ONGC to increase domestic production of oil and gas
Mumbai: State-run Oil and Natural Gas Corporation (ONGC) is planning to increase its domestic production of oil and gas. For this, the company will develop around 28 small and marginal offshore fields located on the country's west coast.

The company is at present in the process of developing these fields and is assessing the feasibility of this project. It hopes to get approval and begin development activities by March this year. The company hopes to start production by 2008 with a minimum production of five to eight million tonnes of oil and 15-20 million cubic meters of gas from these 28 fields.

ONGC, which produced around 28.13 m.t. of crude oil last fiscal, is aggressively looking to increase its domestic as well as global production. It has invested around Rs2,250 crore in exploration and deve lopment activities (E&P) this year.
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Hero Honda sells more than 29 lakh motorcycles in 2005
Bangalore: Hero Honda sold more than 29 lakh motorcycles during 2005, and has retained its position as the 'world No.1' two-wheeler manufacturer, for the fifth consecutive year.

Over the past five years the company's sales have increased 123 per cent, the company said. The company entered the scooter segment in 2005 with the introduction of 'Pleasure'.
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Turnaround for HM possible soon
New Delhi: C K Birla Hindustan Motors chairman speaking on the sidelines of the Auto Expo said that the company hopes to make a turnaround 'in the next few months on the back of series of initiatives taken by it. During the 15 months ended June 30, 2005, HM recorded a gross income of Rs1,352.13 crore against Rs858.88 crore in the 12 months ended March 31, 2004.

The company plans to launch new models in partnership with Mitsubishi of which Cedia has already been launched. The company plans to launch the Montero next. HM recently hived off its component manufacturing business to a separate subsidiary AVTEC, where it holds about 49 per cent stake.
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Audi launches luxury sedan 'A4'
New Delhi: Audi, the Volkswagen group company, has launched the luxury sedan 'A4' priced at Rs24.74 lakh.

Stefan Hamberger general manager, Audi (Africa, Middle east and India) told reporters at the Auto Expo here that A4 would be first available in Delhi and Bangalore after which it would be launched in other metros he said. The company is targeting to sell 150 units of the Audi in India this calendar year and a total 300 units. The German auto giant currently sells A8, A6, and TT Coupe in India.

The company also plans to launch its sports utility vehicle 'Q7' in India in the last quarter of 2006. The car is being globally launched in February starting from Europe and would be brought to India by the last quarter of this year. The Q7 is priced at about 50,000 euros in Germany.
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Maruti announces big ticket plans for India
New Delhi: Maruti Udyog has announced big plans for its Indian operations. Jagdish Khattar the managing director of the Maruti Udyog said the company would introduce five new models in the country in the next five years and would invest Rs2,718 crores for introducing the new models, research and development and up-gradation projects in the period he said at the Auto Expo here.

These investments are over and above the Rs3,000 crore of investments announced by the company for setting up a new car and engine plant.
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Mazda bags contract from GHCL
Mumbai: Mazda, which manufactures pollution control equipments, has bagged a Rs1.28 crore order from Gujarat Heavy Chemicals (GHCL) to supply pollution control equipment. The order is for supply of electrostatic precipitator (ESP), which meets with the most stringent environment regulation in terms of total weight load of emission, particle size and chemical composition, the company informed the Bombay Stock Exchange.
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Honda Motors willing to exit Honda Siel Cars
New Delhi: Honda Motors says it willing to divest its stake in Honda Siel Cars India to its domestic joint venture partner Siel.
Honda has 99 per cent stake in Honda Siel the remaining being with Siel. Honda showcased several hi-tech vehicles at the Auto Expo including the 'Honda Civic.

The company said it is at a preparatory stage for launching the model and says it is assessing its vendor base, manufacturing capacity and seasonality of demand. The new model is likely to be competitively priced.

