New Delhi, Nov 28 : The UK government is seeking a patent in India for a defence invention called 'modulation signals for a satellite navigation system', which can measure satellite signals.
The UK government has approached the Controller General of Patents, Designs and Trademarks by filing a patent application for the invention.
The patent application in India has been filed in the name of Secretary of State for Defence ( Defence Minister of the UK).
The approving authorities have published the claims made by the UK government in their latest Patent Office Journal, giving a notice seeking public opinion on that.
The present invention is related to modulation signals, systems and methods.
The satellite navigation system of the Defence Ministry is broadly based on the technique used in the Global Positioning System (GPS), which operates by using a number of frequencies, according to the patent application.
Friday, November 28, 2008
Wednesday, November 26, 2008
Mphasis posts net profit of Rs 295 cr
Mumbai, Nov 26 : IT firm Mphasis today said its consolidated net profit stood at Rs 295 crore for the seven months ended October 31, 2008, while it had a net profit of Rs 140 crore over the corresponding period a year ago.
Consolidated total income stood at Rs 1,927.4 crore for the period under review, Mphasis Ltd said in a filing to the Bombay Stock Exchange.
On the standalone basis, the software firm posted a net profit of Rs 264.5 crore for the period ended October 31, 2008.
Further, the board has recommended a final dividend of Rs 2 per share for the seven months ended October 31, the company said.
“This has been a year of strong financial performance with record EPS and EPS growth-the highest in the history of the company,” Mphasis CEO Jeya Kumar said.
Mphasis is the part of EDS, a global technology services provider, which was acquired by HP (Hewlett Packard) in August this year.
After the acquisition of EDS, the group has changed the quarter and financial year to November-October with effect from November 1, 2008 to align to the financial year of HP, the company added.
Shares of the company closed at Rs 151.50, down 1.37 per cent on the BSE. PTI SKR
Tuesday, November 25, 2008
Godrej Consumer approves buyback offer
Mumbai, Nov 25 : FMCG major Godrej Consumer Products today said its board has approved to buyback its equity shares from open market at a price not exceeding Rs 150 a piece.
"The buyback will be through open market and subject to a maximum price of Rs 150 per share and a maximum outlay of Rs 14.90 crore,” Godrej Consumer Products Ltd said in a filing to the Bombay Stock Exchange.
Shares of the company closed at Rs 118.50, up 0.98 per cent on the BSE.
"The buyback will be through open market and subject to a maximum price of Rs 150 per share and a maximum outlay of Rs 14.90 crore,” Godrej Consumer Products Ltd said in a filing to the Bombay Stock Exchange.
Shares of the company closed at Rs 118.50, up 0.98 per cent on the BSE.
Great Offshore leases two vessels at USD 22 mn
Mumbai, Nov 25 : Integrated offshore oilfield services provider Great Offshore today said it has chartered its two vessels to Petroleum Marine Services of Egypt for a USD 22 million (Rs 109.84 crore).
"The company has chartered two of its vessels -- Malaviya Thirty Three and Gal Ross Sea -- to Petroleum Marine Services Co," Great Offshore Ltd said in a filing to the Bombay Stock Exchange.
Initially, this contract is for one year, which has an option for two more extensions, the company said.
Further, the vessels have commenced operations in the Khafji Oilfields, it added.
Great Offshore was trading at Rs 267.75, up 0.51 per cent in the afternoon trade on the BSE.
Slump in US retail may recover by 2010
New Delhi, Nov 25 : The US retail sector, which is on a downward spiral largely because of declining consumer confidence on the back of credit crunch, is likely to see some recovery by early 2010, analysts feel.
Retail sales in September and October fell dramatically in the US on the back of global economic turmoil and the trend is emerging as a major concern among economists across the US. The coming holiday season may not be 'merry and bright' for this segment .
According to the US-based ShopperTrak RCT, which provides retail intelligence solutions and services, in the upcoming holiday season retailers will most likely feel the sting of a lagging economy and lowered consumer confidence during this critical shopp ing period.
As per ShopperTrak's Retail Traffic Index (SRTI), total US foot traffic during the 2008 holiday season is expected to decline by nearly 10 per cent as compared to last year.
“With all of the difficulties in the US economy it will take some time for retail sales to rebound. ...We will likely begin to see an economic turnaround until the later half of 2009 or even early 2010,” responding to an e-Mail query the US-based Retail Management Consultants President and CEO, Mr George Whalin said.
A number US retail giants including JC Penny, Aber Crombie, Lowe's, Traget and Saks have reported a fall in their earnings and sales in the latest quarter.
However, Walmart managed to register a growth of 10 per cent in its net income at $3.13 billion in its third quarter ended October 31.
Retail sales in September and October fell dramatically in the US on the back of global economic turmoil and the trend is emerging as a major concern among economists across the US. The coming holiday season may not be 'merry and bright' for this segment .
According to the US-based ShopperTrak RCT, which provides retail intelligence solutions and services, in the upcoming holiday season retailers will most likely feel the sting of a lagging economy and lowered consumer confidence during this critical shopp ing period.
As per ShopperTrak's Retail Traffic Index (SRTI), total US foot traffic during the 2008 holiday season is expected to decline by nearly 10 per cent as compared to last year.
“With all of the difficulties in the US economy it will take some time for retail sales to rebound. ...We will likely begin to see an economic turnaround until the later half of 2009 or even early 2010,” responding to an e-Mail query the US-based Retail Management Consultants President and CEO, Mr George Whalin said.
A number US retail giants including JC Penny, Aber Crombie, Lowe's, Traget and Saks have reported a fall in their earnings and sales in the latest quarter.
However, Walmart managed to register a growth of 10 per cent in its net income at $3.13 billion in its third quarter ended October 31.
Monday, November 24, 2008
Atlanta bags Rs 146.4 cr contract from GIDC
Mumbai, Nov 24 : Diversified firm Atlanta today said it has secured a contract worth Rs 146.4 crore from Gujarat Industrial Development Corporation for infrastructure related works.
Under the contract, the company will provide infrastructure for Dahej Special Economic Zone (Dahez SEZ Ltd), Atlanta Ltd said in a filing to the Bombay Stock Exchange.
Earlier, in October, the company in a joint venture with ARSS had bagged a contract worth Rs 72 crore from Southern Railway for gauge conversation and construction-related works.
Shares of the company closed at Rs 55, down 3.68 per cent on the BSE.
Under the contract, the company will provide infrastructure for Dahej Special Economic Zone (Dahez SEZ Ltd), Atlanta Ltd said in a filing to the Bombay Stock Exchange.
Earlier, in October, the company in a joint venture with ARSS had bagged a contract worth Rs 72 crore from Southern Railway for gauge conversation and construction-related works.
Shares of the company closed at Rs 55, down 3.68 per cent on the BSE.
Thursday, November 20, 2008
AstraZeneca to axe 1,400 jobs by 2013
London, Nov 20 : Global pharmaceutical giant AstraZeneca today said it will slash about 1,400 jobs in the coming years across Europe, as part of the restructuring plan of its manufacturing and supply chain operations.
The UK-based pharma major would exit from its three units in Europe -- Porrino in Spain, Destelbergen in Belgium and Umea in Sweden -- under efficiency improvement programme, the company said in a statement.
Further, there would be roles affected at its facilities in Macclesfield in the UK and Sodertalje in Sweden, it added.
"These moves will result in a net reduction across the business of 1,400 positions by 2013," AstraZeneca said, adding that these job cuts are subject to local consultation.
"I realise these changes are difficult for our affected employees, with whom we will be consulting in the coming months. We believe these changes are necessary for the long-term strength of the business," AstraZeneca Executive Vice President Operations David Smith said.
Anglo-Swedish pharma company has announced proposed changes to its global manufacturing and supply chain operations as part of its ongoing programme to improve efficiency across the business.
However, the company's outlook to investors on restructuring costs remains unchanged for 2008.
"These moves are a continuation of AstraZeneca's programme to improve the organisations productivity and efficiency," David added.
AstraZeneca has a presence in India through its Indian arm AstraZeneca Pharma India.
Shares of AstraZeneca fell 0.84 per cent and was trading at 2,482 pence on the London Stock Exchange. Whereas, AstraZeneca Pharma India's shares settled at Rs 465.85, down 2.09 per cent on the Bombay Stock Exchange.
The UK-based pharma major would exit from its three units in Europe -- Porrino in Spain, Destelbergen in Belgium and Umea in Sweden -- under efficiency improvement programme, the company said in a statement.
Further, there would be roles affected at its facilities in Macclesfield in the UK and Sodertalje in Sweden, it added.
"These moves will result in a net reduction across the business of 1,400 positions by 2013," AstraZeneca said, adding that these job cuts are subject to local consultation.
"I realise these changes are difficult for our affected employees, with whom we will be consulting in the coming months. We believe these changes are necessary for the long-term strength of the business," AstraZeneca Executive Vice President Operations David Smith said.
Anglo-Swedish pharma company has announced proposed changes to its global manufacturing and supply chain operations as part of its ongoing programme to improve efficiency across the business.
However, the company's outlook to investors on restructuring costs remains unchanged for 2008.
"These moves are a continuation of AstraZeneca's programme to improve the organisations productivity and efficiency," David added.
AstraZeneca has a presence in India through its Indian arm AstraZeneca Pharma India.
Shares of AstraZeneca fell 0.84 per cent and was trading at 2,482 pence on the London Stock Exchange. Whereas, AstraZeneca Pharma India's shares settled at Rs 465.85, down 2.09 per cent on the Bombay Stock Exchange.
Tuesday, November 11, 2008
Tough days ahead for media firms as profits shrink
New Delhi, Nov 11 : Hit by a fall in advertisement revenues, media sector firms have witnessed a sharp drop in profits in the September quarter and experts believe they are likely to remain under pressure for the next one year.
According to an analysis of the quarterly earnings of the ten leading media houses including NDTV, HT Media, TV Eighteen and Zee Entertainment as many as seven firms have suffered a significant impact on their bottomlines in the second quarter this fiscal.
Prannoy Roy led-NDTV widened its net loss to Rs 119.38 crore for the second quarter ended 30 September, while HT Media, which publishes Hindutsan Times, Mint and Hindustan, posted a 49 per cent decline in net profit at Rs 16.28 crore in the same period.
The key reason for media firms’ profits getting impacted is the clear fall in the ad spends which have been impacted by the economic environment.
“Pressure is likely to continue in the Media and Entertainment space for the next one year in line with the overall economy,” consultancy firm BMR Advisors Partner for Media and Entertainment Industry Practice Vivek Gupta said.
“However, the long term scenario remains bullish as a lot of the consuming class has still not been penetrated. And several triggers exist in the industry,” Gupta added.
Media conglomerate Television Eighteen posted a net profit of Rs 18.12 crore, whereas it had a net profit of Rs 26.27 crore in the corresponding period previous financial year.
Meanwhile, two media houses, TV Today and Subhash Chandra — led Zee Entertainment Enterprises — posted a growth in their net profit in the second quarter of current fiscal.
Zee Entertainment posted a positive result with a net profit of Rs 178.1 crore, a 45.53 per cent growth as compared to Rs 97 crore for the same period a year ago. While, TV Today Group, which broadcasts news channel Headlines Today and Aaj Tak, posted a net profit of Rs 7.57 crore against Rs 5.35 crore a year ago.
Another analyst from leading brokerage firm believes as corporate houses are cutting their advertisement expenditures, the media sector including print and TV are likely to witness an impact on their revenues.
South-based Deccan Chronicle, who owns Hyderabad team of Indian Premier League (IPL) and publishes Asian Age and Deccan Chronicle, suffered a 45 per cent drop in profits at Rs 45.27 crore against Rs 82.60 for the quarter ended 30 September, 2007.
Globally, the media sector has also not performed well and ad revenues have decline amid the economic crisis impacting the the corporate sector.
Media services firm Zenith Optimedia has cut its forecast for global adspend growth to 4.3 per cent in 2008 down from its earlier 6.6 per cent expectations.
According to an analysis of the quarterly earnings of the ten leading media houses including NDTV, HT Media, TV Eighteen and Zee Entertainment as many as seven firms have suffered a significant impact on their bottomlines in the second quarter this fiscal.
Prannoy Roy led-NDTV widened its net loss to Rs 119.38 crore for the second quarter ended 30 September, while HT Media, which publishes Hindutsan Times, Mint and Hindustan, posted a 49 per cent decline in net profit at Rs 16.28 crore in the same period.
The key reason for media firms’ profits getting impacted is the clear fall in the ad spends which have been impacted by the economic environment.
“Pressure is likely to continue in the Media and Entertainment space for the next one year in line with the overall economy,” consultancy firm BMR Advisors Partner for Media and Entertainment Industry Practice Vivek Gupta said.
“However, the long term scenario remains bullish as a lot of the consuming class has still not been penetrated. And several triggers exist in the industry,” Gupta added.
Media conglomerate Television Eighteen posted a net profit of Rs 18.12 crore, whereas it had a net profit of Rs 26.27 crore in the corresponding period previous financial year.
Meanwhile, two media houses, TV Today and Subhash Chandra — led Zee Entertainment Enterprises — posted a growth in their net profit in the second quarter of current fiscal.
Zee Entertainment posted a positive result with a net profit of Rs 178.1 crore, a 45.53 per cent growth as compared to Rs 97 crore for the same period a year ago. While, TV Today Group, which broadcasts news channel Headlines Today and Aaj Tak, posted a net profit of Rs 7.57 crore against Rs 5.35 crore a year ago.
Another analyst from leading brokerage firm believes as corporate houses are cutting their advertisement expenditures, the media sector including print and TV are likely to witness an impact on their revenues.
South-based Deccan Chronicle, who owns Hyderabad team of Indian Premier League (IPL) and publishes Asian Age and Deccan Chronicle, suffered a 45 per cent drop in profits at Rs 45.27 crore against Rs 82.60 for the quarter ended 30 September, 2007.
Globally, the media sector has also not performed well and ad revenues have decline amid the economic crisis impacting the the corporate sector.
Media services firm Zenith Optimedia has cut its forecast for global adspend growth to 4.3 per cent in 2008 down from its earlier 6.6 per cent expectations.
Thursday, November 6, 2008
Peer to peer lending gains prominence
New Delhi, Nov 6 : Amid a liquidity crunch in banking, a relatively new practice of lending and borrowing without intermediaries like banks and financial institutions is emerging through online sharing of money, making it easier for people to get loans.
According to a study by market intelligence and data analysis services provider Grail Research, peer-to-peer lending -- which refers to an individual or a group lending money to a person in need without the role of any intermediary -- is fast emerging and may reduce dependence on banks.
The market size of the country's informal lending market is estimated to be $ 90-100 billion, with rural areas accounting for a bulk of the market.
Of this, just 30-35 per cent is supposed to be managed through friends and family networks, including the emerging new platform of 'peer-to-peer' lending.
This new form of loan is more popular among people who do not have easy access to bank loans and belong to low income groups.
"P2P lending is one of Web 2.0's less appreciated killer apps. By eliminating intermediaries such as banks, it creates better outcomes for both borrowers and lenders. We expect it to be a key threat for traditional lenders such as banks in the long term," Grail Research country head Amit Kumar said.
While the lack of a fully functional credit bureau inhibits its application in its traditional form, it is also leading to innovation such as the use of micro finance institutions.
"We consider its potential impact to be on par with other innovative models such as ITC's e-choupal," Kumar added.
Unlike traditional banks, which are governed by the Reserve Bank of India's regulations, P2P lending is more independent and flexible on various points.
"In the P2P system, the rate of interest at which one would take loans is negotiable. Unlike regulated banks' practices, paper work and credit checks of borrowers are not so important here, which ultimately saves time," Kumar said.
These firms mainly target poorer segments as they do not have access to formal banking. Moreover, a host of micro-credit institutions operating in India are unable to meet the entire micro-credit demands of the country.
Traditionally, people prefer banks and other similar institutions as they are considered more reliable than lesser-known financial firms.
However, a number of P2P lending firms, like dhanaX, Range De and GlobeFunder, have emerged in recent times. But they are in the initial stages and need protection and support from the government for accelerated growth, the Grail Research study said.
The Internet plays a major role in the fledgling industry as P2P lending through portals of such companies involves online sharing of money between users.
"Borrowers put up their profiles and make requests for loans on the portals, which the lenders can view. The entire process helps the borrower and the lender gets interest rates that are acceptable to both parties," Kumar said.
P2P companies earn revenues through commissions, both from the lender and the borrower or agent, for arranging the servicing the loan.
P2P lending firm dhanaX co-founder Siva Prasad Cotipalli said, "dhanaX is targeting borrowers with an income between Rs 60,000 and 1,50,000 per annum as there are huge opportunities in the Indian credit market with an unmet credit requirement of nearly Rs 2,00,000 crore (Rs 2,000 billion)."
According to a study by market intelligence and data analysis services provider Grail Research, peer-to-peer lending -- which refers to an individual or a group lending money to a person in need without the role of any intermediary -- is fast emerging and may reduce dependence on banks.
The market size of the country's informal lending market is estimated to be $ 90-100 billion, with rural areas accounting for a bulk of the market.
Of this, just 30-35 per cent is supposed to be managed through friends and family networks, including the emerging new platform of 'peer-to-peer' lending.
This new form of loan is more popular among people who do not have easy access to bank loans and belong to low income groups.
"P2P lending is one of Web 2.0's less appreciated killer apps. By eliminating intermediaries such as banks, it creates better outcomes for both borrowers and lenders. We expect it to be a key threat for traditional lenders such as banks in the long term," Grail Research country head Amit Kumar said.
