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global reach MUMBAI, Feb 26: Tata Communications today said it has expanded its Virtual Private Network (VPN) services to China, .....more' ADB may exit Petronet LNG by year end NEW DELHI, Feb 26: Asian Development Bank is likely to exit Petronet LNG Ltd by selling its 5.2 per cent holding in the country's biggest liquefied ...more PEC to sell 5,000 tonnes of pulses NEW DELHI, Feb 26: State-owned trading firm PEC today invited bids for sale of 5,000 tonnes of pulses in the domestic .......more Nicholas starts trials on molecule for metabolic disorders MUMBAI, Feb 26: NPIL Research & Development, the demerged entity of pharmaceutical company Nicholas Piramal India Ltd (NPIL), has started Phase I studies of a new drug molecule, used in metabolic disorders in the Netherlands."This is our fourth new drug ......more |
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Smart recovery in Instanex Skindia
DR Index MUMBAI, Feb 26: The Instanex Skindia DR Index recovered smartly by 65.67 points or 2.19 per cent to 3,062.63 on February ........more REL board to mull buyback of shares on March 5 MUMBAI, Feb 26: Anil Ambani group firm Reliance Energy today said its board will consider buyback of shares at a meeting to be held on March 5."A meeting .......more Six firms to build undersea cable: SingTel SINGAPORE, Feb 26: Six international tele- communications carriers, including India's Bharti Airtel, have agreed .......more BHEL bags Rs 1,075-cr order for 350-MW power plant in Gujarat NEW DELHI, Feb 26: Power equipment supplier Bharat Heavy Electricals Ltd today said it has bagged a Rs 1,075- crore order for setting up a 350-MW power plant in Gujarat.Gujarat State Energy Generation Ltd has placed the engineering, procurement and construction order .....more |
Tata Communications expands its global reach MUMBAI, Feb 26: Tata Communications today said it has expanded its Virtual Private Network (VPN) services to China, in a bid to offer additional reach to its international and Indian customers. Tata Communications has entered into an agreement with China Enterprise Netcom Corporation Ltd (China Entercom), a value-added telecommunication services and integrated IT solutions provider. "Tata Communications' agreement with China Entercom allows us to serve our many global and India MNC customers who require a single scalable and reliable global VPN with deep reach into both India and China, and broad reach around the world," Tata Communications President (Global Data & Mobility Services) Vinod Kumar said. China Entercom is a subsidiary of CITIC (China International Trust and Investment Corporation). Through this agreement, Tata Communications and China Entercom have interconnected their respective infrastructures, allowing Tata Communications' customers VPN connectivity. Tata Communications' reach would now include 120 cities in India, 19 major business centers across North America, Asia, and Europe and 347 cities throughout China. "Our agreement with China Entercom is part of a larger MPLS expansion plan that will include other agreements, as well as the expansion of Tata Communications' international on-net in key strategic regions and emerging markets that are of high value to our customers, including the Middle East, South Africa, Philippines, and Malaysia," Kumar added. This partnership with CEC will offer customers additional reach into and across China allowing international and Indian MNCs to be seamlessly served with a single VPN that covers India, China, and major metropolitan areas worldwide, Tata Communications added. (PTI) ADB may exit Petronet LNG by year end NEW DELHI, Feb 26: Asian Development Bank is likely to exit Petronet LNG Ltd by selling its 5.2 per cent holding in the country's biggest liquefied natural gas importer possibly to promoters or billionaire Lakshmi Mittal. ADB and German Development Bank KfW had recently approved a loan of 169 million dollars to Petronet for its expansion projects at Dahej and new terminal at Kochi, but the multilateral lending agency's internal norms prohibit it from having both debt and equity exposure in a given company. "In 2004, ADB had sanctioned 75 million dollars loan to Petronet. But once it took 5.2 per cent stake for less than 8 million dollars, ADB could not disburse the balance due to its internal regulations," Petronet CEO and Managing Director Prosad Dasgupta said here. ADB norms also stipulate it to divest its equity holding in a company three years from the date of the company going public. Petronet's IPO came in 2004 and ADB was supposed to exit Petronet in 2007, but was persuaded to stay on for a year. Now with fresh debt, for which ADB and KfW have signed financing agreements, the Manila-based lending agency may exit Petronet by year end, he said. "Who they sell it to is none of our business." Though Dasgupta refused to say if Mittal was interested in ADB stake in Petronet, industry sources say Mittal was keen but would first want company promoters GAIL India, Indian Oil, Bharat Petroleum and ONGC to waive their pre-emption rights. The four state-run firms who have 12.5 per cent stake each along with 10 per cent partner GdF of France hold first right of refusal over ADB stake. Even though GAIL and IOC are keen to pick up ADB stake, they may not be allowed to do so by the Petroleum Ministry. (PTI) PEC to sell 5,000 tonnes of pulses NEW DELHI, Feb 26: State-owned trading firm PEC today invited bids for sale of 5,000 tonnes of pulses in the domestic market next month. Bids would close on March 3 and the decision on the same would be taken by March 10, PEC said on its website. It plans to sell 2,300 tonnes of moong, 1,500 tonnes of tur, 600 tonnes each of chana and urad. Pulses offered for sale have been imported from different countries, it said. PEC said tur has been purchased from Malawi, Myanmar and Kenyan, while chana has been imported from Tanzania and Australia. Pulses are lying at Chennai and Mumbai. Bidder should quote for a minimum quantity of 300 tonnes while for moong FAQ it would be 1,000 tonnes, the company said in a tender notice. (PTI) |
