 2.97% from its previous closing of Rs. 210.45 on the BSE.
The scrip opened at Rs. 207.35 and has touched a high and low of Rs. 218.45 and Rs. 204.75 respectively. So far 138375 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 354.30 on 02-Sep-2010 and a 52 week low of Rs. 192.65 on 10-Feb-2011.
Last one week high and low of the scrip stood at Rs. 222.65 and Rs. 204.75 respectively. The current market cap of the company is Rs. 6133.20 crore.
The promoters holding in the company stood at 76.15% while Institutions and Non-Institutions held 13.47% and 3.29% respectively.
Tata Communications (TCL) earlier know as VSNL, asserted that it had no intention of holding on to 770 acres of surplus land that came under its fold as a part of the privatization of former long-distance monopoly VSNL, because the delay in taking a decision was hurting the company, as it was unable to raise equity. The statement came in the wake of telecom ministry ordering the department of telecommunications to find out why it was taking so long to decide what to do with the land.

Recently, the telecom ministry called for the telecom secretary to constitute a high-level committee to examine the issue and come up with recommendations to secure interest of the government and the investors within this month. In a view, the Tatas were deliberately delaying a final decision on the fate of the land, spread over five locations in Delhi, Kolkata, Chennai and Pune. Adding to this, in May 2005, opinion of former attorney general Milon Banerjee that claims right from the beginning, the strategic partner was not interested in hiving off/demerger of the surplus land. But TCL quoted that such an interpretation was far from the truth.
Earlier VSNL was acquired by a subsidiary of Tata Sons, the holding company of the Tata group, in 2002 when it was privatized by the Atal Bihari Vajpayee-led NDA government. TCL does not benefit from the surplus land and has no interest in retaining it or delaying its separation from the company. As a matter of fact, the company has been seeking an expedited resolution to this issue which limits its options in raising non-debt funding. The government is in the process of evaluating various legal and financial alternatives to decide on the demerger process, company officials quoted.

Amtek Auto spurts on CARE reaffirming ratings assigned to its bank facilities

Amtek Auto is currently trading at Rs 142.00, up by 8.45 points or 6.33% from its previous closing of Rs 133.55 on the BSE.

The scrip opened at Rs 134.40 and has touched a high and low of Rs 143.40 and Rs 132.40 respectively. So far 737363 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 200.85 on 12-Apr-2010 and a 52 week low of Rs 106.00 on 10-Feb-2011.

Last one week high and low of the scrip stood at Rs 143.40 and Rs 120.70 respectively. The current market cap of the company is Rs 3067.10 crore.

The promoters holding in the company stood at 30.26% while Institutions and Non-Institutions held 42.93% and 26.81% respectively.

Credit rating agency, CARE has reaffirmed ‘AA’ rating assigned to Rs 1845 crore (enhanced from Rs 1775 crore) long term bank facilities of Amtek Auto. The rating agency has also reaffirmed ‘PR1’ rating assigned to Rs 40 crore short term bank facilities of the company. Further, CARE has reaffirmed PR1 rating assigned to Rs 300 crore commercial papers of the company.

The rating continues to derive strength from the company’s established business position, diversified client base, long-standing relationships with automobile companies as the preferred Original Equipment (OE) supplier, reasonable profitability levels and improved capital structure.

Amtek is one of the largest suppliers of automotive components to auto companies such as Tata Motors, Maruti Suzuki and Hyundai. It is also the first automotive component maker to foray into vehicle manufacturing. Amtek operates 43 manufacturing facilities in India and abroad. The project is expected to start with the medical vehicle segment and will have high localization.

Sesa Goa surges on acquiring assets of Bellary steel & alloys

Institutions held 28.84% and 15.43% respectively. 

Sesa Goa, the largest exporter of iron ore, has acquired the assets of the upcoming steel plant unit of the Bellary steel & alloys (BSAL) for an all cash consideration of Rs. 220 crore. The secured creditors to BSAL represented by IFCI had taken over possession of the properties of the BSAL in association with the official liquidator. IFCI then conducted sale process for the asset of the BSAL under the SARFAESI Act, 2002.

BASL is coming up with a 0.5 mtpa steel plant project at Bellary. The properties of the under construction plant acquired are free hold land or 700 acres, building and structure, plant and machinery and other assets of the steel plant.

