Moser Baer to set up India's largest grid solar farm
Friday, November 30, 2007
Moser Baer Photo Voltaic (MBPV), a wholly owned subsidiary of Moser Baer India just a while ago told us that it has signed a memorandum of understanding with the Government of Rajasthan for setting up of a large solar power project in the State with an estimated generation capacity of 1 - 5 MW. The project will be the largest grid-connected solar farm in India and entail an investment of around US $ 25 million (Rs 100 crores) at US $ 4.5 million per MW.Clean Energy is the order of the day and even Internet Giants like Google have ventured into renewable Energy & Power. Google is already known for giving hefty discounts to its employees who drive Totyota Hybrid cars.
Moser Baer is also evaluating various options for setting up large sized solar farms across the SAARC region with strategic tie ups with some of the leading global solar PV companies and clean energy funds. Moser Baer Photo Voltaic plans to emerge as a leading technology driven PV equipment manufacturer in the world by implementing a capacity of 500 MW by FY10 through a mix of technologies in the crystalline silicon, concentrator and thin film domain. The company's photovoltaic equipment manufacturing capacities for crystalline silicon, concentrator and thin film technologies are coming up in an SEZ in Greater Noida.
Published by Webmaster @ 11:32 AM IST.
Tata Steel JV with Riversdale Mining
Tata Steel has informed us that Riversdale Mining and the company have signed an agreement to establish a special purpose joint venture vehicle to develop a hard coking and thermal coal project at key coal exploration tenements held by Riversdale in Mozambique. Mozambique is fast-becoming a region of global significance for the coal sector.Under the terms of the agreement, Tata will pay AUD100 million (approximately US $ 88.2 million) to acquire a 35% Project Interest. For this consideration, Tata secures a key position in the joint venture formed to develop the Mozambique coal project, as well as a 40% share of the off-take for coking coal.
Tata will also have the option to participate above this level of tonnage, and may participate with Riversdale in future opportunities on Riversdale's surrounding tenements. The joint venture comprises two licences and covers an area of 24,960 hectares. Riversdale Mining holds a total acreage of over 290,000 hectares in Mozambique.
Published by Webmaster @ 11:13 AM IST.
Realty stocks soar on repeal of Urban Land Ceiling and Regulation Act
Thursday, November 29, 2007
Close to 15,000 acres would be released in Mumbai for development following the repeal of Urban Land Ceiling and Regulation Act. The bill for the repeal of Urban Land Ceiling and Regulation Act (ULCRA) had been on the agenda of the state legislature for the last two sessions. In April this year, the Maharashtra government moved a resolution to repeal ULCRA on the last day of the Assembly session.Shree Ram Urban Infrastructure (up 10.38% to Rs 395), Anant Raj Industries (up 12.89% to Rs 359), Housing Development & Infrastructure (up 5.11% to Rs 798.80), Peninsula Land (up 5.22% to Rs 133), Unitech (up 5.24% to Rs 378.25), Bombay Dyeing & Manufacturing Company (up 4.38% to Rs 697), Phoenix Mills (up 3.45% to Rs 2,300) and DLF (up 1.65% to Rs 894) edged higher.
Published by Webmaster @ 3:15 PM IST.
Visesh Infotecnics + Sical Logistics Funding
Visesh Infotecnics is declared has a winner in the Deloitte Technology Fast 50 India 2007 program a ranking of the 50 fastest growing technology companies in India. This was announced during the Deloitte Technology Fast 50 India 2007 ceremony held at Taj Mahal Hotel & Resorts, Mumbai on 22 November 2007.
Sical Logistics has received approval from the Government for investment to be made by Old Lane Mauritius IV , an investment vehicle of Old Lane India Opportunities Funds (Old Lane). It is aimed to fund the growing infrastructure business of the company and Sical's newly formed subsidiary Sical Infra Assets.
Old Lane Mauritius IV will be issued compulsorily convertible debentures (CCDs) worth $26 million in Sical Infra, which will subsequently be converted into equity shares of Sical Infra.
Sical Infra was formed to house Sical Logistics's asset-heavy, capital-intensive, longer gestation infrastructure based businesses like the road and rail terminals at Nagpur, Sical iron ore terminal at Ennore, the container rail project, the container terminals at Tuticorin and Chennai in joint venture with PSA Singapore as well as Sical Distriparks.
Published by Webmaster @ 12:47 PM IST.
Wipro tops in global MAKE award 2007
Wipro Technologies, the global IT services vertical of the company has informed us that it has been recognized for the second time as a winner of the 2007 global MAKE award and was ranked first in the information technology sector in creating an environment for collaborative knowledge sharing and creating a learning organization categories, thereby delivering value based on customer knowledge MAKE stands for most admired knowledge enterprises and the awards were established in 1998.The MAKE Winners are chosen by a panel of fortune 500 business executives and leading knowledge management and intellectual capital experts after an initial short-listing based on nominations by the panel. The global MAKE study recognizes organizations which are world leaders in creating shareholder wealth by transforming new as well as existing enterprise knowledge and intellectual capital into superior products / services / solutions.
Wipro Technologies has also won the 2007 Asian MAKE award, fifth time in a row, which was presented in a glittering ceremony in the world knowledge forum held at Seoul, South Korea. In addition, Wipro Technologies also received the 2007 Indian MAKE award third time in a row in KM India 2007.
Published by Webmaster @ 12:41 PM IST.
