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| Interest rate hike to make banks
self sufficient: Govt NEW DELHI, Nov 1: The Government today said hike in repo rate by the Reserve Bank of India is not intended to make loans costlier but to make banks self sufficient for lending...........more Apollo group to foray into health insurance biz NEW DELHI, Nov 1: Apollo Group and German-based DVK will enter into health insurance business in India, the country’s insurance regulator said today........more MUMBAI, Nov 1: HMT Ltd today reported a net profit of Rs 88.09 crore for the quarter ended September 30, as compared to a net loss of Rs 7.38 crore for the corrresponding quarter last year.........more Amtek Auto forms JV with Canadian firm MUMBAI, Nov 1: Auto components maker Amtek Auto Ltd today said it has forged a joint venture with Canada's Magna Powertrain for setting up a manufacturing facility outside Delhi.....more |
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Visualsoft Q2 dips 96%; Board nod
for swap ratio with Megasoft MUMBAI, Nov 1: Visualsoft Technologies Ltd today posted 95.73 per cent decline in net profit at Rs 26.06 lakh for the quarter ended September 30, .........more RIL plans to raise $2 bn for oil & gas projects MUMBAI, Nov 1: Corporate giant Reliance Industries Ltd today said it plans to raise two billion dollars (about Rs 9,000 crore) for oil and gas exploration ..........more Brushman signs distribution agreement with US-based Del Lab MUMBAI, Nov 1: Brushman India Ltd today said it has signed a distribution agreement with .......more Instanex Skindia DR Index firms up MUMBAI, Nov 1: The Instanex Skindia DR Index firmed up by 37.35 points or 1.74 per cent to 2,189.68 on October 31 and the Dr Index P/E ratio also moved up to 27.30, Instanex Capital ............more |
Interest rate hike to make banks self sufficient: Govt NEW DELHI, Nov 1: The Government today said hike in repo rate by the Reserve Bank of India is not intended to make loans costlier but to make banks self sufficient for lending. "Respective boards of the banks have to take a decision on lending rates and the government has no role in it," Minister of State for Finance P K Bansal said, responding to a query on whether loans would become costlier after the revised repo rate. Bansal said the 0.25 per cent increase in repo rate is aimed at containing inflation, while hinting that banks would have to depend on their own resources for liquidity. The central bank had yesterday increased repo rate - the rate at which banks borrow from RBI - to 7.25 per cent from the earlier 7 per cent. (PTI) |
Apollo group to foray into health insurance biz NEW DELHI, Nov 1: Apollo Group and German-based DVK will enter into health insurance business in India, the country’s insurance regulator said today. "Apollo group has applied for a license to set up a health insurance company," Insurance Regulatory and Development Authority Chairman C S Rao said. (PTI) |
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MUMBAI, Nov 1: HMT Ltd today reported a net profit of Rs 88.09 crore for the quarter ended September 30, as compared to a net loss of Rs 7.38 crore for the corrresponding quarter last year. Total income rose to Rs 73.96 crore for the second quarter in 2006-07, up 55 per cent from Rs 47.73 crore during the same quarter a year ago, the company informed the Bombay Stock Exchange. (PTI) |
Amtek Auto forms JV with Canadian firm MUMBAI, Nov 1: Auto components maker Amtek Auto Ltd today said it has forged a joint venture with Canada's Magna Powertrain for setting up a manufacturing facility outside Delhi. The manufacturing facility would be set up for 2-Piece Flex Plate Assemblies for automotive applications, Amtek Auto informed the Bombay Stock Exchange. Both the companies would hold a 50 per cent stake in the JV, which would initially export FlexPlate Assemblies to European markets, with production to follow for the Indian market. FlexPlate Assemblies are used in automobiles with automatic transmission systems. Amtek Auto said the JV, which is expected to commence operations in late 2007, expanded on the company's existing relationship as a supplier of ring gears to Magna Powertrains North American operations. The JV represents a step forward in the expansion of the its customer base and product portfolio as well as its technological capabilities. Magna Powertrain, an operating unit of Magna International Inc, designs, develops, manufactures and supplies powertrain and drivetrain products (and related devices) such as transaxies, gear boxes, transfer cases and a wide variety of engine and transmission components for the global automotive industry. (PTI) |
