Daily Excelsior...Business

Instanex Skindia DR Index improves further

MUMBAI, Jan 29: The Instanex Skindia DR Index improved further by 14.26 points or 0.45 per cent to 3,195.96 on January 28 from 3,181.70 previously.......more'

Suzlon Energy Q3 net at Rs 152 cr

MUMBAI, Jan 29: Wind power major Suzlon Energy today posted a net profit of Rs 151.69 crore for the quarter ended December 31, 2007, while it was Rs 174.39 ......more

Jindal Saw bags 200 mln dollars order from Cairn

NEW DELHI, Jan 29: Jindal Saw Ltd (JSL) today said it has received an order for more than 200 million dollars from Cairn Energy India.''We have received the Letter of Award from Cairn Energy .......more

Select edible oils prices move up

NEW DELHI, Jan 29: Select edible oils prices rose by Rs 50-130 a quintal in the wholesale oil and oilseed market today on paucity of stocks.However, sesame oils and crude palm oil closed lower due to selling pressure.In ......more

Govt proposes to encourage export of herbal products

NEW DELHI, Jan 29: To tap the global market potential for herbal, aromatic and ayurvedic products, the Government has .....more

Maruti Suzuki Q3 net up at 24.07%

NEW DELHI, Jan 29: Country’s largest car maker Maruti Suzuki India Ltd today said its net profit has increased 24.07 per cent to Rs 467.04 crore for .......more

BHEL to invest Rs 736 cr for expansion at Trichy facility

NEW DELHI, Jan 29: Power equipment manufacturer BHEL today said it will invest Rs 736 crore to increase the capacity of its manufacturing plant at Trichy in Tamil Nadu by 2009.....more

CCI to be operationalby mid-2008: Gupta

NEW DELHI, Jan 29: Government today said the Competition Commission of India is likely to be fully operational by the mid of this year."An expert group will be formed in the next one week that will look into the selection .....more

Gujarat Petronet looking for consultants for pipeline project..

Maruti Q3 net up 24 pc at Rs 467 cr....

NALCO Q3 net declines to 42.46%...........

Indians are online shopping savvy: Survey..........

Instanex Skindia DR Index improves further

MUMBAI, Jan 29: The Instanex Skindia DR Index improved further by 14.26 points or 0.45 per cent to 3,195.96 on January 28 from 3,181.70 previously.

The P/E Ratio also rose to 26.26 from 28.12, a Instanex Capital release said here today.

Following are the GDR and ADR rates for Jan 28 in US dollars with differences in percentage from the previous level given in brackets.

Bajaj Auto(GDR) 60.97 (+8.74)

Dr Reddy (ADR) 14.37 (-3.69)

HDFC Bank (ADR) 119.32 (+0.86)

Hindalco (GDR) 4.30 (-0.23)

ICICI Bank (ADR) 63.93 (+2.68)

Infosys Tech (ADR) 39.71 (+1.17)

ITC (GDR) 4.94 (UNCH)

L&T (GDR) 91.17 (+7.26)

MTNL (ADR) 7.00 (+1.30)

Ranbaxy Labs (GDR) 8.94 (-2.30)

Reliance (GDR) 130.75 (-1.73)

Satyam Comp (ADR) 25.04 (-1.38)

SBI (GDR) 117.20 (-4.75)

VSNL (ADR) 27.65 (+1.73)

Wipro (ADR) 12.01 (+0.50)

(PTI)

Suzlon Energy Q3 net at Rs 152 cr

MUMBAI, Jan 29: Wind power major Suzlon Energy today posted a net profit of Rs 151.69 crore for the quarter ended December 31, 2007, while it was Rs 174.39 crore in the corresponding period last year.

The total income of the firm increased to Rs 3,242.29 crore for the quarter under review, whereas, it was Rs 1,939.29 crore during the same quarter in 2006, the company said in a filing to the Bombay Stock Exchange.

The standalone net profit of the firm stood at Rs 338.18 crore for the latest quarter, whereas, it was Rs 176.23 crore in the same period last year.

The income of the firm stood increased at Rs 1,683.16 crore for the quarter under review, while it was Rs 1,126.07 crore in the year-ago period.

Earlier in 2006, the company through its Netherlands-based subsidiary had acquired Eve Holding NV, Belgium, for over Rs 2,502 crore. The company is engaged in the business of design, development, manufacturing and supply of industrial and wind gear boxes.

