Tatas launch counter offensive on Birlas on Idea stakeholding
New Delhi: The Tatas have launched a counter offensive against the Birlas in the ongoing controversy over stakeholding in Idea Cellular. The Tatas say the position of AV Birla Group is 'misleading' and asserted that they were under no legal obligation to exit from the venture.

Tata Industries has shot off a letter to the government the company has said: "Aditya Birla Nuvo Ltd is simply raising shareholder grievances and seeking shareholder relief in a forum that is not meant to decide these issues." It has asked the Department of Telecom not to entertain "frivolous and baseless allegations made by ABNL.

The Tatas have said that there has been no breach of promoter's stake or substantial cross holding obligation contained in the pre-amendment Idea Cellular licence, which in any event is not any legal obligation that exists today. This follows a Birla group letter to DoT on February 22, demanding government intervention for immediate exit of the former from Idea.

A meeting is believed to have been called by DoT today with the two partners was deferred and reasons for the postponement were not known.
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Praj Industries signs pact with Aker Kvaerner
Mumbai: Praj Industries that specializes in technology, design, engineering, manufacture and supplies equipment for distillery plants, ethanol plants and related effluent treatment plants has signed a Memorandum of Understanding (MoU) with Aker Kvaerner Netherlands BV, an engineering and construction services provider, for a strategic co-operation on bio-ethanol projects in Europe.

Under the pact Praj will supply the process licence, process engineering, and critical and proprietary equipment for the process plant, while Aker Kvaerner will provide basic engineering, procurement and construction expertise.

Praj informed the stock exchanges that it plans to set up an operating base in EU shortly.
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Pfizer Q4 net up 23.62 per cent
Mumbai: Pfizer has recorded a 23.62 per cent rise in net profit at Rs17.37 crore for the quarter ended November 30, 2005 as compared to Rs14.05 crore for the same quarter last fiscal.

Total income increased to Rs179.82 crore for the fourth quarter this fiscal from Rs156.98 crore during the year-ago period, up 14.54 per cent.

For the year ended November 30, 2005 the company reported a net profit of
Rs68.12 crore as against Rs45.52 crore achieved during the previous year. The total income rose to Rs639.55 crore this year from Rs597.02 crore last year.

The Group posted a net profit for the year ended November 30, 2005 at Rs70.73 crore as compared to Rs44.59 crore last year.

The company's board of directors has recommended a dividend of Rs10 per share.
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Lupin forms JV with Aspen Pharmacare
Mumbai: Lupin has entered into a a 50:50 joint venture with South African company Aspen Pharmacare Holdings for the development, manufacture and global marketing of selective anti-TB products.

While Lupin had traditional strengths in anti-TB formulations and active pharmaceutical ingredients (APIs), Aspen specialises a range of MDR-TB products, Lupin informed the Bombay Stock Exchange (BSE).

The marketing would be done in most of the countries except US, South Africa and India, it said.

The JV would also investigate opportunities to enter the malaria market which is estimated at nearly US dollar 500 million, of which 85 per cent is concentrated in Africa, it said.
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Lupin to divest stake in Thailand arm for Rs4.75 crore
Mumbai: Lupin is divesting its 60 per cent stake in its Thai subsidiary to its co-promoter G Premjee Group for Rs4.75 crore which holds 40 per cent stake in the venture.

The cost of investment in the books of Lupin is Rs4.83 crore. The divestment proposal is subject to necessary approvals including that of the Reserve Bank of India, and the execution of the final agreement, Lupin informed the Bombay Stock Exchange.
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Jet Airways offers online facility to trace missing baggage
Mumbai: Jet Airways will soon launch an online facility for its travellers that will help them trace missing baggage.

According to a press release from the airline, "Passengers can check the status of their missing or delayed baggage through the worldwide computerised baggage tracing system which can be accessed on the official website of the airline, www.jetairways.com."

Passengers would first have to report their missing baggage or delay in the receipt of their baggage at Jet Airways' airport offices and would then be provided with a 10-character file reference. They will then be required to insert this 10-character file reference and their last name on the Web site to get information about the baggage status.

To use the facility, passengers would have to keep the copy of the mishandled baggage report given to them besides receipts for any emergency or replacement of items required for insurance claim. If the baggage remained untraceable for over seven working days, a questionnaire would be sent out to the passenger.
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Punj Lloyd gets order worth Rs86 crore from Global Health
Mumbai: Engineering construction company Punj Lloyd has received an order worth Rs86 crore for a construction project from Global Health Pvt Ltd. The secured project is for the high end, multi-specialty Institute of Integrated Medical Sciences and Holistic Therapies that Global Health is setting up in New Delhi the company informed the stock exchanges.

Punj Lloyd said the project, is expected to be completed within 14 months is being designed to international standards. This order is in addition to the Rs1,837.4 crore orders the company has received in September 2005.