While the lack of a fully functional credit bureau inhibits its application in its traditional form, it is also leading to innovation such as the use of micro finance institutions.
"We consider its potential impact to be on par with other innovative models such as ITC's e-choupal," Kumar added.
Unlike traditional banks, which are governed by the Reserve Bank of India's regulations, P2P lending is more independent and flexible on various points.
"In the P2P system, the rate of interest at which one would take loans is negotiable. Unlike regulated banks' practices, paper work and credit checks of borrowers are not so important here, which ultimately saves time," Kumar said.
These firms mainly target poorer segments as they do not have access to formal banking. Moreover, a host of micro-credit institutions operating in India are unable to meet the entire micro-credit demands of the country.
Traditionally, people prefer banks and other similar institutions as they are considered more reliable than lesser-known financial firms.
However, a number of P2P lending firms, like dhanaX, Range De and GlobeFunder, have emerged in recent times. But they are in the initial stages and need protection and support from the government for accelerated growth, the Grail Research study said.
The Internet plays a major role in the fledgling industry as P2P lending through portals of such companies involves online sharing of money between users.
"Borrowers put up their profiles and make requests for loans on the portals, which the lenders can view. The entire process helps the borrower and the lender gets interest rates that are acceptable to both parties," Kumar said.
P2P companies earn revenues through commissions, both from the lender and the borrower or agent, for arranging the servicing the loan.
P2P lending firm dhanaX co-founder Siva Prasad Cotipalli said, "dhanaX is targeting borrowers with an income between Rs 60,000 and 1,50,000 per annum as there are huge opportunities in the Indian credit market with an unmet credit requirement of nearly Rs 2,00,000 crore (Rs 2,000 billion)."
Wednesday, November 5, 2008
Great Offshore acquires Andhra firms for Rs160 cr
Mumbai, Nov 5 : Great Offshore, integrated offshore service provider said that it has acquired Andhra Pradesh based companies KEI-RSOS Maritime and Rajmahendri Shipping and Oilfield Services for Rs160 crore.
“The company on 5 November, completed all procedural formalities and acquired 100% equity stake in two companies,” Great Offshore Ltd said in a filing to the Bombay Stock Exchange (BSE).
KEI-RSOS Maritime and Rajmahendri Shipping and Oilfield Services are in the maritime services business providing offshore support, single point mooring operations and port management services.
The companies have a strong presence on the East Coast of India.Being wholly-owned subsidiaries of Great Offshore, the companies will add to EPS accretion on a consolidated basis for this fiscal, which ends on 31 March, 2009, the company said.
In the first week of September, the company had announced that it would acquire both firms for Rs 160 crore in an all cash transaction.
“The decision to acquire an existing running business is with a view to broad base earnings without diversifying core business risks and ensuring sustainable cash flows and earnings,” Great Offshore Vice Chairman cum Managing Director Vijay K Sheth said.
Earlier in July, KEI received a contract for providing comprehensive marine operations services for the Gangavaram Port for a period of 12 years.
In a separate filing to the BSE on 2 September, Great Offshore had announced that the existing management of both companies would continue to manage the day-to-day business.
Tuesday, November 4, 2008
Gail India Signs Agreement With Himachal State Government
Mumbai, Nov 5 : State-run GAIL India on Tuesday said it has entered into an agreement with the Himachal Pradesh government to study the feasibility of extending the Dadri-Bawana-Nangal natural gas pipeline to the state.
Under the agreement, the oil major would work on a joint exercise to assess the demand potential of natural gas and allied products in the state, GAIL India Ltd said in a filing to the Bombay Stock Exchange.
Dadri-Bawana-Nangal is a 610-km pipeline project, which would pass through UP, Delhi, Haryana and Punjab.
"GAIL will use its technical and commercial expertise to study the various options and collate the gas demand potential of Himachal Pradesh," the company said.
Department of Industries of the HP government would facilitate information pertaining to fertiliser, power, industry, domestic and transport sectors, which have potential to consume gas and CHG as fuel, it added.
Under the agreement, the oil major would work on a joint exercise to assess the demand potential of natural gas and allied products in the state, GAIL India Ltd said in a filing to the Bombay Stock Exchange.
Dadri-Bawana-Nangal is a 610-km pipeline project, which would pass through UP, Delhi, Haryana and Punjab.
"GAIL will use its technical and commercial expertise to study the various options and collate the gas demand potential of Himachal Pradesh," the company said.
Department of Industries of the HP government would facilitate information pertaining to fertiliser, power, industry, domestic and transport sectors, which have potential to consume gas and CHG as fuel, it added.
Saturday, November 1, 2008
Zee News acquires 26 pc stake in Sky B
Mumbai, Nov 1 : Subhash Chandra group firm Zee News today said it would acquire 26 per cent stake in Sky B (Bangla), a West Bengal focused media firm, for an undisclosed amount.
In a filing to the Bombay Stock Exchange, Zee News Ltd said its board has approved the acquisition of 26 per cent stake in Sky B (Bangla) Pvt Ltd, which owns infotainment channel Akaash Bangla.
Under a separete agreement, Zee News will now handle marketing, advertisement sales and programming initiatives of Akaash Bangla, at an agreed fee. However, it has not disclosed the fee structure.
The advertisement sales function of Akaash Bangla would now be handled by Zee News, it added. Akaash Bangla is a twenty-four hours Bengali infotainment channel, which is owned by Sky B.
Zee News and Sky B already have a 60:40 partnership in joint venture firm Zee Akaash News Pvt, which owns 24 Ghanta.
"This accord is a win-win for both the companies. We look east as market of strategic importance and would like to strengthen our presence there to emerge as the single largest player in electronic media," Zee News CEO Barun Das said.
In a filing to the Bombay Stock Exchange, Zee News Ltd said its board has approved the acquisition of 26 per cent stake in Sky B (Bangla) Pvt Ltd, which owns infotainment channel Akaash Bangla.
Under a separete agreement, Zee News will now handle marketing, advertisement sales and programming initiatives of Akaash Bangla, at an agreed fee. However, it has not disclosed the fee structure.
The advertisement sales function of Akaash Bangla would now be handled by Zee News, it added. Akaash Bangla is a twenty-four hours Bengali infotainment channel, which is owned by Sky B.
Zee News and Sky B already have a 60:40 partnership in joint venture firm Zee Akaash News Pvt, which owns 24 Ghanta.
"This accord is a win-win for both the companies. We look east as market of strategic importance and would like to strengthen our presence there to emerge as the single largest player in electronic media," Zee News CEO Barun Das said.
Tuesday, October 28, 2008
Reliance closes Jamnagar polypropylene plant for repair
Mumbai, Oct 28 : Reliance Industries today said it has shut down its polypropylene plant at the Jamnagar refinery complex "with the objective of improving product swing capability and increasing propylene yield."
"The shutdown is expected to last for approximately four weeks," Reliance Industries Ltd (RIL) said in a filing to the Bombay Stock Exchange.
However, all other units at the Jamnagar refinery are working at their normal throughputs, the company said.
"The rest of the units at the refinery are continuing to operate at their normal throughputs and product dispatches to customers will be unaffected through the duration of the shutdown," Reliance said.
Further, this opportunity will also be utilised to carry out other routine maintenance and turnaround activities, the company added.
"The shutdown is expected to last for approximately four weeks," Reliance Industries Ltd (RIL) said in a filing to the Bombay Stock Exchange.
However, all other units at the Jamnagar refinery are working at their normal throughputs, the company said.
"The rest of the units at the refinery are continuing to operate at their normal throughputs and product dispatches to customers will be unaffected through the duration of the shutdown," Reliance said.
Further, this opportunity will also be utilised to carry out other routine maintenance and turnaround activities, the company added.
Tuesday, October 21, 2008
Polaris Software Q2 PAT up by Rs 34.42 cr
Mumbai, Oct 21 : Polaris Software Lab on Tuesday said it has reported profit after tax of Rs 34.42 crore for the second quarter ended 30 September, an 88.91 per cent growth over the corresponding period a year ago.
The company had a profit after tax of Rs 18.22 crore for the same quarter last financial year, Polaris Software Lab Ltd said in a filing to the Bombay Stock Exchange.
Total income of the company rose to Rs 344.41 crore for the quarter under review, from Rs277.66 crore for the year-ago period.
For the six months ending 30 September, it posted a profit after tax of Rs61.43 crore, an 88.20% growth, against Rs32.64 crore for the same period in FY’08.
Total income in the same period rose to Rs 662.66 crore for the six-month period of the current fiscal, from Rs543.70 crore for the year-ago period.
Shares of the company surged 12.35 per cent after the announcement of results on Tuesday and were trading at Rs50.95 in the late afternoon trade on the BSE.
The company had a profit after tax of Rs 18.22 crore for the same quarter last financial year, Polaris Software Lab Ltd said in a filing to the Bombay Stock Exchange.
Total income of the company rose to Rs 344.41 crore for the quarter under review, from Rs277.66 crore for the year-ago period.
For the six months ending 30 September, it posted a profit after tax of Rs61.43 crore, an 88.20% growth, against Rs32.64 crore for the same period in FY’08.
Total income in the same period rose to Rs 662.66 crore for the six-month period of the current fiscal, from Rs543.70 crore for the year-ago period.
Shares of the company surged 12.35 per cent after the announcement of results on Tuesday and were trading at Rs50.95 in the late afternoon trade on the BSE.
LIC Housing Finance Q2 net up 16 pc at Rs 135 cr
Mumbai, Oct 21 : LIC Housing Finance Ltd on Tuesday announced a net profit of Rs 135.06 crore for the second quarter ended September 30, 2008, a 16 per cent growth over the corresponding period a year-ago.
The company had a net profit of Rs 116.37 crore for the same quarter last financial year, LIC Housing Finance Ltd said in a filing to the BSE.
The total income of the company rose to Rs 704.23 crore for the September quarter of the current financial year from Rs 523.22 crore for the year-ago period.
For the six months ended September 2008, the housing finance firm posted a net profit of Rs 239.73 crore, against Rs 163.07 crore for the same period of FY'08, up by 47 per cent.
The total income rose to Rs 1,323.92 crore in the same period from Rs 989. 53 crore a year-ago.
Shares of the company were trading at Rs 242.10, up 7.39 per cent in the afternoon trade on the BSE.
The company had a net profit of Rs 116.37 crore for the same quarter last financial year, LIC Housing Finance Ltd said in a filing to the BSE.
The total income of the company rose to Rs 704.23 crore for the September quarter of the current financial year from Rs 523.22 crore for the year-ago period.
For the six months ended September 2008, the housing finance firm posted a net profit of Rs 239.73 crore, against Rs 163.07 crore for the same period of FY'08, up by 47 per cent.
The total income rose to Rs 1,323.92 crore in the same period from Rs 989. 53 crore a year-ago.
Shares of the company were trading at Rs 242.10, up 7.39 per cent in the afternoon trade on the BSE.
Hindustan Construction bags Rs 360-cr order
Mumbai, Oct 21 : Infrastructure developer Hindustan Construction Company (HCC) on Tuesday said it has bagged an order worth Rs 360 crore from Lanco Infratech for construction-related works at Teesta Hydro Electro Power Project in Sikkim.
The scope of work includes construction-related works of 16.5-km long tunnels, HCC said in a filing to the Bombay Stock Exchange, adding that this project would be completed in forty-five months.
Earlier in April, the company had bagged an order worth Rs 303 crore for similar work at the Teesta Hydro Power Project.
Hindustan Construction surged 4.60 per cent and was trading at Rs 46.65 in the afternoon trade on the BSE.
The scope of work includes construction-related works of 16.5-km long tunnels, HCC said in a filing to the Bombay Stock Exchange, adding that this project would be completed in forty-five months.
Earlier in April, the company had bagged an order worth Rs 303 crore for similar work at the Teesta Hydro Power Project.
Hindustan Construction surged 4.60 per cent and was trading at Rs 46.65 in the afternoon trade on the BSE.
Wire and Wireless net loss widens at Rs 21.97 cr
Mumbai, Oct 21: Cable television distribution firm Wire and Wireless India Ltd today posted consolidated net loss from ordinary activities after tax of Rs 21.97 crore for the second quarter ended September 30, against a net loss after tax of Rs 22.69 crore in the corresponding period last year.
The total income rose to Rs 83.75 crore for the quarter under review, from Rs 63.51 crore in the second quarter of the previous fiscal, Wire and Wireless India Ltd (WWIL) said in a filing to the Bombay Stock Exchange.
On the standalone basis, the media firm reported a net loss from ordinary activities after tax of Rs 25.76 crore for the September quarter, against a net loss of Rs 27.12 crore in the corresponding period last fiscal.
The standalone total income of the firm rose to Rs 61.08 crore in the reviewed quarter, from Rs 50.04 crore in the same period a year-ago.
For six months ended September 30, the Essel group company announced a net loss of Rs 40.28 crore, while the net loss in the corresponding period last fiscal was at Rs 42.98 crore.
Subhash Chandra-led Wire and Wireless India Ltd is Zee's demerged cable television distribution company.
Shares of the company closed at Rs 12.05, down 524 per cent on the BSE.
The total income rose to Rs 83.75 crore for the quarter under review, from Rs 63.51 crore in the second quarter of the previous fiscal, Wire and Wireless India Ltd (WWIL) said in a filing to the Bombay Stock Exchange.
On the standalone basis, the media firm reported a net loss from ordinary activities after tax of Rs 25.76 crore for the September quarter, against a net loss of Rs 27.12 crore in the corresponding period last fiscal.
The standalone total income of the firm rose to Rs 61.08 crore in the reviewed quarter, from Rs 50.04 crore in the same period a year-ago.
For six months ended September 30, the Essel group company announced a net loss of Rs 40.28 crore, while the net loss in the corresponding period last fiscal was at Rs 42.98 crore.
Subhash Chandra-led Wire and Wireless India Ltd is Zee's demerged cable television distribution company.
Shares of the company closed at Rs 12.05, down 524 per cent on the BSE.
Monday, October 20, 2008
MIC Electronics Q2 net up two-fold at Rs 25.56 cr
Mumbai, Oct 20 : MIC Electronics today announced a consolidated net profit of Rs 25.56 crore for the second quarter ended September 30, more than two-fold growth over corresponding period a year-ago.
The company had a net profit of Rs 11.14 crore for the same quarter last year, MIC Electronics Ltd said in a filing to the Bombay Stock Exchange.
The consolidated total income of the company rose to Rs 99.38 crore in the quarter under review from Rs 87.38 crore in the year-ago period.
On the standalone basis, the company posted a net profit of Rs 23.44 crore for the September quarter of current fiscal, a more than two-fold per cent growth, against Rs 9.84 crore for the same period last financial year.
Shares of the company closed at Rs 50.65, down 594 per cent on the BSE.
Lanco Infratech to demerge subsidiary into 2 entities
Mumbai, Oct 20 : Diversified firm Lanco Infratech on Monday said its subsidiary company Lanco Hills Technology Park Private Ltd (LHTPPL) would be demerged into two separate entities.
Lanco Hills Technology Park took a decision in this regard during the meeting of its board of directors, Lanco Infratech said in a regulatory filing to the Bombay Stock Exchange.
“With the demerger of LHTPPL, special economic zone (SEZ) business would be retained by the existing LHTPPL and the Non-SEZ business would be demerged into separate company,” the company said.
The demerger, which is subject to statutory approval, would be effective from April 1, 2008, it added.
Shares of the company were trading at Rs 132.90, down 3.10 per cent in the late afternoon trade on the BSE.
Lanco Hills Technology Park took a decision in this regard during the meeting of its board of directors, Lanco Infratech said in a regulatory filing to the Bombay Stock Exchange.
“With the demerger of LHTPPL, special economic zone (SEZ) business would be retained by the existing LHTPPL and the Non-SEZ business would be demerged into separate company,” the company said.
The demerger, which is subject to statutory approval, would be effective from April 1, 2008, it added.
Shares of the company were trading at Rs 132.90, down 3.10 per cent in the late afternoon trade on the BSE.
HT Media Q2 net dips 49 pc at Rs 16.28 cr
Mumbai, Oct 20 : HT Media today announced a net profit of Rs 16.28 crore for the second quarter ended 30 September, a 49 per cent dip over the corresponding period a year ago.
The company had a net profit of Rs 31.94 crore for the same quarter in FY’08, HT Media said in a filing to the Bombay Stock Exchange.
Its total income rose 18.17 pc to Rs 334.17 crore for the quarter under review, from Rs282.77 crore in the year-ago period.
For the six months ending 30September, the media house reported a net profit of Rs53.98 crore, a decline of 18% compared with the year-ago period.
It had a net profit of Rs 66.10 crore in the same period a year ago. The total income during the six-month period rose to Rs661.40 crore, from Rs 559.11 crore in the same period last fiscal.
Founded in 1924, HT Media operates 19 printing facilities across India. Besides Hindustan Times and Hindustan, the company publishes Mint.
It also has a presence in electronic media through its subsidiary HT Music and Entertainment Company Ltd.
During the quarter, the company had pumped in Rs 12.50 crore by way of equity shares and advances in its subsidiary company Firefly-O-Ventures. It also gave Rs5 crore loan to another subsidiary -- HT Music and Entertainment Ltd.
The company had changed its accounting policy from 1April, 2008 to adjust the foreign exchange fluctuation on borrowings, the filing added.
HT Media was trading at Rs84, up 3.07 per cent in the late afternoon trade on the BSE.
