Tata Motors Q3 net up 46 pc
Mumbai: Tata Motors has reported a 45.54-per cent rise in profit after tax for the quarter ended December 31, 2005, at Rs460.23 crore from Rs316.21 crore reported in the corresponding period last year.

Net sales/income from operations went up by 16.31 per cent to Rs5,074.55 crore (Rs4,362.82 crore). Operating profit increased 7.22 per cent to Rs623.06 crore (Rs581.12 crore). Courtesy rising interest rates and ongoing capital expenditure, both net interest and depreciation were higher for the quarter.

The company achieved higher profitability by continued cost reduction measures and higher vehicle sales for the quarter. Sales were up 12.74 per cent to 1,11,228 units (98,662 units), other expenditure - including a foreign exchange loss of Rs38.63 crore - rose 37.69 per cent to Rs745.09 crore (Rs541.13 crore).

Total expenditure increased 17.71 per cent to Rs4,451.49 crore (Rs3,781.70 crore). Offsetting this was a 582.72 per cent gain in other income to Rs168.36 crore (Rs24.66 crore), which included Rs164.30 crore profit on the sale of shares at Telcon.

During April-December 2005, Tata Motors' PAT moved up by 26.15 per cent to Rs1,070.77 crore (Rs848.78 crore) on a 13.57 per cent growth in net sales/ income from operations to Rs13,719.45 crore (Rs12,080.26 crore).
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Indo Rama declares 23 per cent interim dividend
New Delhi: Indo Rama Textiles has declared an interim dividend of 23 per cent. The company has cited "potentially profitable outlook" for the current year. The future outlook of the textile industry appears to be bright, and is expected to witness a considerable volume growth in the post-quota era, according to a company release.
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ADAG board finds deviations in gas pact, non-compete clause
Mumbai: Significant deviations from the agreed position in `gas supply agreement' and `non-compete agreement', were identified at the board meetings of the four Reliance-Anil Dhirubhai Ambani Group companies. The deviations pertain to what was agreed upon as per the overall settlement arrived at between Mukesh Ambani and Anil Ambani on June 18, 2005, and the agreements entered into by the four companies with Reliance Industries, while the companies were still under RIL's control sources said.

For instance, the board of Reliance Natural Resources noted that the previously agreed position was that Reliance-ADAG would have the first option to get 40 per cent quantity of gas from the entire future reserves of RIL, including new discoveries of gas from new explorations, and/or bids as may be submitted from time to time.

The objective of this clause was that the benefits of future reserves would also flow to 22 lakh shareholders of RNRL. However, as per the agreement that was signed when the company was under RIL's control, the above option has been `unilaterally' restricted to RIL's blocks acquired only up to June 18, 2005, and all future acquisitions of blocks by RIL have been excluded.

This is only one of several such variations in the gas supply agreement, the sources said.

With regard to the non-compete agreement, the boards noted that the previously agreed position was that the business relating to airports and airports infrastructure was exclusively reserved for Reliance-ADAG, without any exceptions. However, as per the agreement entered into with RIL, that is now disputed, RIL can enter the business of airports and airports infrastructure - which is claimed to be incidental/integral or necessary for any of its businesses, or, where ADAG has not been successful in privatisation of airports.
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Panacea Biotec to issue US$100mn FCCBs
New Delhi: Panacea Biotec is issuing US$100mn foreign currency convertible bonds to fund its expansion plans. The bonds will be issued for five years and can be converted into shares at a premium to the future price of the shares.

The bonds have a yield to maturity between 4.5 per cent and 7.25 per cent, and will be listed on the Singapore stock exchange. Merrill Lynch International is the sole book runner to the offering.

The company's shares closed at Rs270.40 (Rs270.60) on the BSE.
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Marico sets up innovation awards
New Delhi: Marico is setting up "Innovation for India" awards in partnership with Erehwon Innovation Consulting. The awards aim to recognise the innovations in the recent past that have "positively impacted lives", a release stated. Applications for the awards are invited till February 22, 2006.

Dr R.A. Mashelkar, director general, Council of Scientific and Industrial Research (CSIR) and chairman, Innovation for India-Marico Foundation, said, "Unfortunately, the `I' in India has stood for imitation and inhibition for far too long; it's high time it stood for innovation. The past decade has seen the emergence of an innovative India that is challenging existing legacies both in the business and social arena. These awards aim to recognise such efforts."
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Trademark issue: Honda Motors sues TVS Motor
Kolkata: Honda Motors has taken TVS Motor to court for allegedly infringing its `City' trademark, used by TVS in its product `Star City'.