Honda Siel Cars was formed in 1995 as a joint venture between Honda Motor Co and Siel Cars to manufacture Honda passenger cars in India.
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Canada's Magma opens office, forms JV with Lumax
New Delhi: Canadian auto parts company Magma has opened a new sales and engineering office in Mumbai. The company has also entered into a joint venture with Lumax Automotive Systems to manufacture and supply interior and exterior mirrors to auto companies in India. The joint venture would be called Lumax Magma Donnelly Automotive Mirrors.

Steve Rodgers Magma vice president (business development), Asia Pacific Region, said at the auto expo here. "The Indian market represents significant growth potential for us. The combination of an exciting market and significant resources is an ideal opportunity for the company," he said.

The company has appointed Prasen Agani as executive director who would head the Mumbai office. The joint venture has already supplied components to Maruti Suzuki's new offering 'Swift.'
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Reliance Industrial Infrastructure to be promoted by RIL
Mumbai: Reliance Industries will be the new promoters of Reliance Industrial Infrastructure (RIIL). The RIL board of directors at a meeting held on January 10, gave its consent for acquiring control over RIIL and being recognized as the new promoter of RIIL, in place of Satyapal Jain, the existing promoter, for complying with SEBI's takeovers regulations, RIL informed the Stock Exchanges.

RIL holds 46.23 per cent of the paid-up equity share capital of RIIL and will not acquire any further stake in it, at this stage.
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Simplex receives contract from Rail Vikas Nigam
Mumbai: Simplex Infrastructures has bagged a Rs67.51 crore order from Rail Vikas Nigam for construction of bridges across the river Mahanadi and new BG line between Haridaspur and Paradip of East Coast Railway in Orissa, the company informed the National Stock Exchange.

Simplex has also bagged another order from the Government of Manipur for design and construction of capital complex (assembly component) at Chingmeirong worth Rs141.42 crores, it said.
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Timken considers setting up manufacturing unit in India
New Delhi: Auto and industrial components major, Timken India, a big player in tapered bearings, alloy steels and related products, has said it is looking at setting up a manufacturing facility in India for needle roller bearings to tap the growing domestic market.

The company plans to make investments to the tune of around $25-50 million.

The company is in talks with bike majors Hero Honda, Suzuki and LML as well as carmakers Maruti and Tata Motors. "A final decision would be taken once we reach critical mass," said Timken India managing director, Gordon Robinson said at the auto expo here. The company is targeting revenues of around $55 million from Indian operations this year that are likely to grow at over 20 per cent in 2006. Timken India is a subsidiary of US-based The Timken Company.
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Sonata allotted land in Hyderabad
Bangalore: Sonata Software has been allotted eight acres of land in the IT hub of Poppalguda in Hyderabad for setting up an IT campus.

B Ramaswamy, managing director Sonata Software said, "The new campus will help extend our world-class infrastructure to support our future growth plans," in a statement here.

Sonata operates an 800-people facility in the Hyderabad, which is situated closely to the Hyderabad airport.
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Talks fail between TKM management, union
Bangalore: Talks between Toyota Kirloskar management and the union have failed to reach any conclusion and the former sought time till January 16 to contemplate the suggestions of the Labour Department.

CITU general secretary said the labour commissioner put forward three suggestions which were accepted by the union, but rejected by the management which sought time till January 16 to arrive at a decision.

The suggestions included immediate withdrawal of the strike by the union, lifting up of the lockout by the management with immediate effect and keeping in abeyance the dismissal of the three workers till the court's decision on the matter, he said.
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Yamaha to invest Rs.300-cr
New Delhi: Japanese motorcycle major Yamaha plans to invest Rs300 crore in the next two years on product development and expansion in India and is planning to launch at least three new models this year.

Unveiling the company's display at the Auto Expo, Yamaha Motor India's new CEO and managing director T Ishikawa said: "India is one of the fastest emerging two wheeler market in the world. In order to meet our targets we would be investing up to Rs300 crore for product development and expansion over the next two year."

Officials said the company would launch at least three new models this year. Yamaha currently has about 5 per cent market share in India.

The company has been adopting a three-pronged business strategy for the next two years.

