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| Diamond Cables bags Rs 14 cr orders MUMBAI, Sept 20: Diamond Cables Ltd, a manufacturer of cables and conductors today said it has bagged orders worth Rs 14 crore for supply of transmission conductors..........more NEW DELHI, Sept 20: Development Credit Bank Ltd will tap the capital market to raise Rs 200 crore through an Initial Public Offer, which is expected by the end of September........more Finolex pipes thrust on drip irrigation and construction sector PANAJI, Sept 20: Pune-based Finolex Industries Limited(FIL), the flagship company of the Rs 2500 crore Finolex group in Maharashtra has plans to cash ........more CSE set to get lifeline from NSE KOLKATA, Sept 20: The beleaguered Calcutta Stock Exchange (CSE) is all set to get a lifeline from the National Stock Exchange (NSE). ....more |
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Gabriel India to demerge engine
bearings division MUMBAI, Sept 20: Pune-based auto components maker Gabriel India Ltd has received approval from the board for demerging its Engine Bearings Division and ...........more Defence wants ITI to check encryption equip for its network NEW DELHI, Sept 20: State-run ITI, in consultation with Defence Ministry officials, has been asked to examine and monitor the ..........more I-flex launches banking solution MUMBAI, Sept 20: I-flex Solutions Ltd, a leading provider of IT solutions to the financial services industry today announced the launch of its ‘i-flex Process Framework for Banking (iPFB)’, ......more Indian Bank eyes Rs 800-1200 cr through IPO NEW DELHI, Sept 20: Indian Bank is targeting to raise about Rs 800-Rs 1,200 crore through its Initial Public Offer in early 2007 to shore up its capital base. ............more |
Diamond Cables bags Rs 14 cr orders MUMBAI, Sept 20: Diamond Cables Ltd, a manufacturer of cables and conductors today said it has bagged orders worth Rs 14 crore for supply of transmission conductors. The Gujarat-based company informed the Bombay Stock Exchange that it secured a Rs 8 crore export order for supplying 800 kms of transmission conductor and a Rs 6 crore domestic order as well. The total order book position of the company stands at Rs 165 crore, Diamond Cables added. Shares of the company were trading at Rs 80.10 on the BSE today, up 1.91. (PTI) |
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NEW DELHI, Sept 20: Development Credit Bank Ltd will tap the capital market to raise Rs 200 crore through an Initial Public Offer, which is expected by the end of September. "We will be coming out with an IPO to raise Rs 200 crore to fund our growth purposes," DCB Bank Chairman Nasser Munjee said here on the sidelines of an Assocham interactive session. He said the proceeds from the IPO would be utilised primarily for lending to the retail and Small and Medium Enterprises (SMEs). The IPO would be through book building process, after which the holding of the bank’s promoters would come down to about 32 per cent. The private sector bank is promoted by Aga Khan Fund for Economic Development (AKFED). (PTI) |
Finolex pipes thrust on drip irrigation and construction sector PANAJI, Sept 20: Pune-based Finolex Industries Limited(FIL), the flagship company of the Rs 2500 crore Finolex group in Maharashtra has plans to cash in on the growing need of quality PVC pipes in drip irrigation and construction sectors. The demand for such quality pipes to meet the agriculture needs was about 65 per cent of the pipes production which account for 650,000 tonnes valued at about Rs 4,000 crores per annum in the country. ''The organised and unorganised sector however equally share the production capacities even as demand for quality PVC pipes is on rise in specific areas such as as irrigation and construction industry of late,''according to the FIL president Mr Vivek Khandekar. Interacting with media persons here last evening on the developments in the PVC industry, Mr Vivek said though FIL continues to be the largest manufacturer of the PVC pipes in India, it had no immediate plans to export its products. ''We want to strengthen our markets in Maharashtra, Karnataka, Goa and Tamilnadu first besides a few other places in the North,'' he said. The industry in general had been witnessing 10 per cent annual growth and FIL had 20 per cent market share even as it had doubled its PVC resin manufacturing capacitity to 260,000 tonnes per annum at its backward integration facility at Ratnagiri in Maharashtra during the quarter ended on March 31,2006. The company, he said, had also planned to increase the PVC pipe manufacturing capacity to 80,000 tonnes at its Pune facility this fiscal as against the existing 65,000 tonnes at an investment of Rs 18 crores. Interestingly,the FIL had recently launched what it termed ''UV stabilised plumbing systems'' with encouraging response from the plumbing industry across the country. The new pipes have cold welding for jointing which in layman's language is known as ''solvent cement'' resulting in homogenous leak-proof joint. The company,which has been in the area of plumbing pipes for the last 15 years, is planning to further expand its capacity in the UV segment. In Goa, the company had initiated the change from metallioc pipes to the PVC pipes for drinking water appliction even as the construction industry had been responding to the products, Mr Vivek added.(UNI) |
