Business Line articles from July 2008, page 4

Business Line archives from July 2008

CORPORATE: Chinese biz: Bharat Forge takes a cautious approach.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Chennai, July 22 - Bharat Forge Ltd has said that it will continue to address business opportunities in China but will be cautious in committing capacities to the Chinese market. The Chinese market, it...

CORPORATE: Thermax net up 14 %.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Pune, July 22 - Thermax Ltd, a player in energy and environment solutions, has recorded a net profit of Rs 63.7 crore as against Rs 56 crore, a 14 growth per cent for the first quarter of the current fiscal....

CORPORATE: Salzer Electronics merger meet.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Coimbatore, July 22 - Salzer Electronics Ltd has said that the meeting of the sub-committee of the board of directors on merger is scheduled to be held on July 29 to discuss and transact the proposal of...

CORPORATE: Kohinoor Foods plans own unit.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Coimbatore, July 22 - Kohinoor Foods Ltd is planning to put up its own spices manufacturing unit, synergetic to its operational Indian food domain and intends to augment its current manufacturing facility by...

CORPORATE: Era Infra bags contract.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Coimbatore, July 22 - Era Infra Engineering Ltd has bagged a contract for construction of buildings and associated works at Manesar by National Automotive Testing and R&D Infrastructure Project (NATRIP)...

CORPORATE: Calcutta Compressions to sell part of converted gas in local market.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Kolkata. July 22 - After having entered into a firm agreement to buy coal bed methane (CBM) from ONGC's Jharia field, Calcutta Compressions and Liquefaction Engineering Pvt Ltd (CC&L), which is to convert CBM...

CORPORATE: Reliance Petro Jamnagar refinery ahead of schedule.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - For the June quarter Reliance Petroleum Ltd has overshot its budget by Rs 1,390 crore for setting up the greenfield refinery at Jamnagar. The refinery project is expected to be completed...

CORPORATE: Century Text Q1 net dips 40%, sales up 14%.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - Century Textiles and Industries Ltd, with diversified interest in textiles, cement and paper, has reported a 40 per cent dip in net profit at Rs 62 crore in the first quarter ended June 30,...

CORPORATE: Tata Power to develop hydel project in Bhutan.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - Tata Power Company Ltd has announced its partnership with the Government of Bhutan to develop the 114 MW run-of-the-river hydroelectric power project over River Dagachhu in Bhutan. The...

CORPORATE: Precision Automation bags Chrysler order.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Pune, July 22 - The Marysville Axle Plant, Chrysler's new plant in North America, would be utilising the services of the Pune-based Precision Automotation and Robotics India Ltd (PARI) for the assembly of...

CORPORATE: Bilcare, MeadWestvaco acquire US pharma firm.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Pune, July 22 - Bilcare Ltd and US-based MeadWestvaco Corp (MWV) have jointly acquired pharmaceutical packaging company International Labs of St. Petersburg, Florida. The acquisition will leverage...

CORPORATE: 'Dr Reddy's Lab not open for sale'.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Hyderabad, July 22 - Pharma major Dr Reddy's Laboratories Ltd is not open for sale, according to Dr K. Anji Reddy, its Founder-Chairman. "The promoters, the board of directors and the management team are...

CORPORATE: Consolidated net of TRF at Rs 8 cr.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Kolkata, July 22 - TRF Ltd, a Tata Group company, has registered a consolidated net profit of Rs 7.73 crore during the quarter ended June 30, 2008. The consolidated net sales income during April-June 2008...

INFO-TECH: Tata Elxsi profit dips 41% on project delays.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Bangalore, July 22 - Tata Elxsi reported a 41.2 per cent drop in the first quarter net profit, largely hurt by project delays from two top customers, sending its shares down 7.46 per cent. The provider...

INFO-TECH: Tech Mahindra outlines Rs 638-cr capex plan.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - Telecom solutions vendor Tech Mahindra has outlined a capital expenditure plan of $150 million (Rs 638 crore) for the next three years, according to its Chairman, Mr Anand Mahindra. He...

