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metaljunction
targets deals worth Rs.8000 crore
Kolkata:
metaljunction services, promoted by Tata Steel and Steel
Authority of India Ltd (SAIL), is also looking at NatSteel,
to grow its business in South East Asia.
metaljunction
services officials said that the company intends to leverage
the association with NatSteel, recently acquired by Tata
Steel, as a beachhead for getting into South East Asia.
metaljunction has an agreement with NatFerrous Pte for
sale of ferrous and non-ferrous products. The company
has set a transaction target of Rs8,000 crore for the
current financial year. The e-commerce company, promoted
by Tata Steel and Steel Authority of India Ltd (SAIL),
recorded transactions of Rs2,200 crore in the first half
of this year.
Oberoi said that the target was ambitious but achievable.
Last year, the company had set a target of Rs5,000 crore
and achieved transactions of Rs4,200 crore.
The company was planning to add cement to its portfolio,
and was likely to launch it by end of the financial year.
Currently metaljunction dealt with steel and coal through
coaljunction. The company has sold three million tonne
of steel which has made it the world's largest steel e-marketplace,
officials said.
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VSNL
to roll out S. African services by Q1 of 2006
Mumbai: Videsh Sanchar Nigam (VSNL)
is all set to rollout its telephony services in South
Africa and expects its operations to go on stream by the
first quarter of 2006.
The Tata group will be operating its services through
a telecom firm, the second national operator (SNO), and
is also planning to introduce its fixed wireless phones
(FWP) in that country.
Officials said that the company would start the rollout
of its telecom services from Johannesburg and later to
other places in the country.
The consortium partners in SNO include Eskom Enterprises,
Transtel, Nexus Connexion, CommuniTel and two consortiums,
with Tata group as its controlling stakeholder.
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Reliance
Energy Q2 net up 24.53 per cent at Rs.159.57 crore
Mumbai: Reliance Energy (REL) has reported a 24.53
per cent rise in net profit at Rs159.57 crore for the
quarter ended September 30, 2005, up from Rs128.13 crore
in the year-ago period.
The
company informed the BSE that total income increased 32.1
per cent to Rs1,161.36 crore for the quarter ended September
30, 2005 from Rs 878.55 crore in the same period last
fiscal.
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GA
Cements Q1 net down 16.78 per cent
Mumbai: Gujarat Ambuja Cements has declared a 16.78
per cent decrease in net profit at Rs75.28 crore for the
first quarter this fiscal as compared to Rs 90.46 crore
for the same quarter last fiscal.
Total
Income grew by 7.39 per cent to Rs 656.22 crore during
the first quarter this year from Rs611.04 crore in the
year-ago period.
The
group has recorded a net profit of Rs108.06 crore for
the quarter against Rs100.99 crore recorded during the
corresponding quarter last year.
The
company declare a total income of Rs678.26 crore in the
current fiscal against Rs730.15 crore in the last fiscal.
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Ranbaxy
challenges AstraZeneca's Nexium patent in US
New Delhi: Ranbaxy Laboratories has filed a para IV
Abbreviated New Drug Application (ANDA) to the US Food
and Drugs Administration challenging the patent of UK-based
AstraZeneca.
Astra
Zeneca confirmed it had received a notice from the company
about the submission of an ANDA for esomeprazole magnesium
delayed-release capsules, 20mg and 40mg, containing Paragraph
IV certifications of invalidity and/o r non-infringement
with respect to certain AstraZeneca US patents.
AstraZeneca
said it is evaluating Ranbaxy's notice and said it had
45 days within which to commence a patent infringement
lawsuit against Ranbaxy that would automatically stay,
or bar, the FDA from approving Ranbaxy's ANDA for 30 months
or until an adverse court decision, whichever may occur
earlier.
Earlier
Dr Reddy's Laboratories also challenged AstraZeneca's
Nexium patent.
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JD
Power customer satisfaction survey: Maruti tops the list
again
New Delhi: India's biggest car company, Maruti has
been rated highest in customer satisfaction in India in
the J D Power India Customer Satisfaction Index Study
for the sixth time in a row.
Hyundai
and Ford came in the second and third position in the
2005 survey. More than 4, 200 owners of 33 different vehicle
models participated in the survey from June to August.
Outlining
the parameters for judging a company's performance, JD
Power said overall satisfaction with the dealer's service
department was assessed on 42 attributes, grouped into
seven predefined factors like problems experienced, service
quality, user-friendly service, service initiation and
in-service experience.