The company had a net profit of Rs 31.94 crore for the same quarter in FY’08, HT Media said in a filing to the Bombay Stock Exchange.
Its total income rose 18.17 pc to Rs 334.17 crore for the quarter under review, from Rs282.77 crore in the year-ago period.
For the six months ending 30September, the media house reported a net profit of Rs53.98 crore, a decline of 18% compared with the year-ago period.
It had a net profit of Rs 66.10 crore in the same period a year ago. The total income during the six-month period rose to Rs661.40 crore, from Rs 559.11 crore in the same period last fiscal.
Founded in 1924, HT Media operates 19 printing facilities across India. Besides Hindustan Times and Hindustan, the company publishes Mint.
It also has a presence in electronic media through its subsidiary HT Music and Entertainment Company Ltd.
During the quarter, the company had pumped in Rs 12.50 crore by way of equity shares and advances in its subsidiary company Firefly-O-Ventures. It also gave Rs5 crore loan to another subsidiary -- HT Music and Entertainment Ltd.
The company had changed its accounting policy from 1April, 2008 to adjust the foreign exchange fluctuation on borrowings, the filing added.
HT Media was trading at Rs84, up 3.07 per cent in the late afternoon trade on the BSE.
Petronet LNG Q2 net dips 10 pc at Rs103.36 cr
Mumbai, Oct 20 : State-run Petronet LNG announced a net profit of Rs 103.36 crore for the second quarter ended 30 September, a 10.51 per cent decline over the corresponding period a year-ago.
The company had a net profit of Rs 115.51 crore for the same quarter in FY’08, Petronet LNG said in a filing to the Bombay Stock Exchange.
The total income of the company declined to Rs1,654.92 crore for the quarter under review from Rs 1,670.50 crore in the year-ago period.
For the six months ending 30 September, the public sector energy firm registered a net decline of 6.4% at Rs209.01 crore against Rs 223.53 crore in the year-ago period.
While the total income in six months rose to Rs 3,300.77 crore, from Rs 3,221.52 crore in the corresponding period last fiscal.
The company had a net profit of Rs 115.51 crore for the same quarter in FY’08, Petronet LNG said in a filing to the Bombay Stock Exchange.
The total income of the company declined to Rs1,654.92 crore for the quarter under review from Rs 1,670.50 crore in the year-ago period.
For the six months ending 30 September, the public sector energy firm registered a net decline of 6.4% at Rs209.01 crore against Rs 223.53 crore in the year-ago period.
While the total income in six months rose to Rs 3,300.77 crore, from Rs 3,221.52 crore in the corresponding period last fiscal.
Patel Engineering Q2 net up 20 pc at Rs 43 crore
Mumbai, Oct 20 : Construction firm Patel Engineering today announced a consolidated net profit of Rs42.58 crore for the second quarter ended 30 September, up 19.84 per cent over the corresponding period a year-ago.
The company had a consolidated net profit of Rs35.53 crore in the same quarter in 2007, Patel Engineering Ltd said in a filing to the Bombay Stock Exchange.
The consolidated net sales of the company rose to Rs441.81 crore for the quarter under review from Rs338.77 crore in the year-ago period.
For the six month ended 30 September, 2008, the company posted a consolidated net profit of Rs77.57 crore, against Rs 62.57 crore a year ago, up 23.97 per cent.
On a standalone basis, the company posted a net profit of Rs33.49 crore in the September quarter as against Rs32.44 crore during the same period last fiscal.
The standalone net income of the engineering firm rose to Rs 309.18 crore in the Q2 of the current financial year from Rs 235.77 crore over the same period previous fiscal.
Shares of the company were trading at Rs170.90, down 3.66% in the afternoon trade on the BSE.
The company had a consolidated net profit of Rs35.53 crore in the same quarter in 2007, Patel Engineering Ltd said in a filing to the Bombay Stock Exchange.
The consolidated net sales of the company rose to Rs441.81 crore for the quarter under review from Rs338.77 crore in the year-ago period.
For the six month ended 30 September, 2008, the company posted a consolidated net profit of Rs77.57 crore, against Rs 62.57 crore a year ago, up 23.97 per cent.
On a standalone basis, the company posted a net profit of Rs33.49 crore in the September quarter as against Rs32.44 crore during the same period last fiscal.
The standalone net income of the engineering firm rose to Rs 309.18 crore in the Q2 of the current financial year from Rs 235.77 crore over the same period previous fiscal.
Shares of the company were trading at Rs170.90, down 3.66% in the afternoon trade on the BSE.
Shree Renuka Sugars acquires 87 pc stake in Gokak Sugars
Mumbai, Oct 20 : Sugar major Shree Renuka Sugars today said it has acquired 87 per cent stake in the Karnataka-based Gokak Sugars for Rs 69.3 crore.
Gokak Sugars Ltd has a capacity to crush 2,500 tonnes cane per day and it owns a 14 mega watts co-generation power plant in Belgaum of Karnataka, Shree Renuka Sugars Ltd said in a filing to the Bombay Stock Exchange.
The 69.3 crore acquisition by the Renuka Sugars includes assumption of debt of Rs 65 crore, the filing said.
Further, the Karnataka government has awarded a 30-year lease of Raibag Sahakari Sakhar Karkhana Niyamit (Raibag SSKN) to the company, Renuka Sugars said.
Karnataka-based Raibag SSKN has a sugar manufacturing capacity of 2,500 tonnes crushed per day (TCD), the company said.
Apart from Sugar, Shree Renuka Sugars is also engaged in manufacturing and marketing of power and ethanol.
Last month, the company had entered in an agreement to form a company in joint venture with the public sector refinery Hindustan Petroleum Corporation Ltd (HPCL) to set up an integrated sugar plant in Maharashtra.
Friday, October 17, 2008
Mfg sector needs 10 pc growth for 5 pc of global share: KPMG
New Delhi, Oct 17 : The Indian manufacturing sector needs to sustain an annual growth rate of over 10 per cent till 2022, in order to capture a five per cent share of the global output, says a report by global consultancy KPMG.
The innovation and entrepreneurial confidence of Indian firms have helped them leap frog in the process of discovery and market leadership, the report said, adding Indian firms need to take bold steps into uncharted waters.
"If we are able to sustain this growth rate (10 per cent annually) till 2022, then we could reach a five per cent share of the global manufacturing output," the report stated.
Indian economy is expected to be the third largest in the world by 2020, KPMG's Manufacturing India @ 75 report said.
"The report envisions India at the forefront of global manufacturing and trade of good, a leader in skill-intensive sectors and a global hub of research and development (R&D) and design," said KPMG India's National Industry Director (Consumer Markets) Ramesh Srinivas.
India' share of global manufacturing has just crawled to 1.8 per cent in the current year from 1 per cent in 1995, the report said.
"Protectionism has been deeply rooted in the Indian society and we have not yet been able to completely change that culture. This is one of the key reasons for low productivity in Indian manufacturing," Srinivas added.
Emphasising the reason behind slow growth rate, report stated this is primarily because the Indian manufacturing has grown on the back of growth in internal demand.
However, in coming years there would be a huge demand for manufactured goods in India, mainly because of a large middle class and this will lead a faster growth rate for the sector, report added.
The innovation and entrepreneurial confidence of Indian firms have helped them leap frog in the process of discovery and market leadership, the report said, adding Indian firms need to take bold steps into uncharted waters.
"If we are able to sustain this growth rate (10 per cent annually) till 2022, then we could reach a five per cent share of the global manufacturing output," the report stated.
Indian economy is expected to be the third largest in the world by 2020, KPMG's Manufacturing India @ 75 report said.
"The report envisions India at the forefront of global manufacturing and trade of good, a leader in skill-intensive sectors and a global hub of research and development (R&D) and design," said KPMG India's National Industry Director (Consumer Markets) Ramesh Srinivas.
India' share of global manufacturing has just crawled to 1.8 per cent in the current year from 1 per cent in 1995, the report said.
"Protectionism has been deeply rooted in the Indian society and we have not yet been able to completely change that culture. This is one of the key reasons for low productivity in Indian manufacturing," Srinivas added.
Emphasising the reason behind slow growth rate, report stated this is primarily because the Indian manufacturing has grown on the back of growth in internal demand.
However, in coming years there would be a huge demand for manufactured goods in India, mainly because of a large middle class and this will lead a faster growth rate for the sector, report added.
Thursday, October 16, 2008
Hindustan Construction bags Rs 1,688.28 cr contracts from AP govt
Mumbai, Oct 16 : Infrastructure firm Hindustan Construction Company (HCC) led consortium has bagged two contracts worth Rs 1,688.28 crore from Andhra Pradesh government for irrigation project.
The company has secured one contract along with two other companies -- Megha Engineering & Infrastructure (MIEL) and state-run Bharat Heavy Electriclas Limited (BHEL) from Andhra Pradesh government for lift irrigartion related works HCC said in a filing to the Bombay Stock Exchange.
The total value of contract is Rs 1,928 crore and Hindustan Construction Company counts a share of 51 per cent or Rs 983.28 crore in it, the company added.
The scope of work includes investigation, designs and execution of lift irrigation scheme in Karimnagar district of the state.
The company has been awarded another contract along with three other firms -- MIEL, SEW infrastructure Ltd and Austria-based Andritz AG-- from Andhra Pradesh government for construction of J Chokka Rao Devaadula Lift Irrigation scheme in the state.
The total value of this contract is Rs 1,410 crore and HCC's share is 50 per cent or 705 crore.
HCC at present is involved in the construction of Godavari Lift Irrigation project and is executing some other major projects in Andhra Pradesh.
The company has secured one contract along with two other companies -- Megha Engineering & Infrastructure (MIEL) and state-run Bharat Heavy Electriclas Limited (BHEL) from Andhra Pradesh government for lift irrigartion related works HCC said in a filing to the Bombay Stock Exchange.
The total value of contract is Rs 1,928 crore and Hindustan Construction Company counts a share of 51 per cent or Rs 983.28 crore in it, the company added.
The scope of work includes investigation, designs and execution of lift irrigation scheme in Karimnagar district of the state.
The company has been awarded another contract along with three other firms -- MIEL, SEW infrastructure Ltd and Austria-based Andritz AG-- from Andhra Pradesh government for construction of J Chokka Rao Devaadula Lift Irrigation scheme in the state.
The total value of this contract is Rs 1,410 crore and HCC's share is 50 per cent or 705 crore.
HCC at present is involved in the construction of Godavari Lift Irrigation project and is executing some other major projects in Andhra Pradesh.
Ranbaxy gets DCGI nod for anti-malaria clinical drug trials
Mumbai, Oct 16 : Pharmaceutical major Ranbaxy Laboratories today said it has received approval from Drug Controller General of India (DGCI) to initiate human clinical trials for its anti-malaria drug.
The Phase III clinical trial for its anti-malaria drug would be conducted on patients from India, Africa and South and South-east Asian nations, a company filing to the Bombay Stock Exchange said.
"Ranbaxy has successfully completed all the required regulatory safety and toxicity studies apart from a phase II clinical trial in India and Thailand with the drug candidate," the company said.
Further, the Indian drug maker is also planning to seek regulatory approval in countries outside India for the clinical trials of the drug.
"This is a landmark achievement for Ranbaxy's R&D (Research and Development) team," said Ranbaxy CEO and Managing Director Malvinder Mohan Singh adding "Ranbaxy's synthetic molecule will be safer and more effective than the existing drugs and will also have a clear cost advantage.
The Phase III clinical trial for its anti-malaria drug would be conducted on patients from India, Africa and South and South-east Asian nations, a company filing to the Bombay Stock Exchange said.
"Ranbaxy has successfully completed all the required regulatory safety and toxicity studies apart from a phase II clinical trial in India and Thailand with the drug candidate," the company said.
Further, the Indian drug maker is also planning to seek regulatory approval in countries outside India for the clinical trials of the drug.
"This is a landmark achievement for Ranbaxy's R&D (Research and Development) team," said Ranbaxy CEO and Managing Director Malvinder Mohan Singh adding "Ranbaxy's synthetic molecule will be safer and more effective than the existing drugs and will also have a clear cost advantage.
Finolex Q2 net dips 93 pc to Rs 1.8 cr
Mumbai, Oct 16 : Leading cable maker Finolex on Thursday registered a net profit of Rs 1.8 crore for the second quarter ended September 30, a decline of 93.28 per cent over the same period a year ago.
The company had a net profit of Rs 26.8 crore for the second quarter ended September 30, 2007, Finolex said in a filing to the Bombay Stock Exchange.
The net sales rose to Rs 374.21 crore for the quarter under review, from Rs 334.06 crore in FY'08.
For the six months ended on September 30, Finolex posted 84.25 per cent decline in its net profit at Rs 9.23 crore, against Rs 58.61 crore in the corresponding period of FY'08.
Shares of the company closed at Rs 30.90, down 6.22 per cent on the BSE.
The company had a net profit of Rs 26.8 crore for the second quarter ended September 30, 2007, Finolex said in a filing to the Bombay Stock Exchange.
The net sales rose to Rs 374.21 crore for the quarter under review, from Rs 334.06 crore in FY'08.
For the six months ended on September 30, Finolex posted 84.25 per cent decline in its net profit at Rs 9.23 crore, against Rs 58.61 crore in the corresponding period of FY'08.
Shares of the company closed at Rs 30.90, down 6.22 per cent on the BSE.
Chettinad Cement Q2 net dips 32 pc to Rs 34.18 cr
Mumbai, Oct 16 : Cement manufacturer, Chettinad Cement Corporation on Thursday registered a net profit of Rs 34.18 crore for the second quarter ended September 30, a decline of 32.66 per cent over the corresponding period a year ago.
The company had a net profit of Rs 50.76 crore for the second quarter ended September 30, 2007, Chettinad Cement said in a filing to the Bombay Stock Exchange.
Total income of the company rose to Rs 283.79 crore for the quarter under review, from Rs 234.99 crore in the same period last fiscal.
For the six months ended on September 30, Chettinad Cement reported a 9.4 per cent growth in its net profit at Rs 77.7 crore, against a net profit of Rs 85.8 crore in the corresponding period in FY'08.
Further, total income during the six month ended September 30, rose to Rs 568.32 crore from Rs 434.75 crore in the corresponding period last fiscal.
Shares of the company closed at Rs 485, up 1.04 per cent on the BSE.
The company had a net profit of Rs 50.76 crore for the second quarter ended September 30, 2007, Chettinad Cement said in a filing to the Bombay Stock Exchange.
Total income of the company rose to Rs 283.79 crore for the quarter under review, from Rs 234.99 crore in the same period last fiscal.
For the six months ended on September 30, Chettinad Cement reported a 9.4 per cent growth in its net profit at Rs 77.7 crore, against a net profit of Rs 85.8 crore in the corresponding period in FY'08.
Further, total income during the six month ended September 30, rose to Rs 568.32 crore from Rs 434.75 crore in the corresponding period last fiscal.
Shares of the company closed at Rs 485, up 1.04 per cent on the BSE.
Wednesday, October 15, 2008
L&T Q2 net up 32 pc at Rs 460 cr
Mumbai, Oct 15 : Engineering firm Larsen and Toubro on Wednesday announced a profit after tax of Rs 460.26 crore, a 32.25 per cent growth over the corresponding period a year-ago.
The company had a net profit of Rs 348.02 crore for the second quarter of FY'08, L&T said in a filing to the Bombay Stock Exchange.
The total income rose 40 per cent to Rs 7,842.26 crore for the quarter under review, from Rs 5,614.51 in the same period last fiscal.
For the six months ended on September 30, L&T reported a net profit of Rs 962.7 crore, a 32.87 per cent growth over the same period a year-ago. It had a net profit of Rs 724.87 crore in the corresponding period in FY'08.
Further, net sales during the six month ending September 30, increased 46 per cent to Rs 14,583.63 crore.
Shares of the company were trading at Rs 904.95, down 9.83 per cent in the afternoon trade on the BSE.
The company had a net profit of Rs 348.02 crore for the second quarter of FY'08, L&T said in a filing to the Bombay Stock Exchange.
The total income rose 40 per cent to Rs 7,842.26 crore for the quarter under review, from Rs 5,614.51 in the same period last fiscal.
For the six months ended on September 30, L&T reported a net profit of Rs 962.7 crore, a 32.87 per cent growth over the same period a year-ago. It had a net profit of Rs 724.87 crore in the corresponding period in FY'08.
Further, net sales during the six month ending September 30, increased 46 per cent to Rs 14,583.63 crore.
Shares of the company were trading at Rs 904.95, down 9.83 per cent in the afternoon trade on the BSE.
Tuesday, October 14, 2008
Gemini Communication to consider share buy back on Oct 22
Mumbai, Oct 14 : IT firm Gemini Communication today said it has fixed the date to consider equity shares buy back of the company.
"A meeting of board of directors of the company will be held on October 22, to consider and discuss buy back of equity shares," Gemini Communication said in a regulatory filing to the Bombay Stock Exchange.
"A meeting of board of directors of the company will be held on October 22, to consider and discuss buy back of equity shares," Gemini Communication said in a regulatory filing to the Bombay Stock Exchange.
NDTV Q2 net loss widens to Rs 119.38 cr
Mumbai, Oct 14 : Media conglomerate NDTV today announced a consolidated net loss after tax of Rs 119.38 crore for the quarter ended September 30, as against a net loss after tax of Rs 25.27 crore in the year-ago quarter.
The company also said it has embarked upon a cost-cutting and rationalisation exercise in its news business and expects advertisement revenue growth to slow down.