GMR Infra JV with Nepal's Himtal Power
Wednesday, November 28, 2007GMR Infrastructure has announced that GMR Energy, the company's 100% subsidiary company had entered into a share purchase and joint venture agreement to acquire 80% stake of Himtal Hydro Power Co. Himtal have subsisting survey licence issued by the department of electricity development, Government of Nepal for undertaking the feasibility study and environmental impact assessment study for setting up a 250 MW upper Marsyangdi — 2, hydro power project, located in upper Marsyangdi, Nepal.
Published by Webmaster @ 11:02 AM IST.
BHEL gets government nod to acquire BHPV
Tuesday, November 27, 2007Bharat Heavy Electricals (BHEL), the country's largest manufacturer of power equipment, will initially invest Rs 275 crore for upgrading the manufacturing facilities of Vishakhapatanam-based loss making Bharat Heavy Plate & Vessels (BHPV).
According to the scheme, the central government will waive and write-off loans and interest amounting to Rs 414.95 crore of BHPV up to 31 March 2007 this year. Besides, the government will settle all outstanding liabilities of BHPV amounting to Rs 263.97 crore.
Post-acquisition, BHPV would become a subsidiary of Bhel. The restructuring scheme also envisages increasing the authorized capital of BHPV to Rs 70 crore. Bhel will subscribe Rs 34 crore as additional equity of BHPV.
Published by Webmaster @ 3:55 PM IST.
GVK Power & Infra + Mundra Port Listing
GVK Power & Infrastructure told us that Mumbai International Airport, an associate company of the company on 27 November 2007 has awarded the duty free contract to DFS Ventures Singapore for a period of three years with an option to extend for another year.
Mundra Port and SEZ which had recently concluded its IPO had a big bang listing with 125% appreciation on day one to successful allottees. Our IPO Analyst had a Subscribe recommendation on the IPO.
Published by Webmaster @ 11:39 AM IST.
Sadbhav Engineering + IVRCL Bag new Orders
Monday, November 26, 2007
Sadbhav Engineering just a while ago faxed us that the company has been awarded projects worth Rs 99.01 crore by Government of Chhattisgarh for execution of Chhattisgarh state road sector development project.IVRCL Infrastructures & Projects (IVRCL) has announced that the company has bagged orders worth Rs 329 crore. These orders are awarded separately by Naya Raipur Development Authority (NRDA) for the construction of state secretarial building, Pimpri Chinchwad Municipal Corporation for constructing tenements and by Tamilnadu Water Supply and Drainage Board for the construction of sewerage scheme for Thiruvarur Municipality.
Published by Webmaster @ 12:41 PM IST.
Walchandnagar Stock Split + Bonus
Walchandnagar Industries has told us that its board has approved the issue of bonus shares in the ratio of (1:1) and splitting the face value of each share into five. The board also recommended a special dividend of Rs 10 a share.
The company's net profit rose 118.81% to Rs 11.4 crore on 41.38% rise in total income to Rs 195.14 crore in Q4 September 2007 over Q4 September 2006. The net profit surged 167.56% to Rs 35.56 crore on 77.05% rise in total income to Rs 637.41 crore in FY 2007 over FY 2006.
Published by Webmaster @ 12:00 PM IST.
Future Logistics from Pantaloon Retail
Kishore Biyani-led Future Group's - Future Logistics Solutions Limited (FLSL), will invest Rs 400 crore in next three years to operate additional mega merchandising hubs and warehouses as it aims to touch a top line of Rs 800 crore by 2010.Within three years, FLSL plans to operate about seven new mega merchandising hubs ranging from 70,000-100,000 sq feet and 30 smaller warehouses in cities across India, which would extend service to non-group companies also.
Future Logistics CEO Anshuman Singh said,
Going further, in line with Future Retail's growth, FLSL plans to operate additional seven hubs and 30 warehouses. These hubs will receive products from vendors and then feed the other smaller warehouses across the country. Currently, sites which meet our requirements are being identified and evaluated. While development of all hubs will happen simultaneously, we expect the first mega hub to be completed in early 2009 in Western India.If all the dreams of Kishore Biyani come true, then he may create more wealth for his shareholders than Dhirubhai Ambani in the long run.
Published by Webmaster @ 10:09 AM IST.
XL Telecom & Energy receives orders worth Rs 658 million
Friday, November 23, 2007XL Telecom & Energy has announced that the company has received fresh orders valued over Rs 658 million for export of solar panels to EU.
The total pending order book for the export of solar panels with this order stands at Rs 2.635 billion which is equal to 16 MW solar panels. The company is bullish on entering as a vendor with this large power utility company and is confident that over the period the customer engagement will be extremely fruitful with multiple repeat orders. The company is working smooth execution of these orders with in the financial year ending of 30 June 2008.
Published by Webmaster @ 2:45 PM IST.
Raymond + Reebok focus on Indian Kids
Raymond India and Reebok India have realized that the Indian parents are willing to spend more on their kids than themselves.Raymond which introduced Color Plus for women a year ago now plans to introduce the same brand to launch kids' wear in the premium segment. Gini & Jony, Lilliput and Zapp are existing kids wear brand but none capture the premium segment of the market. The branded kids wear market is about Rs 3,000 crore and by creating sub brand, Raymond wants to leverage the premium positioning of Color Plus. Raymond wants to be the first entrant in the kids segment and cash in on the retail boom in India.
Global sportswear giant, Reebok which represents individual sports with significant presence in the Indian market is now focusing on wooing the Indian kids. This is one of the best strategies to catch them when they are young and they are likely to stay brand loyal when they grow up.
