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.
Tuesday, September 30, 2008
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.
Goldman Sachs, Morgan Stanley determined to go alone: FT
London, Sep 17 : Global financial service majors Goldman Sachs and Morgan Stanley believe they have financial strength to survive as the last two remaining large stand-alone investment banks and are not interested in pairing with a commercial bank, a media report said.
"In the wake of the collapse of Lehman Brothers and the sale of Merrill Lynch to Bank of America at the weekend, the two Wall Street firms maintained that they could survive as independents without linking up with a commercial bank to gain access to broader sources of funding," according to UK daily Financial Times.
Goldman Sachs maintained that it was not interested in pairing with a commercial bank, even as it has reported a 70 per cent fall in third-quarter profits, its highest decline in quarterly earnings since it went public in 1999.
Besides, Morgan Stanley beat expectations to show a seven per cent year-on-year fall in its net income to $1.4 billion.
Further, the report quoted Goldman Sachs Chief Financial Officer David Viniar as saying that, "We have a lot of compassion" for the people at Lehman and Merrill, but the bank stands to benefit from the demise of formidable competitors".
"When there's less competition, that's better for us. We have pricing power, and it gives us an even better competitive advantage," Viniar added.
Besides, the media report quoted Morgan Stanley Chief Financial Officer Colm Kelleher as saying that "These markets are all about confidence and we are proudly confident in the robustness of our franchise, business model and balance sheet."
"In the wake of the collapse of Lehman Brothers and the sale of Merrill Lynch to Bank of America at the weekend, the two Wall Street firms maintained that they could survive as independents without linking up with a commercial bank to gain access to broader sources of funding," according to UK daily Financial Times.
Goldman Sachs maintained that it was not interested in pairing with a commercial bank, even as it has reported a 70 per cent fall in third-quarter profits, its highest decline in quarterly earnings since it went public in 1999.
Besides, Morgan Stanley beat expectations to show a seven per cent year-on-year fall in its net income to $1.4 billion.
Further, the report quoted Goldman Sachs Chief Financial Officer David Viniar as saying that, "We have a lot of compassion" for the people at Lehman and Merrill, but the bank stands to benefit from the demise of formidable competitors".
"When there's less competition, that's better for us. We have pricing power, and it gives us an even better competitive advantage," Viniar added.
Besides, the media report quoted Morgan Stanley Chief Financial Officer Colm Kelleher as saying that "These markets are all about confidence and we are proudly confident in the robustness of our franchise, business model and balance sheet."
Lloyds TSB in merger talks with HBOS: reports
London, Sep 17 : British bank major, Lloyds TSB is in advanced talks to buy UK's troubled mortgage lender HBOS, to create a retail banking giant worth 30 billion pound, UK media reports say.
The advanced talks are being encouraged by both theTreasury (Ministry of Finance) and UK's financial services industry regulator Financial Services Authority (FSA), as adeal will ease concerns about the health of the UK banking sector, news broadcaster BBC has reported.
The deal was negotiated at a very high level, with PrimeMinister Gordon Brown telling Lloyds TSB chairman Sir Victor Blank that it would be helpful if Lloyds could end uncertainty surrounding HBOS by buying it, BBC said.
In the London market, HBOS shares have seen wild swingsduring morning trading, climbing as high as 220 pence and falling as low as 88 pence. HBOS shares were trading down 19 per cent at 147 pence on the London Stock Exchange in the afternoon trade.
Stating about the developments in this regard, the FSA said, "We are satisfied that HBOS is a well-capitalised bank that continues to fund its business in a satisfactory way."
Further, another UK daily Financial Times has also reported that "the high-level talks are detailed and at an advanced stage, according to a person with knowledge of the banks...an announcement to the stock exchange is expected today."
FT quoted a statement from HBOS that, "in the light ofmarket speculation, the Board of HBOS Plc confirms that it isin advanced talks with Lloyds TSB Group plc which may or maynot lead to an offer being made for HBOS. A further announcement will be made when appropriate."
A deal would dramatically increase the size of Lloyds' balance sheet and it is unclear to what extent Lloyds iscapable of absorbing HBOS's balance sheet, which had assets of more than 600 billion pound at the end June, the report added.
Lloyds, which has come through the credit crunch in bettershape than many of its rivals due to its conservative approach to lending and financing its balance sheet, has assets of just over 300 billion pound, it added.
HBOS, which was created by the merger of the Halifax and Bank of Scotland in 2001, has come under pressure in recentdays amid concerns about its exposure to US sub-prime market.
Interestingly, in May, Lloyds TSB had decided to move 450 information technology jobs, 250 of them permanent, to India provoking immediate hostility from bank unions.
