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| Mphasis appoints Rao as
non-executive chairman NEW DELHI,
Oct10: Mohit Industries to invest Rs 90 cr in expansion plans MUMBAI, Oct 10: Surat-based Mohit Industries Ltd said it will invest Rs 90 crore for its expansion and diversification plans and has received a Rs 9.50 crore export .......more Investec selects I-flex's Reveleus for Basel II compliance MUMBAI, Oct 10: Financial solutions provider, i-flex Solutions Ltd today said Investec, ........more DRL settles Imitrex litigation with GlaxoSmithKline MUMBAI, Oct 10: Domestic pharma major Dr Reddy's Laboratories Ltd today announced the settlement of the patent litigation with GlaxoSmithKline relating to sumatriptan ........more |
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Panacea Biotec allots 37 lakh shares
upon FCCB conversion MUMBAI, Oct 10: Pharmaceutical company, Panacea Biotec Ltd today said it has allotted 36.90 lakh equity shares to investors upon conversion of Foreign Currency , .........more Farmers should get fair price for land, acquired for SEZs:Govt NEW DELHI, Oct 10: The Centre feels that Special Economic Zones have become controversial as they are because of ...........more Elecon Engg bags Rs 36.75 cr order from Madras Cements MUMBAI, Oct 10: Gujarat-based Elecon Engineering Company Ltd has bagged an order worth Rs 36.75 crore from .......more Woolmark eyes 20 pc growth in licence business in India LUDHIANA, Oct 10: The Woolmark company is eyeing a 20 per cent increase in its licence ............more |
Mphasis appoints Rao as non-executive chairman NEW DELHI, Oct 10: Bangalore-based IT services provider Mphasis BFL Ltd today appointed Jaithirth Rao as non-executive chairman effective from November 1, 2006. He would hold the post after the conclusion of his five-year term as managing director on October 31, 2006, a company statement said. Mr Rao will replace Stephen Heidt as chairman of the company, who will remain a director on the company's board. Moreover, the company has also appointed Deepak Patel and Jeroen Tas as its additional directors.(UNI) |
Mohit Industries to invest Rs 90 cr in expansion plans MUMBAI, Oct 10: Surat-based Mohit Industries Ltd said it will invest Rs 90 crore for its expansion and diversification plans and has received a Rs 9.50 crore export order from a US-based company. The board of directors at its meeting today approved an expansion and diversification plan envisaging an investment of Rs 90 crore, Mohit Industries informed the Bombay Stock Exchange. The company received the export order for supply of 10 lakh meter of German tissue brasso fabric. Outlay for the expansion and diversification projects would be financed through term loan and private placement of equity shares with banks, financial institutions, FIIs, mutual funds, otherwise subject to necessary approvals, it added. The company plans to increase art silk grey fabric manufacturing capacity by 100 per cent and increase yarn processing capacity by 70 per cent, it said. It would also diversify into furnishing fabric, garment industry and install a garment manufacturing unit in Special Economic Zone. Shares of the company were trading at Rs 40.85, up 9.08 per cent at the BSE. (PTI) |
Investec selects I-flex's Reveleus for Basel II compliance MUMBAI, Oct 10: Financial solutions provider, i-flex Solutions Ltd today said Investec, an international banking group, has selected its Reveleus Basel II solution. The Reveleus solution would enable Investec, to compute regulatory capital that conforms to the Advanced Internal Ratings Based Approach of the Basel II accord, i-flex Solutions informed the Bombay Stock Exchange. Investec would implement Reveleus solution at its South African Headquarters and extend it to other countries where it operates, including the United Kingdom and Australia, it added. "Investec is committed to being at the forefront of risk management practices such as Easel II. The implementation is really about adopting an enterprise-wide approach that comprehensively monitors and measures our risk across geographies, diverse investment strategies and product groups," Investec Basel II Programme Leader Rayanne Jacobson said. This engagement is the first in South Africa after an agreement between Oracle and i-flex. Oracle Global Mauritius holds a 47.74 per cent stake in i-flex solutions, as on March 31, 2006. "The selection of Reveleus by Investec demonstrates how Reveleus is well positioned to tackle the global nature of Basel II compliance. Investec will benefit from our experience that has been enriched by multiple Basel II global deployments, Reveleus CEO S Ramakrishnan said. Reveleus is a global provider of analytical applications for the financial services industry and Investec is an international banking group that provides a diverse range of financial products and services to a select client base. Shares of i-flex were trading at Rs 1439.15, up 0.51 per cent at the BSE. (PTI) |
