India Business Insight articles from February 2007, page 5

India Business Insight archives from February 2007

VISA POWER SIGNS MOU IN GUJARAT (to set up a 1,000-megawatt imported coal-based electricity unit at Nigada at a cost of Rs4,500 crore).
February 27, 2007... (From India Business Insight) The Government of Gujarat and Visa Power Ltd, a Visa group company, have signed a memorandum of understanding (MoU) for setting up a 1,000- megawatt (4x250 megawatts) imported coal-based power unit at Nigada...

POWER PLANTS IN JHARKHAND (are being set up by Jindal Steel & Power Ltd and Ispat Industries Ltd).
February 27, 2007... (From India Business Insight) The Government of Jharkhand has signed 2 memoranda of understanding (MoUs) with Jindal Steel & Power Ltd for setting up a 2,500-megawatt plant and to increase the steel plant capacity from 5-6 million tonnes...

BADARPUR ENERGY TO SUPPLY POWER AT Rs3.75 PER UNIT (from the 6-megawatt electricity plant it is setting up at Badarpurghat in Assam).
February 27, 2007... (From India Business Insight) Badarpur Energy Pvt Ltd (BEPL) is setting up a 6-megawatt power plant at Badarpurghat in Assam, which will use husk, a major by-product of the rice industry, as fuel. BEPL will supply electricity to...

CORR-RAD LAUNCHES ANTI-CORROSIVE TAPES (for external protection of underground mild steel pipes against corrosion).
February 27, 2007... (From India Business Insight) Corr-Rad Engineering & Marketing Ltd of Mumbai has launched anti- corrosive tapes conforming to American Water Works Association C-214 standard for external protection of underground mild steel pipes against...

BARAK VALLEY CEMENTS TO EXPAND CLINKER CAPACITY (with an investment of Rs10.5 crore).
February 27, 2007... (From India Business Insight) Barak Valley Cements Ltd of Assam intends to invest Rs10.15 crore to increase its clinker capacity from 420 tonnes per day to 550 tonnes per day and cement grinding capacity from 460 tonnes per day to 600...

250-BED HOSPITAL AT PONDA IN GOA (being constructed by the Goa State Infrastructure Development Corporation at Tisk at an estimated cost of Rs35 crore).
February 27, 2007... (From India Business Insight) The Goa State Infrastructure Development Corporation is constructing a 250-bed hospital at Tisk in Ponda, Goa, at an estimated cost of Rs35 crore. The project is likely to be completed by 2009. The...

SHAILY TO SPEND Rs30.65 CRORE IN 3 PHASES (for expansion).
February 27, 2007... (From India Business Insight) Shaily Engineering Plastics Ltd (SEPL) has chalked out a Rs30.65-crore expansion plan that will be implemented in 3 phases. SEPL manufactures precision injection moulded plastic components,...

DOLLEX PLANS SECOND UNIT AT NANDED (with an investment of Rs20 crore).
February 27, 2007... (From India Business Insight) Dollex Industries Ltd (DIL) is setting up its second ethanol unit at Nanded in Maharashtra, as part of its 3-year expansion plan. DIL is a manufacturer of potable alcohol and rectified spirit. The plant...

JB CHEMICALS TO SET UP PHARMACEUTICAL SEZ (at Panoli in Gujarat).
February 27, 2007... (From India Business Insight) JB Chemicals & Pharmaceuticals Ltd (JBCPL) and the Government of Gujarat have signed a memorandum of understanding (MoU) to develop a pharmaceutical special economic zone (SEZ) on 130 hectares of land at...

GUJARAT TO BUILD INDIA'S FIRST 7-STAR FLOATEL (the Government of Gujarat and Seaways Maritime Ltd of Singapore sign a memorandum of understanding).
February 27, 2007... (From India Business Insight) The Government of Gujarat and Seaways Maritime Ltd (SML) of Singapore have signed a memorandum of understanding for a Rs5,000-crore mega tourism project. SML will invest Rs1,700 crore to set up India's first...

INDIAN INFORMATION TECHNOLOGY SECTOR SCORES 10-ON-10 (according to the Strategic Review 2007 of the National Association of Software & Services Companies).
February 27, 2007... (From India Business Insight) The National Association of Software & Services Companies (Nasscom), in its Strategic Review 2007, has said that the revenues of the Indian information technology (IT) industry have grown 10-fold from $4.8...

