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| Granules India plans to raise 20 mn
dlrs in int’l mkts MUMBAI, Nov 10: Provider of product-outsourcing services to the global pharmaceutical industry, Granules India today said it will seek shareholders approval ,.........more Assam Company to raise up to 50 mn dlrs from overseas mkts MUMBAI, Nov 10: Assam Company Ltd today said it will raise up to 50 million dollars through issue of Foreign Currency Convertible bonds in the overseas market..........more Harrisons Malayalam to sell off rubber estate for Rs 53 cr MUMBAI, Nov 10: Plantation company Harrisons Malayalam Ltd today said it has got shareholders nod to hive off Kaliyar Estate in Kerala for Rs 53 crore.. .........more Simplex Infra bags Rs 212 cr contract from DMRC MUMBAI, Nov 10: Simplex Infrastructures Ltd today said it has bagged a contract worth Rs 212.11 crore from Delhi Metro Rail Corporation Ltd ... .....more |
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Raymond in JV with Italy’s
Grotto for sale of branded apparel NEW DELHI, Nov 10: Leading textile and apparel major Raymond Ltd today formed a 50:50 joint venture with Italy-based .........more Raymond enters into JV with Italian Co MUMBAI, Nov 10: Textile and apparel major Raymond Ltd today said it has entered into a 50:50 joint venture agreement with Italy-based Grotto SpA to sell its apparel and accessories in India...........more Chicken prices flare up on winter demand, weddings NEW DELHI, Nov 10: After vegetables, fruits and pulses, now it is the turn of non-vegetarian menu of eggs and chickens to eat into the consumers’ pockets .......more Taj Hotels to buy Ritz Carlton in Boston NEW YORK, Nov 10: India’s Taj Hotels Resorts and Palaces, one of Asia’s largest hotel groups, has entered into a definitive agreement to purchase the Ritz-.............more |
Granules India plans to raise 20 mn dlrs in int’l mkts MUMBAI, Nov 10: Provider of product-outsourcing services to the global pharmaceutical industry, Granules India today said it will seek shareholders approval to raise up to 20 million dollars in the international markets. In a filing on the Bombay Stock Exchange, Granules India said the board has approved issue of convertible securities, Global Depository Receipts or other securities, subject to shareholders approval. Granules India had recently formed a 50:50 JV with Chinese firm Hubei Biocause Heilen Pharmaceutical Company to manufacture and sell Active Pharmaceutical Ingredients. (PTI) |
Assam Company to raise up to 50 mn dlrs from overseas mkts MUMBAI, Nov 10: Assam Company Ltd today said it will raise up to 50 million dollars through issue of Foreign Currency Convertible bonds in the overseas market. In a communique on the Bombay Stock Exchange, the company, which owns around 18 tea estates, said it has issued 44 million dollars of Foreign Currency Convertible Bonds (FCCBs) in the board meeting held yesterday. The company had come out with an issue of FCCBs worth 40 million dollars with an over allotment option for an additional 10 million dollars, exercisable in one or more tranches, it said. Shares of the company, engaged in cultivation, manufacture and sale of tea and oil gas exploration, was trading at Rs 26.10, up 1.16 per cent at the BSE. (PTI) |
Harrisons Malayalam to sell off rubber estate for Rs 53 cr MUMBAI, Nov 10: Plantation company Harrisons Malayalam Ltd today said it has got shareholders nod to hive off Kaliyar Estate in Kerala for Rs 53 crore. In a filing on the Bombay Stock Exchange, Harrisons Malayalam said it received the shareholders approval, for selling, transferring or otherwise disposing off the rubber estate for Rs 53 crore as per the agreement of sale, through a postal ballot. The estate covers 603 hectares of land in the Idukki district of Kerala. Shares of the company were trading at Rs 87.25, up 1.63 per cent on the BSE. (PTI) |
Simplex Infra bags Rs 212 cr contract from DMRC MUMBAI, Nov 10: Simplex Infrastructures Ltd today said it has bagged a contract worth Rs 212.11 crore from Delhi Metro Rail Corporation Ltd for construction works. The contract entails part design and construction of viaduct and structural work of three elevated stations on Qutub Minar for the Gurgaon corridor of Delhi MRTS project of Phase II, the company informed the Bombay Stock Exchange. Shares of the company were trading at Rs 390.70, up 8.77 per cent at the BSE. (PTI) |
