Ready for the Roads
|
FirstsourcePATdown 10%atRs32crore
Firstsource solutions said its net profit for the first quarter ended June was at Rs 32 crore sequentially down 10% from Rs 35 crore, mostly due to a seasonally weak quarter. Operating margins for the |
Edelweissprofit up5%toRs61cr
Edelweiss Capital on Friday reported a consolidated net profit of Rs 61.4 crore for the first quarter,up 5% from Rs 58.3 crore in the corresponding period a year-ago.T he company's total revenue rose |
HCC profit up 56%; to float Rs 2,000-cr Lavasa Corp IPO
Hindustan Construction Company (HCC) on Friday announced 55.64% growth in its net profit to Rs 28.31 crore for the first quarter ended June 30, 2010, from Rs 18.19 crore in the corresponding quarter |
Vedantapostsrecord EBITDAof$794m
Ve dantaResourcespostedrecordfirst-quarter EBITDAof $794millioninthethreemonthstill June as production of its three most profitable metalsrose.Productionof saleableironore, its most profitable product |
IndianHotelsnetdips 80%onhotelclosure
Hurt by the prolongedclosureof its Taj Heritage wing due to the 2008 terror attacks in Mumbai, Indian Hotels CompanyonFriday posted a nearly 80%
decline in its profit after tax (PAT) at Rs 3 crore f |
TataChemicalsPAT leaps408%inQ1
TataChemicalsprofitaftertaxincreased408.1% to Rs 215.9 crore from Rs 42.5 crore in the corresponding quarter of the previous year.Net sales was at Rs 2,477.1 crore compared to Rs 2,344.7 crore in Q1 F |
ABBnetprofitdeclines 54%toRs38crore ABBhasreporteda54%declineinnetprofitfor
ABB has reported a 54% decline in net profit for the second quarter ended on June 30 at Rs 38.31 crore compared to Rs 83.60 crore in the same periodayearago. Theresultsof thecompanywere adverselyimpac |
BPCLinredonhighcrudeprices
Public sector Bharat Petroleum Corporation Ltd (BPCL) on Friday said its net loss for the first quarter ended June 30, 2010, stood at Rs 1,718.10 crore compared to a net profit of Rs 614.12 crore in |
Qualcomm offloads 26% in India unit
US-based CDMA chip maker Qualcomm on Friday offloaded 26% stake in its broadband unit in India for Rs 268 crore. Global Holdings, which owns telecoms infrastructure firms GTL Ltd and GTL Infra, and c |
Aditya Birla Nuvo back in black
Aditya Birla Nuvo, part of the Aditya Birla Group,on Friday said it registered a net profit of Rs 149 crore for the first quarter ended June 30, 2010, against a net loss of Rs 35 crore in the corresp |
TEST DRIVE
Cruiser in city, beast in the jungles
IT HAD been some time since I drove an SUV,s o when I got a chance to test drive the Endeavour 4WD,Igrabbed the opportunity and was a terrific experience.This was my first drive in an automatic transm |
INTERVIEW:
Europe is a real concern, like the recession
A day after announcing AprilJune earnings, the country's fourth largest software exporter , HCL Technologies, expressed satisfaction at the growth in enterprise application and emerging verticals like |
Torrentfirstquarter netatRs74crore
Ahmedabad-based pharma firm Torrent Pharmaceuticals on Friday reported a net profit of Rs74croreinthefirst quarter ended June 30.Thecompanysaid its profit in the same periodayearagowas at Rs 15 crore, |
Glenmarkto launch pain killer in US mkt
GlenmarkGenericsonFridaycommencedmarketinganddistributionof CyclobenzaprineHydrochloride tablets in the US market. Cyclobenzaprine Hydrochloride tablets are a generic version of McNeil Pediatrics' Fle |
Shriram Citu Union to float home fin firm
Chennai-based Shriram City Union Finance will be setting up a wholly-owned subsidiary to venture into housing finance,m ortgage finance,and other related finances,the company said. This has put to res |
Forexreservessurge by$1.03billion
The country's foreign exchange reserves grew $1.037 billion to $282.9 billion for the week ended July 23, from $281.9 billion in the previous week, supportedby astrongriseintheforeigncurrency assets.F |
RelianceInfranetup 6%toRs375.29crore
Anil Dirubhai Ambani company, Reliance Infrastructure, on Friday reported 6% increase in consolidated net profit at Rs 375.29 crore in thefirstquarterof currentfinancialyear,compared with Rs 355.66 cr |
NTPC commissions second Dadri unit
In a major boost to power availability in Delhi, NTPC has commissioned the entire capacity of its 980 mw Dadri expansion power project. Power minister Sushilkumar Shinde inaugurated the 490 mw seco |
EILfollow-onoffer subscribed 13times
The Rs 977-crore follow-on public offering of EngineersIndia(EIL),whichclosedFriday, received 13.26 time subscription. The qualified institutionalbuyers(QIBs)portionwassubscribed23.43 times; non-insti |
Motilal Oswal's first fundgets listed
Motilal Oswal Mutual Fund's first scheme -MOStSharesM50--gotlistedontheNSEonFriday . The fund is a fundamentally weighted exchange traded fund (ETF) based on the NSE's Niftyindex.Thenewfundoffer,which |
INTERVIEW:
We plan to shore up investment in new beverages
PercySiganporia,MD,Tata Global Beverages is fine tuning the company's pricing and marketing strategies to drive volumes in the second quarter this fiscal. The company plans to launch an aggressiv |
Shipping Corp sets sail with 59% jump in net
: State-run Shipping Cor
poration of India (SCI) on Friday reported a 59% jump in net profit to Rs 191.49 crore for the quarter ended June 30, 2010, compared with Rs 119.92 crore in the corresponding |
Samsung to launch 3D television this month
: Sam
sung will launch the first 3D television globally in the first week of August. The TV will offer a unique feature of a touchscreen remote, which will enable the user to watch all channels on th |
KIOCL set to buy Tungabhadra Steel
: KIOCL
(formerly Kudremukh Iron Ore Ltd), a state-owned enterprise run by the steel ministry, is considering acquisition of Tungabhadra Steel Products (TSPL), another Karnatakabased public sector f |
GE Shipping expects profits to continue on firmer rates
Great
Eastern (GE) Shipping expects profits to improve due to improvement in charter rates in spot market for the tanker segment. "We see improvement in the spot charter rate for the tankersegme |
Mkts' risk appetite rises as Nifty derivatives rollovers touch 76%
On the last
day of expiry of July derivative contracts,r ollovers were healthy from July contracts to near-month August contracts. For Nifty futures contracts, rollovers were at 76%. For o |
Sensex plummets 124 pts; first weekly drop in four weeks
: The BSE's
Sensex fell 0.7% on Friday on profit booking by investors amid negative cues from globalmarkets.Withthesharpfall, the index registered its first
weekly loss in four weeks, shed |
After SBI, IDBI taps overseas mkt
Following State Bank of India (SBI), IDBI Bank is now raising funds from the overseas markets. The bank's US dollar-denominated senior unsecured bonds will be issued through its branch in the Dubai In |
Best week for Re in a month; bonds face 2nd monthly loss
Rupeecompleteditsbestweek in more than a month after the RBI raised benchmark interest rates for a fourthtimein2010,boostingtheyield on local assets. The currency touched this month's high on opti |
Monsoon to be better
in Aug-Sept
Monsoon rains across the country
are expected to be better than earlier forecast for the remaining season but the eastern regions could see deficient falls.