INFO-TECH: Patni eyeing cos in product engineering space.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Coimbatore, July 22 - Patni Computer Systems, according to its Executive Vice-President and Head (European operations), Mr Brian Stones, "is actively considering acquiring business consulting companies and...

INFO-TECH: NIIT Tech Q1 net flat at Rs 35 cr; revenues rise 7%.
July 23, 2008... from BUSINESS LINE, July 23, 2008 New Delhi, July 22 - IT solutions company NIIT Technologies Ltd today posted a consolidated net profit of Rs 35.1 crore for the first quarter ended June 2008, the same as year-ago period, primarily on account...

INFO-TECH: Four Soft Q1 net rises.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Hyderabad, July 22 - Four Soft has recorded revenues of Rs 65.12 crore with profit of Rs 27.7 crore for the first quarter ending June 30, 2008 as against revenues of Rs 47.05 crore and profit of Rs 3.21 crore...

MARKETING: Nilgiri's to foray into Andhra Pradesh soon.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Bangalore, July 22 - Nilgiri's, the 100-year-old South-based company with interests in dairy, bakery and retail areas, will make a foray into Andhra Pradesh in the next two months. A company official...

MARKETING: Burger mania at PitStop.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Chennai, July 22 - A.B. Resorts and Restaurants Pvt Ltd, part of the Chennai-based Parveen Travels, is all set to expand its PitStop brand of restaurant with two more outlets on the Chennai-Bangalore highway...

MARKETING: Tata Coffee consolidated net up 15% in Q1.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Bangalore, July 22 - Helped by a healthy growth in both its US subsidiary and the domestic companies' sales, Tata Coffee reported a 15 per cent increase in its consolidated net profit at Rs 9.32 crore during...

MARKETING: ESPN STAR to telecast 2010 Winter Olympics.
July 23, 2008... from BUSINESS LINE, July 23, 2008 New Delhi, July 22 - ESPN STAR Sports has acquired the rights for the cable and satellite television rights for the Vancouver 2010 and London 2012 Olympic Games for 22 countries across the Indian...

MARKETING: Piramal to sell French dermo-cosmetics.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - Piramal Healthcare Ltd will sell the Ducray range of dermo-cosmetic products from France's Pierre Fabre Group. There has been a transfer of technology in this in-licensing deal and Piramal...

MARKETING: Serial on Indira Gandhi.
July 23, 2008... from BUSINESS LINE, July 23, 2008 New Delhi, July 22 - Hindi channel, 9X, has announced a series based on and dedicated to the life of the former Prime Minister Indira Gandhi. "The series, which will be shot in Hindi and English, will present...

BANKING/FINANCE: Bonds fall marginally.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - Bond prices fell slightly as traders lightened their positions ahead of the trust vote.Total traded volumes on the order-matching system were at Rs 1,915 crore (Rs 2,910 crore). Dealers said...

BANKING/FINANCE: Corporation Bank increasing branchless banking units.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mangalore, July 22 - Corporation Bank, which has initiated branchless banking units to reach the people in unbanked areas, is gradually increasing the number of such units in rural areas. In addition to this,...

BANKING/FINANCE: 'Peak' oil's scary prospects.
July 23, 2008... from BUSINESS LINE, July 23, 2008 What goes up must come down, goes the saying. But the price of oil has defied the law of gravity, at least thus far. From single digits in the late nineties, oil has climbed to close to $150 a barrel in...

BANKING/FINANCE: SBI programme for subordinate staff.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Chennai, July 22 - State Bank of India has launched 'Parivartan -II', a programme of mass communication that hopes to reach out to about 44,000 subordinate staff comprising messengers, watch and ward and...

BANKING/FINANCE: Aviva, McDonald's tie up.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Chennai, July 22 - Aviva Life Insurance has announced a tie up with McDonald's, a leading fast food chain in India, to promote its new marketing initiative 'Tension Chhodo Cricket Khelo' (TCCK). TCCK is a...

BANKING/FINANCE: Rupee a tad lower.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - The rupee depreciated marginally against the dollar on a day that witnessed highly volatile trading. The domestic currency opened at 42.66/68 and closed at 42.73/74, against the previous...

