IOC
offers stake to Kuwaiti firms in its
Panipat plant
NEW DELHI, June 16:Indian Oil
Corporation today offered a stake to
Kuwaiti companies in its upcoming
petrochemical plant at Panipat and the
proposed refinery at Paradip.
"We
discussed our upcoming projects...
Panipat cracker and Paradip
refinery," IOC chairman S Behuria
told reporters after visiting the Kuwaiti
Oil Minister.
He said
IOC's participation in upstream project
in Kuwait also figured in the discussion.
(PTI)
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Powergrid posts
28.4% increase in profit
NEW DELHI, June 16: Power transmission
major Power Grid Corporation of India Ltd
(PGCIL) today announced a 28.4 per cent
increase in its Q4 2005-06 net profit at
Rs 1009 crore as against Rs 786 crore in
th previous year.
PGCIL CMD
R P Singh said that a nunber of new
projects have been undertaken to enhance
inter-regional power transfer capacity to
18000 MW by 2007 and 37200 MW by 2011-12.
(UNI)
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Tantia
Constructions bags Rs 40 cr order from
Balrampur Chini
MUMBAI, June 16:Infrastructure
company Tantia Constructions Ltd has
bagged an order worth Rs 40 crore from
leading sugar manufacturer Balrampur
Chini Mills Ltd for undertaking
construction work at an upcoming sugar
mill.
The
project, which is scheduled to be
completed within six months, entails the
construction of infrastructure and
foundation works for the 8,000 tcd (tonne
crushed per day) sugar mill at Balrampur,
the company informed the Bombay Stock
Exchange.
The
Kolkata-based company has also secured a
Rs 20.52 crore order from the South
Central Railway for constructing the
super structure of a 1 km long bridge
over the Krishna river.
The
project is to be completed within twenty
four months, the company added. (PTI)
|
Aban
Loyd to acquire 33.76 pc stake in
Norwegian Co
MUMBAI, June 16:Leading offshore
drilling services provider, Aban Loyd
Chiles Offshore Ltd (ALCO) today said its
Singapore subsidiary will acquire 33.76
per cent stake in Norway-based Sinvest
ASA.
Aban
Singapore Pte entered into a definitive
share purchase agreement with Skeie Group
to acquire 2.04 crore shares,
representing 33.76 per cent of voting
share capital of Sinvest which is listed
on the Oslo Stock Exchange.
The
transaction is based on an equity value
of about 1,320 million dollar for Sinvest
and an enterprise value of about 2,250
million dollar, the company informed the
Bombay Stock Exchange.
"The
proposed acquisition of a large stake in
Sinvest will enable ALCO to further its
mission of becoming a significant global
player in oilfield services
industry," Aban Loyd Managing
Director Reji Abraham said.
The
substantial stake in Sinvest would help
Aban Loyds current business and would
place it into the league of top 10
offshore drilling service providers in
terms of offshore drilling assets under
management, it added.
UTI Bank
Ltd acted as the mandated lead arranger
for arranging the credit facilities for
the transaction, while three other banks
-- Bank of Baroda, Bank of India and
Export-Import Bank of India were the lead
arrangers. Motilal Oswal Investment
Advisors Pvt Ltd acted as advisor for the
transaction.
Sinvest is
a large jack-up drilling company with a
50 per cent stake in Norway-based Venture
Drilling AS, and the entire equity of
Beta Drilling AS. (PTI)
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PGCIL
net up 28.4 per cent; to invest Rs 6,000
cr in 2006-07
NEW DELHI, June 16:State-owned Power
Grid Corporation of India today reported
over 28 per cent jump in net profit at Rs
1,009 crore in 2005-06 and announced an
investment of whopping Rs 6,000 crore in
the current fiscal.
Addressing
the media, PGCIL CMD R P Singh said the
company invested about Rs 5,000 crore in
the last fiscal on various projects
including National Grid Development.
PGCIL has
already established national grid
(inter-regional capacity) to transfer
9,500 MW of electricity, Singh said
adding "We have undertaken a number
of projects to enhance inter-regional
power transfer capacity to 18,000 MW by
2007 and 37,200 MW by 2011-12."
The
development of national grid would result
in saving investment of upto Rs 60,000 cr
on account of reduced capacity addition
requirement, Singh said.
According
to provisional figure, PGCIL turnover in
2005-06 increased by 25.5 per cent at Rs
3,554 crore compared to Rs 2,831 crore in
the previous fiscal. (PTI)
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Haryana
to launch project for improving power
distribution
CHANDIGARH, June 16:The Haryana Power
Utilities have decided to launch a pilot
project involving laying of underground
distribution cables through ducts to
improve the distribution of power system
in the industrial districts of Gurgaon
and Panipat.