Visualsoft Q2 dips 96%; Board nod for swap ratio with Megasoft MUMBAI, Nov 1: Visualsoft Technologies Ltd today posted 95.73 per cent decline in net profit at Rs 26.06 lakh for the quarter ended September 30, as compared to Rs 6.10 crore for the same quarter last fiscal. Total income decreased 66.13 per cent to Rs 18.33 crore for the quarter ended September 30, from Rs 54.13 crore in the corresponding period a year ago, the company informed the Bombay Stock Exchange. The Board of Visualsoft, which would be acquired by Megasoft, at its meeting has approved a share swap ratio of 5:8. This means that shareholders of Visualsoft would get five shares of Megasoft for every eight shares held. Megasoft had earlier this month entered into an agreement to acquire software solutions company Visualsoft for Rs 172 crore in an all-stock deal. The scheme of amalgamation and entitlement ratio report was submitted by PriceWaterhouseCoopers. The company appointed Keynote Corporate Services Ltd, a merchant banker, to obtain an independent second entitlement ratio on the amalgamation of the company with Megasoft. Keynote Corporate Services Ltd has also recommended the same swap ratio for the proposed amalgamation. (PTI) |
RIL plans to raise $2 bn for oil & gas projects MUMBAI, Nov 1: Corporate giant Reliance Industries Ltd today said it plans to raise two billion dollars (about Rs 9,000 crore) for oil and gas exploration and production. RIL said a meeting of its Board of Directors would be held on November 9 for approving a proposal to raise funds by way of Foreign Currency Convertible Bonds, syndicated loan or fixed or floating bonds. The Mukesh Ambani-controlled company informed the Bombay Stock Exchange it would invest the funds raised, in projects of oil and gas exploration and production. (PTI) |
Brushman signs distribution agreement with US-based Del Lab MUMBAI, Nov 1: Brushman India Ltd today said it has signed a distribution agreement with US-based Del Laboratories Inc, makers of Sally Hansen range of products. As per the distribution agreement, the company would market and distribute Sally Hansen range of products in India and Nepal, Brushman India informed the Bombay Stock Exchange. Sally Hansen is America’s leading nail treatment and nail enamel brand and has a vast range of lip treatments, depilatories, feet and hand care products, it added. Brushman India, a leading manufacturer of paintbrushes, has a national network of 2200 distributors and 1000 sub-dealers marketing its product. The agreement was signed yesterday in New York by Brushman India Managing Director Kapil Kumar, and Del Cosmetics President Harvey Alstodt. Shares of Brushman were trading at Rs 73, up 3.25 per cent on the BSE. (PTI) |
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Instanex Skindia DR Index firms up MUMBAI, Nov 1: The Instanex Skindia DR Index firmed up by 37.35 points or 1.74 per cent to 2,189.68 on October 31 and the Dr Index P/E ratio also moved up to 27.30, Instanex Capital release said here today. Following are the GDR and ADR rates for Oct 31 in US dollars with differences in percentage from the previous level given in brackets. Bajaj Auto (GDR) 61.00 (UNCH) Dr Reddy (ADR) 16.80 (+28.93) HDFC Bank (ADR) 69.26 (+1.04) Hindalco (GDR) 4.15 (+2.85) ICICI Bank (ADR) 35.15 (UNCH) Infosys Tech (ADR) 52.10 (+0.13) ITC (GDR) 4.19 (+2.70) L&T (GDR) 29.40 (+4.26) MTNL (ADR) 6.50 (-2.55) Ranbaxy Labs (GDR) 8.70 (-3.33) Reliance (GDR) 54.14 (-1.47) Satyam Comp (ADR) 22.11 (+2.27) SBI (GDR) 63.00 (+3.28) VSNL (ADR) 20.49 (+4.01) Wipro (ADR) 14.56 (-1.95) (PTI) |