The consolidated results for the quarter ended December 31, 2006 and year ended March 31, 2007 include the financial figures of Eve Holding. Accordingly, the consolidated financial results for the latest quarter are not comparable with the consolidated financial figures of the prior periods. (PTI)

Jindal Saw bags 200 mln dollars order from Cairn

NEW DELHI, Jan 29: Jindal Saw Ltd (JSL) today said it has received an order for more than 200 million dollars from Cairn Energy India.

''We have received the Letter of Award from Cairn Energy India Pty Ltd for supply of line pipes, tracer tube, insulation and bends for Barmer Salaya Pipe Line (BSPL) project of Cairn,'' said a company statement.

With this, the total order book of the firm exceeds Rs 4,000 crore and are scheduled to be executed by January 2009.

JSL will execute Cairn's order from May 2008 to December 2008.

''This project involves supply of LSAW line pipes for world's longest underground pre-insulated heat traced pipeline to transport waxy and heavy crude, which otherwise solidifies at ambient temperature,'' the statement said.

JSL will manufacture and fabricate the pipes, while the insulating and jacketing work will be performed by Perma Pipes, subsidiary of MFRI Inc.

The pipeline will be jointly owned by Cairn in partnership with Oil and Natural Gas Corporation (ONGC).

The pipeline will be used to transport heavy crude oil from their oil fields in Mangala in northwest India to a terminal in Salaya. (UNI)

Select edible oils prices move up

NEW DELHI, Jan 29: Select edible oils prices rose by Rs 50-130 a quintal in the wholesale oil and oilseed market today on paucity of stocks.

However, sesame oils and crude palm oil closed lower due to selling pressure.

In edible oils section, Mustard expeller oils gained Rs 130 to Rs 5,750 a quintal on rumours of about 25 per cent fall in production of new crops due to ongoing cold wave.

Palmoline rbd zoomed up by Rs 100 to settle at Rs 5,900 a quintal on fall in supply.

Soyabean degum Delhi swifted by Rs 100 at Rs 5,950 a quintal while soyabean refined mill delivery quoted higher by Rs 50 at Rs 6,050 a quintal on better offtake.

Increased buying interest from vanaspati units moved up the cottonseed oils prices by Rs 50 at Rs 5,500 a quintal.

On the other hand, sesame oils lost by Rs 100 to close at Rs 7,400 a quintal.

Crude palm oil ex-kandla eased by Rs 50 at Rs 4950 a quintal on lower Malaysian advices.

However, non-edible oils maintained previous closing levels. (PTI)

Govt proposes to encourage export of herbal products

NEW DELHI, Jan 29: To tap the global market potential for herbal, aromatic and ayurvedic products, the Government has initiated an exercise to assess the potential of export of medicinal plants from Madhya Pradesh.

The Government would try to find out reasons for stifled growth of the sector and take appropriate steps to remove impediments in Mahakaushal region of MP, the Federation of Indian Small and Medium Enterprises (FISME) said, while inviting preliminarily bids from consultants for conducting a detailed study on potential of herbal exports.

The interested consultants can submit their expression of interests (EoIs) by February 16 to the FISME for the undertaking the study that is being supported by the Ministry of Commerce and Industry and UNCTAD.

Herbal cultivation has been a key economic activity of the forest rich Mahakaushal region of MP, but despite many government institutions related to herbal and forest produce being present in the region, the sector has failed to develop to its full potential due to various bottlenecks.

The identified consultant would have to propose a framework for export oriented products with viable market solution and promotion of small scale industries in the region, the FISME said.

The consultant would also study all the herbal and ayurvedic plants that are grown in the region and methods of cultivation and collection, it said.

They would also have to prepare a detailed report on the exportability of the identified products in terms of the available markets, demand, competition from other exporting countries, etc.

The study would serve as an effective guide for NGO's, Government agencies and private entrepreneurs towards taking up actions in order to export herbal and other medicinal products from the state, it added. (PTI)

Maruti Suzuki Q3 net up at 24.07%

NEW DELHI, Jan 29: Country’s largest car maker Maruti Suzuki India Ltd today said its net profit has increased 24.07 per cent to Rs 467.04 crore for the quarter ended December 31, 2007 as compared to Rs 376.41 crore for the same period a year ago.

Total income has also increased by 27.23 per cent to Rs 4844.8 crore for Q3 FY2007-08 from Rs 3,807.9 crore for the same quarter a year ago.