INTEX INTRODUCES ECO-FRIENDLY LCDs (the 3 models are 1404 W, 1504 W and 1704 W).
February 27, 2007... (From India Business Insight) Intex Technologies (India) Ltd (ITIL) has launched 3 models of ultra- slim and lightweight range of thin film transistor (TFT)-liquid crystal display (LCD) monitors - 1404 W (14.1-inch), 1504 W (15.4-inch)...

LEXMARK APPOINTS CYBERSTAR AS NATIONAL DISTRIBUTOR (intends to expand its business in India).
February 27, 2007... (From India Business Insight) Lexmark intends to expand its business in India. With this aim, it has appointed Cyberstar Infocom as its national distributor in India. Cyberstar is also a distributor for products of Hitachi, Creative,...

REDINGTON TO OPEN REPAIR CENTRES FOR LCDs (in Delhi, Kolkata, Chennai and Mumbai).
February 27, 2007... (From India Business Insight) Redington India intends to set up 4 service and repair centres (SRCs) in Delhi, Kolkata, Chennai and Mumbai. The company claims to be the first to start this kind of an SRC in India. According to the...

MEDI ANALYTIKA SIGNS DEAL WITH ISE SRL (to supply equipment for drug discovery research).
February 27, 2007... (From India Business Insight) Medi Analytika India Private Ltd (MAIPL), a company dealing in equipment for the drug discovery and pharmaceutical industry has signed a collaboration agreement with ISE Srl of Italy. MAIPL will supply...

ORCHID SIGNS DEAL WITH BIOVITRUM (to undertake medicinal chemistry work to support certain drug discovery activities of Biovitrum).
February 27, 2007... (From India Business Insight) Orchid Chemicals and Pharmaceuticals Ltd (OCPL) of Chennai has entered into an agreement with Biovitrum of Sweden. The agreement will allow OCPL to undertake medicinal chemistry work to support certain drug...

ALTANA PHARMA OPENS STATE-OF-THE-ART RESEARCH INSTITUTE (in Mumbai with an investment of 10 million euros).
February 27, 2007... (From India Business Insight) Atlanta Pharma AG has opened a contemporary institute for chemical and clinical research in Mumbai with an investment of 10 million euros. The institute is equipped to synthesise up to 3,000...

GLOBAL PHARMA INC SET TO OUTSOURCE TO INDIA (the $118-million CRO industry in India to grow to $380 million by 2010).
February 27, 2007... (From India Business Insight) India is expected to emerge as a clinical research off-shoring hub for the world's leading pharmaceutical companies. The clinical research outsourcing (CRO) industry in India, which is now worth about...

KGaA AND GLENMARK SIGN COLLABORATION AGREEMENT (involving GPSA's DPPIV inhibitor, GRC 8200, indicated for the treatment of type-two diabetes).
February 27, 2007... (From India Business Insight) Merck KGaA has signed a collaboration agreement with Glenmark Pharmaceuticals S A (GPSA) of Switzerland. The collaboration involves GPSA's DPPIV inhibitor, GRC 8200, which is indicated for the treatment...

AUROBINDO TO ACQUIRE SENOR ORGANICS (Senor Organics manufactures APIs and intermediaries).
February 27, 2007... (From India Business Insight) The board of Aurobind Pharma has approved the acquisition of Senor Organics Pvt Ltd (SOPL) of Hyderabad, which manufactures active pharmaceutical ingredients (APIs) and intermediaries. The 1.5-acre...

GLENMARK MANUFACTURES FIRST BATCH OF CROFELEMER API (Napo Pharmaceutical will use the API in a pivotal phase-III trial in US).
February 27, 2007... (From India Business Insight) Glenmark Pharmaceuticals Ltd has successfully produced crofelemer active pharmaceutical ingredient (API). Napo Pharmaceutical will use the API in a pivotal phase-III trial in the US for treating chronic...

ZYDUS CADILA FILES ITS FOURTH IND (for its new molecular entity ZYO1, a novel drug for treating obesity).
February 27, 2007... (From India Business Insight) Zydus Cadilla has filed an investigational new drug (IND) application with the Drug Controller General of India for its new molecular entity ZYO1. ZYO1 is a novel drug candidate for treating obesity and...