Targeting kids in the range of 6-12 years, Reebok kids wear will be a premium brand and will be available in 600 stores across India from the end of this year. Mr. Prem of Reebok India said,
Kids are more individualistic and an epitome of Reebok brand value I Am What I Am. Indian kids are more aware of the international designs and have a choice of their own. They desire for the latest trends in fashion.Reebok will launch Rbk Tech sports, Classic, Edge, Metromobility, Core and Sprint fit for Boys. The collection for girls range from Rbk Sweets, Dance Academy, Tech Sport and Workout.
Published by Webmaster @ 11:18 AM IST.
DS Kulkarni + GTC Real Estate Pune SEZ
DS Kulkarni Developers has executed a term sheet with GTC Real Estate NV of Netherlands for joint development of 250 acre Multi Services SEZ at Pune.
The said project is proposed to be developed in SPV company to be equally owned by the company and GTC. GTC shall invest approximately US $ 96 million into this project in a phased manner.
In a separate development, Bangalore based Purvankara Projects has pipped out DLF in the prestigious 30 acre land deal at Hyderabad.
Published by Webmaster @ 11:12 AM IST.
Bonus + Dividend from Siemens
The board of Siemens has informed us that it has recommended issue of bonus shares in the ratio of 1:1. The board also recommended a dividend of Rs 4.80 per equity share for the financial year ended 30 September 2007. The board also approved the proposal for the merger of Siemens Industrial Turbomachinery Services (SITS), Bangalore with the company.
The company’s net sales rose 46.7% to Rs 2188.46 crore in Q4 September 2007 over Q4 September 2006. The current price of Rs 2200 discounts Q4 September 2007 annualized EPS of Rs 73.22 by a PE multiple of 30.04.
Published by Webmaster @ 10:03 AM IST.
List of Stocks going for Split in Face Value
Here is a list of companies that are going for Face Value Split of their stocks. The splits have already been announced by the companies. Only Announcing the record date is pending. Ratio 10:2 means FV Rs 10 is split to FV Rs 2- Action Construction Equipment - 10:2
- B L Kashyap & Sons - 10:5
- Banco Products - 10:2
- Cineevistaas - 10:2
- Jagaran Prakashan - 10:2
- Jai Prakash Associates - 10:2
- Lancor Holdings - 10:2
- Rajesh Exports - 2:1
- Suzlon Energy - 10:2
Published by Webmaster @ 8:35 AM IST.
ITC to add more Choupal Fresh Outlets
Thursday, November 22, 2007
ITC has finally woken up to the competition from Foods Bazaar, Subhiksha, Reliance Fresh etc. Riding on the success of Choupal Fresh retail outlets in Chandigarh, Hyderabad and Pune, ITC has told us that it will open Choupal Fresh stores in 50 more cities across India. Each of these cities will have atleast 10 outlets within the next 2 years. 
ITC plans to spend Rs 200 crore by March-2008 in opening new stores. It is also in talks with various other retail chains to source supplies. It is also enhancing its fram linkage program with farmers and will bring 2,500 acres under the venture to BUY produce from farmers.ITC doesn't want to be left out with the Cash & Carry wholesale business. It is a terrific success with retaurant owners and push-cart vegetable sellers in Hyderabad. Choupal fresh believes in selling the produce on the same day as it was sourced from the farmer. ITC is all set to consolidate its position in the Andhra market by opening more stores and brining more farms under the linkage program.
Published by Webmaster @ 11:46 PM IST.
PVR to open PVR select city walk
PVR has announced the opening of a new multiplex PVR select city walk comprising of six screens including 2 gold classes with 1235 seats situated at Saket, New Delhi on 23 November 2007. With the opening of the multiplex to total number of screens in operation would go upto 95 at 24 locations across 14 cities in 9 States.The company has also announced the launch of premium brand of multiplex called PVR premiere and intends to open 30-40 such PVR premiere across metros and cosmopols in India by 2010. The company now becomes the most comprehensive brand in the industry - PVR Cinemas for Urban & Semi Urban Cities; PVR talkies for consumers in tier II and III cities; PVR premiere for elite urban consumers.
Published by Webmaster @ 4:25 PM IST.
Hindustan Dorr Oliver bags prestigious order
Hindustan Dorr Oliver has bagged a prestigious order in its environmental division for design, supply, engineering and construction of integrated effluent treatment plant from Hindustan Petroleum Corporation (HPCL) for their refinery at Mumbai.
The order value is close to Rs 1115 millions and will consist of adoption of latest technologies in environmental engineering including sequential bio reactor and membrane bio reactor. The company will be executing the above mentioned contract in 18 months.
Published by Webmaster @ 12:05 PM IST.
Lifetime Achievement Award for Keshub Mahindra
Mahindra & Mahindra has announced that Keshub Mahindra, chairman of the $6 billion Mahindra Group, was conferred with the prestigious ernst & young entrepreneur of the year lifetime achievement award at a glittering ceremony held in Delhi.The ernst & young entrepreneur of the year awards recognize successful entrepreneurs who have displayed an inspiring vision, unbated zeal and passion to make a difference.
Published by Webmaster @ 12:02 PM IST.
Bloodbath on BSE - Predictions Come True
Wednesday, November 21, 2007On the weekend of Diwali, our Analyst took time out to inform you all about the impending correction as soon as he was alerted by the FII report on India. We saw Bloodbath on the bourses today. BSE Bankex was hammered down and all the SENSEX stocks were down except TCS.
All the sectoral indices on BSE suffered losses. BSE Bankex (down 4.89% to 10,237.68), BSE Capital Goods Index (down 4.34% at 19,466.24), BSE Metal Index (down 3.78% at 16,656.36), BSE Realty (down 2.92% to 10,142.65), BSE PSU index (down 4.43% to 9,777.98), underperformed the Sensex.
