Hindalco to invest Rs.7,700-cr in smelter project in MP
Mumbai: Aditya Birla Group flagship, Hindalco Industries has entered into a memorandum of understanding (MoU) with the Madhya Pradesh government to set up a greenfield aluminium smelter project in the state at an estimated Rs7,700 crore.

The project will comprise a 3.25 lakh tonne smelter, a 750 MW captive power plant and a captive coal mine. The mines will be jointly owned by Essar Power and Hindalco. According to company officials, the project is likely to add Rs2800 crore to the company's top line after commissioning.

While 60 per cent of the project cost will be funded through debt 40 per cent will be financed through internal accruals. Officials said that the project was scaleable to over a million tonnes and the company can potentially invest over Rs18,000 crore over a decade in the project.

Over 5000 acres of land has been earmarked for the project, they added.

Hindalco is also building a 1.5m tonne alumina project called Utkal, which will feed the required alumina to the new smelter. The alumina project is estimated to be completed over the next 36 months.
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Unitech bags largest land deal
New Delhi: With a bid of Rs1,582.84 crore, Unitech has emerged as the highest bidder in an auction for a 340 acre land development project of the Noida Development Authority (NDA). The project is billed as the country's single largest land development project. In the process it has edged out rivals DLF and the Bangalore-based consortium ICity for the high-profile Express City project.

Company officials said that they will finance the entire project from internal accruals. They also said that they intend to complete the entire project by 2010, and will now work out the specifics of the product mix.

The bid overhauls the previous largest real estate deal of Rs1,104.11 crore, paid by Reliance Industries for a property in Mumbai.

According to the land use guidelines, half of the 300-acre land can be used for residential constructions, 12 per cent for institutional and 18 per cent for recreational parks. The remaining 20 per cent is for roads that must be built as a public-private partnership.
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Intel to launch low-cost, hi-tech PCs
Bangalore: Intel Corporation on Tuesday announced several new initiatives, including making available low-cost, fully featured desktop computers in India. The measures are aimed at bridging the digital divide in emerging markets.

Speaking in Bangalore, Intel Corporation president and CEO Paul S Otellini said Intel would bring its "Discover the PC Initiative" to India, and will work with HCL, Millennium, PCS, Wipro and Zenith Computers to make available the high quality desk-top PCs with easy-to-use interface.

The PCs would be available in 60 days and would be priced 20 per cent less than the present lowest priced feature-rich Intel-based PCs in India.

Otellini, on his first visit to India as President and CEO, also announced that Intel would collaborate with ICICI Bank to facilitate loans for buying PCs.

Intel, he said, would also work closely with Tata VSNL to bring PC solutions and WiMax wireless broadband connectivity to RailTel cyber cafes across India, which would help thousands of people passing through railway stations each day.

Otellini also said that small, affordable and rugged learning devices for students based on Intel's platform, code-named Eduwise, would be available in India next year. The Intel-powered PC is specifically designed to provide collaborative learning environments for teachers and students in developing nations.

Otellini said that the steps were part of Intel's $1bn 'World Ahead Program,' and were aimed at "spreading our progress in making technology available to the next billion people, and a big part of this effort is focussed within India, for India."
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MTNL slashes Mumbai-Delhi STD rates to local call levels
New Delhi: MTNL fixed line users in Delhi and Mumbai can now make STD calls between these two metros at the local rate of Rs1.20 per three minutes from June 1. The current STD call tariff between Delhi and Mumbai for MTNL fixed line users is Rs1.90 per minute.

Mahanagar Telephone Nigam Ltd (MTNL) recently bagged the national long distance (NLD) licence, and leased bandwidth from Videsh Sanchar Nigam Ltd (VSNL) for its STD traffic between Delhi and Mumbai. MTNL's payout will resultantly be less by Rs8 crore to Rs10 crore a year on the Delhi-Mumbai route once it stops riding on BSNL, officials said.

