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| Abbott India to buy back shares for
Rs 52 cr MUMBAI, Oct 9: Abbott India Ltd today said it will buy back upto 8 lakh equity shares of the company from the shareholders for around Rs 52 crore.Kotak .........more Mefcom Agro acquires stake in Agra-based hospital MUMBAI, Oct 9: Delhi-based Mefcom Agro Industries Ltd today said it has acquired stake in Kamayani Patients .......more Man Industries bags Rs 600 cr orders MUMBAI, Oct 9: Man Industries India Ltd, a manufacturer of saw pipes today said it has secured orders worth Rs 600 crore from US-based and Nigerian ........more Tea prices decline for third week in row COIMBATORE, Oct 9: Tea prices continued to decline for the third consecutive week here as it quoted lower by Rs one to Rs three per kg in the just concluded auction, industry sources said today.......more |
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Tata Metaliks to reline furnace at
Kharagpur unit for Rs 17 cr MUMBAI, Oct 9: Tata Metaliks Ltd, a manufacturer and supplier of pig iron, today said it will reline the first blast furnace at its , .........more Fortune Informatics to issue 7.50 lakh securities to investors MUMBAI, Oct 9: Software products company Fortune Informatics Ltd has received approval from its board to issue 7.50 lakh ...........more Ural India in talks with Russian partner for producing MUV KOLKATA, Oct 9: Ural India Limited, which assembles chasis of trucks and buses at its .......more Tricom India to acquire US-based service bureau MUMBAI, Oct 9: As part of its ongoing expansion plans, Tricom India Ltd today said it has completed due diligence and has signed Memorandum of Understanding (MoU) for acquiring ............more |
Abbott India to buy back shares for Rs 52 cr MUMBAI, Oct 9: Abbott India Ltd today said it will buy back upto 8 lakh equity shares of the company from the shareholders for around Rs 52 crore. Kotak Mahindra Capital Company Ltd, the Manager to the offer, on behalf of Abbott India Ltd announced the buy back of 8,07,360 equity shares of Rs 10 each, representing 25 per cent of the company's paid-up equity capital. Mumbai-based Abbott India said it will buy back the shares at a price of Rs 650 per share payable in cash, for an aggregate amount of Rs 52,47,84,000. The buyback opens on November 6 and closes on November 21, the company informed the Bombay Stock Exchange. (PTI) |
Mefcom Agro acquires stake in Agra-based hospital MUMBAI, Oct 9: Delhi-based Mefcom Agro Industries Ltd today said it has acquired stake in Kamayani Patients (Care) India Ltd, a company running a multi specialty hospital at Agra. This would strengthen its synergy and consolidate its business plans, Mefcom Agro informed the Bombay Stock Exchange. Kamayani Patients Care (India) Ltd has inked an agreement with Escorts Heart Institute and Research Center Ltd (EHIRCL) to open a Cardiac Center -- "Escorts Kamayani Heart Center", it added. The hospital has a facility related to specialty cancer treatment available at reasonable cost and is well established in the field of Cardiac and Oncology. It also specialises in fields like Microsurgery, laproscopic surgery, trauma services. Shares of the company were trading at Rs 22.80, up 4.83 per cent at the BSE. (PTI) |
Man Industries bags Rs 600 cr orders MUMBAI, Oct 9: Man Industries India Ltd, a manufacturer of saw pipes today said it has secured orders worth Rs 600 crore from US-based and Nigerian companies to build high pressure cross country gas transmission pipeline. The fresh orders from US is significant, given the potentially large market for pipes in US and the company has also pitched for large tenders in US and Latin America, Man Industries informed the Bombay Stock Exchange. "It is highly encouraging to expand our market across the globe and the orders from countries like USA and Nigeria have established our proven track record for delivering quality products around the world. It's our privilege to associate with international conglomerates to share our expertise and to maintain our leadership position in the Pipeline industry," Man Industries Chairman R C Mansukhani said. The identification of new markets like USA with huge potential and prestigious approvals on the manufacturing facilities would strengthen the future business prospects of the company, Mansukhani added. The company also got approval for its facilities from Russia-based Gaz Prom, a leading player in oil and gas industry in Europe. The current order book position of the company, including the fresh orders, stands at around Rs 1600 crore, it added. Shares of the company were
trading at Rs 191.10, up 14.40 per cent at the BSE. (PTI) |