Raymond in JV with Italy’s Grotto for sale of branded apparel NEW DELHI, Nov 10: Leading textile and apparel major Raymond Ltd today formed a 50:50 joint venture with Italy-based Grotto SpA, for sale of casual apparel and accessories bearing the latter’s trademark, Gas, in India. The joint venture is subject to the approval of the Board of Directors of both the companies and requisite regulatory and other approvals, a Raymond statement said. The company has reported a 285 per cent increase in its net profit for the second quarter ended September 30, 2006, at Rs 141.47 crore against Rs 36.83 crore for the same quarter of the previous year. This included the surplus on divestment of denim division amounting to Rs 87.10 crore.(UNI) |
Raymond enters into JV with Italian Co MUMBAI, Nov 10: Textile and apparel major Raymond Ltd today said it has entered into a 50:50 joint venture agreement with Italy-based Grotto SpA to sell its apparel and accessories in India. In a communique on the Bombay Stock Exchange, Raymond said the JV with the Italian apparel maker would facilitate sale of casual apparel and accessories bearing the trademark ‘Gas’, subject to approvals from the board of respective companies. Recently, Raymond had signed a Memorandum of Understanding with the National Institute of Fashion Technology (NIFT) to access its design inputs and enhance its tailoring services. Shares of the company were trading at Rs 451.80, up 3.06 per cent on the BSE. (PTI) |
Chicken prices flare up on winter demand, weddings NEW DELHI, Nov 10: After vegetables, fruits and pulses, now it is the turn of non-vegetarian menu of eggs and chickens to eat into the consumers’ pockets with their skyrocketing prices. The retail as well as wholesale prices of chicken and eggs have shot up by 15-20 per cent in less than a week on the back of soaring demand and a fall in supply-taking the raw chicken prices to as high as Rs 100 a kg at some places. While the onset of winter and the upcoming marriage season is driving up the demand for poultry products, a spurt in the prices of maize-the main poultry feed-has adversely affected the product arrivals in the market, the traders said. The farm-gate price of poultry meat, which poultry farmers receive, has increased by Rs 10 to Rs 45 in the last one month, Poultry Federation of India President Shashi Kapur said. Attributing the rise in prices to a demand-supply mismatch, Kapur said: "Demand for poultry meat has also gone up due to the onset of winter and upcoming marriage season." The availability of chicken has also been affected due to poultry farmers reducing their chick-production during the bird flu scare, he added. The chicken prices have soared to Rs 90-100 a kg in the national capital region, from Rs 70-80 a kg about three-four days ago. Egg prices have also firmed up in the recent weeks following an estimated 20 per cent shortfall in production. The prices have jumped over Rs 30 per dozen in Delhi, from Rs 20-22 about three weeks ago. India is the fifth largest producer of poultry meat in the world having an annual production of 18 lakh tonne and a turnover of Rs 9,000 crore, industry sources said. The sector is growing at about 10 per cent every year. Meanwhile, the national body of compound livestock feed industry CLFMA’s consultant S S Chabbra said the rise in prices of poultry meat and eggs is mainly due to a spurt in maize rates as the current maize price is hovering above Rs 8,000 per tonne against Rs 6,000 per tonne some six months back. Maize is the main poultry feed roughly constituting 70 per cent of total feed available in the country, he added. According to the industry sources, CLFMA has also sought to import maize at zero duty to fill the supply shortage in the country. The Mumbai-based leading body of feed manufacturers has submitted a memorandum to Agriculture Minister Sharad Pawar urging him to allow import for the time being, the sources added. Recently the All India Starch Manufacturers’ Association said production shortfall in maize is likely to impact the domestic availability putting pressure on prices in the near future. The Association has estimated maize production for the current year at 12.8 million tonnes as against the expected demand of 13.86 million tonnes. Even though the prices have increased at both retail and wholesale, the industry experts are also blaming it on the middlemen who corner a major share. "Retailers never reduce price as there is a big gap between what poultry farmers get and what consumers pay," Chabbra said. (PTI) |
