Business Line articles from May 2011

Business Line archives from May 2011

Rice unchanged in lukewarm trade.
May 31, 2011... Byline: Our Correspondent The rice market remained unchanged on Monday on lackadaisical trade. With trading being lukewarm, prices of aromatic and non-basmati rice ruled flat, said Mr Praveen Kumar, a rice miller. The market sentiment is...

Parsvnath Developers' consolidated net drops over 19% in Q4.
May 31, 2011... Byline: Our Bureau Parsvnath Developers on Monday reported over 19 per cent fall in the consolidated net profit for the March quarter, and said absence of new launches dented fourth quarter earnings. The company posted net profit of Rs 28...

EdServ Q4 profit jumps 86% on higher revenues.(Financial report)
May 31, 2011... Byline: Our Bureau The Chennai-based education services company EdServ has reported a 86 per cent jump in its net profit to Rs 11.52 crore for the fourth quarter ended March 31, 2011 as against Rs 6.18 crore for the corresponding quarter last...

Today's Pick.
May 31, 2011... Jyoti Structures (Rs 84.2) We recommend a buy in the stock of Jyoti Structures from a short-term perspective. It is seen from the charts of the stock that it had been on a medium-term downtrend from its January peak of Rs 140, until it found...

Capgemini to hire 8,000 for delivery centres this year.
May 31, 2011... Byline: Adith Charlie Looks to expand into smaller cities French IT services company Capgemini will hire up to 8,000 people for its delivery operations in India this year, a top company official said. This is in line with the company's...

Intel may roll out 3D transistor next year.
May 31, 2011... Byline: Our Bureau Intel's first three-dimensional transistor - Intel Tri-Gate - is expected to be rolled out in the Indian market next year, the Intel South Asia Director (Sales), Mr R Ravichandran, said. Disclosing this to presspersons...

Karnataka sees global agriculture meet fetching Rs 50,000-crore investments.
May 31, 2011... Byline: Our Bureau Karnataka is targeting Rs 50,000 crore worth of investment in the forthcoming "Global Agricultural and Horticulture Investors Meet 2011." The Chief Minister, Mr B.S. Yeddyurappa, while speaking at a press meet organised...

Slack offtake drags soyabean oil.
May 31, 2011... Byline: Our Correspondent Soyabean oil ruled sluggish on weak foreign markets and slack domestic demand. Soya refined oil declined as Malasiyan palm oil futures turned weak. With decline in demand at the higher rate, soya refined oil saw...

Natco Pharma's Q4 profits fall.(Financial report)
May 31, 2011... Byline: Our Bureau Natco Pharma Ltd's consolidated net profit decreased 4.3 per cent at Rs 14.38 crore in the fourth quarter ended March 31, 2011, compared with Rs 15 crore in the year-ago period. The total revenue also decreased at Rs 115...

TAKE Solutions net profit rises 68%.(Financial report)
May 31, 2011... Byline: Our Bureau TAKE Solutions Ltd has reported a consolidated net profit of Rs 20 crore for the fourth quarter ended March 31, 2011, a 68 per cent growth over the same period last year. Revenue increased by 51 per cent to Rs 151 crore. ...

Aditya Birla Nuvo plans Rs 589-cr capex by FY13.
May 31, 2011... Byline: Our Bureau Aditya Birla Nuvo plans to undertake a capital expenditure of Rs 589 crore by the end of FY13. The company plans to enhance operating margins by maximising operating efficiency and passing on the rise in input and fuel...

DoT, security agencies divided on steps to check mobile data services snooping.
May 31, 2011... Byline: Thomas K Thomas Matter may be referred to panel of Secretaries The Department of Telecom and security agencies are at loggerheads on how to deal with the issue of snooping into highly encrypted data mobile services such as those...

Chennai to host four-day auto expo from June 23.
May 31, 2011... Byline: Our Bureau Chennai is set to host Auto World Expo 2011. The four-day expo at Chennai Trade Centre, scheduled to begin on June 23, is organised by Benchmark Exhibitions India and supported by the Federation of Automobile Dealers...

Germany to pull the plug on nuclear power by 2022.
May 31, 2011... Byline: Vidya Ram The problems at the Fukushima plant in Japan earlier this year led countries across the world to re-evaluate the way they handled nuclear material, but nowhere has the impact been quite as strong as Germany. Less than a year...