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HCL
Infosystems Q1 net up
Mumbai: HCL Infosystems recorded a 19.38 per cent
higher net profit at Rs29.75 crore during the first quarter
in the current fiscal as compared to Rs24.92 crore for
the same quarter last fiscal.
Total
income grew 25.36 per cent to Rs486.96 crore for the quarter
compared with Rs388.42 crore in the year-ago period.
The
company also declared an interim dividend of Rs2 per fully
paid up equity share of Rs2 each for the financial year
2005-2006.
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Cisco
Systems outlines big investment plans in India
New
Delhi: US
routing and networking company, Cisco Systems has announced
an investment of US$1.1bn investment in India over the
next three years.
"We
will invest US$1.1bn in India of which US$150mn would
be for providing leasing and financial solutions to the
company's customers and partners," Cisco president
and CEO John Chambers told newspersons here.
The
company also plans to invest US$100mn in Indian start-ups
and as much in customer support operations.
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Flextronics
Software Q2 net up 24 per cent
Mumbai:
Flextronics
Software Systems reported a 24.41 per cent increase in
net profit at Rs32.1 crore for the quarter ended September
30, 2005 as against Rs25.8 crore in the same period a
year-ago. Total income increased 26.41 per cent to Rs149.3
crore for the quarter ended September 30, 2005 from Rs118.1
crore in the same period last fiscal.
The
company has posted a net profit of Rs55.8 crore for the
half year ended September 30, 2005 as compared to Rs50.6
crore for the corresponding period in 2004-05.
Total
income has increased to Rs277.20 crore for the half year
from Rs229.6 crore in the previous year.
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TCS
gets shareholders' nod for merging Tata Infotech
Mumbai:
Tata
Consultancy Services has received approval from its shareholders
and unsecured creditors to merge Tata Infotech with itself.
The
scheme of amalgamation is subject to the sanction of Bombay
High Court, the company said.
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Wipro
net up 16 per cent to Rs.478 crore
Bangalore: Indian IT major Wipro has declared 16 per
cent higher net profit in the second quarter to Rs478
crore. The company's revenue for the quarter has increased
by 27 per cent year-on-year to Rs2,507 crore.
Sequential
growth in net profit was 12 per cent, the company said
in a release here on Wednesday.
Wipro's
global IT services and products revenue for the quarter
ended September 30, 2005, was Rs1,895 crore, up 26 per
cent year-on-year contributed primarily by volume growth.
Wipro
said it added 39 new clients, including two in BPO services.
Wins included a global pharmaceutical company, a leading
online auction player, and a leading global manufacturer
of consumer products, it said.
Commenting
on the results, Wipro Chairman Azim Premji said: "...Our
continued success in delivering broad-based results positions
us well to lead industry growth. Looking ahead, for the
quarter ending December 2005, we expect revenues from
our global IT services business to be approximately $463
million."
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Wockhardt
Q3 net up 30 pc at Rs.69.20 crore
Mumbai: Pharmaceutical and healthcare major Wockhardt
has reported a 30 per cent rise in net profit at Rs69.2
crore for the quarter ended September 30, 2005 as compared
to Rs53.2 crore in the same period a year-ago.
Total
income was up 15.85 per cent to Rs260.9 crore for the
third quarter from Rs225.2 crore in the same period last
fiscal.
The
Group has posted a consolidated net profit of Rs65 crore
for the quarter as compared to Rs55.8 crore for the same
quarter last fiscal.
Total
income of the group has increased to Rs362.4 crore for
the third quarter of current fiscal from Rs320.9 crore
in the same quarter in 2004-05.
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Varun
Shipping Q2 net jumps 104.62 per cent
Mumbai:
Varun Shipping Company has recorded a 104.62 per cent
increase in net profit at Rs43.36 crore in the second
quarter this fiscal as compared to Rs21.19 crore in the
same quarter last fiscal.
Total
income grew 53.11 per cent to Rs 146.24 crore during the
period from Rs 95.51 crore in the year-ago period.
The
company has also declared a 15 per cent interim dividend,
at Rs1.50 per share, for the year ending March 31, 2006,
at its meeting.
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Deccan
Chronicle net increases by 51 per cent
Mumbai:
Deccan
Chronicle Holdings has posted a 51 per cent increase in
net profit for the second quarter ended September 30,
2005 at Rs10.62 crore as compared to Rs7.03 crore in the
corres ponding quarter previous fiscal.
