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BPL signs a strategic partnership with SANYO Excelsior E-mail Services Bangalore, India, --- BPL Limited has today announced a landmark partnership with Sanyo Electric Company Limited of Japan (a Fortune 500 . ........more BHEL
bags Rs 2 crore export order from NEW DELHI, Aug 12: Bharat Heavy Electricals Ltd has received a Rs 2-crore order from the UK-based tyco electronics for higher rating porcelain disc ......more Mercury, menthol prices move up NEW DELHI, Aug 12: Prices of mercury and menthol edged up in the local chemical market today following pick..more Millennium
Alcobev BANGALORE, Aug 12: Millennium Alcobev, the joint venture company between UB group, Scottish and Newcastle .....more |
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JK corp to set up Rs 115-cr captive power plant in Rajasthan NEW DELHI, Aug 12: Cement manufacturer JK corp will set up a captive thermal power plant at a cost of Rs 115 crore at its plant location in.......more Dabur Nepal to reap profits on medicinal plants sufficiency KATHMANDU, Aug 12: After securing self-sufficiency in the cultivation of medicinal and aromatic plants in the Himalayan region, Dabur Nepal, a .....more Almond,
cashew prices NEW DELHI, Aug 12: Almond (California) and cashew kernel prices moved up in the local wholesale dry fruits market today in view of tight supplies ....more Wheat
remains up NEW DELHI, Aug 12: Prices of wheat dara (for mills) continued to rise in the local wholesale grains market today ......more |
BPL signs a strategic partnership with SANYO Excelsior E-mail Services Bangalore, India, --- BPL Limited has today announced a landmark partnership with Sanyo Electric Company Limited of Japan (a Fortune 500 consumer electronics major) to create a joint venture for the colour television business in India. BPL will transfer its existing colour television business undertaking to this joint venture, constituting the BPL brand for CTV business, manufacturing, sales, service, marketing and distribution infrastructure. Both BPL and SANYO will be equal equity partners (50:50) in the joint venture with the intention to create one of India's leading and most technologically advanced consumer electronics company. On the signing of this partnership, TPG Nambiar announced, "We have cemented our close long-term relationship with SANYO through this agreement, and believe that SANYO and BPL, working together, will create an impressive platform of global, technologically advanced products for the Indian consumer." Investment into the Joint Venture Company is expected to be approximately Rs.500 Crores, including value of the CTV Business Undertaking to be transferred to the Joint Venture Company by BPL, valued at Rs. 370 Crores. Ajit Nambiar, Chairman and Managing Director of BPL said "The rapid growth in the CTV market in India offers a great opportunity to BPL with its brand, sales, distribution, marketing, service and manufacturing infrastructure and SANYO's state of art technologies and R&D capabilities to enhance the product offering, increase the market share and achieve number one status in the Indian market" The two joint venture partners have had a relationship since 1982 and SANYO has provided latest technologies to BPL for colour televisions, refrigerators, compressors, washing machines, components, alkaline batteries etc. The BPL brand, sales, distribution, service, marketing and manufacturing infrastructure and SANYO's economies of scale, global base, research and development, state-of-the-art technologies will propel the joint venture company to greater heights in the fast growing colour television market in India. The new joint venture between BPL and SANYO will start with colour televisions and soon explore entry into other consumer electronics product areas in India. SANYO believes that its entry into India in a strategic alliance with BPL is a major step in SANYO's strategy to enter new international markets. SANYO with BPL desire to achieve number one status in the Indian consumer electronics market. This partnership with SANYO will signify completion of a key step in the restructuring of BPL Limited, which commenced last year. |