Sugar turns bitter on higher June sale quota.
May 31, 2011... Byline: Our Correspondent Spot sugar prices on the Vashi wholesale market declined by Rs 10-15 a quintal on Monday, despite support of fresh retail demand. Naka rates were steady. Tender rates lose Rs 10-15 on selling pressure. The...

Hopes revive on Haldia Petro with 'change of climate' in Bengal.
May 31, 2011... Byline: Our Bureau 'Showcase' project mired in boardroom, court-room battles Even Mr Purnendu Chatterjee could not recollect when was the last time he addressed the press, as he did on Monday, for the joint venture Haldia Petrochemicals...

Zylog Q4 revenues surge 47%.(Financial report)
May 31, 2011... Byline: Our Bureau Zylog Systems Ltd., a Chennai-based leading technology solutions company and software service provider, reported a 13 per cent increase in net profit to Rs 34 crore for the fourth quarter ended March 31, 2011 against Rs 30...

Input cost slows M&M profit.(Financial report)
May 31, 2011... Byline: Parvatha Vardhini C Margin pressures are expected to keep profitability in check With profits coming in much lower than expectations, markets gave a thumbs down to Mahindra & Mahindra's March quarter numbers. Even as the...

MTS launches half paise per second tariff plan.
May 31, 2011... Byline: Our Bureau Sistema Shyam TeleServices Ltd (SSTL) has introduced a new plan that allows subscribers to make local and STD calls at half a paisa a second. MTS subscribers will be able to call users of any other mobile operator, anywhere...

Raheja Hospital to sport new look, set to have more facilities.
May 31, 2011... Byline: Our Bureau With more beds and specialities, a new-look S L Raheja Hospital will be in place this November. An associate of Fortis Hospitals, the 100-odd bed S L Raheja Hospital will be scaled up to about 250 beds, besides expansion...

Turmeric falls despite lower arrivals.
May 31, 2011... Byline: Our Correspondent Spot turmeric prices decreased Rs 200 a quintal on Monday despite lower arrivals. "Some traders, and even farmers, expected prices to increase on Monday. But they were disappointed by Rs 200-500 a quintal fall in...

Suryajyoti Mills scouts for partner in Europe for garment business.
May 31, 2011... Byline: Amit Mitra Suryajyoti Spinning Mills is talking to some European companies specialising in garment washing technology for a tie-up, as it plans to get into garment production this fiscal. "Only a few Indian firms have specialised...

Sets up testing centre for MasterCard.
May 31, 2011... Byline: Our Bureau Mahindra Satyam has set up a Centre of Excellence (CoE) for testing for MasterCard in Kaula Lumpur, Malaysia. The centre would provide support for global testing for MasterCard business applications besides application...

Greater Bombay Co-op Bank on automation drive; launches e-lobby.
May 31, 2011... Byline: Our Bureau Grocery shop-owners, vegetable vendors, owners of small restaurants and neighbourhood paanwallas, among others, can walk into this bank's lobby, deposit their day's cash earnings into a machine and get their account...

Novelis exports, higher realisations aid sales growth.
May 31, 2011... Byline: Adarsh Gopalakrishnan Copper and aluminium major Hindalco's 19 per cent growth in consolidated sales for the full year ending FY-11 was aided by superior realisations from its aluminium products and higher shipments by subsidiary...

Bengal sets up expert panel to formulate land policy.
May 31, 2011... Byline: Our Bureau The West Bengal government on Monday set up a two-member expert committee to formulate a new land policy. Ruling out any forcible acquisition of land, the Chief Minister, Ms Mamata Banerjee, said the committee will focus of...

Japan's Kokuyo to buy controlling stake in Camlin.
May 31, 2011... Byline: Our Bureau Will pay Rs 366 crore for 50.3% stake, including 20% open offer After weeks of speculation and denial from the Camlin management, Kokuyo Co of Japan will pick a 30.3 per cent stake in Camlin Ltd and will make an open...

IVRCL bags Rs 894-cr orders.
May 31, 2011... Byline: -- Our Bureau IVRCL Ltd has announced that the water, buildings, power and transportation divisions of the company have bagged orders worth Rs 893.66 crore, including work for Sardar Sarovar Narmada Nigam Ltd, Tamil Nadu Water Supply...

