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| BPCL earning profit of Rs 1.50 a
litre of petrol NEW DELHI, Oct 4: Bharat Petroleum Corporation Limited (BPCL) is earning a profit of Rs 1.50 a litre on sale of petrol, but is still losing about Rs 3 .........more Airlines shudder at new delay for Airbus superjumbo MELBOURNE, Oct 4: The world's airlines were forced to review growth plans on Wednesday after Airbus parent EADS again pushed back first delivery of its troubled A380 superjumbo........more Gwalior Chemicals lists at Rs 90 on BSE MUMBAI, Oct 4: Gwalior Chemical Industries today got listed on the Bombay Stock Exchange at Rs 90, with a 11.11 per cent premium over its offer price of Rs 81..........more MUMBAI, Oct 4: Tata Chemicals Ltd today appointed Nasser Munjee and Yoginder K Alagh as additional directors on the company's board, the Bombay Stock .......more |
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Garware Offshore to list on NSE MUMBAI, Oct 4: City-based Garware Offshore Services Ltd today said it will list the company's equity shares at the National Stock Exchange of India Ltd..........more Goldiam inks MoU with Cinemax Group MUMBAI, Oct 4: City-based jewellery company, Goldiam International Ltd today said it has signed a Memorandum of Understanding with Cinemax Group to retail silver fashion jewellery through ..........more Satyam sets up its first global innovation hub in Singapore HYDERABAD, Oct 4: IT major Satyam Computer Services Limited today announced ......more Bankers forsee stable interest rate regime in short-term MUMBAI, Oct 4: Indian bankers are convinced of a stable interest rate regime in the short-term thanks to the favourable ...........more |
BPCL earning profit of Rs 1.50 a litre of petrol NEW DELHI, Oct 4: Bharat Petroleum Corporation Limited (BPCL) is earning a profit of Rs 1.50 a litre on sale of petrol, but is still losing about Rs 3 on diesel. Based on the average of second fortnight of September, when international prices fell further, the net gain on selling petrol increased from Rs 0.88 a litre to Rs 1.50 per litre, BPCL Director Marketing S Radhakrishnan said. The fall in international prices also ensured that the loss on selling diesel cut to Rs 3 a litre from Rs 5.90 per litre in the first fortnight of September. "The loss on kerosene continues at Rs 19 a litre and that on LPG has increased to about Rs 200 per cylinder," Radhakrishnan said. (PTI) |
Airlines shudder at new delay for Airbus superjumbo MELBOURNE, Oct 4: The world's airlines were forced to review growth plans on Wednesday after Airbus parent EADS again pushed back first delivery of its troubled A380 superjumbo. Franco-German-led company EADS delayed first delivery of the world's largest jetliner by another year on Tuesday, and said its launch customer, Singapore Airlines, would receive its first plane in October 2007, 10 months overdue. Standard & Poor's said it might cut its rating on EADS on the back of a profit warning and the delay, due mainly to problems installing wiring in the $300 million double-decker planes. ''As the delay will disrupt the expansion strategies of a number of major airlines, the group's competitive position on wide-body aircraft could be adversely affected,'' the debt rating agency said. Australia's Qantas Airways Ltd. Said it would not receive its first A380 until August 2008, two years late. It expects to receive four of the planes by the end of that year and seven by mid-2009. In the meantime it said it was reviewing its capacity needs. ''How are we going to mount the capacity in the short-term? What does it mean in the long-term? Where do we go from here? It's all part of the review,'' Qantas executive general manager John Borghetti told Reuters. Qantas's comments echoed statements from Richard Branson's Virgin Atlantic and Dubai airline Emirates, the biggest buyer with an order for 43 superjumbos worth $13 billion at list prices. Singapore Airlines said it was awaiting further news on the delay to the 19 Airbus 380 planes it ordered but said it would receive six new planes from Airbus's U.S. Rival, Boeing Co., soon. Qantas did not rule out cancelling the A380 order. ''I'm not going to speculate on that. That's just between us and Airbus,'' Borghetti said. The Airbus troubles sent shares in Boeing up 2.3 percent to $81.78. CANCELLATION THREAT Airbus has sold 143 passenger versions of the plane to 14 airlines. JP Morgan analyst Matt Crowe said while Qantas might consider scrapping the superjumbo order, it was unlikely to do so. ''From what they said today, I think they're still committed to these planes. They're very desirable for Qantas's needs.'' Qantas shares rose as much as 2.3 percent to a seven-month high of A$4.05 as oil prices fell. The stock last traded up 0.8 percent at A$3.99, in a wider market down 0.2 percent. Qantas's Borghetti declined to comment on whether the airline would claim further damages from Airbus on top of the A$104 million ($77 million) it already expects to receive. Singapore Airlines, the world's number-two in terms of market value after U.S.