A decision
to this effect was taken in a meeting
presided over by Chief Minister Bhupinder
Singh Hooda to review the functioning of
Power Utilities here yesterday.
It was
decided in the meeting that the
modalities for the implementation of the
pilot project would be finalised shortly.
It was also decided to speed up the work
to segregate the urban and rural feeders
and complete the segregation in the next
18 months, which would help in
stabilizing the supply of power in urban
as well as rural areas.
The Chief
Minister was briefed by engineers of
Power Utilities that the project to shift
electricity meters from within the
boundaries of each complex and installing
them at a common place in a cluster had
started. This move had yielded
encouraging results as the line loses in
certain areas have shown a significant
decrease.
Initially,
this project was being implemented in the
sectors developed by Haryana Urban
Development Authority (HUDA). Under this
project, the meters were being installed
in a specially designed almirah and each
such meter was being sealed properly.
However, a provision has been made for
the consumers to put their own seal too
to allay doubts of tampering.
The
meeting was informed that a target had
been set to reduce line loses by more
than six per cent during this year and to
achieve it, a number of steps are being
taken. With a view to make adequate power
available to the consumers, competitive
bids have been invited for 2000 MW upto
June 29.
While
addressing the meeting, Mr Hooda said
that in case the monsoon remained normal,
the power position would be comfortable
otherwise, every effort would be made to
purchase power to ensure adequate supply
to the consumers. As many as 2294 lakh
units of power was purchased on short
term basis in April and May, to meet the
increased demand, he added.
The Chief
Minister directed to ensure that both
units of 300 MW thermal power plant being
set up at Yamunanager must be operational
on schedule in November 2007 and March
2008. He also reviewed the status of the
1000 MW coal based thermal power plant to
be set up at Matanhail in Jhajjar
district through competitive bidding.
A 1000 MW
coal based thermal power plant would also
be set up at Hisar by Haryana Power
Generation Corporation Ltd at a cost of
Rs 4000 crore, the Chief Minister told
the meeting. (UNI)
|
LG CDMA
launches RD 6330 MOVIEFONE
NEW DELHI,
June 16:LG CDMA
today announced the launch of its
RD 6330 Moviefone, mobile handset
equipped with spontaneous video
recording facility.
The handset also
offers a camera with still and
sequential shots, 4X zoom and
flash.
''LG wishes to
broad-base the camera and video
recorder mobile experience to the
mass mobile market. The phone is
available with Reliance India
Mobile,'' LG CDMA Mobiles country
head TK Baek said.
The new set, priced
at Rs 5,500, comes in silver and
black finish, contemporary square
design and a 65000 colour
display. (UNI)
|
Exide Ind to
split shares in 1:10 ratio
MUMBAI, June
16:Leading storage
battery maker, Exide Industries
Ltd today said it will split
equity shares of the company in
the ratio of 1:10.
The
board of directors at its meeting
today recommended the splitting
of one equity share of Rs 10 into
ten shares of Re 1 each, subject
to shareholders approval, Exide
informed the Bombay Stock
Exchange today.
"The
split, if approved by the
shareholders, is expected to add
liquidity to the Exide shares in
the stock market and we hope more
people will be able to join the
family of Exide
shareholders," Exide
Industries executive chairman and
chief operating officer S B
Ganguly said.
The
stock split would raise the
number of shares by ten times
thereby offering better float and
liquidity to the shares in the
stock market, it added.
However,
the change in the face value of
the shares from Rs 10 to Re 1
would not affect its total share
capital of Rs 75 crore.
The
stock-split would be up for the
shareholders approval at the 59th
Annual General Meeting to be held
on July 21. (PTI)
|
Smart
rally in Instanex Skindia DR
Index
MUMBAI, June
16:The Instanex Skindia
DR Index shot up by 7.86 per cent
or 110.80 points to 1,520.20 on
June 15 and the Dr Index P/E
ratio also firmed up to 20.81,
Instanex Capital release said
here today.
Following
are the GDR and ADR rates for
June 15 in US dollars with
differences in percentage from
the previous level given in
brackets.
