Reliance Info tweaks One Nation plan
Mumbai: Reliance Infocomm has made changes to its One Nation (Re1 STD) plan, to offer 40 paise-a-minute Reliance-to-Reliance STD calls on specific postpaid and prepaid schemes.

This 40 paise offer (and the Re1 per minute STD calls to all other phones) is available on the postpaid Reliance `India One 399' scheme and also on the prepaid Rs1,100 voucher, according to a statement from the company.

On the postpaid scheme India One 299 as well as on all other prepaid schemes, Reliance to Reliance intra-circle calls will cost 40 paise a minute and STD calls to any phone Re1 a minute. On certain other postpaid schemes, STD charges to non-Reliance phones have been cut to 75 paise a minute.
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Hinduja TMT acquires Sumitomo's stake in Hutch-Essar
Mumbai: Hinduja TMT has increased its effective stake in Hutch Essar from 3.45 per cent to 4.68 per cent by buying out Sumitomo Corp of Japan. This came about as a result of HTMT entering into a share purchase agreement with Pacific Horizon, a subsidiary of Sumitomo, for the purchase of an effective 1.23 per cent stake in Hutchison Essar (Hutch-Essar).

HTMT officials did not divulge details on the consideration paid for this stake, saying they were limited by a non-disclosure agreement with the seller.

HTMT decided to increase its stake in Hutch-Essar when Sumitomo decided to offload its stake, as it had the first right of refusal in such an event. HTMT's agreement is for the purchase of Sumitomo's 100 per cent stake in Pacific Horizon, which holds 24.12 per cent of IndusInd Telecom Network Ltd (ITNL). Fifty per cent stake in Pacific Horizon will be purchased upfront and the remaining 50 per cent later, said a company statement.
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Mobile operators agree to share infrastructure
New Delhi: Cellular operators have agreed to share their infrastructure in order to bring down set up costs. This was decided during a meeting between the telecom service providers and the communication and IT Minister, Dayanidhi Maran.

The infrastructure sharing would begin in Delhi and then in Mumbai, after which the model will be replicated in other parts of the country. A working group under a joint secretary in the Department of Telecom will work out the modalities of the infrastructure sharing.

Telecom industry captains including Sunil Mittal, chairman and managing director of Bharti Tele-Ventures, Asim Ghosh, managing director of Hutchison India, Sanjeev Aga, president of Cellular Operators Association of India (COAI) and director of Idea Cellular, D. Singh, vice-president of Reliance Infocomm, and senior executives from BSNL and MTNL were present at the meeting.
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Zenith Computers postpones capital hike
Mumbai: Zenith Computers has postponed plans of increasing the authorised capital of the company from Rs32 crore to Rs50 crore as well as the issue of securities from Rs100 crore to Rs300 crore. The company gave no reasons for the decision.
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Simbhaoli makes expansion plans: to raise Rs.145 crore
New Delhi: Simbhaoli Sugar Mills has issued $33 million (Rs145 crore) worth of foreign currency convertible bonds (FCCB) to part finance its Rs400-crore expansion plans. The plans that will be varied out in 2006-07 include raising its cane crushing capacity to 19,500 tonnes per day from the existing 13,300 tonnes per day.

The FCCBs will have a maturity of five years and will be convertible into Simbhaoli shares at an initial conversion price of Rs170 per share. The company has announced that the FCCBs that would be listed on the Singapore Stock Exchange are zero coupons with an annual yield-to-maturity of 6.5 per cent per annum.
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Tata Steel signs two ECB agreements
Mumbai: Tata Steel has signed two external commercial borrowing agreements amounting to 61.42 million. The company would utilize the funds to finance the import component of blast furnace H and sinter plant 4 as part of the ongoing expansion project in Jamshedpur.

The company has contracted blast furnace H, which will produce 2.5 mt per annum of hot metal, to Paul Wurth Italia and Larsen & Toubro for commissioning. It has contracted sinter plant 4 of 2.3 mt per annum capacity to Outokompu Technology GmbH, Germany, and Larsen & Toubro.
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Star restructures India operations
New Delhi: Star's India operations have been restructured and spun off into two units - Star Group and Star Entertainment. Star Group would spearhead development of new business and the latter would oversee day-to-day operations of the various channels.

