Nine companies join to build Orissa rail link
Bhubaneshwar: A consortium led by Rail Vikas Nigam (RVNL) (48.43 per cent shareholding) have signed a shareholder's agreement for the construction of the Rs598 crore, 82-km, Haridaspur-Paradip broad-gauge rail link. RVNL will provide Rs275 crore for the project, while the balance amount would be procured in the form of non-resource debt.

The special purpose vehicle (SPV), RVNL's first venture, has been registered as Haridaspur-Paradip Railway Company (HPRC).

The other equity partners in the company are POSCO-India with 10 per cent, Paradip Port Trust with 10 per cent , Essel Mining and Industries with 10.91 per cent , Rungta Mines with 10.91 per cent, MSPL with 5.45 per cent, Jindal Steel and Power with 1.82 per cent, SAIL with 1.82 per cent and Infrastructure Development Corporation of Orissa (IDCO) with 0.66 per cent.
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Shree Renuka gets nod for SEZ in Karnataka
Mumbai: Shree Renuka Sugars has received an in principle nod from the board of approval (BoA) for setting up special economic zones (SEZ) for its plant in Karnataka. SEZ at Athani, Karnataka, would be an integrated sugarcane-processing complex with a cane crushing capacity of 5,000 TCD. The plant would also have a distillery of 120 KLPD and 36 MW cogeneration plant, Shree Renuka Sugars informed the Bombay Stock Exchange.

The shares of the company, which is engaged in the manufacturing of sugar and allied products, were trading at Rs627 per share up 3.23 per cent on the BSE.
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RIL to start producing oil off Andhra coast in 2008
New Delhi: Reliance Industries will begin oil production from its MA oilfield off the Andhra coast by 2008-end and the company plans to install a floating production, storage and offloading (FPSO) vessel on the field for producing oil. Reliance plans to call bids for supply of FPSO by the year end, the sources said. The FPSO at Reliance field would be India's only second such system with the first being imported by state-owned Oil and Natural Gas Corp (ONGC) to replace its fire devastated platform at Mumbai High fields.

Reliance wants a FPSO capable of handling 60,000 barrels per day of oil, 300 million cubic feet per day of gas and store 1.3 million barrels of crude. The vessel would sit in 1,300 metres of water close to Reliance's huge D6 gas field in Block KG-DWN-98/3 and tap the MA oil and gas field, but with the ability to handle any satellite oil finds.

Reliance is targeting June 2008 for first gas from its Dhirubhai-1 and 3 discoveries in D6. The development of the two finds would cost Reliance Industries and its 10 per cent partner Niko Resources of Canada around $2.3 billion.
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Infosys Q2 net up 51 pc: guidance up for Q3
Mumbai: IT major Infosys Technologies has posted a 51.35 per cent increase in net profit after tax and exceptional items at Rs896 crore for the quarter ended September 30, against Rs592 crore for the corresponding quarter last year.

Total income rose to Rs3,339 crore for the second quarter during 2006-07, a rise of 50.74 per cent from Rs2,215 crore in the year ago period, the company informed the Bombay Stock Exchange. The board of directors of the company has declared an interim dividend of Rs5 per share on equity shares of Rs5 each (100 per cent). The group reported a consolidated net profit after tax and exceptional item and minority interest of Rs929 cro re for the second quarter in 2006-07 as against Rs606 crore for the same quarter in 2005-06.

Consolidated total income of the group increased to Rs3,517 crore in the second quarter this fiscal from Rs2,338 crore during the second quarter last fiscal.
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iGATE Global Q2 net up 80 per cent
Mumbai: Bangalore-based software firm, iGATE Global Solutions has sustained its impressive growth and reported an 80 per cent rise in quarterly profit, sending its shares up more than 22 per cent. The company has posted a net profit of Rs10.6 crore for the quarter ended September 30, 2006 from Rs5.90 crore for the quarter ended September 30, 2005.

Total Income is Rs186.93 crore for the quarter ended September 30, 2006 against Rs133.58 crore during September 30, 2005.