"Quantitatively, rainfall for the cou |
Commexes to abolish sub-broker system
Forward Markets Commission (FMC) has asked commodity bourses to discontinue with the sub broker system, and allow their members to service their clients only though 'authorised persons'. FMC, which re |
PM's sub-group to draft action plan to boost farm growth
The Prime Minister-appointed Committee on agriculture, which has corporate honchos such as Mukesh Ambani and Jamshyd Godrej as its members, on Friday decided to come up with an operational plan to ach |
Food security law could double subsidy bill
The country's food subsidy bill could nearly double to Rs 1,07,381 crore if the government decides to supply 35 kg of foodgrain at cheaper rates to the poor under the proposed Food Security Act. I |
Heavy rains, pests drag Assam tea output down
Incessant rains in Assam since April haveseverelyaffectedthetea crop in India. According to Deepak Khaitan, vice-chairman, McLeod Russell, the largest tea producer in the world, the company has lost 3 |
OMSS wheat turns dearer on high taxes
Despitethegovernment's good intention to offload excesswheatstocksintothemarket through the Open Market Sale Scheme(OMSS)tocheckanyrisein prices,theremightnotbemuchimpact on the ground as traders are |
Corn rally to continue on low stock
A rally in Indian corn is likely to have anextendedseasonforanothersixtoninemonthsonlower stocks, higher intervention prices and hopes an expected export rebound next season will mesh with domestic de |
Hero Honda Q1 net dips 1.6%
New Delhi, Jul 29: Hero Honda Motors on Thursday reported a 1.6% dip in its net profit at Rs 491.69 crore in the quarter ended June 30, 2010. This was due to rise in input cost. In the correspondin |
CholamandalamFin getschairman,MD
The board of directors of Cholamandalam Investment and Finance Company Ltd (CIFCL) hasappointedMBNRaoandVe llayanSubbiah to the board.MB N Rao,former chairman and managingdirectorof CanaraBankandIndia |
Desaiisbranch headatGreyDelhi Ketan Desai has been appointed associ
Ketan Desai has been appointed associate VP and branch head of Grey Delhi. Ketan began his career with the then Trikaya Grey in Kolkata 11 years ago. He has worked in several Grey offices in the regio |
DavejoinsMagma Designboard
Magma Design Automation, a provider of chip design software, has appointed Dave Sugishitatoitsboardof directors.Sugishita,a veteran in the semiconductor and electronics design automation industries,i |
AvendusCapital appointsMitraasED
Mumbai-basedinvestmentbankAvendusCapital hasappointedGeorgeMitraasexecutive director for its wealth management business.Mitra was earlier with Deutsche Bank's wealth management unit, and was also head |
Marwahaishead atDaiwaCapital
Daiwa Capital Markets has appointed former Nomura executive director Ajay Marwaha as head of its fixed income in India. Marwaha was responsible for Ficci product trading at Nomura and was involved in |
InfoEdgeelevates OberoiasMD&CEO
Info Edge's board has elevated the firm's COO Hitesh Oberoi to the role of managing director andCEO,replacingfounderSanjeevBikhchandani.Bikhchandani,whoowns43%stakeinthe firm,willremaininthecompanytra |
Tata Global Beverages back in black with Rs 46-cr profit
Mumbai, Jul 29: Tata Global Beverages (TGB), erstwhile Tata Tea on Thursday posted a consolidated net profit of Rs 46 crore in the first quarter of this fiscal as against a net loss of Rs 20 crore in |
HCL net income up 3.7%; operating margin declines
New Delhi, Jul 29: HCL Technologies on Thursday reporteda3.7%riseinitsnet incomeatRs342croreforthe quarter ended June, 2010.
