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Africa-based pharma co MUMBAI, Dec 14: JB Chemicals and Pharmaceuticals Ltd (JBCPL) will invest around Rs 22.5 crore (5.1 million dollars) for a significant minority stake in South Africa-based Biotech Laboratories... .........more Rel Comm raises 1 bn dollar external loan NEW DELHI, Dec 14: Reliance Communication Ltd today concluded one billion dollar borrowing from international markets, .......more Delhi HC extends stay on award of contract by BSNL NEW DELHI, Dec 14: The Delhi High Court today extended the stay on award of contract by BSNL for rolling out 45 million lines for GSM network till January 15, when the matter would be taken up for .......more Recovery in Instanex Skindia DR Index MUMBAI, Dec 13: The Instanex Skindia DR Index recovered by 36.68 points or 1.66 per cent to 2,252.81 on December 13 and the Dr Index P/E Ratio also rose , ......more |
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Sutlej
Textiles lists at Rs 161.15 on the BSE MUMBAI, Dec 14: Sutlej Textiles and Industries Ltd, a K K Birla Group company, today got listed on the Bombay Stock Exchange at Rs 161.15.The company entered the capital market with over ,........more Members’ flay economic policies NEW DELHI, Dec 14: Supporting the nationwide strike by trade unions, members of Left parties, Samajwadi Party, TDP and BSP ......more MMTC invites bids for importing 15,000 tonne pulses NEW DELHI, Dec 14: State-owned trading firm MMTC Ltd has invited bids from global suppliers for import of 15,000 tonnes of pulses to meet the domestic shortfall.......more RBI watching inflation, liquidity: Rakesh Mohan NEW DELHI, Dec 14: Reserve Bank today said it is looking at liquidity, inflation and credit growth to see if it will have to take more steps to tighten monetary ..........more |
JB Chem to invest Rs 22 cr in S Africa-based pharma co MUMBAI, Dec 14: JB Chemicals and Pharmaceuticals Ltd (JBCPL) will invest around Rs 22.5 crore (5.1 million dollars) for a significant minority stake in South Africa-based Biotech Laboratories. The company today signed a definitive agreement to make a strategic investment of 5.1 million dollars in Biotech, JB Chemicals informed the Bombay Stock Exchange. The investment would entitle JB Chemicals to own a significant minority stake of the issued capital in Biotech with an option to increase its holding further in future, it added. "The investment into Biotech is a strategic fit for JBCPL. This investment in Biotech results in considerable synergies for both companies and will allow JBCPL to tap the lucrative high growth South African and other African markets through the launch of its ethical and OTC range of products including Doktor Mom," JB Chemicals Chairman & Managing Director J B Mody said on the strategic investment. The latest investment would strengthen JB Chemical’s position in South Africa in terms of participation in government and sector related tenders, the company said. The transaction, subject to requisite approvals and conditions is expected to be completed during the first quarter of 2007, it added. South Africa being the largest pharmaceutical market in Africa, valued at close to 3 billion dollars, with high potential for growth, gives J B Chemicals a definite leverage over other players. The transaction is valued at 1.1 times of Biotech sales of last year. Biotech is ranked 10th amongst the generic firms in the pharmaceutical private market in South Africa. (PTI) |
Rel Comm raises 1 bn dollar external loan NEW DELHI, Dec 14: Reliance Communication Ltd today concluded one billion dollar borrowing from international markets, amid reports that it was in talks with global equity players to acquire Hutchison’s stake in its Indian venture. RCL, a company of the Anil D Ambani Group, has raised the five-year unsecured loan. The deal was facilitated by ABN Amro, Standard Chartered and Citi Bank, banking sources said. The proceeds of the transaction, the biggest in Indian telecom sector, would be used for ‘general corporate purposes’. Reliance Communications, which is in the midst of an expansion drive, had earlier announced that it would raise upto 1 billion dollars by issuing securities in overseas markets. The conclusion of the loan comes while reports of RComm initiating talks with equity firms to acquire Hutchison’s Indian stakes in Hutch Essar JV gains momentum. The Hong Kong-published Asian edition of the Financial Times said yesterday three American firms-Carlyle, Blackstone and Texas Pacific Group-were in talks with RComm to buy 67 per cent stake held by Hutchison in the joint venture Hutch-Essar. (PTI) |
Delhi HC extends stay on award of contract by BSNL NEW DELHI, Dec 14: The Delhi High Court today extended the stay on award of contract by BSNL for rolling out 45 million lines for GSM network till January 15, when the matter would be taken up for final hearing. A bench comprising Acting Chief Justice M K Sharma and Justice Hima Kohli granted time to the parties after they sought adjournment. Motorola has challenged BSNL’s decision to disqualify it from the bidding process on technical parameters. Earlier, BSNL, which plans to expand its GSM network by 45 million lines had disqualified Motorola from the bidding process on technical parameters. (PTI) |