Maruti dominates the Indian car market with best selling like models Alto and Swift hatchback, but is facing more competition from rivals including Hyundai Motor, Honda Motor, General Motors and Ford Motor.

Maruti’s sales rose 17 per cent to 2,01,629 units in the October-December quarter, but the company warned its large capex programme and depreciation will hit profit margins.

Volatile raw material costs and discounts to attract buyers put off by higher interest rates have also hit Indian automakers, and most other car makers are expected to post lower profits in the coming days.

(UNI)

BHEL to invest Rs 736 cr for expansion at Trichy facility

NEW DELHI, Jan 29: Power equipment manufacturer BHEL today said it will invest Rs 736 crore to increase the capacity of its manufacturing plant at Trichy in Tamil Nadu by 2009.

Bharat Heavy Electricals Ltd (BHEL) would upgrade the production capacity of boilers by over four times in the unit. It has already invested Rs 190 crore on the boiler shop in Tamil Nadu.

"The company is augmenting its manufacturing capacity to 15,000 MW per annum by 2009. As part of this, BHEL is upgrading its boiler manufacturing facility at its Trichy plant," the company said in a statement.

With the completion of this capacity augmentation programme, BHEL’s production capacity for manufacturing thermal and nuclear boilers would go up to 4,81,000 million tons from a capacity of 1,08,000 million tons prior to commencement of the expansion programme, it added.

The scheme envisages installation of manufacturing facilities for supercritical boilers, material handling, storage and shipping facilities.

The new scheme will help the company to enhance its capability to build higher rating boilers and Once-through Super Critical (OTSC) Technology of 800 MW and 1,000 MW, improve presence in overseas markets and enhance quality process modernisation and productivity, it said.

The company would also invest Rs 52 crore for making steam generators for 700 MW Nuclear Power Stations and unique equipment for defence. Besides, an advanced centre for manufacturing excellence would be set up at BHEL’s Welding Research Institute in Trichy at an investment of around Rs 19 crore.

The company had earlier said it would upgrade blade shop at its Haridwar plant at an investment of Rs 220 crore. It has already invested Rs 180 crore in the blade shop. (PTI)

CCI to be operationalby mid-2008: Gupta

NEW DELHI, Jan 29: Government today said the Competition Commission of India is likely to be fully operational by the mid of this year.

"An expert group will be formed in the next one week that will look into the selection of members of the Commission. CCI should be operationalised in the next 4-5 months," Minister of Corporate Affairs Prem Chand Gupta told reporters on the sidelines of an Assocham seminar here.

The expert body would comprise of the Chief Justice of India, Secretary in the Ministry of Corporate Affairs, Secretary in the Ministry of Law and Justice, and two other experts.

He said the ministry has already appointed Nitish Sen Gupta as a member of the group.

Gupta said the incumbent competition regulator Monopolies and Restrictive Trade Practices Commission would wind up the cases pending before it in a two-year time.

"The CCI Act has a two-year sunset clause for the Commission (MRTPC) and it would stop taking new cases on the day the CCI becomes operational," Gupta said.

The CCI Amendment bill was passed by Parliament last year, after the Supreme Court raised objections to the original document.

On the new Companies Act, Gupta informed that all procedures including consultation process have been completed by the ministry.

"It took time to simplify the present Companies Act, 1965 as it is old and complicated. However, with all the procedures now complete, we would introduce the Act in the coming Budget session of Parliament," he said. (PTI)

Gujarat Petronet looking for consultants for pipeline project..

NEW DELHI, Jan 29: The state-run Gujarat State Petronet is scouting for engineering consultants for its gas pipeline projects.

"GSPL invites bids from well established engineering consultants for development of 281 km gas pipeline project," the company said.

The project to be commissioned by July next would be executed on engineering, procurement and construction (EPC) basis, it said, adding that the interested consultants can submit their bids to the GSPL by February 14 next.

GSPL is developing state-wide gas grid for supply of natural gas to customers and has already commissioned a gas pipeline project of 1,263 km.

As per the bid document, the selected company would be required to prepare a Request for Proposal (RFP) document, evaluate bid documents, give recommendations to client and supervise construction related works, besides providing consultancy services.

The consultant will also be required to prepare a cost estimate for the project and submit progress reports every 14 days.

