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| Dr Reddy's to offer 13.5 mn ADS MUMBAI, Nov 14: Pharmaceutical major Dr Reddy's Laboratories Ltd today said it will offer up to 13.5 million American Depositary Shares (ADS). The company today informed the Bombay Stock Exchange that it has filed a shelf ..........more HCL Tech forms JV with Canada's Celestica NEW DELHI, Nov 14: HCL Technologies Limited today said it has formed a Joint Venture with Canada-based electronics manufacturing . .......more FDC signs development, supply agreement with US-based Akom MUMBAI, Nov 14: Pharmaceutical company, FDC Ltd today said it has signed an exclusive development and supply agreement ........more Smart upsurge in Instanex Skindia DR Index MUMBAI, Nov 14: The Instanex Skindia DR Index shot up further by 33.12 points or 1.47 per cent to 2,280.50 on November ..more |
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TCS wins $100 mn deal from
Kimberly-Clark MUMBAI, Nov 14: India's largest IT services firm Tata Consultancy Services has bagged a USD 100 million (nearly Rs 450 crore) deal from US healthcare ..........more Asian textile conference to begin at Delhi on Jan 18 COIMBATORE, Nov 14: Captains of Indian textile industry will gather in the national capital on January 18 to discuss among other things, requirements .. ...........more HT Media shareholders to consider stock split MUMBAI, Nov 14: HT Media Ltd today said its shareholders will vote on a proposal to split shares in the ratio of 1:5.The company would sub-divide the .......more Pearl Media appoints Vineet Gupta as Sales Head NEW DELHI, Nov 14: Pearl Media, the sales arm of Century Communication Ltd (CCL), today announced Mr Vineet Gupta as its National Sales Head.He will be responsible for marketing and new business .............more |
Dr Reddy's to offer 13.5 mn ADS MUMBAI, Nov 14: Pharmaceutical major Dr Reddy's Laboratories Ltd today said it will offer up to 13.5 million American Depositary Shares (ADS). The company today informed the Bombay Stock Exchange that it has filed a shelf registration statement on Form F-3 with the US Securities and Exchange Commission relating to the proposed ADS offering. The ADS offer of 13.5 million shares excludes the underwriter's over-allotment option and the company would file a prospectus supplement in due course of time, it added. However, there was not much information regarding the terms and conditions of the proposed ADS offering. The company said in its F-3 registration statement that it may offer, from time to time, ADSs outside India, including in the United States and each ADS represents one equity share. The price of the ADS would be determined by reference to the prevailing market prices of the company's equity shares. The ADSs would be traded on the New York Stock Exchange, under the ticker symbol 'RDY'. On November 9, the closing price of our equity shares as reported on the BSE was Rs 773.30 and Rs 773.35 on the NSE, and USD 17.22 on the NYSE, it added. Each ADS represents one equity share of par value Rs 5 per share. The net proceeds from the issue, unless otherwise specified in the prospectus, would be used for general corporate purposes, which may include geographic expansion, potential acquisitions of companies and technologies, capital expenditures for increasing production capacities and investments in its subsidiaries or joint ventures, it said. Shares of the company were trading at Rs 804.70, up 1.21 per cent on the BSE. (PTI) |
HCL Tech forms JV with Canada's Celestica NEW DELHI, Nov 14: HCL Technologies Limited today said it has formed a Joint Venture with Canada-based electronics manufacturing company, Celestica Inc, to provide complete concept-to-manufacturing (C2M) solutions for customers. This joint venture will provide a fully integrated product lifecycle solution to Original Equipment Manufactures (OEM) customers, including product concept, design, engineering and manufacturing among others. HCL will set up a design services centre in Chennai to address the electronics market space, HCL Technology President Vineet Nayar said adding that the centre will employ about 200 people in the next 6 months. "From this joint venture we are expecting an incremental revenue of 100 million dollars over the next five years," he said. (PTI) |
