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| Satyam acquires Bridge Strategy
Group for Rs 138 cr MUMBAI, Jan 21: Global IT consulting major, Satyam today announced the acquisition of Chicago-based management consulting firm Bridge ......more' Rising input costs may give steel cos a hard time this year NEW DELHI, Jan 21: Soaring raw material costs coupled with slower demand growth could render this year a difficult one for the steelmakers across ......more Brown asks IMF, World Bank to give India bigger role NEW DELHI, Jan 21: British Prime Minister Gordon Brown today asked the World Bank, IMF .......more ONGC, Gail & OIL to jointly pay 7,083 cr NEW DELHI, Jan 21: Oil and Natural Gas Corp, Gail India and Oil India will together pay Rs 7,083 crore for subsidising auto and cooking fuels in third quarter of current fiscal.ONGC will bear Rs 6,080 crore, while Gail and OIL will pay Rs 366 crore and Rs 637 crore subsidy .......more |
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HCC to invest Rs 40,000cr to develop
12,500 acres Lavasa township NEW DELHI, Jan 21: Hindustan Construction Company (HCC) today announced that the company will invest Rs 40,000 .....more L&T bags Rs 1695 cr export order from Kuwait MUMBAI, Jan 21: India’s Engineering and Constrction major, Larsen & Toubro (L&T) today said its Heavy Engineering Division has bagged an export order worth Rs 1695 crore (421 mn ......more Chandigarh, Jaipur freight rates soften NEW DELHI, Jan 21: Freight rates for the nine metric ton payload section for Chandigarh and Jaipur declined in the local ....more Copra prices fall on poor demand NEW DELHI, Jan 21: Copra prices declined by Rs 50 per quintal in the wholesale dry fruit market today on poor demand.Traders said adequate stocks position against sluggish demand mainly brought down copra prices.Copra lost Rs 50 at Rs 4,300-4,500 a quintal.l.....more |
Satyam acquires Bridge Strategy Group for Rs 138 cr MUMBAI, Jan 21: Global IT consulting major, Satyam today announced the acquisition of Chicago-based management consulting firm Bridge Strategy Group for Rs 137.70 crore (USD 35 million). Post acquisition, Bridge Strategy would operate as a fully-owned subsidiary of Satyam, but maintain its name and brand, the IT major said in a filing to the Bombay Stock Exchange. "Bridge Strategy Group is a highly respected organisation that is well known for its exceptional professionals and its acumen in seven key industries," Satyam Founder and Chairman B Ramalinga Raju said. "By absorbing the company, we gain an immediate influx of brilliant and experienced strategy consultants," he added. Through the acquisition the company expects to increase its speed and efficiency for providing full transformational solutions, providing highly strategic counsel to its clients. While Bridge Strategy would continue to serve customers in the US, Satyam's largest and most mature market, its services would be made available to Satyam clients worldwide through Satyam's advanced global delivery model, the company informed. Sheridan, the current President of Bridge Strategy, would assume the role of CEO for the unit after the acquisition and report to Satyam Co-founder & CEO, Rama Raju, who would also be Chairman of Bridge Strategy Group. Also, all current partners and staff are expected to remain with the unit. Bridge develops profitable growth, operations design, performance improvement and execution strategies for clients. (PTI) Rising input costs may give steel cos a hard time this year NEW DELHI, Jan 21: Soaring raw material costs coupled with slower demand growth could render this year a difficult one for the steelmakers across the globe, leading US-based investment banker Lehman Brothers has warned. "Citing higher raw material costs and slower demand growth, Lehman predicted it will be difficult for most steel companies to achieve meaningful earnings growth this year and chose ArceorMittal as its top pick for the year," the Metal Bulletin quoted the banker as saying in its 2008 Outlook. "Our ideal steel company would be self sufficient in raw materials with exposure to emerging markets, where infrastructure dominated demand growth should hold up better than developed markets' consumer dominated demand growth," it said. The banker's views are similar to those of the Organisation for Economic Cooperation and Development (OECD), which has also said that the currently strong global steel market is likely to be less buoyant due to weaker prospects of global economic growth. While world demand for steel should continue to expand favourably in 2008, growing economic risks associated with housing-market problems cloud the outlook to some extent. Continued capacity expansion observed in various parts of the world could impact prices if demand growth slows significantly, the OECD steel committee had earlier observed. The BRIC economies (Brazil, Russia, India and China) are leading the growth of global demand. Chinese steel consumption reached 318 million tonnes in the first nine months of the year, up 30.8 million tonnes, or 10.7 per cent, from the same period last year. Steel demand in these economies is expected to continue displaying strong growth in 2008, though some moderation will be felt from the global economic slowdown, it said. Indian consumption was also increasing at a double-digit pace, though from a much lower level of around 45 million tonnes. In response to growing demand, India may have become a net importer of steel during the course of 2007. In India, production figures have been revised upwards, making the country fifth largest producer in the world in 2006. Indian production continued to increase rapidly last year, driven by strong demand, the Chairman of the Committee Risbaru Nezu had said. Global