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Tata
Motors earmarks Rs.6,000 crore for small cars
Mumbai: Tata
Motors has earmarked an investment of about Rs6,000
crore to set up vehicle assembly units within and outside
India, for the production of its 'one lakh car' and its
recently launched mini truck Ace.
The
company is targeting a one million unit annual sales for
its small car, which is to be launched in 2007. The production
of the mini truck Ace, will be doubled to 1.2 lakh units.
"We are looking at expanding production facility
for our small car outside Pune. We are in talks with a
few state governments and some overseas markets also.
The response has been encouraging," said Ravi Kant,
managing director, Tata Motors.
The
idea is to have a centralised unit for making press kits
and engines and set up assembly units in those places
where the market is strong.
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Huber
to pick up majority share in Micro Inks for up to Rs.991
crore
Mumbai:
German company Huber Group, the fifth largest ink
manufacturer in the world, is planning to acquire between
50.5 per cent to 59.06 per cent stake in Micro Inks, India's
largest ink manufacturer, for a total consideration of
Rs991.5 crore at a price of Rs675 per share.
The
promoters of Micro Inks, the Bilakhias, will continue
to hold a minority stake between 4.5 per cent and 13.5
per cent in the company. The Huber Group has a sales of
over US$900mn worldwide.
The
transaction, subject to local regulatory approvals, is
expected to be completed by early 2006. With the acquisition,
Huber expects to enter the lucrative markets of Asia in
a major way. Micro Ink, which already exports to 70 countries,
in turn can consolidate its position in the European markets.
The
Bilakhias will acquire a 46 per cent stake in a European
subsidiary of Huber - Stehlin & Hostag AG, with a
representation in the Huber's Board of Directors. Micro
Inks has five manufacturing plants in India and its turnover
in 2004-05 was more than Rs990 crore.
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Ericsson
to establish R&D unit in India
Chennai: Swedish telecoms equipment giant Ericsson
has confirmed that they intend to enhance their investments
in India, including the setting up of a Research and Development
center in India.
However,
the plans do not include establishing a mobile phone-making
unit in India.
India
happens to be the world's fastest growing major mobile
phone market and adds around 2.5 million new users every
month, which would mean that their would be a demand for
around 30-35 million handsets by the end of this year
itself.
The
company aims to build a research and development centre
in Chennai. It already outsources some of their research
requirements to Indian software services firms, including
Tata Consultancy Services and Wipro. In addition to that,
they would also be setting up a global services delivery
centre in Gurgaon, on the outskirts of New Delhi.
Mats
Granryd, president of Ericsson's market unit for India
and Sri Lanka said in a statement: "We will invest
several hundreds of millions of dollars per year in expanding
our manufacturing and research and development capabilities,
as well as human capital, as the market is very dynamic
and growing very quickly."
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TCS's
new Chennai center to handle infrastructure management
and BPO
Chennai:
Tata
Consultancy Services (TCS) has inaugurated its centre
in Chennai for providing infrastructure management and
business process outsourcing (BPO) services.
With
about 250,000 sq. ft. of space at an investment of Rs45
crore, the centre has 2,500 seats. About 300 people from
other centres of TCS will move to this centre in the first
phase.
N.
Chandrashekharan, Executive Vice-President, TCS, said,
"In addition to core IT services, we have five areas
that are growing: consulting, BPO, engineering and industrial
services, asset-based solutions and remote infrastructure
management. Each of these has revenues between US$50mn
(Rs217.50 crore) and US$200mn (Rs870 crore) annually."
He
added, "Hopefully, infrastructure management should
cross US$200mn this financial year."
TCS
has infrastructure management services centres in Budapest,
Hungary and Bangalore.
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Shakti
Pumps bags US$1mn order from Spain
Mumbai:
Shakti Pumps (India) has received an export order worth
Rs4.5 crore from Spain for the supply of its submersible
pumps. The company will execute the order within the next
two months, which is in line with the company's overall
strategy of penetrating the European markets, Shakti Pumps
informed the Bombay Stock Exchange.
The
company has also recently received an order of Rs13.5
crore from Swiss Motors, which is to be executed within
one year.