However, the currency fluctuations affected the operating margins for th |
SAIL net slides 11.56% on input costs
New Delhi, Jul 29: Stateowned Steel Authority of India (SAIL) on Thursday reported a 11.56% decline in its netprofittoRs1,176.6crorefor the quarter ended June 30, 2010, due to high input costs and wea |
UltraTech net falls on cement oversupply; sets Rs 12k cr as capex
Mumbai, Jul 29: UltraTech Cement has reported a 42% dip in its net profit at Rs 243 crore for Q1 FY11 as against Rs 418 crore in the same quarter of the previous fiscal. Sales declined by 8.34% to |
Engineers India FPO subscribed 11.6 times
Mumbai,J ul 29: The Rs 977-crore follow-on public offering (FPO) of staterun Engineers India (EIL) on Thursday has been subscribed 11.63 times.The issue received massive response from QIBs,with the po |
Intel Cap to park 50% corpus in emerging mkts
Jul 29: Sensing the potential of emerging marketslikeIndiaandChina, Intel Capital -the venture capital arm of Intel Corporation -is going to deploy at least 50% of its entire corpus in such markets. T |
SKSissuesubscribed 77%onsecondday
SKS Microfinance's Rs 1,654-cr public issue - the first public float by any microfinance firm in Asia - has received robust demand from institutional buyers and got subscribed 77% on the second day on |
DLF to offload 92% in DLF Brands for Rs 92 cr
Realty firm
DLF on Wednesday said that it would sell a 92% stake in its wholly-owned retail subsidiary , DLF Brands,toapromotergroupcompany for Rs 92 crore as part of its strategy to exit from non |
Tata Motors to set up HCV unit in Myanmar
Tata Motors is set
ting into motion a plan to open a heavy commercial vehicles unit in Myanmar. The Indian automobile giant recently entered into a contract with state-run Myanmar Automobile & Die |
Essar Energy to invest $32-40 m in CBM blocks
Essar Energy would invest about $32-40 million for the first stage of exploration and development of the four coal bed methane (CBM) blocks for which rights were acquired on Thursday, company official |
Ashok Leyland picks 26% in UK's Optare
Commercial
vehicles major and Hinduja group flagship Ashok Leyland Ltd has picked up a 26% stake in UK-based Optare, abus manufacturer with a focus on niche segments,for $7.5 million. Optare, wit |
Noel Tata to head group biz overseas as Tata Int'l MD
Noel N Tata
has stepped down as managingdirectorof Trent,theretail arm of the Tata Group,to take over as managing director of Tata International. He will cease to be the MD of Trent with effect from |
Onion MEP hiked marginally
Withonionprices showing marginal upward movement in the last two weeks, the governmentonThursdaymarginallyincreased the minimum export price (MEP) by $20 a tonne for August to ensure adequate domestic |
Revived monsoon promises healthy harvest
India's monsoon surged in the past week to deliver its highest weekly rainfall this season, raising hopes of strong harvests in the world's leading consumer of rice, cooking oils and sugar. Revive |
USwheatfuturesin forbestmonthlygain
US wheat futures rose
on Thursday, on track for their biggest monthly gain since 1973 on fears of lower exports from droughtstrickeneasternEurope,especiallythird-largestglobal exporter Russia. |
Manjushree Plantations eyes overseas market
Sensing good demand for green and organic tea in overseas market, Manjushree Plantations, (MPL), part of the BK Birla Group, is looking to exportitsproductstocountries like Singapore, Germany and the |
LME's steel billet goes global, eyes Asian biz
The Lon
donMetalExchangemerged its two regional steel futures contracts to create a global one, aiming to generate more business in Asia, where metals trading is on the rise. The Exchange is mer |
TataCommloss widenstoRs281cr
TataCommunicationslosshaswidenedduring the quarter ended June 30, 2010. The group has posted a net loss of Rs 281.39 crore for the June quarter,a s compared to net loss of Rs 55.13 crore for the quart |
SunTVNetwork netsurges43%
SunTVNetworkhasreporteda43%growthinits netprofitforthefirstquarterof 2010-11atRs170.96 crore as compared to Rs 119.80 crore in the corresponding month a year ago. The company's sales also rose 53% to |
Voltasprofit rises18%inQ1
Voltas on Wednesday posted an increase in consolidated net profit of 18% at Rs 93.2 crore in the first quarter of the current fiscal against Rs 78.9
croreinthesameperiodlastyear.Forthes |
JSPLprofitfalls 3%toRs956cr
JSPL on Wednesday posted a 3% decline in its netprofittoRs956.97croreforthefirstquarter of the current fiscal mainly due to fall in power tariffs. "Power tariffs were abnormally high at Rs 6-7 per uni |
SamruddhiCement netatRs315crore
Samruddhi Cement, the erst while cement business of Grasim Indus tries, recorded a 3% higher net revenue at Rs 2,214 crore againstRs2,157
crore in the corresponding quarter last year.
