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Geometric’s subsidiary acquires 95 pc stake in Modern Engg MUMBAI, Nov 2: Geometric Software Solutions Company Ltd today said its wholly owned subsidiary has acquired a 95 per cent stake in US-based ...........more Chamatkar.Net to issue bonus shares in 1:2 ratio MUMBAI, Nov 2: City-based Chamatkar.Net India Ltd has said it will issue bonus shares in the ratio of 1:2 to its shareholders.........more Sakthi
Sugars acquires MUMBAI, Nov 2: Sugar producer Sakthi Sugars Ltd today said it has acquired Tilan Sugar Ltd, a Chennai-based unlisted public limited company.........more Probe begins into whether Bush admin muzzled climate research WASHINGTON, Nov 2: Two federal agencies are investigating whether the Bush administration tried to block Government scientists .....more |
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STL's commercial paper gets Fitch F1+(ind)(SO) rating NEW DELHI, Nov 2: Global rating agency Fitch today assigned a high credit quality rating of F1+(ind)(SO) to the Rs 4 crore commercial paper (CP) of .........more US aviation giant projects a surge in helicopter market NEW DELHI, Nov 2: Bidding for Indian army’s USD700- million deal for sale of 197 light helicopters, American aviation giant Bell Helicopters is exploring ..........more Boeing
expects India BANGALORE, Nov 2: Aircraft manufacturer Boeing expects India’s Defence Ministry to send out Request for .......more Delhi High Court restrains BSNL from awarding GSM contract NEW DELHI, Nov 2: In a setback to state-owned BSNL, the Delhi High Court today restrained the PSU from awarding any ............more |
Geometric’s subsidiary acquires 95 pc stake in Modern Engg MUMBAI, Nov 2: Geometric Software Solutions Company Ltd today said its wholly owned subsidiary has acquired a 95 per cent stake in US-based Modern Engineering Inc for 23.75 million dollars (around Rs 106 crore). The company informed the Bombay Stock Exchange that its subsidiary Geometric Software Solutions Inc (GSS Inc) had acquired 95 per cent stake in Modern and the balance 5 per cent stake was held by the MMG Group LLC, which comprises the management group of the US firm. The acquisition was financed through equity investment of 14 million dollars and a loan of 1.75 million dollars by the company. It was also financed through a term loan of 8 million dollars from Citibank NA, the Mumbai-based software services company said. The company added that it financed its investment and loan to GSS Inc through internal accruals as well as by issue of equity shares on preferential basis to The Western India Executor and Trustee Co Ltd, a fund managed by ICICI Venture Capital Fund Management Ltd, for about 10 million dollars. Also, Modern has a working capital line of credit of around 7 million dollars, which is being refinanced by ICICI Bank UK Ltd and the company has taken a working capital loan of 4.5 million dollars as well. Earlier, this month Geometric Software had entered into a definitive agreement to acquire the engineering services division of Modern Engineering Inc and today said that with the above transactions and fulfillment of conditions, the acquisition of the division was closed. (PTI) |
Chamatkar.Net to issue bonus shares in 1:2 ratio MUMBAI, Nov 2: City-based Chamatkar.Net India Ltd has said it will issue bonus shares in the ratio of 1:2 to its shareholders. At the meeting held last month the board of directors recommended the bonus issue, where one equity share would be issued to the shareholders for every two shares held. The board also recommended a 1:10 stock split, under which equity shares of Rs 10 each would be split into ten shares of Re 1 each, the company informed the Bombay Stock Exchange. An interim dividend of 6 per cent on preference shares, for the current fiscal was also recommended at the meeting, the company said. Shares of the company were trading at Rs 332 on the BSE today, up 2 per cent. (PTI) |
Sakthi Sugars acquires Chennai-based sugar company MUMBAI, Nov 2: Sugar producer Sakthi Sugars Ltd today said it has acquired Tilan Sugar Ltd, a Chennai-based unlisted public limited company. The Tamil Nadu-based company informed the Bombay Stock Exchange yesterday that it had acquired the entire paid up capital, comprising 73,37,300 equity shares of Rs 10 each, of Tilan Sugar. Tilan Sugar, which does not have any production facility, has become a subsidiary of the company following the acquisition, Sakthi Sugars said. (PTI) |
Probe begins into whether Bush admin muzzled climate research WASHINGTON, Nov 2: Two federal agencies are investigating whether the Bush administration tried to block Government scientists from speaking freely about global warming and censor their research, a senator said. Senator Frank Lautenberg, a New Jersey Democrat, said yesterday he was informed that the inspectors general for the Commerce Department and NASA had begun "coordinated, sweeping investigations of the Bush administration's censorship and suppression" of federal research into global warming. "These investigations are critical because the Republicans in Congress have ignored this serious problem," Lautenberg said. He said the investigations "will uncover internal documents and agency correspondence that may expose widespread misconduct." He added, "Taxpayers do not fund scientific research so the Bush White House can alter it." Messages left yesterday at the offices of the inspectors general, which serve as the agencies' internal watchdogs, were not immediately returned. Kristen Hellmer, a spokeswoman for the White House Council for Environmental Quality, said last night that the administration has supported the scientific process in its approach to studying climate change. "We have in place the most transparent system of science reporting, and claims that the administration interfered with scientists are false," Hellmer said. "Our focus is on taking action and making real progress in reducing greenhouse gas emissions. The nearly USD 2 billion worth of climate science we publish annually leads the world and speaks for itself." (AP) |
