GMR-Fraport gets Delhi airport modernisation contract - GVK gets Mumbai
New Delhi: GMR and GVK Reddy's groups have obtained the contracts for modernisation of Delhi and Mumbai airports respectively.

GMR-Fraport was the second highest financial bidder for the modernisation of the two metro airports, with an investment of about Rs5,400 crore. However, the company plans to opt for the Delhi airport by matching the top bidder, Reliance-ASA in terms of revenue share to government, sources said.

GMR-Fraport was given the option to match the top bidder at either of the airport, as it was the sole technically qualified bidder among the five aspirants for Delhi and six for Mumbai airports. GMR, which bid 43.6 per cent revenue share for Delhi, would now have to match that of Reliance's 46 per cent.

Reddy's GVK emerged as the top bidder for the Mumbai airport by offering a revenue share of 38 per cent, followed by GMR 33 per cent, DS group's 28.12 per cent and Reliance's 21.33 per cent.
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Reliance Airport Developers say last minute changes in airport bids 'untenable'
New Delhi: Anil Ambani's Reliance Airport Developers lost the Delhi airport project to rival GMR-Fraport consortium despite emerging as the top financial bidder. The company lashed out at the bid process, saying changes in tender conditions hours before the final decision were 'untenable'.

A Reliance spokesperson said that after the financial bids for the Rs5,400 crore airport modernisation projects at Delhi and Mumbai were opened, substantial changes to the published tender conditions were telephonically communicated, in strange circumstances, barely two hours before opening of financial bids.

Ambani said: "We are advised these changes are a complete departure from the tender conditions and are untenable," he said in a statement.
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BHEL Q3 net jumps 78 pc
Mumbai: Bharat Heavy Electricals (BHEL) has announced a net profit of Rs423.19 crore for the quarter ended December 2005 as compared to Rs237.40 crore for the same quarter last fiscal.

Total income increased from Rs2,386.470 in Q3 to Rs3,445.45 crore in the last year quarter.
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M&M Q3 net up by 75 pc
Mumbai: SUV and tractor major Mahindra & Mahindra (M&M) posted a 75 per cent increase in net profit for the third quarter ended December 31, 2005 at Rs233.50 crore as compared to Rs133.20 crore in the corresponding quarter previous fiscal.

Net sales and income from operations during the reporting quarter increased 25 per cent to Rs2,207.20 crore as compared to Rs1,772.30 crore, the company said in a release here today.
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TCS to set up development center in Gujarat
Mumbai: India's biggest IT company Tata Consultancy Services (TCS) plans to develop a new facility in three phases at Gandhinagar, Gujarat.

The first phase of global software development centre is expected to house 2,000 seats once fully commissioned, TCS said. The facility will be completely operational in 18 months, and would cater to the needs of the government and utility sector clients as well as focus on ERP projects being executed by the company for the global clients.

The company has already recruited over 480 employees in the state during the current financial year.
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JB Chemicals gets US FDA nod for diclofenac API
Mumbai: JB Chemicals & Pharmaceuticals said the US FDA has accepted its Drug Master File (DMF) for Diclofenac Diethylamine used in topical formulation for pain management.

DMF is filed electronically in the common technical document (CTD) version and is the first electronic USDMF filing from an Indian Active Pharmaceutical Ingredients manufacturer to the USFDA.

The company says the rapid filing would allow it to strengthen its presence in the US market for Diclofenac API. We have proven regulatory expertise through electronic filings with US FDA and are leveraging this expertise.
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BEML to manufacture new products for defence sector
Bangalore: Public sector behemoth Bharat Earth Movers (BEML) is starting the manufacture of Light Recovery Vehicles in technical collaboration with Tatra Sipox, in an effort to increase the company's contribution to the armed forces and revenues from the defence business.

BEML has formed an alliance with Polish Bumar that will see new projects taking shape, a major one being the possible induction of Mines Scattered Laying Equipment (Kroton) into the Indian Army, after trials on a no-cost and no-commitment basis.

Another product the company will manufacture is Armoured Repair & Recovery Vehicle (ARV) for use in battlefields with provision for minor repairs on the field besides salvaging damaged vehicles. The project will provide a big boost for Indo-Polish relations, which has seen the successfull implementation of the Armoured Recovery Vehicle project through phased indigenisation of technology.
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Venus Remedies acquires pharma unit in Germany
Mumbai: Venus Remedies has acquired a pharma unit in Germany through its recently established German subsidiary, Venus Pharma GmbH. This is a maiden overseas acquisition for the company and the acquired unit would be operational under the new management from April 1, 2006.

