Sensex ends 12 pts up in special trading session

MUMBAI, June 25: After registering a hefty intra-day gain of more than 100 points in the special trading session held today, the benchmark BSE Sensex failed to hold onto higher levels and closed moderately up by 12 points.

Despite being a weekend trading session, held by the BSE and NSE from 10.30 a.M to 11.30 a.M to update their softwares, significant buying interest was witnessed on select counters.

It pushed the Bombay Stock Exchange's 30-share barometer index above the 10,500-point mark in the intraday trade, with robust purchases seen on some of the commodity counters.

After opening with a gain of 42.30 points at 10,443.60, the Sensex rose to as high as 10,510.07 soon after the trading session commenced. However, the index closed only 11.63 points higher at 10,412.93 after paring most of its earlier gains.

The National Stock Exchange's 50-share index Nifty settled 7.60 points up at 3,050.30, after surging to an intraday high of 3,083.00. The index had opened at 3,043.15 as against the previous close of 3,042.70.

Tata Coffee emerged as the start performer on the bourses today with the scrip jumping by 20 per cent to Rs 325.65, on the BSE.

The stock surged ahead after the company announced the acquisition of US-based Eight O'Clock Coffee Company (EOC) for 220 million dollars, which it said would help the company to become a leading and fully integrated player in the global coffee industry.

Among the blue-chip scrips, Tata Steel firmed up 3.93 per cent to close at Rs 532.40 and SAIL rose 3.22 per cent to Rs 81.80 on expectations that the world's two largest steel makers Mittal Steel and Arcelor were close to finalising a merger deal later today.

Hectic buying was also seen on other steel counters such as Essar Steel, Jindal Steel, JSW Steel and Sesa Goa.

Tata Steel, ONGC, Dr Reddy's Labs, Ranbaxy, Wipro, Hero Honda and L&T were among the biggest gainers on the Sensex and settled with a rise of 1-2 per cent.

However, HDFC Bank, SBI, Bharti Tele, Reliance Energy, BHEL and HDFC moved down. There were 14 Sensex scrips that settled in the red, as against 16 shares moving up in today's special trading session.

However, the overall market breadth was considerably positive with more than 70 per cent of the total BSE scrips advancing ahead and nearly 28 per cent closing in the red.

Robust buying was seen on a host of midcap and small-cap counters as well, as both the BSE Midcap and Small-Cap indices closed with gains of more than 1 per cent. (PTI)

Apex bags contract to digitize period UK newspapers

GUNTUR, June 25: Apex Solutions Limited has bagged a prestigious contract from a leading library in London to digitize two million pages of British newspapers spanning 100 years from 1800 to 1900.

A press note here today said Apex had already completed digitization work on more than one lakh pages and delivered them to the library.

The newspapers reflected the political,social and cultural ethos of the time and the project will enable researchers and public the world over access to period British newspapers over the internet. (UNI)

Inox acquires Calcutta Cinema

KOLKATA, June 25: Inox Leisure Ltd has acquired Calcutta Cinema Private Ltd (CCPL), which runs multiplexes under the 89 Cinemas brand.

The share swap deal will enable CCPL to merge its operations with Inox.

''89 cinemas is an emerging multiplex chain. The merger will help Inox build foothold in the eastern region,'' Inox Leisure Ltd director Deepak Asher said.

CCPL operates a four-screen multiplex at Swabhumi Complex. It has plans to start a three-screen multiplex in Durgapur.

CCPL has also tied up with properties for building and operating six other multiplexes in West Bengal and Assam.

The merger will take Inox's tally of multiplexes in West Bengal and Assam to 13.

The merger is subject to due diligence and final approval of shareholders, creditors and High Court.

Enam Financial Consultants Pvt Ltd are the advisors to the transaction. (UNI)

Jharkhand Govt mulls moving High Court over Chiria mines

KOLKATA, June 25: The Jharkhand Government has said it is considering appealing to the High Court against an order of a mining tribunal that favoured the Steel Authority of India for lease of the Chiria iron-ore mines for captive use in IISCO.

"We are planning to approach the High Court, opposing the tribunal order that offers mining rights at Chiria mines to SAIL," Jharkhand Finance Minister Raghubar Das told reporters on the sidelines of an interactive session with the Merchant Chamber of Commerce here yesterday.

Das, however, could not gave any time frame for the state government to move court.

The main reason for the state government to approach the court was several private steel majors like Mittal Steel, Jindals and Tata Steel including several others having sought interest for mining rights in Chiria mines for their project.