'Developed nations must act as role models on climate change' LONDON, Nov 1: Developed countries should lead the way on the crucial climate change issue by cutting green house gases instead of blaming developing countries like India for carbon emissions, NRI industrialist Lord Swraj Paul today said. Describing climate change as a "major issue", he said "we should not make it a rich versus poor country issue. Even now rich countries are the biggest contributors to the green house cases. They should consider how they could cut the emissions. They have to be a good role model." "There is no point in putting the blame on developing countries like India and China for the greenhouse gases as growth is essential to solve poverty," he told PTI. Lord Paul, British Ambassador for Overseas Business, said considering its population Britain emitted six times more carbon dioxide than India. (PTI) |
Hero Honda Oct bike sales up 17 pc at 3.5 lakh units.... NEW DELHI, Nov 1: Bike market leader Hero Honda Motors today reported a 17 per cent rise in sales in October, including exports, at 3.53 lakh units as against 3.02 lakh units in the same month last year. The company said total sales, including scooters, in the month stood at 3.63 lakh units, a growth of 20 per cent over the same month last year. Hero Honda had started scooter sales in November last year. Exports in the month stood at 7,073 units against 6,358 units in October 2005. Vehicle sales for Hero Honda, including exports, in the seven months of this fiscal stood at 19,48,139 units, a growth of 12.1 per cent over the 17.3 lakh units sold in April- October 2005. (PTI) Insurers should have certain exposure in priority sector: Govt NEW DELHI, Nov 1: After banks, Government wants insurance companies to voluntarily provide a certain per cent of insurance to the priority sector -- rural poor and other social sectors. "Insurance companies should come forward for setting targets for this priority sector and they should start with health insurance," Minister of State for Finance Pawan Kumar Bansal said at a micro health insurance seminar here. He said banks have extend 40 per cent of their total credit to the priority sector to reach out to the people to achieve financial inclusion. Similarly, insurance companies should be motivated to ensure certain portion of their insurance cover goes to the rural and other social sectors to achieve insurance inlcusiveness. He said suggestions are welcome if government can play a role by providing some kind of subvention or any other help to make health insurance affordable to the poor. Insurance Regulatory and Development Authority (IRDA) is also supportive of this idea and plans to suggest insurers to provide insurance to the priority sector depending on their years of operation and market share. Though it will not be mandatory for insurers, those who will not provide priority sector insurance coverage, may be penalised, IRDA chairman C S Rao said. On FDI in insurance, Bansal said the cap remains at 26 per cent until a legislation is enacted to increase it to 49 per cent. (PTI) |
Bajaj bikes sales up 22 pc in Oct NEW DELHI, Nov 1: Bajaj Auto today reported a 22 per cent growth in bike sales in October, including exports, at 2.51 lakh units against 2.05 lakh units in the same month last year. The Pune-headquartered company, which expects "buoyant sales" in November and December, said motorcycle sales in the first seven months of the fiscal grew 34 per cent at 14.42 lakh units against 10.73 lakh units in the same period last fiscal. "Based on the outstanding demand for 'Platina', 'Discover' and 'Pulsar' range of products, we expect buoyant sales in November and December," the company said. Three-wheeler sales for Bajaj in October 2006 registered a growth of 30 per cent at 28,507 units against 21,881 units in the corresponding period last year. "With success of the upgraded Mega and strong exports, three-wheelers are expected to sustain good volumes currently achieved," Bajaj said. Overall sales of two and three-wheelers in October, including exports, stood at 2.79 lakh units against 2.41 lakh units in the same month last year, a growth of 16 per cent. "Bajaj is on its way to record its highest-ever quarterly volumes in its history during October-December period," it said. (PTI) |
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