The total income rose 65 per cent to Rs 127.91 crore for the quarter under review, from Rs 77.49 crore in the second quarter of the previous fiscal, New Delhi Television (NDTV) said in a filing to the Bombay Stock Exchange.
On the standalone basis, the media firm reported a net loss of Rs 13.04 crore for the September quarter, against a net loss of Rs 39.50 crore in the corresponding period last fiscal.
The stand-alone total income of the firm rose to Rs 76.2 crore in the reviewed quarter from Rs 67.91 crore in the same period a year ago.
Besides, the company said in a press release that its board has decided to split NDTV into two groups - one to carry out news and other businesses, and the second for the entertainment and allied businesses.
"We expect some amount of consolidation going forward in the news coupled with a slowdown in advertisement revenue growth linked to the macro environment," NDTV said.
Noting that staying out of debt and having adequate cash reserves was critical in the current market scenario, NDTV said it has Rs 660 crore of cash to meet business expense needs.
Shares of NDTV closed at Rs 156.90, up 3.84 per cent on the BSE.
The company also said it has embarked upon a cost-cutting and rationalisation exercise in its news business and expects advertisement revenue growth to slow down.
The total income rose 65 per cent to Rs 127.91 crore for the quarter under review, from Rs 77.49 crore in the second quarter of the previous fiscal, New Delhi Television (NDTV) said in a filing to the Bombay Stock Exchange.
On the standalone basis, the media firm reported a net loss of Rs 13.04 crore for the September quarter, against a net loss of Rs 39.50 crore in the corresponding period last fiscal.
The stand-alone total income of the firm rose to Rs 76.2 crore in the reviewed quarter from Rs 67.91 crore in the same period a year ago.
Besides, the company said in a press release that its board has decided to split NDTV into two groups - one to carry out news and other businesses, and the second for the entertainment and allied businesses.
"We expect some amount of consolidation going forward in the news coupled with a slowdown in advertisement revenue growth linked to the macro environment," NDTV said.
Noting that staying out of debt and having adequate cash reserves was critical in the current market scenario, NDTV said it has Rs 660 crore of cash to meet business expense needs.
Shares of NDTV closed at Rs 156.90, up 3.84 per cent on the BSE.
Subhash Projects forms JV, bags Rs 95.80 cr contract
Mumbai, Oct 14 : Construction firm Subhash Projects & Marketing today said its newly formed joint venture Insituform Pipeline Rehabilitation has bagged two orders worth Rs 95.80 crore from Delhi Jal Board for construction related works.
The scope of the projects include restoration of trunk sewer lines of the Delhi Jal Board, Subhash Projects said in a filing to the Bombay Stock Exchange.
About the formation of JV, the company today said it has has tied up with US-based Insituform Technologies.
The new venture Insituform Pipeline Rehabilitation Pvt Ltd would undertake sewer rehabilitation jobs in India, the company added.
Shares of the company were trading at Rs 75.65, down 4.48 per cent in the late afternoon trade on the BSE.
The scope of the projects include restoration of trunk sewer lines of the Delhi Jal Board, Subhash Projects said in a filing to the Bombay Stock Exchange.
About the formation of JV, the company today said it has has tied up with US-based Insituform Technologies.
The new venture Insituform Pipeline Rehabilitation Pvt Ltd would undertake sewer rehabilitation jobs in India, the company added.
Shares of the company were trading at Rs 75.65, down 4.48 per cent in the late afternoon trade on the BSE.
Jubilant Organosys Q2 net loss at Rs 69.57 cr
Mumbai, Oct 14 : Pharmaceutical firm Jubilant Organosys today announced a consolidated net loss of Rs 69.57 crore for the second quarter ended September 30, 2008.
The company had a net profit of Rs 109.6 crore in the year-ago period.
The total income of the company rose to Rs 947.58 crore for the quarter under review, from Rs 656.8 crore in the corresponding period last fiscal, Jubilant Organosys said in a filing to the Bombay Stock Exchange.
On standalone basis, the company posted a net loss of Rs 24.39 crore for the second quarter of the FY09, while it had a net profit of Rs 111.7 crore in the same period last fiscal.
The standalone total income of the pharma company rose to Rs 685.28 crore in the Q2 of FY09, from Rs 524 crore in the year-ago period.
The company had a net profit of Rs 109.6 crore in the year-ago period.
The total income of the company rose to Rs 947.58 crore for the quarter under review, from Rs 656.8 crore in the corresponding period last fiscal, Jubilant Organosys said in a filing to the Bombay Stock Exchange.
On standalone basis, the company posted a net loss of Rs 24.39 crore for the second quarter of the FY09, while it had a net profit of Rs 111.7 crore in the same period last fiscal.
The standalone total income of the pharma company rose to Rs 685.28 crore in the Q2 of FY09, from Rs 524 crore in the year-ago period.
Monday, October 13, 2008
RBS to raise 20 bn pounds to strengthen capital base
London, Oct 13 : Financial services major Royal Bankof Scotland (RBS) today said it will raise 20 billion pound by issuing shares to strengthen its capital base, amid deteriorating market condition.
The bank would raise 15 billion pound by issuing ordinary shares in open market at a price of 65.5 pence per share, RBS said in a regulatory filing to the London Stock Exchange.
It would raise another 5 billion pound by issuing preferential shares to the UK government, it added.
"The steps we have announced today, taken in conjunctionwith the government, will secure a stronger future for the RBS Group. We regret having to raise new capital but believe that decisive action is necessary in this unprecedented market environment," RBS Chairman Tom McKillop said.
Following the recapitalisation, RBS will be one of the best-capitalised banks in the world, enabling us to supportour customers, while pursuing our refocused strategic goals," McKillop added.
The filing, however, said Tom McKillop would retire as Chairman at RBS' Annual General Meeting in April 2009.
Further, Chief Executive of the bank Fred Goodwin would step down and be replaced by Stephen Hester, at present Chief Executive of British Land and a non-executive director of theGroup, RBS said.
The capital raising would increase RBS's pro-forma coretier I and II ratios by about three and four percentage points respectively, on a proportionally consolidated basis.
And would significantly enhance the Group's financial flexibility in the face of continuing turbulence and uncertainty in the financial markets.
At the time of the launch of the offer, RBS shareholders would be invited to subscribe to all or part of their entitlements, while any new shares not taken up by them would be placed with HM Treasury at a fixed price of 65.5 pence pershare.
New institutional investors may also be permitted tosubscribe for new shares under the offer, the filing added.
The offer, which is expected to close in November, is subject to shareholder's approval, the bank added.
On the subject of dividend, RBS announced that, "No dividend will be paid on ordinary shares until the preference shares have been repaid."
Another board member Johnny Cameron, who is the Chairmanof the Global Markets would step down from the Board withimmediate effect, it added.
Besides, the Treasury would work with the board on itsappointment of up to three new independent Non-ExecutiveDirectors, RBS said.
On October 8, 2008, the UK government had announced arange of measures, which should ease both the cause and the symptoms of the current difficulties, which include the provision of liquidity and funding support and facilities toenable banks to raise new capital to strengthen their capital base.
The bank would raise 15 billion pound by issuing ordinary shares in open market at a price of 65.5 pence per share, RBS said in a regulatory filing to the London Stock Exchange.
It would raise another 5 billion pound by issuing preferential shares to the UK government, it added.
"The steps we have announced today, taken in conjunctionwith the government, will secure a stronger future for the RBS Group. We regret having to raise new capital but believe that decisive action is necessary in this unprecedented market environment," RBS Chairman Tom McKillop said.
Following the recapitalisation, RBS will be one of the best-capitalised banks in the world, enabling us to supportour customers, while pursuing our refocused strategic goals," McKillop added.
The filing, however, said Tom McKillop would retire as Chairman at RBS' Annual General Meeting in April 2009.
Further, Chief Executive of the bank Fred Goodwin would step down and be replaced by Stephen Hester, at present Chief Executive of British Land and a non-executive director of theGroup, RBS said.
The capital raising would increase RBS's pro-forma coretier I and II ratios by about three and four percentage points respectively, on a proportionally consolidated basis.
And would significantly enhance the Group's financial flexibility in the face of continuing turbulence and uncertainty in the financial markets.
At the time of the launch of the offer, RBS shareholders would be invited to subscribe to all or part of their entitlements, while any new shares not taken up by them would be placed with HM Treasury at a fixed price of 65.5 pence pershare.
New institutional investors may also be permitted tosubscribe for new shares under the offer, the filing added.
The offer, which is expected to close in November, is subject to shareholder's approval, the bank added.
On the subject of dividend, RBS announced that, "No dividend will be paid on ordinary shares until the preference shares have been repaid."
Another board member Johnny Cameron, who is the Chairmanof the Global Markets would step down from the Board withimmediate effect, it added.
Besides, the Treasury would work with the board on itsappointment of up to three new independent Non-ExecutiveDirectors, RBS said.
On October 8, 2008, the UK government had announced arange of measures, which should ease both the cause and the symptoms of the current difficulties, which include the provision of liquidity and funding support and facilities toenable banks to raise new capital to strengthen their capital base.
Aurobindo Pharma gets USFDA nod for Fluconazole
Mumbai, Oct 13 : Aurobindo Pharma today said it has received US regulatory approval for manufacturing and marketing of Fluconazole tablets, used as an anti-fungal drug.
In a filing to the Bombay Stock Exchange, Aurobindo Pharma said it has received approval from the US Food and Drug Administration (USFDA) for Fluconazole tablets, in strengths of 0.25, 0.5, 1, 2, 3 and 4 mg.
Fluconazole is an anti-fungal drug used in the treatment and prevention of fungal infections.
This approval takes the number of Abbreviated New Drug Application approval for Aurobindo Pharma to 81, it said.
Last week, the company had received approval for Fluconazole tablets in 50, 100, 150 and 200 mg variants.
Shares of Aurobindo Pharma were trading at Rs 195.50, up 0.26 per cent in afternoon trade on the BSE.
In a filing to the Bombay Stock Exchange, Aurobindo Pharma said it has received approval from the US Food and Drug Administration (USFDA) for Fluconazole tablets, in strengths of 0.25, 0.5, 1, 2, 3 and 4 mg.
Fluconazole is an anti-fungal drug used in the treatment and prevention of fungal infections.
This approval takes the number of Abbreviated New Drug Application approval for Aurobindo Pharma to 81, it said.
Last week, the company had received approval for Fluconazole tablets in 50, 100, 150 and 200 mg variants.
Shares of Aurobindo Pharma were trading at Rs 195.50, up 0.26 per cent in afternoon trade on the BSE.
Himalya International Q2 net up by 31 pc at Rs 3.33 cr
Mumbai, Oct 13 : The food-processing exporter Himalya International on Monday announced a net profit of Rs 3.33 crore for the second quarter ended September 30, an increase of 31 per cent from the corresponding period a year-ago.
The company had a net profit of Rs 2.54 crore for the second quarter ended September 30, 2007, Himalya International said in a filing to the Bombay Stock Exchange.
The total income of the company rose to Rs 13.69 crore in the quarter under review from Rs 10.76 crore of the September quarter of last fiscal.
The company had a net profit of Rs 2.54 crore for the second quarter ended September 30, 2007, Himalya International said in a filing to the Bombay Stock Exchange.
The total income of the company rose to Rs 13.69 crore in the quarter under review from Rs 10.76 crore of the September quarter of last fiscal.
Sunday, October 12, 2008
Nokia seeks India patent for multimedia sharing technology
New Delhi, Oct 12 : World's largest mobile phone maker Nokia has filed a patent application in India for its networking solution which allows a user group to share multimedia contents during a group communication.
Nokia, which is planning to launch its latest touchscreen mobile phone in India in coming days, has approached Controller General of Patents, Designs and Trade Marks for the patent.
Approving authorities have published the claims made by the company in their latest Patent Office Journal, giving a public notice.
In its patent application filed on August 21 this year, the company has said, "An object of the present invention is to provide a solution to how to implement sharing of multimedia contents from a media server to participants."
During a group communication all participants may take turns to speak and listen to each other and it include data calls, audio calls, video calls, multimedia calls, messaging and emails.
According to Nokia, any kind of data can be shared in real-time or near real-time by using this multimedia sharing technique.
Importantly, the content sharing method skips user terminal (phone network) and data reaches directly to the communication server (internet protocol medium) from media server (a device that stores and shares contents), the company said.
Nokia, which is planning to launch its latest touchscreen mobile phone in India in coming days, has approached Controller General of Patents, Designs and Trade Marks for the patent.
Approving authorities have published the claims made by the company in their latest Patent Office Journal, giving a public notice.
In its patent application filed on August 21 this year, the company has said, "An object of the present invention is to provide a solution to how to implement sharing of multimedia contents from a media server to participants."
During a group communication all participants may take turns to speak and listen to each other and it include data calls, audio calls, video calls, multimedia calls, messaging and emails.
According to Nokia, any kind of data can be shared in real-time or near real-time by using this multimedia sharing technique.
Importantly, the content sharing method skips user terminal (phone network) and data reaches directly to the communication server (internet protocol medium) from media server (a device that stores and shares contents), the company said.
Friday, October 10, 2008
Motilal Oswal Financial Services PAT dips 17 pc at Rs 27.1 cr
Mumbai, Oct 10 : Diversified financial services firm Motilal Oswal Financial Services today announced a profit after tax of Rs 27.1 crore for the second quarter ended September 30, a 17 per cent decline corresponding the same period a year-ago.
The company had a profit after tax of Rs 32.6 crore for the quarter ended September 30, 2007, Motilal Oswal Financial services said in a filing to the Bombay Stock Exchange.
The total revenues of the company declined to Rs 138.3 crore in the quarter under review from Rs 153.2 crore for the second quarter of the last fiscal.
"We believe that every slowdown is an opportunity to strengthen businesses through greater emphasis on processes, productivity and cost optimization," Motilal Oswal Financial Services CMD Motilal Oswal said.
Shares of the company closed at Rs 75.55, down 3.02 on the BSE.
Hong Kong injects HKD 1.2 mn to support crisis hit people
Beijing , Oct 10 : Hong Kong Government has announced that it will pump in 1.2 million Hong Kong Dollar to extend support to people facing family-related and other emotional problems on account of all-pervasive global financial crisis.
" Like other economies, Hong Kong is being affected by the global financial turmoil to a certain extent. Some people may face personal financial crisis as a result of investment failure and unemployment as well as difficulties with their emotions, family relationship and accommodation etc," Social Welfare Department (SWD) of Hong Kong said in a statement.
To address their needs, the CEASE Crisis Centre and the Family Crisis Support Centre would each be allocated a HKD 6,00,000 to set up a Financial Crisis Emotional Support Hotline to provide counseling service," it further added.
CEASE Crisis Centre is operated by the Hong Kong's Tung Wah Group of Hospitals whereas Caritas, an organisation working worldwide for eradication of poverty and social inequality, operates the Family Crisis Support Centre.
Commencing from Monday, hotlines would be manned by registered social workers around the clock, it said.
"In addition, social workers will provide face-to-face counseling and organise support groups to help individuals and families with emotional or family problems arising from personal financial crisis by strengthening their skills in coping with stress and working out positive ways to manage their problems," the statement added.
Besides, social workers would also refer cases to appropriate welfare services for follow-up, SWD added.
The Hang Seng Index of the Hong Kong Stock Exchange today closed down 7.19 per cent at 14,796.87 points.
" Like other economies, Hong Kong is being affected by the global financial turmoil to a certain extent. Some people may face personal financial crisis as a result of investment failure and unemployment as well as difficulties with their emotions, family relationship and accommodation etc," Social Welfare Department (SWD) of Hong Kong said in a statement.
To address their needs, the CEASE Crisis Centre and the Family Crisis Support Centre would each be allocated a HKD 6,00,000 to set up a Financial Crisis Emotional Support Hotline to provide counseling service," it further added.
CEASE Crisis Centre is operated by the Hong Kong's Tung Wah Group of Hospitals whereas Caritas, an organisation working worldwide for eradication of poverty and social inequality, operates the Family Crisis Support Centre.
Commencing from Monday, hotlines would be manned by registered social workers around the clock, it said.
"In addition, social workers will provide face-to-face counseling and organise support groups to help individuals and families with emotional or family problems arising from personal financial crisis by strengthening their skills in coping with stress and working out positive ways to manage their problems," the statement added.
Besides, social workers would also refer cases to appropriate welfare services for follow-up, SWD added.
The Hang Seng Index of the Hong Kong Stock Exchange today closed down 7.19 per cent at 14,796.87 points.
Thursday, October 9, 2008
Sony Ericsson seeks India patent for new audio headset
New Delhi, Oct 9 : Sony Ericsson Mobile Communications has filed a patent application in India for its new audio headset, which can be connected with various devices using bluetooth technology.
The company, established in a 50:50 joint venture by Sony and Ericsson in October 2001, has approached Controller General of Patents, Designs and Trade Marks filing patent application on August 18 this year.
Approving authorities have published the claims made by the company in their latest Patent Office Journal, giving a public notice.
Sony Ericsson, has a research and development (R&D) site in India and manufacturing units in China.
In its patent application, the company has said, "A general object of invention is to simplify the management of an audio headset, which is connectable to two or more audio sources."
More specifically, it is an object to provide a headset which is configured to handle voice call by wireless connection to a phone and also to receive streaming audio such as music from a streaming audio source, it added.
The object is fitted with an audio headset, comprising signal transceiver, wirelessly connectable to a plurality of devices, including a voice call device and an audio device. The device uses Bluetooth technology.