A statement from the company said Peter Mukerjea will lead the Star Group in India as its chief executive officer (CEO), responsible for all corporate functions like legal, finance, government affairs, corporate communications as well as managing Star's investments including Tata Sky, Hathway, Balaji and MCCS. Mukherjea will also spearhead the development of new business opportunities in India and would continue to report to Michelle Guthrie, chief executive officer of the Hong Kong-based Star.

Sameer Nair has been promoted to CEO, Star Entertainment in India, overseeing all day-to-day operations including programming, marketing, advertising sales and distribution while pursuing growth opportunities in new media including wireless and Internet. He will report to the Hong Kong based Steve Askew, who has been appointed as president of Star Entertainment in addition to being the chief operating officer (COO).
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ITC to pass excise duty hike to consumers
Kolkata: ITC is likely to pass on the excise duty hike on cigarettes to consumers said YC Deveshwar chairman of ITC in an interview to a publication. Deveshwar added that while the price hike may not be across the board or might be phased out over the year it would happen as soon as the manufacturing units are able to implement the change as it requires prices to be printed on the packs. That would make it possible in the next few days he said.
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GE to double its revenues in 3 years
New Delhi: GE Healthcare Technologies is aiming to double its revenues from South Asia to $800 million in the next three years and will make the required investments in manpower, manufacturing and technology.

According to the company about 90-95 per cent of its $400 million revenues, currently, come from India. Senior company officials said its investments in South Asia could run into a few millions or even more.

The company has about 2,000 employees in India, which comprises 40 per cent of company's global engineering and technology expertise. The company plans to hike its employees by 10 per cent this year.

The company manufactures PET scanners, X-ray machines, picture tubes and other healthcare equipments here.
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Punj Lloyd gets $79.82 million order from Qatar
Mumbai: Punj Lloyd has bagged a $79.82 million order from New Doha International Airport Steering Committee (NDIASC), Qatar for setting up the fuel handling system at the airport. The company has been granted a letter of acceptance (LoA) and notice from NDIASC to proceed with the project at New Doha International Airport.
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India Cements to issue FCCBs to raise $75 million
Mumbai: India Cements has plans to raise $75 million through the issue of foreign currency convertible bonds (FCCBs) in the overseas markets.

The board of the company has also approved the increase in the holding limit under portfolio investment scheme of foreign institutional investors from the present 24 per cent to 40 per cent of paid up equity capital, it said. The company will also increase the authorised share capital from Rs325 crore to Rs335 crore, it added.
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Hyundai launches one-millionth car
Chennai: The one million car has rolled out from Hyundai Motors India's facility at Sriperumbudur.

This is the fastest roll out by any car manufacturer in India, said Heyug-Soo-Lheem, managing director and CEO of Hyundai Motors said at a function here.

He said the company grew by 17.2 per cent growth this year and exports increased by 27.6 per cent.
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Micro Tech ties up with ARAI
Mumbai: Micro Technologies India has entered into an agreement with the Automotive Research Association of India (ARAI) for product regulatory and performance requirements and design aspects of automotive products. Arai will use Micro Tech's expertise in product development and commercialisation using embedded technology, Micro Tehcnologies informed the BSE. As part of the initial agreement, the company will be involved with developing products in the areas of monitoring of vehicle parameters related to exhaust emissions as three supplementary tools to inspection and certification regime, it said.

Also, the two have formed another partnership for the development of Electronic Control Unit — ECU for CNG vehicles, two wheelers and selected four wheelers and heavy vehicles.

ARAI is a non-profit co-operative industrial Research organisation formed by the Indian Automotive Industry affiliated to Ministry of Industry.
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Birlas to offload stake in Tata Steel
Mumbai: The Birlas are offloading their stake in Tata Steel that they have held since the days of legendary industrialist GD Birla. Industry analysts say this is a result of the ongoing spat between the Tatas and Birlas over control of Idea Cellular.

Birlas' ownership of the stake in Tata Steel is seen as a testament of the goodwill shown by one great industrialist family to another. In fact, the Birlas, at one point of time, were the largest shareholders in Tata Steel, the country's largest steel-maker.
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JK Paper to expand capacity: to invest Rs.700 crore
New Delhi: J K Paper plans to more than double its annual paper & paperboard capacity in the next 3-5 years with an investment of Rs700 crore which would take it past the Rs1,000 crore-plus turnover mark.

