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Southern Online Bio Technologies to raise funds

Monday, December 31, 2007

The board of Southern Online Bio Technologies has approved to raise an amount up to Rs 1921.50 lakh by way of QIP of equity shares to qualified institutional buyers.

The board has approved the preferential issue of 26.50 lakh warrants convertible into equity shares to promoters and non-promoters at a price of Rs 42.70 per share and preferential issue of up to 24 lakh equity shares to entities / persons other than promoters / promoter group at Rs 42.70 per share.

Published by DalalStreet Business @ 4:11 PM


Indiabulls MoU with Societe Generale Insurance

Indiabulls Financial Services has entered into a memorandum of understanding with Societe Generale Insurance for its upcoming life insurance joint venture. Societe General, through its French life insurance company, Sogecap, will own 26% of the future joint venture.

Indiabulls has already received the Reserve Bank of India's approval to invest in the joint venture, and has also approached IRDA, the Insurance Regulatory and Development Authority, for the necessary regulatory approvals.

Published by DalalStreet Business @ 12:29 PM


Omaxe to Diversify into Power Distribution

Omaxe Ltd just a while ago informed us that subsidiary of the company, Omaxe Powers has filed expression of interest to bid for a project to convert existing low voltage distribution system to high voltage distribution system throughout the state of Punjab.

We think this is a fantastic move by the company unlike Parsvnath which is planning to get into low margin capital intensive business of Telecom which will be an unrelated diversification. Instead Parsvnath should look at the Infrastructure space.

On 20 December 2007, the concerned authority had approved the company's subsidiary Eden Buildcon’s bid for a multi-purpose project, estimated at Rs 1,800 crore, in Hyderabad.

Published by DalalStreet Business @ 10:50 AM


Parsvnath highway mall Rajpura, Punjab

Thursday, December 27, 2007

Parsvnath Developers has announced the launch of its premium commercial project, Parsvnath Highway Mall, in the city of Rajpura, Punjab. The project will enhance the travelers' joy by combining comfort and leisure.

The project is specifically designed to offer commercial space to house large format stores showcasing range of aspirational brands to customers and will have a total saleable area of approximately 2.30 lakh sq. ft.

The project is a part of Parsvnath King City, a mega township project consisting of independent plots, villas, group housing, schools, landscaped gardens etc with total sale worth of Rs 250 crore approximately.

Published by DalalStreet Business @ 2:39 PM


Suven Life Sciences get US Patent

Suven Life Sciences has informed us that the company has secured US Patent # 7,297,711.
This is Suven's first product patent granted in USA. The granted claims of the patent include the class of selective serotonin receptor affinity compounds discovered by Suven and are being developed as therapeutic agents.

According to the invention '711 patent disclosure, the compounds are useful in the treatment of neuro-degenarative disorders like alzheimer's parkinson, schizophrenia and huntington's.

Published by DalalStreet Business @ 11:49 AM


Larsen & Toubro to spin off ready mix concrete business

The board of Larsen & Toubro has approved, subject to shareholders approval, transfer or disposal off of the ready mix concrete business unit of the company to a subsidiary company or to any other entity.

The approval of the shareholders is proposed to be sought through postal ballot.

Published by DalalStreet Business @ 11:04 AM


Indiabulls Financial Services demerger

Wednesday, December 26, 2007

Indiabulls Financial Services (IBFSL) informed us that it will issue over 2.56 crore equity shares to the shareholders of Indiabulls Credit Services (ICSL) pursuant to its scheme of restructuring. The company received Delhi High Court's approval for restructuring its existing business, entailing the merger of Indiabulls Credit Services (ICSL) with itself and the demerger of Indiabulls Securities (ISL).

Indiabulls Credit Services (ICSL) is engaged in the consumer finance business. Indiabulls Securities (ISL), provides brokerage including equities, wholesale debt, futures and options, depository services, research services, mutual funds and initial public offer distribution to its clients.

Through the scheme of arrangement, ICSL will get amalgamated with IBFSL. IBFSL will issue 3 equity shares of Rs 2 each for every 10 equity shares of Rs 10 each held by the shareholders of ICSL. Meanwhile, ISL will issue 1 equity share of Rs 2 each for each share of Rs 2 each held in IBFSL.

Consequent to this restructuring exercise, the paid-up equity capital of Indiabulls Financial Services will increase to Rs 50.68 crore from the present Rs 45.55 crore.

Published by DalalStreet Business @ 2:49 PM


Land Bank of MTNL

MTNL has 34 plots in Mumbai and 33 plots in Delhi – size not disclosed. Currently, an IT park is being constructed on the land in Noida (~80k sq feet). Expression of Interest (EoI) for another 5 plots in Delhi have been called for. Management expects atleast 40-50% of the development work to be completed by December '08.