CSE set to get lifeline from NSE KOLKATA, Sept 20: The beleaguered Calcutta Stock Exchange (CSE) is all set to get a lifeline from the National Stock Exchange (NSE). The exchange will sign an MoU with NSE for sharing a common trading platform. The MoU would enable 300 odd active members to trade in NSE along with the power to issue contract notes. Besides, small and medium companies listed only in CSE could be traded on NSE also. CSE's administrator T K Das said the exchange had got a proposal from NSE last week. "We are supposed to get the draft MoU before pujas from NSE. We hope that the common platform will be operational within a month," he said. According to him, NSE had agreed that CSE brokers would not lose their identity. "They will not become sub-brokers of NSE. CSE will collect the listing fees for all the companies listed here but NSE brokers will be allowed to trade in these stocks," he added. Mr Das said initial discussions with NSE indicated that the NSE would look after surveillance requirements and CSE would look after margin issues. "We are expecting a daily turnover of Rs 500-600 crore once this system is in place," added Das. CSE had already initiated discussions with BSE for sharing of trading platform. The CSE administrator pointed out that the NSE proposal is more attractive than BSE. Mr Das said if trading volumes in CSE increased, it might look for increasing the settlement guarantee fund (SGF) through additional deposits from members. At present, CSE had SGF of Rs 66 crore. CSE would complete inducting a strategic partner by divesting 51 per cent stake August 31, 2007, he said. (UNI) |
Gabriel India to demerge engine bearings division MUMBAI, Sept 20: Pune-based auto components maker Gabriel India Ltd has received approval from the board for demerging its Engine Bearings Division and for sale of the company's property in Mumbai for Rs 85 crore. In a filing on the Bombay Stock Exchange today the company said it had received the board's nod for demerger of the Engine Bearings Division from the company through a vertical demerger process. The US-based Federal-Mogul Corporation, which holds a 5.146 per cent stake in the company has agreed to be the majority partner in the new demerged Engine Bearings company through a preferential allotment of shares, Gabriel India said. It added that the scheme of arrangement would be filed with the stock exchanges in due course of time, subject to necessary regulatory approvals including a sanction from the Bombay High Court. At a meeting held yesterday the board of directors also approved the proposal for selling the company's property in Mumbai and as part of the arrangement, a portion of the property would be licensed to Gabriel India for its use, for an agreed term. (PTI) |
Defence wants ITI to check encryption equip for its network NEW DELHI, Sept 20: State-run ITI, in consultation with Defence Ministry officials, has been asked to examine and monitor the software encryption equipment provided by the US-based Cisco for the army's communications network, prepared by BSNL, to ensure the security parameters in operation. There is no per se objection to the equipment of any company. But, Defence forces want ITI, which is already a partner in the project to take an active part in examining the encryption software provided by Cisco or any other company for the sake of meeting security parametres in the operational aspects, a senior Department of Telecom official said. Whether BSNL directly buys from Cisco or any other company or goers through ITI, Defence forces asked ITI to be made responsible for security benchmark. But there was no objection to any equipment, the source pointed out. BSNL is currently preparing the communication network for defence forces so that armed forces could release spectrum for mobile services later this year. The Department has already approved a funding of Rs 1,000 crore for the purpose and a group of officials from Defence, BSNL, MTNL, DoT have been formed to take the process ahead. Defence is expected to release 45 Mhz of spectrum after BSNL makes the alternate network for them. In a recent meeting of this steering committee for release of spectrum by defence force, MoD officials expressed reservation with context of meeting operational parametres with overseas equipment and asked ITI to ensure that to the proposed use of encryption software developed by Cisco in its network. BSNL is building the communications network for defence forces. (PTI) |
I-flex launches banking solution MUMBAI, Sept 20: I-flex Solutions Ltd, a leading provider of IT solutions to the financial services industry today announced the launch of its ‘i-flex Process Framework for Banking (iPFB)’, which is a tool for transforming banking operations. IPFB would help banks to improve process efficiency while simultaneously managing operational risks by allowing them to optimise processes using a Business Process Management (BPM) approach, i-flex informed the Bombay Stock Exchange. The company said banks could use iPFB to control operational risk and integrate diverse applications into a common operating environment. IPFB is a repository of processes that draws on best practices that the company has developed in working with more than 660 customers in over 120 countries, I-flex said. "iPFB provides them (banks) with the tools to implement business process improvements without a major surgery to the supporting application and IT infrastructure," the company’s CEO International Operations and Business Development R Ravisankar said. Banks can use iPFB to accelerate their business process management (BPM) initiatives using a battery of processes to knit together diverse applications and manual steps. (PTI) |