Mahindra Satyam may hire former women employees.
May 31, 2011... Byline: Our Bureau The middle level women IT professionals who had quit Mahindra Satyam are likely to be offered jobs again. The Hyderabad-based company has introduced a lateral recruitment initiative christened "Starting Over." "The...

Depositors' body wants RBI to set floor, not ceiling, rate on savings bank account.
May 31, 2011... Byline: Our Bureau The Reserve Bank of India should determine the floor rate for the savings bank (SB) deposit interest rate without prescribing any ceiling, according to the All India Bank Depositors Association (AIBDA). To protect the...

India Cements Q4 profit up on better prices.(Financial report)
May 31, 2011... Byline: Our Bureau Sluggish sales hit full-year performance In spite of a jump in the profit in the fourth quarter of 2010-11, thanks solely to better prices (because sales-volumes were still sluggish), India Cements reported an 80 per...

Medica chain to expand bed capacity.
May 31, 2011... Byline: Abhishek Law Medica Superspecialty Hospital, a fully owned subsidiary of Kolkata-based Medica Synergie Pvt Ltd, is planning to invest Rs 300 crore to expand its bed capacities across the northern and eastern regions in less than two...

Royal Orchid Hotels' PAT up at Rs 12.22 cr.
May 31, 2011... Byline: Our Bureau Royal Orchid Hotels Ltd said its consolidated profit after tax grew 75 per cent to Rs 12.22 crore year-on-year (Rs 6.98 crore) for the year ended March 31, 2011. Revenues grew 27 per cent to Rs 154.74 crore (Rs 121.86 crore...

Etihad launches frequent flyer scheme for SME biz.
May 31, 2011... Byline: Our Bureau Aiming to attract small and medium enterprises (SME) clients on their airlines, Etihad Airways announced the launch of BusinessConnect, a loyalty programme specifically for SME Businesses. The scheme is open to any...

Central Bank, Vijaya Bank to hire around 4,000 this year.
May 31, 2011... Byline: S. Bridget Leena Central Bank of India and Vijaya Bank have chalked out their recruitment plans for the current financial year and will take in about 2,500 and 1,500 employees respectively. Mr S. Sridhar, Chairman and Managing...

Overseas units lift Sundram Fasteners' net.
May 31, 2011... Byline: Our Bureau Sundram Fasteners' consolidated profits for 2010-11 were higher than standalone profits. This has happened for the first time for any year in the company's history, and indicates that the (overseas) subsidiaries have...

Leather goods warehouse gutted.
May 31, 2011... Goods worth lakhs of rupees were gutted after a major fire enveloped a warehouse of leather goods in a densely populated area here on Monday, an official said. "It was a major fire that could be brought under control only after four hours of...

M&M Q4 net grows on increased sales volumes.(Financial report)
May 31, 2011... Byline: Our Bureau High commodity prices and a muted GDP growth rate are some of the challenges outlined by Mr Anand Mahindra, Vice-Chairman of the Mahindra Group, giving the business outlook for the year ahead. Better sales volumes helped...

Torrent Pharma profit falls 5%.
May 31, 2011... Byline: -- Our Bureau Torrent Pharmaceuticals Ltd's net profit was down 5 per cent while its sales grew by 16 per cent in the financial year ended March 31, 2011, compared to the corresponding period last fiscal, the company said here. In the...

NCC Q4, FY11 profits drop.(Financial report)
May 31, 2011... Byline: Our Bureau Construction company NCC Ltd has recorded a significant drop in the company's net profit at Rs 50.37 crore for the fourth quarter ended March 31, 2011 on a consolidated basis as against Rs 91.94 crore for the corresponding...

Jet Airways joins Arab Air Carriers Organisation.
May 31, 2011... Byline: Our Bureau Jet Airways announced on Monday that it is the first Indian airline to join the Arab Air Carriers Organisation (AACO) as a partner airline. The partnership which was simultaneously announced in Beirut and Mumbai will...

Sundaram Finance Q4 net profit jumps 81%.
May 31, 2011... Byline: Our Bureau Growth could be at a lower trajectory this year as automotive sector slows down Sundaram Finance, the Chennai-based non-banking finance company, has reported an 81 per cent increase in standalone net profit to Rs 98...

