Business Line articles from June 2006

Business Line archives from June 2006

KPMG to expand Indian operations.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Bangalore, June 29 - KPMG, the third largest consultancy firm in the country, is embarking on a major expansion of its Indian operations even as it shifts its focus towards advisory...

Star turn at the service tax counter.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - Top celebrities like Abhishek Bachchan, Rani Mukherjee, Aishwarya Rai and Kareena Kapoor have registered with the Service Tax Department in their capacities as...

NIIT Q4 PAT flat at Rs 8.3 cr.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - IT training company NIIT Ltd on Thursday posted a virtually flat profit after tax for the fourth quarter ended March at Rs 8.3 crore compared with Rs 8.2 crore...

India Inc goes on capital raising spree abroad.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - With hardening interest rate trends visible since early this year, India Inc is flocking to overseas markets to raise capital like never before. Within the first...

Marriot pact with Unitech.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - Hospitality major Marriott International on Thursday announced it has entered into a long-term agreement with subsidiaries of Unitech Ltd to manage three...

PSL's fourth-quarter PAT zooms.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - PSL Ltd (PSL), manufacturer of high-grade large diameter helical submerged arc welded pipes, reported a 125.5 per cent increase in profit after tax at Rs 15.76...

Bannari Amman net up at Rs 78.7 cr.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Coimbatore, June 29 - Bannari Amman Sugars has recommended a 70 per cent dividend for the year ended March 2006 compared with 45 per cent during the 2004-05 fiscal. Its turnover has...

GM to roll out mini car Chevrolet Spark next year.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - General Motors on Thursday said that it would drive into the high-volume mini car segment in the country by the next calendar year with the Chevrolet Spark ...

Bata India to utilise Rs 86 cr.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Kolkata, June 29 - As part of its financial restructuring programme, Bata India Ltd on Thursday secured shareholders' approval to utilise an amount not exceeding Rs 86.09 crore from...

Finolex Ind to invest in captive power plant.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Pune, June 29 - Construction of breakwater at Ratnagiri and investment in captive power plant are the projects that the Pune-based Finolex Industries has earmarked for the current...

IOC against further dilution of stake in ONGC.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Kolkata, June 29 - Indian Oil may not go for further sale of stake in ONGC and may instead tap the bond market, if need be, to raise finances. Following the dilution of stake in...

Unethical medicine promos under scalpel.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - No more drug-company-sponsored healthcare conferences on cruise-liners or at exotic locations, lays out an industry-mooted global code on pharmaceutical marketing,...

Aurobindo gets USFDA nod for Stavudine.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Hyderabad, June 29 - Aurobindo Pharma Ltd has announced that it has received tentative approval from the US Food and Drug Administration (USFDA) for Stavudine capsules in 15 mg and...

Eight O'Clock coffee brand for Russia.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Bangalore, June 29 - Tata Coffee plans to sell its instant coffees under the recently acquired Eight O'Clock brand in the Russian and Ukraine market early next year. The company...

Bhagyanagar to set up IT park.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Hyderabad, June 29 - Bhagyanagar Metals Ltd has informed BSE that the company has entered into an agreement for purchase of 25 acres of land for a total value of Rs 11.80 crore for...

ICI India to sell uniqema biz.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - ICI India Ltd on Thursday said it would sell its uniqema business to UK-based Croda International for Rs 260 crore. The sale will include the transfer of a...

Natco Pharma Q4 net profit up at Rs 4.45 cr.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Hyderabad, June 29 - Natco Pharma Ltd (NPL) has posted an impressive net profit for the quarter ended March 2006 as against a net loss in the corresponding quarter of previous...

Nicholas Piramal recasts board.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - There has been a change in the erstwhile 12-member-board of drug-maker Nicholas Piramal India Ltd (NPIL), reflecting the streamlining of businesses in the Piramal...

B.K. Birla group not drawing up long-term plans.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Kolkata, June 29 - The B.K. Birla group companies are not drawing up any long-term corporate plans. Only short to medium-term strategies and targets of two-year tenure are being...

Kesoram increases borrowing limit to Rs 2,000 cr.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Kolkata, June 29 - To meet the expenses of its future expansion plans, Kesoram Industries Ltd on Thursday increased its borrowing limit to Rs 2,000 crore from Rs 1,000 crore ...