Recovery in Instanex Skindia DR Index MUMBAI, Dec 13: The Instanex Skindia DR Index recovered by 36.68 points or 1.66 per cent to 2,252.81 on December 13 and the Dr Index P/E Ratio also rose to 27.36 from 26.94 previously, Instanex Instanex Capital release said here today. Following are the GDR and ADR rates for Dec 13 in US dollars with differences in percentage from the previous level given in brackets. Bajaj Auto (GDR) 55.97 (-0.93) Dr Reddy (ADR) 17.23 (+2.56) HDFC Bank (ADR) 71.81 (+0.96) Hindalco (GDR) 3.78 (+2.16) ICICI Bank (ADR) 38.34 (+3.62) Infosys Tech (ADR) 54.03 (+0.19) ITC (GDR) 3.93 (-1.75) L&T (GDR) 32.00 (+3.90) MTNL (ADR) 5.88 (+0.86) Ranbaxy Labs (GDR) 8.30 (UNCH) Reliance (GDR) 55.50 (+1.83) Satyam Comp (ADR) 22.96 (+0.83) SBI (GDR) 68.85 (+3.91) VSNL (ADR) 17.22 (-2.10) Wipro (ADR) 15.11 (+0.47) (PTI) |
Sutlej Textiles lists at Rs 161.15 on the BSE MUMBAI, Dec 14: Sutlej Textiles and Industries Ltd, a K K Birla Group company, today got listed on the Bombay Stock Exchange at Rs 161.15. The company entered the capital market with over 1.09 crore equity shares of Rs 10 each fully paid-up, which were issued pursuant to the scheme of arrangement of Sutlej Textiles and Industries. The company was created as part of a corporate restructuring process, under which the textile businesses of Sutlej Industries Ltd (SIL) and Damanganga Processors Ltd were demerged into Sutlej Textiles last year. It is presently undertaking various capital projects of around Rs 487 crore, which are in the areas of spinning and captive power generation. (PTI) |
Members’ flay economic policies NEW DELHI, Dec 14: Supporting the nationwide strike by trade unions, members of Left parties, Samajwadi Party, TDP and BSP today walked out of the Lok Sabha and forced a brief adjournment in Rajya Sabha protesting government’s economic policies. As soon as the Lok Sabha assembled, leaders of these parties vociferously demanded that Question Hour be suspended to discuss problems faced by the working class which was on strike across the country. They were supported by RJD members. When Speaker Somnath Chatterjee refused to allow the notice given by them for suspension of Question Hour and asked them to raise the issue during Zero Hour, members of all these parties, barring the RJD, walked out of the House.
Earlier, members of the Left, SP, Asom Gana Parishad and other parties staged a demonstration at the portico of Parliament. They raised slogans condemning various "anti-labour and anti-people" policies of the Government and supporting the all-India industrial strike. (PTI) |
MMTC invites bids for importing 15,000 tonne pulses NEW DELHI, Dec 14: State-owned trading firm MMTC Ltd has invited bids from global suppliers for import of 15,000 tonnes of pulses to meet the domestic shortfall. MMTC intends to import 5,000 tonne each of urad, tur and green moong by February 2007, a company official said today. The company has stipulated that 3,000 tonne each of urad, tur and moong should be delivered at Mumbai. Besides, 1,000 tonne each have to be delivered at Kolkata and Chennai ports. The last date for submission of bid has been fixed as December 19, according to the tender document which was notified in the company's website on December 8. MMTC, a public sector undertaking under the Ministry of Commerece, has been authorised by Government to import pulses after customs duty was brought down to zero as part of steps to rein in the rising prices of essential commodities. The government had recently extended duty-free import of pulses by four months till August 2007 from April earlier. Import of pulses was allowed in order to meet the gap created due to lower output and higher domestic demand. "Import of pulses are allowed to bridge the gap between demand and supply," Minister of State for Agriculture Kanti Lal Bhuria had said in the Rajya Sabha recently. (PTI) |
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RBI watching inflation, liquidity: Rakesh Mohan NEW DELHI, Dec 14: Reserve Bank today said it is looking at liquidity, inflation and credit growth to see if it will have to take more steps to tighten monetary conditions. "Everything depends on evolving circumstances... Have to look at inflation, liquidity and credit growth," RBI deputy governor Rakesh Mohan said when asked whether the central bank will put a pause on monetary tightening. Last week, RBI had incresed the cash reserve ratio, the percentage of deposits that banks must park with it, to absorb Rs 13,500 crore from the economy as part of measures to check rising prices and sustain the growth momentum. Though RBI also takes note of international developments, there was no direct link between moves by US Fed and domestic interest rates, Mohan said on the sidelines of an ICRIER conference here. Federal Reserve, the US central bank, had recently decided to keep interest rates unchanged for the fourth straight time, saying economic growth in the US had weakened, propelled by a "substantial" slowdown in the housing market. At its final meeting of 2006, the US central bank left its target for the federal funds rate at 5.25 per cent. (PTI) |