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Taj Hotels to buy Ritz Carlton in Boston NEW YORK, Nov 10: India’s Taj Hotels Resorts and Palaces, one of Asia’s largest hotel groups, has entered into a definitive agreement to purchase the Ritz-Carlton hotel in Boston from its current owners, Millennium Partners. The USD 170 million transaction is scheduled to close on January 11, 2007. The hotel will be renamed the Taj Boston upon closing the purchase. Taj Hotels Resorts and Palaces operates 75 hotels across the world, which include some of the world’s most luxurious and iconic hotels. Raymond Bickson, Managing Director and CEO of Indian Hotels company which operates Taj Hotel Resort and Palaces, said the new addition shows the commitment to establish significant presence in key destination across the globe. "The Ritz-Carlton is one of New England’s finest hotels and a premiere social address in Boston. We are delighted to extend our presence in the United States with this renowned hotel," he said. "Its rich heritage, superb location and grand architecture make it an ideal fit for Taj," he added. The hotel, which has 273 rooms, is located next to the famous Boston Public Garden and the city’s premiere retail district. In 2002, The Ritz-Carlton had completed a 50 million dollar restoration and refurbishment. Taj Hotels will assume management of the hotel on January 11 next. Galileo Global Advisors, a New York-based firm, advised Taj in this transaction. David M Gibbons has been named as the new general manager for the Taj Boston. Gibbons had started his career in London and Paris. Most recently, he was General Manager of a luxury hotel in New York. "This is an extraordinary opportunity to bring the Taj brand of luxury and service to a building that already has a sterling reputation for refinement and taste. I think Taj Boston is going to be a very nice fit for this city and region," Gibbons said. Both Bickson and Gibbons said hotel guests will notice few changes beyond the new name. The purchase will not result in any job losses or large-scale personnel changes, they said. "Everyone in the hotel world is aware of the elegance and class that has distinguished The Ritz-Carlton, Boston for generations. We are focused on making the Taj Boston experience a wonderful event for generations to come," Bickson said. Over the past year, Taj Hotels has announced the launch of four luxury projects-The Taj Exotica Resort, Spa and Golf (Opening 2008) in Doha, Qatar, the Taj Exotica Resort and Spa (Opening 2008) on the Palm Jumeirah Crescent in Dubai, the Taj Exotica Resort and Spa (Opening 2009) in Phuket, Thailand and a Taj Luxury Hotel (Opening 2008) in Cape Town, South Africa. (PTI) |
Industrial output grows by 11.4 pc in Sept NEW DELHI, Nov 10: The country’s industrial production has risen by 11.4 per cent in September 2006 over the year-ago month, powered by double-digit growth in manufacturing and electricity sectors. The Index of Industrial Production during April-September this fiscal stood at 10.9 per cent as compared to the corresponding period of 2005-06. Manufacturing grew by 12.0 per cent in September 2006, while electricity sector rose 11.3 per cent. Mining output, however, grew by just 3.9 per cent during the month, according to figures released by Central Statistical Organisation. During April-September this fiscal, manufacturing grew by 12.1 per cent, electricity by 6.6 per cent and mining by 3.1 per cent. (PTI) |
Govt failed to respond to market changes in Shipping: Montek NEW DELHI, Nov 10: The Planning Commission today said the shipping industry was performing below its potential as the Government failed to respond to changing market scenario and suggested that the problems impeding the sector’s growth needed due attention. "The shipping sector has been dominated by the public sector and they (Government) did not respond to market changes. The role of the Government policy has to be driven to all these sectors (ports, shipping etc)," Commission Deputy Chairman Montek Singh Ahluwalia said while addressing a DROCA seminar here. Seeking enhanced participation from the private sector, he said resources available with the Government is very limited as massive resources were needed for social sector projects. "Whatever can be done by the private sector should be done," he suggested. He pointed out that by the end of the 11th Plan the ports would double their handling capacity but major investment in upgradation of ports was being done by the public sector. The Commission Deputy Chairman said nations in South Asia were opening up their economy and India’s share in the world trade could double and hence the shipping industry needed to do the needful to meet growing market demands. Ahluwalia said the shipping sector was not doing well and hoped that its share in the global trade would rise to at