The assets have been transferred on an ‘as is where is’ basis to SGL on March 22, 2011. The company is presently conducting a detailed assessment in order to determine the best way forward for commissioning the steel plant at the earliest.

Apollo Hospitals surge on Khazanah acquiring 8.82% stake in it

Apollo Hospitals Enterprise is currently trading at Rs. 490.60, up by 6.10 points or 1.26% from its previous closing of Rs. 484.55 on the BSE.

The scrip opened at Rs. 490.00 and has touched a high and low of Rs. 502.00 and Rs. 488.10 respectively. So far 22,950 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 599.00 on 13-Oct-2010 and a 52 week low of Rs. 327.75 on 21-May-2010.

Last one week high and low of the scrip stood at Rs. 502.00 and Rs. 470.05 respectively. The current market cap of the company is Rs. 6131.40 crore.

The promoters holding in the company stood at 33.24% while Institutions and Non-Institutions held 27.47% and 32.00% respectively.

Khazanah Nasional Bhd’s arm - Integrated (Mauritius) Healthcare Holdings - has acquired 11,000,000 shares representing 8.82% stake in corporate hospital chain Apollo Hospitals from Bisikan Bayu Investments, another arm of the Malaysian sovereign fund, for Rs 470 crore. This arrangement is a part of an internal arrangement to consolidate shares under a single entity of Khazanah.

CARE retains ratings of various bank facilities of Gujarat NRE Coke

Credit rating agency, CARE has retained ‘AA-’ rating on Rs 726.39 crore long term bank facilities of Gujarat NRE Coke. The rating agency has also retained PR1+ rating on Rs 1,230 crore short term bank facilities of the company. Further, the company has reaffirmed PR1+ rating assigned to Rs 100 crore commercial paper of the company.

The said ratings continue to draw strength from long track record of the company, experience of the promoters, company’s leadership position in the Low Ash Metallurgical Coke (LAMC) industry, reputed clientele, inherent advantages of sourcing of coking coal from mines owned by its subsidiaries, successful operation of the steel unit, moderate financial position, improvement in equity base through infusion of funds by the promoter and improving outlook for LAMC industry in both international and domestic arena.

Gujarat NRE Coke is the largest producer of metallurgical coal, also known as met coke. It is the only Indian company which has coking coal mines in Australia.

Indusind Bank to acquire Deutsche Bank's India credit card business: Report

Indusind Bank is reportedly looking to acquire the German lender Deutsche Bank's India-specific credit card business.  Axis Bank and IndusInd Bank are the only two bidders narrowed out of 11 bidders by Deutsche Bank and the deal is expected to conclude over the next quarter. Its credit card business in India has 1,50,000 active cards and outstanding of Rs 225-250 crore.
IndusInd is close to striking the deal with Deutsche Bank and could offer a small premium to the amount outstanding on the current credit card base, which is in the range of Rs 225-250 crore.
IndusInd Bank seems to have an edge over Axis Bank which is in the last leg of deal and would be able to absorb the 217 people employed in the credit card division of Deutsche Bank. It would be a lift and drop deal with IndusInd Bank as it is in the process of launching its credit card business.

Geometric to unveil CAMWorks 2011 at PMTS 2011

Geometric, a leader in developing advanced manufacturing software is planning to demonstrate the new features in CAMWorks 2011, the latest version of its solid-based CNC programming solution at Precision Machining Technology Show 2011 (PMTS), from 19 to 21 April, 2011 in Columbus in Ohio.

CAMWorks 2011 is intended to be a more focused upgrade in the CAMWorks line, and provides significant new capabilities including enhanced automation, improved knowledge-based machining information, smarter tool paths, and more.

CAMWorks 2011 introduces VoluMill the ultra-high performance tool path plug-in engine for high speed milling for 2.5 axis and 3 axis roughing operations. It is ideal for prismatic parts and complex 3-D shapes as its algorithms result in more intelligent tool paths to machine pockets, slots, and arbitrary shapes.

Recently, the company had unveiled eDrawings Professional for Google SketchUp version 8.0 with support for Google SketchUp 8.0 and eDrawings 2011. eDrawings is the first email enabled collaboration tool designed to ease the sharing and interpretation of 2D and 3D product design data.

Geometric is a specialist in the domain of engineering solutions, services and technologies. Its portfolio of Global Engineering services and Digital Technology solutions for Product Lifecycle Management (PLM) enables companies to formulate, implement, and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization lifecycle.