As
per the order, the company will meet all the requirements
of Swiss Motors and will supply close to Rs350 lakh worth
pumps every quarter for the next four quarters.
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Fiesta
makes global debut in India
New Delhi: US auto giant Ford
Motor Co has unveiled its new mid-size premium car
'Fiesta' in India. The car will be available in a 1.6-litre
petrol engine and a 1.4-litre common rail diesel engine.
Ford
Motor chairman and CEO Bill Ford said further investments
in the India was 'critical to our plans.'
Ford
said the company has accelerated efforts to meet global
challenges in the face of current problems in the US market,
and investing in growing markets was the way forward.
"India is right at the top of that list," he
emphasised.
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Bosch
to introduce Denoxtronic technology in India through MICO
Chennai: Bosch Group plans to introduce Euro-IV
enabled Denoxtronic technology in India through its subsidiary,
Motor Industries Company (MICO) for heavy commercial vehicles
by the end of this decade.
Denoxtronic
technology is used to treat exhaust gas. It is targeted
at heavy-duty vehicles, and when used in conjunction with
a selective catalytic reduction (SCR) catalytic converter,
can significantly lower nitrous oxide emissions by up
to 85 per cent and particle emissions by up to 40 per
cent.
The
technology can also give up to five per cent better fuel
efficiency, he said, adding this would allow commercial
vehicles to meet future tighter exhaust emission limits.
Denoxtronic
is Euro-IV/Bharat stage IV compliant and has been established
as an industry standard for commercial vehicles in parts
of Europe.
Bosch
introduced Denoxtronic in Japan last year and in the European
automobile market this year.
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Posco
to invest US$500mn - short-lists seven Indian mining companies
New
Delhi: Pohang Steel Company the world's fifth largest
steel manufacturer has short-listed seven Indian mining
companies to develop the captive iron ore mines that Orissa
government will allocate to it. The company said it would
invest US$500mn for the venture.
The
steel major had considered sourcing iron ore from the
captive mines that mining giant BHP Billiton was to develop.
This was before the tie up between two companies broke
up.
Posco
said it would look into proposals of National Mineral
Development Corporation, MMTC, Orissa Mining Corporation,
Salgaonkar, Sesa Goa Limited and Kudremukh Iron Ore Company
Limited.
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Infosys
becomes US Sox Act compliant
Bangalore: Infosys
Technologies is compliant with Section 404 of the
Sarbanes Oxley Act of 2002 ('SOX Act') well before the
mandatory deadline of March 31, 2007.
Infosys
now ranks amongst the earliest foreign filers to have
achieved this milestone, a company statement said.
The
assessment was performed voluntarily under the SOX Act,
which requires company management to assess and report
on company's internal controls over financial reporting.
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Huawei
Tech to expand Bangalore center
Bangalore: Huawei Technologies, the Chinese telecom
equipment and software major, is expanding its Bangalore
centre with a new R&D campus investing US$100mn in
the next three years, a top company official said.
The
company has acquired 25 acres of land to set up its own
campus in the city which would have a capacity of 2,000
people. The campus is expected to be ready by 2008.
The
new centre would focus on application software, intelligent
network products, some part of next generation networks
and 3G, ring back tones.
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Mitsubishi
Lancer price cut by more than Rs.90,000
New
Delhi: Hindustan
Motors has cut the price of its C segment offering
'Lancer' by over Rs90,000. After the price cut the 2-litre
diesel version of the car will cost Rs7.79lakh against
the earlier price of Rs8.72 lakh, the company said.
On
the other hand, the 1.5-litre petrol version of the model
will cost Rs6.59 lakh against the earlier price of Rs7.27
lakh.
The
company said the Bharat Stage III variant of the petrol
model would cost an additional Rs38,000 while the diesel
version would cost an extra Rs18,000.
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GMR
group of Industries plans expansion
Hyderabad:
The GMR group of industries has announced major expansion
plans that will take place over the next two to three
years. The plans involve an investment of Rs401 crore.
For
starters they will set up a new sugar complex with 24
MW co-generation and 45 kl distillery in Karnataka estimated
to cost Rs232 crore. The project is proposed be completed
by September 2007.
The
group has also decided to set up an 18 MW co-generation
unit at Latur in Maharashtra with an estimated investment
of Rs76 crore.