BSE Oil and Gas Index (down 2.67% at 11,812.98), BSE Consumer Durables index (down 2.83% to 5,180.07), BSE Auto Index (down 2.43% at 5,209.58), BSE FMCG Index (down 2.76% at 2,137.03), BSE Health Care Index (down 2.26% at 3,856.92), BSE IT Index (down 0.61% at 4,029.76) and BSE TecK index (down 1.23% to 3,571.37), were outperformers.
Published by Webmaster @ 2:59 PM IST.
i-flex Solutions + IZB Informatik-Zentrum partnership
i-flex Solutions has informed us that the company and IZB Informatik-Zentrum, a Munich-based IT and telecommunication service provider for the financial sector has announced a strategic partnership to deliver a full range of banking application services to German banks. To this end, IZB Informatik-Zentrum will be using FLEXCUBE, i-flex's flagship product, to deliver value-added application providing services (ASP) tailored to the specific needs of German banks.
i-flex is majority owned and managed by Oracle.
Published by Webmaster @ 12:01 PM IST.
Allied Computers International IPO Allotment Status
Tuesday, November 20, 2007The IPO allotment status of Allied Computers International IPO - ACI can now be chekced online here.
Kindly note that poor Web Developers of Big Share have mis-configured the IIS and hence the stupid system is asking for login and password. Good News, the Grey Market Premium has suddenly shot up to Rs 15 today for Allied Computers.
Published by Webmaster @ 1:16 PM IST.
Gail India's e-business inititaive applauded
GAIL India has received appreciation from K S Ramasubban, secretary (CVC) for its innovative initiatives undertaken for transparency and corporate governance today. The company provides a role model for e-business by leveraging technology like e-payment, e-banking, e-tendering, e-ledger, e-invoicing in its business dealings.The complaint system is one of the latest e-initiatives in Customer Relationship Management (CRM) of the company which has been in the forefront of launching e-systems for ensuring consumer satisfaction and transparency in dealings. The company has signed MOU with Transparency international India and independent external monitors have been appointed in consultation with the CVC. The company has taken a number of initiatives for e-business, bill watch system, file movement system for fast decision making, customer relation management, customer grievance redressal system, alarm activation and ERP applications.
Published by Webmaster @ 12:12 PM IST.
EMPEE DISTILLERIES IPO Allotment status
The allotment status of Empee Distilleries IPO - Public Issue is now available online here. The Grey Market Premium for the same is Rs 45.
The IPO was subscribed only 2 times in retail and 8 times in Institutional category and hence the low premium for the stock.
Published by Webmaster @ 11:13 AM IST.
Rathi Bar IPO Allotment Status
The allotment status of Rathi Bars IPO can now be checked here. Grey market premium as on 19-11-2007 was Rs 2.
Published by Webmaster @ 11:10 AM IST.
Gitanjali Acquires Rogers in US
Monday, November 19, 2007
Gitanjali Gems has acquired Rogers, a retail jewelry chain in United States. The company has acquired 100% stake in this specialty retailer, which operates 46 stores in US with current revenues equivalent to US $ 80 million. Rogers Inc. is headquartered in middletown, Ohio and operates under brand names rogers jewelers and andrews jewelers.This acquisition by Gitanjali in organized US jewellery market is a landmark step for the industry and a significant step towards moving up the industry value chain, which will offer a range of synergies to Gitanjali's existing operations. Gitanjali will not only have access to a large US consumer base, but leveraging Rogers' existing retail infrastructure will give Gitanjali a better control over the entire value chain in the jewelry business.
By way of this acquisition Gitanjali has taken one more step ahead in the direction of getting control over in the value chain, which will boost the company's plans to expand its retail presence in India and overseas.
Published by Webmaster @ 1:00 PM IST.
Jai Corp equity shares issue
Mukesh Ambani's friend Anand Jain's company Jai Corp has suddenly risen on the Streets with backing from RIL, mainly for SEZ projects.The members of Jai Corp have approved to issue of 59,10,610 fully paid-up equity shares of face value Re 1 each at a premium of Rs 1,034 each on preferential / private placement basis.
The members have approved to issue 1,50,00,000 fully paid-up preference shares of face value Re 1 each at a premium of Rs 99 each on preferential basis to promoter group.
We don't understand the differential pricing between the promoter group and private placement. Come on its a Ambani backed company, have you forgotten how Mukesh, Paramod Mahajan and his friends got Reliance Infocomm shares at Rs 1 each :-)
Published by Webmaster @ 12:05 PM IST.
Suzlon Energy + RTS Power new Orders
Suzlon Energy has informed us that Suzlon Energy Australia, Australia; the step-down wholly owned subsidiary of the company has signed two major new orders in Australia. The contracts totaling over 200 MW of capacity were signed with Sydney's renewable power ventures and utility major AGL Energy.
The contract with RPV calls for delivery of 63 units of Suzlon S88-2.1 MW wind turbines translating to 132 MW capacity and the wind farm project pertaining to the said supply is scheduled for completion in the first half of 2009. Whereas the contract with AGL Energy calls for delivery of 34 units of Suzlon S88-2.I MW wind turbines and is scheduled for completion by 2009.
RTS Power Corporation has bagged new orders worth Rs 526.76 million for the supply of 4735 transformers and 1621.6 km cables from a number of turnkey orojects and other private sector players and SEBs.
The company has bagged orders worth about Rs 240 million from Kalpataru power transmission for the supply of transformers. Apart from this, the company has bagged orders from Sterling & Wilson, Nagarjuna Construction, Ramky Infrastructure and Associated Transrail Infrastructure. However, the total orders in hand at present stands at Rs 1244.86 million.