It is also believed that fructifying of the MoUs for mega-investment in the state in the steel sector, hinges on allotment of Chiria mines.

Mittal Steel was planning a 12 million tonne steel plant in Jharkhand. While, Jindals have expressed interest for 10 million tonnes. Tatas have also mega expansion plans in Jharkhand besides Jamshedpur.

"There will be no problem of iron-ore for all those who have signed MoUs with the state government," Das said.

Chiria mine has large deposits of iron-ore which is estimated to be about 2.5 billion tonnes. (PTI)

Copper consumption to grow 7-8 pc per annum: ICRA

NEW DELHI, June 25: With the expansion of telecom, power, construction, transportation, engineering and consumer durables sectors, India's copper consumption is expected to grow six per cent in the current fiscal, analyst firm ICRA said.

Copper consumption in the domestic market increased by 5.9 per cent in 2004-05 inspite of its sky-rocketing prices and decreased consumption worldwide, an ICRA report said.

India consumes 0.3 kg of copper per capita compared to the global average of three kg per capita. The ongoing expansion in power sector would help raise the demand by 7-8 per cent per annum, it added.

Increased demand of copper in the Asian markets had created a supply deficit of 2.8 mt in 2004. The demand supply gap would open export markets for Indian producers and fuel production activities here.

The report predicts that copper consumption in the domestic market would be undettered by a decrease in demand from telecom sector, which consumes about 35-40 per cent of the metal produced in India.

The increasing dependence of telecom sector on optical fibre would offer stiff competition to copper. This decline in demand however, would be countered by growth in other user segments such as winding wires and power cables.

Total availability of copper in the country is projected at 0.97 mt for 2006-07, including domestic production of 0.722 mt and imports of 0.245 mt.

With the current expansion projects undertaken by various players, India would not only become self sufficient but would be in a position to export copper to fill the demand supply gap in the Asian markets, ICRA said. (PTI)

Pulse Foods to invest Rs 35 cr in five years for expansion

NEW DELHI, June 25: Poddar Heritage Group promoted restaurant chain Pulse Foods India Ltd plans to invest Rs 35 crore in the next five years for expanding operations both in domestic and global markets eyeing a turnover of Rs 70 crore.

"We have already opened 12 'Pulse' outlets in a span of 12 months that includes restaurants, food kiosks and food carts. Now, we are planning to add 75 more restaurants in the next five years," Chief Executive Officer Neeraj Jain told PTI.

Besides, the company is planning to add 200 food kiosks and food carts each during this period, he said, adding the company has earmarked a total of Rs 35 crore for the purpose.

"We will infuse fresh investment of Rs 25 crore in the next five years and Rs 10 crore more will be pumped in through internal accruals," Jain said.

It would invest Rs 10 crore in the current fiscal itself to add 10 restaurants and 60 food kiosks and carts, he said.

The ten restaurants would come up in Mumbai, Delhi, Surat, Lucknow and Vishakhapatnam.

On the company's overseas expansion, Jain said, "We have established our own office in UK and the the first restaurant in franchisee model will come up in July."

Investments for overseas expansion would be about 30 per cent of Rs 35 crore in the next five years for setting up offices, supply chain and for operating cost, he said.

It has finalised franchisees to open two more restaurants in Dubai and Muscat this fiscal and has plans to tap the markets of US, Singapore and Hong Kong, Jain said.

Pulse, the north Indian cuisine chain of restaurants, had a turnover of Rs one crore last fiscal and is expecting a Rs 12 crore turnover in 2006-07 and Rs 70 crore in next five years, he said.

Pulse, which hopes to break-even from 2008-09, has tied up with HPCL to open food kiosks at their petrol pumps, Jain said, adding strategic tie ups have also been formed with Shringar Films and Pantaloons for opening such outlets.

"We will go with them wherever they go," he said.

Besides, it has informal tie ups with real estate firms like DLF, Unitech and Ansals for opening outlets at their shopping malls, Jain said.

Barring few states like Bihar, Jharkhand, Orissa, Kerala, Jammu and Kashmir and the North East, the company would have presence across India by the end of this year, he said.

To ensure a smooth supply chain, the company has tie ups with four processing units. It has also tied up with Snowman for temperature control storage and transportation.

"The supply chain is very critical to us as we aim to provide standardised, hygienic and quality north-Indian food across the world," he said. (PTI)

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