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Indian Bank eyes Rs 800-1200 cr through IPO NEW DELHI, Sept 20: Indian Bank is targeting to raise about Rs 800-Rs 1,200 crore through its Initial Public Offer in early 2007 to shore up its capital base. "The IPO will be 25 per cent of the restructured capital and 20 per cent post issue," Indian Bank chairman K C Chakrabarty said here. Part of the equity prior to the issue will be converted into preference shares and would be issued to the Government, which will own 80 per cent post IPO. The Government currently owns 100 per cent in the Chennai-based bank. He said the bank is raising the resources to maintain a capital adequacy ratio of 12 per cent and to meet future expansion in business. (PTI) |
AppLabs acquires IS Integration HYDERABAD, Sept 20: AppLabs Technologies, a US-based software testing and development services company, acquired IS Integration, the UK based IT and business solutions testing consultancy for USD 37 million (nearly Rs 170 crore). The merged businesses will create the largest global provider of testing consultancy, with a combined staff base of approximately, 1,500 employees and a forecasted USD 75 million revenues and USD 8 million profit this fiscal year ending in March 2007, an AppLabs statement said here. The transaction is party funded by UTI Bank, Singapore. This news follows the June 2006 announcement that AppLabs has received USD 10 million in funding from Sequoia Capital India. The investment in AppLabs total USD 17 million, one of the largest investments Sequoia has made in an Indian company. Under the scope of the AppLabs-IS Integration agreement all offices of IS Integration will continue to operate as they are and all staff will remain employed in the UK based company Is Integration will effectively from the European arm of AppLabs. The company will continue to operate as IS Integration for the next six months, thereafter it will operate under the name AppLabs, the release added. AppLabs is headquartered in Philadelphia, Pennsylvania and maintains state-of-the-art testing centers in London, Utah and Hyderabad. (PTI) |
Landmark lines up 5-6 stores in FY’07, to invest Rs 30 cr NEW DELHI, Sept 20: Book and music retailer, Landmark Ltd today announced its foray in the northern region with the opening of a store in Gurgaon and said it has earmarked an investment of Rs 30 crore to set up 5-6 stores in 2006-07. "We have opened three stores in this fiscal so far and the store at Gurgaon would be our fourth. We are also looking at opening stores in Lucknow and Chandigarh," Landmark Chief Operating Officer Himanshu Chakrawarti told reporters. Subsequently, the company, in which Tata group’s retail arm Trent Ltd had last year acquired 76 per cent stake for Rs 103 crore, has plans to open 5-6 stores every year to expand its presence in the country, he said. "For 2005-06, we recorded sales of Rs 100 crore and are looking at a 50-60 per cent year-on-year growth," he added. "Landmark had a presence in the South but now with our focus on north and west India and mini metros, the acquisition (by Trent) would help in expanding our presence across the country," Landmark CEO Hemu Ramaiah said. Landmark has seven stores in Bangalore, Chennai, Kolkata, Mumbai and Vadodara, with a product portfolio of books, music, stationery, magazines, home store, toys and gifts. "We would now also diversify into luggage and iPods and increase our range depending on the region or market we are catering to," Chakrawarti said. (PTI) Maruti in pact with Magma for financing cars KOLKATA, Sept 20: Leading car maker Maruti Udyog Limited today signed a deal with financial services company Magma Leasing Limited to finance Maruti cars across the country. The agreement was signed by Maruti’s managing director Jagdish Khattar and Magma’s managing director Sanjay Chamria. "Maruti is determined to motorise India and tap the opportunity in rural and semi urban markets. We have the right products and the network for it. The missing link is car finance and our partner Magma will help us expand our base," Khattar said. "Magma specialises in financing new and pre-owned vehicles in the semi urban and rural areas which is the fastest growing market in the country. With the merger of Magma and Shrachi Infrastructure Finance, we have an increased reach of 146 branches," Chamria said. (UNI) |
Flat TVs to ensure tall growth in sales: LG NEW DELHI, Sept 20: South Korean consumer electronics major LG today said it will cross the Rs 10,000 crore turnover mark in India by next year, riding on increased sales of its flat panel display systems. Last year, the company posted a turnover of Rs 7,500 crore and this year it expects the figure to be about Rs 8,500 to 9,000 crore and cross Rs 10,000 crore by 2007, LG Electronics India Pvt Ltd Vice President (Sales and Marketing) Girish V Rao said here. It expects colour television sales to drive the growth, to which flat panel display (plasma tv and LCD) systems are expected to contribute in a major way. Asked about plans to manufacture FPDs in India, he said there was no such plans, as the volumes do not justify it, besides the huge investment involved. He said colour television sales accounted for 32 per cent of the turnover, refrigerator 10 per cent, air conditioners 15-20 per cent, washing machines 8 per cent and IT (computers and GSM mobiles) about 10 per cent. The company kicked off its festive season offer, with the launch of 11 new models of latest FPD range starting from a price of Rs 30,000 and above. LG is expecting a turnover of Rs 2,500 crore during the season, for which it has roped in Cartoon Network for promoting its products. The company would spend Rs 100 crore on marketing for this festive season alone. (PTI) |
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