For the land in Mumbai, they are in the process of identifying consultants for the same. MTNL may itself undertake the development of its land bank in Mumbai. Revenues from land bank will be largely from rental income (particularly in Mumbai) as most of the land is in the form of office space/buildings.

No outright sale is being considered at this point of time. It is unlikely that revenues from the development of the land will have any material impact on the earnings for the company for FY08-09E.

Published by DalalStreet Business @ 2:31 PM


Sun TV FM Live in Vijaywada

Sun TV Network announced the launching of its FM radio station at Vijayawada under the brand 'S FM' from 25 December 2007 through its subsidiary Kal Radio. This Station can be heard at 93.5 MHz frequency in Vijayawada. The programs will cater to the audience of all age groups.

The company hold licenses for 45 FM radio stations across India, and will be one of the largest radio broadcasters in India when all the remaining 28 stations become operational.

Published by DalalStreet Business @ 10:06 AM


ONGC Videsh exploration blocks in Brazil

Tuesday, December 25, 2007

Oil and Natural Gas Corporation has announced that ONGC Videsh Ltd has bagged two exploration blocks in Brazil, viz. deepwater block 470 in the highly prospective espirito santo basin and shallow water block 1413 in another highly prospective Santos basin, amid stiff competition from International companies on 27 November 2007.

The first development well for coal bed methane (CBM) has been spudded on December 2007 at the drill-site Pad-B in Parbatpur, near Bokaro Steel City of Jharkhand.

ONGC achieved the unique distinction of becoming the first-ever Indian company in the Fortune Magazine's annual (2007) list of the world's most admired companies. This is based on a survey of Fortune Companies across the globe, conducted by the Fortune magazine, in association with Hay Group.

Published by DalalStreet Business @ 11:44 PM


Triton Corp recommends stock split

Monday, December 24, 2007

The board of Triton Corp has approved the splitting of the face value of the equity shares of the company from Rs 2 per share to Re 1 per share. It was decided to convene an extra ordinary general meeting of the members of the company on 04 February 2008 to obtain the approval of shareholders for the said splitting of equity shares of the company.

Further, the board has also approved investment upto 51% stake in Sapphire Global, a company based in U.K.

Published by DalalStreet Business @ 1:34 PM


JCT MOU with Dakshidin Corporation

JCT has announced that Dakshidin Corporation producers of the worlds most powerful water pumping windmill, and the company jointly announce that they have signed a memorandum of understanding for distribution and manufacturing capabilities of Dakshidin's RESTEC windmills in India.

The company has a strong position and efficient distribution within India and abroad. In addition to the distribution of Restec's windmills, the project aims to eventually manufacture the products as well.

Published by DalalStreet Business @ 1:02 PM


Aban Offshore contract with Chevron Offshore

Aban Offshore just a while ago told us that subsidiary of the company has entered into a contract with Chevron Offshore (Thailand) for provision of the jack-up drilling rig, deep driller 2. The contract with Chevron will be for an estimated duration between 5 and 7 months for drilling operations offshore Thailand. This contract will commence around end of December 2007. The contract value is approximately US $ 28 million to US $ 40 million.

Published by DalalStreet Business @ 10:18 AM


Satyam Computer Services to set up new center of excellence - PROMICE

Satyam Computer Services has informed us that the company will be setting up a Process Manufacturing Innovation Center of Excellence (PROMICE) at Hyderabad to help process manufacturing companies fully exploit advances in information technology - especially in the areas of product & process innovation - to achieve new levels of sustainable competitive advantage.

The Hyderabad PROMICE will feature latest technology infrastructure and highly qualified technology & domain experts. It will have virtually simulated factories for each of major 10 process industry verticals viz. metals & mining, building materials pulp & paper, textiles, food & beverages, leather, plastics, rubber, chemicals, and pharmaceuticals.

The company's process manufacturing innovation center of excellence will create solutions and intellectual property through a new facility to be set in Hyderabad. This will provide exceptional business value to its global customers, while enhancing the organization's competency in its process manufacturing business unit. Hyderabad provides a perfect setting for industry and institutes to come forward to collaboratively develop IT-based solutions for the process manufacturing industry.

Published by DalalStreet Business @ 9:14 AM


Gamma Infoway into IT - systems and network integration sector

Saturday, December 22, 2007

Gamma Infoway Exalt in a fax message has informed us that the company has ventured into IT - systems and network integration sector. The company also provides higher-end network training program all over India with more than 25 centers. Expected annual income from franchisee for first year is Rs 10,04,40,000. Annual revenue generated from systems & network integration for financial year 2008-09 is Rs 26,40,00,000. Total revenue generated for financial yrear 2009-09 expected to be Rs 36,44,40,000. In the year 2008 the company also plans to launch banking call centre. The company is already under talks with major financial & banking institutions.

Published by DalalStreet Business @ 1:00 PM


Nagarjuna Construction gets two new orders

Thursday, December 20, 2007

India's leading infrastructure company, Nagarjuna Construction Company has secured two new orders aggregating Rs 307 crore.