Tea prices decline for third week in row COIMBATORE, Oct 9: Tea prices continued to decline for the third consecutive week here as it quoted lower by Rs one to Rs three per kg in the just concluded auction, industry sources said today. Though well made Orthodox Leaf types with good quality remained barely steady, CIS and other exporters operated on leafy grade with less strength, resulting in prices quoting irregularly lower, with some withdrawals. Prices for a few Brighter Liquoring CTC leaf teas met some upcountry demand and were barely steady to easier. Medium Plainer Teas eased by Rs two, while Clean Black Smaller Broken and Fannings suitable for the Pakistani market also witnessed a lower trend by Rs one to Rs two per kg. In the dust category, Orthodox grades ruled easier by Rs two and market opened at Rs two to Rs three below last levels for CTC Dust all sorts, but Good Liquoring teas firmed up as the sales progressed, sources said. Good Orthodox Brokens quoted at Rs 61 to Rs 81 and medium orthodox fannings at Rs 53 to Rs 55, while good CTC Brokens ruled at Rs 51 to Rs 55, Fannings Rs 52 to Rs 56, Medium Brokens Rs 47 to Rs 51 and Fannings Rs 48 to Rs 53 per kg. Best CTC Dust ruled at Rs 59 to Rs 64, Good Rs 54 to Rs 59, Medium at Rs 49 to Rs 53 and Medium Orthodox at Rs 42 to Rs 55. Of the total offerings of about 4.99 lakh kgs, dust teas comprised 2.78 lakh kgs, the sources added. (PTI) |
Tata Metaliks to reline
furnace at MUMBAI, Oct 9: Tata Metaliks Ltd, a manufacturer and supplier of pig iron, today said it will reline the first blast furnace at its Kharagpur unit for aroundRs 17 crore in a bid to expand production capacity. In a filing on the Bombay Stock Exchange, the company said it had decided to reline the blast furnace at the Kharagpur unit and the work is expected to start from today. Following completion of the project, the enhanced production capacity of the furnace would be approximately 1.89 lakh tonnes of hot metal per year, Kolkata-based Tata Metaliks said. The estimated duration of the relining work would be 34 days, it added. (PTI) |
Fortune Informatics to
issue 7.50 MUMBAI, Oct 9: Software products company Fortune Informatics Ltd has received approval from its board to issue 7.50 lakh equity shares and warrants to select investors. At the meeting held recently, the board of directors approved the issue of 2.50 lakh equity shares of Rs 10 each and five lakh warrants to specified investors at a price in accordance with SEBI guidelines, the company informed the Bombay Stock Exchange. The warrants are convertible into an equal number of equity shares of Rs 10 each, the company said. Andhra Pradesh-based Fortunes Informatics added that an EGM would be convened to seek shareholders’ approval for the above issues. (PTI) |
Ural India in talks with Russian partner for producing MUV KOLKATA, Oct 9: Ural India Limited, which assembles chasis of trucks and buses at its unit in Haldia, is in talks with its Russian partner for producing a multi-utility vehicle (MUV). "Ural has a few MUVs in its stable and we are looking at manufacturing a powerful all-terrain vehicle at our Haldia facility," chairman of the Indian partner, Motijug Group, J K Saraff said. If things go as planned, the first vehicle might roll out by mid-2008, he said. "We are in talks with our partner company to localise production of the vehicle for keeping the price competitive," he said adding that the vehicle would be placed in the Tata Sumo or Mahindra jeep categories. The vehicle, which would have a 2000-cc and above engine, would be a simplified version for the rural market, where it can be used as a milk van or public transport among other uses, Saraff said. "We are planning both two-wheel drive and four-wheel drive versions of the vehicle for it to be suitable in all terrains as per the needs of the customers," he said. A more sophisticated version with additional technological upgrades and accessories would be brought in after assessing the impact of the first model, Saraff said. The urban MUV sector is comparatively more competitive and gaining a foothold in the segment would be difficult since major players are already well-entrenched there, he added. Ural India has set up a facility to assemble Russian-made heavy vehicles at Haldia in East Midnapore and production of the vehicles, which would be imported from the Russian manufacturing base as completely knocked down (CKD) units at present, would be localised in phases. Chasis of multi-axle trucks and buses would be assembled at this unit and by 2008-09, Rs 500 crore is likely to be invested in the Haldia project, Saraff said. The Russian auto manufacturer and its Indian partner Motijug Group hold 44.5 per cent equity each in Ural India Limited, while the rest is held by the West Bengal Government. (PTI) |