VWR TO EXPAND BASE IN INDIAN SUB CONTINENT (has opened its subsidiary at Bangalore to cater to the rising needs of the Indian Pharmaceutical segment).
February 27, 2007... (From India Business Insight) VWR International Inc of US has opened a subsidiary in Bangalore to cater to the rising needs of the Indian pharmaceutical industry. The company has also started its operations in Mumbai. Currently the number...

GENOVA, LEE PHARMA TO DEVELOP CALCITRIOL (claimed to be the first molecule extracted from a plant source in the world).
February 27, 2007... (From India Business Insight) Genova Biotechniques (GB) of Hyderabad has introduced natural Calcitriol in collaboration with Lee Pharma. The natural calcitriol, branded as Lesoris, is claimed to be the first molecule extracted from a...

ALCHEM LABORATORIES LAUNCHS JEEVANPRASH (a low-calorie and sugar free ayurvedic health supplement).
February 27, 2007... (From India Business Insight) The Health Food Division of Alkem Laboratories has launched a tasty, low-calorie and sugar free ayurvedic health supplement, Jeevanprash.The company also plans to launch a range of health food products for...

PANACEA BIOTEC TO DEVELOP DENGUE AND JE VACCINES (to complete phase-II trials of the dengue vaccine by mid- 2008).
February 27, 2007... (From India Business Insight) Panacea Biotec has developed a dengue vaccine effective against four stains of the virus. The company plans to complete the phase- II trials of the dengue vaccine by mid-2008. The studies on JE vaccine...

AGILENT TECHNOLOGIES ESTABLISHES CENTRE OF EXCELLENCE (opens a Life sciences and Chemical Analysis Centre of Excellence in Bangalore).
February 27, 2007... (From India Business Insight) Agilent Technologies Inc is expanding its operations in India. It has opened a Life sciences and Chemical Analysis Centre of Excellence in Bangalore. The company will also set up a campus near Manesar in...

CHENNAI DRUG CONTROL AUTHORITY TO SET UP INFORMATION CENTRE (to impart authentic information to the public about the availability of essential drugs and medicines).
February 27, 2007... (From India Business Insight) Drug Control Authority of Chennai proposes to set up a drug information centre in its premises. The centre will become operational by Dec 2006 and will provide authentic information to the public about...

MERCK, ADVINUS ENTER DRUG DISCOVERY ALLIANCE (to develop 2 target programmes in diabetes, obesity, hypertension and cholesterol-induced cardio vascular diseases).
February 27, 2007... (From India Business Insight) Merck & Co of US and Advinus Therapeutics of Bangalore have signed a drug discovery and clinical collaboration agreement. The companies have agreed to work together to develop 2 target programmes in...

VEDIC LIFESCIENCES SIGNS AGREEMENT WITH SANTERRA (to serve North America in the segments of natural and nutraceutical products).
February 27, 2007... (From India Business Insight) Vedic Lifesciences and Santerra Pharmaceuticals have forged an alliance to serve North America in the segments of natural and nutraceutical products. The 2 companies will conduct toxicity studies, double...

ALKEM LAUNCHES JEEVANPRASH (a low-calorie, sugar-free, Ayurvedic health supplement claimed to be safe for diabetic patients and pregnant women).
February 27, 2007... (From India Business Insight) Alkem Laboratories (AL) has introduced a low-calorie, sugar-free, Ayurvedic health supplement under the brand name Jeevanprash. The product is claimed to be safe for diabetic patients and for women...

USV ACQUIRES RIGHTS FOR UNIQUE PATENTED PRODUCTS (has been marketing Triple Cal A in India since 2005 with sales of Rs16 crore).
February 27, 2007... (From India Business Insight) USV has acquired the worldwide distribution rights for Triple A Cal and other unique patented products of Fujix Corporation. USV has been marketing Triple Cal A in India since 2005 with sales of Rs16 crore....