-based Southwest Airlines, has not said how much it has sought in damages. Airbus said that ''four or five'' of its contracts with airlines were heading for a loss. Qantas said it was satisfied that the delay was due to production problems and not technical problems with the A380. Last December Qantas chose Boeing to supply up to 115 Boeing 787 aircraft for its fleet renewal, worth up to A$20 billion. Singapore Airlines ordered 20 Boeing 787-9 Dreamliners worth $4.52 billion at list prices in June and said it would take rights for another 20 planes.(AGENCIES) |
Gwalior Chemicals lists at Rs 90 on BSE MUMBAI, Oct 4: Gwalior Chemical Industries today got listed on the Bombay Stock Exchange at Rs 90, with a 11.11 per cent premium over its offer price of Rs 81. The price band for the Initial Public Offer (IPO) was fixed at Rs 71-85 per share and JM Morgan Stanley was the book running lead manager for the issue. The issue was subscribed 6.49 times and the total bids received for the issue were over 7.31 crore shares as against total issue size of over 1.12 crore shares. Gwalior Chemical Industries (GCIL) is a producer of niche chemical products for agro-chemicals, pharmaceuticals, dye, flavour and fragrance industries. It has an integrated facility at Nagda, Madhya Pradesh and Ankleshwar, Gujarat to manufacture chlorinated compounds and their derivatives. (PTI) |
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MUMBAI, Oct 4: Tata Chemicals Ltd today appointed Nasser Munjee and Yoginder K Alagh as additional directors on the company's board, the Bombay Stock Exchange was informed. Shares of Tata Chemicals were trading at Rs 239.05 on the BSE, down 0.40 per cent. (PTI) |
Garware Offshore to list on NSE MUMBAI, Oct 4: City-based Garware Offshore Services Ltd today said it will list the company's equity shares at the National Stock Exchange of India Ltd. In a communique on the Bombay Stock Exchange, Garware Offshore said through a circular resolution dated September 30, it had received approval from its board for listing the equity shares of the company at the NSE. (PTI) |
Goldiam inks MoU with Cinemax Group MUMBAI, Oct 4: City-based jewellery company, Goldiam International Ltd today said it has signed a Memorandum of Understanding with Cinemax Group to retail silver fashion jewellery through Cinemax multiplexes. In a filing on the Bombay Stock Exchange, the company said it had entered into the MoU for retailing silver jewellery under the brand name 'OLA' at six Cinemax multiplexes. (PTI) |
Satyam sets up its first global innovation hub in Singapore HYDERABAD, Oct 4: IT major Satyam Computer Services Limited today announced establishment of its first global innovation hub in Singapore, a facility dedicated to Research and Development. The innovation hub would serve as a platform to test and develop applications with technology partners as part of efforts to continually improve services to global customers, a Satyam release said here. The Singapore facility would house two Centres of Expertise that focus on telecom and business and intelligence (BI) technologies. The mobile applications centre would design mobile solutions for telecommunication devices and carriers. It will leverage Singapore's state-of-the-art communication infrastructure and build alliances with key industry players, the release said. The Centre for BI analytics would focus on performance, R&D, statistical and mining techniques and analytical frameworks in a variety of industries and business processes, including telecom, banking and supply chain management. The centre would drive innovation in new areas of business and technology and optimize value delivered to Satyam customers. "In this era of constant change, organisations must be innovative, while insulating themselves from volatility that can hinder their performance and customer service," Satyam Director Virender Aggarwal said. (PTI) |