FDC signs development, supply agreement with US-based Akom MUMBAI, Nov 14: Pharmaceutical company, FDC Ltd today said it has signed an exclusive development and supply agreement with Akom Inc, a leading drug marketing company in the United States, for two Ophthalmic suspension drug products. Under the terms of the agreement, FDC would fund the development and would be responsible for manufacturing the two Ophthalmic suspensions. "FDC is excited about working with Akom on these suspension products. We believe that our strong product development and manufacturing capabilities are very well complimented by Akoms strengths and marketing," FDC Joint Managing Director Nandan Chandavarkar said. Akom would market the two drugs in the United States and would receive 40 per cent, while FDC would receive 60 per cent of the gross profit generated from sales of the two drugs. FDC would own the ANDAs and Akom has agreed to meet the annual minimum unit sale requirements in order to maintain United States marketing exclusively. The two drugs currently have a combined United States, market size of around 170 million dollar. The company further added that Forbes Asia October 2006 issue has ranked it as one of the 200 'Best under a Billion Companies' with sales of less than 1 billion dollar with solid top and bottom line gains and potentials for more success. FDC has also entered into a non-exclusive license agreement with Gilead Sciences Inc, for production and distribution of Tenofovir Disoproxil Fumarate (tenofovir DF) to 95 low-income countries around the world, including India. Shares of FDC were trading at Rs 41.40, up 3.76 per cent on the BSE. (PTI) |
Smart upsurge in Instanex Skindia DR Index MUMBAI, Nov 14: The Instanex Skindia DR Index shot up further by 33.12 points or 1.47 per cent to 2,280.50 on November 13 and the Dr Index P/E Ratio also improved to 26.80 from 26.16 previously, Instanex Capital release said here today. Following are the GDR and ADR rates for Nov 13 in US dollars with differences in percentage from the previous level given in brackets. Bajaj Auto (GDR) 58.25 (-0.43) Dr Reddy (ADR) 17.50 (+0.23) HDFC Bank (ADR) 73.25 (+0.80) Hindalco (GDR) 4.15 (+1.22) ICICI Bank (ADR) 38.42 (+1.08) Infosys Tech (ADR) 55.17 (+3.06) ITC (GDR) 4.10 (-0.97) L&T (GDR) 30.00 (+3.27) MTNL (ADR) 6.03 (-1.15) Ranbaxy Labs (GDR) 8.80 (UNCH) Reliance (GDR) 57.80 (+3.51) Satyam Comp (ADR) 22.61 (+3.29) SBI (GDR) 64.70 (-0.46) VSNL (ADR) 20.00 (-2.20) Wipro (ADR) 14.56 (+1.89) (PTI) |
TCS wins $100 mn deal from Kimberly-Clark MUMBAI, Nov 14: India's largest IT services firm Tata Consultancy Services has bagged a USD 100 million (nearly Rs 450 crore) deal from US healthcare company Kimberly-Clark. While details of the deal were not available immediately, a source close to the development told PTI that TCS has bagged a contract from Kimberly-Clark. When contacted, a TCS spokesperson refused to comment. Kimberly-Clark, headquartered in Dallas, Texas, is one of the world's leading health and hygeine companies. (PTI) |
Asian textile conference to begin at Delhi on Jan 18 COIMBATORE, Nov 14: Captains of Indian textile industry will gather in the national capital on January 18 to discuss among other things, requirements and trends for the approaching 11th Five-Year plan, which is likely to see an investment of 1,40,000 crore in the industry. The two-day Asian Textile Conference - ATEXCON - organised by Confederation of Indian Textile Industry (CITI), would discuss the utilisation of Technology Upgradation Fund scheme, before its expiry in March 2007, capacity building, trend and requirements during the coming five year plan, K Selvaraj, secretary, Southern India Mills Association, told reporters here last night. CEOs and top officials of textile mills, manufacturers of machinery and textile-related industries across Asian region would attend the conference, he said. In conjunction with Atexcon, an International Machinery Exhibition, Texmac India 2007, would be held at Pragati Maidan in Delhi from January 17 to 20, Nikolas Wollmann, Joint Managing Director, Imag Internationaler Messe-Und Ausstellungsdienst GMBH, said. The four-day exhibition would be the converging point for supplies of textile machinery, garment manufacturers and other players of textile segment, Wollmann said. Jointly organised by IMAG and Fair Design India (FDI), the expo would shocase the products by 200 exhibitors with country pavilions friom Germany, Italy, Britain, Taiwan, Turkey, China and Japan, he said. Business worth rs.60,000 crore was being expected during the exhibition, FDI spokesman Shyamsundar said. (PTI) |
HT Media shareholders to consider stock split MUMBAI, Nov 14: HT Media Ltd today said its shareholders will vote on a proposal to split shares in the ratio of 1:5. The company would sub-divide the equity shares of face value Rs 10 each into five equity shares of Rs 2 each, subject to necessary approvals, HT Media informed the Bombay Stock Exchange. Consequent to this, the company's authorised share capital of Rs 72.50 crore would comprise of 26.25 crore equity shares of Rs 2 each and 20 lakh preference shares of Rs 100 each, with effect from the 'record date' to be determined by the board. The company appointed Madhurima Mukherjee, as the scrutinizer for conducting the postal ballot process and the results of the vote would be announced on December 15. Earlier in October, HT Media Ltd's board had approved the sub-division of the equity shares in 1:5 ratio and demerger of the content creation for websites and syndication division of Go4i.Com (India) Pvt Ltd into itself, subject to necessary approvals. The shares of the company were trading at Rs 794.95, down 1.06 per cent on the BSE. (PTI) |