|
UK hints at review of govt-related IT outsourcing deals
British prime minister David Cameron said all outsourcing contracts signed with the previous government will be reviewed as the country battles a huge budget deficit that stands at 11% of national inc |
Globalmktspropel Lupinprofitby40%
Buoyed by a strong growth in different markets across the globe, especially the US, pharma major Lupin on Wednesday posted a net profit of Rs
196.3 crore for the quarter ended June 30, up |
PatniQ2profitup 8%onforexgains
Patni Computer Systems on Wednesday re ported a growthof near ly 8% in net profit at Rs 146.74 crore for the second quarter ended June 30, on for
eign exchange gains. As per the Ind |
HAL inks pact with British cos
Hindustan Aeronautics Ltd (HAL) on Wednesday finalised a �700 million contract with British companies BAE Systems and Rolls Royce Plc to locally manufacture 57 Hawk advanced jet trainer aircraft and e |
ArcelorMittal net at $1.7 bn on demand recovery
rcelorMittal, the world's largest steel manufacturer,onWednesdayreported a net profit of $1.7 billion for the second quarter ended June 30, 2010, against a net loss of $792 million in the correspondin |
Indian Hotels bullish on domestic mkt
The Indian Hotels Company (IHCL), the promoters of Taj group of hotels of Tatas,is bullish on the growthprospectsinthedomestic market. The company is confident that it will not only retain its 25% sha |
Sun Pharma profit jumps 244% on US arm business
Sun Pharmaceutical Industries has reported a 244% jump in its net profit at Rs 564.32 crore for the first quarter ended June 30, 2010, against Rs 163.84 in the corresponding period of the previous yea |
Mahindra net soars on high volumes
Strong volume growth, cost control and financial management resulting in lower interest expenses has helped Mahindra & Mahindra (M&M) to post a 40% surge in its net profit on standalone basis to Rs 56 |
Aban Offshore's reinsurer agrees to settle claim
Aban Offshore Ltd, which has been floating in debt, has got a much needed breather as reinsurers agreed to settle the insurance claim relating to the sinking of its semi-submersible rig Aban Pearl at |
CenturyTextileskeeps Rs2,975crascapex Century Textiles and Industries has planned a
Century Textiles and Industries has planned a Rs 2,975-crore capex over the next 2-3 years across various divisions,including cement, paper & pulp and real estate."We have planned a capex of Rs 2,975 |
EILFPOsubscribed 0.51timesonDay2
EngineersIndiaFPO,onitssecondday ,wassubscribed 0.51 times on the National Stock Exchange(NSE)onWednesday .Totalbidswerereceived for 1.7 crore shares against the issue size of 3.3 crore. |
Interestchargesspur Welspunnet by37%
Welspun Corp on Tuesday said its April-June quarter net profit rose 37% from year earlier to Rs 190 crore aided by lower interest charges.Net sales was up 8.6% in year to Rs 2,041 crore. Raw material |
SRFnetprofitdeclines 41%toRs55crore
Delhi-based SRF posted a growth of 24% in its revenue at Rs 619 crore during the first quarter of this fiscal, compared with Rs 498 crore in the corresponding period last year.The company's net profit |
HavellsIndia's PATupmarginally
Havells India said Wednesday that its profit aftertaxincreased9%toRs.53.33croreinthelatest April-June quarter.During the same period, the company'snetrevenuegrew22%toRs717crore. The company's reven |
VIP netup60%even asstaffcostsrise
VIP Industries on Wednesday said its April-June net profit rose 60.20% from a year ago to Rs 32.2 crore. Theluggagemanufacturer'snetsalesinthe quarter rose 16.91% from previous year to Rs 235 crore. S |
George Soros to lap up 4% stake in BSE for $40 m
Mumbai, Jul 28: Billionaire investor George Soros is apparently picking up 4% stake in the Bombay Stock Exchange (BSE). UK-based financial daily Financial Times on Tuesday had reported that Soros i |
Unitech offers to buy London-listed group firm for Rs 700 crore
Realty major Unitech on Wednesday said that it has offered to acquire London-listed Unitech Corporate Parks (UCP) through an all-cash deal worth nearly Rs 700 crore, which is 22% more than the current |
KekiMistryjoins BSEasdirector
Keki Mistry , vicechairman & CEO of Housing DevelopmentFinanceCorporation, has joined the Bombay Stock Exchange Ltd (BSE) as shareholderdirector.
Besides being on the
Besides being on the |
BSEtoincludeAster inpublicofferindex
The Bombay Stock Exchange (BSE) has decided to include Aster Silicates in its IPO Index. Theinclusionwillbeeffective fromJuly30,2010, BSE said in a statement.
|
INTERVIEW: ADI GODREJ
C H A I R M A N , G O D R E J G R O U P
We are not planning to revise our pricing strategy
Adi Godrej, chairman of the Rs 12,000-crore Godrej Group is a happy man. Godrej Industries (GIL's) consolidated net profit nearly trebled on the back of strong performance by its associate compan |
ICICIpicks1.33% inUnitedStockExchange
Private sector lender ICICI Bank on Monday picked up 1.33% stake in United Stock Exchange of India (USE), the new currency futures exchange. The size of the deal wasn't disclosed. ICICI Bank, a maj |
NSE, London bourse ink cross-listing pact
e Bureau
TheNationalStock Exchange (NSE) has inked a letter of intent with London Stock Exchange (LSE) to evaluate cross listing of index products as well as explore joint strategic opportunities. < |
Banks win time but not respite from Basel
London, Jul 28: Banks will get more time and leeway to introduce new global capital rules but calls to lend more freely may be harder to resist as a result and the new regime will still befar tougher |
Corporation Bank profit rises 28% to Rs 334 crore
Bangalore, Jul 28: The net profit of CorporationBankforthequarterended June 30 rose 27.76% to Rs 333.78 crore from Rs 261.25 crore recorded in the corresponding period of the last fiscal. Total bus |
Cash crunch to ease out, inflation could dip to 6% by March: RBI
Mumbai, Jul 28: Reserve Bank of India (RBI) governor on Wednesday said a cash crunch would ease further by next week, but liquidity would continue to be in deficit mode,not surplus. "The system has |
Market roundup
Refallson commodity imports speculation
Jul 28: Rupeefellfromneara one-week high on speculation local companies stepped up imports to take advantage of a decline in global commodity prices, boosting demand for foreign exchange. The curr |
Infra, retail exposure spur non-food credit
Mumbai, Jul 28: Broadening exposure to the infrastructure and retail segments,t he banking industry reported a strong 21.75% year-on-year growth in non-food credit to Rs 33,18,072 crore for the fortni |