Saksoft inks distribution agreement with FICO

Saksoft, the Information Management Specialist Company and FICO, the leading provider of analytics and decision management technology have entered into an agreement to market solutions jointly in India. The distribution agreement covers FICO’s decision management solutions and custom analytics including FICO TRIAD Customer Manager and FICO TM Blaze Advisor business rules management in combination with Saksoft’s technology, products and systems integration services.
FICO TRIAD Customer Manager is the leading credit account and customer management solution, with advanced analytics and strategy consulting and tools, while, FICO TM Blaze Advisor is the world's leading business rules management system, which provides companies across industries with a scalable solution that delivers agility and easy-to-implement smarter business decisions.
The two companies’ complementary expertise will enable them to deliver technology solutions that optimize business processes and decision management for clients, principally in the banking and insurance space.

Tata Communications says, no intention of holding VSNL‘s 770 acres land

Tata Communications (TCL) earlier know as VSNL, asserted that it had no intention of holding on to 770 acres of surplus land that came under its fold as a part of the privatization of former long-distance monopoly VSNL, because the delay in taking a decision was hurting the company, as it was unable to raise equity. The statement came in the wake of telecom ministry ordering the department of telecommunications to find out why it was taking so long to decide what to do with the land.

Recently, the telecom ministry called for the telecom secretary to constitute a high-level committee to examine the issue and come up with recommendations to secure interest of the government and the investors within this month. In a view, the Tatas were deliberately delaying a final decision on the fate of the land, spread over five locations in Delhi, Kolkata, Chennai and Pune. Adding to this, in May 2005, opinion of former attorney general Milon Banerjee that claims right from the beginning, the strategic partner was not interested in hiving off/demerger of the surplus land. But TCL quoted that such an interpretation was far from the truth.

Earlier VSNL was acquired by a subsidiary of Tata Sons, the holding company of the Tata group, in 2002 when it was privatized by the Atal Bihari Vajpayee-led NDA government. TCL does not benefit from the surplus land and has no interest in retaining it or delaying its separation from the company. As a matter of fact, the company has been seeking an expedited resolution to this issue which limits its options in raising non-debt funding. The government is in the process of evaluating various legal and financial alternatives to decide on the demerger process, company officials quoted.

ICICI Bank and Intuit unveils Money Manager

ICICI Bank and Intuit, a leading global developer of business and personal finance management solutions, have launched an online subscription-based personal finance management solution ‘Money Manager’ for its customers. The solution is designed to help the bank’s customers understand their spending habits and organize their finances by providing them with details of all their ICICI Bank accounts on a single platform.

This web-based solution, available through the bank’s website, delivers the flexibility to focus on specific details such as earnings, savings, spends and loans. “Money Manager” makes it easy for customers to quickly and easily categorize their expenses and set and track a realistic budget to achieve their financial goals.

ICICI Bank’s products comprise a comprehensive range of deposits, mutual fund, and investment products, demat services and loans like home loan, auto loan and personal loans to cater to different needs.

Jyothy Laboratories acquires 100% stake in Diamond Fabcare

Jyothy Laboratories’ subsidiary Jyothy Fabricare Services (JFSL) has acquired 100% stake in Delhi-based laundry player Diamond Fabcare (DFPL).

DFPL, the member of Dry Cleaning & Laundry Institute, USA has 62 outlets across Delhi, Noida, Gurgaon and Gaziabad. It enjoys core competency in the laundry segment with the state-of-the-art machinery including use of 100% RO water processing, innovative supply chain system driven by sophisticated IT systems and record keeping.

Jyothy Laboratories is engaged in manufacturing and marketing of products in fabric care, mosquito repellent, surface cleaning, personal care and incense sticks.

Hinduja Global Solutions to recruit around 2,000 employees in next fiscal

Hinduja Global Solutions, leading provider of outsourcing solutions to a global clientele of Fortune 500 companies, will be recruiting around 2,000 people in India and for its other offices in the next fiscal to ramp up its headcount to 22,000. Currently, the company has close to 20,000 employees.
HGS provides outsourcing solutions to over 80 clients through its 45 delivery centers in India, the US, UK and Philippines. It serves industries like insurance, telecommunications, pharmaceuticals, life sciences, banking and financial services, consumer electronics/products, government, media and entertainment, energy and utilities, transportation and logistics.
Hinduja Global Solutions, a part of the multi billion dollar conglomerate ‐ Hinduja Group, excels in providing outsourcing solutions that include Back Office Processing, Contact Center services and customized ITES solutions to its global clientele comprising several Fortune 500 Companies.

