Daily Excelsior...Business

United Phos purchases 'Propanil' from Dow AgroSciences

MUMBAI, Nov 23: With a view to further strengthen its position in the rice herbicide segment, United Phosphorus Ltd has acquired the global propanil herbicide business from US-based Dow .........more

Indo Rama Synthetics board to mull merger of IRPL

MUMBAI, Nov 23: Madhya Pradesh-based Indo Rama Synthetics India Ltd today said it will consider the merger of .......more

Zee Tele's scheme of arrangement effective from Nov 22

MUMBAI, Nov 23: Zee Telefilms Ltd today said the Scheme of Arrangement between itself and three companies has ......more

Tantia bags Rs 158 cr road project from Bihar Govt

MUMBAI, Nov 23: Kolkata-based Tantia Constructions Ltd today said it has bagged a road construction project worth Rs 157.75 crore from the Government . ........more

Hu proposes five steps to improve Sino-Indian trade relations

MUMBAI, Nov 23: Chinese President Hu Jintao today proposed five steps, including trade liberalsation and trade expansion and diversification between India and .........more

A-I to raise US Exim Bank guaranteed loans for jet purchase

NEW DELHI, Nov 23: The Government today said state-owned carrier Air-India ...........more

Auto industry a big magnet for investors

NEW DELHI, Nov 23: The country’s auto sector is attracting interest from both the domestic as well as foreign investors, with Rs 6941 crore investment proposed ......more

BPCL signs pact for east Timor exploration block

MUMBAI, Nov 23: Bharat Petroleum Corporation Ltd and its consortium partners have signed the Production Sharing Contract with Timor Sea Designated ..........more

Capital and Bank of Rajasthan sign agreement on trading..

Indian MBAs prefer job profiles to fat salary: ASSOCHAM

Piaggio crosses four lakh vehicle sales mark..........

PNB’s proposed JV for credit card likely by this fiscal-end

United Phos purchases 'Propanil' from Dow AgroSciences

This purchase would allow Dow AgroSciences to focus resources on priority molecules and United Phosphorus along with its subsidiaries throughout the world and can start selling 'Propanil' and its formulations immediately, United Phosphorus informed the Bombay Stock Exchange.

The total cost of the acquisition is about Rs 111.86 crore (25 million dollar) including inventories and with this, acquisition, the company would become the third largest generic agrochemicals company in the world, it added.

Propanil is a non-residual herbicide for the control of many important annual grasses, broadleaf and sedge weeds used in rice and is marketed primarily as Stam herbicide. The total turnover of this product in 2005 was 18.9 million dollar.

This product has more than 100 registrations in over 30 countries in North America, Latin America, Europe, Africa and Asia Pacific.

United Phosphorus is the largest Indian agrochemicals company and is engaged in research, manufacturing and distribution of agrochemicals and specialty chemicals across the globe. The group's revenue for the year ended March 2006 was about 410 million dollar.

In September, United Phosphorus purchased the Bensulfuron-Methyl business, a rice and aquatic herbicide from DuPont and in November 14, the company bought Cerexagri from Arkema.

This is the sixth acquisition of the company in this calendar year following the acquisitions of Advanta BV, Cropserve, products from Bayer CropScience, Bensulfuron from DuPont and Cerexagri from Arkema.

US-based Dow AgroSciences LLC is a top tier agricultural company providing innovative crop protection, seeds, and biotechnology solutions.

Shares of the company were trading at Rs 305, 3.99 per cent on the BSE. (PTI)

Indo Rama Synthetics board to mull merger of IRPL

MUMBAI, Nov 23: Madhya Pradesh-based Indo Rama Synthetics India Ltd today said it will consider the merger of Indo Rama Petrochemicals Ltd (IRPL) with itself.

In a filing on the Bombay Stock Exchange, Indo Rama Synthetics said that the board of directors in a meeting to be held on November 30 will consider, on principle, the proposed merger of Indo Rama Petrochemicals Ltd (IRPL) with itself.

IRPL, a non-listed closely held company, is in the advanced stage of commissioning of a coal fired captive power plant at Butibori, Nagpur, it added.

Shares of the company were trading at Rs 56, up 6.57 per cent on the BSE. (PTI)

Hu proposes five steps to improve Sino-Indian trade relations

MUMBAI, Nov 23: Chinese President Hu Jintao today proposed five steps, including trade liberalsation and trade expansion and diversification between India and China, to solidify mutual relationship.