With the recent establishment of USFDA standard facilities at tax free zone of Baddi and Himachal Pradesh, the German acquisition would facilitate a synergy of operations and lead to higher margins for the company's products in the European markets, it said.
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Shakti Pumps to invest Rs.50-cr for setting up unit
Mumbai: Shakti Pumps (India) has decided to invest Rs50 crore for setting up a manufacturing facility at a special economic zone in Madhya Pradesh. The plant would manufacture stainless steel submersible pumps of various types at the SEZ in Pithampur, Madhya Pradesh.

The board at its meeting, held yesterday, approved the project that would be commissioned by the end of June 2006.
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Natco Pharma acquires US pharmacy
Mumbai: Natco Pharma has acquired a pharmacy outlet, Nick's Drug Store based in Newark, New Jersey, US. The acquisition was made by an American partnership firm, in which the company holds 75 per cent majority stake.

Nick's Drug Store is expected to post revenues of over US$20mn with a net profit in excess of US$1.7mn for the year ended December 31, 2005.
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RelQ to double headcount
Bangalore: Bangalore-based software testing firm RelQ has announced plans to double its headcount in the next six months to 1,000 and also invest US$3mn in the development of infrastructure of test labs.

RelQ's clients include Vodafone, Palm, HP and Philips, and it currently has an employee strength of 550, including 120 in Europe and 35 in the US.

ICICI and Acer Technologies of Taiwan together hold majority share-holding in RelQ, with the promoters' stake being 'a little less than 50 per cent.

The company, which offers testing, validation and verification services, is funding the expansion plans through internal accruals. It is sitting on a cash-profit of $4.5 million.
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TMT to offer consignment-tracking solutions
Bangalore: Taco MobiApps Telematics (TMT) would shortly launch ''consignment tracking solutions'' (CTS) to address the growing demands of the logistics industry. The company will provide real-time visibility of consignments to the entire value chain of consignor, consignee, logistics service provider and fleet owners by integrating their ERP/back-end with the information available on the ''trako'' server of the company, according to Praveen Gupta CEO of the company.

"In addition, CTS will provide updates on vehicle and consignment tracking, schedule adherence and exception reports on location, time and consignment," he said here.

TMT is a joint venture between Tata AutoComp Systems Ltd and Singapore-based MobiApps Holdings Pte Ltd.

Company executives said using global positioning and mobile technologies such as GSM, GPRS, CDMA and other terrestrial networks, TMT installs and maintains necessary hardware, software and web/mobile phone services.
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Leela gets contract to manage 5-star hotel in Gurgaon
Mumbai: Hotel Leelaventure has received a management contract to operate a five-star deluxe hotel and service apartment hotel at Gurgaon. The company informed the BSE in a press release today.
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Boeing expects big orders from India
Mumbai: Boeing is expecting big business from India. The company is expecting close to 500 commercial airplane orders valued at US$36bn from India over the next 20 years, according to the company's senior vice-president (sales) Dinesh S Keskar.

"Boeing expects about 492 civilian airplane orders over the next twenty years valued at around US$36bn," he told reporters.

About 80 per cent of this airplane requirement would be for smaller regional jets, while the rest would be for the wide-bodied aircraft, he said. In 2005, Boeing had received 101 firm order from India, including Air-India, Jet Airways, Spice Jet and the Indian Air Force.
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Raymond net increases 204 per cent
Mumbai: Mumbai based Raymond has announced a growth of 204 per cent in its net profit after taxes, for the quarter ended December 31, '05, at Rs31 crore compared with Rs 10 crore during the corresponding period last year.

Revenues in the same period rose 14 per cent to Rs359 crore against Rs315 crore last year. The company saw a jump of 40 per cent in value and volume in its denim business, while textile revenues rose 10 per cent.

The company recently announced the setting up of a subsidiary in Europe known as Raymond Europe. This will include a design studio as well. The company would be a 100 per cent arm of the company, and will be a JV with Gruppo Zambaiti.

The studio will provide access to international design talent, provide visibility to Raymond products globally and help and expand exports.
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