Lanco Infratech begins trial run of first 600 Mw unit of Anpara Power project

Lanco Infratech has started the trial run of the first 600 Mw unit of Anpara Power project in Uttar Pradesh.

The company has synchronized the 600 Mw units at Lanco Anpara Power, taking the company's installed power generation capacity to 3,292 Mw. The company won this 2x600 Mw coal based thermal power project through the competitive bid under the Electricity Act.

This move will give more confidence to the company to achieve an operating capacity of 15,000 Mw by 2015 which will be in line with company’s vision, company official quoted.

The Uttar Pradesh government has tied up for the project's coal and water linkages. It has also put in place a 765 KV transmission line for power evacuation and power purchase agreement with distribution companies promoted by the Uttar Pradesh state electricity board.

SJVN expects to generate 7,100 million units of power from Nathpa Jhakri plant

Hydroelectric power producer Satluj Jal Vidyut Nigam (SJVN) is expecting to generate over 7,100 million units of power from its 1500 MW Nathpa Jhakri Hydro Power Station in the current fiscal.

The plant has already surpassed its previous best record of generating 7,018.8 million units achieved during fiscal 2009-10. This record power was generated despite heavy rains in the catchments of river Satluj in July and August last year. The downpour led to considerable increase in silt load, forcing the shutdown of plant for 22 days during the current financial year.

The company has reported a net profit of Rs 191.50 crore for the quarter ended December 31, 2010 as compared to a net profit of Rs 185.48 crore for the quarter ended December 31, 2009, up by 3.25%. Its income from operations has increased by 7.17% to Rs 396.41 crore for the quarter ended from 369.89 crore for the quarter ended December 31, 2009.

CARE reaffirms the ratings assigned to Birla Cotsyn bank facilities

Credit rating agency CARE has reaffirmed the ‘CARE BBB-‘ratings assigned to Birla Cotsyn (BCIL) long-term bank facilities for Rs 198.07 crore.

The agency has also reaffirmed the ‘PR 2’ ratings assigned to BCIL’s short-term bank facilities for Rs 7.50 crore.

The ratings continue to be constrained by delay in project implementation, low debt coverage indicators, low profit margins and predominantly trading nature of operations. The ability of BCIL to improve its margins in the scenario of volatile cotton prices, optimally utilize its expanded capacities remains the key rating sensitivities.

BCIL produces high quality synthetic, blended ring spun yarns for usage in woven and knitted fabrics, textiles, blankets, towels, upholstery, furnishings, curtains, bed sheets, made-up and industrial fabrics.

Hindustan Copper to expand its copper ore production capacity to 12.41 mtpa by 2016-17

The only copper ore producer in India, Hindustan Copper (HCL), is aiming to invest Rs 3,677 crore to expand its existing copper ore production capacity by four times to 12.41 million tonnes per annum (mtpa) by 2016-17.The company has prepared an ambitious expansion plan to expand capacity of 3.21 million tonnes to 12.41 million tonnes, which would be funded from internal resources, fresh issue of shares and debt.
Meanwhile, the company is also planning to take up greenfield projects for exploration and ore production. HCL would spend a total of Rs 297 crore next fiscal through internal sources for part-funding expansion of the Khetri, Kolihan, Banwas and Singhbhum mines and reopening of the Rakha and Kenadadih mines. HCL has already applied for prospecting leases across the country for greenfield exploration and it proposes to explore and develop these mines in a joint venture with global mining majors.
HCL's existing capacity caters to about 3 per cent of the requirement of optimum utilization of installed capacity for smelting/refining of copper in the country. HCL plans to invest a total of Rs 174 crore for expansion of the Khetri mines from 0.5 mtpa to 1 mtpa. In the Kolihan mines, it would invest Rs 275 crore for expanding the capacity to 1.5 mtpa from 0.5 mtpa now and Rs 91 crore to develop the Banwas mine with a capacity of 0.6 mtpa. The Surda mine's capacity will be expanded to 0.9 mtpa from 0.42 mtpa now at a total cost of Rs 216 crore. HCL is likely to invest Rs 347 crore to reopen the closed Rakha mine and Rs 87 crore is for enhancing the capacity of the Kendadih mines to 0.21 mtpa.
Recenlty, after delaying its follow on public offer due to adverse capital market conditions, Hindustan Copper was in talks with aluminum major Nalco to sell stake in its mines. The company is currently negotiating with Nalco and is looking to sell about 20% equity stake in two of its copper mines. Hindustan copper is looking to expand and the stake sale is aimed to part finance its expansion plans which is estimated to cost over Rs 4,000 crore.

