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| BCCL scouting for JV partner to
develop coking coal mine KOLKATA, Aug 25: Bharat Coking Coal Ltd (BCCL), a subsidiary of Coal India Ltd is ready to join .........more Deccan Chronicle to invest Rs 20 cr; allow FII trade MUMBAI, Aug 25: Deccan Chronicle Holdings Ltd today said it would invest upto Rs 20 crore for starting the Mangalore and ...........more Tech Mahindra shares to be listed on Monday next MUMBAI, Aug 25: Tech Mahindra, a leading Indian provider of IT solutions to telecom companies whose Initial Public Offering (IPO) issue was closed for subscription on August 4 will be listed on the Indian bourses on Monday next. ......more Instanex Skindia DR Index recovers marginally MUMBAI, Aug 25: The Instanex Skindia DR Index recovered marginally by 0.63 points or 10.78 points to 1,723.54 on August 24 and the Dr Index P/E ratio also moved up to 22.26, Instanex .......more |
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Jindal seeks regulation of iron
exports BANGALORE, Aug 25: India's leading steel maker Jindal Group today pleaded for restrictions in exports of iron ore .........more Lockheed Martin to strike deals with Indian firms this year BANGALORE, Aug 25: Lockheed Martin intends to strike agreements this year with Indian ...........more Educomp authorises BoD to borrow Rs 1,000 cr and raise $25mln NEW DELHI, Aug 25: Educomp Solutions Ltd today said its board has been authorised to borrow Rs 1,000 crore as well as to raise up 25 million dollars through issue of securities......more LG Life Sciences launch 'Venofer' for Kolkata market KOLKATA, Aug 25: LG Life Sciences India Pvt Ltd has launched "Venofer"--the intravenous iron therapy for the treatment of iron deficiency anaemia--in the Kolkata market. ........more |
BCCL scouting for JV partner to develop coking coal mine KOLKATA, Aug 25: Bharat Coking Coal Ltd (BCCL), a subsidiary of Coal India Ltd is ready to join hands with steel companies to develop the Kapuria block in Jharkhand, which has a reserve of 40 million tonnes of prime coking coal. "Kapuria is a virgin block and BCCL is ready to form a joint venture with steel companies like the Steel Authority of India Ltd or Tata Steel as it will require substantial investment to develop the mine," BCCL Chairman and Managing Director Partha S Bhattacharya told PTI here. Asked whether BCCL has identified the JV partner to develop the mine, he said the company would go for tendering. He said that substantial investment would be required to develop it as it was a gassy underground mine. Bhattacharya, who will take over as Coal India Chairman in October, said that BCCL has held talks with SAIL for the development of a seam of the Moonidih mine which has a reserve of 38 million tonnes of coking coal. "SAIL has agreed in principle to invest about Rs 450 crore for the development of the mine and an MOU between the two companies is expected to be signed in 6 to 8 months time," he said. He said that currently the Central Mine Planning Design Institute (CMPDI), also a CIL subsidiary, was working on the mine plan and BCCL would float a global tender for procuring equipment and technology to develop the Moonidih block. Bhattacharya said that BCCL and SAIL have joined hands to develop another seam of Moonidih block which would have an annual production capacity of 0.6 million tonnes and which would be increased to 1.2 MT in about 3/4 years time. SAIL would invest Rs 311 crore in two phases for the development of the block. Global tender was floated earlier for the procurement of equipment and technology and price bids were submitted. "At present, price bids are being evaluated." To a question, he said that once the equipment was procured, work would start for the development of the mine. The entire production of coking coal would be supplied to SAIL. Currently, the coking coal requirement of the steel sector in the country stood at over 40 million tonnes and over 25 MT was imported. Of the 15 million tonnes indigenous production, Coal India supplied a little over 10 MT while the rest was produced by Tata Steel and IISCO steel plant mines. On Coal India making a foray into power generation, Bhattacharya said that the company has to look at it responding to the emerging scenario. "We have to go for value addition and CIL had some preliminary talks with Neyveli Lignite Corporation for diversifying into the power generation business. It will be easier to transport power than coal," he said. CIL has also planned to go