"The current bilateral trade between the two countries is incompatible to their size but has scope of growth by improving trade structure and increasing tehnological cooperation", Jintao said while addressing the Indo-China economic, trade, investment and cooperation summit jointly organised by the industry chambers FICCI, CII and ASSOCHAM here.

The Chinese President also highlighted the need to increase border trade for greater cooperation.

Stressing that currently there was a good opportunity for the two fastest growing economies of the world to have a win-win relationship, the Chinese President proposed strengthening cooperation in key sectors like information technology, energy and agriculture.

"We have to give a stimulus to the growth in these sectors," he said while expressing his committment to promote Chinese industries to better business ties in India.

"If India and China work together, the 21st century would be the century of Asia", he said.

As a third step, Jintao said the countries should improve the environment for trade and investment.

"We should resolve problems in trade and investment to create an enabling business environment...Which would provide a free and favourable trading," he said.

The Chinese President also called for a greater cooperation in multilateral fields in third country. He called for greater cooperation in world trade organisation and synergy in jointly upholding the legitimate rights of developing countries.

Jintao said Indian and Chinese energy companies should cooperate in exploring opportunities in a third country

Stating that trade liberalisation would take Sino-Indian ties to new levels, the Chinese President underscored the need for a Free Trade Agreement (FTA) between the two countries.

India and China are undertaking a feasibility study which would be completed by October 2007 and would lay the foundation of trading between the two regions.

Praising Mumbai, the financial capital of the country, the visiting Chinese President said the city represents vigour and vitality by taking strides in urban development.

He urged the Chinese businessmen to take opportunity of this gateway to western India to promote overall trade.

Calling China a sincere friend and partner of India, Jintao expressed optimism that the countries would achieve the bilateral trade target of USD 40 billion by 2010.

Earlier, Union Minister for Commerce and Industries Kamal Nath said that along with growth in trade, the countries should also give stimulus to investment.

He expressed confidence that the investment of China in India would touch USD 5 billion by 2010.

He said that the visit of the Chinese President has sent a loud message to the world of enhanced economic engagement between the two countries.

The bilateral trade target of USD 40 billion by 2010 was easily achievable given the complimentarities of the two nations and there should be an effort to diversify the trade by adding more items in the trade basket, he added. (PTI)

A-I to raise US Exim Bank guaranteed loans for jet purchase

NEW DELHI, Nov 23: The Government today said state-owned carrier Air-India would raise funds through loan guaranteed by the US Exim Bank to part-finance its purchase of 68 aircraft costing about 7.2 billion dollars.

In a written reply to a question in Lok Sabha, Union Civil Aviation Minister Praful Patel said A-I and its subsidiary Air India Charters Ltd (AICL) had proposed to raise 85 per cent of the project cost to acquire the 68 planes.

He said although no final agreement has been signed, ABN Amro Bank had been mandated as Exim Bank guaranteed lender for the first tranche of 17 aircraft costing 1.5 billion dollars.

The minister, however, said the financing for the balance 51 aircraft totaling 5.7 billion would be arranged later.

Patel said the remaining 15 per cent would be raised through commercial loans for which State Bank of India and ICICI Bank have been mandated.

Replying to another query, Patel said in view of the proposed acquisition of new aircraft by A-I and Indian, the two public sector carriers were likely to induct additional manpower based on their respective operational requirements over the induction period and beyond.

Responding to another question, Patel said government has decided to rope in experts and agencies for professionalisation of management of Indira Gandhi Rashtriya Uran Akademi (IGRUA).

An empowered committee comprising officers of Ministry of Civil Aviation, DGCA and IGRUA has been set up for the purpose, he added. (PTI)

BPCL signs pact for east Timor exploration block

MUMBAI, Nov 23: Bharat Petroleum Corporation Ltd and its consortium partners have signed the Production Sharing Contract with Timor Sea Designated Authority for an exploration block in that country.

"Timor Sea Designated Authority (TSDA) has signed on November 15 a Production Sharing Contract for the Block JPDA 06-103," BPCL informed the Bombay Stock Exchange today.

The consortium comprised Oilex of Australia as operator, BPCL subsidiary Bharat PetroResources JPDA Ltd, Global Energy Inc and GSPC (JPDA) Ltd.

The Block lies in the Joint Petroleum Development Area (JPDA) between East Timor and Australia, with each having 25 per cent participating interest. (PTI)

Capital and Bank of Rajasthan sign agreement on trading..

JAIPUR, Nov 23: IDBI Capital Services Ltd and the Bank of Rajasthan today signed an agreement for on line trading of shares.