least 30 per cent. "This less growth has a lot to do with Government policy, which will change with time," he said. Currently the country’s share in the world sea-borne trade stood at 13-14 per cent, he said. Ahluwalia said India’s share, which was 2 per cent in 1950 lessened to less than 1 per cent has now spiralled to 1.1 per cent and as such more investments were needed in ports, ship-building, shipyards and skill-development. He reasoned that with a lot of hard work and bit of luck the country could achieve 9 per cent growth and recalled that during the past four years the nation witnessed 8 per cent growth. "The Government can provide strategic growth through policy environment," he pointed out. He suggested that Dufferin-Rajendra Old Cadet Association (DROCA) could sensitise the government on various issues in the shipping sector. Ahluwalia said he would pass on their suggestions on introducing diving in merchant navy to relevant people and pointed out that the upcoming maritime university at Chennai would be funded by the Centre. (PTI) ONGC to take 50.5% stake in Tripura power project NEW DELHI, Nov 10: Oil and Natural Gas Corp will take 50.5 per cent stake in the company that will set up the over Rs 2,000 crore Tripura power project and the associated transmission lines. "We have changed the format of the 740 MW project. While earlier it was proposed that ONGC would set up the power plant and a separate company would implement the transmission link for evacuation of power from the plant, now we propose to do both the jobs through just one company," an official said. ONGC would take 50.5 per cent stake in the company that will set up the power plant and the associated transmission lines, while IL&FS would take 26 per cent. IL&FS would arrange investors for the balance equity. The project is estimated to cost around Rs 2087.6 crore and would be implemented by end of 2009. The generated power will cater to the north-east demand and also be transmitted to Northern Grid to feed demand in north India. The official said instead of the earlier proposal of separate companies for the generation and transmission arms - the generation project was meant to be on the balance sheet of ONGC whereas the transmission division was to be an independent company - the two entities would now be integrated under one company. "An integrated entity has the benefit of de-risking project6 implementation and operations," he said. The power plant is ONGC’s first mega ‘Gas-to-Wire’ project to monetize significant idle and stranded gas in the state. It will initially produce four million standard cubic meters per day and increase it to five mmscmd by boosting exploration. The official said earlier ONGC was to implement the mega 2x370 MW advanced class combined cycle power plant at Palatana, and a special purpose vehicle (SPV) was to implement the transmission project. Power Grid Corp of India Ltd (PGCIL) and ONGC were to take 26 per cent and 15 per cent equity respectively in the transmission SPV. The balance 59 per cent were to be picked by a private partner. The transmission network would link the power plant with PGCIL Grid at Bongaigaon in Assam. (PTI) |
SAT may also act as tribunal for commodity markets. KOLKATA, Nov 10: The Union Finance ministry has recommended that the Securities Appellate Tribunal (SAT) also acts as the tribunal for commodity markets, a Forward Market Commisson member said here today. "In the amendment bill of the Forward Contract Regulatory Authority Act, SAT had been included under advice from the Union Finance ministry. Thus, it seems that Government wants to make SAT the tribunal for the commodity markets as well," FMC member Kewal Ram said. SAT is the tribunal for the securities market. Companies and parties can approach SAT challenging order of Securities and Exchange Board of India, the stock market regulator. Speaking on the sidelines of a commodity seminar organised by the Indian Chamber of Commerce, Ram also said that both the SEBI Act and FCRA Act needed change. Along with FCRA (Amendment) Bill, the Warehouse Receipt Development Bill was also pending before Parliament. Ram said he hoped that these bills would be cleared in the forthcoming Parliament session. Once the FCRA (Amendment) Bill was cleared scope of trading in commodities would increase. New market players like FIIs, banks and mutual funds would be able to participate. Moreover, new products like weather index could also be launched. Ram said he expected commodity trade would exceed the national gross domestic product. (PTI) |
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