SBI to complete bond issue by Oct
State Bank of India on Wednesday said it expects to complete the bond issue to raise Rs 200-300 crore from retail investors by September or October this year. "We will complete the issue soon, may be |
YES Bank to raise Rs 500 cr by Sep
To fund business growth, YES Bank intends to raise Rs 500 crore from bonds by September. "Every quarter the bank would raise capital and plans to raise Rs 1,500 crore by March 2011. The money will be |
Axis Bank targets 21% credit growth
Axis Bank on Wednesday said it is targeting a credit growth of 20% to 21% this fiscal. "We are looking at a credit growth of 20-21% in the current fiscal," MD & CEO of Axis Bank Shikha Sharma said on |
Ten-year bond yields hit three-month high
Mumbai, Jul 28: A day after the Reserve Bank of India (RBI) raised key policy rates a tad more than industry expectation, bond yields touched a near threemonth high. The 10-year benchmark bond, carryi |
Group urges Centre to lift moratorium on Bt brinjal
Jul 28: BangalorebasedFoundationof Biotechnology Awareness and Education (FBAE) has asked the government to lift the indefinite moratorium imposed on commercialintroductionof Btbrinjal in the country |
MSTC wants to auction Assam, Darjeeling tea
Jul 28: Electronic auction mini-ratna PSU MSTC is looking to enter eauction of Assam and Darjeeling tea. So far the company has been engaged in electronic auction of metal and coal. The company has |
Govt to export 3 lakh tonne grain to Bangladesh, Nepal
Jul 28: With foodgrain stocks mounting andgoodmonsoonspromising yet another bumper harvest, government has decided to export around 300,000 tonne of wheat and rice to Bangladesh and Nepal through dip |
HC asks Centre to rejig Nafed board
Jul 28: Expressing anguish over siphoning of money in the 'tie up business', the Delhi High Court on Wednesday asked the Centre to frame guidelines for restructuring the board of loss-making National |
Kochi to host global rubber meet in Oct
Thiruvananthapuram, Jul 28:TheAssociationof Natural Rubber Producing Countries(ANRPC)onWednesday announced that it will hold the third annual rubber conference on October 6 in Kochi. The city will be |
Oil slips to $77
Oil fell more than $1 towards $76 per barrel on Wednesday after economic and industry data fuelled doubts over the pace of recovery in energy demand and government figures showed a big rise in US crud |
Ration shop owners to go on strike on July 30
In protest against acute shortage in supply of foodgrain for the public distribution system (PDS), All India Fair Price Shop Dealers' Federation has decided to go on a nation wide strike on July 30. T |
Foreigncapitalto play big role in Infrastructure
T he infrastructure sec tor compares un favourably with manufacturing and many othersectorsbecauseoflong gestation periods and many socialhurdles. Thereisawide gap between deman |
"Domestic market becoming vibrant day by day"
T hereisagreatdealofur gency in the road sec tor,ports,railways and airports signaling a recovery intheinfrastructure says Amitabh Mundhra,Director,Simplex Infrastruc
tures Ltd..Excer |
NezoneTubesonExpansionMode
ezoneTubesLtdisthe flagship companyo f the Nezone Group. Thef irst plant of the group was commissioned at Guwahati in Assam. To day the group has four manufacturing units for manufacturing aw ide r |
ResurgereMinesto issuebonusshares
Private iron ore miner Resurgere Mines & Minerals India said on Tuesday that the company's board of directors has approved issue of bonus sharesandastocksplit.Thecompanywillissue bonussharesintheratio |
HyundaiMotorIndia signsMoUwithUBI
Hyundai Motor India Ltd (HMIL) has inked an MoU with United Bank of India (UBI). This strategic alliance will help both the partners leverage their individual strengths and reach out to a wider market |
INTERVIEW: MARTEN PIETERS
We expect higher prices for 3G mobile usage
V odafone recently posted 26.4%y-o-y increase in its India revenues, which touched �954 million in the first quarter this fiscal. The company expects 3G services to cost more than 2G voice ser |
Mkts take rate hike in their stride
Equity markets on Tuesday closed higher despite more-than-expected rise in the reverse repo rate. However,arally in the European markets and higher US futures boosted sentiments. The Reserve |
Banks will have to tempt depositors
GET YOUR BEARINGS
T heupshotof thehikeinthere po rate by 25 basis points is that money is going to become more expensive sooner rather thanlater,bothforcompaniesand for individuals. Especially since the Reserve |
ONGC offer for BP Vietnam stake soon
Stateowned Oil and Natural Gas Corporation and PetroVietnam would submit a formal joint offer to buy British Petroleum's stake in an offshore Vietnamese gas field in few weeks ,petroleum secretary S S |
StridesArcolabnetup 10%onnewlaunches
PharmamajorStridesArcolabhaspostedanet profit of Rs 46 crore for the second quarter endedJune30,up10%fromRs41.77croreinthecorresponding quarter of the last fiscal. Revenue for the quarter was up 56% y |
Re gains most in 5 weeks
Rupee rose the most in more than five weeks as the Reserve Bank of India raised interest rates for the fourthtimethisyeartocurb inflation, attracting investors to local assets. "Rising rates may he |
Porsche on a smooth drive as premium car sales near target
German sports carmaker Porsche seems to be on course to achieve its sales targets.I ts Porsche Rs 1.4 crore to Rs 2 crore Panamera, launched in October,hasbagged25orders. Sixteen of these will be |
Oriental Hotels to add 400 rooms in two years
To cash in on therevivalinthehospitalitysec tor, Oriental Hotels, part of the Taj Group, has decided to ex pand its footprint across the
southernregion.It has decided to raise the number of room |
ArcelorMittal joins race for Orissa's Barunei port
ArcelorMittal, the world's top steel maker,will compete with Gujarat's Adani Group and three other companies for Barunei port site in Orissa's Kendrapara district. Thisfollowslastweek'sdecision by |
Pawar to meet sugar industry over reform
Agriculture minister Sharad Pawar has called a meeting with top sugar industry officials on Thursday to discuss lifting restrictions on the heavily regulated sector, industry and government sources sa |
FCI to recruit 7,000
Food Corporation of India (FCI) plans to recruit 7,000 8,000 people within three years. According to an FCI statement on Tuesday, the first phase of recruitment would begin from July 31.