The company said it has added a number of new clients and has reached a good, sustainable growth model. The company expects revenue to grow 5-6 per cent quarter on quarter and hopes to add five to six new customers every three months.
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M&M enters Iran
Mumbai: SUV and tractor manufacturer Mahindra & Mahindra has entered the Iranian market, and has become the first Indian firm to launch tractors in the region.

M&M has entered into a strategic tie-up with a local tractor manufacturer.
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Cubex Tubings receives orders worth Rs9.5 crore
Mumbai: Cubex Tubings has received orders worth Rs9.5 crore from Siemens and an engineering company for the manufacture and supply of seamless condenser tubes.
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Madura Garments to launch branded footwear
New Delhi: Madura Garments manufacturer of apparel, plans to enter the Rs3,000 crore branded footwear market in India with a brand for each of its apparel labels.

The company said it sees the footwear foray as a logical extension to get a step closer to providing complete dressing solutions to its customers. The company has entered into a strategic tie up with Sierra Industrial Enterprises to market, manufacture and promote these footwear brands across the country.

Madura garments would launch a footwear brand for its entire apparel range under the same name and the product would be priced in accordance with the latter.

While Sierra would manufacture the footwear brand on its behalf, Madura garments would ensure that the quality is not compromised and the final product is in tandem with our niche apparel brands.
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HMSI to expand production capacity; invest Rs400 crore
Manesar: Honda Motorcycle and Scooter India (HMSI) the fully owned subsidiary of Japan's Honda Motors, plans to invest Rs400 crore over the next four years to increase production capacity at its Manesar facility and will also launch new motorcycle models. The company currently has an annual production capacity of nine lakh scooters and motorcycles and would increase this to 12 lakh units over the next 3-4 years.

The Indian two-wheeler market is growing at a rate of 15 per cent annually and considering the opportunity it offers, we will be investing Rs400 crore to increase our production capacity.

HMSI currently has a share of six per cent in the domestic two-wheeler market and plans to grab a 10 per cent market share in the next couple of years.
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BSEL Infrastructure ties up with Unity Infraprojects
Mumbai: BSEL Infrastructure Realty has entered into joint venture (JV) with Unity Infraprojects for participating in the tenders offered by Nagpur Municipal Corporation.

The company has participated in the six tenders offered by Nagpur Municipal Corporation for construction of shopping malls on October 09, 2006.
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I-flex Solutions in collaboration tie up with IBM, Oracle
Mumbai: i-flex Solutions will collaborate with IBM and Oracle to provide joint banking customers with infrastructure, services, and support for enterprise applications, core banking, and risk management.

The banking collaboration will combine the business and IT architectural leadership of IBM in banks, banking-specific application solutions from Oracle, and core banking and risk solutions from the company. This combination can help banks today, using proven and market-leading solutions in CRM, core transaction processing, risk, analytics and corporate operations to translate a bank's business strategies into execution in a timely and effective manner.
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Welspun signs agreement with Orissa for Rs6,103-cr steel plant
Bhubaneshwar: The Orissa government and Welspun Power and Steel (WPSL), have signed an agreement to set up yet another mega project.

WPSL will set up a 3MT steel plant with an investment of Rs6,103.80 crore in the state for manufacturing ductile iron and steel pipe which would be logical downstream product to many factories which were going to produce different kinds of steel in the state said chief minister Naveen Patnaik.

With this the number of MoUs signed between the state with companies have reached 44, although three of them have been cancelled due to 'zero progress' on ground, officials said.

It is envisaged that the state's total steel production would go up to 56.25 MT per annum with an investment of Rs1,35,000 crore.

Around 20 companies had already commenced partial production with a financial outlay exceeding Rs15,000 crore.
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BSNL cuts rental for One India plan
New Delhi: Bharat Sanchar Nigam (BSNL) has slashed the rental for its One India plan, from Rs225 to Rs180 per month.

Subscribers who currently pay Rs180 rental charges would be automatically shifted to One India Plan.

The offer will come into effect on November 1. The One India plan also offers STD calls at Re 1 per minute.

The One India plan, launched in March this year, has so far drawn in about 3 lakh consumers and with the latest initiative, BSNL will bring under the plan about 1.15 crore users who pay Rs180 rental charges per month. The scheme is expected to reduce the number of subscribers who switch to other telecom service providers.
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