Till now, Bharat Sanchar Nigam Ltd (BSNL) had been carrying MTNL's STD traffic but, MTNL found the carriage fee of 65 paise per minute too steep. MTNL has floated a tender for carrying its STD traffic to the rest of the country as well. The tender is expected to be opened on Wednesday.

There are over 38 lakh MTNL fixed phone subscribers in Delhi and Mumbai. India's national long distance (NLD) market is estimated to be around Rs4,000 crore, out of which the Delhi-Mumbai STD is worth Rs1,000 crore or so.
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Huge response for SpiceJet Rs.99 offer
New Delhi: SpiceJet, as a part of its first anniversary celebrations, has offered 21,000 seats at Rs99 per seat. The offer opened on Monday morning and was available on the company Web site. The response to this offering was so overwhelming that all the 21,000 seats were sold by the evening.

According to a release, reacting to the overwhelming response Mr Ajay Singh, Director, SpiceJet, said, the anniversary offer resulted in over 55 million hits on the Web site.
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Grover to launch low-priced wines by year end
Bangalore: Grover Vineyards is all set to launch two low-priced wines later this year aimed at first time buyers. According to company officials the company was interested in expanding its customer base and wanted younger people to acquire a taste for the company's products.

The company said that the two wines, Chenin Blanc white and Shiraz red will be launched in September. While Chenin Blanc would be priced at Rs300, the Shiraz would be priced at Rs200 for a 750 ml bottle.

The company expects to sell a total of 1.5 lakh bottles of these two wines during the first full year of their launch.
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Satyam to open centre in Guangzhou
Hyderabad: IT services provider, Satyam Computer Services Ltd, currently operating out of Shanghai and Dalian in China, is set to commence operations from Guangzhou.

The company's Greater China operations have emerged as a near shore option for the region for customers in Japan, Korea and Hong Kong, even as they serve global markets.

According to a statement from Satyam director, Virender Aggarwal, "Satyam sees China as integral to its growth strategy for Asia-Pacific. We were one of the first IT companies to enter China when we set up a software development centre in Shanghai. We expanded our footprint in China by establishing two more offices in Beijing and Dalian."

The company has 300 associates, of them over 95 per cent are local Chinese.
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K. Raheja Corp to develop another IT park
Hyderabad: K. Raheja Corp, a developer of reality and custom-built IT parks, has come up with another major IT park proposal near Hyderabad. The Andhra Pradeh Chief Minister, Dr Y.S. Rajasekhara Reddy, will lay the foundation stone for the park at Pocharam, about 15 km from the airport, later this week.

The company has developed IT parks under the name of Mindspace in Mumbai and Hyderabad; the latter is close to completion and occupation. Mindspace Pocharam will be built in stages over the next few years and eventually have a total built-up space of about 6 million sq ft. This project seeks to host well-planned layout for IT companies and hotels, fitness, recreation and entertainment facilities. The Pocharam facility will provide employment to about one lakh people when completed.
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BIFR order on Jessop stayed by appellate authority
Kolkata: The Appellate Authority of Industrial and Finance Reconstruction (AAIFR) has stayed a BIFR order discharging Jessop & Co Ltd from its purview of sick companies. The stay was issued based on a petition filed by Jessop Staff Association (JSA).

The BIFR order was issued on April 28.

Jessop was referred to the BIFR in 1995, and turned the corner soon after the Ruia Group took over the company in September 2003. It has been a profit making company since 2004-05.
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Divi's Labs receives approval for pharma SEZ
Hyderabad: Divi's Laboratories Ltd has informed the stock exchanges that it has received a letter of approval from the Union ministry of commerce for setting up and development of a sector-specific Special Economic Zone for pharmaceutical ingredients at Chippada near Bheemunipatnam in Andhra Pradesh.

The land details were notified in the Gazette of India on May 16, the company said.
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Essar group co. setting up Rs.1,969-cr plate mill plant
Mumbai: Essar Group company, Hazira Plate Mill Ltd, is setting up a plate mill at Hazira in Gujarat at a cost of Rs1,969 crore. The mill will manufacture five-metre width plates. The plant will have a capacity of 1.5 million tonnes per annum and is scheduled to be commissioned by the end of 2007.

