India Business Insight articles from April 2009

India Business Insight archives from April 2009

INSURANCE SECTOR MAY SHRINK (in 2008-2009).
April 30, 2009... The Managing Director & Chief Executive Officer of ICICI Prudential Life Insurance has stated that the insurance sector will record a decline of 10 percent in 2008-2009 as against an annual growth of 35 percent recorded for the last seven...

LIC EYES TO GROW ASSET SIZE IN THREE YEARS (to Rs14,00,000 crore).
April 30, 2009... Life Insurance Corporation (LIC) is likely to increase its asset size by Rs6,00,000 crore or 75 percent in the next three years. LIC had assets worth Rs8,00,000 crore as on 31 Mar 2008 and expects to increase it to Rs14,00,000 crore in the...

FUTURE GENERALI PLANS INSURANCE FOR GOLD LOAN CUSTOMERS (of Manapuram General Finance & Leasing Ltd).
April 30, 2009... Future Generali has launched an insurance scheme for gold loan customers of Manappuram General Finance & Leasing Ltd. They will be eligible for a life cover of Rs22,222 and accident insurance cover of Rs50,000 per person at a premium of...

GIC TO RAMP US GLOBAL BUSINESS (to achieve target).
April 30, 2009... General Insurance Corporation of India (GIC) plans to target a premium income of Rs15,000 crore by 2015 while it recorded a premium income of Rs9,350 crore in 2007-2008. While international business accounted for 27 percent of its total...

REXAM HTW SIGNS MULTI-CRORE DEAL WITH UBL (for the supply of 330 ml and 500 ml cans).
April 30, 2009... Rexam HTW has entered into a multi-crore supply deal with United Breweries Ltd (UBL) for the supply of 330 ml and 500 ml cans. The company has introduced the first-ever 500 ml cans for beverage packaging in India. The 330 ml and 500 ml cans...

HINDUSTAN COCA COLA TIES UP WITH MANJUSHREE EXTRUSIONS (for the supply of preform tubes).
April 30, 2009... Hindustan Coca Cola Beverages has entered into a three-year tie- up with Manjushree Extrusions of Bangalore to supply preform tubes. As per the tie-up, Manjushree Extrusions will supply PET preforms to the different bottling units and...

GRAHAM PACKAGING PICKS UP STAKE IN INDIAN FIRM (to buy a minority stake in PPI Blowpack of Mumbai).
April 30, 2009... Graham Packaging of the US has decided to buy a minority stake in PPI Blowpack of Mumbai. PPI Blowpack manufactures rigid plastic containers for food, pharmaceuticals and chemicals segment and the fast moving consumer goods market in India....

BOSCH OPENS PACKAGING PLANT TO BOOST SALES AND SOURCING (facility manufactures packaging technology machinery for food and pharmaceutical industry).
April 30, 2009... Bosch Packaging has set up a manufacturing facility in Goa to cater to its increasing number of customers. The facility manufactures packaging technology machinery for food and pharmaceutical industry. It has 80 employees and an...

DUNCANS FORAYS INTO INDIAN SUPER-PREMIUM PACKAGED TEA SEGMENT (launching Duncans Darjeeling Tea and Indian Treasure).
April 30, 2009... Duncans Tea is entering the super premium packaged tea sector through two brands of Darjeeling Tea. The company is launching Duncans Darjeeling Tea and Indian Treasure. Through the two brands, Duncans Tea is planning to garner 5 percent...

UNITED SPIRITS TO ADD 10 NEW BOTTLING PLANTS (in the next 12 months through regional collaborations).
April 30, 2009... United Spirits Ltd has decided to add 10 bottling plants in the next 12 months through regional collaborations. The bottling network of United Spirits Ltd will go up to 84 units across India. The company is planning to add two units in...

INDIAN CONVERTER INSTALLS SECOND LINTEC PRESS (its second Lintec LPM 300 GT press and a Lintec GTDH hot foil stamping and die-cutting machine).
April 30, 2009... Shree Balaji Labels of Delhi has deployed its second Lintec LPM 300 GT press and a Lintec GTDH hot foil stamping and die-cutting machine. The company has been running the first machine for three shifts per day. In view of the increasing...

INDIA TO IMPOSE DUTY ON ALUMINIUM PRODUCTS (to protect the domestic industry from cheap imports).
April 30, 2009... The Government of India is planning to impose safeguard duty on certain aluminium products on the recommendations of the Director General of Safeguards. The move is to protect the domestic industry from cheap imports. The Government of...