STL's commercial paper gets Fitch F1+(ind)(SO) rating NEW DELHI, Nov 2: Global rating agency Fitch today assigned a high credit quality rating of F1+(ind)(SO) to the Rs 4 crore commercial paper (CP) of Shyam Telelink Limited (STL). The rating to STL, a telephony service provider in Rajasthan, is based solely on an unconditional and irrevocable standby facility provided by ICICI Bank, the rating agency said in a release. (PTI) |
US aviation giant projects a surge in helicopter market NEW DELHI, Nov 2: Bidding for Indian army’s USD700- million deal for sale of 197 light helicopters, American aviation giant Bell Helicopters is exploring setting up of first-ever helicopter pilot training institute and chopper servicing and maintenance facility here. "We hope to have the Indian army’s selection by early next year," Michael A Redenbaugh, the company Chief Executive officer told PTI here. Bell’s 407 helicopter is in contention with Eurocopter for the deal, under which 60 choppers would be bought in fly away conditions and the rest 137 manufactured under technology transfer at Hindustan Aeronautics Limited in India. Army has already carried out field technical evaluation of the two helicopters both in desert and high altitude conditions, including the world’s highest battlefield—Siachen glacier, and submitted its preference to the Defence Ministry. Projecting a surge in demand for helicopters in India, Redenbaugh said outside military, India had yet no facility to train helicopter pilots. Estimates are that there are at present only 150 helicopters operating in commercial sector in India, which would rise almost ten fold in next few years. The demand for choppers in the country would be driven by extensive oil and gas offshore exploration and the growing clamour for airborne emergency medical services in times of natural disasters, he said. (PTI) |
Boeing expects India to issue ‘RFPs’ for 126 jets in soon BANGALORE, Nov 2: Aircraft manufacturer Boeing expects India’s Defence Ministry to send out Request for Proposals (RFPs) to various companies within six to eight weeks for buying 126 fighter jets, a senior executive of the aerospace firm said today. "I have internal planning right now. We have been talking to a number of people in IAF (Indian Air Force) and MoD (Ministry of Defence) and we are looking at the potential of an RFP before the end of this year", company Vice-President and General Manager (Global Strike Systems) Chris Chadwick told PTI here. Global Strike Systems is a division of the Precision Engagement and Mobility Systems business unit of Boeing and is a major contender in the running for the multi-billion dollar contract. Chadwick said he and his colleague Jerry C Vincent, who looks after Business Development-India (F/A-18E/F/G Super Hornet, Integrated Defense Systems) are very focussed on multi-role combat aircraft and on competition. The value of the Indian contract is expected to be driven by Indian requirements and the RFP is yet to come out, he noted. "But I can tell you in the US, the cost of an F-18 for Navy requirements is in the USD 50 million range", Chadwick said. "It’s extremely competitive. Our cost, capability and value is very high", he added Boeing expects RFP to stipulate co-production after the delivery of the first 18 jets. "Clearly, we can do that and intend to do. Boeing will not have any difficulty in meeting any specific requirements of India, he said," he said. (PTI) |
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Delhi High Court restrains BSNL from awarding GSM contract NEW DELHI, Nov 2: In a setback to state-owned BSNL, the Delhi High Court today restrained the PSU from awarding any contract for their GSM network expansion till the next date of hearing on November 16. A Bench comprising of Acting Chief Justice Vijender Jain and Justice Kailash Gambhir was hearing the petition filed by US telecom major Motorola, which was disqualified by BSNL on technical parameters from participating in the bidding. Motorola has challenged BSNL’s decision before the High Court. Earlier last month, BSNL, had opened the financial bids for the mega expansion of its GSM network adding over 45 million lines over a period of three years at an estimated cost of about Rs 20,000 crore. Swedish company Ericsson had emerged the lowest bidder followed by Nokia of Finland. When contacted S D Saxena, Director (Finance), BSNL told PTI "we respect the direction of the Delhi High Court. Since the matter is subjudice, we cannot give any further comment in this regard." The telecom PSU is currently in the process of evaluation of the financial bids of both the players, which is expected to be over very soon. If selected after the due process of evaluation, Ericsson would be awarded 60 per cent of the contract, while Nokia the remaining 40 per cent for 45.5 million lines expansion project. According to sources, Ericsson had quoted a price of about 107 dollars per line while Nokia had asked for 177 dollars. The officials of both companies declined to comment on the financial figures quoted by them. US-based Motorola had challenged its disqualification from the bidding process for supply of equipment to BSNL Motorola was disqualified on technical grounds on October 7, just two days prior to opening of the financial bids. Motorola had said that they should have been given a chance to explain their position. In fact Motorola’s world wide CEO Ed Zander, who was on a visit early this week, had met Communication and IT Minister Dayanidhi Maran. Although he had declined to comment on the matter, sources said that he had discussed the issue with Maran. The matter would come up for the next hearing on November 16. (PTI) |