Bluetooth is basically a wireless personal area network technology, which is an open standard for short-range transmission of digital voice and data between predominantly mobile devices, such as laptops and mobile phones.
However, Sony Ericsson further adds, "Other communication protocols and systems (other than Bluetooth) could be employed for communicating between the headset and the connected audio devices."
The company, established in a 50:50 joint venture by Sony and Ericsson in October 2001, has approached Controller General of Patents, Designs and Trade Marks filing patent application on August 18 this year.
Approving authorities have published the claims made by the company in their latest Patent Office Journal, giving a public notice.
Sony Ericsson, has a research and development (R&D) site in India and manufacturing units in China.
In its patent application, the company has said, "A general object of invention is to simplify the management of an audio headset, which is connectable to two or more audio sources."
More specifically, it is an object to provide a headset which is configured to handle voice call by wireless connection to a phone and also to receive streaming audio such as music from a streaming audio source, it added.
The object is fitted with an audio headset, comprising signal transceiver, wirelessly connectable to a plurality of devices, including a voice call device and an audio device. The device uses Bluetooth technology.
Bluetooth is basically a wireless personal area network technology, which is an open standard for short-range transmission of digital voice and data between predominantly mobile devices, such as laptops and mobile phones.
However, Sony Ericsson further adds, "Other communication protocols and systems (other than Bluetooth) could be employed for communicating between the headset and the connected audio devices."
Wednesday, October 8, 2008
BT seeks India patent for computer telephony system
New Delhi, Oct 8 : UK-based telecom major British Telecom has filed a patent application in India for its invention computer telephony system, which could make a phone call through internet more secure, a development particularly more useful for call centres.
BT, which is one of the largest communication companies in the world, has approached the Controller General of Patents, Designs and Trade Marks for patenting the invention.
Admitting the application, the authorities have published the claims made by the company in their Patent Office Journal, giving a public notice.
BT has presence in India and it has collaborations with five domestic players - Tech Mahindra, HCL, Infosys, TCS and Wipro.
In its patent application filed on May 29 this year, the company has claimed that the "invention provides a method of securely registering an association between a computer terminal and a selected one of a plurality of communications terminals in a computer telephony system".
CTS is particularly useful in call centres, where it can arrange an automatic call distribution (ACD) suite for a secured incoming and outgoing call.
In common, at large call centres, there arises some common problems in making call to a potential target due to non-secured identity and similar case happens in incoming calls but CTS minimises it by using some codification methods.
Jointly developed by David Peter Thorpe and Jon Laurence Booton, the CTS has already been granted a patent by the World Intellectual Property Organisation (WIPO).
BT, which is one of the largest communication companies in the world, has approached the Controller General of Patents, Designs and Trade Marks for patenting the invention.
Admitting the application, the authorities have published the claims made by the company in their Patent Office Journal, giving a public notice.
BT has presence in India and it has collaborations with five domestic players - Tech Mahindra, HCL, Infosys, TCS and Wipro.
In its patent application filed on May 29 this year, the company has claimed that the "invention provides a method of securely registering an association between a computer terminal and a selected one of a plurality of communications terminals in a computer telephony system".
CTS is particularly useful in call centres, where it can arrange an automatic call distribution (ACD) suite for a secured incoming and outgoing call.
In common, at large call centres, there arises some common problems in making call to a potential target due to non-secured identity and similar case happens in incoming calls but CTS minimises it by using some codification methods.
Jointly developed by David Peter Thorpe and Jon Laurence Booton, the CTS has already been granted a patent by the World Intellectual Property Organisation (WIPO).
IGH Holding hikes stake in Hindalco, acquires 21.88 lakh shares
Mumbai, Oct 8 : Hindalco Industries, the flagship company of Aditya Birla Group, today said one of its promoter IGH Holding has increased its stake in the company by acquiring an additional 21.88 lakh equity shares.
IGH Holding has acquired 21,88,462 equity shares of the company on October 7 from the Stock Exchanges, Hindalco Industries said in a regulatory filing to the Bombay Stock Exchange.
Till the end of the June quarter, IGH Holding, held 8,83,07,573 equity shares in the company, representing 7.20 per cent stake in the A V Birla group company.
Earlier, the company on October 7 had announced that IGH Holdings has acquired 1,968,213 shares of the company from stock exchanges.
This is the third announcement of Hindalco in three consecutive days since October 6 regarding the acquisition of equity shares by IGH Holdings.
On October 6 also, Hindalco Industries had said that IGH Holdings has acquired 9,40,000 shares of the company from stock exchanges.
Shares of the company were trading at Rs 90.80, down 4.22 per cent on the BSE.
IGH Holding has acquired 21,88,462 equity shares of the company on October 7 from the Stock Exchanges, Hindalco Industries said in a regulatory filing to the Bombay Stock Exchange.
Till the end of the June quarter, IGH Holding, held 8,83,07,573 equity shares in the company, representing 7.20 per cent stake in the A V Birla group company.
Earlier, the company on October 7 had announced that IGH Holdings has acquired 1,968,213 shares of the company from stock exchanges.
This is the third announcement of Hindalco in three consecutive days since October 6 regarding the acquisition of equity shares by IGH Holdings.
On October 6 also, Hindalco Industries had said that IGH Holdings has acquired 9,40,000 shares of the company from stock exchanges.
Shares of the company were trading at Rs 90.80, down 4.22 per cent on the BSE.
Indiabulls Real Estate Q2 net dips 76 pc at Rs 7.99 cr
Mumbai, Oct 8 : Indiabulls Real Estate on Wednesday announced a consolidated net profit of Rs 7.99 crore for the second quarter ended September 30, a 76.60 per cent decline over the corresponding period a year-ago.
The company had a consolidated net profit of Rs 34.15 crore in the second quarter ended September 30, 2007, Indiabulls Real Estate said in a filing to the Bombay Stock Exchange.
The consolidated total income of the company rose to Rs 143.82 crore in the quarter under review from Rs 78.21 crore of the corresponding period last fiscal, it said.
On a standalone basis, Indiabulls Real Estate posted a net profit of 6.87 crore in the quarter ended September 30, a 69.82 per cent decline over the corresponding period a year-ago.
The company had posted a standalone net profit of 22.77 crore in the second quarter ended September 30 in 2007-08.
The standalone total income of Indiabulls Real Estate rose to Rs 49.61 crore in the latest quarter from Rs 37.34 crore of corresponding period last fiscal.
Shares of the company were trading at Rs 106, down 19.21 per cent in the afternoon trade on the BSE.
The company had a consolidated net profit of Rs 34.15 crore in the second quarter ended September 30, 2007, Indiabulls Real Estate said in a filing to the Bombay Stock Exchange.
The consolidated total income of the company rose to Rs 143.82 crore in the quarter under review from Rs 78.21 crore of the corresponding period last fiscal, it said.
On a standalone basis, Indiabulls Real Estate posted a net profit of 6.87 crore in the quarter ended September 30, a 69.82 per cent decline over the corresponding period a year-ago.
The company had posted a standalone net profit of 22.77 crore in the second quarter ended September 30 in 2007-08.
The standalone total income of Indiabulls Real Estate rose to Rs 49.61 crore in the latest quarter from Rs 37.34 crore of corresponding period last fiscal.
Shares of the company were trading at Rs 106, down 19.21 per cent in the afternoon trade on the BSE.
Tuesday, October 7, 2008
Spanco-Spice JV to merge BPO business
Mumbai, Oct 7 : Information technology and hardware firm Spanco Telesystems and Solutions today said it has entered into an agreement with Spice Group to merge their domestic BPO businesses.
Bharat BPO, a 50:50 joint venture between the company and Omnia BPO Services (a Spice Telecom group company), would merge domestic business process outsourcing businesses with itself, Spanco said in a regulatory filing to the Bombay Stock Exchange.
“Each of these BPOs specialises in specific market and vertical segments and their coalition will lead to a synergistic value proposition for clients, enabling them to address diverse target segments through one organisation,” the company said.
The joint venture has currently around 7,000 seats and under its robust growth plans it would increase to around 15,000 in future, it added.
Shares of the company were trading at Rs52.30, down 5.60% in the afternoon trading on the BSE.
Bharat BPO, a 50:50 joint venture between the company and Omnia BPO Services (a Spice Telecom group company), would merge domestic business process outsourcing businesses with itself, Spanco said in a regulatory filing to the Bombay Stock Exchange.
“Each of these BPOs specialises in specific market and vertical segments and their coalition will lead to a synergistic value proposition for clients, enabling them to address diverse target segments through one organisation,” the company said.
The joint venture has currently around 7,000 seats and under its robust growth plans it would increase to around 15,000 in future, it added.
Shares of the company were trading at Rs52.30, down 5.60% in the afternoon trading on the BSE.
IGH Holding hikes stake in Hindalco
Mumbai, Oct 7 : Hindalco Industries, the flagship company of Aditya Birla Group, today said one of its promoter IGH Holding has increased its stake in the company by acquiring an additional 19.68 lakh equity shares.
In a regulatory filing to the Bombay Stock Exchange, Hindalco said that IGH Holding has acquired 19,68,213 equity shares of the company on 6 October, from the Stock Exchanges.
Till the end of the June quarter, IGH Holding, held 8,83,07,573 equity shares in the company, representing 7.20% stake in the company.
Earlier on 6 October, Hindalco Industries had said that IGH Holdings has acquired 9,40,000 shares of the company from stock exchanges.
Shares of the company were trading at Rs 95.15, down 1.25% in the afternoon trade on the BSE.
In a regulatory filing to the Bombay Stock Exchange, Hindalco said that IGH Holding has acquired 19,68,213 equity shares of the company on 6 October, from the Stock Exchanges.
Till the end of the June quarter, IGH Holding, held 8,83,07,573 equity shares in the company, representing 7.20% stake in the company.
Earlier on 6 October, Hindalco Industries had said that IGH Holdings has acquired 9,40,000 shares of the company from stock exchanges.
Shares of the company were trading at Rs 95.15, down 1.25% in the afternoon trade on the BSE.
Monday, October 6, 2008
UK's Lewis to invest Rs 56.97 cr in Provogue subsidiary
Mumbai, Oct 6 : Fashion garments maker Provogue India today said UK-based Lewis Trust Group would invest Rs 56.97 crore for over three per cent stake in one of its subsidiary.
In a filing to the Bombay Stock Exchange Provogue India said it has entered into an agreement with Lewis promoted LTG International to invest 56.97 crore in the step down subsidiary of Prozone Enterprises Pvt Ltd (Prozone-Liberty).
The step down subsidiary is a joint venture between Provogue (India) Ltd and Liberty International Plc.
The investment would give Lewis a 3.36 per cent holding in the company, the filing added.
Shares of the company closed at Rs 137.55, down 179 per cent on the BSE.
In a filing to the Bombay Stock Exchange Provogue India said it has entered into an agreement with Lewis promoted LTG International to invest 56.97 crore in the step down subsidiary of Prozone Enterprises Pvt Ltd (Prozone-Liberty).
The step down subsidiary is a joint venture between Provogue (India) Ltd and Liberty International Plc.
The investment would give Lewis a 3.36 per cent holding in the company, the filing added.
Shares of the company closed at Rs 137.55, down 179 per cent on the BSE.
Thermax bags Rs 450 cr order for power plant
Mumbai, Oct 6 : Engineering firm Thermax today said it has bagged an order worth Rs 450 crore from an integrated steel unit for setting up a 60 mw captive power plant in Andhra Pradesh.
The scope of order includes the supply and commissioning of boilers and turbines, fuel and ash handling system, civil works, water treatment plant, pollution control system and storage reservoirs, Thermax said in a regulatory filing to the Bombay Stock Exchange.
However, the company has not disclosed the identity of the integrated steel unit from which it has bagged the order.
"The 60 mw power plant will be built and commissioned on a turnkey basis for a green field integrated steel complex in Andhra Pradesh," the company said.
Shares of the company closed at Rs 364.10, down 9.11 per cent on the BSE.
The scope of order includes the supply and commissioning of boilers and turbines, fuel and ash handling system, civil works, water treatment plant, pollution control system and storage reservoirs, Thermax said in a regulatory filing to the Bombay Stock Exchange.
However, the company has not disclosed the identity of the integrated steel unit from which it has bagged the order.
"The 60 mw power plant will be built and commissioned on a turnkey basis for a green field integrated steel complex in Andhra Pradesh," the company said.
Shares of the company closed at Rs 364.10, down 9.11 per cent on the BSE.
Dynamatic Technologies acquires UK-based aeronautic firm
Mumbai, Oct 6 : Diversified engineering firm Dynamatic Technologies today said it has acquired a UK-based aeronautic firm for USD 16 million (about Rs 76.34). However, the company has not disclosed the identity of acquired firm.
"The acquired company is profitable and the acquisition was made for a total consideration of approximately USD 16 million," Dynamatic Technologies said in a regulatory filing to the Bombay Stock Exchange.
The acquired UK company manufactures highly engineered components and tools, it said.
The customers of aeronautic company include Airbus, Boeing, Lockheed Martin and Agusta Westland, the company added.
Shares of the company closed at Rs 920, down 6.87 per cent on the BSE.
"The acquired company is profitable and the acquisition was made for a total consideration of approximately USD 16 million," Dynamatic Technologies said in a regulatory filing to the Bombay Stock Exchange.
The acquired UK company manufactures highly engineered components and tools, it said.
The customers of aeronautic company include Airbus, Boeing, Lockheed Martin and Agusta Westland, the company added.
Shares of the company closed at Rs 920, down 6.87 per cent on the BSE.
Friday, October 3, 2008
Qualcomm seeks patent for mobile altitude measuring device
New Delhi, Oct 3 : Qualcomm Inc, a US-based pioneer of CDMA based mobile telephony, has filed a patent application in the country for its recent invention of a device, which could be used to determine altitude of a mobile phone in any environment, more accurately than GPS.
Qualcomm, leading developer and innovator of the mobile devices and chips, has approached the Controller General of Patents, Designs and Trade Marks by filing patent application.
Admitting the application, the authorities have published the claims made by the company in their latest patent journal (PJ) giving a public notice.
The company has already presence in India and its other technologies are being used by leading domestic CDMA players such as Anil Ambani group firm RCom, Tata Indicom and Shyam Telelinks.
In its patent application filed on June 30 this year, it has claimed that the present invention can trace the altitude of mobile phone in any environment by using information from dead reckoning sensors, such as accelerometers, gyroscopes and geomagnetic sensors.
"The method and apparatus herein consist of combining the pressure information with information from dead reckoning sensors, such as accelerometers, gyroscopes and geomagnetic sensors and information from temperature sensors to separate what constitutes a change in altitude from a change in environmental pressure or temperature," the company claimed.
Geneva-based UN agency World Intellectual Property Organisation (WIPO) has already granted patent for this invention, which is developed by Thomas G Wolf of Qualcomm.
Position determination is an important and growing feature of cellular telephones and other handheld mobile devices. The ability to determine the location of a cellular telephone is desirable for emergency calls and for a variety of commercial purposes, generally called Location Based Services.
The most prevalent approach to determine location is to embed Global Positioning System (GPS) navigation receiver capability into the mobile device. However, GPS-based positioning has limitations. GPS systems cannot resolve altitude accurately, it said.
Comparing its invention with GPS technique, the company explains that the GPS-based position determination is based upon determining the distance that the signal travels from the GPS satellites.
So, it is not very accurate in indoor environments and other locations, where satellite signals can be blocked, distorted or reflected. In addition, because the satellites are usually high in the sky, the GPS-based position is less accurate in altitude, than in the horizontal position.
However, the present method and apparatus of US chipmaker minimises the effects of changes in environmental and temperature pressure on the determination of altitude, it claimed.
"An object of the present invention is to accurately determine the altitude of a mobile device taking into consideration environmental changes," the company said.
Qualcomm, leading developer and innovator of the mobile devices and chips, has approached the Controller General of Patents, Designs and Trade Marks by filing patent application.
Admitting the application, the authorities have published the claims made by the company in their latest patent journal (PJ) giving a public notice.
The company has already presence in India and its other technologies are being used by leading domestic CDMA players such as Anil Ambani group firm RCom, Tata Indicom and Shyam Telelinks.
In its patent application filed on June 30 this year, it has claimed that the present invention can trace the altitude of mobile phone in any environment by using information from dead reckoning sensors, such as accelerometers, gyroscopes and geomagnetic sensors.
"The method and apparatus herein consist of combining the pressure information with information from dead reckoning sensors, such as accelerometers, gyroscopes and geomagnetic sensors and information from temperature sensors to separate what constitutes a change in altitude from a change in environmental pressure or temperature," the company claimed.
Geneva-based UN agency World Intellectual Property Organisation (WIPO) has already granted patent for this invention, which is developed by Thomas G Wolf of Qualcomm.
Position determination is an important and growing feature of cellular telephones and other handheld mobile devices. The ability to determine the location of a cellular telephone is desirable for emergency calls and for a variety of commercial purposes, generally called Location Based Services.
The most prevalent approach to determine location is to embed Global Positioning System (GPS) navigation receiver capability into the mobile device. However, GPS-based positioning has limitations. GPS systems cannot resolve altitude accurately, it said.
Comparing its invention with GPS technique, the company explains that the GPS-based position determination is based upon determining the distance that the signal travels from the GPS satellites.
So, it is not very accurate in indoor environments and other locations, where satellite signals can be blocked, distorted or reflected. In addition, because the satellites are usually high in the sky, the GPS-based position is less accurate in altitude, than in the horizontal position.