FCI has a |
MONSOON TRACKER
Monsoon normal in July
India's monsoon rainfall in the key crop-planting month of July has been normal, recovering sharply after a 16% deficit in June,two sources in the weather office said on Tuesday. Heavy showers,main |
Coconut oil on boil as Onam spurs sale
Spot prices rise to Rs 54/kg Likely to rally further by 10%, feel traders
Low arrival of copra in the market and festival demand have pushed up coconut oil prices.Traders said prices have risen by |
11,700-tonne grain damaged in FCI godowns, says Pawar
Over 11,700 tonne of foodgrain worth Rs 6.86 crore were found"damaged" in government godowns,f ood and agriculture minister Sharad Pawar informed the Lok Sabha on Tuesday. The FCI (Food Corporation |
Gold's glitter remains despite spiralling prices
: Gold
continued to be one of the most sought after commodity in the world despite prices spiraling by almost 11% in dollar terms and 23.1% in euro terms during the second quarter of 2010 calendar y |
Profit surges on ops rejig
Bharat Forge has reported a rise in its net profit to Rs 59.4 crore for the quarter ended June ended 30, 2010, as against Rs 0.96 crore for the corresponding quarter last year. The company sales rose |
Bharat Forge recasts international biz
Bharat Forge (BFL)hasrestructureditsinternational business to realign its cost structures to demand. The company's new non-auto facilities will come online from this year. Commercial production will a |
TechM Q1 net dips on currency fluctuation
Tech Mahindra on Friday posted a 36.4% decline in its net profit at Rs 144 crore in the first quarter ended June 30, 2010, as against Rs227croreinthefourthquarter ended March 31, 2010. The operating m |
INTERVIEW:
We will be looking at smaller assets in Asia
C H A I R M A N , F O R T I S
Ending the nearly two-month old corporate takeover battle for acquiringacontrollingstakeinSingapore-based healthcare chain Parkway, Malvinder and ShivinderSinghonMondayacceptedthe offer of the Malaysi |
Engineers India shares dip 6% ahead of issue
: Shares of
state-owned Engineers India Ltd (EIL) on Monday dropped 6.2 % ahead of its follow-on issue set to open on Tuesday .
The company set the price band of its follow-on public offer (F |
Dabur Q1 net profit jumps 21%
Dabur on Monday posted a 20.7% jump in its net profit to Rs 107.39 crore for the quarter ended June 30, 2010. The company also announced the issue of bonus shares to its shareholders. The company had |
Dabur acquires Turkish co for Rs 324 crore
FMCG player Dabur on Monday said it has acquired Turkish personal care firm Hobi Kozmetik Group for $69 million (about Rs 324 crore), the company's first-ever overseasacquisition,tostrengthen its pres |
KirloskarPneumatic backinblack
Kirloskar Pneumatic Company has bounced back into profit and witnessed a 66% rise in sales in the first quarter of 2010-11. The company posted profits of Rs 2.3 crore in this quarter compared to loss |
Peninsulanetup 52%toRs50crore
Ashok Piramal group's re al estate com pany, Peninsula Land Ltd (PLL) has reported an impressive 52.1% increase in the net profit for the quar
ter ended June 2010 at Rs 50 crore against Rs 32. |
GlaxoSmithKline netupmarginally
GlaxoSmithKline Pharmaceuticals on Monday saiditpostedanearly4%riseinitsnetprofittoRs 128.9croreinthequarter-endedJune30,2010,over the same period last year. The company logged a net profit of Rs 124. |
MahindraHolidays netplunges61%
MahindraHolidays&ResortsIndiaonMondayreported a drop of 61% in net profit for the quarter ended June 30, 2010. The company's net profit for theJunequarterstoodat Rs 13.29 crore against Rs 33.74crorein |
NTPC Q1 profit falls 16% on higher interest burden
NTPC's net profit declined 16% in the first quarter of the current financial year mainly because of factors like lower `other income'andhigherinterestburden. The company's stock pricefell0.17%ontheBom |
Sterlite net surges, falls short of estimates
Sterlite Industries, a Vedanta Group company , on Monday reportedagrowthof 50%initsconsolidated netprofittoRs1,008croreforthefirstquarterendedJune30,2010againstRs673crore in the corresponding qua |
SAILplanstopump Rs100crintoUPunit
SAIL on Monday said it will invest Rs 100 crore to revive its Uttar Pradesh unit, formerly known as Malvika Steel, which the steelmaker acquired last year. "The total cost of the plant's phase-1 reviv |
HULshareholders okaybuyback
The shareholders of Hindustan Unilever have approved buyback of equity shares of the company . This is the company's second buy back in less than three years. The FMCG major had announcedabuybackinJu |
SKSMicroIPOprice bandatRs850-985 The nation's largest microfinance compa
The nation's largest microfinance company SKS Microfinance on Monday fixed the price band of its IPO at Rs 850 to Rs 985 per share. The Hyderabad-basedmicrofinancefirmexpectsto raiseuptoRs1,654croreth |
CILlikelytofileIPO papersnextweek
CoalIndiaislikelytofileadraftprospectusnext weekforitsinitialpublicoffering,billedtobeIndia's biggest issue,through which the governmentexpectstoraiseaboutRs15,000crore. "The company's board is meetin |
Grasim'splantto operateinfullswing
Grasim Industries, an Aditya Birla Group company , on Monday said productionatitsNagda staple fibre plant, which was closed due to water shortage, will be back in full swing with monsoon filling up |
UltraTechgetsnodfor Samruddhimerger
UltraTech Cement on Monday said it received nodof theBombayHighCourtandGujaratHigh Court for the merger of Samruddhi Cement with itself. Last year, the boards of Ultratech Cement and Samruddhi Cement, |
ITC to put in mega bucks into FMCG
To sustain growth in the second quarter,I TC plans to increase its investments in the FMCG business. The company is investing in manufacturing and distribution infrastructure for ITC Foods divisio |
3i Info arm to launch money mgmt software
: 3i Infotech Con
sumerServices,asubsidiaryof 3iInfotech,willlaunchamoneymanagement software this week, making its first move into the mushrooming personal finance software product market. The market |