for production of coal bed methane and underground coal
gassification, he said. (PTI) |
Deccan Chronicle to invest Rs 20 cr; allow FII trade MUMBAI, Aug 25: Deccan Chronicle Holdings Ltd today said it would invest upto Rs 20 crore for starting the Mangalore and Dharwad editions besides allowing Foreign investors to trade in its shares. The Board of Directors at its meeting held today approved that Foreign Institutional Investors (FIIs) could invest upto 14 per cent in its equity shares, subject to necessary provisions, the company informed the Bombay Stock Exchange. The company would utilize an amount of up to Rs 20 crore as investment for the purpose of starting the Mangalore and Dharwad editions, it said. The Board also authorised the exploration of inorganic growth opportunities and appointed KPMG to undertake due diligence of the prospective opportunities, it added. The shares of the company were trading at Rs 533, down 2.85 per cent at the BSE. (PTI) |
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Tech Mahindra shares to be listed on Monday next MUMBAI, Aug 25: Tech Mahindra, a leading Indian provider of IT solutions to telecom companies whose Initial Public Offering (IPO) issue was closed for subscription on August 4 will be listed on the Indian bourses on Monday next. Tech Mahindra has fixed
the issue price at the upper end of the price band at Rs
365 per equity share of Rs 10. The price band for the
issue was Rs 315 at the lower end to Rs 365 at the higher
end. Despite uncertain market conditions, its IPO
received an overwhelming response from all categories of
investors. The equity shares would be listed at the
Bombay Stock Exchange(BSE) and National
StockExchange(NSE).(UNI) |
Instanex Skindia DR Index recovers marginally MUMBAI, Aug 25: The Instanex Skindia DR Index recovered marginally by 0.63 points or 10.78 points to 1,723.54 on August 24 and the Dr Index P/E ratio also moved up to 22.26, Instanex Capital release said here today. Following are the GDR and ADR rates for Aug 24 in US dollars with differences in percentage from the previous level given in brackets. Bajaj Auto (GDR) 59.00 (UNCH) Dr Reddy (ADR) 31.32 (+0.26) HDFC Bank (ADR) 56.02 (-0.59) Hindalco (GDR) 3.55 (+1.14) ICICI Bank (ADR) 26.38 (+0.11) Infosys Tech (ADR) 43.35 (-0.41) ITC (GDR) 3.83 (-0.52) L&T (GDR) 51.00 (UNCH) MTNL (ADR) 6.59 (+2.97) Ranbaxy Labs (GDR) 8.37 (-0.36) Reliance (GDR) 47.75 (+4.95) Satyam Comp (ADR) 37.87 (+0.32) SBI (GDR) 46.01 (+0.04) VSNL (ADR) 17.68 (+1.09) Wipro (ADR) 12.54 (-1.10) (PTI) |
Jindal seeks regulation of iron exports BANGALORE, Aug 25: India's leading steel maker Jindal Group today pleaded for restrictions in exports of iron ore from the country to help domestic steel industry increase production. Jindal Steel Works (JSW) Vice Chairman and Managing Director Sajjan Jindal told newsmen on the sidelines of a workshop on Steel in Construction that currently the country was exporting 90 million tonnes of superior grade iron ore, leaving the domestic industry a share of only 75 million tonnes of ore mined in the country. Stating that channalisation of exports could offer a possible solution, he said that availability of iron ore could ensure faster expansion of domestic steel producers. China is a major gobbler of Indian iron ore. He said that there was no control on ironore exports in the country today and this had led to increased illegal mining. Neither the Central nor the State Governments were benefiting any revenue from these exports he said and added that the States should clamp down heavily on illegal mining and ensure they earn adequate revenue from the sector. Mr Jindal said that the Centre should come out with an appropriate policy direction in this regard. On the Jindal's group expansion plans, he said that the Group was planning a greenfield Steel project in Jharkhand with a capacity of ten million tonnes. It aimed to emerge as a 25 million tonne producer by 2015. On the Jindal Vijayanagar Steel plant he said that the expansion of the unit to four million tonnes from 2.5 million tonnes was completed last month and work had been initiated to further expand the capacity to seven million tonnes. Over the next four years the plant would see an investment of around 20,000 crore, mostly through internal accruals and debt to raise it to a final capacity of 10 million tonneds, which would make Jindal Vijayanagar as the larger Steel producer in the country in a single location. Replying to a question he said the company had currently no plans to mergers or acquisitions abroad, but wanted to concentrate expansion within the country to cater to the growing demand. (UNI) |