However, the present method and apparatus of US chipmaker minimises the effects of changes in environmental and temperature pressure on the determination of altitude, it claimed.
"An object of the present invention is to accurately determine the altitude of a mobile device taking into consideration environmental changes," the company said.
Aban Offshore bags Rs 1,133 cr contract in Malaysia
Mumbai, Oct 3 : Drilling and oil field services provider Aban Offshore today said it has secured a contract worth USD 241 mn (about Rs 1,133 crore) in Malaysia for deployment of rig deep driller.
".. A letter of award has been received for the continued deployment of the rig dip driller 3 offshore Malaysia for a four-year period in direct continuation of its present contract," Aban Offshore said in a filing to the Bombay Stock Exchange.
Last month, the company has entered into an agreement with Husky Oil for leasing its jack up rig for a drilling operation in China.
The three-month contract would yield an estimated revenue of USD 38.70 mn (Rs 178 crore) for Aban Offshore, the company had announced in its earlier filing with the BSE.
Shares of the company were trading at Rs 1,945, down 4.68 per cent on the BSE.
Thursday, October 2, 2008
Financial crisis a blessing in disguise for LPOs
New Delhi, October 2: Seeing a silver lining in the ongoing global economic crisis, Indian legal process outsourcing firms expect to get more litigation jobs-related projects due to the turmoil in US banking and financial markets.
In the light of the US economic recession and breakdown of established firms like Lehman Brothers, Washington Mutual and Merrill Lynch, LPO firms in the country are gearing up their risk-assessment teams in anticipation of a surge in jobs related to scrutinising of their clients' financial transactions and corporate governance.
Mumbai-based LPO major Pangea3 Co-CEO Sanjay Kamlani said that LPOs are expecting a large quantum of work for services such as corporate governance, corporate complaints and contract drafting.
"With respect to the subprime crisis itself, we are seeing a surge in electronic litigation work," Kamlani said. Traditionally, the nature of jobs in the LPO sector are more focused on litigation and contracts management-related jobs. Litigation involves document reviews and assisting in investigations, whereas in the field of contracts management, firms are mainly supposed to do supporting contract procurement and drafting related works.
"These two continue to be the main focus areas but I think there will be an increased need for assistance in internal and regulatory investigations, as regulators and companies try to probe further into the reasons for the crisis and determine strategies for avoiding them in the future," another LPO major QuisLex's COO Sirisha Gummaregula said.
"Assistance in document reviews are arising as a result of crisis-related litigations. Assistance in internal and regulatory investigations are arising during and after the crisis," she added.
In the ongoing crisis, financial institutions are hurrying up for due diligence exercises for their outstanding liability, which involves professional services of attorneys.
Typically, like most professional services in the US, attorneys charge their clients on an hourly basis. According to Pangea3, the difference is that the hourly rates for lawyers in the US are probably the highest, ranging from USD 250 per hour for an associate to more than USD 500 for senior lawyers and partners.
"During this rather severe slowdown, there is tremendous pressure on in-house counsel departments and in turn on their law firms to reduce the costs of legal services by outsourcing to LPOs in India where the rates can be as low as 10 per cent of the top US law firm bill rates," Kamlani adds.
When asked about the reason behind speedy growth of LPOs in India, Gummaregula said, LPOs provide higher value-added services at reduced costs without any compromise on quality.
According to a prediction by Forrester Research, about 35,000 lawyer jobs would shift offshore by 2010 and it will increase to about 79,000 by 2015.
Stating roughly about the capital size of this growing industry in India Kamlani says, "If you take the low end of the LPO bill rate, say USD 30 per hour and assume an average LPO lawyer bills 1,800 hours per year, then 35,000 LPO lawyers would generate approximately USD 1.75 billion."
"We have seen an increase of over 100 per cent in our volumes in the last six months and presently witnessing an extraordinary influx of work both directly and indirectly related to the sub-prime crisis and more generally to the US recession," he added.
In the light of the US economic recession and breakdown of established firms like Lehman Brothers, Washington Mutual and Merrill Lynch, LPO firms in the country are gearing up their risk-assessment teams in anticipation of a surge in jobs related to scrutinising of their clients' financial transactions and corporate governance.
Mumbai-based LPO major Pangea3 Co-CEO Sanjay Kamlani said that LPOs are expecting a large quantum of work for services such as corporate governance, corporate complaints and contract drafting.
"With respect to the subprime crisis itself, we are seeing a surge in electronic litigation work," Kamlani said. Traditionally, the nature of jobs in the LPO sector are more focused on litigation and contracts management-related jobs. Litigation involves document reviews and assisting in investigations, whereas in the field of contracts management, firms are mainly supposed to do supporting contract procurement and drafting related works.
"These two continue to be the main focus areas but I think there will be an increased need for assistance in internal and regulatory investigations, as regulators and companies try to probe further into the reasons for the crisis and determine strategies for avoiding them in the future," another LPO major QuisLex's COO Sirisha Gummaregula said.
"Assistance in document reviews are arising as a result of crisis-related litigations. Assistance in internal and regulatory investigations are arising during and after the crisis," she added.
In the ongoing crisis, financial institutions are hurrying up for due diligence exercises for their outstanding liability, which involves professional services of attorneys.
Typically, like most professional services in the US, attorneys charge their clients on an hourly basis. According to Pangea3, the difference is that the hourly rates for lawyers in the US are probably the highest, ranging from USD 250 per hour for an associate to more than USD 500 for senior lawyers and partners.
"During this rather severe slowdown, there is tremendous pressure on in-house counsel departments and in turn on their law firms to reduce the costs of legal services by outsourcing to LPOs in India where the rates can be as low as 10 per cent of the top US law firm bill rates," Kamlani adds.
When asked about the reason behind speedy growth of LPOs in India, Gummaregula said, LPOs provide higher value-added services at reduced costs without any compromise on quality.
According to a prediction by Forrester Research, about 35,000 lawyer jobs would shift offshore by 2010 and it will increase to about 79,000 by 2015.
Stating roughly about the capital size of this growing industry in India Kamlani says, "If you take the low end of the LPO bill rate, say USD 30 per hour and assume an average LPO lawyer bills 1,800 hours per year, then 35,000 LPO lawyers would generate approximately USD 1.75 billion."
"We have seen an increase of over 100 per cent in our volumes in the last six months and presently witnessing an extraordinary influx of work both directly and indirectly related to the sub-prime crisis and more generally to the US recession," he added.
Synchronica to provide mobile email solution in India
London, Oct 2 : UK-based Synchronica on Thursday said it has entered into an agreement with an Indian firm, without revealing the identity, to provide mobile email solution in India.
Synchronica develops and markets mobile email and synchronisation solutions for mobile operators and device manufacturers. The firm's products include the push email and synchronisation solution Mobile Gateway.
Even though the identity of the company was not revealed, Synchronica said that the Indian reseller has a contract with a major mobile operator in country, who is one of the top 10 operators worldwide with a base of more than 50 million subscribers.
The UK firm has signed the licence agreement. The company will start the mobile solution facility by the end of current 2008, Synchronica said in a regulatory filing to the London Stock Exchange.
"This agreement represents an important step in the growth of Synchronica as it again demonstrates our ability to succeed in emerging markets, where the growth in mobile subscribers is at its highest and our product has a unique appeal," Synchronica CEO Carsten Brinkschulte said.
According to the company, the Indian firm would initially purchase a 50,000 user licence for Synchronica Mobile Gateway at a list price of USD 2.43 per user.
"Phase two is scheduled for the end of this year and will include an expansion order for an additional 250,000 licences. A third phase scheduled for 2009 would be for a further 500,000 licences," the filing added.
Synchronica develops and markets mobile email and synchronisation solutions for mobile operators and device manufacturers. The firm's products include the push email and synchronisation solution Mobile Gateway.
Even though the identity of the company was not revealed, Synchronica said that the Indian reseller has a contract with a major mobile operator in country, who is one of the top 10 operators worldwide with a base of more than 50 million subscribers.
The UK firm has signed the licence agreement. The company will start the mobile solution facility by the end of current 2008, Synchronica said in a regulatory filing to the London Stock Exchange.
"This agreement represents an important step in the growth of Synchronica as it again demonstrates our ability to succeed in emerging markets, where the growth in mobile subscribers is at its highest and our product has a unique appeal," Synchronica CEO Carsten Brinkschulte said.
According to the company, the Indian firm would initially purchase a 50,000 user licence for Synchronica Mobile Gateway at a list price of USD 2.43 per user.
"Phase two is scheduled for the end of this year and will include an expansion order for an additional 250,000 licences. A third phase scheduled for 2009 would be for a further 500,000 licences," the filing added.
Wednesday, October 1, 2008
Omaxe bags Rs 90.71-cr contract from Hindustan Zinc
Mumbai , Oct 1 : Realty firm Omaxe today said it has bagged a contract worth Rs 90.71 crore from Hindustan Zinc for development and construction of township at Udaipur.
" Omaxe Infrastructure and Construction Pvt Ltd, a subsidiary of the company has bagged a contract for development and construction of township for Hindustan Zinc Ltd's new zinc smelter plant in Udaipur," Omaxe said in a regulatory filing to the Bombay Stock Exchange.
The contract involves the construction and development of houses, hostels, club and shopping centres apart from other infrastructure related work, the company said.
" Omaxe Infrastructure and Construction Pvt Ltd, a subsidiary of the company has bagged a contract for development and construction of township for Hindustan Zinc Ltd's new zinc smelter plant in Udaipur," Omaxe said in a regulatory filing to the Bombay Stock Exchange.
The contract involves the construction and development of houses, hostels, club and shopping centres apart from other infrastructure related work, the company said.
Alfa Laval bags Rs 102-cr order from Vedanta Aluminum
Mumbai, Oct 1 : Engineering firm Alfa Laval India today said its Swedish promoter has bagged a 150 mn-Swedish Kronor (Rs 102.1 crore) order from Vedanta Aluminum Ltd.
In a regulatory filing to the Bombay Stock Exchange, Alfa Laval said its promoter group Alfa Laval AB has won the order for three thermal evaporation systems from Vedanta Aluminum.
The thermal evaporation systems are scheduled to be delivered by 2009, the filing added.
Shares of the company were trading at Rs 746, up 3.50 per cent in the afternoon trade on the BSE.
In a regulatory filing to the Bombay Stock Exchange, Alfa Laval said its promoter group Alfa Laval AB has won the order for three thermal evaporation systems from Vedanta Aluminum.
The thermal evaporation systems are scheduled to be delivered by 2009, the filing added.
Shares of the company were trading at Rs 746, up 3.50 per cent in the afternoon trade on the BSE.
Tuesday, September 30, 2008
Reliance allots 38k equity shares to employees
Mumbai, Sep 30 : Corporate behemoth Reliance Industries Ltd (RIL) on Tuesday said it has allotted 38,078 equity shares of Rs 10 each to its employees.
“The company has allotted 38,078 equity shares of Rs 10 each, on September 25, 2008 to its employees, pursuant to the Employees Stock Option Scheme,” RIL said in a regulatory filing to the Bombay Stock Exchange.
Shares of the company were trading at Rs 1 ,936.10, up 0.27 per cent in the afternoon trade on the BSE.
“The company has allotted 38,078 equity shares of Rs 10 each, on September 25, 2008 to its employees, pursuant to the Employees Stock Option Scheme,” RIL said in a regulatory filing to the Bombay Stock Exchange.
Shares of the company were trading at Rs 1 ,936.10, up 0.27 per cent in the afternoon trade on the BSE.
Monday, September 29, 2008
Google seeks patent on networking site
New Delhi, Sep 29 : World's most visited Internet search site Google has filed a patent application in the country for its recently developed social network site based on user preferences and format performance data.
The US headquartered firm has filed a patent application before the Controller General of Patents, Designs and Trade Marks, following which the authorities have issued a public notice in its recent journal and has sought public opinion.
In its application filed on June 27 this year, Google has claimed that a user network site could be formed on the basis of preferences and format performance data, which means a website could be developed on the basis of some personal information that would be helpful in many ways.
A social network site based on this technique would help a user to find out friends and groups in better ways than a general site using universal criteria for the same, it said.
Developed by Alexandra Baugher, Google has already registered this invention with the Geneva based World Intellectual Property Organisation in November, 2006.
When contacted, a Google spokesperson in India said, "We file patent applications on a variety of ideas that our employees come up with. Some of those ideas later mature into real products or services some do not."
Founded by two young men Larry Page and Sergey Brin Google Internet search engine turned 10 on September 27.
In Google's social network site based, user preferences and format performance data would help a company to display only relevant advertisements to a user, meaning maximising the advertisement revenue opportunity for host. A similar criterion is being used by many search engines in finding search results.
As per details available on Internet regarding this method, personal information includes the country or region in which a user is living, age group, education level and gender.
On the other hand, format performance data means further development of site on the basis of different indicators such as how long a particular web page has been viewed by a user, which kind of information is more popular and some similar factors.
At WIPO, Google had submitted that the format preference information of its invention comprises information about groups based on their size, layout, shape, colour or timing of display.
Google further said that by using those data, advertisement format criteria would be also automatically determined for the website, based on the format preference.
The company further added that the software wizard may configure the colour, size, and placement of ads in a manner that will maximise viewers selections of the advertisement, click through rate, ad revenue or other performance metrics.
Once the network site is formatted, it may be published to other users. When other users access the network site, the resulting web page may display content such as ads and other electronic documents in accordance with the determined format, Google said in its description about the invention before the WIPO.
HCL shares slip 7 pc on bearish market
Mumbai, Sep 29 : HCL Technologies announcement to buy UK based software company Axon failed to enthuse the stock of software services provider, which slipped over seven per cent in early trade on the Bombay Stock Exchange.
HCL on Friday made a counter bid to Infosys bid to buy Axon. HCL made an offer of 650 pence per share, compared with Infosys offer of 600 pence announced late last month, raising the offer by 8.3 per cent to seal the biggest overseas deal by an Indian firm in this space.
Following the announcement, shares of the Indian software firm declined 7.49 per cent in early trade and were trading at Rs 197 at 1123 hrs. As many as 65,435 shares exchanged hands on the BSE.
Marketmen said the fall in the HCL Technologies shares was largely due to weak market sentiments and as the Axon deal looks slightly overvalued.
The scrip had opened on a positive note at Rs 213, marginally up from its Friday s closing price of Rs 212.95. However, during the the early trade, shares of the firm fell to an intra day low of Rs 195.20.
HCL Technologies has arranged a 400 million pound loan for the deal with balance of the money to be paid from internal accruals, HCL Technologies CEO Vineet Nayar said on September 26, while announcing the counter bid.
HCL is hoping to close the deal by the first quarter of next financial year.
The scrip has touched its maximum value at Rs 336 in December last year and HCL Technologies has recored its worst price at Rs 180 on January 22 this year.
HCL on Friday made a counter bid to Infosys bid to buy Axon. HCL made an offer of 650 pence per share, compared with Infosys offer of 600 pence announced late last month, raising the offer by 8.3 per cent to seal the biggest overseas deal by an Indian firm in this space.
Following the announcement, shares of the Indian software firm declined 7.49 per cent in early trade and were trading at Rs 197 at 1123 hrs. As many as 65,435 shares exchanged hands on the BSE.
Marketmen said the fall in the HCL Technologies shares was largely due to weak market sentiments and as the Axon deal looks slightly overvalued.
The scrip had opened on a positive note at Rs 213, marginally up from its Friday s closing price of Rs 212.95. However, during the the early trade, shares of the firm fell to an intra day low of Rs 195.20.
HCL Technologies has arranged a 400 million pound loan for the deal with balance of the money to be paid from internal accruals, HCL Technologies CEO Vineet Nayar said on September 26, while announcing the counter bid.
HCL is hoping to close the deal by the first quarter of next financial year.
The scrip has touched its maximum value at Rs 336 in December last year and HCL Technologies has recored its worst price at Rs 180 on January 22 this year.
Adani forms JV with Chemoil for marine fuel
Mumbai, Sep 29 : Diversified firm Adani Enterprises today said it has entered in a joint venture with Singapore- listed marine fuel supplier firm Chemoil, for supplying marine fuel and products at the Mundra port.
In a filing to the Bombay Stock Exchange Adani said the said JV firm Chemoil-Adani Pvt Ltd would supply marine fuel at the Mundra port. The company will lease storage terminal facilities from the Mundra Port Special Economic Zone.
Adani Enterprises is engaged in the development of Mundra port, which is located in Gujarat, and is the largest private port in the country.
"This venture is a significant opportunity for Chemoil to make an early strategic entry into India's promising marine fuel market," Chemoil Chairman and CEO Clyde Michael Bandy said.
Shares of Adani Enterprises closed at Rs 499.45, down 981 per cent on the BSE.
In a filing to the Bombay Stock Exchange Adani said the said JV firm Chemoil-Adani Pvt Ltd would supply marine fuel at the Mundra port. The company will lease storage terminal facilities from the Mundra Port Special Economic Zone.
Adani Enterprises is engaged in the development of Mundra port, which is located in Gujarat, and is the largest private port in the country.
"This venture is a significant opportunity for Chemoil to make an early strategic entry into India's promising marine fuel market," Chemoil Chairman and CEO Clyde Michael Bandy said.
Shares of Adani Enterprises closed at Rs 499.45, down 981 per cent on the BSE.
Saturday, September 27, 2008
US's sixth largest bank Wachovia looking for buyers: Report
New York/London, Sep 27 : Financial turbulence in the US took yet another toll with America's sixth largest bank, Wachovia, starting preliminary talks with potential buyers including Citigroup, Wells Fargo and Spain's Banco Santander, media reports say.