capacity is expected to continue to grow strongly, as some governments have been encouraging investments in the steel industry in order to meet growing infrastructure needs and demand from expanding industrial sectors. As capacity continues to expand, abrupt slowdowns in world demand have the potential to create trade frictions, to the detriment of the long-term health of the industry, he warned. As steel production continues to increase, raw material prices have recently risen to record highs. Despite insignificant investments to increase production of some raw materials, trade-distorting export restrictions and infrastructure problems in some raw material markets, have the potential to lead to temporary shortages, Nezu pointed out. (PTI) Brown asks IMF, World Bank to give India bigger role NEW DELHI, Jan 21: British Prime Minister Gordon Brown today asked the World Bank, IMF and the rich nations' G-8 club to revamp their structure to reflect India's rising prowess in the global economy. "I support changes to the World Bank, the IMF and G-8 that reflect the rise of India and rise of Asia," he said at a breakfast meeting with Indian and British industry leaders here. He said: "We can and must do more to make our global institutions more representative," and added that the IMF should work with the same independence given to central banks. With the financial turbulence spreading out of America, the World Bank and the IMF should prevent such crises rather than resolving them later, he said. "We have to find new ways of dealing with global financial turbulence." Noting that India was making powerful contribution to the world economy, Brown said: "In the last 15 years you have doubled your national income" and the country has become the fourth largest producer of medicine and second largest developer of software in the world. "No global company can be truly global unless it has operations based in India," the British prime minister told the gathering that included Swraj Paul of UK-based Caparo Group, Vodafone CEO Arun Sarin, Bharti Group head Sunil Bharti Mittal and Virgin Group Chairman Richard Branson. Commerce and Industry Minister Kamal Nath said India and China with 40 per cent consumers of the world market would insulate the global economy from slowdown in the west. "Gloom of the west is going to be the boom of the east," he said. He praised the British Prime Minister for supporting the free trade under the multilateral arrangement and not helping those engaged in the "economic nationalism" emerging in the western world. (PTI) |
ONGC, Gail & OIL to jointly pay 7,083 cr NEW DELHI, Jan 21: Oil and Natural Gas Corp, Gail India and Oil India will together pay Rs 7,083 crore for subsidising auto and cooking fuels in third quarter of current fiscal. ONGC will bear Rs 6,080 crore, while Gail and OIL will pay Rs 366 crore and Rs 637 crore subsidy respectively in October-December quarter, official sources said. In October-December 2006, ONGC had paid Rs 2,204 crore, Gail Rs 315 crore and OIL Rs 548 crore. The rise in subsidy share of ONGC was due to higher realisation on crude oil sales. In October-December, Indian basket of crude oil averaged 85.09 dollars a barrel, 45.57 per cent higher than a year ago. (PTI) HCC to invest Rs 40,000cr to develop 12,500 acres Lavasa township NEW DELHI, Jan 21: Hindustan Construction Company (HCC) today announced that the company will invest Rs 40,000 crore over the next 15 years to build 12,500 acres Lavasa township near Pune, Maharashtra. ''We have already spent Rs 1000 crore to build the initial infrastructure in Lavasa, which is a very large project. When you take its total revenue, it amounts to about Rs 1,47,000 crore over the next 10-15 years,'' Chairman of Lavasa Corporation Ajit Gulabchand told UNI. ''We will also look to develop more townships in the metropolitan region of Mumbai, like Pune, Nashik,'' he added. The first phase of the project will be completed by 2010 with an investment of around Rs 5,000 crore, which will offer apartment, villas and bunglows in the price range of Rs 10 lakh to Rs 1.2 crore. (UNI) |
L&T bags Rs 1695 cr export order from Kuwait MUMBAI, Jan 21: India’s Engineering and Constrction major, Larsen & Toubro (L&T) today said its Heavy Engineering Division has bagged an export order worth Rs 1695 crore (421 mn USD) from Kuwait National Petroleum Company. The company will manufacture and supply 22 Hydrocracker and Atmospheric Residue Desulphurisation (ARDS) Reactors for Kuwait National Petroleum Company’s "Clean Fuel Project 2020". Reactors are scheduled to be delivered by the end of third quarter of FY-11, L&T said in a statement. This is the largest ever order placed with any single manufacturer in the world for such critical reactors. The order has been won against stiff international competition from Japanese and Italian reactor manufacturers, the company added. (UNI) |
Chandigarh, Jaipur freight rates soften NEW DELHI, Jan 21: Freight rates for the nine metric ton payload section for Chandigarh and Jaipur declined in the local truck transport market today due to restricted cargo movements coupled with easy availability of lorries. Delhi to Chandigarh and Jaipur freight rates were traded lower by Rs 500 each at 5,500 and Rs 4,000 respectively. Following were today's freight rates in Rs per truck load of nine metric ton: Ahmedabad 11,000 Hyderabad 24,000 Mumbai 18,000 Vijayawada 26,000 Baroda 12,000 Bangalore 29,000 Pune 19,000 Mysore 31,000 Surat 13,000 Pondicherry 34,000 Kanpur 9,000 Coimbatore 38,000 Kolkata 24,000 Chennai 30,500 Ludhiana 8,500 Kochi 43,500 Chandigarh 5,500 Thiruvananthapuram 46,500 Jaipur 4,000 Goa 25,000 Indore 12,000 Gwalior 6,500 Patna 20,000 Guwahati 39,000. (PTI) |
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