The first order valued at Rs 230 crore is secured from the Dakshin Haryana Bijli Nigam (DHBNL), Haiyana for an EPC contract on turnkey basis comprising of supply of material and erection of new 11 KV single circuit lines providing HVDS in Hisar, Haryana State, to be completed over a period of 12 months. The second order is from Thane Municipal Corporation, Than, Maharashtra for water supply scheme valued at Rs 77 crore to be completed over a period of 27 months.

Published by DalalStreet Business @ 3:54 PM


Tata Communications launch WiMax in Bangalore

Tata Communications, [Formerly VSNL] has launched WiMax technology based broadband in Bangalore. This step is definitely in the right direction for Tata's to expand broadband presence.

In a separate development, group company Tata Teleservices Maharashtra has approved the issue and allotment of an aggregate of 1,10,61,697 equity shares of Rs 10 each to the investors who have exercised their right to convert FCCBs of US$ 6,100,000 held by them into equity shares. The equity shares have been issued and allotted at a premium of Rs 14.49 per equity share in accordance with the terms of the FCCB issue.

Previously the conversion price was Rs 24.96 per share according the terms of the issue, it got adjusted to Rs 24.49 per share after the rights issue of shares of the company in January 2007. The deemed date of allotment of the equity shares is 14 December 2007.

Out of the total FCCBs of US$ 125 million issued by the company in June 2004, FCCBs aggregating US$ 108.37 million have so far been converted into 19,43,50,346 equity shares of the company. Tata Group holding stands marginally reduced to 65.85% as a consequence of the above allotment.

Published by DalalStreet Business @ 1:21 PM


Nicholas Piramal + ARKRAY, Inc. Japan

Wednesday, December 19, 2007

Nicholas Piramal India and Kyoto, Japan based ARKRAY Inc., have entered into a 49:51 joint venture to market diagnostic products, mainly self-monitoring blood glucose system in the Indian market. ARKRAY, Inc. is a market leader in the elf- monitoring blood glucose market in Japan with a dominant market share. Its products are also distributed in over 80 countries around the world.

Under the agreement, the company will transfer all its existing blood glucose monitoring business into the joint venture for a consideration of Rs 40 million. The joint venture will market these products and will also launch other blood glucose-monitoring Systems of ARKRAY, Inc. including new product in India. The blood glucose system market in India is estimated to be more than Rs 1 billion in size and is estimated to be growing around 20% per annum.

Published by DalalStreet Business @ 5:02 PM


Global Broadcast stock split

The board meeting of Global Broadcast News will be held on 19 December 2007 to consider and approve the scheme of arrangement with BK Fincap and Jagran TV for consolidation of IBN-7 Channel with the company and to split the face value of the equity shares of the company.

Published by DalalStreet Business @ 11:42 AM


Network18 + Jagarn Prakashan to launch Hindi Business Paper

Television Eighteen India has informed us that Network18, India's leading media conglomerate and Jagran Prakashan (JPL), one of India's most acclaimed print majors & publisher of India's largest read daily Dainik Jagran have announced a 50:50 joint venture initiative in the business print space. The primary mandate of this joint venture will be to launch a hindi business daily for the Indian market in 2008.
Subsequently, this will be followed by other Indian language dailies focused on financial and economic news.

This joint venture will in effect create a new category of local language business dailies within the India print space, as this will be the first Hindi business paper to hit the market nationally. This venture also marks an expansion of print offerings from Network 18 into the dailies space, post the recent announcement of its magazine publishing arrangement with Forbes media and ownership control of Infomedia, India’s leading publishers in the B2B media space. This venture is also a reiteration of JPL’s intent and commitment to provide its readers news and information in all genres.

Published by DalalStreet Business @ 8:31 AM


Merrill Lynch picks up 12.74% stake in Resurgere Mines & Minerals India

Tuesday, December 18, 2007

Merrill Lynch International has picked up 12.74% stake in Resurgere Mines & Minerals India (RMMI), which is engaged in the business of extraction, processing and sale of mineral products and exploration and development of mining assets. RMMI has diverse product range consisting of various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and Iron ore fine etc. and bauxite. It sells all these products domestically except iron ore fines which it exports to China.

The Company currently operates in Nuagaon, Kendujhargarh district and Maharajpur, Mayurbhanj district of Orissa and it purports to commence operations in Singhbhum district of Jharkhand in the near future. It has entered in to long term contracts for these mines, Nuagoan and Maharajpur, with the leaseholders for raising and purchasing of iron ore. It has also entered into similar arrangement with a leaseholder in a mining area in the West Singhbhum district of Jharkhand for the raising of iron ore and then supply of entire production of the mine to it. All the three mines carry high quality iron ore of about 62% - 64% Fe content.