The reports about Wachovia looking for a bailout buyer appeared in media a day after the collapse of Washington Mutual, the biggest bank failure of US history.
According to reports, Wachovia has assimilated distressed assets worth USD 122 billion on account of its exposure in the housing mortgage.
Wachovia, according to its website, has assets of over USD 800 billion and its brokerage operations manage USD 1.1 trillion of client assets.
"Wachovia approached potential buyers, including Citigroup, Wells Fargo and Spain's Banco Santander, on Friday after a 27 per cent plunge in its shares deepened fears over the future of the sixth-largest US bank," UK daily Financial Times reported.
After assessing the fallout situation of its shares, Wachovia executives led by its CEO Robert Steel contacted Citi, Wells and Santander, the report said.
These three financial majors - Citi, Wells and Santander- were also interested to buy Washington Mutual Inc but ultimately JP Morgan acquired most of the WaMu.
However, US financial daily Wall Street Journal reported that, "Wachovia officials don't believe they need to rush into a deal, and the bank isn't feeling immediate pressure on its financial condition," quoting people familiar with the company.
"...In recent weeks, Wachovia had been talks about a potential merger with Morgan Stanley. But that scenario was apparently put on hold by Morgan's move Sunday night to convert into a bank holding company instead of an investment bank," WSJ added.
Further, it would be difficult for any rival to buy the bank unless the US government helped to clean up a balance sheet saddled with USD 122 bn of distressed assets, FT said quoting people close to some of the potential buyers.
The reports about Wachovia looking for a bailout buyer appeared in media a day after the collapse of Washington Mutual, the biggest bank failure of US history.
According to reports, Wachovia has assimilated distressed assets worth USD 122 billion on account of its exposure in the housing mortgage.
Wachovia, according to its website, has assets of over USD 800 billion and its brokerage operations manage USD 1.1 trillion of client assets.
"Wachovia approached potential buyers, including Citigroup, Wells Fargo and Spain's Banco Santander, on Friday after a 27 per cent plunge in its shares deepened fears over the future of the sixth-largest US bank," UK daily Financial Times reported.
After assessing the fallout situation of its shares, Wachovia executives led by its CEO Robert Steel contacted Citi, Wells and Santander, the report said.
These three financial majors - Citi, Wells and Santander- were also interested to buy Washington Mutual Inc but ultimately JP Morgan acquired most of the WaMu.
However, US financial daily Wall Street Journal reported that, "Wachovia officials don't believe they need to rush into a deal, and the bank isn't feeling immediate pressure on its financial condition," quoting people familiar with the company.
"...In recent weeks, Wachovia had been talks about a potential merger with Morgan Stanley. But that scenario was apparently put on hold by Morgan's move Sunday night to convert into a bank holding company instead of an investment bank," WSJ added.
Further, it would be difficult for any rival to buy the bank unless the US government helped to clean up a balance sheet saddled with USD 122 bn of distressed assets, FT said quoting people close to some of the potential buyers.
Friday, September 26, 2008
Tata Motors' rights issue opens on Sept 29
New Delhi, Sep 26 : Automaker Tata Motors' rights issue for raising about Rs 4,145.8 crore to part finance the buyout of British luxury brands Jaguar and Land Rover will open on September 29.
The company will come out with two unlinked rights issues which would open on September 29 and close on October 20, Tata Motors said in a public advertisement to its shareholders.
In the rights issues, the company would offer ordinary shares at a price of Rs 340 per share, aggregating to Rs 2,185.3 crore. Further, it would allot 'A' ordinary shares (shares with lower voting rights) at a price of Rs 305 a piece, amounting Rs 1,960. 4 crore.
Tata Motors would allot shares in the ratio of one share for every six equity shares of Rs 340 each held in the company. It has fixed September 16 as the record date for determining shareholders entitled for rights issue.
The company has fixed October 10 as the last date for request for split application forms, it added.
Earlier, in the first week of this month, the board had approved Tata Motors' raising of Rs 4,145.8 crore on rights basis for part funding its $2.3 billion Jaguar-Land Rover deal.
Further, the company had announced that the equity shares with lower voting rights would be entitled to five per cent extra dividend.
The company will come out with two unlinked rights issues which would open on September 29 and close on October 20, Tata Motors said in a public advertisement to its shareholders.
In the rights issues, the company would offer ordinary shares at a price of Rs 340 per share, aggregating to Rs 2,185.3 crore. Further, it would allot 'A' ordinary shares (shares with lower voting rights) at a price of Rs 305 a piece, amounting Rs 1,960. 4 crore.
Tata Motors would allot shares in the ratio of one share for every six equity shares of Rs 340 each held in the company. It has fixed September 16 as the record date for determining shareholders entitled for rights issue.
The company has fixed October 10 as the last date for request for split application forms, it added.
Earlier, in the first week of this month, the board had approved Tata Motors' raising of Rs 4,145.8 crore on rights basis for part funding its $2.3 billion Jaguar-Land Rover deal.
Further, the company had announced that the equity shares with lower voting rights would be entitled to five per cent extra dividend.
IBM seeks patent in India for portable server
New Delhi, Sep 26 : IT and consultancy major IBM has filed a patent application in India for its newly developed portable personal computing environment server.
The MNC has also applied for in some other parts of the globe for the patent of personal computing environment server. The US authorities and World Intellectual Property Organisation (WIPO) has already granted patent licence to IBM for it.
Developed by two Indians, Chandrashekhar Narayanswami and T M Raghunath, IBM filed its patent application on January 14 this year, claiming that the "developed server can change the entire computing paradigm".
Accepting the application, the Controller General of Patents, Designs and Trade Marks, has issued a notice its recent journal seeking public opinion on the application.
The new portable server is a basically a interface-based equipment, which could enable a user to work on all operating systems and has not to bother about any licences, upgrades, security patches and backups etc.
"The portable personal computing environment server comprises a storage device storing a personal computing environment, including one or more operating systems for restoring the personal computing environment in the host system," claimed IBM before the patent authorities.
IBM simplifies about the use of this server by saying that consider about a knowledge worker.
The user could carry his portable personal computing environment server home, do some work at home and bring it back to work the next morning and connect to his office personal computer and resume where he left off without worry about synchronising his data.
The MNC has also applied for in some other parts of the globe for the patent of personal computing environment server. The US authorities and World Intellectual Property Organisation (WIPO) has already granted patent licence to IBM for it.
Developed by two Indians, Chandrashekhar Narayanswami and T M Raghunath, IBM filed its patent application on January 14 this year, claiming that the "developed server can change the entire computing paradigm".
Accepting the application, the Controller General of Patents, Designs and Trade Marks, has issued a notice its recent journal seeking public opinion on the application.
The new portable server is a basically a interface-based equipment, which could enable a user to work on all operating systems and has not to bother about any licences, upgrades, security patches and backups etc.
"The portable personal computing environment server comprises a storage device storing a personal computing environment, including one or more operating systems for restoring the personal computing environment in the host system," claimed IBM before the patent authorities.
IBM simplifies about the use of this server by saying that consider about a knowledge worker.
The user could carry his portable personal computing environment server home, do some work at home and bring it back to work the next morning and connect to his office personal computer and resume where he left off without worry about synchronising his data.
Thursday, September 25, 2008
Religare AEGON AMC gets SEBI nod to launch MF
Mumbai, Sep 25 : Financial services firm Religare Enterprises today said its joint venture firm Religare AEGON Asset Management Company has received the market regulator SEBI's approval to launch mutual fund business in country through.
"Religare AEGON Asset Management Company has received the final approval from Security and Exchange Board of India to launch mutual fund business in the country," Religare Enterprises said in a regulatory filing to the Bombay Stock Exchange.
Religare AEGON Asset Management Company (Religare AEGON AMC) is a joint venture between Religare and AEGON of the Netherland.
The company is looking to launch its first product by Nov-Dec this year for the Indian retail investors, the company said.
"We will be shortly filing for both debt and equity products with the regulator," Religare AEGON AMC CEO Saurabh Nanavati said.
The AMC would have around 15 operational branches in over 25 cities at the time of its first product launch and this will increase to around 30 branches in over 25 cities by March 2009, he added.
Shares of the company were trading at Rs 382.80, down 0.26 per cent in the afternoon trading on the BSE.
"Religare AEGON Asset Management Company has received the final approval from Security and Exchange Board of India to launch mutual fund business in the country," Religare Enterprises said in a regulatory filing to the Bombay Stock Exchange.
Religare AEGON Asset Management Company (Religare AEGON AMC) is a joint venture between Religare and AEGON of the Netherland.
The company is looking to launch its first product by Nov-Dec this year for the Indian retail investors, the company said.
"We will be shortly filing for both debt and equity products with the regulator," Religare AEGON AMC CEO Saurabh Nanavati said.
The AMC would have around 15 operational branches in over 25 cities at the time of its first product launch and this will increase to around 30 branches in over 25 cities by March 2009, he added.
Shares of the company were trading at Rs 382.80, down 0.26 per cent in the afternoon trading on the BSE.
HEG announces open offer
Mumbai, Sep 25 : Graphite electrodes manufacturing firm HEG Ltd today announced an open offer to buy back shares from the existing shareholders for an aggregate amount not exceeding Rs 48.5 crore.
The offer size represents 9.98 per cent of the aggregate of its paid-up equity capital and free reserve as on March 31, 2008, HEG Ltd said in a regulatory filing to the Bombay Stock Exchange.
"The maximum buy-back price is Rs 350 at a premium of 32.25 per cent over the closing price on the BSE on August 20, 2008," it said.
The last date of the equity buy-back offer, which opens on October 7, has been fixed at August 18, 2009, it said.
All payment obligations related to the buy-back should be completed by the last date of the offer, it added.
Shares of the company closed at Rs Rs 221.85, up 299 on the BSE
The offer size represents 9.98 per cent of the aggregate of its paid-up equity capital and free reserve as on March 31, 2008, HEG Ltd said in a regulatory filing to the Bombay Stock Exchange.
"The maximum buy-back price is Rs 350 at a premium of 32.25 per cent over the closing price on the BSE on August 20, 2008," it said.
The last date of the equity buy-back offer, which opens on October 7, has been fixed at August 18, 2009, it said.
All payment obligations related to the buy-back should be completed by the last date of the offer, it added.
Shares of the company closed at Rs Rs 221.85, up 299 on the BSE
Gulf Oil Corp to raise $100 million from foreign market
Mumbai, Sep 25 : Hinduja Group company Gulf Oil Corp on Thursday said it would raise $100 million (around Rs 460.10 crore) from foreign markets.
The company will raise funds by issuing Global Depositary Receipt, American Depositary Receipt, Foreign Currency Convertible Bonds or otherwise, Gulf Oil Corporation said in a regulatory filing with the Bombay Stock Exchange.
The company took a decision in this regard during its annual general meeting held today.
Further, it has also approved the payment of dividend at Rs 1.50 per share, Gulf Oil Corporation added.
Shares of the company closed at Rs 62.65, down 0.79 per cent on the BSE.
The company will raise funds by issuing Global Depositary Receipt, American Depositary Receipt, Foreign Currency Convertible Bonds or otherwise, Gulf Oil Corporation said in a regulatory filing with the Bombay Stock Exchange.
The company took a decision in this regard during its annual general meeting held today.
Further, it has also approved the payment of dividend at Rs 1.50 per share, Gulf Oil Corporation added.
Shares of the company closed at Rs 62.65, down 0.79 per cent on the BSE.
Wednesday, September 24, 2008
L&T bags Rs 5,000 cr order in construction vertical
Mumbai, Sep 24 : Larsen & Toubro (L&T) on Wednesday said it has bagged an aggregate order of Rs 5,000 crore in its construction vertical called Building & Factories Operating Company.
The orders were bagged in the second quarter of this financial year to build institutional, commercial, residential and factory buildings, L&T said in a release.
The orders have been received from NESCO, Godrej Properties, PBEL Property Development, Om Prakash Jindal Grahim Jan Kalyan Sansthan and Mahi Cement.
These orders boost a growth trend that earlier saw the company securing major design and build orders in airports, IT parks and commercial space, the company said.
L&T has been engaged with airports in Hyderabad, Bangalore, Delhi and Mumbai.
The orders were bagged in the second quarter of this financial year to build institutional, commercial, residential and factory buildings, L&T said in a release.
The orders have been received from NESCO, Godrej Properties, PBEL Property Development, Om Prakash Jindal Grahim Jan Kalyan Sansthan and Mahi Cement.
These orders boost a growth trend that earlier saw the company securing major design and build orders in airports, IT parks and commercial space, the company said.
L&T has been engaged with airports in Hyderabad, Bangalore, Delhi and Mumbai.
Tuesday, September 23, 2008
Sobha Developers to raise Rs 350 cr
Mumbai, Sep 23 : Real estate firm Sobha Developers today said it will raise up to Rs 350 crore funds by issuing equity shares to existing shareholders on rights basis.
The company took a decision in this regard during its meeting held yesterday, a company filing to the the Bombay Stock Exchange said.
The fund is being raised to meet various business requirements of the company, it added. The ratio of rights issue would be determined by the board of directors later as per the market regulator SEBI s guidelines, the filing said.
Recently, the company had announced receiving an additional USD 10 million (about Rs 46 crore) of foreign investment for its residential project in Bangalore.
Shares of the company closed at Rs 196.95, down 1.92 per cent on the BSE.
The company took a decision in this regard during its meeting held yesterday, a company filing to the the Bombay Stock Exchange said.
The fund is being raised to meet various business requirements of the company, it added. The ratio of rights issue would be determined by the board of directors later as per the market regulator SEBI s guidelines, the filing said.
Recently, the company had announced receiving an additional USD 10 million (about Rs 46 crore) of foreign investment for its residential project in Bangalore.
Shares of the company closed at Rs 196.95, down 1.92 per cent on the BSE.
Francis Gurry of Australia appointed as DG of WIPO
Geneva , Sep 23 : The World Intellectual Property Organisation, one of the specialised agencies of the United Nations, today said Francis Gurry of Australia has been appointed as the Director General of the organisation.
The six-year term of Gurry would start from October 1, 2008, WIPO said in a statement.
"I would introduce a number of new initiatives to ensure that WIPO and the international intellectual property system contribute to promoting innovation and creativity in the face of many challenges," Gurry said.
Gurry replaces outgoing Director General Kamil Idris of Sudan, who served the international body since 1997.
"The challenges are even more fundamental," Gurry said, adding "the twentieth century model of returning value to creators, performers and their business associates, which relied on the distribution of physical packages containing the works, is under the most radical of threats from the convergence of expression in digital technology and the distributional power of the Internet".
Gurry would also hold the position of Secretary General of International Union for the Protection of New Varieties of Plants (UPOV), an organisation that encourages the development of new plant varieties, it said.
Gurry, a law practitioner, joined the patent agency of the UN in 1985 and has served as Deputy Director General of the WIPO.
The six-year term of Gurry would start from October 1, 2008, WIPO said in a statement.
"I would introduce a number of new initiatives to ensure that WIPO and the international intellectual property system contribute to promoting innovation and creativity in the face of many challenges," Gurry said.
Gurry replaces outgoing Director General Kamil Idris of Sudan, who served the international body since 1997.
"The challenges are even more fundamental," Gurry said, adding "the twentieth century model of returning value to creators, performers and their business associates, which relied on the distribution of physical packages containing the works, is under the most radical of threats from the convergence of expression in digital technology and the distributional power of the Internet".
Gurry would also hold the position of Secretary General of International Union for the Protection of New Varieties of Plants (UPOV), an organisation that encourages the development of new plant varieties, it said.
Gurry, a law practitioner, joined the patent agency of the UN in 1985 and has served as Deputy Director General of the WIPO.
Cadila shareholders approve share swap for restructuring
Mumbai, Sep 23: Pharmaceutical firm Cadila Healthcare on Tuesday said its shareholders have approved the restructuring of its consumer products division as subsidiary firm under Carnation Nutra Analogue-Foods for an agreed share swap ratio of 4:15.
The shareholders and unsecured creditors have approved a scheme under which Carnation would allot four shares to the shareholders of Cadila Healthcare, for every 15 shares held in the company, Cadila Healthcare said in filing to the Bombay Stock Exchange.
Under the scheme of arrangement, Cadila Healthcare would demerge its consumer products division (CPD), and merge Zydus Hospitals and Medical Research with itself. Carnation is a 61.56 per cent subsidiary of Cadila Healthcare.
The board of Cadila had earlier approved the modalities of the business restructuring and had said that the process would be completed by early 2009.
Pursuant to the restructuring, Carnation would continue to remain a listed subsidiary of the parent firm. However, the scheme of arrangement is subject to Gujarat High Court's approval.
Shares of the Cadila Healthcare were trading at Rs 330, down 0.15 per cent, while Carnation Nutra-Analogue Foods at Rs 92, down 7.68 per cent in the late afternoon trade on the BSE.
The shareholders and unsecured creditors have approved a scheme under which Carnation would allot four shares to the shareholders of Cadila Healthcare, for every 15 shares held in the company, Cadila Healthcare said in filing to the Bombay Stock Exchange.
Under the scheme of arrangement, Cadila Healthcare would demerge its consumer products division (CPD), and merge Zydus Hospitals and Medical Research with itself. Carnation is a 61.56 per cent subsidiary of Cadila Healthcare.
The board of Cadila had earlier approved the modalities of the business restructuring and had said that the process would be completed by early 2009.