DRL settles Imitrex litigation with GlaxoSmithKline MUMBAI, Oct 10: Domestic pharma major Dr Reddy's Laboratories Ltd today announced the settlement of the patent litigation with GlaxoSmithKline relating to sumatriptan succinate tablets. Sumatriptan succinate tablets are the generic version of GSK's Imitrex tablets. As per the settlement, DRL said it could exclusively distribute an authorized generic version of sumatriptan succinate tablets in strengths of 25 mg, 50 mg and 100 mg in the US market. In a filing on the Bombay Stock Exchange, DRL said it expected to launch the tablets during the fourth quarter of calendar year 2008, ahead of the expiration of the pediatric exclusivity on 5037845 patent on February 6, 2009. The company added that the terms of the settlement are subject to government review, however additional terms of the settlement agreement were not disclosed. GlaxoSmithKline's Imitrex tablets are indicated for the acute treatment of migraine attacks in adults and had sales worth 890 million dollars in the US for the 12-month period ending June, 2006 (according to IMS). (PTI) |
Panacea Biotec allots 37 lakh shares upon FCCB conversion MUMBAI, Oct 10: Pharmaceutical company, Panacea Biotec Ltd today said it has allotted 36.90 lakh equity shares to investors upon conversion of Foreign Currency Convertible Bonds. The company informed the Bombay Stock Exchange that its Investor's Grievances Committee at its meeting yesterday allotted the equity shares to the respective bond holders who exercised their conversion option. Panacea Biotec received conversion notice in respect of 231 FCCBs belonging to tranche 1, from the respective bond holders, it added. Earlier the company had raised 100 million dollar through FCCBs in two tranches due on 2011. Shares of the company were trading at Rs 384.80, down 0.88 per cent at the BSE. (PTI) |
Farmers should get fair
price for land, NEW DELHI, Oct 10: The Centre feels that Special Economic Zones have become controversial as they are because of lack of transparency in fixing prices for acquiring land by State Governments. "Most controversies (over SEZs) could be settled once state Governments pursue transparent policies," Urban Development Minister S Jaipal Reddy said at a seminar on real estate last night. Pointing out that he comes from a family of farmers and hence knows their pulses, Reddy said the farming community is no longer infatuated by land. "They don't mind forgoing land provided they get fair prices (and) they are assured that they are not deprived of their due," he said. Last week, Commerce Minister Kamal Nath had put the onus of identification and acquisition of lands for SEZs on state governments, saying primarily wasteland and non-agriculture land should be utilised for such projects. Priorities for setting up SEZs must be given to waste and non-agricultural land. "No SEZs projects are approved without state government clearance. The state governments should ensure that land needed for industrial purposes is not prime agricultural land," Nath had said. He had also made it clear that housing projects in SEZs are generally limited for 25 per cent of the workforce. (PTI) |
Elecon Engg bags Rs 36.75 cr order from Madras Cements MUMBAI, Oct 10: Gujarat-based Elecon Engineering Company Ltd has bagged an order worth Rs 36.75 crore from Madras Cements Ltd, a flagship company of the Ramco Group, for the supply of material handling equipments. In a communique on the Bombay Stock Exchange, Elecon Engineering said the order secured from Madras Cements entailed the supply of material handling equipments such as stacker, reclaimers and wagon tippler for their Jayanthipuram Line 2 Project and Ariyalur Project. Elecon manufactures material handling equipment, helical gears, Elecon ET series modular gear units, planetary gears, geared motors as well as custom engineered power transmission products for specialised precision applications. (PTI) |
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Woolmark eyes 20 pc growth in licence business in India LUDHIANA, Oct 10: The Woolmark company is eyeing a 20 per cent increase in its licence business in the domestic market by next fiscal, encouraged by the robust growth in exports of wool products. "We have been posting a 15 per cent growth in the number of woolmark licencees in India and this time our target is a 20 per cent growth," Woolmark company Executive Director, Brenda McGahan, currently touring India to consider consolidation of the company's businesses, told PTI here. The Australia-based company would focus on apparels and the home furnishing segments, primarily in Punjab, Maharashtra and Delhi for the purpose. Currently, 212 licencees across India use Woolmark branded wool to manufacture their products, especially for export purposes. India is the third most important wool market after China and Italy for the Australian Wool Services-owned company. India's total wool consumption stands at 120 million kg per annum, of which 83 million kg is used for export and rest for the domestic market. The country consumes almost 20 million kg of Australian wool on an annual basis. Recognising the role of marketing to increase demand for Australian wool across the world, organisations namely Australian Wool Innovation, Woolmark and International Wool Textile Organization have conceived a USD 6.6 million test marketing project. "This new initiative, which entails promotion of wool apparel, encourages manufacturers to create innovative products. Strong product marketing would be beneficial for Indian exporters since a majority of the country's export goes to USA," Brenda said. (PTI) |
ICICI Lomb collects Rs
