Scorpio capacity ramped up
New Delhi: Automotive major Mahindra and Mahindra has ramped up capacity for the Scorpio to about 130 vehicles per day.

The ramp up may not be sufficient though to meet the demand for the Scorpio, which has a waiting list of about three weeks, and may also delay the launch of a new variant of the Scorpio.

M&M will see increased demand for the Scorpio from the export markets as well. The company is set to commence exports of its utility vehicles to South Africa and is also in talks with Renault of France for a distribution tie-up.
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Ford to launch Fusion in December
Bangalore: Ford plans to launch India's first crossover car, Fusion, by early December.

Ford India said that the company has combined elements from different pedigrees of vehicles to create India's first urban utility vehicle (UAV). The car is a crossover between a car and a multi utility vehicle (MUV) and is expected to cost between Rs.5 lakh and Rs.7 lakh.

Ford Fusion combines the elements of a hatchback, an SUV and a minivan.

The first prototype of the vehicle has already been completed. The company will manufacture between 500 and 1,000 units of Fusion every month and then ramp up production depending on the demand.

Ford designers 'cubed out' Fusion's body shape to create its taller, wider and longer occupant compartment. It can seat five adults and has fold-down rear seats, a flat load floor and an increased ride height. The car comes with a Duratec 1.6-lt, 16-valve petrol powertrain. The local content in the car is around 70 per cent. Ford is also evaluating the option of launching a diesel version.

Ford Fusion, which made its debut in production form at the 2002 Geneva Auto Show, is already available in Europe. The car has been customised for Indian conditions. For example, modifications have been carried out to improve the cabin sealing to protect it from water entry during heavy monsoon.

Ford's models in India include mid-sized Ikon, high-end Mondeo, which is sold in the country as a CBU, and sports utility vehicle Endeavour. Ford sold around 18,500 Ikons in 2003 and expects to sell 27,000 units by the end of 2004. It plans to export 24,000 units, the same as last year.

The car major plans to cross the Rs 1,000-crore mark in revenues this year. Ford last week reduced prices of Ikon and unveiled a new line of the model at a base price of Rs 4.49 lakh (ex-showroom).
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Hyundai postpones Getz launch
Hyderabad: Hyundai Motor India Ltd (HMIL) will now be launching its latest hatchback Getz by September 15 instead of the proposed launch either late this month or early next month due to the ongoing transporters' strike.

HMIL said the ongoing strike has forced the company to rework the launch date and that suits the Indian calendar as well. Even after the transporters call off strike, the company would need about a week's time to ensure that the new vehicles reach the dealers across the country.

Hyundai has become the first carmaker in the country to cross the figure of Rs.1,000 crore in exports and would perhaps close the year with overall exports of about Rs.1,700 crore.

The company said that Getz was being positioned between the Santro and the Accent variants of the Hyundai and would initially come with a petrol power plant. According to the company's initial estimates it would be able to offer about 1,500 Getz a month. Given the projected demand it was possible that there would be a wait list for the new car.

While the CRDI engine powered diesel cars would also be a possible option for Getz, there were problems of supplies for such engines. The CRDI versions of Accent have a wait list of over three weeks and the company did not want to add to this by bringing out a CRDI variant of Getz. It may possibly consider this later during the year or next year.

With the expansion of the manufacturing base near Chennai, the company expects to produce about 2,40,000 cars this year, reflecting an increase of over 20 per cent over last year. Including all variants, it may possibly roll out about 23,000 cars a month.
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Asian Broadcasting makes open offer for Balaji Tele
Mumbai: ASIAN Broadcasting FZ-LLC, an affiliate of the Star Group, is making an open offer to the shareholders of Balaji Telefilms Ltd to acquire up to 1.3 crore shares, amounting to 20 per cent stake, for a price of Rs.90 each.

Last week, Asian Broadcasting acquired 25.1 per cent stake in Balaji Telefilms through a preferential allotment comprising shares and warrants: 21 per cent in shares and 4.1 per cent in warrants convertible into shares.

The shares were acquired at Rs.90 per share.

The warrants will be convertible into equity shares for a period of 18 months from the date of the issue only if the investor's shareholding at the time of conversion is less than 26 per cent of the total paid-up equity share capital of the company.

The offer opens on October 18 and closes on November 16.

For the quarter ending June 2004, the promoters' holding in Balaji Tele stood at 52.92 per cent while FIIs held 21.58 per cent.
Post-allotment, the promoters' holding will come down to 3.59 per cent.
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Birla Will: Birlas' joint stand contested by Lodhas
Kolkata: Day one at the Calcutta High Court was marked by the presence of a battery of lawyers on both sides, with two former Union Ministers, Arun Jaitley and Satyabrata Mukherjee, representing B. K. Birla and K. K. Birla respectively. Senior lawyers Bhaskar Sen and P. K. Roy represented G. P Birla and Yash Birla respectively.

In an argument laden with data and references to old correspondence, lawyers representing the Lodhas sought to discount the unified stance adopted by the various Birla factions.

