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selling stake to parent Co MUMBAI, Oct 5: Sulzer India Ltd today said it will seek approval from its board of directors, for selling the company's 20.01 .........more Hazoor Media to issue bonus shares in 1:1 ratio MUMBAI, Oct 5: City-based Hazoor Media and Power Ltd has said it will issue bonus shares in the ratio of 1:1 to the shareholders.........more India seeks extra LNG from Qatar, to offer Petronet stake NEW DELHI, Oct 5: India today sought 10 million tonnes of additional LNG supply from Qatar and offered a stake in Petronet LNG Ltd in return...........more Corp Bank gets HC nod for merger MUMBAI, Oct 5: Corporation Bank has received approval from the Karnataka High Court for the merger of Corpbank Homes Ltd with itself.In a filing on the Bombay Stock Exchange today, Mangalore-based Corporation Bank .......more |
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Lupin to announce Q2 results on Oct
19 MUMBAI, Oct 5: Pharma company Lupin Ltd today said it will announce unaudited financial results for the quarter ending September 30, on October 19. The company informed the Bombay ..........more SpiceJet launches new flights from Kolkata, Guwahati NEW DELHI, Oct 5: SpiceJet today announced the launch of new flights from Kolkata and ..........more MetLife India to infuse 100 mn dlr for expansion NEW DELHI, Oct 5: MetLife India today said it is planning to infuse 100 million dollars to fund its expansion plans, besides ......more Intellvisions Software opens representative office in UAE NEW DELHI, Oct 5: Intellvisions Software Ltd said it has established a UAE representative office at Sharjah Airport International Free Trade Zone (SAIF Zone) for promotion of sales and marketing efforts in the Gulf Cooperation ...........more |
Sulzer India to seek board nod for selling stake to parent Co MUMBAI, Oct 5: Sulzer India Ltd today said it will seek approval from its board of directors, for selling the company's 20.01 per cent equity stake to its Switzerland-based parent company, Sulzer Ltd. In a filing on the Bombay Stock Exchange, Sulzer India said its parent company Sulzer Ltd, an industrial engineering and manufacturing firm already holds a 79.99 per cent equity stake in it and now intends to pick up the remaining stake in the company. A meeting of the board of directors would be convened on October 7 to consider the proposal from Sulzer Ltd, which intends to acquire the remaining equity shares of the company through an offer in accordance with the Sebi guidelines and subject to statutory and regulatory approvals. Sulzer India said it will also seek approval from the board for delisting its equity shares from all the stock exchanges in India, adding it has also formally requisitioned the convening of an EGM of the company. The Pune-based Sulzer India manufactures mass transfer devices and high pressure air and gas compressors required for process industry. (PTI) |
Hazoor Media to issue bonus shares in 1:1 ratio MUMBAI, Oct 5: City-based Hazoor Media and Power Ltd has said it will issue bonus shares in the ratio of 1:1 to the shareholders. At the meeting held yesterday, the board of directors recommended the bonus issue, where equity shares of Rs 4 each would be issued for every equity share of Rs 4 each held in the company, Hazoor Media informed the Bombay Stock Exchange. The record date for issue of bonus shares would be decided after obtaining shareholders approval, the company said. The decision to allot 7.90 lakh equity shares of Rs 4 each fully paid up, upon conversion of an equal number of warrants, was also approved by the board yesterday. (PTI) |
India seeks extra LNG from Qatar, to offer Petronet stake NEW DELHI, Oct 5: India today sought 10 million tonnes of additional LNG supply from Qatar and offered a stake in Petronet LNG Ltd in return. Currently, India has a contract to buy 7.5 million tonnes of LNG per annum, which it wants to raise to 17.5 million tonnes, officials said after Qatar Finance Minister called on Petroleum Minister Murli Deora here. Officials said Qatar investment agency is evaluating picking up the 100 million dollar FCCB of Petronet LNG Ltd that would give the Qatari company between 7.5 to 12.5 per cent stake. Petronet and the Qatari company would also make a bid for Dabhol power projects' hived off LNG terminal, the official said. (PTI) |