L&T bags contracts of Rs 385 cr from Chinese petrochem major MUMBAI, Dec 14: Engineering and construction major, Larsen & Toubro has bagged two contracts worth Rs 384.78 crore (86 million dollars) from leading Chinese petrochemical company Sinopec. L&T would design, manufacture and supply three ethylene oxide reactors, each weighing in excess of 1000 tonnes, which would form part of the petrochemical plant of Sinopec, the company informed the Bombay Stock Exchange. The company bagged the contract against competition from Japanese and German firms, which reflect the credibility of L&T in international markets for high technology manufacture, it added. In the last two years, L&T had supplied equipment valued over 300 million dollars to China. In China, L&T has recently set up a factory for the manufacture of switchgear in Wuxi, Jiangsu, for valves in Yangcheng, Jiangsu, and would soon have manufacturing facilities for rubber processing machinery in Jionan, Qingdao. The company is among the few firms in the world which has approval from the Chinese Heavy Industry Ministry with SQL certification for supply of critical equipment. The shares of Larsen and Toubro were trading at Rs 1444.95, up 1.70 per cent on the BSE. (PTI) |
Accentia Technologies to acquire BPO companies in US... MUMBAI, Dec 14: Giving shape to its acquisition driven expansion spree, Accentia Technologies today said it is in the final stages of acquiring US-based Business Process Outsourcing (BPO) service firms. Accentia Technologies Director Pradeep Viswambharam is currently wrapping up the acquisition of the BPO companies to improve operational margins, the company informed the Bombay Stock Exchange. Accentia has its Business Process Outsourcing (BPO) presence with operations located at Thiruvanathapuram, Pennsylvania and London. The company has also entered into a strategic alliance with Bangalore-based Asscent Infoserve for using their infrastructure facilities of 7,000 square feet for BPO services. Meanwhile, the company has filed an application in the Mumbai High Court for the amalgamation of Iridium Technologies (India) and Geosoft Technologies (Trivandrum) with itself. In March this year, Accentia acquired Geosoft Technologies. Accentia has its BPO presence with operations located at Thiruvanathapuram, Pennsylvania and London. (PTI) Tata Motors looks to launch cars, commercial vehicles in China NEW DELHI, Dec 14: Describing China as a 'fascinating and seductive' market, auto major Tata Motors has said it was looking at options to launch commercial vehicles and passenger car range, preceded by a manufacturing plant. "From the sourcing and selling point of view, China is both fascinating and seductive market... And we have been looking at this market for the last two years," Tata Motors Managing Director Ravi Kant told PTI here. He, however, said entry into China was not an easy task. "We have to tread cautiously. We have not been able to find a solution for an entry to the market partly due to the entry policy provisions there," he said. On whether the entry would be through a joint venture, he said: "We are currently looking at many possibilities". Asked about the type of vehicles the company planned to sell in the market, he said it could be both commercial and passenger vehicles. Kant admitted that Tata Motors would need a manufacturing presence in China if it had to sell its products there. He said dealings with component manufactures in China was a way forward for the company for setting up its own operations there. "These vendors give us an idea of the market and how and where component sourcing should be done," he said. On the benefits of sourcing components from the country, he said it was advantageous for any company as the landed cost of produce from China was cheaper than getting from India. "In many cases, the landed cost, including transportation and customs duty, is 10-15 per cent lower than here," Kant said, adding that Tata Motors was in touch with vendors in China as part of such plans. (PTI) |
Pvt equity investments soar to $5.4 bn so far in 2006 NEW DELHI, Dec 14: India, the world’s second-fastest growing economy and a global outsourcing hub, has seen private equity funding more than double in 2006 as cash-rich investors from US and Europe eye a major chunk of the booming market. The total investments by private equity players have soared to 5.4 billion dollars in the first nine months of 2006 compared to 2.2 billion dollars in the whole of last year, global consulting firm PricewaterhouseCoopers said in a study. As many as 246 deals have taken place so far in 2006 as against 169 in the whole of 2005, it added. The largest deal was the 900 million dollar buyout by Kohlberg Kravis Roberts and Co, one of the largest PE funds in the US, for 85 per cent in Flextronics Software. Singapore’s Temasek bought 10 per cent stake in Tata Teleservices for 360 million dollars, Farallon invested 143 million dollars in Indiabulls Financial and Warburg Pincus acquired 27 per cent stake in Lemon Tree Hotels, PwC said. The steady inflow of investments in India is attributed to the growing consumer spending, which has lead to emergence of high demand and a fast growing market. Besides, the increasing recognition of India as a high-quality, low-cost production and Research and Development destination also lured PE investors to the country. However, as compared to the traditional seed or growth stage funding that venture capitsalists provide in other markets such as the US and Europe, investments in India have mostly been for late-stage funding and private investments in public enterprises, PwC said. (PTI) |
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