Daily Excelsior...Business

Gram dal moves Up

CHENNAI, Oct 16: Price of gram dal went up by Rs 50 per quintal while that of other major commodities remained unchanged on the wholesale foodgrains market here today..........more

Educomp Solutions raises Rs 113 cr through FCCB offering

MUMBAI, Oct 16: Educomp Solutions Ltd, an e-learning solutions provider today said it has raised Rs 113.43 crore (25 million dollar) through the issue of Foreign Currency Convertible .......more

CMC Q2 net up 9 pc at Rs 10.35 cr

MUMBAI, Oct 16: IT solutions provider, CMC Ltd today posted an increase of 9.40 per cent in net profit after tax at Rs 10.35 crore for the quarter ended September 30, as compared to Rs 9.........more

Provogue India enters into JV with Liberty Int'l

MUMBAI, Oct 16: Provogue India Ltd today said it has entered into a joint venture agreement with UK-based Liberty International PLC ....more

AVT Natural Products allots bonus shares

MUMBAI, Oct 16: The Chennai-based AVT Natural Products Ltd today said it had alloted bonus shares in the ratio of 1:1 to shareholders.........more

Indiabulls Q2 net up 59 pc at Rs 31 cr

MUMBAI, Oct 16: Indiabulls Financial Services Ltd today posted an increase of 59.19 per cent in net profit at Rs 30.63 crore for the quarter ended September 30, as against Rs 19.24 crore for the same quarter last year...........more

Indian Bank to hit capital market with IPO of 8.9 crore shares

NEW DELHI, Oct 16: State-owned Indian Bank is likely to come out with an IPO of 8.9 crore shares in January next year, to raise Rs 800-1200 crore to augment its capital ......more

India Inc raises over USD 13 bn from overseas debt mkts

NEW DELHI, Oct 16: The charm of foreign shores as source of funds is getting stronger in India, with domestic firms already ...........more

Kotak Life ties up with Murshidabad Co-operative bank.....

Maruti Udyog to announce Q2 results on Oct 26...............

We shall be very difficult to beat in India: Nokia CEO.........

OPEC to hold emergency meeting Oct 19 to discuss output cut......

Gram dal moves Up

CHENNAI, Oct 16: Price of gram dal went up by Rs 50 per quintal while that of other major commodities remained unchanged on the wholesale foodgrains market here today.

Gram dal sold at Rs 3,750 against yesterday's close of Rs 3,700.

Thoor dal, urad dal, moong dal, sugar, wheat, maida and sooji were taken at their previous rates.

Todays rates per quintal: Thoor dal Rs 3,700, urad dal Rs 5,900, moong dal Rs 4,200, gram dal Rs 3,750, sugar Rs 1,670, wheat Rs 1,400, maida (90 kg) Rs 1,350 and sooji (90 kg) Rs.1,450. (PTI)

Educomp Solutions raises Rs 113 cr through FCCB offering

The FCCBs would be convertible into equity shares with an initial conversion price of Rs 900 per share and a tenure of over five years, Educomp Solutions informed the Bombay Stock Exchange.

The company said that the FCCBs have gross yield to maturity of 7.5 per cent per annum and would mature on October 14, 2011, it added.

The issue of FCCBs was pursuant to the approval granted by the board of directors and shareholders and the sole book runner and lead manager to the issue was Jefferies International.

Shares of the company were trading at Rs 658.40, up 2.35 per cent at the BSE. (PTI)

Indiabulls Q2 net up 59 pc at Rs 31 cr

The total income of the company increased 27.56 per cent to Rs 69.56 crore for the quarter ended September 30, from Rs 54.53 crore for the corresponding quarter a year ago, the company informed the Bombay Stock Exchange.

The board of directors at its meeting today declared a dividend of five per cent on 99.66 lakh cumulative, redeemable, non-convertible preference shares of face value of Rs 300 each, and 115 lakh cumulative, redeemable, convertible preference shares, it added.

The total amount to be paid as dividend aggregates to Rs 529.31 lakh payable pro rata for the period from August 2 to September 30 this year.

The group posted an increase of 58.7 per cent at Rs 95.10 crore for the quarter ended September 30, as against Rs 59.93 crore for the same period last year.

The total income of the group for the second quarter ended September 30 increased 74.4 per cent at Rs 270.37 crore as compared to Rs 155.03 crore a year ago.

For the half year ended September 30, the group posted a profit after tax of Rs 171.71 crore from Rs 101.74 crore for the same period last year and the total income of the group increased to Rs 491.09 crore from Rs 253.66 crore a year ago.

Shares of the company were trading at Rs 416.50, up 2.03 per cent at the BSE. (PTI)

Indian Bank to hit capital market with IPO of 8.9 crore shares

NEW DELHI, Oct 16: State-owned Indian Bank is likely to come out with an IPO of 8.9 crore shares in January next year, to raise Rs 800-1200 crore to augment its capital base and support business expansion.

"About 8.9 crore shares will be offloaded at a price to be decided through the book-building process," a senior Indian Bank official said.

This is 25 per cent of the paid up capital of Rs 343.82 crore or 34.382 crore shares.

After the IPO, slated for January-end or February first week, the Government holding will come down by 25 per cent to 75 per cent in the bank.

The Chennai-based bank is coming out with the IPO after a capital restructuring carried out last month.