Improved refining margins boost BPCL net 33%.
May 31, 2011... Byline: Our Bureau On the back of better refining margins and higher subsidy from the Government, Bharat Petroleum Corporation Ltd (BPCL) on Monday reported a 33 per cent increase in its net profit for the fourth quarter ended March 31, 2011....

Karnataka lifts ban on mines not under Apex Court survey.
May 31, 2011... Byline: K. Giriprakash Several mines in north Karnataka, which supply high-grade iron ore to major international and domestic steel companies, have now been given a fresh lease with the State Government allowing them to resume operations and...

Battery-powered bikes will be available for hire.
May 31, 2011... Byline: Our Bureau Electrotherm to rent out YoBykes in Pune Electrotherm Group intends to peddle the concept of renting out battery-powered bikes, riding on the concept of the once-widely-prevalent hired bicycles. The group, which was...

EIH posts Rs 64-cr standalone net.(Financial report)
May 31, 2011... Byline: Our Bureau EIH Ltd reported standalone net profit for the year to March 31, 2011, at Rs 64.54 crore against Rs 57.23 crore in the previous year. But it registered a consolidated net loss of Rs 5.23 crore against a profit of Rs...

Sterlite emerges lone bidder for Mormugao iron ore terminal.
May 31, 2011... Byline: N.K. Kurup Sterlite Group, which controls the iron ore producer and exporter - Sesa Goa, is the lone bidder for the proposed Rs 1,100-crore iron ore export terminal at Mormugao Port. A senior port official told Business Line that...

Retail credit growth may slow down in FY12: CARE.
May 31, 2011... Byline: Our Bureau As focus shifts to corporate lending The likely shift in focus to corporate lending vis-A-vis retail by some public sector banks coupled with the rising rate scenario could retard retail credit growth to some extent in...

Hindalco consolidated net down on higher input cost, derivative losses.
May 31, 2011... Byline: Our Bureau Hindalco Industries, an Aditya Birla Group company, on Monday announced 37 per cent drop in consolidated net profit at Rs 2,456 crore (Rs 3,925 crore) during the financial year ended March 31, 2011. The dip in profit was...

RINLAspending RsA84 cr on ongoing research projects.
May 31, 2011... Byline: Our Bureau The Visakhapatnam Steel Plant (RINL) is spending Rs 84 crore on several ongoing research projects and is engaged in developing new products for the market, according to a press release. The plant, withAthe...

Minimum support price of most kharif crops may go up 15-17%.
May 31, 2011... Byline: Harish Damodaran To compensate farmers for surge in cultivation costs The Centre is set to announce significant hikes, ranging from 15 to 17 per cent, in the minimum support prices (MSP) of most crops to be planted during the...

Higher sales volumes offset costlier inputs for M&M; Q4 net jumps.
May 31, 2011... Byline: Our Bureau High commodity prices and a muted GDP growth rate are some of the challenges outlined by Mr Anand Mahindra, Vice-Chairman of the Mahindra Group, giving the business outlook for the year ahead. Better sales volumes helped...

RBI must continue with anti-inflation stance, says panel.
May 31, 2011... Byline: Our Bureau All members of the Reserve Bank of India's Technical Advisory Committee (TAC) unanimously suggested that the central bank should continue with the anti-inflationary stance of monetary policy. According to the Committee,...

Competition forces Paradip port to improve efficiency, cut costs.
May 31, 2011... Byline: Santanu Sanyal Increasing competition at the doorstep (read commissioning of Dhamra port) has prompted Paradip Port Trust to launch a multi-pronged strategy to attract more traffic. The essence of the strategy is to improve...

DCB gets RBI nod for 10 new branches.
May 31, 2011... Byline: Our Bureau Development Credit Bank has received approval from the RBI for 10 new branches. The bank plans to utilise these branches to purse retail deposits, micro, small and medium enterprises businesses, said a press release from...

Balmer Lawrie full-year net income crosses Rs 2,000 cr.
May 31, 2011... Byline: -- Our Bureau Turnover of the public sector enterprise Balmer Lawrie & Co Ltd has crossed the Rs 2,000-crore mark for the first time. It reported 2010-11 net income at Rs 2,050 crore, registering a 23 per cent growth. The net...