1,284 cr in premium, NEW DELHI, Oct 10: Top private general insurer ICICI Lombard has recorded 82 per cent growth in premium income at Rs 1,284 crore in April-August and said it has bagged two big contracts of providing comprehensive health cover to Mizoram government staff and accident cover to Uttar Pradesh farmers. "The premium collections for April-August 2006 stand at Rs 1,284 crore, an increase of 82 per cent over the corresponsing period of the previous year (Rs 704 crore)," a senior ICICI Lombard executive told PTI. The private insurer received a mandate by the Mizoram government this month to offer a comprehensive health insurance cover to over 47,000 government employees in the state, the executive said. Similarly, the company in association with the Uttar Pradesh government introduced a comprehensive accident cover last month to over 2.5 crore farmers in the state. Growing by 80-100 per cent year-on-year, ICICI Lombard is fast catching up with the established public sector players like United India Insurance and National Insurance Company and the detariffing from January might see it overtaking them. "We expect the market to witness a manifold change post detariffing. We plan to adopt a customer oriented and practical approach in positioning our products in a competitive market," the official said. ICICI Lombard said it has a market share of 35 per cent among the private life insurance companies. "We have emerged as a key player in general insurance, across all leading states insuring over 126 million people under various insurance covers in India," the official said. There are eight private players and four public sector players in the general insurance sector. (PTI) |
Abee Info in a pact with HPCL for retail outlets in Pune MUMBAI, Oct 10: Abee Info Consumables Ltd today said its marketing arm has entered into an agreement with petroleum retail major Hindustan Petroleum Corporation Ltd (HPCL) for opening cartridge collection and refilling centres across select petrol pumps in Pune. Apart from regular computer consumables, the agreement effective from October 9, entails retailing of the Abbee PC, which was recently launched by the company, it informed Bombay Stock Exchange. This association between Abbee Consumables and Peripherals Sshope, the marketing arm of the company and HPCL, would benefit the co-branding and joint promotion of its marketing activities with HPCL as all the select HPCL outlets would provide 100 to 150 square feet area for the Abbee Sshope. If, successful in their exercise in Pune, HPCL has committed that it would allow similar type of association in all it’s Club HP retail outlets with national presence. Shares of the company, manufacturer of computer peripherals, were trading at Rs 4.55 per share, up 6.31 per cent on the BSE. (PTI) Chemical prices remain steady in thin trade NEW DELHI, Oct 10: Steady conditions persisted in the wholesale chemical market today with prices moving in a narrow range in scattered enquiries and settling around previous closing.Arrivals and offtake remained at a low ebb and volume of business poor. Traders said negligible enquiries from consuming industries due to tight funds position mainly kept prices unchanged.
Ammonia bicarb (25 kg) 325 Ammonium chloride (50 kg) 760-1250, acetic acid (1 kg) 42, boric acid technical (50 kg) 2,850-3,000, borex granular (50 kg) 1250-1400. Caustic soda flake (50 kg) 1,360 citric acid (50 kg) (China) 2,500-2,700 citric acid deshi (50 kg) 2,600-3,000, camphor slab (1 kg) 185-195, camphor powder (1 kg) 170, glycerine (1 kg) 57-59, hexamine (1 kg) 60, hydrogen peroxide (1 kg) 31-32, mercury (34.5 kg) 34,000, menthol bold crystal (per kg) 910, menthol flake (1 kg) 855 nd Mentha oil (1 kg) 700. Paraffin wax (50 kg)Iran 2600-2700
Sodium Nitrite (50 kg) 1350-1400 Sodium silicate (Qtl) 1000-1100 stable bleaching powder (shriram) (25 kg) 315 stable bleaching powder (chambal) 305
Zinc oxide (kg) 71-80(PTI) |
Black pepper, cloves down on sluggish demand NEW DELHI, Oct 10: In limited deal, prices of black pepper common and cloves quoted lower in the wholesale kirana market today on lack of buying support from retailers and stockists and closed with fresh losses.Elsewhere, prices of other spices remained steady in limited deals. Marketmen said lack of necessary buying interest coupled with fresh arrivals mainly brought down black pepper and cloves prices. Black pepper common drifted by Rs 500 to conclude at Rs 11,300-11,500 against last close of Rs 11,800-12,000 per quintal following poor demand from exporters. Cloves prices also slipped by Rs 5 from Rs 295-340 to finish at Rs 290-335 per kilo in view of lack of buying support from retailers and stockists. Following were today’s quotations (in quintal): Ajwain 4,000-6,200 Black pepper common 11,300-11,500 Betelnut (kg) 95-110, cardamom brown (Jhundiwali) 12,500-13,000 and cardamom brown (Kanchicut) 15,000-17,000. Cardamom small (kg): Chitridar 180-290, cardamom (colour robin) 305-315, cardamom bold 340-350, cardamom extra (bold) 420-440 and cloves (kg) 290-335. Chirounji (new) (kg) 240-300 Dry mango 2,600-8,500 Dhania 3,500-6,000 Dry ginger 8,000-10,000 Kalaunji 9,500-10,000 Mace-Red (kg) 500-510 Mace-Yellow (kg) 500-510 Methiseed 2,300-3,500 Makhana (per kg) 115-150 Netmeg 240-250 Poppyseed (KG Turkey) 145 Poppseed (KG MP-RAJ) 170-200 Poppyseed (KG U.P.) 130-140 Red chillies 3,500-8,500 Soya bari pariwar (20 kg) 350-400 Saffron (kg) Irani 29,000-30,000 Saffron (kg) Kashmiri 37,000-43,000 Soanf 8,500-11,500 Turmeric 3,000-4,500 Tamarind 1,400-1,800 Tamarind without seed 3,200-4,500 Tea (kg) 70-120 Watermelon kernel 5,400-5,600 Jeera common 8,500-8,700 Jeera dollar 8,600-8,800 (PTI)
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