Justice Kalyan Jyoti Sengupta on Wednesday allowed B.K. Birla and Yash Birla to file a supplementary affidavit in the context of the executors of the wills written by Mr. and Mrs. M. P. Birla in 1981. The passing away of Mr. and Mrs. Birla, who were executors of each other's wills, necessitated this move. The court asked the Birlas to produce the original wills on Monday.

A large part of the hearing dealt with the discharge of caveats filed by the Birlas. The next round of hearing has been set for next week.
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ITC board clears hotel arms merger
Kolkata: The board of directors of ITC Ltd, has approved the amalgamation of its subsidiaries ITC Hotels Ltd and Ansal Hotels Ltd with itself. The board has approved the following share swap ratios: Three shares of ITC for every 25 shares of ITC Hotels and one share of ITC for every 150 shares of Ansal Hotels.

It is pointed out that in determining the share exchange ratios, the board was guided by a valuation exercise carried out by S.B. Billimoria and Company (SBB), assisted by its former Managing Partner, Y.H. Malegam. ITC Ltd holds approximately 72 per cent of the equity share capital of ITC Hotels Ltd, and together with ITC Hotels holds over 90 per cent of the share capital of Ansal Hotels Ltd.

According to an official statement released by the company following the board meting, these holdings will stand extinguished upon amalgamation. It has also been clarified that those holding less than 25 shares would stand to benefit in a proportionate manner, strictly as per laid down legal guidelines, as applicable to odd lot shares.

The merger scheme is subject to approvals by the High Courts of Calcutta and New Delhi pursuant to the provisions of Sections 391 to 394 of the Companies Act, 1956, and to such other statutory and other approvals as may be necessary.
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IOC to bid for Indonesian gas firm
New Delhi: The board of Indian Oil Corporation (IOC), has approved its bid for a 40 per cent stake in Indonesian oil and gas exploration firm PT Medco Energi Internasional Tbk.

The board said that it has completed due diligence of Medco and are now valuing the company. IOC will bid to buy stake in Indonesia's biggest independent exploration and production company from Thailand's PTT Exploration and Production PCL (PTTEP) and Credit Suisse First Boston.

IOC was interested in buying into Medco as part of its plans to enter oil and gas exploration.
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Sterlite sources copper concentrate from Brazil
Mumbai: Sterlite Industries (India) Ltd said it has signed a long-term contract with Companhia Vale do Rio Doce (CVRD), Brazil, for sourcing copper concentrate for its Tuticorin smelter.

The first vessel carrying copper concentrates from CVRD to Sterlite has docked at Tuticorin Port last week. The smelter requires six lakh tonnes of copper concentrates annually. This is met through imports from mines overseas and from the company's captive mines in Australia.
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Pritish Nandy Communication is ISO compliant
Mumbai: Pritish Nandy Communications has been awarded the ISO 9001: 2000 by SGS UK Ltd. It is the first company in India to be certified ISO compliant in the entertainment and movie space.
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BenQ unveils new mobile handset model
Thiruvananthapuram: BenQ India Pvt. Ltd, a subsidiary of the $ 3-billion Taiwanese digital lifestyle devices company, has introduced a new mobile phone model. Called the M 300, the phone comes with a 110 K integrated digital camera.

While the phone has been soft-launched in Kerala and New Delhi, it will soon be available across the country. In order to tap into the buzz surrounding the Onam festival in Kerala, the company is offering a sling bag for each mobile phone purchased.
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Tata Tele plans wholly-owned subsidiary in Australia
Mumbai: The board of directors of Tata Telecom Ltd has granted approval for the setting up of a wholly-owned subsidiary in Australia, according to a notice issued to the stock exchanges by Tata Telecom. This would be subject to the requisite approvals and consent of the statutory authorities, said the notice.
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HCL Info posts 89 per cent rise in net profit for '04
New Delhi: HCL Infosystems Ltd has registered a 89-per cent rise in its consolidated net profit for the year ended June 2004 at Rs.175.1 crore, even as its fourth quarter profits grew about 34 per cent.

Its consolidated revenues surged to Rs.4, 413 crore during 2003-04 from Rs.2,705.1 crore in the previous year, an increase of 63 per cent. Consolidated results include performance of HCL Infinet Ltd, a 100 per cent subsidiary of HCL Infosystems Ltd.

HCL said that revenues from computer systems business stood at Rs.1,523.3 crore against Rs.1,103.7 crore in the previous year, while that from office automation and telecommunication space was Rs.2,876.8 crore against Rs.1,521.6 crore last year.

For the fourth quarter ended June 2004, HCL's consolidated revenues stood at Rs.1,321.5 crore against Rs.905.2 crore in the year-ago period, translating into 46-per cent growth.

The board of directors has recommended a final dividend of Rs.7 per fully paid-up share taking the total dividend for the year 2003-04 to 210 per cent.

On a standalone basis, HCL's gross sales stood at Rs.1,523.25 crore for the year ended June 2004 as compared to Rs.1,651.22 crore previous year.
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