The advanced talks are being encouraged by both theTreasury (Ministry of Finance) and UK's financial services industry regulator Financial Services Authority (FSA), as adeal will ease concerns about the health of the UK banking sector, news broadcaster BBC has reported.
The deal was negotiated at a very high level, with PrimeMinister Gordon Brown telling Lloyds TSB chairman Sir Victor Blank that it would be helpful if Lloyds could end uncertainty surrounding HBOS by buying it, BBC said.
In the London market, HBOS shares have seen wild swingsduring morning trading, climbing as high as 220 pence and falling as low as 88 pence. HBOS shares were trading down 19 per cent at 147 pence on the London Stock Exchange in the afternoon trade.
Stating about the developments in this regard, the FSA said, "We are satisfied that HBOS is a well-capitalised bank that continues to fund its business in a satisfactory way."
Further, another UK daily Financial Times has also reported that "the high-level talks are detailed and at an advanced stage, according to a person with knowledge of the banks...an announcement to the stock exchange is expected today."
FT quoted a statement from HBOS that, "in the light ofmarket speculation, the Board of HBOS Plc confirms that it isin advanced talks with Lloyds TSB Group plc which may or maynot lead to an offer being made for HBOS. A further announcement will be made when appropriate."
A deal would dramatically increase the size of Lloyds' balance sheet and it is unclear to what extent Lloyds iscapable of absorbing HBOS's balance sheet, which had assets of more than 600 billion pound at the end June, the report added.
Lloyds, which has come through the credit crunch in bettershape than many of its rivals due to its conservative approach to lending and financing its balance sheet, has assets of just over 300 billion pound, it added.
HBOS, which was created by the merger of the Halifax and Bank of Scotland in 2001, has come under pressure in recentdays amid concerns about its exposure to US sub-prime market.
Interestingly, in May, Lloyds TSB had decided to move 450 information technology jobs, 250 of them permanent, to India provoking immediate hostility from bank unions.
Monday, September 15, 2008
Crompton Greaves acquires US firm
Mumbai, Sep 15 : Electrical equipment manufacturer Crompton Greaves said on Monday it has acquired US-based MSE Power Systems for $16 million (about Rs 73.41 crore).
The company has just concluded an arrangement for the acquisition of MSE Power Systems and its group companies - MSE Engineering LLC and MSE West LLC, Crompton Greaves said in a regulatory filing to the BSE.
This acquisition would strengthen the company's presence in the international business arena, particularly in the renewable energy (wind) segment, it said.
MSE Group is engaged in engineering, procurement and construction (EPC) of high voltage electric power systems.
Shares of Crompton Greaves were trading at Rs 246, down 2.38 per cent in late afternoon trade on the BSE.
The company has just concluded an arrangement for the acquisition of MSE Power Systems and its group companies - MSE Engineering LLC and MSE West LLC, Crompton Greaves said in a regulatory filing to the BSE.
This acquisition would strengthen the company's presence in the international business arena, particularly in the renewable energy (wind) segment, it said.
MSE Group is engaged in engineering, procurement and construction (EPC) of high voltage electric power systems.
Shares of Crompton Greaves were trading at Rs 246, down 2.38 per cent in late afternoon trade on the BSE.
Sunday, September 14, 2008
Godfrey seeks India patent for cigarette pack with match box
New Delhi, Sep 14 : The controller general of patents, designs and trade marks has invited public opinion on a patent sought by Godfrey Phillips on a cigarette packet-cum-match box designed and developed by the company.
Godfrey Phillips India, whose two major shareholders include K K Modi Group and global tobacco major Philip Morris, has developed an innovative cigarette pack and has filed a patent application before the authority.
Acting on the application, the patent authority has issued a public notice in its latest journal, inviting comments or objections on the subject.
Godfrey Phillips, which manufactures leading cigarette brands - Four Square, Stellar, Red and White and Cavanders - aims at giving smokers an option to do away with a separate lighter or match box.
According to the company, which filed application on October 31, 2005, the improved cigarette packet with match box comprised a slide having side flaps on two longitudinal sides and end closures at the two transverse sides.
"The packet would be equipped with a shell accommodating the slide having flaps on two longitudinal sides, a bundle of cigarettes wrapped in a foil and a match box with sticks in a tray," the patent journal quoted Godfrey Phillips as saying.
Thursday, September 11, 2008
Infosys expects weaker revenue due to economic slowdown: WSJ
New York, Sep 11 : India's software services major Infosys Technologies expects a weaker revenue growth in the current financial year amid global economic slowdown, a US media report said.
"Economic uncertainties are weighing on customers' information technology spending in the US and Europe as the malaise of weakening growth spreads," Infosys Chief Executive S Gopalakrishnan was quoted as saying by the Wall Street Journal in its online edition.