INTERVIEW: MS UNNIKRISHNAN
We plan to spend about Rs 500 cr over two years
With cash in hand of about Rs 965 crore, Pune-based Thermax expects high revenue growth this fiscal. At the current order book of Rs 6,330 crore, MD and CEO, MS Unnikrishnanisconfidentthatthe orderboo |
Commodity prices in global market to firm up, says M&M annual report
Automotive major Mahindra&Mahindra(M&M)hassaid that it will look into weight reduction, fuel efficiency improvement and developmentof alternativefuelpowertrains for its vehicles as part of its strate |
Cell phone advertisers' cash registers to ring on 3G launch
With 3G services likely to be introduced by the year end, advertisers are keen to capitalise on the new platform - mobile phones - to reach out to consumers efficiently. Advertisers are willing to |
RelianceBroadcast bagsDelhiMetrodeal
Reliance Broadcast Network on Monday said it has bagged a five-year contract from Delhi
Metro Rail Corpora tion (DMRC) for con struction related works. The company has won the deal for developin |
Know-your-distributor normsfromAmfisoon
TheAssociationof MutualFundsinIndia(Amfi) plans to introduce Know-your-distributor (KYD) procedure for mutual fund distributors with effect from August 1 for all the entities desiring to engage in mar |
Union Bank net rises 36%
Mumbai, Jul 26: Propelled by growth in net interest income, Union Bank of India's net profit rose 35.97% to Rs 601 croreduringthequarterendedinJune, as against Rs 442 crore in the corresponding period |
Re weakens, bonds gain
Jul 26: Rupee weakened for the first time in four days on speculation oil importers will step up dollar purchases to settle month-end bills. The currency retreated from a one-week high as the nation's |
National level potato board
Cold chain owners in West Bengal have urged agriculture minister Sharad Pawar to set up a potato board at national as well as regional level for betterment of the crop. "Due to lack of adequate coordi |
`Hikefertiliserpricesgraduallytoparesubsidyburden'
With the
government grappling with risingfertilisersubsidy ,apolicypaperbytheIndianCouncil for Agricultural Research (ICAR) has recommended marginal and gradual increase in fertiliser prices to ens |
Consumption likely to rise 5%
India's fertiliser demand is likely to
risebyabout5%to56milliontonneinFY11,aseniorindustryofficialsaidonMonday .Lastyearconsumption was53milliontonne.Thisyearweareexpectingarise, byabout5%to56m |
Storageguaranteeschemeextendedto10yrs
To attract more
private players in storage and warehousing,thegovernmentisbelievedto have extended the duration of its seven-year guarantee scheme for warehouses to 10 years. Sourcessaidanempowe |
Empee's Tamil Nadu plant to make white sugar
Empee
Sugars and Chemicals will start making white sugar at its upcoming sugar complex in Tamil Nadu by importing rawsugarfromBrazil. Goingforwardthecompany will increase the capacity of its new |
ISMA pegs sugarcane output at 370 mt
India's
sugarcane output in the 2010-11 crop marketing season that starts in October is expected to be around 370 milliontonne,almost57million tonne more than 200910.Thecropisexpectedtobe sown in ar |
MONSOON TRACKER
Monsoon deficit at 7%
Heavy
showers, particularly in soyabean regions, have narrowed the shortfall in India's monsoon rains to 7%, raising hopes of strong harvests in the world's leading consumer of rice, vegetable oils |
TVS Motor profit zooms 123% on sales, new launches
After a chal
lenging period, it is now time for TVS Motor to shift to top gear. Driven by volume growth, the country's third largesttwo-wheeler makerhas notched up a 123% growth in net profit to Rs 4 |
Primarymktshineswithbumperlistings
The mood in the
primary market is upbeat with the two recent initial public offerings (IPOs)--Hindustan Media Ventures and Technofab Engineering --having seen bumper listings. Nevertheless, the |
Astro buys 80% of Sanjeev Kapoor's channel
Inlinewith
policy of diversifying its media investment portfolio in India, Malaysia-based investor Astro All Asia Networks (Astro) has pickedup80%stakeinTurmeric Vision Pvt Ltd (TVPL), the televisio |
TCS bets on Peru's growing economy
ITmajorTataConsultan
cyServices(TCS)hasopenedanewofficein the Peruvian province, Lima, to render its services to the country. Peru is an important market for TCS, with the growth forecasts for th |
INTERVIEW:
C H I E F F I N A N C I A L O F F I C E R , M E C K L A I F I N A N C I A L
Trade deficit will continue to put pressure on rupee
The Reserve Bank of India (RBI) appears to be sticking to its guns in terms of simply managing the volatility of the currency and not holding it at any particular level, which seems a reasonable appro |
FASTTRACK
PICK OF THE WEEK
Economy The Centre on Wednesday formally proposed to the states the structure for the Goods and Services Tax, for achieving a single tax rate of 16% on almost all commercial supplies over three years. |
Corporates Stake above 25% to trigger open offer
Sweeping changes to India's takeover regulations, expected to bring domestic markets on par with global best practices are around the corner. On Monday, a committee appointed by the Securi |
FORE QUOTE
Tweak trade policy to trim current a/c deficit
The headline inflation has been in double digit territory since February .
It is more than double of our comfort levels. These numbers are expected to fall below 10% by September. We believe that |
UP govt, millers mull steps to make sugar sector viable
Atatimewhen the industry is actively pitching for decontrol in the sugar sector, the Uttar Pradesh government as well as sugar millers,the two important stakeholders of the sugar chain in Uttar Prade |
INTERVIEW
Pesticides demand likely to rise 40% this year on good monsoon
Changing weather conditions are resultinginchangingcroppatterns, putting an added pressure on demandforbetterseedsandpesticides.