To expand new business dimensions, the company has successfully been able to rope in leading private players in the field of T & D namely Kalpataru Power, Nagarjuna Construction, Bajaj Electricals, Emco, Genus Infra, Subhash Projects, Associated Transrail, Jyoti Structures, Indo Power, Sterling & Wilson, Angelique International, K B Const, Samad Engg (Dhaka), etc.
Published by Webmaster @ 10:57 AM IST.
L&T - Paul Wurth Order
Friday, November 16, 2007Larsen & Toubro in consortium with Paul Wurth has bagged a Rs 580.74 crore order from SAIL for Up gradation of blast furnace No 2 at Bokaro steel plant on a turnkey basis. ECC, the company's construction division will execute this order and the company's portion of this order its valued at Rs 355.02 crore.
Paul Wurth's scope covers basic engineering, supply of proprietary and special equipment as well as technical service while the company's scope includes detail engineering, supply of indigenous mechanical, electrical equipment and instrumentation works as well as complete site services encompassing civil, structural and erection works.
The turnkey project is to be completed in a stringent schedule of 21 months including shutdown of 150 days. The company has core expertise in rebuilding blast furnaces and is reputed for timely execution of similar projects in the past.
Published by Webmaster @ 2:21 PM IST.
IndusInd Bank banks tie-up for insurance
This partnership is expected to generate significant returns targeting the first premium income of Rs 100 crore after one year of the launch of operations. Cholamandalam MS, General Insurance Company is a joint venture between Murugappa Group and Mitsui Sumitomo Insurance of Japan.
In the first phase of the rollout plan, IndusInd Bank plans to enable at least 150 of its 172 branches to sell Cholamandalam MS policies.
IndusInd Bank's net profit rose 30% to Rs 22.34 crore in Q2 September 2007 over Q2 September 2006.
Published by Webmaster @ 12:20 PM IST.
Solid Quarter from Wanbury
Thursday, November 15, 2007
Wanbury Limited, world's largest producer of both Metformin, a diabetes management product and Salsalate an anti inflammatory drug has declared excellent results for the quarter ended 30th Sept 2007. Wanbury's consolidated turnover is up 146 % at Rs. 90.73 crore for the quarter ended 30th Sept 2007 against Rs. 36.84 crore for the same period last year. The Earning before Interest, Depreciation and Tax (EBIDTA) has appreciated 274 % to Rs. 20.50 crore over Rs. 5.48 crore, last year. The Profit After Tax has gone up 150 % to Rs. 8.89 crore as against Rs. 3.57 crore for the corresponding period last year.
During the quarter the company completed the acquisition of the generic division of Industrial Farmaceutica Cantabria. S.A. Spain. Also the company allotted 2,06,674 equity shares of Rs 10/- each at a premium of Rs. 128.43 per equity share, upon the conversion of 50 bonds of Foreign Currency Convertible A Bonds.
Published by Webmaster @ 2:32 PM IST.
UBS expects a Weaker Dollar in 2008
In a currency report released just a while ago, UBS expects a weaker USD against the Indian Rupee in 2008. Here is the chart that details its expectations.
Here is another prediction of Rupee Vs Dollar from the world's local bank - HSBC.
Published by Webmaster @ 2:25 PM IST.
MindTree acquires TES-PV Electronic Solutions
MindTree Consulting has signed a definitive agreement to acquire 100% of the equity in TES-PV Electronic Solutions, the India-based fully-owned subsidiary of TES Electronic Solutions SA, the global electronic design and manufacturing services company based in France.MindTree will acquire Purple Vision in an all-cash deal of $ 6.55 million. The transaction will become effective upon completion of certain closing conditions, as is customary in such circumstances. The company expect to complete the closing conditions in 4-6 weeks.
Purple Vision is a 150-person subsidiary of TES Electronic Solutions, providing differentiated services in the IC design area.
Published by Webmaster @ 1:17 PM IST.
Essar Oil Up 50% - SENSEX up 900 Points
Wednesday, November 14, 2007
The solid rally in the stock materialized on reports the private sector diesel and petrol seller has increased prices of auto fuels by Rs 4.5 to Rs 5 a litre even as the high international crude oil prices are worrying the government.As per reports, government owned companies make a loss of Rs 6 per litre on petrol while at an increased price, private players such as Essar Oil will earn Rs 1.50 per litre more than what they would have earned by exporting it. Besides, private players get duty benefits on account of being exporters. If despite the price increase they do not gain Rs 1.5 per litre, they then chose not to sell in the domestic market.
The BSE SENSEX is up by whopping 900 points. HDFC and ICICI Bank followed by Reliance Industries are the major gainers in the SENSEX stocks.
Published by Webmaster @ 2:19 PM IST.
Orient Paper stock split + KEC Orders
In a FAX received just a while ago from Mumbai, The board of Orient Paper & Industries has decided to split / sub-divide the existing equity shares of Rs 10 each into 10 shares of Re 1 each.
KEC International (KEC), the RPG Group transmission line EPC major has bagged two major projects one each in Middle East and North Africa aggregating Rs 637 crore. The order from Abu Dhabi Transmission & Despatch Company is worth Rs 391 crore involving erection of 400 KV double circuit and quad circuit transmission lines of 173 kms. length connecting Fujairah substation to Sweihan substation on turnkey basis. And the order from SONELGAZ of Algeria is worth Rs 246 crore for erection of 400 KV single circuit transmission line from Cheffia to Ain Bedia and from R. Djamel to Djendouba also on turnkey basis. The Abu Dhabi order has to be completed in 24 months and the Algerian order has to be completed in 15 months.