Selling pressure continues to pull down pepper futures.
May 31, 2011... Byline: G.K. Nair Pepper futures on Monday fell sharply on bearish reports, sentiments coupled with selling pressure. All the contracts witnessed sharp fall. Karnataka was offering black pepper at Rs 265 a kg anywhere in India and hence...

2G scam: Pitroda, Montek among experts to assist & advise JPC.
May 31, 2011... Byline: K.R. Srivats The Advisor to the Prime Minister, Mr Sam Pitroda, and the Deputy Chairman of Planning Commission, Mr Montek Singh Ahluwalia, are to assist the Joint Parliamentary Committee (JPC), probing the irregularities in telecom...

Sun Pharma to spend Rs 450 cr on research.
May 31, 2011... Byline: Our Bureau Hopes to grow 28-30% this year Drug-maker Sun Pharma will spend a consolidated Rs 450 crore, about six per cent of its sales in the present financial year, on research and development, Mr Dilip Shanghvi, Sun's Chairman...

Trade unions plan protest against petro-product price hikes.
May 31, 2011... Byline: Our Bureau All central trade unions, including the Congress-backed Indian National Trade Union Congress (INTUC), will organise a countrywide protest on June 23 against rising petro-product prices. The move to hike diesel, kerosene and...

Essar Retail to pipe down on auto fuels.
May 31, 2011... Byline: T.E. Raja Simhan & R. Ravikumar Will push mobile, steel sales Essar Retail, which plans to rapidly ramp up its mobile and steel retailing, intends to go slow on retailing of automotive fuels, at least until such time as the...

Equifax launches new microfinance bureau in India.
May 31, 2011... Byline: Our Bureau Equifax Credit Information Services Private Ltd (ECIS) announced it is launching a microfinance credit bureau. ECIS is a joint venture between Equifax and six Indian financial institutions -- Bank of Baroda, Bank of India,...

Suven Life profit more than doubles.(Financial report)
May 31, 2011... Byline: -- Our Bureau Suven Life Sciences' net profit more than doubled at Rs 3.5 crore in the fourth quarter ended March 31 compared with Rs 1.58 crore in the year-ago period. The total revenue of the Hyderabad-based company increased 27.6...

Kallam Spinning Mill posts higher net on cost cutting.
May 31, 2011... Byline: Our Bureau Kallam Spinning Mills Ltd has declared 18 per cent dividend for 2010-11 financial year, according to a press release. It said the announcement was made at the board meeting held here on Monday. The company achieved...

IOC net dips 30% on subsidised fuel.
May 31, 2011... Byline: Our Bureau Selling auto and cooking fuel at government-controlled prices has led Indian Oil Corporation Ltd reporting a 30 per cent drop in its net profit for the fourth quarter of FY 2011. IOC's net profit stood at Rs 3,905.16...

Shree Ganesh looks for jewellery brands in Italy, UAE.
May 31, 2011... Byline: Our Bureau Shree Ganesh Jewellery House Ltd plans to acquire an Italian jewellery brand and a chain of branded jewellery stores in the United Arab Emirates (UAE) for Rs 1,100 crore. The acquisitions are expected to be complete in...

2G: Delhi High Court Reserves Order on Kanimozhi's Bail Plea
May 31, 2011... Byline: Our Bureau Cineyug Director Karim Morani sent to jail The Delhi High Court on Monday reserved its order on the bail plea of DMK MP Ms Kanimozhi and the Kalaignar TV Managing Director, Mr Sharad Kumar, both accused in the 2G...

Backpack sales piggyback on GenY.
May 31, 2011... Byline: Bindu D. Menon It's a back-to-school kind of scene with backpacks. Working women, bikers and IT/ITES professionals are giving a fillip to the backpack market in India. Sure enough, luggage makers in the organised and unorganised...

Cricket overdose.
May 31, 2011... One of the oldest and best known laws of economics is called the law of diminishing marginal utility. It says that the more you have of something, the less likely you are to want some more of it. Obvious though it may sound, it is extraordinary...