Delhi-based Singhanias who had recently entered the coated paper market are now getting into multilayered packaging board segment. Both the industry segments are part of the premium end of the market and are clocking higher than average growth rate in demand.
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Cadila's cardiovascular drug gets tentative approval from USFDA
Mumbai: Cadila Healthcare has received tentative approval from the USFDA for marketing cardio vascular drug Carvedilol tablets of 3.125 mg, 6.25 mg, 12.5 mg and 25 mg in the US market.

The current sales of Carvedilol tablets in the US market are estimated at $1.24 billion, the company informed the Bombay Stock Exchange.

The company has also recently received the tentative approval to market Sertraline Hydrochloride tablets, 25 mg, 50 mg and 100 mg in the US market through its US-based subsidiary Zydus Pharmaceuticals USA Inc.
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ICI eyes 20 per cent sales growth
New Delhi: ICI India plans to expand its channel partners to maintain sales growth of 20 per cent. The company says it has been growing at 18-20 per cent for the past three years and expects to continue this in the future as well. The company is looking to add about 1,500 to 2,000 dealers per year. The company had a sales turnover of Rs567 crore with a net profit of Rs32 crore in the fiscal 2005-06.

The company says it will continue to introduce new products, technology and customer aid tools for painting.

The company today launched its 'ColourFutures 2006' range of shades based on annual forecast of international colour trends. It also introduced a new 'Fanbook' with 2016 colours, which attempts to make it easier for customers to choose colour shades and schemes. She said that the company would be rolling out the new international colour range and the Fanbook in the market in the next few weeks.
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Uttam Galva hikes prices
Mumbai: Uttam Galva Steels has hiked prices across all its product categories due to increase in input and logistic costs.

The company hiked prices of cold rolled steel and steel by-products by Rs2,500 per tonne while prices of galvanised steel products price were increased by Rs1,500 per tonne.

The price hike is due to increase in input costs, company director Ankit Milgani said. He ruled out a bigger impact in its sales margins due to the price hike.

Uttam Galva currently produces 400,000 tonnes of galvanised steel in a year and is in the process of expanding its capacity.
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Madhucon Projects gets Rs.330 crore order from NHAI
Mumbai: Civil engineering and construction company, Madhucon Projects has received an order worth Rs330 crore from National Highway Authority of India (NHAI) for taking up an NH project. The company would design, engineer, finance, construct, operate and maintain the Thanjavur - Trichy Section from Km 80.000 to Km 135.750 of NH-67.

The highway would be constructed in Tamil Nadu under NHDP Phase IIIA on build, operate and transfer (BOT) basis, the company informed the BSE.
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M&M targets unveils new Scorpio: targets 20 per cent revenue growth
Nasik: Tractor manufacturer Mahindra and Mahindra has unveiled the new Scorpio that has 43 new features, including a brand new suspension, in existing foreign markets as well as new ones. The company is investing Rs100 crore in expanding capacity to increase exports. The company hopes that the rise in exports will contribute to increasing overall revenues by 20 per cent in the next three years from the current levels of four-five per cent.

The company is expanding the capacity of its plant in Nasik to 570 vehicles per day from the current levels of 330 and will invest around Rs100 crore spread over 12 to 18 months. The company sells the Scorpio in the SAARC countries, South Africa, Kenya, France Italy and South and Central America. It would be launched in Spain shortly, apart from the utility vehicles.

M&M exported 4,900 units of utility vehicle in April-February period this fiscal as compared to 3,000 units in the corresponding period a year ago. The company said 60 per cent of the exports were that of Scorpio.
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Visesh Infotecnics starts KPO operations for US company
Mumbai: Visesh Infotecnics has started its knowledge process outsourcing (KPO) operations for a US-based company, Echostar Communications Corporation. The company delivers direct broadcast satellite (DBS) television products and services through its Dishnetwork, to its customers worldwide, it said.

It is expected that the company's KPO operations will generate first year revenue of around $20 million, the company informed the National Stock Exchange.
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Punjab Chem to merge Alpha Drug with itself
Mumbai: Punjab Chemicals & Crop Protection has received approval of the High Court of Punjab and Haryana for amalgamating Alpha Drug India with itself.

Last year, the company had received Mumbai High Court's approval for amalgamating another company, STS Chemicals Ltd with itself, subject to the approval of High Courts of Punjab and Haryana.
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