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Tricom India to acquire US-based service bureau MUMBAI, Oct 9: As part of its ongoing expansion plans, Tricom India Ltd today said it has completed due diligence and has signed Memorandum of Understanding (MoU) for acquiring a service bureau in the United States. The company would enter into definitive agreement in a couple of weeks for the service bureau, which has scanning operations spread across two locations, Tricom India informed the Bombay Stock Exchange. Tricom India specialises in non voice business process outsourcing. Shares of the company were trading at Rs 210.05, up 1.03 per cent at the BSE. (PTI) |
REC to raise Rs 5,000 crore by Mar ‘07 NEW DELHI, Oct 9: State-owned Rural Electrification Corporation plans to raise about Rs 5,000 crore from the market by March 2007. "We plan to raise about Rs 5,000 crore as debt and from bond issues by March," REC Chairman and Managing Director A K Lakhina said here. The company has already raised Rs 4,500 crore so far this fiscal, he said. Lakhina said the company would finalise the monthly borrowing schedule by October end or early November for raising the money. REC had raised about Rs 8,500 crore last fiscal to fund power sector projects, he said. It is also working to hit the market with an initial public offer by March next year. (PTI) |
Classic Diamonds taps Saudi Arabian market MUMBAI, Oct 9: City-based Classic Diamonds India Ltd today said it has started a venture with retail jewelers in Saudi Arabia for it necklace product line. The company expects to have good volume business with two wholesalers of Dubai Distribution channel at Jedah and Riyadh, Classic Diamonds informed the Bombay Stock Exchange. The Saudi Arabian venture would be for its necklace product line priced below USD 20,000 especially designed for these markets. It has also set up a separate team of designers to create or innovate new designs for this rich market, it added. The shares of the company
were trading at Rs 467, down 0.07 per cent at the BSE.
(PTI) Arbitration tribunal begins Jet-Sahara case hearing MUMBAI, Oct 9: An arbitration tribunal today began hearing the Jet-Sahara case pertaining to a collapsed take-over deal. The three-member tribunal consists of retired Supreme Court Chief Justices S P Bharucha, Jeevan Reddy and Lord Stein. "The tribunal starts hearing the case today. It will submit its report to the High Court once the hearing is complete. And the High Court will give the final verdict on the case," Jet Airways lawyer Janak Dwarkadas told PTI here. The Bombay High Court, on September 22, allowed Jet to withdraw Rs 1,500 crore, deposited in an escrow account opened for the purpose of acquiring Air Sahara, against a bank guarantee of the same amount. The court also ruled that the interim judgement was subject to the tribunal’s decision, which will hear the case from the second week of October. In January this year, Jet Airways signed an agreement to acquire 100 per cent equity stake in Air Sahara. As part of the deal, Jet paid Rs 180 crore for the revival of Air Sahara and Rs 500 crore for Air Sahara shares, besides depositing Rs 1,500 crore in the escrow account opened for the purpose. After the deal fell through - following Jet’s failure to get regulatory clearances by the deadline of June 21 - Sahara moved a court in Lucknow seeking to bar Jet from operating the escrow account. Meanwhile jet filed two separate petitions before the Bombay High Court. The Supreme Court had in August transferred two petitions filed by Sahara in a Lucknow court to the Bombay High Court for hearing. (PTI) |
Ericsson emerges
lowest bidder NEW DELHI, Oct 9: Swedish telecom major Ericsson has emerged the lowest bidder followed by Nokia to supply equipment estimated at a cost of over Rs 20,000 crore to BSNL for its mega expansion of mobile services. If selected after due process of evaluation, Ericsson would be awarded 60 per cent of the contract while Nokia the remaining 40 per cent for 45.5 million lines expansion project. The financial bids were opened today. "We have emerged the lowest bidder based on the numbers. Evaluation process is on and BSNL’s decision will be final," P Balaji, Vice President (Marketing and Strategy), Ericsson (India), told PTI. Asked if Ericsson had quoted a price of 109 dollar per line for the tender, Balaji declined to give financial details citing confidentiality clause in the tender process. The state owned ITI, for which a contract for equipment for additional 15 million lines has been reserved by the Government, will have to match the offer of the lowest bidder, a condition which even the second lowest bidder would have to abide by. When contacted BSNL, Director (Finance) S D Saxena said the entire process of evaluation and finalisation could take up to three weeks before the contract is awarded. (PTI)
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