Published by Webmaster @ 2:04 PM IST.
iflex-Citi + HCL-CA Development
HCL Technologies and CA Inc. has announced an agreement to establish a strategic partnership in which HCL will assume all research and product development connected with CA threat management security business. CA will retain all sales and marketing functions.
The goal of the strategic partnership is to grow CA's threat management business by combining the strengths of both organizations. The company and CA will achieve goal alignment and financial targets through revenue sharing. The annual revenue of CA's threat management security business is in excess of U.S. $100 million.
i-flex Solutions just a while ago informed us that it has completed the rollout of FLEXCUBE, its flagship banking product, in 67 countries within Citi's markets and banking division. After careful evaluation of the market, Citi selected FLEXCUBE in 2000 to replace its older legacy banking system.
This ambitious implementation is the culmination of seven years of work. With the completion of the rollout, FLEXCUBE now supports citi markets & banking's extensive, complex operations in the U.S., Europe, Africa, Asia-Pacific and Latin America. With offices in countries including the UK, Germany, Italy, Japan, Australia, Singapore and Hong Kong, FLEXCUBE technology will help the firm manage ODA, loans, treasury, cash and liquidity management products.
Published by Webmaster @ 1:58 PM IST.
Panoramic Universal acquires 51% stake in Hi-Flyers Travel
Monday, November 12, 2007Panoramic Universal has made its foray into travel arid tourism industry with acquisition of 51% stake in Hi-Flyers Travel Services, which is catering to premium corporate travellers like Sharekhan, Akruti Foundation, SSKI, Jam Irrigation, Supreme Industries, Boroughs India etc.
Hi-Flyers Travel Services is a full service travel outfit with a successful track record of a decade. It caters to international and domestic ticketing, package tours to popular destinations worldwide, forex services and other allied services like visa approvals, passport assistance etc.
Published by Webmaster @ 3:54 PM IST.
Dewan Housing to invest in Wadhawan Food-Retail
The board meeting of Dewan Housing Finance Corporation will be held on 20 November 2007 to invest in Wadhawan Food-Retail, one of the promoter group company.
Well known brand name Spinach is a fully owned retail venture of Wadhawan Food-Retail. Dewan housing was up 7% after the announcement even in otherwise a dull market.
Published by Webmaster @ 2:52 PM IST.
Parle Software to export software products
Parle Software is engaged in exports of software products and software development services to countries like USA, U.K., & Far East country like Hong Kong & for effective overseas marketing, the company had set-up its own overseas marketing office in U.K. & representative marketing offices in U.S.A. & Hong Kong. These overseas marketing offices will help the company to increase its market shares in these countries and provide a platform for the effective marketing of its software products.
Published by Webmaster @ 12:49 PM IST.
Ranbaxy agreement with Astellas / Boehringer Ingelheim
Friday, November 09, 2007
Ranbaxy Laboratories has announced that the company has reached an agreement with Astellas / Boehringer Ingelheim to stipulate a remand of the pending federal circuit appeal and subsequent vacatur of the District court decision in regards to Flomax (Tamsulosin capsules). The case between the company and astellas / boehringer ingelheim has been dismissed without prejudice. The lawsuit in the U.S. was related to Astellas' U.S. patent No. 4,703,063, covering Tamsulosin and its use in the treatment for functional symptoms of BPH (benign prostatie hyperplasia).On June 20, 2007, the company received tentative approval from the U.S. FDA in regards to its Tamsulosin ANDA No. 77-451. The company will continue to pursue a strategy to effectively optimize its pipeline of First-to File (FTF) opportunities. The company believes that it has a FTF status on approximately 17 paragraph IV ANDA filings representing a market size of US $ 26 billion valued at innovator prices.
Ranbaxy Pharmaceuticals Inc. (RPI) based in Jacksonville, Florida, USA, is a wholly owned subsidiary of the company. RPI is engaged in the sale and distribution of generic and branded prescription products in the U.S. healthcare system.
Published by Webmaster @ 8:26 AM IST.
Reliance Bags Oil Blocks in Iraq
Thursday, November 08, 2007The Kurdish Regional Government (KRG) announced seven new production-sharing contracts (PSCs), of which Reliance Industries Ltd got Rovi and Sarta in northern Iraq. The blocks measuring 450-500 square kilometer have an oil-bearing structure of almost 80%, and Reliance is confident of making a discovery soon. RIL paid a signing amount of $15.5-17.5 million for the two blocks.
Also RIL made new gas discovery in a block in the Krishna Godavari offhsore basin. The company is still evaluating the commerciality of the discovery.
Published by Webmaster @ 9:40 AM IST.
Firstsource + L&T Foreign Fund Raising
Wednesday, November 07, 2007
Firstsource Solutions has launched US $ 275 million FCCBs at an conversion price of Rs 92.2933 per share.The issue of FCCBs is firmly underwritten and is subject to approval of shareholders of the company at the extra-ordinary general meeting to be held on 22 November 2007.
Larsen & Toubro has priced its US$ 400 million GDS offering represented by GDRs at US$ 100 per GDS. Each GDS represents one equity share of the company of nominal value of Rs 2 each. The issue was priced after market hours on 06 November 2007. The GDS are proposed to be listed on the Luxembourg stock exchange. Lehman Brothers International (Europe) and UBS are acting as the joint global co-ordinators and joint bookrunners for the offering.
Published by Webmaster @ 1:32 PM IST.
Amtek Auto Acquires Triplex- Ketlon
Amtek Auto has acquired one of the largest automotive precision machining companies Triplex- Ketlon Group, which was also Amtek's strongest competitor running close to 185 different machining lines and a multi-location presence in the UK. Triplex-Ketlon manufacturing facilities are located in Paddock Wood, Stratford-upon-Avon and Hereford all in UK.