Jain Irrigation net profit doubles.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - Jain Irrigation Systems Ltd expects a 30-50 per cent topline growth during the current fiscal, as it has strong orders in all its business. The company believes its...

TVS-E net jumps to Rs 3 cr.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Chennai, June 29 - TVS Electronics has reported a net profit of Rs 3.04 crore for the quarter ended March 31, 2006 compared to a net profit of Rs 72 lakh for the corresponding...

IOC hopes to complete IBP merger by Dec.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Kolkata, June 29 - IndianOil is expecting the merger of IBP with itself to be completed latest by December Talking to newspersons following the shareholders meeting of IBP Ltd,...

'Blackbelt' in business process mgmt.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Thiruvananthapuram, June 29 - Software Quality Centre, a wholly owned subsidiary of US-based SQC LLC, has expanded its portfolio of services to include business process management...

Satyam Americas' Senior V-P.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Hyderabad, June 29 - Satyam Computer Services has appointed Mr Gary Teelucksingh as the Senior Vice-President of Satyam Americas, constituting Canada, the Caribbean Islands and Latin...

TCS to spend Rs 1,300 cr on capex.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - Tata Consultancy Services expects to spend Rs 1,300 crore in capital expenditure during the current fiscal, Mr Ratan Tata, Chairman, TCS, said, speaking at the...

COAI seeks level playing field on spectrum; dismisses CDMA claims.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - The Cellular Operators Association of India (COAI) today opened up a new front in the ongoing battle for spectrum by shooting off a letter to Communication and...

Sequoia Capital to raise $400-m India fund.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Hyderabad, June 29 - Sequoia Capital is poised to raise a specialised India-focussed equity fund of $400 million within the next two months The Managing Director of Sequoia...

AppLabs to raise $25 m for acquisition.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Hyderabad, June 29 - AppLabs Technologies, independent testing services provider, has zeroed in on an acquisition and plans to raise $25 million to meet its expenses. As a part of...

VSNL plans Rs 1,000-cr capex for current year.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - Videsh Sanchar Nigam Ltd (VSNL) will spend Rs 1,000 crore as capital expenditure in the current year. It could spend an additional Rs 1,000 crore depending on the...

Deadline for telecom FDI norms extended.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - In a breather to telecom companies, the Union Cabinet today gave its approval to extend the deadline by three months for implementing the revised guidelines for...

PC sales cross 5 m units.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi,June 29 - Fuelled by significant consumption in verticals such as telecom, banking, financial services, retail, as well as the e-governance initiatives, the personal...

Aptech in Top 20 list.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - Aptech has been featured in TrainingOutsourcing.com's third annual 'Top 20 Companies in the Training Outsourcing Industry', a list based on evaluations of factors...

Baring to stay invested in MphasiS.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Bangalore, June 29 - Having booked good returns after part-selling its stake in MphasiS BFL in the recently concluded EDS open offer, Baring India Investment Ltd plans to hold on to...

Archies gets passionate about 'Stupid Cupid' chain.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - Archies Ltd is planning to open 25 outlets of its niche retail chain, 'Stupid Cupid', across the country by the end of this financial year. Stupid Cupid,...

Prozone to develop 50 malls over 5 years.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - Prozone Enterprises (P) Ltd, a wholly owned subsidiary of Provogue India, has charted plans to tap the potential in the business of mall development. Prozone...

Eveready charged up over tea, mosquito coil sales.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Chennai, June 29 - 'Kuch Hai Extra,' meaning - something more, is not just the latest catch phrase for Eveready Industries to promote its line of dry cell batteries but also a...

Union Bank pays dividend to Govt.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - Union Bank of India paid Rs 98 crore as dividend to the Government for the fiscal 2005-06, said a press release from the bank. The bank declared a dividend of 35...

Bond market bearish.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - In the bond market, sentiment continued to be bearish ahead of Friday's Federal Open Market Committee meeting Traded volumes were low at a little over Rs 250...

Praj Ind plans industrial biotech foray.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Pune, June 29 - Pune-based Praj Industries Ltd (PIL) is enhancing its R&D capabilities and chalking out a Rs 20-crore expansion plan, including entry into the industrial biotech...

Call rates unchanged.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - Call rates remained unchanged between 5.75 and 5.85 per cent. In the first one-day reverse repo auction under LAF, the Reserve Bank of India received and accepted...