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BHEL bags Rs 2 crore export order from UK’s tyco electronics NEW DELHI, Aug 12: Bharat Heavy Electricals Ltd has received a Rs 2-crore order from the UK-based tyco electronics for higher rating porcelain disc insulators to be used on the transmission lines of the National Grid Transco (NGT) in that country. Developed in-house by BHEL to cater to the demand in the UK and Scotland, these higher rating 300 kn disc insulators have been approved for use on NGT’s transmission lines. The order has been won by BHEL following the sucessful type testing and subsequent vendor approval from NGT. Earlier, BHEL has suppled 13,352 disc insulators of up to 300 kn rating from Scottish power’s 275 kv northern Ireland-Scotland interconnector transmission line. Bagged against intense competition from established insulator companies in UK and Europe, the order was also placed on BHEL by tyco electronics. BHEL is the first Indian comapny capable of offering indigenously developed porcelain disc insulators of up to 300 kn rating, for application in high voltage transmission systems. (UNI) |
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Mercury, menthol prices move up NEW DELHI, Aug 12: Prices of mercury and menthol edged up in the local chemical market today following pick up in demand from consuming units amidst firm outside advices, and ended moderately higher. Traders said besides increased enquiries from consuming units short supplies influenced the trading sentiment. Mercury prices were up at Rs 30,500 against the last level of Rs 27,500 per (34.5 kg) in view of short supply against higher overseas advices. Menthol bold crystal, flake and mentha oil also traded up at Rs 428, Rs 385 and Rs 326-327 from the last close of Rs 415, Rs 378 and Rs 318-320 per kilo following restricted arrivals from UP mandies. Following were today’s quotations: Ammonia bicarb (25 kg) 245-250, ammonium chloride (50 kg) 350-690, acetic acid (1kg) 42, boric acid-technical (50 kg) 3200-3500, borex granular (50 kg) 1500-1700. Caustic soda flake (50 kg) (dcm) 840, caustic soda flake (Modi) 840, caustic soda flake (Gwalior) 840, caustic soda flake (Gujarat) 840, citric acid (50 kg) (China) 2,700-3,000 citric acid deshi (50 kg) 2,500-2,550, camphor slab (1 kg) 155-160, camphor powder (1kg) 128-130, glycerine (1 kg) 60-61, hexamine (1 kg) 54, hydrogen peroxide (1 kg) 31-32, mercury (34.5kg) 30,500, menthol bold crystal (per kg) 428, menthol flake (1 kg) 385 and mentha oil (1 kg) 326-327. Paraffin wax (50 kg) 1,500-2,000 press wax (p tonne) 15,000 residue wax (p tonne) 16,000 soda ash (50 kg) (Tata) 580 soda ash (50 kg) (DCW) 575 soda ash (50 kg) (Gujarat) 575 soda ash (50 kg) (Birla) 575 stable bleaching powder (Shriram) (25 kg) 340 stable bleaching powder (Chambal) 300 stable bleaching powder (Modi) 270 sodium sulphate (50 kg) 400-450 sodium bicarbonate (Tata) (50 kg) 640 sodium hydro sulphite (Kalali) (1 kg) 65 sodium hydro sulphite (Gulshan) (1kg) 55 hydro sulphite (Demosha) (1 kg) 64 sodium hydro sulphite (Safolite) (1 kg) 67 sodium hydro sulpite (China) 43 sodium nitrite (50 kg) 1475-1550 sodium nitrate (50 kg) 1050-1100 sodium silicate (qtl) 700-800 tartaric acid france (1 kg) 385 thymol (1 kg) 465 titanium dioxide (ttk) (1 kg) 84 titanium dioxide (K-brand) (1 kg) 85 titanium dioxide (China) (1 kg) 75 titanium dioxide (tr-92) 126 titanium dioxide (rc822) (1 kg) 124 oxalic acid (pcpl-red) 50 kg 2200 oxalic acid (pcpl-blue)50 kg 1800 zinc oxide (kg) 58-70. (PTI) |
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Millennium Alcobev records 50 pc growth BANGALORE, Aug 12: Millennium Alcobev, the joint venture company between UB group, Scottish and Newcastle and Mr Ravi Jain, has achieved a growth of 50 per cent for the period from January to July this year as against the industry’s growth of just 12 per cent. The company’s market share had also grown substantially at 11 per cent as against the eight per cent in the corresponding period last year, the company said in a release here today. The growth had been attributed to the stupendous performance in markets across the country, especially in the south. While the sales have more than doubled in Andhra Pradesh and Kerala, it registered a three-fold increase in Tamil Nadu, the release said. Company Managing Director Ravi Jain said "the takeover of retail trade by the Tamil Nadu Government has effectively broken down retail cartels, which has resulted in a level playing field. Another factor that has contributed to an increase in sales is that we have embarked on an aggressive marketing drive in these three states beginning this January." To further augment its position in the industry as the third largest brewer in the country, the company was planning to set up a green field manufacturing plant in Orissa and Rajasthan, the release added. (UNI) |