The bidder, the GSPL said, should have experience in successful completion of basic engineering, tender preparation, project management, construction supervision and commissioning of at least one single oil or gas pipeline on EPC basis of minimum 12 inches diameter and at least 60 km length in the last five years, the company said. (PTI)

Maruti Q3 net up 24 pc at Rs 467 cr....

NEW DELHI, Jan 29: Riding on the back of strong sales, country’s largest carmaker Maruti Suzuki India today reported a 24.1 per cent jump in net profit in the third quarter ended December 2007, at Rs 467 crore as compared to Rs 376.41 crore in the corresponding period a year ago.

Net sales during the quarter stood at Rs 4654 crore as against Rs 3644.19 crore, up 27.71 per cent.

During the quarter the company sold 2.01 lakh vehicles as against 1.72 lakh units in the year-ago period, up 16.86 per cent.

Domestic sales stood at 1.87 lakh units in the period under review as against 1.63 lakh units in the year-ago period, up 14.72 per cent.

Exports during the third quarter registered 51.59 per cent at 13,754 units as against 9,073 units in the previous year.

MSI said for the nine months period ended December 2007, the net profit stood at Rs 1,433.14 crore as against Rs 1,113.42 crore, up 28.71 per cent.

Net sales for the nine-month period was at Rs 13,097.37 crore as against Rs 10,178.8 crore, up 28.67 per cent.

Total number of vehicle sales during the period stood at 5.63 lakh units as against 4.75 lakh units in the same period a year ago, up 18.52 per cent. (PTI)

NALCO Q3 net declines to 42.46%...........

NEW DELHI, Jan 29: Public sector aluminium firm National Aluminium Company Ltd (NALCO) today said its net profit has declined 42.46 per cent to Rs 329.44 crore for the quarter ended December 31, 2007 as compared to Rs 572.6 crore for the same period a year ago.

Total income also decreased 19.34 per cent to Rs 1247.26 crore for the Q3 FY2007-08 from Rs 1546.4 crore for the same quarter a year ago.

Nalco has also approved payment of 40 per cent interim dividend on the paid-up equity share capital of Rs 644.31 crores for the fiscal 2007-08.

(UNI)

Indians are online shopping savvy: Survey..........

NEW YORK, Jan 29: More than 85 per cent of the world’s online population has used the Internet to make a purchase increasing the market for online shopping by 40 per cent in the past two years, points out the latest Nielsen Global Online Survey on Internet shopping habits. Globally, more than half of Internet users have made at least one purchase online in the past month, said the survey.

Indians are one of the the most online shopping savvy people when it comes to using credit cards since 84 per cent of Indian online shoppers did so just behind Turkish online shoppers who topped global rankings for credit card usage (91 per cent) for online purchases followed by 86 per cent of Irish online shoppers.

While globally books, electronics items along with clothes are mostly bought over the net, 70 per cent of the Indians who are active on the web world said they bought airline tickets/reservations on the Internet in the last three months.

Among Internet users, the highest percentage shopping online is found in South Korea, where 99 per cent of those with Internet access have used it to shop, followed by the UK, Germany and Japan with 97 per cent each with the U.S. Eighth, at 94 percent.

Globally, the most popular and purchased items over the Internet are Books (41 per cent purchased in the past three months), Clothing/Accessories/Shoes (36 per cent), Videos / DVDs / Games (24 per cent), Airline Tickets (24 per cent) and Electronic Equipment (23 per cent).

The survey points out that the number of Internet consumers buying books over the Internet has increased seven per cent in the past two years but the biggest increase has been in Clothing / Accessories / Shoes which increased from 20 per cent to 36 per cent.

EBay stood first among the most preferred site for online shopping followed by Amazon and Target.

"The Internet is no longer a niche technology-it is mass media and an utterly integral part of modern life. Almost no aspect of life remains untouched by online media. As our lives become more fractured and cluttered, it isn’t surprising that consumers turn to the unrivalled convenience of the Internet when it comes to researching and buying products," says Jonathan Carson, President, International, Nielsen Online.

Bruce Paul, VP, Customised Research, Nielsen US says, "When The Nielsen Company conducted its first global survey into Internet shopping trends two years ago, approximately 10 percent of the world’s population (627 million) had shopped online. Within two years, this number has increased by approximately 40 per cent (to 875 million)."

The latest survey, conducted from October to November 2007, polled 26,312 Internet users in 48 markets from Europe, Asia Pacific, North America and the Middle East. The survey is representative of all Internet users aged 15+. (PTI)