ESS DEE TO REOPEN IFL'S HOERA PLANT (by 31 Mar 2009 to make it a profit-making unit).
April 30, 2009... Ess Dee Aluminium is planning to restart India Foils' Hoera facility by 31 Mar 2009. The company intends to turn Hoera plant to a profit-making unit. The unit will cater to the packaging needs of the FMCG sector in accordance with the future...

ITALY INTERESTED IN JOINT VENTURES WITH INDIAN COMPANIES (in agro foods and packaging).
April 30, 2009... Italian companies are keen to form joint ventures with Indian small and medium companies. The companies are negotiating with Indian companies for joint ventures in agro foods and packaging such as pasta making and sorting fruit machines.

DABUR TAKES ON HINDUSTAN LEVER, P&G (introduces packaging variants of its shampoo brand Vatika with specific benefits).
April 30, 2009... Dabur India has introduced packaging variants of its shampoo brand Vatika with specific benefits to compete with leading multinational companies like Hindustan Unilever and Procter & Gamble, which are offering different variants of their...

SEBI CHANGES NORMS FOR IPO ISSUES (timeline for completion of bonus issues has also been reduced).
April 30, 2009... The Securities and Exchange Board of India (SEBI) has amended SEBI Disclosure and Investor Protection (DIP) Guidelines 2000. The amendments include enhancement of the validity period of observations from three months to 12 months for the...

GOVERNMENT MAY NOT EASE NORMS FOR FOREIGN BANKS (Government has reconsidered its stand owing to the prevailing global financial crisis).
April 30, 2009... The Government of India had agreed to allow foreign banks to open 12 branches per year under the World Trade Organisation (WTO) agreement. In the second phase of reforms, issues such as extending national treatment to foreign banks were...

SKS ENTERS INTO Rs200 CRORE SECURITISATION DEAL WITH ICICI BANK (contract is valued at Rs200 crore and allows the bank to purchase loans advanced to weaker sections).
April 30, 2009... SKS Microfinance has entered into a securitisation contract with ICICI Bank. The contract is valued at Rs200 crore and allows the bank to purchase loans advanced to weaker sections. SKS Microfinance as 3.6 million members and the same is...

TATA COMMUNICATIONS TO FORAY INTO SOUTH EAST ASIA, AFRICA (increases its stake in Neotel of Africa to 56 percent jointly with Tata Africa Holdings).
April 30, 2009... Tata Communications plans to enter the markets of South East Asia and Africa through acquisitions and joint ventures. It has increased its stake in Neotel of Africa to 56 percent jointly with Tata Africa Holdings. The company has...

CENTRE TO RAISE TAMIFLU STOCKPILE (by two million dozes).
April 30, 2009... The Government of India plans to raise its stocks of anti- influenza drug Tamiflu by two million dozes. It has stock of one million dozes of the medicine now.

STEEL OUTPUT DECLINES IN MARCH; CEMENT UP 10 PERCENT (steel output at 4.837 mt and cement output at 18.6 mt).
April 30, 2009... India's steel production registered a 2.6 percent dip at 4.837 million tonnes (mt) in Mar 2009 from 4.965 mt in Mar 2008, while cement production grew 10 percent at 18.6 mt (16.89 mt). While steel output was at 53.50 mt for 2008-2009,...

WHEAT ARRIVALS HIGHER AS FARMERS FIND NO MERIT IN STORING (agencies procure about 190 lt of wheat).
April 30, 2009... Farmers are flooding the markets with wheat, as they find no point in holding back the stocks. They also feel that they are unlikely to get more than the minimum support price of Rs1,080 fixed by the Government of India for 2009. Agencies...

CASHEW EXPORTS RISE IN VALUE (at Rs2,950 crore in 2008-2009).
April 30, 2009... India's export of cashew increased in terms of value following higher unit value despite drop in volume in 2008-2009. In terms of value exports were at Rs2,950 crore, a rise of 28.9 percent. In terms of volume it dipped by 5.4 percent to...

ZOOM BID FOR VIZHINJAM TO BE RE-EVALUATED (following the Supreme Court verdict).
April 30, 2009... The Government of Kerala will re-examine the tender documents submitted by Zoom Developers of Mumbai for the proposed container trans shipment terminal at Vizhinjam. This follows the verdict of the Supreme Court. The Rs4,500 crore project was...