"There are only six international steel companies manufacturing such wide plates. These would be used for ship building and large diameter pipes," a company official said.

The technology for the plate mill is being provided by VAI Clecim, France. The plant will produce premium plates that fall in the category of specialty products. This product finds application in varied industries including manufacture of large diameter oil and gas pipelines, ship-building, boiler and pressure vessels, and the construction industry.

The project has achieved full financial closure. SBI Capital Markets Ltd and IDBI Capital Market Services Ltd have syndicated the term loan facility.

Hazira Plate Mill Ltd is a joint venture between Essar Group of India and Stemcor of the UK with the former holding 76 per cent stake and the remaining being held by Stemcor.
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Corporate results: Bharat Forge, Pidilite Industries, Crompton Greaves, Visa Steel, Torrent Pharma, Srei, ICI India

Bharat Forge FY06 net up at Rs.207-cr
Auto component manufacturer Bharat Forge has reported a net profit of Rs207 crore in FY06 as against Rs161.6 crore posted in FY05, registering a 28.1% rise.

Total revenues have increased by 33% to Rs1,631 crore for FY06 as against Rs1,226.5 crore posted in the corresponding fiscal.

For the quarter ended March 31, 2006 the company's net profit rose by 9.5% to Rs53 crore as compared to Rs48.36 crore for the quarter ended March 31, 2005. The total income increased by 24.6% to Rs452.8 crore from Rs363.38 crore in the last fiscal.

The company has said that in an effort to derisk its automotive business, the company aims to focus on non-automotive business and is aiming at deriving around 25% of its total revenue from such business by the fiscal year 2008.

Currently the company's non-automotive segment contributes to around 17% of its revenues.

Meanwhile the company's consolidated net profit increased 25% to Rs250.54 crore for the year ended March 31, 2006, as against Rs201.09 crore for the year ended March 31, 2005.

Total income stood at Rs3,085.12 crore up from Rs2,001.38 crore in FY05, registering a 54% rise. The consolidated results includes the results of subsidiary companies - CDP Bharat Forge GmbH, US-based BF America, and Bharat Forge Betellngungs GmbH, Germany.

Pidilite Industries announces results for Q4 & FY 06
Pidilite Industries Ltd has announced its Q4 results as well as those for the year ended March 31, 2006.

The Company has posted a net profit of Rs139.70 million for the quarter ended March 31, 2006 as compared to Rs177.90 million for the quarter ended March 31, 2005. Total income (net of excise) has increased from Rs1730.20 million in Q4 FY 04-05 to Rs2102.20 million for Q4 FY 05-06.

As for its audited results, the company has posted a net profit of Rs906.80 million for the year ended March 31, 2006 as compared to Rs765.70 million for the year ended March 31, 2005. Total Income (net of excise) has increased from Rs7795.50 million in FY 04-05 to Rs9250.00 million for FY 05-06.

As for its audited consolidated results, the Group has posted a net profit (after minority interest & share of profit in associate company) of Rs877.60 million for the year ended March 31, 2006 as compared to Rs754.20 million for the year ended March 31, 2005. Total income, net of excise, has increased from Rs7825.00 million in FY 04-05 to Rs9346.10 million for FY 05-06.

Further the Company has informed that, the Board has recommended a dividend of Rs1.25 per equity share of Re 1 each, subject to the approval of the shareholders at the Annual General Meeting.

Crompton Greaves net up at Rs.56.1-cr
Crompton Greaves Ltd has posted a net profit after tax of Rs56.1 crore for the quarter ended March 31, 2006 as compared with Rs40.73 crore in the year-ago period. Total income (net of excise) moved up to Rs810.21 crore from Rs636.32 crore in the year-ago period.

For the full year, the company's net profit was Rs163.05 crore (Rs 114.78 crore). Total income (net of excise) has increased from Rs1,999.4 crore to Rs2,553.33 crore in FY 06.

In its consolidated operations, Crompton Greaves posted a net profit after tax of Rs232.03 crore.

