ONGC Videsh signs contracts for two blocks in Vietnam
New Delhi: ONGC Videsh (OVL), has signed production sharing contracts with Vietnam oil and gas corp (PetroVietnam) for two offshore blocks in Phu Khanh basin.

OVL would be operator of block 127 and 128 and have a 100 pc participating interest, OVL officials said.

In the event of a commercial discovery, PetroVietnam through a wholly-owned affiliate has the option of obtaining up to a 20 pc participating interest in the blocks.

Blocks 127 and 128 cover approximately 9,246 sq km and 7,058 sq km areas respectively and lie alongside the eastern coastline of Vietnam, northeast of Ho Chi Minh city.

OVL was selected as the successful bidder in the global competitive bidding for nine offshore exploration blocks in the Vietnam 2004 licensing round.

OVL has been awarded both the blocks it had bid for.

The company currently partners British Petroleum in the Lan Tay and Lan Do gas field in block 6, in which OVL has 45 pc participating interest, BP 35 pc and PetroVietnam 20 pc.
Back to News Review index page  

Bosch commissions common rail pump manufacturing unit at Bangalore
Bangalore: Bosch Group has commissioned its first manufacturing facility in India for common rail high pressure pumps used in diesel cars in Bangalore.

The company has earmarked Rs550-cr for the facility out of Rs1,800-cr investment being made in India between 2005 and 2008.

The production line, located at Bosch subsidiary Motor Industries Company (MICO), has an installed capacity of up to 1,000 common rail high pressure pumps per day. Bosch has been manufacturing common rail injector component sets at its Nashik facility since January this year and has a current capacity to produce 4,000 sets per day.
Back to News Review index page  

GMR group IPO to raise Rs1,200-cr
Bangalore: The GMR group has announced plans to enter the capital market by the end of this month with an initial public offer (IPO) to raise between Rs1,200 crore and Rs1,500 crore. The funds will be used to finance its ongoing and future projects.

The power and infrastructure major has filed a draft prospectus for its IPO with the securities and exchange board of India (Sebi). The company intends to use part of the issue proceeds for investments in GMR Hyderabad International Airport, Delhi International Airport and four expressways. Another portion of the funds will go towards the repayment of unsecured loans (Rs56 crore), payment of sundry creditors and for general corporate purposes.
Back to News Review index page  

Hexaware Technologies and SAS in strategic alliance
Hexaware Technologies Ltd and SAS have announced a strategic technology and marketing alliance, through which SAS and Hexaware will offer comprehensive business Intelligence (BI) and analytical software solutions globally.

Joint clients will benefit from Hexaware's deep experience in deploying BI and analytics solutions, combined with SAS's extensive technology leadership and proven SAS Enterprise Intelligence Platform.

Hexaware's business analytics, and intelligence group works with over 50 global customers to enhance the overall business value by providing integrated and connected analytics strategies and solutions.
Back to News Review index page  

Tata Power in EPC with Siemens and Doosan Heavy for ultra mega power projects
Mumbai: Tata Power Company Ltd has announced the signing of an agreement with international players-Siemens Power Generation, Germany and Doosan Heavy Industries & Construction Co. Ltd., Korea to bid for ultra mega projects (3,500 to 3,800 MW supercritical steam power plants each).

The EPC consortium of Siemens and Doosan Heavy Industries is a formidable one for the design and construction of power plants based on super critical technology required for such large sized units and will form the basis of the company's bids for the ultra mega projects.

The Government of India has announced the implementation of several ultra mega power projects through an international competitive bidding process.
Back to News Review index page  

Wipro acquires leading European retail solutions provider
Mumbai: Wipro Technologies has announced that it has signed an agreement to acquire Europe based retail solutions provider, Enabler in an all cash deal. The consideration includes upfront cash payment of approximately Euros 41 million (which includes actual cash and cash equivalents on the balance sheet) on closure of the transaction as well as earn-outs on achieving agreed financial targets over a two year period.

Enabler was created in 1997 and is a preferred integrator of Oracle Retail (Retek) solutions and provider of retail consulting services for global retailers.

Enabler is one of the leading specialists in consulting and implementation of integrated solutions and effective support of retail systems. Enabler has an impressive customer base that includes more than a dozen Oracle retail implementations for a diverse set of retail formats (Food, Fashion, DIY) covering most of the Oracle Retail modules.

Enabler, with delivery centres in Portugal and Brazil, has over 300 employees serving customers in Portugal, UK, Germany, France, Spain, Italy, Middle East and Brazil.

During 2005 Enabler's revenues were approximately Euros 30 million. The entire transaction is expected to be closed during the next one month. The closing of the transaction is subject to customary closing conditions and regulatory approvals.
Back to News Review index page  

Haier launches cell phones
New Delhi: Chinese consumer durables company Haier has announced the launch of mobile handsets in India and has set a target of selling five million handsets over the next two years. If the targets are achieved, the company says it would look at the option of manufacturing the handsets in the country.