MARINE TRAINING INSTITUTE (Planners Group training centre to provide trained manpower to the marine industry).
April 30, 2009... Planners Group International has set up a training institute called Pee Gee Marine Institute Training Centre for providing trained manpower to the marine industry. It will offer training in shipbuilding and ship repairing for three months....

DMRC SERVICES ON 7 MAY 2009 (to commence from 4 am at all stations to facilitate officers on poll duty to reach their polling stations).
April 30, 2009... Delhi Metro Rail Corporation (DMRC) will commence its services at all its stations from 4 am on 7 May 2009, the Election Day, in New Delhi. It has changed the time schedule following the request from the Election Commission to facilitate...

BITS INDIANA SHOWROOM (at Oberon Mall in Kochi to sell exclusive shirts of linen cloth for men).
April 30, 2009... Bits Indiana linen menswear brand showroom has been opened at Oberon Mall in Kochi. It sells exclusive shirts of linen cloth for men costing Rs1,200-5,000. The company also plans to launch linen garments for ladies in the outlet soon.

NUMBER PORTABILITY IN FOUR CIRCLES LIKELY BY SEP 2009 (including Kolkata metro, Andhra Pradesh, Karnataka, and Tamil Nadu).
April 30, 2009... MNP Interconnection Telecom Solutions Pvt Ltd is likely to provide the number portability facilities to the subscribers in four circles by Sep 2009. The circles to be covered include Kolkata metro, Andhra Pradesh, Karnataka, and Tamil Nadu....

COMING OUT OF ITS SHELL (KSCDC introduces value added products like cashew soup in powder form, cashew powder and cashewvita).
April 30, 2009... The Kerala State Cashew Development Corporation's (KSCDC) strategy of introducing value added products is yielding good results. The products introduced comprise cashew soup in powder form, cashew powder, cashewvita, a health drink, and...

GOLD STANDARD (Tanishq launches a pendant with the inscription of the Bhagwad Gita).
April 30, 2009... Tanishq has launched the world's smallest Bhagwad Gita in the form of a pendant. The pendant in one square centimetre comes in six variants and is available at select Tanishq outlets. It has the entire 18 chapters of Gita inscribed in 24k...

HANDY GIZMO (Optoma introduces Optoma Pico PK101).
April 30, 2009... Optoma has introduced the Optoma Pico PK101, a pocket projector costing Rs30,000. The product has the combination of LED technology, Optoma's projector expertise and DLP chip technology of Texas Instruments. The lamp in Pico has 20,000...

SAMSUNG TO INVEST $20 MILLION TO EXPAND CAPACITY (in 2009-2010 at its facility in Noida).
April 30, 2009... Samsung India is planning to enhance capacity at its facility in Noida in Uttar Pradesh in 2009-2010 with an investment of $20 million. It is aiming to achieve $2 billion in sales by growing at 30 percent during the year.

LG TO PUT Rs80 CRORE ON LAUNCHES (across consumer durable, electronics and home appliances categories).
April 30, 2009... LG India is planning to launch new products across consumer durable, electronics and home appliances categories at a cost of Rs80 crore during 2009-2010. LG has earmarked Rs25 crore for total advertising and marketing spends for new products.

DANONE SUBMITS 11 NOCs TO GOVT (including nine from companies belonging to the Wadia group).
April 30, 2009... Groupe Danone of France has submitted 11 no-objection certificates (NOCs) to the Government of India, including nine from companies belonging to the Wadia group. Groupe Danone has hired Amarchand Mangaldas, a law firm, to sort out the legal...

HOTELS BRACE FOR SWINE FLU THREAT (and are educating their employees on the virus that causes the flu).
April 30, 2009... Leading hotel chains in India are planning to increase their hygiene-related measures on account of the outbreak of swine flu in a few countries, especially Mexico. Hotels such as Le Meridien, Leela, Four Seasons, Oberoi, Marriott, Hyatt...

PARAMOUNT CLOSER TO Rs4,000 CRORE DEAL WITH BOEING, AIRBUS (for acquiring a new fleet).
April 30, 2009... Paramount Airways is planning to sign contracts worth Rs4,000 crore with Boeing and Airbus for acquiring a new fleet for its proposed overseas operations. Paramount is India's only full business class airline and is planning to order 10 new...