Lockheed Martin to strike deals with Indian firms this year BANGALORE, Aug 25: Lockheed Martin intends to strike agreements this year with Indian firms that could work with it in production and offset requirements relating to the company products, an executive of the US-based defence major said. "Our long-range goal is to form relationships with both publicly and privately-owned Indian aerospace and defence companies that could work with us to meet licensed production and offset requirements related to future sales of the F-16 or other Lockheed Martin products," Lockheed Martin Vice President for Business Development - India Orville Prins said. "We hope to start this process by establishing some initial agreements this year, independent of any aircraft sales to the Government of India," he said in a release today. On August 21 and 22, representatives of the New York Stock Exchange-listed firm and 15 of its industry teammates, including BAE Systems, Smiths Aerospace, Elbit, and General Electric, hosted 59 Indian organisations here in the first Lockheed Martin aerospace and defence supplier conference. Prins said the purpose of the event was to learn about the capabilities of Indian companies and provide them information on potential opportunities to work with Lockheed Martin and its industry teammates. The participating Indian entities included engineering, IT and manufacturing firms, as well as leading Indian industry organisations, according to the statement. "We were impressed with the range of capabilities presented by the Indian aerospace and defence sector, as we met with the Indian companies and collected data that can be used for follow-up later," Prins said. (PTI) |
Educomp authorises BoD to borrow Rs 1,000 cr and raise $25mln NEW DELHI, Aug 25: Educomp Solutions Ltd today said its board has been authorised to borrow Rs 1,000 crore as well as to raise up 25 million dollars through issue of securities. ''The members have authorised the BoD to borrow money upto the limits of Rs 1000 crore, subject to provisions and approvals,'' a company statement said. The funds will be raised from domestic and international markets through issue of equity shares, Convertible Debentures, Foreign Currency Convertible Bonds (FCCBs), Euro Issue and other securities aggregating upto 25 million dollars. At the Annual General Meeting the members also adopted the audited annual accounts for the financial year 2005-06 and declared a dividend of Rs 1.50 per equity share. Last month, the company launched a 24x7 math-help programme, Mathguru.Com, designed to help students solve problems as per their curriculum, text books or syllabus. (UNI) |
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LG Life Sciences launch 'Venofer' for Kolkata market KOLKATA, Aug 25: LG Life Sciences India Pvt Ltd has launched "Venofer"--the intravenous iron therapy for the treatment of iron deficiency anaemia--in the Kolkata market. The intravenous iron injection is required for treatment of chronic kidney patients, pregnancy, premature infants, preoperative setting, inflammatory bowel disease, chronic heart failure and anaemia associated with cancer, LG Life Sciences said in a statement. Venofer, the iron sucrose injection, is manufactured by Vifor (International) Inc the noted Swiss Healthcare company. Venofer has already sold 92 million doses and is used in over 80 countries. The injection is approved by the FDA in the USA, the statement said. (UNI) |