Apart
from this the group is planning to increase the crushing
capacity of its existing sugar plant from 3,125 tonnes
to 5,000 tonnes by spending Rs40 crores. The group planned
to enter the non-conventional energy segment by setting
up a wind energy project in Karnataka with an investment
of Rs52 crore, according to the company's managing director,
K. Narayana Rao,
The
company registered an impressive performance during the
second quarter posting a profit before tax of Rs12.11
crore against Rs5.77 crore during the corresponding period
last year.
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Corporate
results: Tata Motors, HCL Tech, VSNL, Panacea Biotec,
ABB, IPCL, Vivimed
Tata
Motors Q2 net up at Rs.338 crore
For the quarter ended on September 2005, Tata
Motors has posted a net profit of Rs337.8 crore clocking
9.3% growth against Rs309.2 crore for the same period,
the previous year. The net sales for the quarter was Rs4,781.3
crore as compared to Rs4,145.3 crore in the same quarter
the previous year, posting a 15% growth. Sales volume
for the quarter of passenger cars and commercial vehicles
together, at 1.07 lakh units was up by 12% over the same
period the previous year.
HCL
Tech net jumps 3.5 percent
HCL
Technologies has reported a 3.5 per cent year-on-year
increase in net income in the first quarter ending September
at Rs167.5 crore. The gross revenues of the company during
the period were up 24 per cent to Rs970 crore. The company
has declared an interim dividend of 200 per cent on every
share of the face value of Rs2.
HCL
Technologies has won a number of deals in the global market.
These include a US$100mn plus deal from a global telecom
company two deals worth more than US$50mn with a global
bank and a global software product company.
The
company's BPO business grew 44 per cent year-on-year in
the first quarter of the current fiscal and plans to add
1,500 employees in next quarter at its facilities in India,
Ireland and Malaysia.
VSNL Q2 net up 3.29 pc at Rs.91 crore
Videsh
Sanchar Nigam Ltd (VSNL) has posted a 3.29 per cent
rise in net profit to Rs91 crore for the second quarter
this fiscal as compared to Rs88.1 crore in the corresponding
quarter in 2004-05.
Total
income has increased 18.97 per cent to Rs961.2 crore for
the quarter ended September 30, 2005 from Rs807.9 crore
in the same period last fiscal, the company informed the
Bombay Stock Exchange.
Panacea
Biotec Q2 net profit up 106 per cent
Panacea Biotec has reported a 106 per cent jump in net
profit for the second quarter ended September 2005 at
Rs22.87 crore as compared to Rs11.10 crore during the
same quarter last year.
The
net sales during the quarter increased by 68 per cent
to Rs132 crore as against Rs78.65 crore in the corresponding
period last year.
For
the first six months, the company's net profit stood at
Rs44.27 crore, up by 123 per cent as compared to Rs19.84
crore in the same period in the previous year.
The
net sales during the first half was also up 68 per cent
at Rs291.20 crore as against Rs174.78 crore during the
corresponding period in the previous year.
ABB
Q3 net up 47.21 per cent
Power sector major ABB
has posted a 47.21 per cent increase in net profit at
Rs52.94 crore for the third quarter this fiscal as compared
to Rs35.96 crore for the same quarter last fiscal.
Total
income grew 25.10 per cent to Rs719.92 crore for the quarter
ended September 30, 2005 from Rs575.47 crore in the year-ago
period, the company informed the Bombay Stock Exchange.
IPCL
Q2 net up 119 per cent
Indian
Petrochemicals Corporation (IPCL) has posted a 119.56
per cent jump in net profit at Rs 303 crore for the quarter
ended September 30, 2005 as compared to Rs 138 crore in
the year-ago period.
Total
income has increased 12.25 per cent to Rs 2079 crore for
the second quarter from Rs 1852 crore in the same period
last fiscal, the company informed the Bombay Stock Exchange.
Vivimed's half yearly net up
83 percent
Vivimed
Labs has declared first half-yearly revenues of Rs36.07
crore, which is 71 percent higher than last year's revenues
and a net profit at Rs4.17 crore - a growth of 83 percent.
In
July this year the company came out with an IPO, which
was oversubscribed 36.42 times.
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