PFIZER'S UNDER-TRIAL HIV DRUG AVAILABLE (Maraviroc is undergoing Phase-III clinical trials).
February 27, 2007... (From India Business Insight) Pfizer proposes to set up a multinational expanded access programme to make the investigational CCR5-tropic HIV-1 antagonist Maraviroc available to AIDS patients. Maraviroc, which is undergoing Phase-III...

MORE SOPS FOR HOME LOANS LIKELY AS DEMAND SHRINKS (to 30% in 2006-2007 from 35-40% in 2005-2006; the Government proposes to raise the tax concession ceiling to Rs2,00,000).
February 27, 2007... (From India Business Insight) The Ministry of Finance, Government of India, proposes to hike the tax concession ceiling to Rs2,00,000 from Rs1,50,000. The banks have raised the home loan rates by 50-75 basis points following the series of...

SATELLITE CRASH HITS DTH ROLLOUT (of the projects of Anil Ambani, the Bharti group, Videocon, Sun and Doordarshan).
February 27, 2007... (From India Business Insight) Indian companies that were planning to launch direct-to-home (DTH) projects will be affected following the crash of the launch vehicle carrying the NSS-8 satellite. The projects of Anil Ambani (Blue Magic),...

MAHARASHTRA TO KEEP ALL OF RATNAGIRI POWER (at Rs3 per unit to overcome the electricity shortage in the State).
February 27, 2007... (From India Business Insight) The Government of Maharashtra intends to buy all the power generated by the upcoming Ratnagiri electricity project at Rs3 per unit to overcome the power shortage in the State. The Group of Ministers has...

WS SEES NEW FACILITY TO SPUR EXPORTS (proposes to establish a plant at a cost of Rs108 crore to produce sub-station insulators).
February 27, 2007... (From India Business Insight) WS Industries (India) Ltd (WSIL) proposes to set up a facility at a cost of Rs108 crore to produce sub-station insulators. It aims to export 90 percent of the products manufactured in the facility that will...

PANTALOON TO INVEST Rs1,000 CRORE IN KERALA (for setting up 12 retail stores in 9 cities and a mall covering an area of 4,00,000 square feet at Palakkad).
February 27, 2007... (From India Business Insight) Pantaloon proposes to invest Rs1,000 crore to expand its business in Kerala. It intends to open 12 retail stores in 9 cities of Kerala. It has tied up with the Pevees group to set up a mall covering...

FREEZE ENTERPRISE VALUE AS BASE PRICE FOR STAKE SALE: ESSAR (has asked its new partner Vodafone in the telecommunication joint venture Hutchinson Essar).
February 27, 2007... (From India Business Insight) The Essar group has asked its new partner Vodafone in the telecommunication venture Hutchinson Essar to freeze the enterprise value at $18.8 billion as base price for any future stake sale by the Essar...

GOVERNMENT MAY ALLOW AIRLINES TO IMPORT 10% ATF DIRECTLY (though airlines have asked for direct import of 100% of their requirements of aviation turbine fuel).
February 27, 2007... (From India Business Insight) Though airlines have asked the Government of India to allow import of 100 percent of their needs of aviation turbine fuel (ATF) directly, the Government of India may allow only 10 percent direct import of...

NIC TO PROVIDE GROUP MEDICLAIM POLICY, IN TALKS WITH TINA AMBANI (for giving medical insurance cover to senior citizens of Harmony, an initiative of the Dhirubhai Ambani Memorial Trust).
February 27, 2007... (From India Business Insight) National Insurance Company (NIC) is in talks with Tina Ambani to provide a group mediclaim policy that will give medical insurance cover to senior citizens of Harmony, an initiative of the Dhirubhai Ambani...

DICGC SIMPLIFIES SETTLEMENT PROCEDURES (for depositors of banks under liquidation).
February 27, 2007... (From India Business Insight) The Deposit Insurance & Credit Guarantee Corporation (DICGC) has simplified settlement procedures for the depositors of banks under liquidation. It offers insurance cover to the depositors' money up to...

GOVERNMENT TO CREATE Rs800-CRORE SPECIAL PURPOSE FUND FOR COFFEE (to help the sick Indian coffee industry; the Government of India will give Rs400 crore and coffee growers the rest).
February 27, 2007... (From India Business Insight) The Government of India intends to create a special purpose fund of Rs800 crore to help the ailing Indian coffee industry. While the Government of India will contribute Rs400 crore, the coffee growers...