That uncertainty is being reflected in [customers'] ability to increase their spending....Even when budgets are released they're not sure if they'll get the returns...So they are not able to kick off projects", Gopalakrishnan said.
Last year, Infosys posted revenue of 167 billion rupees, reporting a 20 per cent year-over-year rise.
The report said that another IT major Tata Consultancy Services had also stated similar concerns earlier.
However, he said that Infosys isn't seeing any rise in cancellations or demands for price cuts from its clients. The company is maintaining its margin guidance for the fiscal year.
Besides, the WSJ report also quoted Gopalakrishnan saying that the company's 407.1 million pound offer for UK-based enterprise-software consulting company Axon Group PLC is a "fair valuation of the company" and that the offer had Axon management's support.
He further added that it is possible that a rival bid may arise, but did not mention that whether Infosys would raise its offer if new bidder emerges.
Last year, Infosys posted revenue of 167 billion rupees, reporting a 20 per cent year-over-year rise.
The report said that another IT major Tata Consultancy Services had also stated similar concerns earlier.
However, he said that Infosys isn't seeing any rise in cancellations or demands for price cuts from its clients. The company is maintaining its margin guidance for the fiscal year.
Besides, the WSJ report also quoted Gopalakrishnan saying that the company's 407.1 million pound offer for UK-based enterprise-software consulting company Axon Group PLC is a "fair valuation of the company" and that the offer had Axon management's support.
He further added that it is possible that a rival bid may arise, but did not mention that whether Infosys would raise its offer if new bidder emerges.
Mittal to suffer loss from investment pledge in RAB Capital
London, Sep 11: India-born steel tycoon Mr Lakshmi Mittal's pledge to invest $200 million in RAB Capital, a fund management and investment firm, may lead to a loss, British media report on Thursday said.
“Lakshmi Mittal's pledge to invest $200 million in RAB's Special Situations Fund last May, compounded by a 10 per cent shareholding in the Aim-listed hedge fund group, means the respected head of ArcelorMittal is sitting on a big paper loss,” Financial Times said.
Less than 18 months ago, Mr Lakshmi Mittal deepened his relationship with RAB Capital, Financial Times added.
Though Mr Mittal, who has become the world's biggest steelmaker, would suffer a significant loss, but it would not impact him much. The Financial Times said ''... but for one of the world's richest men, with a net worth estimated by Forbes magazine to b e $45 billion, the 48 per cent slump in the Special Situations Fund this year and the 66 per cent fall in the RAB share price will not make much of a dent.”
Meanwhile, RAB Capital has threatened to liquidate its flagship $900 million Special Situations Fund yesterday unless investors agreed to leave their capital locked up for the next three years.
“The threat came after turbulent markets left the Special Situations fund, set up and run by Mr Philip Richards, RAB's co-founder and former chief executive, down by 48 per cent so far this year. Last month alone, the portfolio lost 22 per cent of its va lue,” another British newspaper The Times has reported.
The Times added, “RAB has already issued a profits warning and suffered a sliding share price this year.”
Glenmark to start its clinical trial for GBR 500
Mumbai, Sep 11: Drug maker Glenmark Pharmaceuticals on Thursday said it has filed an application with American health regulator US Food and Drug Administrator (USFDA) for starting the first phase of clinical trials for GBR 500, an anti inflammatory compound.
The molecule has the potential can be used broadly as an anti-inflammatory compound and Glenmark intends to initially develop GBR 500 for multiple Sclerosis.
The company expects to complete it by the end of current fiscal, Glenmark Pharmaceuticals said in a regulatory filing to the Bombay Stock Exchange.
"We are excited about the progress made by GBR 500 and glad to have completed all requirements for filing the investigations new drug (IND) for Phase I trials", Glenmark Pharmaceuticals MD and CEO Glenn Saldanha said.
Glenmark is the first Indian company to have a novel biologic molecule in the clinics that could be marketed globally, the filing said adding that the company is the first Indian company to file an IND for a monoclonal antibody with the USFDA.
Wednesday, September 10, 2008
Siemens Healthcare revises acquisition price at Rs 45 cr
Mumbai, Sep 10 : Clinical diagnostics firm Siemens Healthcare Diagnostics today said it has fixed Rs 45.10 crore as the final purchase price for the acquisition of Dade Behring Diagnostics.
The company has also approved the supplemental report on valuation of assets and liabilities of the Delhi-based firm for the period July 1 to July 31, 2008, based on which the final purchase price payable is Rs 45.10 crore, Siemens Healthcare Diagnostics said in a regulatory filing to the Bombay Stock Exchange.
Earlier, the company had evaluated an estimated purchase price of Rs 43 crore for the acquisition, based on the valuation of assets and liabilities done up to June 30, 2008.