The company already has an order backlog of over Rs4,836.7 crore.
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LML considers inducting strategic partner
New Delhi: Two-wheeler manufacturer LML said it is considering inducting a strategic partner as part of a restructuring process. The company informed the stock exchange that it has been working at restructuring its business, which includes the possibility of a strategic partnership.

The company said unless it restructured its operations its production, sale and normal operations may be adversely impacted in days to come.
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Woodgreen Investment to acquire 4.26 per cent stake in Moser Baer
Mumbai: Maker of compact discs Moser-Baer India said Woodgreen Investment and three affiliates of Warburg Pincus partners LLC have acquired a 4.26 per cent stake in the company.

Woodgreen Investment along with Bloom Investments, Ealing Investments, Randall Investments and Elm International (affiliates of Warburg Pincus) have acquired 47.50 lakh equity shares of the company, the company informed the BSE.

The companies have acquired the share through conversion of 47,500 Global Depository Receipts (GDRs) of the company (with each GDR representing 100 underlying equity shares) into 47.50 lakh equity shares.

The shareholding of Woodgreen Investment along with PACs after the acquisition of 32,906,570 shares stood at 29.51 per cent stake of the current paid up equity share capital of the company, it said.
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Subex Systems to raise $10 miliion through GDRs
Mumbai: Subex Systems, maker of telecom software, plans to raise 10 million dollars through the issue of Global Depository Receipts, the Bangalore-based company informed the Bombay Stock Exchange.
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Tessolve to start TAPP facility in India
Chennai: Semiconductor maker Tessolve Services said it planned to set up a unit to provide 'high-end, knowledge based, high volume testing, assembling, packaging and prototyping (TAPP) facility in India.

The company said the facility is expected to be operational by early 2007 said the company's vice-president V Veerappan.

The Union Communication and IT Minister, Dayanidhi Maran, who was present on the occasion, has asked the Tamil Nadu government to provide 30,000 sq.ft of land to Tessolve. He said by 2015 the semiconductor industry will touch $35 billion and consumption of consumer products based on semiconductors would touch $305 billion.

He said Karnataka and Andhra Pradesh were vying with each other for offering free land to Tessolve. The company already has a unit in Bangalore.
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HCL Tech ties up with Cisco
Mumbai: HCL Technologies has tied up with global networking leader US-based Cisco Systems Inc, for its Royalty model. Under this model, Cisco has licensed the company the Intellectual Property (IP) for one of its network management products and the company will be completely responsible for the engineering of the product, HCL informed the BSE.

"We have always been committed to maintain and enhance Cisco's experience in all our engagements by providing consistent and high-quality deliveries. This tie-up and the Royalty Model is another step in our long-standing relationship with Cisco," HCL Tec hnologies Founder Shiv Nadar said.
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Moet Hennessy to introduce its whisky brands in India
Mumbai: Moet Hennessy, which markets and distributes international wines and spirits in India has forayed into the whisky segment with Glenmorangie, Single Highland Malt Scoth Whisky and Ardbeg, popular Islay malt whisky of Scotland.

The whiskies will be available at 150 outlets of the company and the company plans to expand to 450 outlets including hotels, restaurants, duty-free shops and retail this year.

According to the company the single malt Indian market in India is just over two per cent of the entire market and the company said it is looking at the bigger scotch market to promote its brands.
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Man Industries gets British Gas nod
Mumbai: Submerged arc welded (SAW) pipes and aluminum extrusion maker and exporter Man Industries (India) has got approval from British Gas Ltd for line pipes. The company has also obtained approval from Kochi refinery for its new plant at Anjar for supply of pipes.

The company informed the Bombay Stock Exchange that in the current quarter, it has bagged orders worth Rs300 crore from leading players like HPCL, Kochi Refinery and Gail.
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Pepsi to focus on 'Montain Dew'
New Delhi: PepsiCo India has given a fresh look Mountain Dew with a new formulation. The company now plans to focus on mini-metros to grow the brand.

The company said Mountain Dew is one of the fastest growing brands in Pepsico's portfolio since its launch three years back driven mainly by consumers from metros. Now it says it is looking at the next level of growth which it feels will come from mini-metros.

The company said the clear lime and lemon segment is amongst the fastest growing segments in the overall soft drinks market.
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Infosys gets award from Telstra
Bangalore: Telstra, Australia's leading telecommunications and information services company, has given Infosys Technologies its 2005 award for 'excellence in quality'. This makes Infosys the first-ever IT services company to receive the Telstra Award for excellence in quality and the only IT company to win an award in 2005, the Bangalore-based firm said in a statement.

A press release from Infosys' said, "Telstra assessed Infosys against its other suppliers and determined it as the winner, based on a rigorious appraisal of its quality and ongoing commitment to developing viable solutions and providing Telstra customers with better value", the statement said.

Deena Shiff, group managing director of Telstra SME, presented the award to Gary Ebeyan, managing director and CEO, Infosys Technologies, Australia.
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