APEDA SEEKS Rs1,000 CRORE FOR INDIAGAP CERTIFICATION (standards that will enhance the quality image of Indian products).
February 27, 2007... (From India Business Insight) The Agricultural & Processed Food Products Export Development Authority (APRDA) has developed a set of certification standards called India good agricultural practices (GAP) that are to be adopted by farmers...

PFC TO SET UP INDIA POWER FUND (with an initial corpus of Rs1,000 crore).
February 27, 2007... (From India Business Insight) The Power Finance Corporation (PFC) will be one of the major lending institutions for the electricity sector during the capacity addition of more than 66,000 megawatts during Eleventh Five-year Plan period...

RBI MOVES TO PREVENT HOARDING OF FOODGRAINS (the bank has asked the NBFCs to report on exposure to large borrowers).
February 27, 2007... (From India Business Insight) The Reserve Bank of India (RBI) has initiated action to prevent misuse of funds for hoarding of foodgrains. The bank has asked large non-banking finance companies (NBFCs) to submit a report on their...

PM WANTS EXPERT GROUP TO REVIEW FDI IN RETAIL (the Government of India intends to consider the suggestions of the group).
February 27, 2007... (From India Business Insight) The Prime Minister of India has asked the Industry Ministry to set up an expert group to review foreign direct investment (FDI) in retail sector. The group is expected to carry out a cost- benefit analysis to...

BUDWEISER BEER TO BE MADE IN INDIA (Anheuser-Busch has entered into a tie-up with Crown Beers).
February 27, 2007... (From India Business Insight) Anheuser-Busch International is planning to produce Budweiser beer in India from May 2007. The company has entered into a 50:50 joint venture with Crown Beers Ltd of Hyderabad. A brewmaster of Anheuser will...

JCB INDIA PLANS TO ROLL OUT TWO MORE MODELS (the company expects to announce a growth of 20-30 percent for 2007).
February 27, 2007... (From India Business Insight) JCB India is planning to launch two more models in India in Apr- May 2007. The company has expanded the capacity of its plant at Ballabhgarh with an investment of Rs100 crore. JCB is planning to expand its...

STERLITE BAGS PGCIL CONTRACTS (for supply of power transmission conductors).
February 27, 2007... (From India Business Insight) Sterlite Optical Technologies Ltd has bagged contracts worth Rs150 crore from Power Grid Corporation of India Ltd (PGCIL). The company will manufacture and supply power transmission conductors to PGCIL. ...

WOCKHARDT TARGETS $1-BILLION REVENUE BY 2009 (the company intends to invest Rs400 crore for capacity expansion).
February 27, 2007... (From India Business Insight) Wockhardt Ltd expects to announce revenues of $1 billion by 2009. The company has started manufacturing insulin at its plant in Aurangabad. Wockhardt intends to invest Rs400 crore to expand its capacities to...

WOCKHARDT HOSPITALS PLANS IPO (to expand its hospitals business).
February 27, 2007... (From India Business Insight) Wockhardt Hospitals Ltd is planning to float an initial public offer (IPO) in 2007 to expand its hospitals business. The company is managing groups of super-speciality hospitals in India. Wockhardt has...

JAIPRAKASH HYDRO TIES UP WITH POWERGRID (to set up power transmission system).
February 27, 2007... (From India Business Insight) Jaiprakash Hydro Power Ltd (JHPL) has set up a joint venture with Power Grid Corporation of India Ltd (PGCIL). The joint venture, Jaypee Powergrid Ltd, will set up power transmission system for the Karcham...

RANBAXY LOSES FLOMAX PATENT CASE (the company intends to appeal in the Court of Appeals).
February 27, 2007... (From India Business Insight) Ranbaxy Laboratories Ltd (RLL) has lost its patent case on its generic version of Flomax in the US District Court of New Jersey in favour of Astellas Pharma Inc of Japan. The company intends to appeal...

BOMBAY RAYON ACQUIRES STAKE IN UK COMPANY (the company will make DPJ Clothing its foreign subsidiary).
February 27, 2007... (From India Business Insight) Bombay Rayon Fashions Ltd has acquired a stake of 70 percent in DPJ Clothing Ltd of the UK for $2.9 million. The company will make DPJ Clothing its foreign subsidiary. DPJ Clothing is engaged in wholesale...