Indian chefs win bronze in Euro-Asian festival CHENNAI, Nov 2: A three-member team of Indian chefs has bagged a bronze medal at the first Euro-Asian Festival of Cookery Art held in Russia recently. This was for the first time an Indian team was taking part in an international culinary contest, General Secretary of Indian Federation of Culinary Associations P Soundararajan told reporters here today. Buoyed by the win, he said, "We now want to participate in the 2008 Culinary Olympics to be held in Germany." Referring to the contest, members of the winning team Chef Rajesh Radhrakrishnan of the Park hotel here and Chef Ashish Gupta of Hotel Claridges in New Delhi said they had the "experience of contesting with thorough professionals" from across the world. Germany and Turkey won the gold and silver medals in the contest respectively. Giving details of the contest, they said the first round was on ‘ethnic cuisine’ for which they prepared a Parotta-Kabab item—a prawn preparation—and Gajar halwa, which confirmed their place in the finals. For the finals, they prepared a French cuisine using rice, tomatoes, chicken and mushroom sausages. Radhrakrishnan said the competition was "very tough" because in Europe there are professional teams, sponsored by various companies, whose sole job is to participate in such contests. Asked whether the Federation also intended to form such professional teams, Soundararajan said, "We want to do that, but slowly." (PTI) |
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NEW DELHI, Nov 2: The beleaguered Dabhol power project has been re-started after a gap of nearly four months, Power Minister Sushilkumar Shinde said today. "The Dabhol project was re-started yesterday. It is generating about 150 MW at present, but this will go up slowly," he told reporters on the sidelines of a conference. The plant is being run on naphtha, he said, adding the government has already reduced customs duty on the fuel. Shinde, however, said there were no plans to sell the Dabhol project. "There are no such plans. Why should we sell it?" he said, when asked about reports that the Government wanted to sell the project to any company which could run the plant. The plant was initially started in May this year to meet the shortage in Maharashtra but was shut down in early July after the onset of the monsoon. The 740 MW Block-II of the project is being run on imported naptha as the new promoters - GAIL and NTPC Ltd - have not been able to tie-up natural gas. With naptha, the cost of generation is likely to be more than Rs 5 per unit. (PTI) Parsvnath set to open IPO gate for FIIs MUMBAI, Nov 2: The Indian real estate sector is set for a giant leap with Parsvnath Developers’ upcoming initial public offer further opening the doors for foreign investors to participate in the sector’s growth story. Parsvnath’s proposed public issue, which would open for subscriptions next week, is estimated to raise about Rs 1,000 crore for the company and will mark the first ever pure-play real estate IPO opportunity for overseas investors through foreign institutional investment route. FIIs’ equity market investment in the real estate sector has been limited to secondary markets so far, as there have been no pure-play realty IPOs in the country over the recent past. Unitech Ltd, in which FIIs own a 6.26 per cent stake, is among the few listed pure-play realty firms, although the investors’ interest has soared ahead significantly in the companies with even small exposure to the sector on the back of a sharp rise in real estate prices over the past couple of years. Investment banking sources said that foreign investors are keenly watching the IPO segment developments in the sector, while anticipating robust growth prospects ahead in this space. Parsvnath IPO could herald a new era for the sector, as a successful listing with good response from FIIs might further intensify the interest of overseas investors in future public issues in this space, they added. (PTI) |
No signs of economy overheating: Chidambaram NEW DELHI, Nov 2: Finance Minister P Chidambaram today said there were no signs of overheating in the economy, while justifying the Reserve Bank’s decision to hike repo rate by 0.25 per cent as "well-intended." "I don’t believe there is overheating... RBI has only cautioned. And if they had not taken action, I think some sectors may have shown some signs of overheating." he told reporters here. RBI Governor Y V Reddy, after releasing the busy season credit policy on October 31, had said that the hike was a clear signal to banks that borrowing from the central bank could be an expensive affair. "Raising the repo rate is only a signal that getting liquidity from the RBI will be expensive," he had said and added that "In particular, we have asked for greater fairness and transparency in regard to housing sector because we have received complaints about somewhat less than transparent practices." (PTI) |
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