BANKING/FINANCE: Bank of Rajasthan net up at Rs 31 cr.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - A fall in other income saw Bank of Rajasthan's net profit increase marginally by 2.49 per cent for the quarter ended June 30, 2008. The bank posted a net profit of Rs 30.92 crore , up...

BANKING/FINANCE: IDBI Bank Q1 net profit marginally up at Rs 160 cr.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - IDBI Bank posted almost flat growth in net profit for the quarter ended June 30, 2008, due to a fall in other income. Rising interest rates and bond yields resulted in lower treasury income....

BANKING/FINANCE: Call rates unchanged.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - Inter-bank call rates closed at 9.5-9.6 per cent, almost unchanged from the previous close of 9.4-9.5 per cent. The Reserve Bank of India received and accepted 39 bids for Rs 44,265 crore in...

BANKING/FINANCE: RBI reserves nod for mobile payment services.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - The Reserve Bank of India has advised banks not to offer mobile payment services until final guidelines for the same are issued. "It is observed that a few banks have already started...

BANKING/FINANCE: Magma Shrachi net rises 58%.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Kolkata, July 22 - Magma Shrachi Finance Ltd reported a 58 per cent rise in revenue for the quarter ended June 30, 2008. The company recorded revenue of Rs 138.51 crore against Rs 87.42 crore in the...

LOGISTICS: Rlys concerned over drop in steel cos' input movement.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Kolkata, July 22 - The Indian Railways has taken up the issue of drop in the movement of raw materials with the major steel producers. Iron ore loading in first quarter dropped by about 20 per cent; the...

LOGISTICS: Airnetz to bring affordable travel to India.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - Airnetz Aviation Pvt Ltd, a Mumbai-based private jet, helicopter and turbo prop charter services company, plans to bring single-engine and twin-engine aircrafts to India to start affordable...

LOGISTICS: Eastern Rlys' freight traffic grows 9.35%.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Kolkata, July 22 - In first quarter of the current fiscal, Eastern Railway handled 11.994 million tonnes (mt) of originating freight traffic, thus posting 9.35 per cent growth over 10.968 mt handled the same...

OPINION: Future of India Post.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Like its counterparts elsewhere, India Post is struggling to beat back the forces of technological change. Its mail traffic has fallen steeply over the last 15 years, thanks to the growth of the Internet,...

OPINION: Moral hazard and its harmful role in credit market crisis.
July 23, 2008... from BUSINESS LINE, July 23, 2008 An interesting revelation in the credit market crisis is how the moral hazard in lending is firmly entrenched in the US system. Compared to what many consider as the 'developed' system of the US, the...

OPINION: Time to unite.
July 23, 2008... from BUSINESS LINE, July 23, 2008 So much time and energy has been spent on the nuclear deal, which should have been an opportunity for our politicians to put behind them their party-based differences with those in power at a time when a...

OPINION: Preparation for life.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Education is not preparation for an examination but for life. Normally, an academic institution, defined as a self-governing community of scholars, is preoccupied with its own internal processes - admissions,...

OPINION: Making a success of Competition Commission.
July 23, 2008... from BUSINESS LINE, July 23, 2008 If there is one master key to open the doors of the world's big league of developed nations for India to enter, it is competitiveness. This is to be understood not simply in the sense of warding off threats...

OPINION: Reorganising the judiciary.
July 23, 2008... from BUSINESS LINE, July 23, 2008 The backlog of cases on the books of Indian courts will take 250 years to settle with current personnel complements. Thus, the country's ability to display a world-class institutional system is seriously in...

NEWS: 'Hyde Act cannot interfere with 123 Agreement implementation'.
July 23, 2008... from BUSINESS LINE, July 23, 2008 New Delhi, Jul 22 The Finance Minister, Mr P. Chidambaram, has said in the Lok Sabha that the Hyde Act of the US does not bind India and cannot interfere with the implementation of the 123 agreement for civil...

NEWS: India to push ahead with nuke deal amid strict deadline.
July 23, 2008... from BUSINESS LINE, July 23, 2008 New Delhi, July 22 - With the Government clearing the confidence vote in Parliament, the decks have been cleared for India to push forward with the Indo-US civilian nuclear deal amid a very strict time-line....