The company's board also approved a sub-division of each share into five shares of Rs2 each. The board has also proposed an increase in the company's authorised capital to Rs125 crore from the current level of Rs60 crore.

Visa Steel doubles full-year PAT
Visa Steel Ltd has reported a 52.6 per cent growth in turnover in 2005-06 over the previous year. The company's turnover went up from Rs252 crore in 2004-05 to Rs385 crore in 2005-06.

The company's profit before tax went up from Rs11.9 crore in 2004-05 to Rs20 crore in 2005-06 even as its profit after tax stood at Rs12.5 crore in 2005-06, up from Rs6.6 crore in 2004-05.

According to company officials, the growth in the company's revenue and profits in 2005-06 was driven by the company's pig iron business. Production of hot metal during 2005-06 stood at nearly 152,000 tonnes. In the current fiscal, the targeted hot metal production has been pegged at 200,000 tonnes.

A part of the company's 400,000 t.p.a. stamp charged coke oven plant had been commissioned and revenue growth from the company's coke business would be reflected in the financial year 2006-07. While 100,000 tonnes has been commissioned in the first phase earlier in March this year, the balance 300,000 tonnes would be commissioned in phases by September 2006.

Visa Steel, which is setting up an integrated special and stainless steel plant at Kalinganagar in Orissa, has firmed up plans for backward integration into iron ore, chrome ore and coal to "de-risk itself from volatility in raw material prices".

Torrent Pharma posts loss of Rs 1.7-cr for Q4
Torrent Pharmaceuticals Ltd has posted a net loss of Rs1.7 crore for its Q4, ended March 31, 2006, as compared to a net profit of Rs3.3 crore for the quarter ended March 31, 2005. Total income (net of excise) has increased to Rs153.51 crore (Rs106.04 crore), the company informed the Bombay Stock Exchange.

The company posted a net profit of Rs65.83 crore for the year ended March 31, 2006 (Rs52.92 crore). Total income (net of excise) has increased to Rs693.27 crore (Rs501.75 crore).

Torrent Pharma's board has also approved raising of up to $150 million by issuing equity or equity-linked securities in the domestic and/or overseas capital markets, a company statement said.

The funds are meant to finance prospective acquisition opportunities.

The board has also recommended a dividend of Rs2.5 per share of Rs5 each.

Srei Q4 net up 56%
Srei Infrastructure Finance Ltd has recorded a 56 per cent growth in profit after tax at Rs15.94 crore (Rs10.20 crore) for the quarter ended March 31, 2006.

The company said that it plans to operationalise a Rs500-crore Prithvi Fund soon, essentially to lend equity support to infrastructure companies. The company has already received the necessary approvals.

Income from operations as on March 31, 2006, was Rs227.25 crore (Rs129.93 crore). Total income for the fourth quarter, despite hardening of interest rates, was up at Rs77.15 crore (Rs34.35 crore).

For 2005-06, it has achieved a 71 per cent increase in PAT at Rs48.42 crore (Rs28.30 crore).

The board which met here today to take the results on record has recommended a dividend of Rs1.65 per share (16.5 per cent), up from the Rs1.50 per share paid last fiscal.

The company said that disbursements during 2005-06 have increased to Rs2,500 crore, up from the Rs1,600 crore recorded in 2004-05, a growth of 56.25 per cent. Total assets under management as on March 31, 2006 at Rs3,393 crore. He put the company's current net worth at Rs410 crore.

ICI India FY06 net at Rs-49.01-cr
ICI India has posted a consolidated net profit of Rs49.01 crore for FY06 as compared to Rs48.57 crore for FY05.

According to an official release from the company, consolidated total income increased 15% to Rs1,026.57 crore for FY06 when compared with Rs892.20 crore for FY05.

The company posted a net profit of Rs10.61 crore for Q4FY06 as compared to a net loss of Rs1.01 crore for Q4FY05. Total income is Rs193.03 crore for Q4FY06 as compared to Rs 188.18 crore for Q4FY05.

The board has recommended a dividend of Rs6 per share for the year.
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