Tuesday, September 9, 2008
Idea's open offer for Spice stake starts on Sept 17
Mumbai, Sep 9 : Aditya Birla Group firm Idea Cellular said on Tuesday that its open offer for acquiring 20 per cent equity shares in the B K Modi-led firm Spice Communications will now be open from September 17.
Spice Communications informed the Bombay Stock Exchange that the schedule of the opening and closing of the open offer has been revised to September 17 and October 6 from earlier August 22 and September 11, respectively.
On June 30, Idea Cellular had announced the open offer for acquiring about 13.79 crore shares in Spice Communications at a price of Rs 77.30 per share. However, on August 14, the offer was deferred to a later date following a delay in approval for the sa me from the market regulator SEBI.
Shares of Spice Communications were trading at Rs 76, up 0.80 per cent in the afternoon trade, while shares of Idea Cellular were trading at 85.20, up 2.84 per cent on the BSE.
Punj Lloyd bags Rs167 cr order from Singapore firm
Mumbai, Sep 9 : Engineering, procurement and construction firm Punj Lloyd has bagged a contract worth Rs167 crore from a Singapore-based joint venture firm.
“The company’s Singapore subsidiary, Punj Lloyd Pte, has received the contract to carry out select utilities mechanical works in Jurong Island in that country,” Punj Lloyd said in a regulatory filing to the Bombay Stock Exchange.
“The contract has been awarded by Singapore’s FWP Joint Venture, a joint venture firm between Foster Wheeler Asia Pacific Pte Ltd and Worley Parsons Pte Ltd,” the filing added.
Shares of the company were trading at Rs309.60, up 0.29% in the afternoon trade on the BSE.
Monday, September 8, 2008
Dolphin Offshore bags Rs 304 cr order from ONGC
Mumbai, Sep 8 : Dolphin Offshore Enterprises India on Monday said it has bagged two contracts worth Rs 304 crore from the state-run Oil and Natural Gas Corporation, fuelling its share price to surge 20 per cent.
In a filing to the Bombay Stock Exchange the marine operation company Dolphin Offshore said it has been awarded engineering, procurement and construction (EPC) contract worth Rs 304 crore from ONGC, to be completed by 2009.
In a filing to the Bombay Stock Exchange the marine operation company Dolphin Offshore said it has been awarded engineering, procurement and construction (EPC) contract worth Rs 304 crore from ONGC, to be completed by 2009.
Shares of the company, which opened at Rs 255, gained Rs 46.85 or 20 per cent during the day to hit its upper circuit of Rs 281.15.
Under the contract Dolphin Offshore has secured a 27.03 million euro (about Rs 172 crore) project to be completed by June 2009, and another about Rs 131 crore project to be completed by December 2009.
Sunday, September 7, 2008
Microsoft seeks India patent
New Delhi, Sep 7 : World's largest software firm Microsoft Corp is seeking an exclusive patent in India for an electronic data snapshot generator, which has been co-invented by an Indian associated with the company.
Microsoft has filed its patent application before the Controller General of Patents, Designs and Trade Marks, following which the authorities has issued a public notice.
According to the company, which has filed the application on February 22, electronic data snapshot generator would be used to provide information about a file at a specific point in time.
"A snapshot of electronic data is generated to provide information about a file at a specific point in time. The snapshot may be shared between several users," the latest patent journal published by the authorities quoted Microsoft as saying.
The concept of the generator has been developed by Ramakrishnan Natarajan, an Indian associated with Microsoft along with Daniel C Battagin.
The US-based software company has already registered this invention with the World Intellectual Property Organization (WIPO).
"The interactive snapshot is generated by saving static data associated with the file, but any links or references to dynamic file data are maintained. The published item snapshot includes specific file objects and static data associated with the specified objects", it said.
However, the static snapshot is generated by saving only static data associated with the file, Microsoft added.
Microsoft has filed its patent application before the Controller General of Patents, Designs and Trade Marks, following which the authorities has issued a public notice.
According to the company, which has filed the application on February 22, electronic data snapshot generator would be used to provide information about a file at a specific point in time.
"A snapshot of electronic data is generated to provide information about a file at a specific point in time. The snapshot may be shared between several users," the latest patent journal published by the authorities quoted Microsoft as saying.
The concept of the generator has been developed by Ramakrishnan Natarajan, an Indian associated with Microsoft along with Daniel C Battagin.
The US-based software company has already registered this invention with the World Intellectual Property Organization (WIPO).
"The interactive snapshot is generated by saving static data associated with the file, but any links or references to dynamic file data are maintained. The published item snapshot includes specific file objects and static data associated with the specified objects", it said.
However, the static snapshot is generated by saving only static data associated with the file, Microsoft added.
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