Bharti latest entrant to the billion dollar club
New Delhi: Bharti Tele-Ventures announced its first year of net profit, at Rs. 619 crore, riding a 64 per cent growth in revenues, which have now crossed the Rs.5000 crore mark in 2003-04.

The GSM provider has logged a net profit of Rs 619 crore in 2003-04 against a loss of Rs 134 crore during the previous year, while revenues climbed from Rs 3,050 crore to Rs 5,002 crore during the same period. Net profit has more than quadrupled at Rs 304 crore for the quarter ended March 2004, from Rs 70 crore earlier. Revenues during the period rose 54 per cent from Rs 1,007 crore to Rs 1,553 crore.

The company, which saw net profit in all the four quarters of 2003-04, said that it has almost wiped out accumulated losses, with the figure coming down to Rs 80 crore. Bharti plans to invest $700-750 million to expand and strengthen its infrastructure this year, having recently got licences for six more circles.
Back to News Review index page   Currency converter

PSL bags $198-m Sudanese order
Mumbai: PSL Ltd has bagged an order worth $198 million (Rs 900 crore) from Sudanese Oil & Gas Company, Petrodar, for the supply of oil and gas pipes in the Melut Basin Oil Development Project in Sudan. The project is to be executed in the next 10 months.

The company said the Rs 900 crore contract, ranked as one of the biggest single product supply order received by an Indian company in recent times.

The Melut Basin Oil Development Project received bids from 14 bidders from Brazil, Malaysia, China along with European big bulls like Corinth Pipe of Greece and Mannesman from Germany amongst others.
Back to News Review index page   Currency converter

Tata Ryerson double turnover in 2003-04
Kolkata: Tata Ryerson Ltd, a 50:50 joint venture of Tata Steel and Ryerson-Tull of the US, has clocked a turnover of around Rs 300 crore, in the fiscal 2003-04, up from Rs 194 crore recorded in 2002-03. In the year ending March 31, 2005, the company is hopeful of registering a turnover of Rs 500 crore.

With a view to augmenting its steel processing and distributing capacity, the company has chalked out a Rs 100-crore investment plan over the next three years. These include the setting up of a 1,00,000 tonnes per annum capacity cold-rolled coil processing facility at Faridabad and augmentation of capacities at the company's existing plants at Jamshedpur and Pune. A plant would be also be set up in Chennai by 2006. These facilities would specifically be targeted at servicing the automotive and appliances industries in these regions.
Back to News Review index page   Currency converter

Bharti to merge Cellular and Infotel
New Delhi: Bharti Tele-Ventures Ltd will consolidate its business by merging two of its subsidiaries - Bharti Cellular Ltd and Bharti Infotel Ltd. Bharti Cellular operates the GSM services in 16 circles across the country, while Bharti Infotel runs six fixed line networks along with the company's broadband, data and long distance operations.
Back to News Review index page   Currency converter

Samsung launches four new GSM handsets
New Delhi: Samsung India Electronics has launched four GSM handsets in the price range of Rs 8,699 and Rs 14,599. The company announced that it would introduce another 25 models in the second half of the year.

One of the models comes with a multi-language display and input in Hindi, Tamil and Marathi. According to the company the handset sales (GSM and CDMA) contributed to around 10 per cent of the Samsung India's total turnover of Rs 3,708 crore last year
.
Samsung also said that it has tied up with cellular operators AirTel, Idea and Oasis for bundling of handsets with the connections.
Back to News Review index page   Currency converter

TataTele to go in for FCCB issue
Mumbai: The board of directors of Tata Teleservices (Maharashtra) Ltd (TTSL) has approved an issue of foreign currency convertible bonds (FCCB) of up to $150 million to international investors. This would be by way of circulation of an offering circular or prospectus, or by way of private placement, the company has said in its notice to the stock exchanges on Friday.
The bonds may be converted into equity shares of the company, at the option of the holders of the securities.

TTML has a Rs 700-crore capital expenditure plan for the telecom circles of Mumbai, Maharashtra and Goa for the current financial year. The investment would go chiefly towards increasing CDMA coverage to 150 additional cities and towns in Maharashtra.
Back to News Review index page   Currency converter

Leela Goa gets recognition from Imperial Mark Commission
Mumbai: The Leela Goa has been awarded `The Imperial Mark' for excellence in the field of hospitality by the 300-year-old Imperial Mark Commission.

According to a statement from the hotel, the Leela joins a select list of organisations including the BBC, CNN, Rolex, Nestle and Omega of Switzerland, which have won the recognition previously. Among the other hotels to enjoy the honour are the Dorchester in London, The Carlyle in New York and the Bellagio in Las Vegas.
The Imperial Mark was originally a Royal Warrant, but is today governed by the Imperial Mark Commission, an independent body funded by the International Charter (ICharter). The ICharter is one of the leading `Best Practice' organisations in the world and has certified companies such as Sony and the Bank of England.
Back to News Review index page   Currency converter

ICRA downgrades Tata Power debt rating
New Delhi: ICRA has revised the rating assigned to the long-term debt programmes of Tata Power Company Ltd (TPC) from LAAA to LAA+. The revised rating indicates a single notch downgrade from the "highest safety" to "high safety." The rating for the commercial paper programme of the company, however, has been retained at A1+, indicating highest safety in the short term.
The rating revision, according to an ICRA statement here, is primarily on account of the increase in the business risk profile of Tata Power as a result of the likely increase in competitive pressure in its core Mumbai licence area, the regulatory uncertainty associated with the Maharashtra Electricity Regulatory Commission deciding the company's tariff and the substantial expansions planned by the company.

Tata Power has a total generation capacity of 1,798 MW for serving the licensee area in the city of Mumbai.
Back to News Review index page  

HC clears L&T cement demerger
Mumbai: Larsen & Toubro's scheme of arrangement for the demerger of its cement business undertaking has received sanction from the High Court in Mumbai. The scheme of arrangement, filed under Sections 391 to Section 394 of the Companies Act, provides for demerger of the cement division into a new company called Ultra Tech Cemco Ltd.

At a court-convened meeting of shareholders of L&T on February 3 this year, L&T had obtained shareholder approval for the scheme of demerger and the subsequent sale of a stake in the demerged cement company to Grasim Industries Ltd.
Back to News Review index page   Currency converter