Rupee marginally higher.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - The rupee crept up to 46.29 on Thursday, on dollar sales by exporters. The domestic currency opened at 46.37/38, to close at 46.29. On Wednesday, the rupee ended at...

Cane wars reach flashpoint.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - After slugging it out in western Uttar Pradesh (UP), the sugar daddies have taken their cane wars to the eastern and central parts of the State And this...

BoI, SIDBI tie up to train jewellers.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Coimbatore, June 29 - The 'Star Swarnakar Suvidha Scheme' from the Bank of India stable is actually a loan to jewellery manufacturers in the form of gold, and not cash support ...

NHB keen to make MBS tradable.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Kolkata, June 29 - The country's nascent market for mortgage-backed securities (MBS) may assume bigger proportions if a proposal floated by National Housing Bank (NHB) moves forward...

Discount coupons go the electronic way.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Chennai, June 29 - Giving out discount coupons to customers as a promotional scheme is nothing new. Hutch has added a twist to the concept by making it electronic. The m-coupons, as...

Co-op banks urge PM to restore tax benefits.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - The co-operative banks sector has urged the Prime Minister, Mr Manmohan Singh, to restore the tax benefits that were available to certain cooperative banks under...

Banks see sharp rise in cost of funds.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Bangalore, June 29 - The cost of funds for banks has escalated steeply during the last few weeks as liquidity tightened in the financial markets Banks that attempted to raise...

Now track NHB Residex!
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Kolkata, June 29 - NHB is working out a national housing price index as part of wide-ranging initiatives to improve the primary market for housing finance Christened 'NHB...

Cleartrip Travel to launch portal.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - With promises to iron out travel hassles, Cleartrip Travel Services Pvt Ltd has launched a online travel portal, promoted by the US-based venture capital firms...

Coal linkages for coastal shipment go up marginally.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Kolkata, June 29 - The linkages for coastal shipment of coal for Tamil Nadu Electricity Board and others have been increased, marginally though, for July-September quarter vis-a-vis...

Shriram Transport to pay 20 pc interim.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Chennai, June 29 - Revenues of Shriram Transport Finance Company for 2005-06 increased 145 per cent to Rs 850.23 crore after merger with Shriram Investments Ltd, compared with Rs 346...

Highest volume at Coonoor tea sales.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Coonoor, June 28 - The volume offered for sale at the auctions of the Coonoor Tea Trade Association (CTTA) continues to rise with the catalogue showing a total of 12.2 lakh kg for...

Satnam Overseas claims 51.8 pc share.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - Satnam Overseas Ltd (SOL) claims to have notched up 51.8 per cent value market share in basmati rice sold through modern retail formats. Quoting ACNielsen ORG...

Palmolein, soya oil decline.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - Refined soya oil and RBD palmolein declined marginally on the local edible oil market on Thursday on some offerings amid steady supply. Groundnut oil remained...

Spices export value increases.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Kochi, June 29 - Exports of spices during April-May 2006 increased in value, while it declined in terms of volume Pepper, cardamom (small), ginger, cumin, celery, garlic,...

Spot rubber declines.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Kottayam, June 29 - Physical rubber prices declined further on Thursday on thin volumes, following isolated selling from dealers Buyers from major consuming sectors stayed back...

Bay 'low' misses date once again.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Thiruvananthapuram, June 29 - The 'low' in the making over the Bay of Bengal continued to play spooky with forecasters on Thursday, getting deferred at least by a day, the fourth...

Need to examine demands for edible oil supply thru' PDS.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - Press reports suggest that the Bharatiya Janata Party (BJP) has severely criticised the Government's recent measures to curb the strident price rise in essential...

Surge in wheat imports unlikely despite duty cut.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - The Union Government's decision to slash Customs duty on wheat from 50 per cent to five per cent is unlikely to trigger large-scale imports by private parties...

Qualcomm, Reliance meet ends in stalemate.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, July 29 - A marathon eight-hour meeting on Thursday between the Qualcomm delegation headed by its CEO, Mr Paul Jacobs, and Reliance Communications in Mumbai ended in a...

Carbon credit purchase pact signed.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - The IFC-Netherlands Carbon Facility, a joint initiative of the International Finance Corporation (IFC) and the Dutch Government, signed an emissions reduction...

