Three firms pick up 15% in Carbon Everflow
Kolkata: Three city-based investment and trading firms have collectively picked up a 15.07 per cent stake in Carbon Everflow Ltd, the K K Bangur group electrode maker.
With the acquisition of 19.31 lakh Carbon Everflow shares, the combined holding of the three firms -- Bindal Leasing & Fiscal Services, General Trading (Sambhar) and Panna Trading Co -- went up to 26.48 per cent.

Bindal Leasing picked up a 5.60 per cent stake, while General Trading and Panna Trading acquired 4.80 per cent and 5.07 per cent, respectively.
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Mitsui Sumitomo eyes stake in HDFC non-life venture
Mumbai: Mitsui Sumitomo Insurance Company of Japan is emerging as a front-runner for the 26 per cent stake in Housing Development Finance Company (HDFC)'s proposed non-life insurance venture.
Mitsui Marine & Fire Insurance (Asia) Pte Ltd and the Sumitomo Marine & Fire Insurance Co Ltd, Singapore branch, were merged recently to create Mitsui Sumitomo Insurance Company. If Mitsui Sumitomo is able to clinch a deal with HDFC's venture, it will be the second Japanese company to make a foray into India.
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Investors Forum charge RIL
Mumbai: Investors' Grievances Forum has alleged that the Reliance Group violated Securities and Exchange Board of India's takeover code as it did not disclose information about purchases of L&T shares made in October and November 2001 taking their total holding beyond five per cent.

Reliance Industries sold its original 2.85 per cent stake in L&T during the first half of FY-02 and subsequently purchased 6.34 per cent equity from the open market in October and November when the scrip was averaging at Rs 150, IGF president and MP Kirit Somaiya told reporters in Mumbai.

As on March 31, 2001, RIL and Reliance India Investment & Holdings Ltd had 2.85 per cent and 3.71 per cent equity respectively in L&T. But as per September 2001 data RIL had no shareholding left in the company, he claimed.

RIL spokesperson, however, denied the charges levelled by IGF and reiterated that it had complied with all applicable laws, rules and regulations, including Sebi takeover code and insider trading regulations.
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Postal dept, StanChart form strategic alliance
New Delhi: Department of Posts and Standard Chartered Finance Ltd have formed a strategic alliance to further the growth strategy of both the organisations.
Accordingly, India Post will market credit and other consumer banking products of Standard Chartered Bank through Data Post. The partnership will also leverage the extensive national network of Post Offices to distribute and market the bank's products.

The post offices would be payment collection points for Standard Chartered group's credit card customers. Standard Chartered would use Speed Post extensively to send its credit cards to its customers.
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UTI Bank Q3 net up 55.27%
Mumbai: UTI Bank Ltd has recorded a 55.27 per cent rise net profit at Rs 35.76 crore for third quarter ended 31 December, compared to Rs 23.03 crore for the same period of previous fiscal.

Total income increased to Rs 394.04 crore in the reporting quarter as against Rs 265.85 crore in Q3 of last year.

Provisions and contingencies, which includes provision for non-performing assets as well as standard assets made by the bank sharply increased to Rs 47.51 crore (Rs 2.91 crore in the corresponding quarter of last year).

In the reporting quarter, UTI Bank has raised additional tier I and tier II capital of Rs 157.59 crore and Rs 112 crore respectively.
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Sahara to launch 38 news channels
New Delhi: Sahara Television will launch a bouquet of 38 news channels in the country by April.

The bouquet would include one national channel and a host of regional channels that would cover states like Uttar Pradesh, Uttaranchal, Madhya Pradesh, Chattisgarh, Rajasthan, Bihar, Jharkhand and national capital region of Delhi and Mumbai. The bouquet would have city-specific local news channels.

The project plans to utilise company's countrywide V-SAT network for news gathering.

The main news channel would essentially be in Hindi and include some English and Urdu news bulletins. The city-specific local channels would be in regional language.
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IBP becomes debt free
New Delhi: IBP Co Ltd has repaid all its loans to become 'debt-free', a move likely to enhance value of the government equity.

The company cleared Rs 440.86 crore debt last month to become a totally debt-free company.

The government will invite prices bids for selling its 33.58 per cent stake in IBP, which has over 1500 retail outlets and a marketshare of more than 5 per cent in retail petroleum product market.
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Videocon enters entertainment sector
New Delhi: Videocon is on the verge of signing a joint venture with a US-based entertainment major for setting up multiplexes and entertainment complexes in major cities.

Videocon plans to invest up to Rs 600 crore in its entertainment industry foray, with another Rs 600 crore envisaged as equity investment from the joint venture partner, and proposes to take 50 per cent equity in the proposed JV.

The Rs 600 crore investment being envisaged will mainly comprise real estate owned by Videocon group companies.

The company owns considerable amount of real estate in many cities like Mumbai (Worli, Santa Cruz, Thana), Kolkata, Ahemdabad, Delhi (Kasturba Gandhi Marg).
The proposed multiplexes will have nine screens and the projects will take anywhere between one and a half to two years to become operational.
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