NEWS: Nuclear deal not to interfere with India's strategic programme: PM.
July 23, 2008... from BUSINESS LINE, July 23, 2008 New Delhi, July 22 - The Prime Minister, Dr Manmohan Singh, today asserted in the Lok Sabha that the proposed nuclear deal with the US and other nuclear power countries would enable India to enter into global...

NEWS: India must create self reliant defence tech base: Antony.
July 23, 2008... from BUSINESS LINE, July 23, 2008 New Delhi, July 22 - The Defence Minister, Mr A.K. Antony, on Tuesday said that India's focus should be towards creating a self-reliant defence industrial and technological base that will enable the country...

NEWS: A victory soured by corruption allegations.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Chennai, July 22 - As expected the United Progressive Alliance Government won the trust motion in Lok Sabha, but the principal Opposition party, the BJP, ensured the victory was sullied by serious allegations...

NEWS: Make global farm trade less distorted: FICCI.
July 23, 2008... from BUSINESS LINE, July 23, 2008 New Delhi, July 22 - With the World Trade Organisation's Mini-Ministerial entering the second day of intense negotiations, the Federation of Indian Chambers of Commerce and Industry has called upon the...

NEWS: FICCI to push for pending reforms.
July 23, 2008... from BUSINESS LINE, July 23, 2008 New Delhi, July 22 - With the confidence vote passed by the 14th Lok Sabha, the Federation of Indian Chambers of Commerce and Industry (FICCI) would take forward a ten-point agenda to the Prime Minister, Dr...

NEWS: Govt nod for air shows at Begumpet airport.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Hyderabad, July 22 - The Union Government has given in-principle nod to utilise the Begumpet Airport here for general aviation and hosting national and international air shows. The Chief Minister, Dr...

CORPORATE: RIL gas case adjourned.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - The division bench of the Bombay High Court on Tuesday adjourned the case between Mr Mukesh Ambani promoted Reliance Industries Ltd and Mr Anil Ambani led Reliance Natural Resources Ltd till...

AGRI-BUSINESS: Drought, moisture stress threat to kharif crops.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - It is becoming increasingly clear that drought is threatening large parts of the country. All indicators point to the onset of drought conditions in western and southern India where there is...

AGRI-BUSINESS: Cardamom prices rule high on demand.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Kochi, July 22 - Cardamom prices ruled high on short supply and good demand at auctions held in Kerala and Tamil Nadu during last week. The arrivals at the Cardamom Planters Association (CPA) auction at...

AGRI-BUSINESS: July rainfall this year may be better than 2002, 2004.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Thiruvananthapuram, July 22 - Crucial July rainfall till now may have proved deficient in the southern peninsula, but statistics suggest that the situation may not be as bad as during comparable periods...

AGRI-BUSINESS: Spot rubber flares up on demand.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Kottayam, July 22 - The domestic rubber prices flared up sharply above the international rates on Tuesday. Surprisingly the sharp increase of Rs 3 a day appears to be quite unusual as it indicates the...

AGRI-BUSINESS: Pepper futures bounce back on buying support.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Kochi, July 22 - Pepper futures market on Tuesday bounced back on good buying support on the assumption that the UPA Government would survive the no-confidence motion. Consequently, the Bull operators...

MARKET WATCH: Benchmark AMC plans first silver ETF.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - Benchmark AMC has sought SEBI's approval to launch the first Silver Exchange Traded Fund (ETF) in the country. The AMC has filed the draft offer document to launch its Silver Benchmark ETF...

MARKET WATCH: Confusion persists over offshore derivative instruments.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mumbai, July 22 - Even as SEBI has appealed in Supreme Court against the SAT order in the Goldman Sachs case, there is still a lot of confusion among FII circles and their consultants on whether Offshore...

MARKET WATCH: ADAG counters in the limelight.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Chennai, July 22 - Trading volume spurted above Rs 50,000-crore in the F&O segment on the NSE on Tuesday's Rs 54,100.84 crore against Monday's turnover of Rs 43,942.21 crore. The Nifty July future widened the...