The company had set a turnover target of $300 million in the first phase and has already executed orders worth $50 million. Haier also announced its tie up with Tata Teleservices for its launch of CDMA handsets. The company introduced a new range of both CDMA and GSM mobile phones, which costs between Rs2,000 and Rs20,000.
Back to News Review index page  

La Opala plans facility in Uttaranchal
Kolkata: La Opala RG Ltd has firmed up plans to set up an opal glass tableware manufacturing facility in Uttaranchal at an estimated investment of Rs35 crore. The company currently enjoys a 60 per cent share of the Indian market for opal glass tableware.

The plant will have a production capacity of 4,000 tonnes per annum. The proposed investment in Jharkhand would be funded through internal accruals and enhancement in the company's equity. The company at present has an equity base of Rs5.30 crore. The company's existing production facility is located at Jharkhand, with a capacity to manufacture 3,500 tonnes per annum of opal glass tableware and 1,600 tonnes per annum of crystal.

While the opal glass tableware is retailed through franchises under the La Opala brand, handcrafted crystal ware manufactured by the company are sold through select exclusive outlets under the Solitaire brand.
Back to News Review index page  

Hyundai Engg thrown out of Sethusamudram project
Chennai: Hyundai Engineering's bid for dredging a section of the Sethusamudram Ship Canal Project has been cancelled and fresh tenders would now be called, according to the Union minister of shipping, road transport and highways, T.R. Baalu.

The Korean company, a subsidiary of automobile major Hyundai, had laid certain conditions and sought a mobilisation advance of Rs200 crore from the Government, which was not acceptable to the Government. Fresh tenders would now be called by June 15 and a letter of intent issued in August.

The selected company would start dredging in October and complete before November 2008, the minister said.

The Rs2,427-crore project to create a 167-km canal connecting Palk Strait and the Gulf of Mannar involves four legs of dredging.
Back to News Review index page  

Corporate results: Britannia Industries, Sterlite Industries (India) Ltd, Simbhaoli Sugar Mills Ltd, Clariant Chemicals

Britannia Q4 FY06 net up 167 pc at Rs28.80-cr
Britannia Industries has posted 166.6% increase in net profit at Rs28.80 crore for the fourth quarter (Q4) of FY06 as compared to Rs10.80 crore in Q4 FY05. The company's net sales also went up by 24.58% to touch Rs454 crore in the fourth quarter as compared to Rs364.40 crore in Q4FY05.

Earnings per share (EPS) was Rs10.76 in Q4 of FY06 as compared to Rs3.58 in Q4 of FY05. The board has recommend Rs15 per share dividend for the year ended March 31, 2006.

For FY06, the company's net profits were marginally down 0.94% to Rs147.40 crore when compared with Rs148.80 crore in FY05. Net sales of the company increased 13.50% to Rs1,713.30 crore for FY06 when compared with Rs1,509.50 crore in FY05.

The board have approved the introduction of an Employees Stock Options Scheme (ESOS) for the benefit of senior management, including executive directors. The total number of options to be granted under the scheme will not exceed 1,00,000 equity shares of Rs10 each.

Sterlite Industries Q4 PAT higher
Sterlite Industries (India) Ltd has reported a profit after tax and extraordinary items of Rs240.71 crore for the fourth quarter of 2005-2006 against a net loss of Rs39.34 crore in the year-ago period.

Total income (net of excise) has increased to Rs2,551.98 crore during the quarter from Rs1,194.46 crore in the year-ago period.

The board has recommended a dividend of Rs 1.25 per share.

For the year, the company reported a higher profit after tax and extraordinary items of Rs511.12 crore compared with Rs106.42 crore in the earlier year.

Total income (net of excise) moved up to Rs7,619.88 crore from Rs4,107.09 crore in the previous year.

Copper exports were up by 246 per cent at Rs4,427 crore during the year.

Simbhaoli Sugar Q4 net up at Rs 6 cr
Simbhaoli Sugar Mills Ltd (SSPL) has reported a 10.94 per cent growth in net revenue of Rs438.59 crore in the financial year ended March 31, 2006 against Rs395.33 crore in the previous year.

The company's net profit during the year increased by 149.69 per cent to Rs29.60 crore compared to Rs11.85 crore in the previous financial year. During the fourth quarter of the fiscal, the company recorded revenue of Rs114.60 crore while net profit after tax was at Rs6.02 crore.

SSML has announced the expansion of the crushing capacity to 20,100 TCD by November 2006.

Clariant FY06 net at Rs40.40-cr
Clariant Chemicals (India) formerly known as Colour-Chem has reported a net profit of Rs40.40 crore for the full-year ended March 2006.

According to a release issued by the company today, the FY06 net sales stood at Rs851 crore. The expenditure for the year included a one-time expense of Rs9.20 crore on account of integration costs.

The board of directors of the company have recommended a dividend of 110%, a payout of Rs11 per share.
Back to News Review index page