ONGC net drops 26% in Q4 on higher subsidy outgo.
May 31, 2011... Byline: Our Bureau ONGC's net profit for the fourth quarter of FY 11 dropped 26 per cent on back of higher subsidy sharing. ONGC Chairman and Managing Director, Mr A K Hazarika, said lower fourth quarter profit is because of higher...

Imported spices turn costlier on supply dip.
May 31, 2011... Byline: G K Nair The cheapest spice, cassia also known as cinnamon, has become a costly material these days on short supply. In the past couple of months, cassia prices have risen by nearly 30 per cent in the domestic market, according to...

BS Transcomm posts Rs 51-cr net.(Financial report)
May 31, 2011... Byline: -- Our Bureau BS Transcomm Ltd, engaged in turnkey solutions for power and telecom transmission systems, has recorded a net profit of Rs 51 crore for the year ended March 31, against Rs 24 crore for previous year, thereby registering...

Arvind Vadra is new export body chief.
May 31, 2011... Byline: Our Bureau Mr Arvind Vadra has been elected as the new chairman of Export Promotion Council for Handicrafts and Mr K.L. Ramesh has been appointed as vice-chairman. Mr Vadra, of Leeza International, Moradabad, is an exporter of...

Standards council finds 34 ads misleading.
May 31, 2011... Byline: Our Bureau The Advertising Standards Council of India (ASCI) has found 34 advertisements, including those of several leading brands, misleading for various reasons. TVS Motor Co, L'Oreal, Procter and Gamble and Hyundai are in the...

Letters.
May 31, 2011... Ill-gotten wealth This refers to "Wealth created illegally may be declared as national assets" ( Business Line, May 30). It looks like the subject of containment of corruption has made the Government sit up and take note of this huge hoard...

Nalco FY11 profit jumps 31% on better realisations.(Financial report)
May 31, 2011... Byline: Our Bureau National Aluminium Company Ltd (Nalco) has posted a net profit of Rs 1,069.30 crore, up 31 per cent over the previous year's Rs 814.22 crore, and the sales turnover amounted to Rs 5,958.98 crore against Rs 5,054.73 crore in...

Kochi getting ready to woo more business travellers.
May 31, 2011... Byline: C.J. Punnathara Investments in the hospitality sector in Kochi have risen as the city has transformed from a hub for commodity business to a tourist destination to, now, a centre for business conventions. Around 16 new and...

Spot rubber gains on short covering.
May 31, 2011... Byline: Aravindan Spot rubber strengthened on Monday. According to sources, the market improved on fresh buying and short covering following smart gains on the National Multi Commodity Exchange. Monsoon has set in and it might worsen the...

Colgate Q4 net declines marginally.
May 31, 2011... Byline: Our Bureau Colgate Palmolive India Ltd reported a marginal decline in its net profit, at Rs 114.06 crore for the fourth quarter ended March 31, compared with Rs 114.39 crore for the same period last year. Net sales of the company...

New directorate for criminal investigations created in CBDT.
May 31, 2011... Byline: Our Bureau The Centre has created a new Directorate of Income-Tax (Criminal Investigations) in the Central Board of Direct Taxes (CBDT) with immediate effect. To be known in short as DCI, the new directorate will seek and collect...

CCI order against NSE: A challenge for SEBI?
May 31, 2011... Byline: Kripa Raman A whole snarl of regulatory complications has been thrown up with the Competition Commission of India finding the National Stock Exchange guilty of unfair trade practices in currency derivatives trading, say legal experts....

Madhubala's timeless beauty.
May 31, 2011... Byline: RASHEEDA When the publishers of the book -- Hay House India -- sent the customary alert about its forthcoming publications, a senior colleague in Business Line, Delhi, put it very eloquently in his short and succinct response to me: "...

Govt to give priority to rural development.
May 31, 2011... Byline: Our Bureau State's financial position sound, says Chief Minister The Chief Minister, Mr B.S. Yeddyurappa, claimed that the State's financial position was sound and agricultural growth in the last three years had risen from 1.6 per...

Cement unit inaugurated.
May 31, 2011... Byline: - Our Bureau Forza cement factory, a 200-tpd capacity Portland slag cement manufacturing unit promoted Vibgyor group, was inaugurated at Bishnupur on Monday, according to a company release. Built at a cost of Rs 5 crore, the factory...