MARKET WATCH: Tata Elxsi (Rs 176.95): Sell.
July 23, 2008... from BUSINESS LINE, July 23, 2008 We recommend a sell in Tata Elxsi from a short-term perspective. It is evident from the charts of Tata Elxsi that it had been on a medium-term uptrend between March 2008 and June 2008 (from a low of Rs 138 to...

MARKET WATCH: Day Trading Guide.
July 23, 2008... from BUSINESS LINE, July 23, 2008 ICICI Bank Initiate fresh long-position only if the stock surpasses Rs 675 level, with tight stop. Infosys The stock is consolidating sideways in a narrow range of Rs 1,550 and Rs 1,600. Desist trading in...

MARKET WATCH: BT deal win provides revenue visibility.
July 23, 2008... from BUSINESS LINE, July 23, 2008 The strong deal flow from British Telecom continues for Tech Mahindra, with the announcement of a $700-million, five-year deal between the two companies. Tech Mahindra's management has indicated greater focus...

STATES: Tanishq's gold coin offer.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Madurai, July 22 - Tanishq, the jewellery brand from Tata group, has announced a 'free gold coin offer' to customers. The offer entitles the customers to gain a 0.5 gram gold coin free on their purchase of...

STATES: Textile mills cry foul over TNEB fiat.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Coimbatore, July 22 - The Southern India Mills Association (SIMA), Coimbatore, has cried foul over the reported diktat of the TNEB to the mills 'not to draw power' from the grid between 6 p.m. and 9 p.m....

STATES: Computer Associates celebrates 5-yr association with CA Hope School.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Hyderabad, July 22 - Employees of technology major CA (Computer Associates) on Tuesday announced the fifth year of association with the CA Hope School, helping children in their education initiatives. CA...

STATES: New tech for artisans to boost handicrafts sector.
July 23, 2008... from BUSINESS LINE, July 23, 2008 New Delhi, July 22 - The Government has given special emphasis on creating and strengthening infrastructure for the handicrafts sector in the Eleventh Plan schemes by taking a number of initiatives recently...

STATES: Oriental Bank to focus on low-cost demand deposits mobilisation.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Kolkata, July 22 - The Kolkata region of Oriental Bank of Commerce plans to focus on mobilising low-cost demand deposits in order to shore up its profits in 2008-09, according to a press release from the...

STATES: Record prize money for Pune racing season.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Pune, July 22 - A record amount of Rs 6.13 crore as prize money is on offer for the 29-day long Pune racing season 2008 commencing on July 24 through till October 25. Dr Cyrus Poonawala, Chairman, Royal...

STATES: Kerala seeks full share of power from Central pool.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Thiruvananthapuram, July 22 - The Kerala Assembly has unanimously passed a resolution calling upon the Centre to make available to the State its full share of 1,041 MW from Central generating stations in view...

STATES: Reprieve for Bunder traders in Mangalore on shifting.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mangalore, July 22 - Nearly 600 traders at Bunder area in Old Mangalore have got a temporary reprieve with the Karnataka Minister for Agriculture Marketing keeping in abeyance the decision to shift the market...

STATES: Acquisition begins for Technocity.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Thiruvananthapuram, July 22 - The Kerala Government has started acquisition of land for the proposed Technocity near Thiruvananthapuram. The Chief Minister, Mr V.S. Achuthanandan, said in reply to...

STATES: New DRM for Hubli.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Mangalore, July 22 - Mr Adesh Sharma has taken over charge as the Divisional Railway Manager of Hubli division of South Western Railway from Mr Rakesh Vatash. A press release by SWR said here on Tuesday that...

STATES: Samudra Shipyard delivers houseboat to Arab client.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Kochi, July 22 - It was an adventure of sorts for a team from the Kochi- based Samudra Shipyard when it had to negotiate high waves along a crowded Abu Dhabi port to deliver a houseboat constructed by them to...

STATES: Vizag to get jute park.
July 23, 2008... from BUSINESS LINE, July 23, 2008 Hyderabad, July 22 - The Andhra Pradesh Jute Development Centre, a newly formed organisation to promote jute industry in the State, has said that it would set up a Rs 100- crore Jute Park at Sabbavaram in...