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JK corp to set up Rs 115-cr captive power plant in Rajasthan NEW DELHI, Aug 12: Cement manufacturer JK corp will set up a captive thermal power plant at a cost of Rs 115 crore at its plant location in Rajasthan by 2006. "The 36 mega watt plant would be fully operationalised in less than two years," JK Corp Chief Financial Officer Kamlesh Gagrani told PTI. The company plans to float a special purpose vehicle for financing the project, he said adding it has already started negotiations with financial institutions and developers. JK corp’s equity would be around 25 per cent in the SPV. The decision to put up the power plant was taken with a view to reducing the overall production cost, he said. Once operationalised, the captive power plant would help the company to save Rs 20 crore annually. JK corp has also earmarked Rs 40 crore capex to be spent in two phases to streamline its manufacturing process, improve efficiencies and reduce cost along with capacity enhancement. Both the phases are expected to be over by mid 2006, and would raise production capacity by 0.6 million tonne to three million tonne. The expansion would be funded partly by the promoters and partly through internal accruals without any debt component. All these initiatives are part of JK corp’s strategy to remain cost competitive. It has 2.4 million tonne cement production unit at Sirohi in Rajasthan and caters to the demand in north Indian markets. (PTI) |
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Dabur Nepal to reap profits on medicinal plants sufficiency KATHMANDU, Aug 12: After securing self-sufficiency in the cultivation of medicinal and aromatic plants in the Himalayan region, Dabur Nepal, a wholly-owned subsidiary of the Rs 1,350-crore Dabur India, expects its Rs 10-crore greenhouse nursery project to reap profits from next year. "We have reduced our dependency from wild flora after we expanded our production capacity of saplings for medicinal plants to 4.5 millions annually at the greenhouse and became self-sufficient in the cultivation of herbals," Dabur Nepal CEO G Kashinath told UNI here. Established in 1996-97 with an investment of Rs 5.65 crore and initial capacity to produce 1.6 million saplings, greenhouse nursery project for medicinal plants, which has broken even this year, is hoping to earn profits on the back of its crop sufficiency and subsequent increase in production of the Dabur healthcare range, he added. The Rs 188-crore company has stopped sourcing ‘Akarkara’, mainly used in Chyawanprash, from Morocco after the greenhouse became self-sufficient to meet the growing demand of this crop. It expects surplus production of this crop next year. Earlier, Dabur Nepal used to import 16 tonne of ‘Akarkara’ annually worth Rs 1.25 crore from Morocco. "Through this project, we have developed a suitable source of medicinal plants to meet our demands for production of various herbal products and protected the natural resources of Himalayas," Mr Kashinath said. Dabur, which has planted more than three million saplings in 12 locations like Marpha, Manang, Khawa, Jumla, Sindhupalchowk, Dolakha, Birgunj and Dang, gives farmers saplings with buy-back guarantee. The company uses raw materials cultivated by the farmers for production of personal and healthcare products in Nepal. Pointing out that Dabur has its own plantations on leased lands that grow over 8,00,000 saplings, he said, "in the next five-six years, we may be collecting from our own plantations. We estimate we need about 10 million trees for that." The greenhouse project has produced many successful crops like ‘Akarkara’, ‘Chirayita’, ‘Satawari’, ‘Taxus’, ‘Stevia’, ‘Kuth/Padamchal’ and ‘Mentha/Peppermint’. Besides, Dabur is also concentrating on other crops such as ‘Lauth Salla’, ‘Kutki’, ‘Saffron’, ‘Jatamansi’, ‘Sugandhwal’, ‘Timoor’ and ‘Pipla’. It has developed satellite nursery programme for demonstration to the local farmers as well as for the development of outgrower scheme for the cultivation of medicinal plants. "Our main aim is to keep on developing natural resources required by Dabur through conservation and cultivation and secure long-term supply chain for herbal plants," he said, adding that the project provided employment and income generation opportunities to the rural people in the mountain region as a backward integration approach. (UNI) |
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Almond, cashew prices up on short supplies NEW DELHI, Aug 12: Almond (California) and cashew kernel prices moved up in the local wholesale dry fruits market today in view of tight supplies against pick up in demand from retailers and stockists and closed with gains. However, other dry fruits’ prices remained static in scattered deals. Marketmen said increased offtake by retailers against negligible arrivals from producing regions mainly pushed up almond and cashew kernel prices. They said reports of higher overseas advices too helped prices to improve. Almond (California) prices hardened by Rs 200 at Rs 9400 a 40 kg and its kernel also jumped to Rs 335-340 from Rs 324-325 per kilo largely on higher overseas advices. Cashew kernel (no 180, 210, 240 and 320) traded higher at Rs 370-375, Rs 340-350, Rs 300-305 and Rs 290-300 against the previous mark of Rs 350-360, Rs 335-340, Rs 295-300 and Rs 285-290 per kilo respectively. Following were today’s quotations per 40 kgs bag: Almond (California) 9,400, almond (gurbandi) 4,600 almond (girdhi) 3,700, almond kernel (California) 335-340 almond kernel (gurbandi) (kg) 320-330 and abjosh Afghani 5,800-10,000. Chilgoza raw (1 kg) 375 chilgoza (roasted) (1 kg) 610-615 cashew kernel 1 kg (no 180) 370-375 cashew kernel (no 210) 340-350 cashew kernel no.(240) 300-305 cashew kernel (no 320) 285-290 cashew kernel broken 2 pieces 240-270 cashew kernel broken 4 pieces 225-230 cashew kernel broken 8 pieces 150-200 copra (qtl) 7,000-7,200 coconut powder (25 kg) 1,100-1,800 dry dates red (qtl) 1,500-4,400 fig 8,000-12,000 kishmish kandhari local 4,800-5,200 kishmish kandhari special 8,000-10,000 kishmish indian yellow 2,800-4,000 kishmish indian green 3,500-5,500 kishmish sundekhani new 15,000-25,000 pistachio Irani 330-360 pistachio hairati 410-435 pistachio Peshwari 540-560 pistachio dodi 285-290 walnut new (kg) 50-80 walnut kernel new (1kg) 130-200. (PTI) |
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Wheat remains up on tight supplies NEW DELHI, Aug 12: Prices of wheat dara (for mills) continued to rise in the local wholesale grains market today with steady inflow of buying by rolling flour mills in the wake of tight supplies from producing regions, and registered further gains. Maida and sooji also strengthened. Marketmen said increased offtake by rolling flour mills against tight supplies from neighbouring producing regions pushed up the wheat (for mills) prices. Wheat dara (for mills) prices were up by Rs 5 each at Rs 775-777 per quintal. Maida and sooji also remained firm and traded higher at Rs 870-880 and Rs 900-910 per bag of 90 kilos respectively. Following were today’s quotations per quintal: Wheat MP (deshi) 900-1100, wheat dara (for mills) 775-777, chakki atta (delivery) 750-753, chakki atta rajdhani (10 kgs) 110, shakti bhog (10 kgs) 110, roller flour mill 795-820, maida 870-880 (90 kilos) and sooji 900-910 (90 kgs). Rice basmati (lal quila) 4400, shri lal mahal 4600, basmati common 2650-2950, permal raw new 1025-1080, old 1085-1110, permal wand 1175-1230, sela 1100-1160 and rice ir-8 1000-1040, bajra 530-540, jowar 550-575 (yellow), maize 590-610, barley (UP) 685-695 and Rajasthan 690-700. (PTI) |