Published by DalalStreet Business @ 2:46 PM


Subex Azure deploys concilia interconnect billing system

Subex Azure has informed us that it will be deploying its concilia interconnect billing system at one of the largest telecommunications providers in Turkey.

The company was embarking on a transformation of its customer care and billing system, including national and international interconnection systems, and also wanted to implement best value routing. It decided to go with Nokia siemens networks as the main systems integrator for the customer care and billing system project after a detailed evaluation period. The company, along with its local partner gantek technologies, was included in the overall solution presented.

Published by DalalStreet Business @ 2:44 PM


IndiaInfoline foray into Mutual Fund

After Edelweiss, IndiaInfoline board has informed that they will venture into Mutual Fund business and the board has also approved of setting up an Asset Management Company for the same. The board has decided to increase the limits for investments / loans and guarantees upto a maximum amount of Rs 2,000 crore.

Union Bank of India is also seeking entry into the mutual fund market and may most probably tie-up with someone to sell Mutual Funds and related products to its banking customers.

Published by DalalStreet Business @ 1:55 PM


HDIL to foray into Entertainment Business

HDIL just a while ago informed us that a new venture will offer films through its multiplexes and will have a range of gaming centres with food court that will be managed by Broadway. HDIL will set up its first Broadway theatre in Vasai, a Mumbai suburb. This will be followed with the opening of the Broadway entertainment centre at Kandivli somewhere around mid-January next year. The multiplex will have four screens by the end of the current fiscal.

HDIL is also scouting for acquisition in the theatre chain business and talks are on with various firms in the industry

Published by DalalStreet Business @ 1:50 PM


NASSCOM's Pre-Budget Memorandum 2008

Monday, December 17, 2007

NASSCOM the association of IT and ITeS companies who have built the Indian IT industry on labor arbitrage is back with a begging bowl at the doorsteps of Finance Ministry.

Without any doubt one should appreciate the building of IT as an industry, however, lack of vision by leaders to survive the point of inflection doesn't have to end with a begging bowl filled with wishes of tax incentives. [PDF] Have some Fuc*ing ego and start building innovative products as Andy has rightly said, "Only the Paranoid Survive".

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Published by DalalStreet Business @ 10:54 PM


Insight on New Products in F&O

SEBI informed us about the introduction of the following new products in derivatives segment. The following are proposed and suggestions may directly be sent to SEBI

1.Mini Contracts in Equity Indices
2. Options Contracts with Longer Life/Tenure
3. Volatility Index and F&O Contracts
4. Options on Futures
5. Bond Index and F&O Contracts
6. Exchange-traded Currency (Foreign Exchange) F&O Contracts
7. Exchange-traded products to cater to different investment strategies

Read SEBI's entire proposal here. [PDF]

Published by DalalStreet Business @ 10:48 PM


Akruti City bags for setting up best IT infrastructure

Akruti City has been honoured by the Government of Maharashtra for its efforts in setting up state-of-the-art infotech parks in the state. The company has bagged the runner up award in the category of setting up best IT infrastructure.

The company has a presence across the full spectrum of real estate activities from high-end super luxury complexes, mid-end mega residential complexes, commercial complexes, IT parks arid SEZs spread over hundreds of acres of land, world-class biotech parks, robotic car parking towers, and townships.

The Maharashtra IT awards have been constituted by the Government of Maharashtra to recognize innovative information technology (IT) and information technology enabled services (ITES) companies from Maharashtra, who have made the state proud, based on their performance during the financial period from 2001 to 2004. The awards aim to promote entrepreneurship in the IT Industry within the state and recognizing and appreciating outstanding performance in IT activities. It also seeks to encourage the rapid spread of the use of IT in society and as a means of generating employment opportunities.

Published by DalalStreet Business @ 6:56 PM


Petron Engineering Construction receives Letter of Intent

Petron Engineering has received two letter of intents from Utility Energytech Engineers and Reliance energy for erection, testing, commissioning, trial operation and handing over of boiler proper for 2 x 300 MW rosa thermal power project, Rosa, Uttar Pradesh valued at Rs 38.99 crore.

Erection, testing, commissioning, trial operation and handing over of boiler proper (2 units) for 2 x 600 MW Hisar thermal power project (HTPP), Haryana, valued at Rs 59.88 crore.

Published by DalalStreet Business @ 1:09 PM


Century Extrusions rights issue

The board of Century Extrusions just a while ago informed us that they have approved rights issue of equity shares to part finance the cost of expansion (enhancement of capacity for manufacture of aluminium extrusions from 7500 TPA to 15000 TPA, estimated project cost - Rs 34.50 core) and diversification (setting up facility for manufacture of 6000 TPA power transmission and distribution line hardware - estimated project cost Rs 1.00 crore) projects of the company.

Published by DalalStreet Business @ 11:35 AM


Stock Trading Holidays in 2008

Published by DalalStreet Business @ 11:28 AM


Kotak Realty Fund Invests in IVR Prime

Friday, December 14, 2007

IVR Prime Urban Developers has received investment commitments of around Rs 250 crore [$62 mn] for its multi use integrated development realty projects.