Decision put off on Bill for airport regulator.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - The Union Cabinet on Thursday deferred a decision on the proposed Bill for setting up the Airport Economic Regulatory Authority (AERA) The proposed regulator...

LIC lends Rs 75 crore to Shriram Transport.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Chennai, June 29 - Life Insurance Corporation recently lent Rs 75 crore to Shriram Transport Finance Company, the company confirmed to Business Line on Thursday An NBFC raising...

Cabinet clears agri innovation project.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - The Union Cabinet on Thursday approved a slew of proposals including a National Agricultural Innovation Project (NAIP), additional funds of around Rs 200 crore...

New mining policy to boost investments.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - The Ministry of Mines will formulate a new National Mining Policy, which will help the country attract domestic and foreign direct investments to the tune of Rs...

UNDP calls for new policies to harness trade, economic growth.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 New Delhi, June 29 - Free trade could benefit the poor of Asia-Pacific if countries adopt bold new policies that harness trade and economic growth to promote well-being, the United...

Value Showcasing: New mantra to boost retail banking.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Banking, insurance and mutual funds products, which were offered as standalones earlier, are now being brought together seamlessly to deliver a holistic package. New value...

Is China a threat, challenge, or strategic partner?
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Despite the recent MoU with Beijing that provides for enhanced economic cooperation and contacts between the armed forces of the two countries, China remains the most destabilising...

UTI Bank to raise Rs 138.4 cr.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - UTI Bank today said it would raise Rs 138.4 crore Tier-II capital through unsecured non-convertible redeemable debentures of Rs 1 lakh each The debentures are...

NHB may offer reverse mortgage for the elderly.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Kolkata, June 29 - The housing finance space in India may soon play host to an altogether new instrument - reverse mortgage. A proposal mooted by National Housing Bank (NHB) has...

Give the farmer a chance.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Death is a daily routine for farmers in the Vidarbha region of Maharashtra and on June 30 the Prime Minister, Dr Manmohan Singh, will be on a tour of compassion to try and mend...

On energy independence.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Almost since he assumed the nation's highest office, the President, Mr A. P. J. Abdul Kalam, has been stressing the vital importance of energy independence. His anxiety about the...

Service tax law.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 The law on service tax in India is one of the worst drafted. At present, more than 90 services fall under the service tax net. But on none of these is the law completely clear....

Farm sector in focus.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 The Prime Minister's proposed Vidarbha tour has also raised much hope. The reasons for farmers' suicides in different regions may differ. But thecommon features are frustration at...

Affirmative action in the US: The simmering debate.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 The affirmative action concept, which has for long triggered a debate in the US, requires positive steps to be taken to provide equal employment opportunity. The action plans are...

Gold, silver decline further.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - Precious metals fell further on the local bullion market on Thursday on continued offerings amid weak overseas market Standard gold prices were down Rs 45 at Rs...

Sharp rise in pepper futures.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Kochi, June 29 - The pepper futures market witnessed a sharp rise in all contracts following increase in international prices and shortage of supply in the global market ...

Dividend for 2 UTI MF schemes.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mangalore, June 29 - UTI Mutual Fund has declared dividends for two of its schemes. According to a press release here on Thursday, UTI-Opportunities Fund has declared tax-free...

SEBI to verify composition of company boards.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - The Securities and Exchange Board of India (SEBI) will look into the composition of board of directors of companies to assess the quality and independence of the...

NIIT Tech up on value buying.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 The NIIT Technologies stock has gained 17.5 per cent since June 15 on value buying. Given the prevailing price, the stock is trading at roughly 7.8x 2007 and 6.2x 2008 estimated...

Orient Paper: Betting on growth.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Orient Paper, which closed at Rs 342.55 on the NSE, has gained 25 per cent since June 15 on hopes that company's three businesses are peaking at this juncture Cement, currently...

New assertiveness.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Scribes in the capital have got it from informal sources in the Prime Minister's Office that Dr Manmohan Singh has finally decided to assert himself. As proof they cite the case of...

BOB AMC plans Fixed Maturity Plan.
June 30, 2006... (From Business Line) from BUSINESS LINE, June 30, 2006 Mumbai, June 29 - BOB Asset Management Company (AMC) plans to launch a new scheme 'Fixed Maturity Plan,' with an investment horizon of short-term ranging from a period of one month...