Nicholas starts trials on molecule for metabolic disorders MUMBAI, Feb 26: NPIL Research & Development, the demerged entity of pharmaceutical company Nicholas Piramal India Ltd (NPIL), has started Phase I studies of a new drug molecule, used in metabolic disorders in the Netherlands. "This is our fourth new drug to enter the clinic and the first from the research collaboration with pharma major Eli Lilly. The drug development timeline is on schedule," NPIL Director-Strategic Alliances and Communications Swati Piramal said. The Central Committee on Research involving Human Subjects (CCMO) and the Independent Ethics Committee of the foundation Evaluation Of Ethics in Biomedical Research (BEBO), have approved Nicholas' application to initiate the Phase I study of the drug molecule -- P1201-07. In a filing to the Bombay Stock Exchange, the company said P1201-07 is a compound from US-based Eli Lilly & Co and is being developed for metabolic disorders. "We in-licensed this molecule from Lilly only in January 2007, and it has gone to the clinic in just a year," Piramal added. Further, the filing added that the scheme of arrangement entailing the demerger of the NCE Research Unit of Nicholas Piramal to NRDL has been sanctioned by the Bombay High Court. The record date for issue of shares by NRDL to the shareholders of Nicholas Piramal under the said scheme was February 22. The shares of NRDL would be listed on the BSE and NSE in accordance with the scheme, the company added. (PTI) Smart recovery in Instanex Skindia DR Index MUMBAI, Feb 26: The Instanex Skindia DR Index recovered smartly by 65.67 points or 2.19 per cent to 3,062.63 on February 25 from 2,996.95 previously. The P/E Ratio also rose to 26.85 from 26.32, Instanex Capital release said here today. Following are the GDR and ADR rates for Feb 25 in US dollars with differences in percentage from the previous level given in brackets. Bajaj Auto(GDR) 61.00 (UNCH) Dr Reddy (ADR) 14.24 (+3.71) HDFC Bank (ADR) 114.13 (+2.39) Hindalco (GDR) 4.85 +5.21() ICICI Bank (ADR) 55.60 (+3.21) Infosys Tech (ADR) 42.13 (+1.52) ITC (GDR) 5.10 (-1.35) L&T (GDR) 87.30 (-0.57) MTNL (ADR) 6.21 (+2.31) Ranbaxy Labs (GDR) 10.50 (+0.77) Reliance (GDR) 125.59 (+4.26) Satyam Comp (ADR) 26.61 (+3.02) SBI (GDR) 112.50 (+0.11) VSNL (ADR) 24.36 (+2.01) Wipro (ADR) 12.07 (+2.72) (PTI) |
REL board to mull buyback of shares on March 5 MUMBAI, Feb 26: Anil Ambani group firm Reliance Energy today said its board will consider buyback of shares at a meeting to be held on March 5. "A meeting of the board of directors of the company will be held on March 5 to consider buyback of equity shares of the company," Reliance Energy said in a communique to the Bombay Stock Exchange. Buyback means repurchase of outstanding shares by a company in order to reduce the number of shares available for open trading in the market, thus increasing the proportion of shares the company owns. (PTI) |
Six firms to build undersea cable: SingTel SINGAPORE, Feb 26: Six international tele- communications carriers, including India's Bharti Airtel, have agreed to construct an ultra-high-speed submarine cable to carry Internet and other traffic between Japan and the United States, Singapore Telecommunications (SingTel) said today. SingTel has joined with Bharti Airtel, Global Transit, Google, KDDI Corp and Pacnet for the USD 300 million project, SingTel said in a news release. The cable system will link Chikura, Japan, with Los Angeles, a distance of 10,000 kilometres, it said, adding the cable will be ready for service in the first quarter of 2010. "This new submarine cable network, with its high capacity and resilient transmission infrastructure, will be able to meet the strong demand for data, e-commerce and Internet traffic between Asia and the United States," said Mark Chong, SingTel's executive vice president for networks. "As it is connected to other cable systems in Asia, it will also provide access to other parts of the region and serve as an important cable diversity route." Internet service to millions of people across Asia was disrupted in December 2006 after a 7.1-magnitude earthquake that hit Taiwan disturbed several massive offshore submarine cables that link Asian countries with the US and beyond. Industry observers said the incident showed that the region's cable network is too fragile and overly reliant on connections to the United States. Dylan Tan, SingTel's corporate communications manager, said the main purpose of the new cable is to expand capacity between Japan and the US, while adding to diversity. (AGENCIES) ) |
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