The company further announces that few more realty funds are also inclined to join hands with IVR Prime for development of some of its projects.The company's land reserves are to the extent of 2850 acres around. Tier I cities in Chennai, Hyderabad, Pune, Bangalore, Visakhapatnam and Noida.

Published by DalalStreet Business @ 1:20 PM


Maharashtra Seamless receives export orders

Maharashtra Seamless (MSL) has announced that the company has been awarded export orders worth US $ 40 million from USA & Latin America. These supplies would support the drilling programmes of oil & gas majors in the above region. With the exploration & drilling activities on the rise, the demand for seamless pipes is expected to rise significantly and MSL is better positioned to get some major pipes contracts in the coming time.

Recently, US authorities have initiated anti dumping duty investigation against Chinese pipe and have already imposed preliminary countervailing duty. This would pave the way for better market share in USA for others and Indian players. To meet the customer requirements and to support the export functions, the company has opened export branch in USA to facilitate better services and customer support to its large base of OCTG and line pipes customers in USA, Canada and Latin America.

Published by DalalStreet Business @ 11:13 AM


Alchemist Realty Bonus Issue

Thursday, December 13, 2007

Alchemist Realty formerly known as Pan packaging has informed us that the company will hold an extraordinary general meeting of its shareholders on 10 January 2008 to obtain their approval for the bonus issue in the ration of 1:1.

Brady & Morris Engineering Company have resolved to issue bonus shares in the ratio of 1:2 that is one new equity share for every two existing issued equity shares.
This was resolved at the extra ordinary general meeting held just a while ago.

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Published by DalalStreet Business @ 1:22 PM


Thomas Cook partners with JTB Corp.

Thomas Cook India has signed a MOU with JTB Corp. Japan, one of the largest travel solutions companies in the world. The alliance will allow Thomas Cook to access the JTB Corp. network across 30 countries alongwith affiliates spreading over 800 offices. For JTB Corp. the alliance will provide a ready platform to enter the Indian market.

Thomas Cook expects to witness growth in areas such as in-bound and out-bound tours. With this alliance, Thomas Cook also expects to see tremendous growth in its corporate travel business as it would now have access to the global relationships of JTB Corp. Every year with increasing number of travelers into India from Japan; JTB Corp. being the leader in the Japanese market, would be able to use the network of Thomas Cook to serve its clientele better. The travel cooperation arrangements would be for inbound, outbound and corporate travel across markets such as Japan, China, South-East Asia, Australia, New Zealand, Europe and America.

Published by DalalStreet Business @ 12:45 PM


Mahindra Scorpio Shines in the US

Mahindra & Mahindra (M&M) is reportedly planning to introduce its utility vehicle, Scorpio, in the quality-conscious US market, which is also the largest in the world with 15 million vehicles in annual sales.

The reports suggest that the company already has firm orders for 45,000 units of Scorpio for the first year, which is more than the 40,000 it sold in India in the last financial year.

Around 285 US dealers have signed up to sell the vehicle and are investing $178 million in setting up sales and service outlets, the report added.

Published by DalalStreet Business @ 11:03 AM


Sundram Fasteners acquires Upasana Engineering

Sundram Fasteners has acquired 100% equity share capital of Upasana Engineering (UEL), a step-down wholly-owned subsidiary at cost from Sundram Fasteners Investments, a wholly-owned subsidiary of the company.

Consequent to acquisition of the equity shares, UEL has become a wholly-owned subsidiary of the company with effect from 12 December 2007. UEL manufacture spokes and nipples, tools and other and components at its two units located in Chennai and Hosur, both in the State of Tamil Nadu.

Published by DalalStreet Business @ 10:18 AM


Eton Park acquires 5% equity stake in Reliance Capital AMC

Wednesday, December 12, 2007

Leading Global Investor Eton Park will invest Rs 500 crore in Reliance Capital AMC for a 5% stake in the company. At this valuation, the Reliance AMC valuations amounts to Rs 400 / share of Reliance Capital Ltd.

Reliance AMC is valued at Rs 10,000 crore, approximately 13% of the valuation of total Assets Under Management under the AMC.

Published by DalalStreet Business @ 3:31 PM


Punj Lloyd bags 590 crore order from IOC

Punj Lloyd has secured a Rs 590 crore contract for building delayed coker unit & coker LPG merox block for the residue upgradation project of Indian Oil Corporation at its Vadodara refinery in Gujarat.

The scope of work includes a 3.7 MMTPA delayed coking unit and a 160 TMTPA LPG Merox unit. The project is scheduled to be completed within 28 months. The company has extensive experience in refinery process units including hydrocracker, sulphur recovery units, hydrogen generation unit and motor spirit quality (MSQ) upgradation projects for all the major PSUs in India. This project adds to this vast portfolio in refinery processing. With this, the order backlog for the Punj Lloyd group on consolidated basis has gone up to Rs 18,484 crore.