Fitch affirms 'F1(ind)' to Arch Pharma's debt NEW DELHI, Aug 22: Global credit rating agency Fitch today affirmed 'F1(ind)' rating to Arch Pharmalabs' short-term debt programme following an increase in the programme size to Rs 30 crore from Rs 10 crore. The enhancement reflects the increased size and the company's scale of operations as reflected in its revenue growth. The company's revenues grew at a three year CAGR of over 50 per cent, Fitch said in a statement. The rating also takes into account the company's dominant share in the global pencillin side chains market, it said. (PTI) GMR achieves financial closure of Farukhnagar-Jadcherla project MUMBAI, Aug 24: GMR Infrastructure Ltd today said it has achieved financial closure of the Rs 471 crore Farukhnagar-Jadcherla road project. The road project on NH-7 in Andhra Pradesh, which was being executed by its subsidiary GMR Jadcherla Expressways Pvt Ltd, achieved financial closure on August 18, the Bangalore-based infrastructure major informed the Bombay Stock Exchange. The capital cost of the project was met by way of equity and debt in the ratio of 1:3, wherein the debt component was Rs 353 crore and the equity component was Rs 118 crore, it added. The debt component was syndicated by ICICI Bank Ltd and was tied up with bankers such as the Central Bank, Canara Bank, Bank of Baroda, Andhra Bank, Vijaya Bank, Bank of India and ICICI Bank as lead lender. The equity component came with an option to bring five per cent of project cost as subordinate debt in lieu of equity. Shares of the company were trading at Rs 215.80, up 2.76 per cent at the BSE. (PTI) Airtel inks Rs 4500 cr network expansion deal with Ericsson NEW DELHI, Aug 24: Bharti Airtel has awarded Swedish telecom vendor Ericsson a one billion dollar (about Rs 4500 crore) contract extending over three years, to cover expansion and upgrade of its GSM, GPRS network as well as managed services to increase network capacity and services footprint. The contract will enable Bharti Airtel rapidly expand its mobile services footprint further and reach out to all towns and cities in 15 telecom circles in the country. The three-year service contract with Ericsson is towards the design, planning, supply and installation commissioning of Airtel networks in these circles, a Bharti statement said. Last year Bharti Airtel had signed a 250 million dollar (Rs 1,075 crore) contract with Ericsson, to set up and maintain Airtel’s cellular network in 3,000 towns and villages across the country. In 2004, they had signed a 400 million dollar agreement for supply of GSM network. Ericsson will also upgrade the network with mobile softswitch (Media Gateway and MSC Servers), the solution that paves the way to an all-IP network. Bharti Airtel will be able to reduce the operational costs and introduce new services in a cost-efficient way. The scope of the agreement extends to 15 Airtel circles of Delhi, Haryana, Punjab, Himachal Pradesh, UP (West), Andhra Pradesh, Tamil Nadu, Chennai, Karnataka, Kerala, Rajasthan, UP (East), Jammu & Kashmir, Assam and North East. Manoj Kohli, president, Bharti Airtel said, "Our partnership with Ericsson is testament to this belief as it allows us to focus on delivering better customer experience even as we leverage the world class expertise of our partners to roll out our networks across all census towns by March 2007. In addition, we are also sourcing next generation products that will allow us to deliver innovative products & services to our customers." This partnership will enable Airtel to channel its resources and expertise to its core areas of product innovation, value added services, marketing, branding and pricing, while simultaneously providing world class mobile services by leveraging Ericsson expertise in network management. Our partnership with Bharti Airtel resulted in the first managed services contract in the industry. Speed of roll-outs plays an extremely important role in large expansions of this nature. Ericsson has demonstrated expertise in this area, said Mats Granryd, Managing Director, Ericsson India. Ericsson is a long-term
Bharti partner, managing more than 70 per cent of its
GSM/GPRS network in 15 regions in India. (PTI) |
Ministries of small scale, agro have no schemes for SC/STs’ NEW DELHI, Aug 24: A Parliamentary Standing Committee has observed that Union Ministries of Small Scale, Agro, Rural and Textiles have no specific schemes for traditional SC/ST artisans. According to the Committee, a focussed approach towards the development of SC/ST artisans is possible only if these Ministries start schemes separately and implement the same in consultation with the Ministry of Social Justice and Empowerment and the Ministry of Tribal Affairs. |
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