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Bankers forsee stable interest rate regime in short-term MUMBAI, Oct 4: Indian bankers are convinced of a stable interest rate regime in the short-term thanks to the favourable geo-political environment, declining oil prices, inflation being under control, a robustly growing domestic economy, ample liquidity in the system and good deposit accretion. Bankers, who spoke to PTI, point to the above indicators and aver that the Reserve Bank of India (RBI) is unlikely to hike reverse repo and repo rates this month. The apex bank will, in all probability, wait and watch the evolving global and domestic economic scenario before deciding in January, they feel. "The rates will be stable for now and I don't expect major surprises," K N Prithviraj, Chairman and Managing Director of Oriental Bank of Commerce, told PTI. There was unanimity on this view with almost all bankers predicting a stable interest rate regime 'in the short-term'. "We don't expect a rate hike this time around. If there is one, it will most likely be in January when the lagged impact of a tightening monetary policy will be known for sure," said Shubhada Rao, Chief Economist, Yes Bank. The busy credit season of October-December would be over by then and the agricultural sector's performance - post-monsoon - would also be clearer, she added. Sushil Muhnot, Managing Director and CEO of IDBI Capital, pointing to inflation being under control, a prime concern of the apex bank, said "while there could be a 25 bps hike over the medium-term, all indications so far point to a stable interest rate regime." (PTI) |
Sundram Fasteners Chairman gets Chinese award CHENNAI, Oct 4: Sundram Fasteners' Chairman and Managing Director Suresh Krishna has been conferred with the 'Jiaxing Honorary Citizen' award in China. The award is given by the Jiaxing Municipal government to foreigners for their significant contribution to Jiaxing in areas of economy, friendship and society, a press statement said today. Krishna had been earlier honoured with the 'South Lake Friendship Award' by the Mayor of Jiaxing City in 2004. (PTI) |
Rs 1,500 cr Mahindra four-wheeler facility for Uttaranchal DEHRADUN, Oct 4: Automobile major Mahindra and Mahindra will soon set up a Rs 1,500 crore four-wheeler facility in Uttaranchal, a government release said. M&M Chairman Keshav Mahindra met Chief Minister N D Tiwari yesterday and held talks regarding the new facility for which the company is looking for nearly 250 acres of land near Haridwar, Roorkee and Pantnagar, the release said today. Through its new facility, the company would employ nearly 2,000 persons, it said. The Mahindras set up a 50,000 units per annum three-wheeler manufacturing facility in the Haridwar Integrated Industrial Estate at a cost of Rs 70 crore last year, which also includes Neel Metal Product Ltd, exclusively set up to supply cabs, cargo bodies and other sub-assemblies and aggregates for the parent company. The Mahindras - one of the many auto giants to have chosen Uttaranchal to set up their facilities in the past few years - also have a tractor factory at Rudrapur where it produces one lakh vehicles per year. Two wheeler heavyweights Hero Honda and Bajaj Auto and the automotive major Tata Motors are the others who opted for the state formed in 2000. While Hero Honda is setting up a factory at Haridwar at Rs 1,900 crore, Tata Motors would be producing its Ace trucks at its Rs 25 crore Pantnagar facility. Meanwhile Bajaj Auto is pumping in around Rs 500-600 crore on its plant in the Pantnagar Industrial Estate. (PTI) Indian, French business firms to network in Dec PARIS, Oct 4: Representatives of 200 French companies will travel to India in December to hold intensive meetings with their counterparts in five major cities to create alliances and partnerships. The Indo-French Business Meet-06 will be held in New Delhi, Mumbai, Bangalore, Kolkata and Chennai between December four and eight under the aegis of the French Ministry of Foreign Trade and India’s Commerce and Industry Ministry. "Over 200 French firms and several hundred Indian companies will participate in this event. We also expect participants from Bangladesh, Nepal, Pakistan and Sri Lanka," Bruno Tessier, regional director of the French Ministry of Foreign Trade, told PTI here. Both French and Indian companies register online and choose the companies they wish to meet. Once everyone has registered, an automatic match-making process will take place and individual B-to-B (business-to-business) meetings will be set-up for each firm. "B-to-B Business Forum is the best tool for meeting future trading partners," Tessier said. The participants at the events will have free access to the "exports village", which will run throughout the B-to-B meetings and give all participants a chance to learn more about the French and Indian