Out of the Rs 743.82 crore paid up capital, the bank has converted Rs 400 crore into non-cumulative preferential shares and placed them with the Government. Indian Bank will pay an interest of 8 per cent per annum for the preference capital.

"We will try to identify merchant bankers next week for the IPO, which should come by January-end or early February," Indian Bank Chairman A K Chakrabarty said.

He said the amount raised from the IPO would be used for meeting Basel II norms as well as to fund expansion plans.

Indian Bank along with Central Bank have been permitted by the Government to go for IPOs after restructuring of their capital while United Bank is awaiting clearance for its IPO.

These are the three public sector banks in which, the Government holds 100 per cent stake.

IPO of the the third bank-United Bank-will also be cleared "very soon", Banking Secretary Vinod Rai said. (PTI)

India Inc raises over USD 13 bn from overseas debt mkts

NEW DELHI, Oct 16: The charm of foreign shores as source of funds is getting stronger in India, with domestic firms already having raised over USD 13 billion (Rs 60,837 crore) from global debt markets, surpassing the 2005-figure.

Riding on the back of a growing global appetite for Indian securities, rising domestic interest rates and robust worldwide liquidity position, India Inc raised about USD 13.29 billion from overseas debt securities through August this year, with a major chunk coming through Foreign Convertible Currency Bonds (FCCBs).

Indian companies raised about USD 13.16 billion (Rs 60,218 crore) in the entire 12-month period last year.

Major companies that have raised funds abroad through FCCBs this year include Ranbaxy Laboratories (USD 400 million), Jubilant Organosys (USD 200 million), Mahindra & Mahindra (USD 200 million), India Cements (USD 75 million) and Larsen & Toubro (USD 100 million).

Besides FCCBs, other debt securities like Eurobonds and syndicated loans have also seen significant growth this year.

FCCBs have further cemented their position as the preferred overseas fund raising instruments and total capital raised from them could surge by about 80 per cent this year.

According to investment banking major Barclays Capital, companies raised about USD five billion through FCCBs issue in the January-August period this year, as against USD 3.9 billion in entire 2005. (PTI)

Kotak Life ties up with Murshidabad Co-operative bank

KOLKATA, Oct 16: Kotak Mahindra Old Mutual Life Insurance, a leading private sector insurance company, today entered into bancassurance partnership with Murshidabad District Central Co-operative Bank.

The partnership will enable Kotak Life Insurance to tap the vast customer base of the Murshidabad district semi-urban population.

Kotak Life Regional Manager (alternate channel) Puneet Bhargava said the tieup with the co-operative bank will generate additional 5-8 per cent of customer penetration.

Murshidabad District Co-operative Bank Chairman Sekhar Saha said that the partnership with Kotak Life will enable the bank to bundle insurance products with their own offering.

Gradually private insurance companies are focussing in the rural and semi-urban life insurance market that was largely captured by public sector behemoth Life Insurance Corporation. (PTI)

Maruti Udyog to announce Q2 results on Oct 26

MUMBAI, Oct 16: Leading carmaker Maruti Udyog Ltd today said it will announce the unaudited financial results for the second quarter on October 26.

The company today informed the Bombay Stock Exchange that on October 26 it will consider the unaudited financial results for the quarter and half year ended September 30.

The shares of the company were trading at Rs 963.50, up 0.59 per cent on the BSE. (PTI)

We shall be very difficult to beat in India: Nokia CEO

NEW DELHI, Oct 16: Expecting India to emerge as the second largest market for them by 2008, Finland's Nokia has chalked out very aggressive business plans and said they would be difficult to beat in India.

With customer service and distribution network well in place, "we shall be very difficult to beat in this market," Olli-Pekka Kallasvuo, president and CEO of Nokia said adding, "we are far ahead of competitors having in market for long time. Nokia is a strong brand and well respected in India."

The company is focusing on all segments like pricing, quality and country specific campaign in order to maintain its leadership in the Indian telecom sector.

"India is a big market especially for the telecom sector. We shall continue to be very active... The approach we have taken is to become local there. Global scale but business is local," Olli-Pekka told PTI in an interview.

Nokia, which recently set up manufacturing plant in Tamil Nadu, has been producing India specific tailor-made phones to cater to all sections of society.

"Made in India, Made for India is what we believe in," Olli-Pekka said adding majority of the phones would be for the domestic market but exports are also taking place from Chennai's manufacturing facility.

He said the Indian market is extremely competitive like other markets and Nokia will have to have great portfolio as well quality.

It is very important that even in low end market not only price but phone's features and quality are maintained, he said. (PTI)

OPEC to hold emergency meeting Oct 19 to discuss output cut......

DUBAI, Oct 16: The Organization of Petroleum Exporting Countries, producer of 40 percent of the world's oil, will hold an emergency meeting on Oct. 19 to discuss a 1 million barrel-a-day output cut, an OPEC delegate said.

The meeting will occur in Doha, Qatar, a United Arab Emirates official said today. OPEC members were informed of the meeting by the group's acting secretary general, Nigeria's Mohammed Barkindo, the U.A.E. Official said.

OPEC's next scheduled meeting was due on Dec. 14 in Abuja, Nigeria. The group will convene in Qatar to discuss a "voluntary" supply cut aimed at reviving oil prices that have fallen by a quarter in the last three months. (AGENCIES)