Pursuant to the restructuring, Carnation would continue to remain a listed subsidiary of the parent firm. However, the scheme of arrangement is subject to Gujarat High Court's approval.
Shares of the Cadila Healthcare were trading at Rs 330, down 0.15 per cent, while Carnation Nutra-Analogue Foods at Rs 92, down 7.68 per cent in the late afternoon trade on the BSE.
Monday, September 22, 2008
Goldman Sachs, Morgan Stanley become regulated banks
Washington, Sep 22 : Global financial services provider Goldman Sachs and Morgan Stanley will now become bank holding companies, and come directly under the purview of the Federal Reserve, a move that will entail stricter regulations for the previously lightly regulated investment banks.
"The Federal Reserve Board on Sunday approved, pending a statutory five-day antitrust waiting period, the applications of Goldman Sachs and Morgan Stanley to become bank holding companies," the central bank of US said in a statement last night.
This move was pursuant to the bankruptcy of Lehman Brothers and the acquisition of Merrill Lynch by Bank of America.
The transition of Goldman Sachs and Morgan Stanley from investment banks status to a Federal Bank Holding Company would provide ongoing access to the Federal Reserve Bank discount window and expanded opportunities for funding.
"We believe that Goldman Sachs, under Federal Reserve supervision, will be regarded as an even more secure institution with an exceptionally clean balance sheet and agreater diversity of funding sources," Goldman Sachs Chairman and CEO Lloyd C Blankfein said in a statement yesterday.
Meanwhile, Morgan Stanley Chairman and Chief Executive Officer John J Mack said, "this new bank holding structure will ensure that Morgan Stanley is in the strongest possibleposition with the stability and flexibility to seize opportunities in the rapidly changing financial marketplace."
In order to provide liquidity support to these banks during their transition from investment banks to regulated banks, the Federal Reserve Board has authorised the Federal Reserve Bank of New York to extend credit to the US broker-dealer subsidiaries of Goldman Sachs and Morgan Stanley, the statement added.
"We view regulation by the Federal Reserve Board as appropriate and in the best interests of protecting and growing our franchise across our diverse range of businesses,"Goldman Sachs added.
Morgan Stanley's Marc said "....we remain intensely focused on continuing to provide world-class service and advice to our clients and deliver long-term value to ourshareholders."
These credits can be provided against all types of collateral that may be pledged at the Federal Reserve's primary credit facility or at the existing Primary DealerCredit Facility (PDCF).
Besides, the Federal Reserve has also made these collateral arrangements available to the broker-dealer subsidiary of Merrill Lynch, the statement said.
In addition, the Board also authorised the Federal Reserve Bank of New York to extend credit to the London-based broker-dealer subsidiaries of Goldman Sachs, Morgan Stanley and Merrill Lynch against collateral that would be eligible to be pledged at the PDCF, the statement added.
"The Federal Reserve Board on Sunday approved, pending a statutory five-day antitrust waiting period, the applications of Goldman Sachs and Morgan Stanley to become bank holding companies," the central bank of US said in a statement last night.
This move was pursuant to the bankruptcy of Lehman Brothers and the acquisition of Merrill Lynch by Bank of America.
The transition of Goldman Sachs and Morgan Stanley from investment banks status to a Federal Bank Holding Company would provide ongoing access to the Federal Reserve Bank discount window and expanded opportunities for funding.
"We believe that Goldman Sachs, under Federal Reserve supervision, will be regarded as an even more secure institution with an exceptionally clean balance sheet and agreater diversity of funding sources," Goldman Sachs Chairman and CEO Lloyd C Blankfein said in a statement yesterday.
Meanwhile, Morgan Stanley Chairman and Chief Executive Officer John J Mack said, "this new bank holding structure will ensure that Morgan Stanley is in the strongest possibleposition with the stability and flexibility to seize opportunities in the rapidly changing financial marketplace."
In order to provide liquidity support to these banks during their transition from investment banks to regulated banks, the Federal Reserve Board has authorised the Federal Reserve Bank of New York to extend credit to the US broker-dealer subsidiaries of Goldman Sachs and Morgan Stanley, the statement added.
"We view regulation by the Federal Reserve Board as appropriate and in the best interests of protecting and growing our franchise across our diverse range of businesses,"Goldman Sachs added.
Morgan Stanley's Marc said "....we remain intensely focused on continuing to provide world-class service and advice to our clients and deliver long-term value to ourshareholders."
These credits can be provided against all types of collateral that may be pledged at the Federal Reserve's primary credit facility or at the existing Primary DealerCredit Facility (PDCF).
Besides, the Federal Reserve has also made these collateral arrangements available to the broker-dealer subsidiary of Merrill Lynch, the statement said.
In addition, the Board also authorised the Federal Reserve Bank of New York to extend credit to the London-based broker-dealer subsidiaries of Goldman Sachs, Morgan Stanley and Merrill Lynch against collateral that would be eligible to be pledged at the PDCF, the statement added.
Punj Lloyd bags USD 42 mn drilling contract in Libya
Mumbai, Sep 22 : Engineering firm Punj Lloyd today said it has secured a contract worth USD 42 million (Rs 190.67 crore) from Libya-based Waha Oil Company for deployment of two onshore rigs in Libya.
In a filing with the Bombay Stock Exchange, Punj Lloyd said its drilling services subsidiary Punj Lloyd Upstream has secured the contract for drilling exploratory wells in the Gialo oilfield of Sirte Basin.
"With the contract in Libya, we hope to expand our presence in the onshore drilling space. The country's upstream sector has a promising business environment with sizeable reserve and service potential," Punj Lloyd Upstream CEO Vikram Walla said.
Waha Oil Company, the second largest crude oil producer in Libya, is a joint venture between government-owned National Oil Company and US-based Conoco Phillips, Amerada Hess and Marathon Corporation, the filing said.
Shares of Punj Lloyd closed at Rs 293.90, down 562 per cent on the BSE.
In a filing with the Bombay Stock Exchange, Punj Lloyd said its drilling services subsidiary Punj Lloyd Upstream has secured the contract for drilling exploratory wells in the Gialo oilfield of Sirte Basin.
"With the contract in Libya, we hope to expand our presence in the onshore drilling space. The country's upstream sector has a promising business environment with sizeable reserve and service potential," Punj Lloyd Upstream CEO Vikram Walla said.
Waha Oil Company, the second largest crude oil producer in Libya, is a joint venture between government-owned National Oil Company and US-based Conoco Phillips, Amerada Hess and Marathon Corporation, the filing said.
Shares of Punj Lloyd closed at Rs 293.90, down 562 per cent on the BSE.
Hindalco to raise Rs 5,047 cr via rights issue
Mumbai, Sep 22 : Aditya Birla Group flagship firm Hindalco on Monday said it will raise Rs 5,047.7 crore through issue of rights shares in 3:7 ratio to its shareholders.
The company will issue 52.58 crore equity shares at a price of Rs 96, which includes a premium of Rs 95 each, to existing shareholders, according to a public advertisement by Hindalco.
The company said that the rights shares would be issued in the ratio three shares for every seven equity shares held by the shareholders.
The record date for the rights issue has been taken as September 5, the company said, adding that the rights issue which opened today would close on October 10.
Earlier, Kumar Mangalam Birla-led Hindalco had announced that it was proposing to raise Rs 5,000 crore to refinance USD 3.03 billion loans, it had taken from banks to fund its acquisition of Canadian firm Novelis.
The company had acquired Novelis in February, last year, for an enterprise value of USD six billion.
Shares of the company closed at Rs 109.85, down 2.66 per cent on the BSE.
The company will issue 52.58 crore equity shares at a price of Rs 96, which includes a premium of Rs 95 each, to existing shareholders, according to a public advertisement by Hindalco.
The company said that the rights shares would be issued in the ratio three shares for every seven equity shares held by the shareholders.
The record date for the rights issue has been taken as September 5, the company said, adding that the rights issue which opened today would close on October 10.
Earlier, Kumar Mangalam Birla-led Hindalco had announced that it was proposing to raise Rs 5,000 crore to refinance USD 3.03 billion loans, it had taken from banks to fund its acquisition of Canadian firm Novelis.
The company had acquired Novelis in February, last year, for an enterprise value of USD six billion.
Shares of the company closed at Rs 109.85, down 2.66 per cent on the BSE.
Dolphin Offshore bags USD 16 mn contracts
Mumbai, Sep 22 : Dolphin Offshore Enterprises today said it has bagged two orders totalling USD 16 million (Rs 72.65 crore) for chartering of vessels.
In a regulatory filing to the Bombay Stock Exchange, Dolphin Offshore said it has secured a USD 10 million contract from Leighton India for a period of three months.
Further, it has bagged a USD 6 million order from Punj Lloyd, wherein the vessel would be delivered within two months.
Shares of the company closed at Rs 252.05, up 3.81 per cent on the BSE.
Voltas appoints Jimmy Bilimoria, S N Menon as addl director
Mumbai, Sep 22 : Tata group company Voltas Ltd on Monday said Jimmy Bilimoria and S N Menon have been appointed as additional directors on the board of the company with effect from Monday.
The board of directors has approved the appointment of Bilimoria and Menon as additional directors, who were Independent Directors, Voltas said in a regulatory filing with the Bombay Stock Exchange.
Shares of the company closed at Rs 118.20, down 2.72 per cent on the BSE.
The board of directors has approved the appointment of Bilimoria and Menon as additional directors, who were Independent Directors, Voltas said in a regulatory filing with the Bombay Stock Exchange.
Shares of the company closed at Rs 118.20, down 2.72 per cent on the BSE.
Sunday, September 21, 2008
Vedanta seeking vendors for Rs 15k crore university project
New Delhi, Sep 21 : NRI billionaire Anil Agarwal-led Vedanta group has started the process of inviting bids for construction of buildings and other infrastructure facilities for its ambitious Rs 15,000 crore Vedanta University project, but the academic session is expected to start only by 2010/2011 due to land acquisition delays.
The a multi-disciplinary university project of Anil Agarwal Foundation, which would be spread over 8,000 acres in Puri district of Orissa, was originally scheduled to start this year but has been postponed as issues related to land acquisition has delayed the construction work, Anil Agarwal Foundation's Commercial Head C Joseph said from Puri.
As part of its vendor selection process, the foundation invited expression of interest in a public advertisement across the national dailies from contractors, suppliers and service providers in areas like construction of institutional buildings and townships, power station and other facilities.
Joseph said that the current invitation for EOIs is a follow-up of a previous one as the job requires numerous contractors due to its large size.
The construction work is expected to start soon and the foundation has already mobalised the piling contractor and is in process of finalising other contractors, he added.
The Government of Orissa and Anil Agarwal Foundation had signed an MoU in 2006 to set up a private university with a donation of one billion dollars (Rs 4,500 crore) as endowment amount from Anil Agarwal.
When asked about the current status of the project, Joseph said that land acquisition process was in progress.
"There have been delays in land acquisition and hence the construction is also delayed, academic sessions are now expected to start only in 2010 /2011," he said.
"Designs for many of the buildings and road and Utility networks are nearing completion, Parallelly on the academic side, a lot of work on the curriculum development and international faculty recruitment is in progress," he added.
When asked about problems faced in land acquisition and reports about the opposition from farmers, Joseph said, "Land acquisition is a slow process, one cannot expect to get land overnight, not only in Orissa, but anywhere in India."
However, the foundation's pro-active village sustainability actions are paying off and it has already initiated many CSR projects.
Issues related to land acquisition have emerged as a major bottleneck for many a project by corporate houses in the recent past, including Tatas who have suspended work at their Rs one-lakh Nano car project in Singur, West Bengal due to opposition over land acquisition.
Stating about the reason behind the delay in project, Joseph said, "Land acquisition is a slow process, one cannot expect to get land overnight, not only in Orissa, but anywhere in India".
"Our pro-active village sustainability actions are payingoff. We have a large support base of people who want a better life for their children. We have initiated many CSR projects which are mainly directed towards the education of children of land givers", he added.
Tata-AIG Life announces expansion plan amidst turmoil
New Delhi, Sep 21 : Tata Group's life insurance arm, in which American International Group -- which last week got a new lease of life -- has 26 per cent stake, plans to ramp up its branch network by adding another 100 branches in the next 12 months.
"Our branch distribution network expanded from only 80 offices to nearly 400 offices during the past 18 months and the next 12 months will see the count cross 500," Tata AIG Life said in a public advertisement.
On the financial strength the company said, it is well capitalised and is subject to stringent regulatory and capital requirement. The solvency margin stood over 300 per cent compared to the regulatory minimum of 150 per cent at August-end .
Following the liquidity crisis in AIG Inc earlier this week, its Indian venture was under shadows.
In order to safeguard the interest of policy holders of Tata AIG, insurance sector regulator Insurance Regulatory and Development Authority (IRDA) summoned reports from both the partners.
"The recent developments in the global financial markets have been truly extraordinary. As the US financial crisis goes through some challenging times, we want to assure you that this does not have any immediate material impact on Tata AIG Life," announcement added.
Recently, AIG was extended a $85-billion lifeline by the US Fed to help the troubled company meets its liquidity requirement.
Thursday, September 18, 2008
Morgan Stanley in merger talks with Wachovia Corp: reports
London/New York , Sep 18 : Global financial services firm Morgan Stanley is in preliminary merger talks with retail and mortgage bank Wachovia Corporation, media reports say.
Morgan Stanley, one of the two major Wall Street banks left standing, is also exploring other deals in an effort to avoid becoming the next victim of credit crunch, UK daily Financial Times reported.
Wachovia's approach to Morgan Stanley came after its shares plunged and the cost of insuring its debt rose sharply, a sign of waning investors' confidence, the report stated.
In another report by US-based Wall Street Journal, commercial banks such as Wachovia were perceived as more stable, creating strong incentive for investment banks to link up with them, as Merrill Lynch did earlier this week with Bank of America.
The WSJ report further stated that a seventh straight decline in the Morgan Stanley's share price on Wednesday had sent the stock to its lowest level since 1998.
After a harrowing day, Morgan Stanley's shares finished down 24 per cent at USD 21.75 on the US bourse.
Meanwhile, The New York Times has reported that Morgan Stanley's chief executive, John J Mack, had received a telephone call from Wachovia expressing interest in the Wall Street bank."
Other banks have also expressed interest in Morgan Stanley, which is considering various options, the NYT report stated adding the talks with Wachovia were preliminary and no deal may emerge.
Wachovia Corporation is one of the largest diversified financial services companies of US, with assets of USD 812.4 billion and marketcap of USD 33.5 billion on June 30.
Morgan Stanley, one of the two major Wall Street banks left standing, is also exploring other deals in an effort to avoid becoming the next victim of credit crunch, UK daily Financial Times reported.
Wachovia's approach to Morgan Stanley came after its shares plunged and the cost of insuring its debt rose sharply, a sign of waning investors' confidence, the report stated.
In another report by US-based Wall Street Journal, commercial banks such as Wachovia were perceived as more stable, creating strong incentive for investment banks to link up with them, as Merrill Lynch did earlier this week with Bank of America.
The WSJ report further stated that a seventh straight decline in the Morgan Stanley's share price on Wednesday had sent the stock to its lowest level since 1998.
After a harrowing day, Morgan Stanley's shares finished down 24 per cent at USD 21.75 on the US bourse.
Meanwhile, The New York Times has reported that Morgan Stanley's chief executive, John J Mack, had received a telephone call from Wachovia expressing interest in the Wall Street bank."
Other banks have also expressed interest in Morgan Stanley, which is considering various options, the NYT report stated adding the talks with Wachovia were preliminary and no deal may emerge.
Wachovia Corporation is one of the largest diversified financial services companies of US, with assets of USD 812.4 billion and marketcap of USD 33.5 billion on June 30.
Wednesday, September 17, 2008
Era Infra bags Rs 123 cr order from CPWD
New Delhi, Sep 17 : Infrastructure firm Era Infra Engineering has secured two contracts worth Rs 123 cr from Central Public Works Department for construction related work.
The company has bagged an order worth Rs 70.75 cr for up-gradation, renovation and new con structions at Karni Singh Shooting Range in the national capital, where events of the Commonwealth Games 2010 would be held, Era Infra Engineering said in a statement.
The scope of the work includes construction of shooting ranges and armoury building, including development of civil and electrical complex.
The second contract worth Rs 52.55 cr involves construction and upgradation of Institute of Medical Sciences at Banaras Hindu University in Varanasi. This project, which has been awarded under Pradhan Mantri Swasthya Suraksha Yojna, is scheduled to be co mpleted by May 2010.
“Various projects of CPWD bagged by Era Group on a consistent basis shows the faith of CPWD in our capabilities to deliver sound infrastructure solution,'' Era Infra Engineering's, construction and contracts division, head T D Arora said.
The company has bagged an order worth Rs 70.75 cr for up-gradation, renovation and new con structions at Karni Singh Shooting Range in the national capital, where events of the Commonwealth Games 2010 would be held, Era Infra Engineering said in a statement.
The scope of the work includes construction of shooting ranges and armoury building, including development of civil and electrical complex.
The second contract worth Rs 52.55 cr involves construction and upgradation of Institute of Medical Sciences at Banaras Hindu University in Varanasi. This project, which has been awarded under Pradhan Mantri Swasthya Suraksha Yojna, is scheduled to be co mpleted by May 2010.
“Various projects of CPWD bagged by Era Group on a consistent basis shows the faith of CPWD in our capabilities to deliver sound infrastructure solution,'' Era Infra Engineering's, construction and contracts division, head T D Arora said.
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