markets. Experts like legal advisors and bankers will be available to give practical advice on every facet of doing business in France or India. "Interaction with prominent partners through targeted B- to-B meetings and meetings with a variety of French firms over a span of two days in each city will open new avenues for Indian companies," said Piya Bajwa, regional director of the Indo-French Chamber of Commerce and Industry. France is the world’s fifth largest economy and a world leader in the supply of products and technologies across all sectors. "Our engineers have frequently played a pioneering role in the emergence of new technologies, illustrated by the launch of the Queen Mary II, the development of the Airbus family of aircraft and the very high speed trains as well as success in areas ranging from smart cards to nuclear power and medical research," Tessier said. The official French delegation will visit several cities in India. Apart from holding meetings in New Delhi, Mumbai, Bangalore, Kolkata and Chennai, the delegation is expected to visit several factories and agro-business sites and interact with Indian business leaders. "Most of the major French companies know what India means for them, what kind of opportunities are waiting there for them and what kind of a large market India is," Tessier said. (PTI) |
No more smooth sailing for Tata Steel, SAIL: Analysts MUMBAI, Oct 4: It's going to be tough times ahead for the country's leading steelmakers Tata Steel and SAIL with analysts expecting a continuing slump in steel prices to eat into their earnings as well as their share prices. Steel prices are likely to continue to cool down over the next one year thanks to a continuing slump in consumption and high inventory levels in the industry, analysts believe. An unabated growth in global supply with rising production in China, lessening supply disruptions in other regions and dropping raw material prices are also likely to put downward pressure on steel prices, they said. In a research note to its institutional clients equity research firm Brics Securities said that the domestic players' earnings are likely to remain dependent on steel prices in the medium term, with little prospects left for earnings improvement from factors like product mix or cost reduction. The two leading domestic steel makers Tata Steel and SAIL are unlikely to witness any major volume growth in the near future, the note said. Tata Steel is already one of the lowest cost steel makers and further gains from efficiency are not expected, it added. The company has also embarked upon a major capacity expansion plan, which might lead to further dilution in the near-term return for the shareholders, analysts said. On the other hand, SAIL, despite its cost advantage from captive resources, is not among the country's most competitive steel producers due to its "outdated technology, huge workforce and high proportion of commodity grade products." The company has announced capacity expansion and modernisation plans to meet these issues, but benefits from these initiatives are still away. SAIL's high cost base makes its earnings particularly sensitive to steel prices and the company's earnings could be hit hard as prices soften over the next 12 months. Steel stocks have witnessed a robust rally in the recent past thanks to a sharp jump in global and domestic prices. But lately, Asian steel prices have dropped by about 100 dollar per tonne from their peak of 600 dollar per tonne in the past three months and further slide is likely as current prices are significantly above cash cost of production. Consequently, analysts do not foresee any cost support at the current level of steel prices. They expect prices to decline in the months ahead leading to a sharp fall in the average price over the next two quarters, adversely impacting the Indian players' earnings. Meanwhile, domestic steelmakers are unlikely to realise the full benefits of rise in international prices this year. The price realisation of Indian companies this year might be lower than the year's average price, primarily due to the monthly adjustment of steel prices and seasonal pattern of the steel sale volumes, analysts at Brics Securities said. However, steel companies are likely to report strong earnings for the second quarter ended September 30, as the full impact of price hikes in the first quarter is likely to have realised in the subsequent quarter only. The cost savings from the
reduction in coal prices are also likely to have come
through in the second quarter, analysts said. (PTI) |
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