Published by DalalStreet Business @ 2:13 PM


Bank of Rajasthan to increase FIIs limit

The board of Bank of Rajasthan has approved to increase the limit of investment in bank's equity by FIIs upto 49% and by NRIs upto 24%, both taken together 49% of the total paid up capital of the bank.

Further, the board has decided to convened an extra ordinary general meeting on 11 January 2008.

Published by DalalStreet Business @ 9:23 AM


Diamond Cables + Ansal Properties

Tuesday, December 11, 2007

Diamond Cables' conductor division has e-mailed us that the company is in receipt of order from India's two larger EPC contracting firm for manufacture and supply of transmission and distribution conductors aggregating 5447 kms valued at Rs 800 million.

Ansal Properties and Infrastructure Ltd has informed that the Uttar Pradesh (UP) government has doubled its project size from an earlier approved 2500 acres to 5000 acres. The total investment is tipped to be around Rs 21000 crore

Published by DalalStreet Business @ 2:50 PM


Maytas lnfra to develop Vedanta Alumina township

Satyam group company, Maytas Infra has signed a MOU with Vedanta Alumina for developing an integrated township for its staff in Jharsuguda, Orissa. The project has a total built up area of 14 lakh sq ft which Will be competed in 18 months and the value of the contract is 232.69 crore.

Vedanta Alumina has selected Maytas infra to develop the residential township for its staff based in Jharsuguda where in the scope of work for Maytas will include constructing the township on an EPC basis including site grading, designing of buildings and their construction etc.

The proposed township will include infrastructure facilities like roads, sewage, water treatment plant, Transit accommodation and Bungalows for top management of VAL, 2 BHK, 3 BHK and studio flats, guest house, hostel, open air theatre, dispensary, market complex, school, ancillary building etc spread over a build up area of 14 lakh sq ft.

Published by DalalStreet Business @ 12:12 PM


Goldiam International + Century Plyboards

Goldiam International informed us in a fax message that the development Commissioner, Santacruz Electronics Export Processing Zone (SEEPZ) special economic zone (SEZ) has granted permission to the company for setting up a trading unit in Andheri (E), Mumbai.

The approval granted is for trading in diamonds, cut & polished diamonds, precious stones, C&P precious and semi-precious stones, synthetic stones, pearls, alloys, plain & studded gold jewellery, plain & studded silver jewellery, labels, findings (gold/silver/platinum), mountings (gold/silver/platinum), stainless steel jewellery studded with diamonds and precious stones.

Century Plyboards India will hold a board meeting on 18 December 2007 to consider split of existing equity shares issued by the company from Rs 10 denomination to Re 1 denomination.

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Published by DalalStreet Business @ 11:49 AM


Jindal Steel Power generation + IOC Bonus

Monday, December 10, 2007

Jindal Steel & Power has told us that the company have been informed by Jindal Power, a subsidiary company, that first unit of 250 MW capacity has started generation of power for commercial purposes. Other three units of 250 MW each are in the final stage of implementation and the project (1000 MW) is likely to be operational by July, 2008.

Indian Oil Corporation (IOC)'s reserves and surplus have mounted to Rs 33,689 crore, almost 29 times its paid-up capital of Rs 1,168 crore. The biggest beneficiary of this move would be the Government of India, which holds over 80.35% in IOC. In past, IOC had issued bonus shares in the ratio of 1:1 in 1999 and 1:2 in 2003. The government has asked the company to consider a Bonus Issue.

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Published by DalalStreet Business @ 12:04 PM


Bharti + Idea + Vodafone announce birth of Indus Towers

Idea Cellular has informed us that Bharti Infratel, Idea Cellular and Vodafone India have agreed to form a independent tower company, Indus Towers, to provide passive infrastructure services in India to all operators on a non-discriminatory basis. This follows the infrastructure sharing MoU signed between Bharti and Vodafone in February 2007. Complete analysis on why the GSM Lobby formed this association is available on Convergence India.

The three companies will each merge their existing passive infrastructure assets in 16 telecom circles in India. Bharti and Vodafone Essar will own approximately 42% each and the Idea will own the remaining 16% stake in Indus Towers. New passive infrastructure rollouts in the 16 circles will be undertaken by Indus Towers.

This transaction highlights Bharti, Idea and Vodafone Essar's commitment to enhancing the sharing of passive infrastructure and takes a firm step towards delivering on the Telecom Regulatory Authority of India's (TRAI) recommendations on infrastructure sharing. The primary benefit will be the accelerated expansion of coverage, especially into rural areas, and enables wider access to affordable services for all, helping to meet the Government's teledensity targets. Indus towers welcomes all operators to become customers. While these operators will continue to, run their active infrastructure completely independently, they will be able to enjoy opex savings, enhanced operational efficiency and quicker expansion of coverage.