Ganesh Polytex looks to achieve Rs 1,000 crore of revenue in next five years

Kanpur-headquartered Ganesh Polytex (GPL) is looking to achieve the target of Rs 1,000 crore of 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.
The company recycles PET bottle waste and turns it into Recycled Poyester Staple Fibre (RPSF). It is also setting up a greenfield yarn spinning unit at Bilaspur in Uttar Pradesh with the capacity of 25,000 spindles. This project will cost the company around Rs 125 crore and will be financed through a mix of equity, debt and internal accruals.
GPL, which has a total installed capacity of 57,600 tonnes per annum (TPA), is also planning to increase it by another 14,000 TPA to take it to about 72,000 TPA by FY 12-13 and is further planning to venture into plastic waste recycling business.
Meanwhile, the company's revenue, which is growing at 30% per year at present, is estimated at Rs 265 crore in 2010-11.

Khazanah acquires 8.82% stake in Apollo Hospitals Enterprises for Rs 470 crore

Khazanah Nasional Bhd’s arm - Integrated (Mauritius) Healthcare Holdings - has acquired 11,000,000 shares representing 8.82% stake in corporate hospital chain Apollo Hospitals from Bisikan Bayu Investments, another arm of the Malaysian sovereign fund, for Rs 470 crore. This arrangement is a part of an internal arrangement to consolidate shares under a single entity of Khazanah.

The deal comes eight months after the fund succeeded in terminating attempts of billionaire brothers Malvinder and Shivinder Singh-promoted Fortis Healthcare to acquire a majority stake in Khazanah-controlled Parkway hospital chain of Singapore.

Bisikan Bayu had picked up a 13.2 per cent in Apollo Hospitals in August 2005 from TWL Holdings for $44.23 million.

Pipavav Shipyard sells 7.7% stake to Ovira Logistics

Ovira Logistics has acquired 5.11 crore shares or about 7.7% stake in Pipavav Shipyard at Rs 80.83 a share under bulk deal on Monday. Infrastructure Leasing and Financial Services, IL&FS Financial Services and IL&FS Employee Welfare Trust sold the shares.

Pipavav Shipyard’s principal activity is to set up shipyard project. It is the sole sponsor of training at two Industrial Training Institutes (ITIs) situated at Rajula and Mahuva, Gujarat, in the vicinity of the company's shipyard.

Diamant Infrastructure in green on venturing into Steel Fibre Reinforced Precast products

Diamant Infrastructure is currently trading at Rs. 55.10, up by 1.35 points or 2.51% from its previous closing of Rs. 53.75 on the BSE.

The scrip opened at Rs. 56.40 and has touched a high and low of Rs. 56.75 and Rs. 54.50 respectively. So far 56,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 67.00 on 06-Jan-2011 and a 52 week low of Rs. 8.13 on 07-Jun-2010.

Last one week high and low of the scrip stood at Rs. 57.50 and Rs. 51.50 respectively. The current market cap of the company is Rs. 193.62 crore.

The promoters holding in the company stood at 15.38% while Non-Institutions hold 84.62% respectively.

Diamant Infrastructure has ventured into Steel Fibre Reinforced Precast products. The commercial production for modular compound wall and SFRC rain water drains has already been started. This is the modern technology where the strength of the product is very high along with long life and very economical compared to traditional method.

The SFRC rain water drains are useful for small to medium industries and very much suitable for Highway Projects. The execution time of laying road side drains on service lane will be reduced to 1/10th of time required for cast-in-situ process.

Modular SFRC compound wall is the latest technology accepted by all the industries for securing their boundaries. The range of products will include box culvert, retaining walls, building walls, SFRC pipes.

Diamant Infrastructure is engaged in the infrastructure business in India. It involves in the development and construction of roads. The company operates in three primary segments: financial, infrastructure and realty.