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Pearl Media appoints Vineet Gupta as Sales Head NEW DELHI, Nov 14: Pearl Media, the sales arm of Century Communication Ltd (CCL), today announced Mr Vineet Gupta as its National Sales Head.He will be responsible for marketing and new business acquisitions for Pearl Media and supervise sales nationally. Mr Gupta has over ten years of sales experience in the area of national sales and marketing. Prior to this, he was Senior Manager, Ad Sales with Star News. His earlier stints include working with ZEE TV Network, Onjus and India TV. (UNI) |
HCL inks pact with Canada’s Celestica, eyes $100 mn revenue NEW DELHI, Nov 14: HCL Technologies today said it has formed a partnership with Canada-based Celestica to design, make and sell electronic components in a deal that would generate 100 million dollars in revenues in the next five years for the country’s fifth largest software exporter. Under the five-year deal, HCL would set up a design service centre in Chennai that is expected to employ about 200 people in six months, HCL Technologies President Vineet Nayar told reporters in a conference call. "The company has formed a joint venture with Celestica to design electronic components and provide after sales support to it’s customers, while Celestica will manufacture and market the product," he said. "It will be a joint venture from customers point of view," he said, clarifying no separate legal entity would be formed. He said HCL would get acess to new set of customers and generate additional revenues from this venture. "We will address medical electronics, consumer electronics and aeronautical sectors initially," he said. The two companies would also set up a joint marketing team, which is to be funded by both HCL and Celestica, Nayar said, but refused to divulge the figures. "It will help Celestica in saving costs and offer more value to customers," he said. The venture would provide concept-to-manufacturing solutions and a fully integrated product lifecycle solution to Original Equipment Manufactures (OEM) customers, including product concept, design, engineering and manufacturing among others, Nayar added. (PTI) |
LIC grows by 178 pc; life insurance industry by 162 pc in H1 NEW DELHI, Nov 14: Life Insurance Corporation, the country’s largest insurer, has consolidated its position by recording 178 per cent increase in premium collection during April-September this fiscal, higher than the life insurance industry growth rate of 162 per cent. A total of 16 players together mopped up Rs 29,664 crore in premium till September of 2006-07 as against Rs 11,323 crore in the same period of 2005-06, a growth of 161.98 per cent, according to data compiled by regulator IRDA. LIC expanded business by 178 per cent to mop up Rs 23,435 crore in premium in the first six months of this fiscal after selling 98.36 lakh policies as compared to Rs 8,409 crore collected in the year ago period. The state-owned insurer has increased its market share to 79 per cent from 78.84 per cent a month back, while the private players’ market pie were down marginally to 21 per cent from 21.16 per cent. The 15 private players, led by ICICI Prudential, collected Rs 6,229 crore together in premium till September as against Rs 2,914 crore a year ago. ICICI Prudential clocked 112 per cent growth in premium income at Rs 1,745 crore and had a market pie of 5.88 per cent. Bajaj Allianz was at the second spot among private players and clocked 103 per cent growth in premium collection at Rs 1,306 crore while cornering 4.4 per cent of the market. SBI Life Insurance collected Rs 664 crore in premium, followed by HDFC Standard (Rs 547 crore), Birla Sunlife (Rs 319 crore) and Max New York Life Insurance (Rs 311 crore). Aviva gathered a premium of Rs 302 crore, Tata AIG (Rs 279 crore), Reliance Life (Rs 245 crore), ING Vysya (Rs 187 crore) and Kotak Mahindra Old Mutual (Rs 183 crore). Other players with premium collections below Rs 100 crore were Met Life (Rs 96 crore), Shriram Life (Rs 29 crore), Sahara Life (Rs 9 crore) and Bharti Axa Life (Rs 94.03 lakh). (PTI) Rabo India Finance converts into a public ltd company MUMBAI, Nov 14: Rabo India Finance Private Limited has become a public limited company with immediate effect following receipt of regulatory approvals from the Registrar of Companies. The new entity will henceforth be known as Rabo India Finance Limited (RIF), a company release said here today. "This conversion from private to public offers a wider investor base for our debt securities," said RIF’s Managing Director and