Indus Towers will be an independently managed and operated Company, offering services to all telecom operators and other wireless services providers such as broadcasters and broadband services providers.

Published by DalalStreet Business @ 11:11 AM


Parsvnath Developers awarded Rs 47 crore work

Friday, December 07, 2007

Parsvnath Developers has been awarded a contract for construction and development of footwear design & development institute at Fursatganj, Rae bareli, Uttar Pradesh (FDDI) by FDDI, Ministry of Commerce, Government of India, worth Rs 47 crore, approximately and the scheduled date of completion would be end November, 2008.

Another North Indian Developer, Omaxe Constructions in consortium with GVK Power & Infrastructure and Nagarjuna Construction Company has put in bid for the Rs 30000 crore project.

The project is proposed to be executed through a special purpose vehicle on Design, Build, Finance and Operate model by collection of toll in the concession period which is of 35 years and later the assets will be transferred to Uttar Pradesh state government.

Published by DalalStreet Business @ 12:40 PM


Simplex Infra Private Placement

Simplex Infra is expected to raise Rs.300-400 Cr through a Private placement. The process is likely to get completed in the next 2 weeks. In our Q2FY08 result update dated Oct 30, we had assumed that Simplex would issue 5 Mn shares at Rs.550, thereby raising Rs.275 Cr. However, since then the stock has run up quite a bit and keeping in mind today's closing price of Rs.680, we now assume issue of 5 Mn shares at Rs.700. This is likely to lead to reduction in debt levels accompanied by a saving on the interest cost front, thereby improving FY08E EPS from Rs.19 to Rs.20. At this level, the stock would trade at a P/E of 34 times FY08E and 21 times FY09E.

Published by DalalStreet Business @ 10:08 AM


D P Jindal strengthens buying a seamless plant in Romania

Thursday, December 06, 2007

Maharashtra Seamless has informed us that DP Jindal group, one of the largest producers of seamless pipes in India, is buying another seamless plant in Romania having a capacity of 200000 TPA in its flagship company, Maharashtra Seamless.

DP Jindal group is one of the leading and prominent business houses in India in its line of business having a group turnover of Rs 3000 crore. The group is well diversified into manufacturing of seamless pipes, ERW pipes, wind power generation, offshore oil & gas drilling and projects exports. The group is also having a joint venture with tenaris, the largest manufacturer of seamless pipes in the world and also having a marketing collaboration with noble drilling, US, the second largest drilling company of the world, for Indian operations.

Published by DalalStreet Business @ 11:36 AM


Unitech to restructure Business

North Indian Realty Developer, Unitech with not so good quality of construction [Visible from the Cracked Wall in Unitech's Uniworld City, Picture on your left] has chalked out an ambitious plan to develop 48 malls across India involving an investment of Rs 20,000 crore / $5 Bn.

Unitech wants to retain these malls under its proposed ReIT for fixed commercial rental income. Unitech is also planning to list on Foreign bourse [speculated to be Singapore, not certain yet]. A unit of Unitech Ltd is already listed on London's Alternative Investment Market.

Published by DalalStreet Business @ 10:39 AM


Matrix Labs Tentative FDA approval from President's Plan

Wednesday, December 05, 2007

Matrix Laboratories has informed us that it has received tentative approval from the U.S. FDA under the president's emergency plan for AIDS relief (PEPFAR) for its ANDA for tenofovir disoproxil fumarate tablets, 300 mg. The company's tenofovir disoproxil fumarate is the first and only generic tentative approval of Gilead Sciences Inc.'s viread tablets, 300 mg.

The company's ANDA was tentatively approved in less than six months and is the seventh PEPFAR tentative approval earned by the company within the last 12 months. Under PEPFAR, a tentative approval means that a company can immediately sell an HIV / AIDS treatment outside of the United States. Although existing patents / marketing exclusivity prevent the approval of the product in the United States, a tentative approval indicates that the product meets all safety, efficacy and manufacturing quality standards for marketing in the United States, which helps to ensure AIDS patients abroad who receive these medications get the same quality product as the American public.

Tenofovir disoproxil fumarate will help to meet the urgent and increasing need for high quality, affordable treatment in the developing world where the prevalence of HIV / AIDS is socially and economically devastating.

Published by DalalStreet Business @ 11:54 AM


Jet Airways to fly to Toronto and New York

Tuesday, December 04, 2007

Jet Airways will introduce a daily flight from Chennai to Toronto and New York via Brussels with effect from 06 December 2007. At Brussels, flights will be synchronized in order to provide passengers seamless transfer between Delhi, Mumbai and Chennai to cities in North America - New York (JFK), Toronto and New York (Newark). Jet Airways will be offering a special inaugural economy return fare of Rs 36,000 plus taxes. Premiere class return fares start from Rs 1,57,500 plus taxes.