At sales revenue of $152 million per annum, Triplex-Ketlon was one of UK's large but independent precision machining companies. This acquisition further consolidates the position of Amtek presence in Europe's automotive scene and makes Amtek's combined precision machining operations the largest in the UK and probably one of the largest in Europe as well.
This acquisition comes as an expansion for Amtek's precision machining operations, which currently comprises of two large precision machining facilities in Coventry and Letchworth in the UK besides their machining operations in India and Germany.
This acquisition will be another milestone for the Amtek Group and a step forward in direction of consolidating its customer and product portfolio as well as attaining world class technological edge in automotive manufacturing.
Published by Webmaster @ 11:27 AM IST.
Siemens bags Rs 870 mn order from McNally Bharat
Siemens has bagged Rs 870 million (Rs 87 crore) order from McNally Bharat Engineers for supplying electricals for Rashtriya Ispat Nigam's new sinter plant at Vizag. This sinter plant is currently the second largest of its kind in India and will be commissioned by August 2009.
The Industrial Solutions & Services (I&S) division of the company has bagged an order from McNally Bharat Engineers, for the electricals of the new sinter plant 3 at RINL's Vizag steel plant. The scope of work for this order includes designing, engineering, supply, erection and commissioning of complete power distribution system, motors and drives, automation as well as instrumentation on a turnkey basis. This project is the second sinter plant order for electricals to be executed by the company in a turnkey basis and is scheduled to be commissioned by August 2009.
Published by Webmaster @ 10:25 AM IST.
Stone India + Sumitomo in technical Collaboration
Tuesday, November 06, 2007Stone India has informed us that the company executed technical collaboration agreement with Sumitomo Electric Industries, Japan for manufacturing of air spring for passenger and EMU/DMU/MEMU coaches for Indian Railways.
Sumitomo Electrical Industries is a leading supplier of this product to Shinaksen. They also supply air spring to other rail market worldwide. This collaboration will introduce the latest technology in this field to Indian railways which is going through major technology advancement in its rolling stock manufacturing.
The Indian railways (IR) proposes to install air spring as a technology upgradation. This will replace the existing mechanical suspension system with pneumatic suspension, resulting in higher passenger comfort for trains running at higher speed. This is in line with international practice. Currently IR inducts more than 2800 new coaches every year. IR also proposes to selectively upgrade their existing rolling stock of about 25,000 coaches through retrofitment of air spring and pneumatic suspension system.
Published by Webmaster @ 1:16 PM IST.
Daimond Cables Funded by Clearwater Capital Partners
The board of Diamond Cables has approved to accept a loan of Rs 68 crore from GE Capital. The said loan shall be for tenure of 5 years with a moratorium of 1 year. On completion of this project the company shall be amongst the top three power cables manufacturer in the country.
Looking at the bright prospects of the company and its growth plans the company requires long term working capital funds, which will enable its big ticket entry in Turnkey T&D projects. The board has approved a Loan of Rs 160 crore from clearwater capital partners lid, out of which tranche A of the loan comprising Rs 90 crore shall be repaid in one year and tranche B of the loan comprising of Rs 70 crore will be repaid in 5 years time.
This debt aggregating Rs 228 crore which is now raised from Clearwater Capital Partner and GE Capital will greatly enhance the companies working capital and result in maximum usage of assets and resource resulting in large scale increase in the top line of the company.
Published by Webmaster @ 1:04 PM IST.
BSNL Order for Sterlite Optical
Sterlite Optical Technologies has received a contract from BSNL valued at Rs 1.43 billion for supply of copper telecom cables. These cables would be used to enhance BSNL's pan-India network to provide basic telephony and broadband services.
Broadband services have sparked off a fresh wave in demand for wire line connectivity with leading telecom incumbents in India opting to launch broadband services using the ADSL 2+ technology, which has given copper cables a fresh lease of life. The copper cables are used for the last mile wiring for landline phones while fiber optic cables are used up to the junction box.
Published by Webmaster @ 1:01 AM IST.
Punj Lloyd's subsidiaries receives 1770 crore Order
Monday, November 05, 2007Punj Lloyd has announced that Sembawang Engineers and Constructors, a wholly owned subsidiary of the company has been awarded a major turnkey contract worth Rs 1770 crore for engineering, procurement and construction work at the new mega aromatics plant on Jurong Island, Singapore by Jurong Aromatics Corporation.
The contract was awarded by Jurong Aromatics Corporation (JAC) which had recently announced plans to develop the world-scale US$ 2 billion JAG complex that will produce energy and aromatic products to regional end-users as well as to global downstream producers and traders in the textile md plastics industries.
Under the terms of the contract, Sembawang E&C will be responsible for the engineering, procurement and construction of all the ancillary facilities, including the intermediary and finished product tenkage, receiving and exporting jetties, power and steam co-generation plant, waste water treatment unit as well as other utilities and infrastructure which are necessary to provide support to the main conversion units.
Work on the JAG complex will start in 2008 and is slated for completion in 2011. Upon completion, the JAG acuity will have a capacity of around 1.5 million tonnes of aromatics, comprising 800,000 tonnes of para-xylene, 200,000 tonnes of ortho-xylene, and 450,000 tonnes of benzane, as well as about 2.5 million tonnes of petroleum products.
With this, the order backlog for the Punj Lloyd group on consolidated basis ha gone up to Rs 18,622 crore. This is the total value of unexecuted orders as of 30 September 2007 end new order, received till date.
Published by Webmaster @ 3:24 PM IST.