WABCO, TVS TO DIVEST STAKES IN TWO VENTURES (on account of the slump in the auto sector).
April 30, 2009... The TVS Group is planning to part ways with its joint venture (JV) partner, Wabco of US on account of the slump in the auto sector. The companies have two JV operations in India, Sundaram- Clayton Ltd (SCL) and Wabco-TVS. While Wabco...

BA IN TALKS TO FORGE ALLIANCE WITH INDIAN CARRIERS (without equity investment in Indian airline companies).
April 30, 2009... British Airways (BA) has announced that it is in talks with Indian airline companies to form a possible joint venture (JV) without equity investment in Indian airline companies. Presently, foreign airlines are not allowed to hold equity in...

TITAN SHUTS US TANISHQ STORES (at Chicago and New Jersey on account of slump in demand).
April 30, 2009... Titan Industries Ltd (TIL), a Tata group company, has closed its jewellery retail operations in US, which were being operated under the Tanishq brand. TIL has closed two Tanishq boutiques at Chicago and New Jersey on account of slump in...

LOW-COST AIRLINES TO EXPAND OPERATIONS (through addition of more aircraft and increasing number of flights to various destinations).
April 30, 2009... Low-cost airlines in India are increasing their capacities in the domestic space through addition of more aircraft and increasing number of flights to various destinations. IndiGo has decided to add five new aircraft to its existing 20 by Mar...

BEL EXPLORING BUSINESS AVENUES (such as homeland security, infrastructure, nuclear power instrumentation, energy efficiency and e-governance).
April 30, 2009... Bharat Electronics Ltd (BEL) is planning to enter into diversified fields such as homeland security, infrastructure, nuclear power instrumentation, energy efficiency and e-governance solutions. BEL has signed memorandum of understandings...

LIBERTY MUTUAL, RELIGARE IN JV TALK (for a possible alliance in the non-life insurance space).
April 30, 2009... Liberty Mutual of US, an insurance company, is in talks with Religare Enterprises for a possible joint venture (JV) in the non- life insurance space. Religare already has a life insurance JV with Aegon and Bennett Coleman & Company.

CORE SECTOR GROWTH NUDGES UP (on account of the cement industry, which grew by 10.1 percent).
April 30, 2009... The six core sectors in India grew by 2.7 percent in 2008-2009, compared to 5.9 percent in 2007-2008. The sectors grew by 2.9 percent in Mar 2009 on account of the cement industry, which grew by 10.1 percent (9.3 percent growth in Mar 2008)....

MAYTAS INFRA BOARD OKAYS DEBT RESTRUCTURING (for the benefit of its lenders and the company).
April 30, 2009... The board of directors of Maytas Infra Ltd (MIL) has decided to go ahead with a corporate debt restructuring (CDR) package for the benefit of its lenders and the company. MIL of Hyderabad is an infrastructure company promoted by Mr. Teja...

INDIA INC RAISES $1.1 BILLION THROUGH ECB IN MARCH (including $856 million through the automatic route and $257 million through the approval route).
April 30, 2009... Indian companies have raised $1.11 billion in Mar 2009 through external commercial borrowings (ECBs), both in automatic and approval route. The companies raised $856 million through the automatic route and $257 million through the...

DOT TURNOVER TO BE Rs13,000 CRORE (the biggest non-tax income for the government).
April 30, 2009... The Department of Telecommunication (DOT), Ministry of Telecommunications, Government of India, is expected to contribute Rs13,000 crore towards the government coffers in 2008- 2009. The revenue from DOT is the biggest non-tax income for the...

INDIA CAN EARN $100 BILLION FROM CERS (as around 930 carbon credit projects are lying in the country).
April 30, 2009... The Ministry of Heavy Industries and Public Enterprises, Government of India, has stated that India has the potential to earn $100 billion by certified emission reductions (CERs) trade. According to the ministry, around 930 carbon credit...

ZOOM DEVELOPERS BACK IN VIZHINJAM PORT BID (to participate in the tender process of the Port project).
April 30, 2009... The Council of Ministers, Government of Kerala, has decided to include Zoom Developers Ltd (Zoom) for participating in the tender process of the Rs5,348-crore Vizhinjam Port project in the state. The project is scheduled to come up on a...

HIGH LEASE RENTS FORCE CLOSURE OF PETROL PUMPS IN MUMBAI (in view of the provisions of the Maharashtra Rent Control Act 1990).
April 30, 2009... The coming into force of the provisions of the Maharashtra Rent Control Act 1990 is expected to lead to closure of 253 petrol pumps belonging to Indian Oil Corporation, Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum...