CEO, Sanjiv Bhasin. RIF will, however, continue to remain a wholly-owned subsidiary of Dutch financial powerhouse, Rabobank International. The conversion into a public entity will enable RIF to list its debt securities (non-convertible debentures) on the wholesale debt market for wider acceptability. "Furthermore, it will make it feasible for banks and mutual funds to subscribe to RIF’s non-convertible debentures," Bhasin said. The move is also a step to better corporate governance and affords greater transparency, he said, adding "additionally, this conversion also positions us better to take our business growth to a higher level." RIF currently provides sector-specific knowledge-based customised solutions in its core competencies of food and agri-business, telecom, media and IT, life-sciences, corporate finance, renewable energy and carbon credits. (PTI) |
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NEW DELHI, Nov 14: Railway Minister Lalu Prasad today kickstarted a two-day brainstorming session of the General Managers of Indian Railways to take stock of the proposals announced in this year’s Railway Budget, including introduction of new trains, creation of an SPV for dedicated freight corridors, setting up of budget hotels and model stations, as also the loss-making catering services. Besides Mr Prasad, the annual meeting is being attended by his two deputies Naranbhai J Rathwa and R Velu, all the 17 General Managers, Railway Board Chairman J P Batra and representetaives of associations and federations. Credited with turning the loss-making transport behemoth into a cash-efficient, passenger-friendly entity, Mr Prasad impressed upon his GMs to chalk out efficient action plans for timely completion of the projects and cushion stiff competition from low budget airlines and freight transport companies. "It is going to be a brainstorming session for the top Railway mandarins where the entire gamut of existing schemes as well as the proposals in the Railway Budget, 2006-07, will be thorougly debated as a prelude to hammering out measures for their implementation," ministry sources told UNI. More importantly, the meeting would discuss the need to expedite the setting up of a Special Purpose Vehicle (SPV) for the Rs 22,500 crore dedicated freight corridors and also identify the feeder routes for it. Also on the agenda are the measures that will bolster the revenues of the Railways, the biggest Government department in the country. Addressing the meet, Mr Velu said the Railways, having a surplus fund of Rs 13,000 crore, had set a target of Rs 20,000 crore by the end of the current fiscal. "We have to augment our earnings by streamlining the freight segment and winning the confidence of travelling passengers through improved safety measures," he said. Faced with a tough competition from the surface transport in freight sector and from low budget airlines in the upscale passenger segment, the Railways has already announced a number of spectacular measures to retrieve the lost ground. The ministry has already declared the current year as "The Year of Passenger Service with a Smile". In his budget proposals, the Railway Minister had announced introduction of new trains, improving speed of important trains, setting up dedicated freight corridors, budget hotels and transforming 400 stations into "Model stations". While complementing the GMs for bringing down the number of acidents to 232 last year, Mr Velu stressed upon the need to introduce anti-collision device (ACD) and improve safety at unmanned railway crossings. He, however, regretted that not all the 55 new trains, which were announced in this year’s budget, could be put on the track because of shortage of rakes. "There are areas of strength and there are areas of concern, and these have to be reviewd in all their earnestness," he said. Setting a target of Rs 20,000 crore as fund surplus for the Railways during the current fiscal as against Rs 11,000 crore last year, Mr Prasad is pinning high hopes on the dedicated freight corridor for shoring the revenues. "Efforts to expedite work on the freight corridor will come up for a discussion. Security measures to strengthen rail security would form part of the agenda," the sources said. Taking a cue from a move to modernise airports in India, the Railway Ministry has already directed its Divisional Managers to select at least five stations each for upgradation. Mr Batra gave this direction to all 67 Divisional Managers, who met here recently to prepare an action plan for implementation of the Rail Budget propsals. With the latest directive, at least 400 railway stations would be modernised and equipped by the end of this year with facilities like ATMs, Cyber Cafes, ticket reservation through SMS, better electronic signages and public address systems. (UNI) ) |
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