The agreement was signed by Sushil Muhnot the Managing Director (MD) and Chief Executive Officer (CEO) of IDBI Capital and B M Sharma MD of the Rajasthan Bank here today.

This is the second in a series of such tie ups planned by the IDBI Capital market Services Ltd to reach out to the retail traders. IDBI Capital had earlier signed an agreement in this regard with the Punjab National Bank.

In a joint press conference Mr Muhnot said an advanced on line porter "IDBI paisabuilder.In was built with the core objective of providing easy and informed investing experience to the investors."

He said that with the signing of the agreement the customers of the Rajasthan Bank were provided with a world class online investing platform with the backing two very reputed and established financial institutions in the country.

Bank of Rajasthan MD B M Sharma said, "The porter is targeted mainly at the retail investors many of whom have unfortunately missed out the recent boom in Indian stock markets. The site will enable the investors to take informed decisions thereby minimising risk involved in equity investment."

With this tie-up the Bank of Rajasthan will be able to provide comprehensive investment solutions to all their customers while IDBI Capital in turn would benefit from the wide reach and presence of the bank especially in Rajasthan, Mr Sharma said. (UNI)

Indian MBAs prefer job profiles to fat salary: ASSOCHAM

NEW DELHI, Nov 23: India’s business students prefer a better job profile than heftier pay packages, an ASSOCHAM Business Barometre showed.

"An overwhelming 95 per cent of India’s leading business school graduates are willing to forego hefty pay packets for the sake of a job profile of their preference and 79 per cent of these most sought-after students are keen on working offshore right at the start of their career," industry body’s Business Barometre Survey (ABB) said.

The survey was conducted on 271 students from Indian Institute of Management-Kozhikode, Indian Institute of Foreign Trade, Institute of Management Technology in Ghaziabad, SP Jain Institute of Management and Research, Symbiosis Institute of International Business in Pune, Xavier Institute of Management in Bhubaneswar, ICFAI Business School, Birla Institute of Management Technology and Institute of Agri Business.

While maximum students preferred work profile and growth opportunities, only five per cent of them opted for fat salaries, the survey said.

Factors that influenced students to choose better pay were desire for better standard of living, family expectations and responsibilities, to pay off education loan, investment in entrepreneurship.

Developed economies with better working conditions, good living standards and promising growth potential lure India’s talent pool as 79 per cent of MBAs wish to work abroad, Assocham President Anil K Agrawal said.

While around 65 per cent of respondents wanted jobs in countries like the US, UK and Australia were the next choice, the study said, adding Europe, Canada, Singapore and UAE were the other preferences.

Among the 21 per cent of respondents, 44 per cent placed no priority on the location of the job, around 44 per cent gave it importance second to job profile and 9 per cent put it in as the first priority.

Banking was the most preferred sector among students, while Consultancy, Marketing and IT were other industries of choice, the survey said. (PTI)

Piaggio crosses four lakh vehicle sales mark

NEW DELHI, Nov 23: Piaggio Vehicles Pvt Ltd today said it has sold four lakh three-wheelers in the country during the past six years.

"Our growth and achievement today is remarkable. It is a result of the total commitment, dedication and hard work of a winning team," Piaggio India Managing Director Ravi Chopra said in a release.

The company has spread its sales network with as many as 250 dealerships and equal number of second-tier outlets across the country, the release said. (PTI)

PNB’s proposed JV for credit card likely by this fiscal-end

NEW DELHI, Nov 23: Punjab National Bank is likely to set up a joint venture company for credit card business by the current fiscal end and will shortly float a global tender to find a partner for the purpose.

The bank’s existing tie-up with Hong Kong & Shangai Banking Corporation Ltd (HSBC), which has co-branded international credit card, would be called off once the new entity is set up.

"We are in the process of advertising and the global tender for inviting Depression of Interest would be floated shortly," Punjab National Bank Executive Director K Raghuraman told PTI.

Thereafter, the process would take 3-4 months to finalise the partner and work out modalities for the business, he said, adding the proposed JV would be in place by the end of March 2007.

The bank has appointed Ernst & Young as consultant for the proposed foray into credit card business, a senior PNB official said.

The consultancy firm would help the bank in floating the global tender, identifying the partner, working out shareholding pattern for the new JV and providing other assistance, he said.

The joint venture subsidiary would exclusively deal with all aspects of credit card business, he said.

Once the new entity takes off, the tie-up with HSBC would cease, he said, adding existing credit card holders would be asked to switch to the new card. (PTI)