CERC CROSSES SWORD WITH MCX OVER POWER TRADING (stating it has the right to regulate the forward contract in electricity).
April 30, 2009... The Central Electricity Regulatory Commission (CERC) has told the Multi Commodity Exchange (MCX) that it has the right to regulate the forward contract in electricity. However, CERC has not prevented MCX from carrying transactions in...

A THIRD OF COUNTRY'S COAL BASED PLANTS HAVE LESS THAN 7 DAYS OF STOCK (with 17 power projects in a super critical category with coal stocks of less than four days).
April 30, 2009... The Central Electricity Authority (CEA) has stated that 28 out of 78 coal-based power plants in India are operating with less than a week's supply of fuel and are in critical category. CEA has added that 17 power projects are in a super...

CHOOSE OUR MKT OR IRAN'S, US LAWMAKERS TO RIL (as they intend to target foreign companies selling gasoline or other refined petroleum products to Iran).
April 30, 2009... US Senators have moved a bill aimed at penalising companies doing trade with Iran. The senators have told Reliance Industries Ltd (RIL), Shell, Vitol and BP to do business with Iran's $250 billion economy or USA's $13 trillion economy. ...

STAR PLUS CLAWS TO THE TOP (in the Hindi general entertainment segment with 280 group rating points).
April 30, 2009... Star Plus has regained its spot as the leading channel in the Hindi general entertainment segment with 280 group rating points (GRPs) for 18-25 Apr 2009. Colors, the Hindi entertainment channel from Viacom 18 was second for the week with 256...

UTV TO INVEST Rs900 CRORE (including Rs420 crore for producing 35 Hindi movies to be released by 2011).
April 30, 2009... UTV Software Communications (USC) has decided to invest Rs900 crore for its movie production venture, including Rs420 crore for producing 35 Hindi movies to be released by 2011. The company has earmarked Rs230 crore for Hollywood movies. USC...

INDIGO FLIGHT LAUNCHES (from Mumbai to three destinations including Goa, Hyderabad and Kolkata).
April 30, 2009... IndiGo, a private low-cost airline has started three new daily flights from Mumbai to three destinations including Goa, Hyderabad and Kolkata. The addition of the three new destinations increases the company's daily flights to 131 across 17...

JET, SAHARA TOLD TO SETTLE TAX ROW OUT OF COURT (HC will resume hearing on the dispute in the first week of May 2009).
April 30, 2009... The Bombay High Court (HC) has directed Jet Airways (Jet) and Sahara India Commercial Corporation Ltd (Sahara) to settle their dispute over an income tax (IT) liability out of court. The HC will resume hearing on the dispute in the first...

CEAT Q4 NET PROFIT DOWN (even as total income grows by nine percent to Rs2,555.99 crore).
April 30, 2009... Ceat Ltd has posted a loss of Rs16.12 crore for 2008-2009, compared to a profit of Rs148.60 crore in 2007-2008. Ceat's total income grew by nine percent to Rs2,555.99 crore (Rs2,352.30 crore). For Jan-Mar 2009, the company's net profit dipped...

GVK POWER POSTS PROFIT (of Rs107.56 crore for 2008-2009, compared to Rs137.47 crore in 2007-2008).
April 30, 2009... GVK Power & Infrastructures Ltd (GVK) has reported a net profit of Rs107.56 crore for 2008-2009, compared to Rs137.47 crore in 2007-2008. The company's income from operations grew to Rs513.78 crore (Rs469.99 crore). GVK's interest and...

EMAMI Q4 PROFIT DIPS 43% (as consolidated turnover grows by 25.3 percent to Rs231 crore).
April 30, 2009... Emami, a fast moving consumer goods company, has posted 43 percent year-on-year decline in profit for Jan-Mar 2009 at Rs19 crore. The company's consolidated turnover grew by 25.3 percent to Rs231 crore. For 2008-2009, Emami's consolidated...

STERLING BIO Q1 NET DIPS (while total income grows to Rs351.20 crore).
April 30, 2009... Sterling Biotech Ltd has reported 13.36 percent decline in net profit for Jan-Mar 2009 at Rs47.72 crore, compared to Rs55.08 crore in Jan-Mar 2008. The company's total income grew to Rs351.20 crore (Rs271.22 crore).