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Black pepper, zeera down for want of support NEW DELHI, Aug 12: Prices of black pepper golden, cardamom brown and zeera drifted in the wholesale Kirana market today in the absence of necessary buying support and ended lower. The volume of business was restricted. Traders said sluggish demand from local parties against sufficient stocks brought down black pepper, cardamom brown and zeera prices. Black pepper golden prices eased by Rs 100 to close at Rs 7,800-7,900 against the previous mark of Rs 7,900-8,000 per quintal. Cardamom brown (jhundiwali) drifted by Rs 300 to finish at Rs 12,200-12,300 instead of Rs 12,500-12,600 per quintal on reduced offtake. Zeera common and dollar lost Rs 100 each to close at Rs 7,500-7,900 and Rs 7,900-8,100 per quintal respectively in view of sufficient stocks against lower advices from Unjha Mandies. Following were today’s quotations (in Rs per quintal): Ajwain 3,700-6,000, black pepper golden Rs 7,800-7,900 betelnut (kg) 64-74, cardamom brown (jhundiwali) Rs 12,200-12,300 and cardamom brown (kanchicut) Rs 14,000-17,000. Cardamom small (kg): chitridar 205-310, cardamom (colour robin) 275-285, cardamom bold 300-320, cardamom extra (bold) 500-520 and cloves (kg) 245-260. chirounji (new) (kg) 180-255 dry mango 2,000-8,500 dhania 2,100-3,700 dry ginger 14,000-17,500 dry pomegranatsee (Shimla) (kg) 140-145 kalaunji 3,100-3,300 mace-red (kg) 330-335 mace-yellow (kg) 350-355 methiseed 1,400-2,500 makhana (8-kg packing) 140-180 netmeg 165-175 poppyseed (kg Turkey) 130 poppyseed (kg MP-Raj) 125-130 poppyseed (kg UP) 110-115 red chillies 2,300-5,400 soya bari pariwar (20 kg) 400-440 saffron (kg) Irani 15,000-17,000 saffron (kg) Kashmiri 24,000-38,000 soanf 3,000-6,000 turmeric 3,350-4,650 tamarind 1,550-1,700 tamarind without seed 2,600-4,000 tea (kg) 50-125 watermelon kernel 4,300-4,400 zeera common 7,500-7,900 zeera dollar 7,900-8,100 (PTI) |
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VAT provisions may be reviewed: Dasgupta NEW DELHI, Aug 12: Chairman of empowered committee on Value-Added Tax (VAT), Dr Aseem Dasgupta today assured the traders that provisions of VAT, not acceptable to them might be reviewed before implementation in April 2005 "Contentious issues like reduction in penal provisions under VAT, revision of bills and documents to be filed under the system and other modifications suggested by the traders will be sincerely considered, "Dr Dasgupta told reporters after a meeting with traders. The Government will form a joint committee comprising traders and members of the empowered committee which will will monitor the progress in implementation of VAT and highlight the difficulties faced by traders, Mr Dasgupta said. "Lack of communication between traders and the Government on VAT has resulted in the business community having several apprehensions on VAT," he said. The West Bengal Finance Minister also clarified that one of the major grievance of the traders about multiplicity of taxes even after vat is implemented is completely unfounded as many additional taxes, which the trader now pays, will be subsumed after VAT is enforced. "Taxes like luxury tax and others will be included in VAT after it comes into force," he said. On the penal provisions under VAT, the chairman assured the traders that the empowered committee will sincerely consider their review after consulting all parties involved. Mr Dasgupta said barring few states most of the states have taken steps to implement VAT from April, 2005. "Some states have framed the legislation which is being circulated amongst the empowered committee members, while some others are in the process of framing them," he clarified. Allaying fears of price rise after VAT, Mr Dasgupta said, "infact it will be just the reverse of what is being thought, prices of goods will fall down as in the end traders will pay less as compared to the present tax structure." Mr Aseem Dasgupta categorically stated that their will be no alteration in slab rate of taxes proposed under VAT. (UNI) |