Corp Bank gets HC nod for merger MUMBAI, Oct 5: Corporation Bank has received approval from the Karnataka High Court for the merger of Corpbank Homes Ltd with itself. In a filing on the Bombay Stock Exchange today, Mangalore-based Corporation Bank said the scheme of amalgamation of Corpbank Homes with the bank had been approved by the High Court vide its order dated August 11, 2006. The order had been filed with the Registrar of Companies at Bangalore on October 4 and the amalgamation is also effected from the same date, Corporation Bank said. (PTI) |
Lupin to announce Q2 results on Oct 19 MUMBAI, Oct 5: Pharma company Lupin Ltd today said it will announce unaudited financial results for the quarter ending September 30, on October 19. The company informed the Bombay Stock Exchange that a meeting of the board would be convened on October 19 to consider and take on record the unaudited financial results for the second quarter ended September 30. (PTI) |
SpiceJet launches new flights from Kolkata, Guwahati NEW DELHI, Oct 5: SpiceJet today announced the launch of new flights from Kolkata and Guwahati. From October 8, a daily morning flight has been introduced between Kolkata and Guwahati. A daily morning flight has also been introduced between Guwahati and Delhi. The return flights from Delhi to Guwahati and Guwahati to Kolkata have been scheduled for the evening. These additional flights have been made possible through the induction of a brand new Boeing 737-800 new-generation aircraft. With the induction of this new aircraft, SpiceJet's passenger seat capacity has been increased to 9,639 seats a day, and an effective increase in average daily flights from 45 to 52 flights. SpiceJet will also start its daily service on Delhi-Varanasi-Delhi sector from October 7. (UNI) |
MetLife India to infuse 100 mn dlr for expansion NEW DELHI, Oct 5: MetLife India today said it is planning to infuse 100 million dollars to fund its expansion plans, besides ramping up agent force to 50,000 and doubling up branch network in the next two years. Keeping in mind the growth plans, the private life insurer is likely to increase its paid up capital by 100 million dollar or over Rs 450 crore in the next two years, MetLife Global Chairman and CEO Rob Henrikson said here. The company currently has Rs 431 crore of paid up capital. "We are likely to increase the agent force to 50,000 and double branch network in the next 20 months," Rob said. MetLife India at present has 8,500 agent force and 43 branches across the country. The private insurance company has collected Rs 150 crore in premium in the first six months of this fiscal, growing by 100 per cent year-on-year. MetLife India is a joint venture between US’ largest life insurer Metlife Inc, J&K Bank, M.Pallongi and Co and other private investors. MetLife India is keen to increase its stake in the venture to 49 per cent from the current 26 per cent once the increased FDI is allowed by the Indian Government in the insurance sector, Rob said. (PTI) |
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Intellvisions Software opens representative office in UAE NEW DELHI, Oct 5: Intellvisions Software Ltd said it has established a UAE representative office at Sharjah Airport International Free Trade Zone (SAIF Zone) for promotion of sales and marketing efforts in the Gulf Cooperation Council (GCC) countries. With this initiative the company products and services as well as after sale support will be available to its customers in the banking, telecom and retail segment in the GCC countries. In tellivisions is also in active negotiations with the sole telecom company in Qatar, Qtel, for outsourced projects during the coming Asian games there and is hopeful of some headway soon, a company statement said. The company has received approval for its proposal for outsourcing BSNL Bill Collection System across India via the Company Automated Machines. It will now install either directly or thorough franchise around 1,000 automatic Check Depositing machines for bill collection in the near future across the country. The company has already acquired few prestigious clients like Emirates Islamic Bank and Emirates Bank International and active negotiations are on for its Self Service Terminals in nearly seven to eight more banks in UAE.(UNI) |