The company's new products are targeted at the young urban customers as well as the rural youth. The company plans to expand its dealer network to 450 outlets this year.
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US drug cos vie for Narmada Gelatine
Mumbai: Narmada Gelatine, a Chhabria group firm has become the target of two private equity funds from Europe and a two pharma companies from US and India.

Prakash Nene, director and India head of the Jumbo group, said that the group will sell its gelatine business for Rs55-60 crore. The Jumbo group has exited from a number of its Indian businesses. It sold the liquor and beer business of the Shaw Wallace group to the Vijay Mallya-owned UB group, its tyre business (Falcon Tyres), engineering company Mather & Platt and Hindustan Dorr-Oliver.

In December, the Kolkata-based Ruia Group has bought three tyre companies — Dunlop India, Falcon Tyres and India Tyres — from the Chhabria family for Rs 200 crore.
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Uttam Galva Steels raises prices
Uttam Galva Steels, India's the country's second largest galvanized steel manufacturer has increased its prices for Galvanised Steel products by Rs1600 per ton with effect from 12th of January 2006.
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Corporate results: Riddhi Siddhi, Mastek, TCS, Rajesh Exports, IBM India, GAIL
Riddhi Siddhi Gluco Q3 net up at Rs.3.10-cr
Mumbai: Riddhi Siddhi Gluco Biols, which makes starch and derivatives has posted a quantum leap in its net profit for the third quarter ending December 31, 2005 at Rs3.10 crore as compared to Rs97 lakh in the corresponding quarter previous fiscal.

The sales turnover for the company during the reporting quarter increased 21.47 per cent to Rs62.98 crore as compared to Rs51.85 crore in Q3 of last year, the company said.

Mastek Q2 net up 26.22 pc: offers 1:1 bonus
Mumbai: Software solutions provider, Mastek, has posted a 26.22 per cent increase in consolidated net profit for the second quarter ended December 31, 2005 at Rs16.17 crore as compared to Rs12.81 crore in the corresponding quarter previous fiscal.

Total income during the reporting quarter increased 25 per cent to Rs175.15 crore as compared to Rs140.10 crore in Q2 of FY-05, the company said.

The board of directors of the company has also recommended a bonus share of one equity share for every equity share held.

TCS reports marginal rise in Q3 net at Rs.679.65 crore
Mumbai: Tata Consultancy Services (TCS) has posted a marginal rise in net profit for the third quarter ended December 31, 2005 at Rs679.65 crore as compared to Rs643.81 crore in the corresponding quarter previous fiscal.

Revenues during the reporting fiscal increased to Rs3,302 crore as against Rs2,696 crore a year ago, the company said.

Rajesh Exports bags Rs.146-cr export order
Mumbai: Rajesh Exports has bagged an export order worth Rs146 crore from UAE's major jewellery wholesaler, Excel Goldsmith, for the exporting designer jewellery.

The company has to execute the order by March 31, 2006.

IBM India revenue up by 45 per cent in 2004
New Delhi: IBM India logged a 45 per cent growth in revenue in 2004 and added about 16,000 professional in 2005 to reach a strong employee strength of 38,500.

IBM India managing director Shankar Annaswamy said, "We are growing here in India. Our domestic business grew 45 per cent in 2004 year-on-year from services like business consulting, industry solutions, IT services, software products, systems, servers and storage," he said.

The company said its growth areas are in telecom, banking and financial services, industrial solutions, Government and small and medium business.

GAILposts marginally higher profit
Mumbai: Gail India has posted a marginal rise of 1.23 per cent in net profit at Rs643.15 crore for the quarter ended December 31, 2005 against Rs635.28 crore for the corresponding quarter during the last fiscal.

The total income grew 27.19 per cent to Rs4597.39 crore for the third quarter during this fiscal from Rs3614.49 crore in Q3-05, the company informed the Bombay Stock Exchange.

The board approved payment of interim dividend of 60 per cent for the financial year 2005-06.
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