CITIBANK LOWERS PLR BY 0.25% TO 14.75% (from the earlier 15 percent with effect from 1 May 2009).
April 30, 2009... Citibank has announced that it will reduce its prime-lending rate (PLR) by 0.25 percent to 14.75 percent from the earlier 15 percent with effect from 1 May 2009. The bank has stated that the new reduction in PLR is in line with the prevailing...

ICICI BANK TO RAISE $1 BILLION (to cover half its liabilities for its global operations).
April 30, 2009... ICICI Bank Ltd (ICICI) has announced its intention to raise $1 billion in 2009-2010 to cover half its liabilities for its global operations. According to the bank, it has liabilities of $2 billion, for which it will arrange $1 billion...

OBC PLANS TO EXPAND (by opening offices in Hong Kong and UK).
April 30, 2009... Oriental Bank of Commerce (OBC) is planning to open offices in Hong Kong and UK. OBC, a public sector bank, opened its first overseas branch in Mar 2009.

SBOP REGISTERS GROWTH (as total business grows to Rs1,03,967 crore as of 31 Mar 2009).
April 30, 2009... The State Bank of Patiala (SBP) has stated that it is eligible for classification as an A class bank after its total business crossed Rs1 lakh crore for 2008-2009. SBP's total business grew to Rs1,03,967 crore as of 31 Mar 2009, including...

SBI LIFE PREMIUM UP 33% (while gross written premium (GWP) rose by 28 percent to Rs7,212 crore).
April 30, 2009... SBI Life's new business annualised premium equivalent (APE) rose by 33 percent in 2008-2009 to Rs4,896 crore as compared to 2007- 2008. The company's gross written premium (GWP) rose by 28 percent to Rs7,212 crore. APE is a standard...

ABFSG REVENUES UP (in 2008-2009 at Rs4,763.4 crore).
April 30, 2009... The Aditya Birla Financial Services Group (ABFSG) has posted 36 percent growth in consolidated revenue for 2008-2009 at Rs4,763.4 crore, as compared to Rs3,498.9 crore in 2007-2008. ABFSG has moved up to the top five positions in India in...

CREDIT LOSSES HIGH IN INDIA, SAYS STUDY (at Rs3,420 per active card per year, as compared to Rs3,070 in USA).
April 30, 2009... A study on credit card data has revealed that credit losses are high in India as compared to USA and Australia. The study was conducted by Edgar, Dunn & Company (EDC) in association with MasterCard. The credit losses in India are high at...

SIMBHAOLI CONTRACTS SUGAR (from Brazil at less than $330 per tonne).
April 30, 2009... Simbhaoli Sugars Ltd (SLL) has contracted to import 40,000 tonnes of raw sugar from Brazil at less than $330 per tonne. The company expects to process the sugar from the third week of Jun 2009.

INDIA TO IMPORT RAW SUGAR (as sugar production is estimated to fall to 14.7-14.8 million tonne).
April 30, 2009... India is expected to import around three million tonnes of raw sugar for Oct 2008-Sep 2009 (the sugar season runs from Oct to Sep). According to Indian Sugar Mills Association, sugar production is estimated to fall to 14.7-14.8 million...

GOVT PLANS TO REVIVE IMPORT OF EDIBLE OIL (as oilseed production is projected to decline by 12.7 percent for 2008-2009).
April 30, 2009... The Government of India is planning to import seven million tonnes (MT) of edible oil and three MT of pulses for 2008-2009. The public sector undertakings (PSUs) are expected to import 1.5 MT of edible oil, while the balance would be imported...

COIR EXPORTS GROWTH REMAINS FLAT IN 08-09 (on account of dependence on the US markets).
April 30, 2009... The Coir Board of India has estimated coir exports to have increased by 1.2 percent by volume and by 5.2 percent in value terms during 2008-2009, as compared to 2007-2008. Coir exports grew marginally at 1,89,858 tonnes (1,87,566 tonne),...

ESTER INDUSTRIES EXPANDS TO BEAT THE SLOWDOWN (as it decided to double production of its poly film by 2011- 2012).
April 30, 2009... Ester Industries Ltd (Ester) of New Delhi has decided to double production of its poly film by 2011-2012 with an investment of Rs216 crore. The company intends to fund the expansion through a mix of internal accruals, debt and equity. Ester...