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LIC’s market share falls by 7.5 pc in Q1 NEW DELHI, Aug 12: Life Insurance Corporation’s market share dipped by over 7.5 per cent to 82.39 per cent, with private players increasing their toehold in life insurance industry that logged Rs 3,659 crore in premium income in the first quarter of this fiscal. The industry grew by 64 per cent recording Rs 1,354 crore in premium income from new businesses in June alone, with LIC contributing Rs 1,096 crore. During the first quarter, the life insurers mopped up Rs 3,659 crore in premium, according to figures compiled by IRDA. LIC mopped up Rs 3,015 crore during April-June, while private players clocked Rs 645 crore in the premium income. LIC’s market share would be higher if one includes Varishtha Pension Bima Yojana, which garnered Rs 985 crore in April-June 2004. The PSU insurance major’s market share slipped to 82.39 per cent till June 2004 from 89.91 per cent a year ago. In terms of number of policies sold, LIC’s market share was at 91.58 per cent after it brought 36.32 lakh lives under insurance cover in the first three months of this fiscal. LIC’s market share also came down to 65.63 per cent in terms of group insurance policies. Private players led by ICICI Prudential commanded 17.61 per cent of life insurance market till June. ICICI Prudential mopped up Rs 222 crore to acquire over 6 per cent market share. Other private players could not cross Rs 100 crore mark. Birla Sunlife clocked Es 94 crore and had a market share of 2.56 per cent, while Bajaj Allianz mopped up Rs 66 crore (1.8 per cent), HDFC standard life Rs 53 crore (1.45 per cent), SBI life Rs 51 crore (1.39 per cent) and Tata Aig Rs 50 crore (1.37 per cent). Other players like Aviva, Max New York Life, Kotak Mahindra old mutual, Ing Vysya, Amp Sanmar and Metlife had less than 1 per cent of the pie. In terms of group insurance schemes, SBI life topped the chart among private players with a market share of 7.73 per cent followed by Tata Aig (6.84 per cent) and Metlife (5.6 per cent). Others like HDFC standard life, Aviva, Max New York life, and Kotak each had 2-3 per cent of the market pie. (PTI) Countrywide strike to press for bipartite settlement GUWAHATI, Aug 12: The united forum of bank unions of the north east region today staged a protest, demanding an immediate settlement of 8th bipartite settlement with a reasonable wage revision. "The entire million-strong bank employees and officers of the country are going on a country wide strike on August 24 to project the process of abnormal delay in signing the last settlements by Indian Bank Association (IBA)," said Bank Employess Federation of North East region secretary Dinesh Kakati. He said out of the 18 points of demands, the IBA made four to five — their core issues, which were tried to be pushed through prior to any commitment on their part in respect of overall wage revision. Various issues such as mobility of staff within 15 zones of the country, hundred per cent computerisation with the provision of the latest technology, rationalisation of posts carrying special allowances and special leave facilities and exemption of certain categories of staff (engaged in sensitive installations) formed their right to stike, he added. Mr Kakati pointed out that as per wage revision, the IBA was totally non-committal rigidly sticking to their once declared Rs 818 crore for the award staff and Rs 604 crore for the officers, which constituted about 8.43 per cent even far below the 7th bipartite overall increase of 12.25 per cent. Meanwhile, the financial health of all the banks had improved substantially during the four years and the rate of net profit of most of the banks had posted more than 300 per cent rice, he added. Mr Kakati said, "such a good turnaround in financial health, bank employees and officers should naturally have their due share and profit and hence their reduced demand of 17 per cent overall wage increase (from the original 20 per cent) is a justified one to which iba is shutting its eyes." "To project our demands, all unions under the banner of UFBU have decided to register protest of the work force by a series of campaign programme," he added. Meanwhile, bank employees and officers of Assam were concerned over the unprecedented devastation made by this year’s flood in respect of lives and property of millions of people in the state, he said. "We also demand the Government to immediately arrange sufficient relief measures to save the lives of people and livestocks," he said and added, "we demand the centre to treat this flood problem as a "national problem" and to take effective steps to control the recurrence of flood every year. (UNI) |
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