Bajaj
Auto (GDR) 54.50 (+15.96)
Dr
Reddy (ADR) 27.63 (+8.18)
HDFC
Bank (ADR) 51.51 (+12.61)
Hindalco
(GDR) 3.35 (+6.35)
ICICI
Bank (ADR) 25.55 (+10.94)
Infosys
Tech (ADR) 69.66 (+5.58)
ITC
(GDR) 3.25 (UNCH)
L&T
(GDR) 45.00 (+15.09)
MTNL
(ADR) 6.95 (+9.62)
Ranbaxy
Labs (GDR) 7.85 (+6.08)
Reliance
(GDR) 38.80 (+4.86)
Satyam
Comp (ADR) 32.15 (+10.29)
SBI
(GDR) 40.25 (+4.41)
VSNL
(ADR) 15.15 (+7.68)
Wipro
(ADR) 11.66 (+8.16)(PTI)
|
|
CEAT
increases tyre prices by
2-10 pc
NEW
DELHI, June 16:Tyre
major CEAT has increased
by 2-10 per cent prices
of its products across
various categories,
citing increasing input
costs.
The
product range affected by
the hike includes trucks,
light trucks, passenger
cars and utility
vehicles, a company
statement said here.
"A
price hike was essential
to meet the manufacturing
cost which had shot up.
This will enable us to
stay committed to
enhancing the quality of
our products and
upgrading our
technologies," CEAT
Vice-President Marketing
and Sales Arnab Banerjee
said.
Subsequent
to the hike in truck
tyres by 6-9 per cent,
light truck by 6-10 per
cent truck tyres prices
have risen by Rs
1000-1500 per pair, the
statement said.
A
marginal hike in car
tyres by 3-6 per cent,
will result in an
increase of Rs 100-200
per pair of car tyres.
The car and jeep radial
has been increased by 2-4
per cent, it said.
Recent
months have seen the
continuing trend of steep
hike in the prices of raw
materials, which account
for over 70 per cent of
the production cost of
tyres, it said.
The
price of natural rubber
has increased to Rs 120
per kg from Rs 90 per kg
May, a 30 per cent jump.
Besides rubber, carbon
black - another key raw
material, has seen a 25
per cent price
escalation.
The
company said the rising
inpust costs has seen a
10-12 per cent increase
in its manufacturing
costs in the past one
year. (PTI)
Bank
of India launches
Shatabdi deposit scheme
THIRUVANANTHAPURAM,
June 16:Bank
of India has launched a
new Long Term Deposit
Scheme "Shatabdi
scheme," as part of
its centenary year
celeberations, offering
an interest of eight per
cent per year.
The
scheme would offer nine
per cent interest to
senior citizens upto ten
years, Bank CMD M
Balachandran told
reporters at a press
conference here.
Balachandran
said as part of the
Centenary Year, the bank
would launch for
customers many more
deposit schemes such as
flexi recurring deposit,
flexi annuity pension
deposit scheme and salary
saving scheme during this
month.
The
bank also plans to adopt
and overall develop 101
villages in the country.
In Kerala, Marottichal
village in Thrissur and
Mannur in Ernakulam would
be adopted.
ATM
kisan card and mobile ATM
for villages would also
be launched soon.
The
bank would open a branch
in Qatar soon and also
has plans to upgrade the
busines in China, Vitenam
and Indonesia, he said.
The
Bank's Kerala zone
registered a net profit
of Rs 701.44 crore upto
March 2006 compared to Rs
340.05 crore for the
corresponding period of
the previous year. (PTI)
|
|
Bill
Gates to give up 'day-to-day
role' in Microsoft
WASHINGTON,
June 16:In a major
announcement Microsoft co-founder
Bill Gates has said that he will
be giving up his day-to-day role
in the company in two years
though he will continue to be the
chairman of the IT giant.
The
50-year-old Gates has said that
he wants to spend more time in
his Foundation and on activities
of the non profit foundation.
While
Chief Technical Officer Ray Ozzie
will be taking over Gates' title
of chief software architect,
Craig Mundie, now chief technical
officer, will take the new title
of chief research and strategy
officer.
"It's
not a retirement, it's a
reordering of my
priorities," Gates told
reporters.
Gates,
a high school drop out has been
one of the giants in the field of
software and is one of the
richest persons in the world.
Economic
analysts believe that Gates'
stepping down will have little to
no impact on Microsoft and an
indication of this was shares
trading up 19 cents on the NASDAQ
following the announcement.
In
the last few years Bill Gates
along with his wife Melinda have
been spending an increasing
amount of time with the Bill and
Melinda Gates Foundation whose
assets are now in the
neighbourhood of USD 30 billion.
The
Foundation is very well known for
its activities in different parts
of the world particularly in
Africa and in India where it is
involved in health care for the
poor and the needy. (PTI)
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