DIRECT TAX MOP-UP RISES 19% (to Rs3,12,800 crore as on 18 Mar 2009).
April 30, 2009... The direct tax collections for 2008-2009 increased by 19 per cent to Rs3,12,800 crore as on 18 Mar 2009. Sectors such as Fast Moving Consumer Goods, Banking and Information Technology were the main contributors. According to the revised...

LIC INVESTS Rs40,000 CRORE IN EQUITIES (during Apr 2008-Feb 2009).
April 30, 2009... Life Insurance Corporation (LIC) of India has invested Rs40,000 crore in various equities during Apr 2008-Feb 2009. LIC invested in three large companies that included State Bank of India, Indian Overseas Bank and Cummins India.

MF INDUSTRY RECOVERS AS INCOME FUNDS ROCK (and AUM increases by 23% in Jan-Mar 2009).
April 30, 2009... The Indian Mutual Fund (MF) Industry has recovered after a sharp fall in Oct-Nov 2008. Assets Under Management (AUM) of fund houses have increased by 23 percent in Jan-Mar 2009. This has lead to rise in income category of funds, which...

SYNIVERSE FOR MNP IN INDIA (receives licence for Zone-1).
April 30, 2009... The Department of Telecommunications, Government of India, has selected Syniverse Technologies as one of the two companies to implement Mobile Number Portability (MNP) services in India. Syniverse has received the licence for Zone-1 that...

ELITECORE PARTNERS WITH AKSH (to provide IPTV services to BSNL subscribers in 20 cities).
April 30, 2009... Elitecore has secured a contract from Aksh Optifibre to provide Internet Protocol Television (IPTV) services to subscribers of Bharat Sanchar Nigam Ltd (BSNL) in 20 cities. Aksh Optifibre provides IPTV services to BSNL subscribers in...

TELENOR-UNITECH DEAL GOES THROUGH (and Telenor of Norway acquires 67.25% stake in Unitech Wireless).
April 30, 2009... Telenor of Norway has concluded its acquisition deal with Unitech Wireless to acquire a controlling stake via fresh equity infusion. Telenor acquired 67.25 per cent stake in Unitech Wireless.

AT&T INDIA'S MANAGED INTERNET SERVICES (to offer end-to-end managed Internet connectivity option for customers).
April 30, 2009... AT&T India has started its Global Managed Internet Service (GMIS) in India. Companies can utilise GMIS to link multi-national sites through direct, high-speed Internet connection. AT&T GMIS offers an end-to-end managed Internet connectivity...

BIGGEST ROLL-OUT OF 3G MOBILE BROADBAND (by BSNL).
April 30, 2009... Bharat Sanchar Nigam Ltd (BSNL) will roll out 3G services across 11 leading cities. BSNL will utilise Ericsson's WCDMA/HSPA technology to launch 3G services. In due course, BSNL plans to launch 3G services in over 700 cities. Ericsson is...

PHILIPPINES' TELECOM FIRM EYES ACQUISITIONS IN INDIA (with investments that could go to as high as $2 billion).
April 30, 2009... The Telecom firm, Philippine Long Distance Telephone Company (PLDT) of Philippines is looking at acquisitions in India with investments that could go to as high as $2 billion. PLDT is the largest listed company in the Philippines with a...

INDIA TO BECOME THE FASTEST GROWING TELECOM MARKET: ERICSSON (as it foresees addition of 10 million new phone customers every month).
April 30, 2009... Telecom equipment vendor, Ericsson of Sweden, is expecting India to become its fastest growing market as it foresees addition of 10 million new phone customers every month. Ericsson offers services to various telecom service providers...

STERLITE TO BUY ASARCO FOR $1.7 BILLION (with the aim of becoming a diversified global copper producer).
April 30, 2009... Sterlite Industries India Ltd (Sterlite) has entered into an agreement to acquire Asarco LLC of US, a mining, smelting and refining company for $1.7 billion. Sterlite is a subsidiary of Vedanta Resources Plc of London. Sterlite intends to...

TATA TIES UP WITH PSBs TO PROMOTE NANO (at branches of banks as well as at 329 sales points of Tata Motors Ltd).
April 30, 2009... Tata Motors Ltd (TML) has tied up with public sector banks (PSBs) to promote its low cost car, Nano. TML has tied up with PSBs such as Punjab National Bank, Corporation Bank, Bank of India and Central Bank of India for promoting the car. ...