Net
sales during the second quarter increased 90 per cent
to Rs76.09 crore as compared to Rs39.88 crore in same
quarter of FY-05.
The
company PK Iyer said executive director Deccan Chronicle
Holdings said, "The growth in advertising revenue
in our key market in Andhra Pradesh and the success of
Chennai edition resulted in encouraging financial performance."
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Infotech
net up by 11.7 per cent
Hyderabad:
Infotech Enterprises has posted an 11.7 per cent increase
in net profit in the second quarter ended September 2005.
B
V R Mohan Reddy, chairman, Infotech said the operating
margins for the company were higher by 200 basis points
compared to the preceding quarter.
The
operating profit increased by 17.6 per cent at Rs16.03
crore compared to Rs13.62 crore during the same quarter
previous year.
The
net profit rose by 11.7 per cent at Rs10.88 crore as compared
to Rs9.74 crore in the first quarter of the current fiscal.
The
EPS for the quarter is at Rs7.21 as against Rs4.52 in
the corresponding period last year.
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Welspun-Gujarat
Stahl Q2 net up 19.86 per cent
Mumbai: Textile major Welspun-Gujarat Stahl Rohren
has reported a 19.86 per cent rise in net profit to Rs18.1
crore for the quarter ended September 30, 2005 as compared
to Rs15.10 crore in the year ago period.
Total
income has increased 42.32 per cent to Rs404.50 crore
for the second quarter from Rs284.20 crore in the same
period last fiscal, the textile company informed the BSE.
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REC
pays Rs.176.5 crore dividend to Govt.
New Delhi: Rural Electrification Corporation (REC)
declared a 30 per cent dividend amounting to Rs234.5 crore
for 2004-05. A cheque for Rs176.5 crore was handed over
by A.K. Lakhina, chairman and managing director, REC,
to the Power Minister, P.M. Sayeed, yesterday.
The company had recorded Rs1,038 crore profit-before-tax.
It had sanctioned loans worth Rs16,316 crore and its disbursements
stood at Rs7,885 crore during 2004-05.
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Suzuki,
Maruti to up capacity to fight competition
Tokyo: The world's biggest small car major, Suzuki
Motor, plans to increase production capacity by one third
in India along with its affiliate Maruti Udyog by 2010
as competition from Hyundai Motor and Honda Motor is intensifying.
Suzuki
and Maruti Udyog will have the capacity to make 1 million
vehicles by 2010, an expansion likely to cost US$ 470mn
to retain its 50 percent market share even in a highly
competitive scenario.
India
may match China's current demand for cars in four years
if the South Asian economy grows at 8 percent a year,
according to a 2004 study by Morgan Stanley's Asia economists.
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Nissan
mulls building India factory
Tokyo: Nissan Motor Co., Japan's second-biggest carmaker,
is considering a plan to build its first factory in India
after concluding its current three-year plan to increase
global sales and improve profit.
Nissan
is trying to cut costs by 15 per cent and sell 28 new
and redesigned vehicle models globally in a Value Up plan
ending in March 2008.
The
company said it would come up with a strategy for India
and also a plan for a factory here after the conclusion
of Value Up.
Nissan
shares fell as much as 3.3 per cent today to 1,217 yen
and traded at 1,223 yen at 1:37 p.m. in Tokyo.
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Biocon
Q2 net down 21.42 per cent to Rs.44 crore
Bangalore: Biocon has reported a 21.42 per cent decline
in net profit to Rs44 crore for second quarter (Q2) ending
September 30 of 2005-06 against Rs56 crore reported in
the corresponding second quarter of 2004-05.
Revenues grew marginally by 6.87 per cent to Rs202 crore
compared with Rs189 crore clocked in Q2 2004-05. EPS went
down to Rs3.7 in Q2 2005-06 from Rs5.26 registered in
Q2 2004-05.
On a sequentional basis, net profit grew by 13 per cent
in Q2 2005-06 against Rs39 crore registered in Q1 2005-06.
Biocon wants to treat this fiscal as a gestation period
as it promises delivery of oral insulin and oncology products
to the market next year.
Announcing the company's second-quarter results, Biocon
chairman and managing director Kiran Mazumdar Shaw said:
"We expect to do well next year when diabetes and
oncology products hits the market. Through these strong
growth drivers, we are looking at healthy operating margins
next year."
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