Usha Martin Results
Usha Martin's consolidated Topline and EBITDA grew 11% and 6% Y-o-Y at INR 5.8 bn and INR 903 m against our expectation of INR 5.7 bn and INR 801 mn. This was achieved due to higher proportion of value added products in the sales mix and good increase in realization (ranging from 5 to 10% YoY). Net profit at INR 460 mn was ahead of expectations.
At Rs 89, the stock is trading at an EV/EBITDA of 9.6x and 7.5x and at PE of 15.4x and 10.0x FY08E and FY09E earnings.
Published by Webmaster @ 12:31 PM IST.
Jet Airways revises fuel surcharge
Jet Airways India will revise the fuel surcharge by Rs 150 applicable on all types of fares in both club premiere and economy class tickets on all domestic routes in India with effect from 05 November 2007. The surcharge has been necessitated in view of the escalation in aviation turbine fuel (ATF) prices.The revised fuel surcharge of Rs 1350 which has gone up from Rs 1200 will be applicable on all tickets purchased within India. This surcharge of Rs 1350 will be collected per flight coupon on all domestic routes within India. For tickets issued outside India, a surcharge of US $ 34 will be applicable on each sector of domestic travel in India.
It is also applicable on all domestic segments, even if the domestic segment is part of an international journey. The surcharge will not be applicable on sale of tickets on or before 04 November 2007. However, the surcharge will be applicable if tickets are presented for any voluntary change on or after 05 November 2007.
Published by Webmaster @ 12:25 PM IST.
Jyoti Structures on African Safari
Jyoti Structures has formed a joint venture company, Jyoti Structures Africa in Johannesburg, South Africa to participate in the transmission line markets of Southern Africa. This company is in partnership with a local South African person. The company is the lead partner in the JV company.
Jyoti Structures Africa have been awarded a contract for execution of approximately 650 Km of 350 KV high voltage DC transmission line from Gerus to Zambezi in Namibia by NamPower, the electricity utility of Namibia. The contract valued at approximately US $ 75 million is to be executed in 18 months.
Published by Webmaster @ 11:24 AM IST.
Unity Infra + Kamath Hotels Joint Venture
Unity Infraprojects has announced that Kamath Hotels India have been inducted in the joint venture for operating of the hotels and the company has formed the SPV Company in which the Unity Realty and Developers. Wholly owned subsidiary of the company, Kamath Hotels (India) and BSEL Infrastructure Realty holds shares equally.
The company further informed that the wholly owned subsidiary of the company, Unity Realty & Developers, Kamath Hotels (India) and BSEL Infrastructure Realty have agreed to dilute their stakes in the said SPV from 33.33% each to 17% each with 49% stake being offered to Clear Water Capital Partners (Cyprus). The projects is a fast track project to be completed before beginning of 3rd commonwealth youth games 2008, at Shiv Chhatrapati Sports complex, Balewadi, Pune.
Published by Webmaster @ 10:22 AM IST.
Bajaj Auto Sales and Stock Skid
Thursday, November 01, 2007
We have just received reports that Bajaj Auto's vehicle sales slipped 0.50% to to 278,176 units in October 2007 over for October 2006. Motorcycle sales slipped 1.10% to 248,307 in October 2007 over October 2006.It sold 63,000 units of its new XCD 125 cc bike since launch in early September 2007. Sales of its three-wheelers fell 2% to 28,001 units while exports rose 38% to 55,572 units in October 2007 over October 2006.
Year-to-date, Bajaj Auto's total sales were down 11% at 1,463,860 units while bike sales fell 12% to 1,273,865 units.
Published by Webmaster @ 3:51 PM IST.
Yes Bank to raise funds
We have been reported that the committee of Yes Bank has approved a proposal from Orient Global Tamarind Fund (Orient Global Tamarind), an international investor for private placement upto 1,47,00,000 equity shares of Rs 10 by way of preferential issue at Rs 225 per equity share.Further, the bank decided to convene extra ordinary general meeting on 04 December 2007.
Published by Webmaster @ 2:49 PM IST.
Maruti Oct '07 sales volume up 15%
Maruti Suzuki India (MSI) registered impressive growth of 15% to 69415 units in month of Oct '07 backed by steady growth volumes in both domestic and exports sales. Its domestic sales for Oct '07 increased by 15% to 64258 units compared to 55894 units in Oct '06. Upside came largely from the higher sales volume registered by A2 segment that consists of models such as Alto, Wagon R, Zen and Swift. Its exports in Oct '07 increased by 21% to 5157 units.
Segment wise, A2, A3 and multiutiliy vehicle (MUV) continued to report healthy growth while C segment (Omni & Versa) attained marginal growth and A1's (M800) declined. A2 achieved healthy growth of 21% to 47077 units while A3 (Esteem, Baleno and SX4) grew by 55% to 4177 units. MUV consisting of Gypsy and Grand vitara surged by 184% to 417 units. On the other hand C segment grew marginally by 5% to 8110 units. A1 that consists of M800 crashed by 30% to 4477 units.
Published by Webmaster @ 1:47 PM IST.
Bharti Airtel slumps onTEC Report
Bharti Airtel Ltd has trading in red despite very good quarterly results announced yesterday. TEC, the technical arm of the Department of Telecommunications (DoT), is planning to recommend a steep increase in spectrum usage charges for GSM mobile service providers that seek additional spectrum beyond 6.2 MHz.Bharti Airtel is seeking more bandwidth to offer better mobile-phone services.
TEC has also recommended increasing the minimum number of subscribers required for operators to qualify for additional spectrum.
Published by Webmaster @ 12:44 PM IST.