Tata — Corus deal is approved
Mumbai: Tata Steel's takeover bid over Anglo-Dutch steel-maker Corus has been approved at $7.7 billion making it the largest Indian takeover of a foreign company. With the final touches to the deal underway a formal announcement is expected when Ratan Tata addresses a press conference in London Friday evening.

Tata Steel's acquisition of Corus will be made via its U.K subsidiary.

Tata Steel will use debt of 6 billion to finance the deal with Standard Chartered Bank financing the debt.

B Muthuraman, MD of Tata Steel said the companies are looking at smooth integration in a short span.

Corus was formed in 1999 following the merger of British Steel and Dutch group Hoogovens. It employs 47,300 worldwide and 24,000 in the UK.

Till last year, Tata Steel was the world's 56th biggest steel producer and with the takeover of Corus it will become the fifth largest producer of steel.

Tata Steel produced more than five million tonnes in the year ending March 2006 and aims to reach 7.5 million tonnes by 2008. It has 3.8 billion dollars in annual turnover while Corus has 18 billion dollars.

Analysts feel that this deal is unlikely to have an impact on domestic steel industry. It is being said that all board members of Corus management will stay while Ratan Tata would be chairman of the board.

Russian steel company Severstal may make a counter-offer to the deal.
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Satyam Q2 net up 28.56 pc at Rs322.24-cr
Mumbai: IT major Satyam Computer Services has registered a a 28.56 per cent rise in profit after tax at Rs322.34 crore for the quarter ended September 2006, as compared to Rs250.72 crore for the corresponding quarter last year.

Total revenue rose 36 per cent to Rs1,565.84 crore for the second quarter in 2006-07 from Rs1,148.39 crore for the same quarter a year-ago, the company informed the BSE.

The company also said that its board had recommended an interim dividend of Re1 per equity share of Rs 2 (50 per cent) for the financial year 2006-07.

Consolidated total income of the group stood at Rs1,630.11 crore for the second quarter during 2006-07 as compared to Rs1,186.52 crore during the same quarter in 2005-06.
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NIIT Tech net up 78 per cent
New Delhi: NIIT Technologies has posted a profit after tax up by 78 per cent at Rs26.9 crore for the quarter ended September 30, as against Rs15.1 crore in the corresponding quarter last year.
The company's consolidated revenues grew by 49 per cent at Rs219.9 crore for the second quarter as against Rs147.5 crore in the corresponding quarter last year.

Order intake for this quarter stood at 42 million dollars.
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Cipla Q2 net up 47 pc
Mumbai: Cipla has reported a 47.04 pc rise in net profit at Rs180.28 crore for the second quarter ended September 06 as against Rs122.60 crore for Q2FY06.

The company's total income grew 35.92 pc at Rs915.1 crore from Rs673.23 crore for Q2FY06.
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Guj Ambuja Sep net soars 159 per cent
Mumbai: Gujarat Ambuja Cements has reported a 159 per cent increase in consolidated net profit at Rs279.95 crore for the quarter ended September 30, 2006 as against Rs 108.06 crore for the quarter ended September 30, 2005. The company's total income increased to Rs1,031.24 crore from Rs670.66 crore for the quarter ended September 30, 2005.

The board approved payment of 2nd interim dividend for the 18- month period ending December 2006 of 75 per cent on equity shares of the company i.e., Rs1.50 per share of Rs2/- each.
The company, on a stand-alone basis, posted a net profit of Rs244.66 crore for the quarter ended September 30, 2006 as against Rs75.28 crore for the quarter ended September 30, 2005. Total income increased to Rs1,009.94 crore from Rs648.62 crore for the quarter ended September 30, 2005.
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Kingfisher ties up with Delta
New York: The Vijay Mallya promoted Kingfisher Airlines will carry passengers of US-based airline Delta Airlines, within India as the latter is starting a direct non-stop flight between John F Kennedy Airport in New York and Chhatrapati Shivaji International Airport in Mumbai.

Delta Airlines begins its non-stop flight on November 1 and the journey is expected to take 14 hours.

A major aspect of the arrangement between the two airlines is that Kingfisher's flights to Delhi, Chennai, Ahmedabad and Bangalore from Mumbai will start within two hours o f the Delta flight arriving in the city thus cutting down the destination time for passengers from the US considerably as currently they have to spend hours at the Mumbai airport to get the connecting flight to other cities.

According to officials from Delta Airlines, Kingfisher will give preference to Delta passengers and offer highly competitive rates. Besides, Kingfisher has made arrangements with travel agents in the United States to sell tickets for its flights. This would allow a passenger travelling to cities served by Kingfisher to buy tickets at one window and coordinate travel plans and flights, leading to wastage of the limited time that holidayers have. Kingfisher Airlines is also making arrangements with Continental Airlines and American Airlines.
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i-flex reports 90 pc rise in Q2 net
Mumbai: IT solutions provider, i-flex Solutions, has registered an increase of 90 per cent in net income at Rs100.93 crore for the quarter ended September 2006, as compared to Rs53.12 crore for the same quarter in the previous fiscal.

The revenue for the second quarter ended September 30, increased 45.46 per cent to Rs396.80 crore from Rs272.78 crore for the corresponding period a year ago, i-flex said.

As per Indian GAAP, the group posted a net income of Rs93.5 crore for the quarter this fiscal, as compared to Rs38.4 crore for the same quarter last year. The revenues of the group increased to Rs 499.1 crore for the quarter, from Rs349.7 crore for the same period a year ago.

The shares of the company were trading at Rs1,531, up 2.04 per cent on the BSE.
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3i Infotech to acquire UK co
Mumbai: IT solutions provider, 3i Infotech said it has signed an agreement to acquire UK-based asset management software company, Rhyme Systems.

3i Infotech informed the Bombay Stock Exchange that the acquisition would come close on the heels of the Liverpool Victoria Insurance client win and thereby complement the company's foray into UK's banking, financial services and insurance (BFSI) markets.

Rhyme Systems had revenues of over 15 million pounds in last fiscal, and has eight of top eleven UK private wealth asset management companies as its clients including the likes of Brewin Dolphin, Coutts RBS, Jupiter, M&G, Barclays and LCH Clearet. The shares of 3i Infotech were trading at Rs187.50, up 1.24 per cent on the BSE.
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