Without passing any interim order, the court has directed the concerned parties to file affidavits fixing the matter to be posted in April 2006. The court directed TVS to keep a separate sales statement month by month.
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KPMG sets up branch in Pune
Pune: The US$16bn professional services firm KPMG, has opened its offices in the city to offer audit, tax and advisory services through a 50-member team.

Ian Gomes, country managing director, KPMG India, said Pune has been fast emerging as an investment destination especially for IT and ITES companies, and backed by its traditional base of manufacturing, it is fast shedding its tag as a satellite of Mumbai and is emerging as a commercial hub in its own right.

KPMG's clients range across financial services, consumer markets, industrial markets, information, communication and entertainment, and infrastructure and Government. It has offices in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Kolkata and Pune.
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Godrej Sara Lee to set up new unit in Jammu
Chennai: Household insecticide company, Godrej Sara Lee, has decided to set up a factory in Jammu. The company has a larger presence in the southern markets and the new factory would cater to the northern markets. The company did not reveal the quantum of investment in this factory.

The company's manufacturing hub is located at Pondicherry with facilities at Goa and Guwahati, while some of the manufacturing is outsourced.

Godrej Sara Lee, a joint venture between Sara Lee Corporation and Godrej, has a turnover of about Rs600 crore. The company has grown between 12 and 13 per cent while the industry average is about 6-7 per cent.
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Cipla receives marketing approval on generic version of Tamiflu
Mumbai: Cipla has received marketing approval from the Drug Controller General of India to market the generic version of Tamiflu, the bird-flu drug globally marketed by Roche. A company official said the chemically similar drug would be priced lower than the branded Tamiflu.

No details were however divulged on whether the company would commence marketing the product in the domestic market.

An analyst tracking the segment said Cipla would be able to market the drug in India, as there is no patent on the drug here.
Cipla is expected to come out with a bonus issue soon.
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Kinetic ties up with Taiwanese scooter manufacturer
Pune: Kinetic Motor Company and Taiwanese two-wheeler company Sanyang Industry (SYM) have announced plans to begin the manufacture of range of scooters from SYM's global portfolio in India.

The alliance is also exploring other possibilities, including the Taiwanese company sourcing components, vehicle aggregates and entire vehicles manufactured at Kinetic, said Sulajja Firodia Motwani, joint managing director, at the unveiling of a range of SYM scooters.

Initially the alliance KineticSym will launch an automatic scooter in the volumes segment, to be launched in nine months.

The second vehicle launch will take place 18-24 months later. With a range of European scooters from Italjet awaiting launch beginning next week and the SYM alliance now gearing up to get into the market, Kinetic is hoping to reclaim its position as the country's number one modern scooter manufacturer.
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ONGC signs agreement with Malaysian co.
Mumbai: ONGC has signed a three-year contract with Asian Supply Base Sdn Bhd (ASB) Malaysia according to which the latter will provide consultancy services to upgrade and transform the existing Nhava Supply Base of ONGC to a supply base of `international standard'.

The first phase of the contract, to be completed in three months, involves the conceptualisation of the project. The second phase covers project implementation, wherein ASB will provide technical design and construction supervision services including assisting ONGC in implement supply chain management at its Nhava base, which is under the Offshore Logistics Group of the ONGC.

ASB, a Government-owned entity, is a one-stop centralised logistic support centre tailored to 365 days requirements of oil and gas exploration, development and production activities. Over the years they have developed expertise in supply chain management, jetty management and have developed unique systems and procedures to reduce the supply base turnaround time.
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BHEL gets order for captive power plant
New Delhi: Bharat Heavy Electricals Ltd (BHEL) has received an order worth Rs76 crore from Hooghly Metcoke and Power Company, a joint venture company of Tata Steel and West Bengal Industries Development Corporation. The order is for installing a captive power plant for their greenfield non-recovery type metallurgical coke oven plant at Haldia in West Bengal.

The order envisages manufacture, supply, erection and commissioning of two steam turbine generator sets of 45 MW each along with associated auxiliaries to meet the requirement of uninterrupted power supply of the plant and is scheduled for commissioning in about nineteen months.
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