Kamal Nath rules out any cap on SEZs NEW DELHI, Oct 5: Commerce and Industry Minister Kamal Nath today ruled out fixing any cap on the number of Special Economic Zones in any category, including in the field of Information Technology. ''Why should there be cap on SEZs in IT, especially when the Services Sector is growing fast,'' Mr Nath asked while talking to reporters on the sidelines of the three-day Services Congress being organised by the Federation of Indian Export Organisations (FIEO) here. Mr Nath said the tax incentives in SEZs were meant only for the incremental investment and no shifting of units was allowed. He said he did not agree with the argument that the tax incentives for the units in the SEZs would lead to leakage of the tax revenue. ''Investments in SEZs would rather lead to increased economic activity and incremental resources for the Government,'' the Commerce and Industry Minister said. The Board of Approvals in the Commerce Ministry has approved 180 SEZs of which most of which are specific to the Information Technology. Earlier in his address at the Services Expo-SerinXPO, Mr Nath said the Services exports from India have increased from 25 billion dollar in 2003-04 to 60 billion dollar in 2005-06. The newly-constituted Export Promotion Council on Services would focus on a limited but focused number of Services. (UNI) |
Aircel to begin HP, Bihar operations soon CHENNAI, Oct 5: Aircel Cellular will soon begin providing its services in Bihar and Himachal Pradesh as part of its efforts achieve a pan India presence. "Already we are operating in nine telecom circles, including two in Tamil Nadu, besides covering all the North-Eastern states," K V P Baskar, Aircel's CEO, South, told reporters here last night. With the introduction of Aircel's services in Bihar and Himachal "we will be close to achieving our goal of becoming a pan India company, he said. He said Aircel's network, already available in 100 towns in Tamil Nadu, would be increased to 1,000 towns before the end of 2006. The company's subscriber base yesterday crossed the three million mark, he said. (PTI) BHEL receives its first commercial order for CSR NEW DELHI, Oct 5: Bharat Heavy Electricals Limited (BHEL) has received its first commercial order for an indigenously developed Controlled Shunt Reactor (CSR), a device to be used in high voltage transmission lines. The order was received for supply, erection, testing and commissioning of an 80 MVAR, 400kv CSR at Karad Substation on Karad-Lonikand line on a turnkey basis from the Maharashtra State Electricity Transmission Company Limited. The contract would be completed in 18 months and the CSR's reactor transformer would be manufactured at BHEL's Bhopal plant. As CSRs can be taken out of the circuit even in loaded line conditions, 25-30 per cent more power can be transmitted through improvement in voltage profile as compared to a fixed shunt reactor configuration. (PTI) |
Domestic fuel prices unlikely to follow global fall NEW DELHI, Oct 5: The Government is unlikely to cut auto fuel prices soon, despite global softening of crude oil prices as oil companies continued to make losses on diesel, LPG and kerosene, a top official said today. "Based on average international price this month, oil companies were earning a profit of Rs 2.94 per litre on petrol but were losing Rs 1.83 a litre on diesel," the official said. Oil companies continue to make a loss of Rs 14.41 a litre on kerosene and Rs 151.36 per LPG cylinder, he added. "International oil prices were at USD 67 per barrel on June 5 when the Government decided to raise petrol price by Rs 4 a litre and diesel by Rs 2 per litre. Yesterday they were ruling at 56 dollars per barrel," he said. The Indian basket of crude oil, which averaged USD 71.36 a barrel in July and USD 70.84 in August, has slid to USD 61.04 per barrel in September and USD 58.19 this month. As against the requirement of Rs 10.55 per litre hike in petrol, the government had raised petrol price by only Rs 4 a litre on June 5, he said adding that the hike in diesel prices was only Rs 2 a litre as opposed to the requirement of Rs 9.88 per litre. In June, kerosene prices needed to be raised by Rs 17.16 a litre and LPG prices by Rs 114.4 per cylinder but consumers were spared a hike in their prices. "Things have changed since than. Margins on petrol have turned positive (Rs 2.94 a litre) and loss on diesel has come down from Rs 7.88 to Rs 1.83 per litre. The same on kerosene has also dipped from Rs 17.16 to Rs 14.41 a litre but on LPG the losses have risen to Rs 151.36 per cylinder," the official said. The official said the Government wants to wait and watch the trend in international oil prices, particularly during winter when heating requirement rise in western countries, pushing up the oil prices. The fall in international prices has cut losses incurred by oil companies on sales from Rs 200 crore per day in July/August to around Rs 25 crore. The Finance Ministry, he said, was likely to issue oil bonds worth Rs 14,150 crore to public sector oil retailers this month to compensate them for losses on LPG and kerosene, suffered during the first half of current fiscal. (PTI)
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