Jet Airways in partnership with Brussels Airline allows passengers to choose to fly to 54 European destinations which includes destinations like Venice, Frankfurt, Stockholm, Rome, Munich, Madrid and Geneva. Jet Privilege members can also earn and redeem JP Miles on all the routes of Brussels Airlines.

Jet Airways will use a brand new Airbus 330-200 aircraft on this route, which carries its passengers in a two-class layout and offers unprecedented levels of luxury, privacy and comfort in the air. The Airbus 330-200 aircraft has been especially configured for international operations with 30 seats in premiere class and 190 seats in the economy class. This next-generation aircraft promises to offer unmatched international experience in premiere and economy class.

Published by DalalStreet Business @ 2:51 PM


Gammon India agreement with Mumbai Port Trust

Gammon India has announced that Indira Container Terminal the special purpose vehicle incorporate by the consortium of Gammon and Dragados S.P.L on 03 December 2007 signed the license agreement with the Mumbai Port Trust for developing the Mumbai offshore container terminal project.

The estimate project cost is about Rs 800 crore in the initial phase of 3 years and another Rs 400 crore subsequently, thus aggregating about Rs 1200 crore. The project is on a BOT basis for 30 years, including 3 years of construction & equipping period, from the date of signing the license agreement.

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Published by DalalStreet Business @ 12:26 PM


Phoenix Mills gains on acquisition

Phoenix Mills in a communication has told Dalal Street that they will acquire the majority stake in Big Apple Real Estate through the swap of Phoenix's stake in its Agra project (Market City in Agra) and through an infusion of around Rs 80 crore as fresh capital.

The funds infused by Phoenix are likely to be deployed across Big Apple's projects in Meerut, in building a second large mall in Lucknow, and also in its proposed projects in Gorakhpur, Allahabad, Kanpur and Dehradun.

Phoenix Mall in Mumbai is one of the most expensive Retail spaces in India.

Published by DalalStreet Business @ 11:56 AM


Diwali Shopping lifts Maruti Suzuki Sales

Monday, December 03, 2007

Maruti Suzuki India (MSIL)'s domestic sales rose 24% to 65,216 units in November 2007 over November 2006. This is its highest ever monthly domestic sale posted by the company. The growth was propelled by newer models such as Zen Estilo, Swift and SX4 even as older models, including Wagon R and Alto, did well, the company said in a communique issued to Dalal Street reporter. However, the main purpose of this terrific sales was the Holiday shopping by Indians.

The company's exports jumped 82% to 4,483 units in November 2007 over November 2006.

Published by DalalStreet Business @ 1:29 PM


Container Gateway + Diamond Cables - Commnce Operations

Gateway Distriparks has announced that the company's subsidiary, Gateway Rail Freight (GRFL) has signed an agreement with Container Corporation of India (CONCOR) in March 2007 to form a joint venture company and operate the rail-linked inland container depot (ICD) at Garhi Harsaru, Gurgaon.

The parties to the above agreement reached closure of the terms of the agreement and the joint venture company, Container Gateway (CGL) has become operational with effect from 01 December 2007. GatewayRail and CONCOR have shareholding in the ratio of 51:49 respectively in Container Gateway.

Diamond Cables has invested in the financial & managerial restructuring of India's one of the leading power and distribution transformer manufacturer, Apex Electricals in June 2007.
Apex Electricals Ltd. established in 1967, was India's Leading Power Transformer manufacturer operating with collaboration with ELIN of Austria and manufactured power transformer upto 315 MVA, 220 KV class.

The company has informed that, pursuant to investment and management restructuring from Diamond Power Infrastructure and Financial Investment from Clearwater Capital Partners India, the power transformer manufacturing facilities at Vadodara was totally rewamped to bring to its world class manufacturing facility.

Further, the company pleased to announce the operations of the power transformer facility with 7500 MVA have commenced operations with effect from 03 December 2007 at 10.00 hrs.

Published by DalalStreet Business @ 1:01 PM


Asian Oilfield secures Orders from ONGC

Asian Oilfield has informed us that the company has won two orders, the first valued at Rs 44.55 crore is from ONGC Jorhat office for acquisition of 2D Seismic Data in Nagaland. The project is to be executed within 400 operating days.

The other contract valued at Rs 15.17 crore from ONGC Baroda office is for providing integrated seismic job services & shot hole drilling services. The work on this project will start in December 2007 and will continue for field season 2007-08 & 2008-09.

Published by DalalStreet Business @ 10:26 AM


Punj Lloyd's bags Rs 1272 crore order

Saturday, December 01, 2007

Punj Lloyd has informed us that Sembawang Engineers and Constructors, a wholly owned subsidiary of the company has won a major contract worth Rs 1272 crore for architectural, civil and structural work at the proposed Bayfront MRT station in Marina Bay in Singapore. The contract has been awarded by land transport authority of Singapore.

Published by DalalStreet Business @ 10:01 AM