In an interaction with FE's Shishir Behera, RG Agarwal, group chairm |
Speculation, not real demand, helps boost turmeric prices
Good exports demand for turmeric amidst dwindling stocks has once again started pushing up prices.T urmeric prices, which had touched record highs this year,e ased a bit over fears that the existing |
BY INVITATION
PartnershipwithAfricancountriescansolveIndia's foodsecurityneeds
The world is vocal in unison today that there is a gradual shift of power from West to East; and India and China are the growth drivers in theeasternregion. Whileenergysecurityismos |
Technology infusion needed to sustain cotton output growth
After a huge jump in cotton production during the last eight years mainly after introduction BT cotton seeds incountry,thereisaneedtodevelop seeds which could withstand drought and growth of weed in |
AllahabadBanknetup 16%;UcoBankprofitatRs260cr
Allahabad Bank on Fridayposteda16.42% riseinits net profit to Rs 347 crore for the quarter ended June 30, 2010, from Rs 303 crore recorded in the corresponding period last fiscal. The fee-based in |
NTERVIEW: MALAY GHOSH
We're strengthening our health insurance biz
Reliance Life Insurance has sold more than 6 million insurance policiesinlessthanfiveyears.The company is looking at more than tripling its premium collections, to Rs 20,000 crore, by 2011-2012 and hi |
SBIraises$1bn at4.5%from USmarkets
|
SBT profit drops to Rs 150 crore
State Bank of Travancore on Friday posted a net profit of Rs 149.80 crore for the quarter ended June 30, 2010, as against Rs 179.59 crore in the same quarter previous fiscal. The drop is mainly due to |
Sundaram Finance net at Rs 59 crore
Sundaram Finance has registered a net profit of Rs 58.80 crore for the first quarter ended June 30, 2010. However, the profit figures are not comparable as the net profit relating to Q1FY10 included a |
YES Bank appoints Viraal Balsari
YES Bank has appointed Viraal Balsari as its chief sustainability strategist with its CSR division, YES Responsible Banking. Balsari's responsibilities include leveraging sustainable development as |
Bonds complete weekly loss; Re up
Rupee rose for a third dayonspeculationtheReserve Bank of India will raise interest rates next week for a fourth time this year,making local assets more attractive to investors seeking higher yields. |
Markets log third weekly gain in a row
The country's
equities moved up marginally on Friday despite a robust performance by US markets on Thursday and a good showing by Asian markets.T he benchmark indices rose for the third week in a ro |
INTERVIEW: SURESH VASWANI J O I N T C E O , I T S E R V I C E S B I Z , W I P R O Have to be innovative in creating opportunities
Wipro has reported impressive figures during the first quarter despite the euro zonecrisis.Suresh Vaswani,jointCEO of the IT Services business, tells FE's Goutam Dasthatthedealpipelinelooks robust wit |
Dr Reddy's rules out stake sale to GlaxoSmithKline
Dr Reddy's Laboratories has said it wouldnotdisposeof itsdomesticformulations business in the backdrop of the recent market buzz that UK-based GlaxoSmithKline (GSK) is in talks with the Hyderabad-base |
Wipro net profit up 31% at Rs 1.3k cr on better demand
: Wipro,
the country's third largest software services exporter, has reported a net profit of Rs 1,318.6 crore for the first quarter,u p 31% compared with the corresponding quarter of the previous f |
INTERVIEW
Margins sustainable in medium to long term
Despite the headwinds of wage inflation and decline in price realization, Wipro Technologies has seen a margin expansion of 30 basis points sequentially to 24.5% during the June quarter. In an intervi |
Biocon net up 33% on growth across verticals
Biocon has re ported 33% in crease in net prof it to Rs 77 crore for first quarter ended June 30, 2010, from the corresponding period last year,
aided by growth across verticals. The bio-ph |
Jet Airways net profit at Rs 3.5 cr
Jet Airways,
the country's largest private carrier,has reported a net profit of Rs 3.5 crore for the June quarterof 2010-11onthebackof improved passenger traffic. The carrier posted a net loss of |
ITC sees Rs 23k-cr investments in FMCG, paper, hotels
In its centenary year, the Rs
26,000-crore FMCG-to-hotels major ITC has set sights on investment opportunities of Rs 23,000 crore over the next 7-10 years in three businesses -- FMCG,paper,paperboar |
Vodafone India cash positive, revenues up 26% in Q1
: Vodafone Essar,
the second-largest mobile operator in India (in terms of market share and subscriber numbers) on Friday said that its Indian operations are now cash positive. "These are the fi |
Bhel Q1 profit jumps 42% at Rs 667 crore
Public sector power
equipment supplier Bhel said on Friday that its net profit in the first quarter of the current financial year was 42% higher compared with the corresponding period of the previou |
Attrition rate rises to 23%
: Wipro
Technologies' attrition rate peaked to 23% in the June quarter,t he highest the firm has seen in many years.Executives said such a high rate was last seen when the company was emerging from |
Sowing picks up as rains kindle hopes
Withmonsoon gathering pace across the country, sowing for major kharif crops has gathered steam. As per the latest government data, rice has been sown in around 169.71 lakh hectares,almost 7.6% more t |
Output in UP may rise 35%
Sugar output Uttar Pradesh may rise up to 35% in the new season from October as farmers have planted more cane after getting record prices last year,asenior industry official said. Hopes of an incr |
Sugar jumps 6%, reaches 2-month high
Indian spot sugar jumped 6% to reach the highest level in over two months on Friday as traders raised prices to pass on the hike by millers, three dealers said. In Kolhapur,akey market in top produ |
Sen for lifting ban on rice export to lower prices
India, the secondbiggest producer of rice, must end a ban on exports to help pare prices of Asia's most important staple, according to a member of the nation's top planning body . "India not expo |
Cardamom spurts on harvest delay
Cardamom prices have moved up because of delayed harvest in most parts and thin arrival of the new crop. Traders said while the new crop has started trickling in, supply is very low to make a signi |
Oil slips off 3-mth high ahead of bank test
Crude drifted lower after hitting a three-month high near $80 on Friday, pressured by uncertainty over the result of bank stress tests in Europe. By 1400 GMT, US crude for September was trading 77 cen |
STC issues tender for palmolein import
State Trading Corporation of India has issued a tender to import 12,000 tonne of RBD palmolein for shipment between July 27 and August 10, the company said on its website. The last date to submit bids |