SKF INDIA LAUNCHES POWER TRANSMISSION PRODUCTS (the company intends to invest Rs100 crore to expand its facilities).
February 27, 2007... (From India Business Insight) SKF India Ltd has launched power transmission products like timing belts, chains, couplings, sprockets and pulleys in India. The company intends to source the products from its global vendors. SKF is...

LANCOR LOOKS TO EXPAND IN SOUTHERN PROPERTY MARKET (the company intends to launch a residential project in Bangalore).
February 27, 2007... (From India Business Insight) Lancor G:Corp Properties Ltd (LGPL) is planning to expand its property business into other States in South India. The company is a 50:50 joint venture between Lancor Holdings Ltd and G:Corp. LGPL is...

PANEL MOOTS PRUNING OF INTEREST RATES FOR DABHOL (the panel has asked PFC to extend a loan of Rs500 crore).
February 27, 2007... (From India Business Insight) The Empowered Group of Ministers has recommended to reduce the interest rates for Dabhol power project. The 2,144-megawatt power project is facing a cost increase of Rs2,600 crore over the estimated revival...

INDIANOIL PETRONAS TO HANDLE MORE LPG THROUGH HALDIA (Haldia port is expected to complete the second jetty in Feb- Mar 2007).
February 27, 2007... (From India Business Insight) IndianOil Petronas Pvt Ltd (IPPL) is planning to handle 50 percent more liquefied petroleum gas (LPG) through Haldia port. Haldia port is expected to complete the second oil jetty in Feb- mar 2007. IPPL...

HIND COPPER NET TO CROSS Rs400 CRORE (the company is planning to expand its operations).
February 27, 2007... (From India Business Insight) Hindustan Copper Ltd (HCL) expects to announce a net profit of over Rs400 crore for 2006-2007. The company is planning to expand its operations. HCL has found big copper deposits in Rajasthan and Haryana. ...

BUDGET MAY PRUNE EXCISE DUTY ON MAN-MADE FIBRE (the Government of India is likely to extend the TUFS by three more years).
February 27, 2007... (From India Business Insight) The Government of India is likely to reduce the excise duty on man-made fibre products in the Budget of 2007-2008. The Government is also likely to extend the Technology Upgradation Fund Scheme (TUFS) by...

INDIA TO GET LANKA OIL BLOCK WITHOUT BIDDING (Sri Lanka intends to invite bids for remaining blocks).
February 27, 2007... (From India Business Insight) The Government of Sri Lanka is planning to allocate an oil block each to India and China without going through the bidding process. The Government has identified eight blocks in the Gulf of Mannar for...

STEEL PRICES SET TO GO UP AFTER BUDGET (foreign steel companies have increased the prices by 3-5 percent).
February 27, 2007... (From India Business Insight) Steel prices in India are expected to go up after the Budget of 2007-2008. Foreign steel companies have increased the prices by 3- 5 percent. Arcelor Mittal has increased the prices of flat steel...

CCS INFO BAGS Rs1.71-CRORE ORDERS (the company has bagged an order of Rs1.5 crore from Neyveli Lignite Corporation).
February 27, 2007... (From India Business Insight) CCS Infotech Ltd has bagged orders worth Rs1.71 crore for the supply of software, personal computers and servers. The company has bagged an order of Rs1.5 crore from Neyveli Lignite Corporation. CCS Infotech...

ZENSAR ARM BUYS US FIRM FOR $24.9 MILLION (the company expects to announce revenues of $100 million by 2008).
February 27, 2007... (From India Business Insight) Zensar Technologies Inc (USA) has entered into an agreement with SOA Software Inc to acquire ThoughtDigital LLC of the US for $24.9 million. The company has set up a special purpose vehicle, Zensar TD LLC,...

CELL COMPANIES SWITCH OFF OVER 1.5 MILLION SUBSCRIBERS (the Government has asked the operators to re-verify their subscriber base).
February 27, 2007... (From India Business Insight) Cellular operators in India have switched off over 1.5 million pre-paid subscribers in the last few months. The Government of India has asked the operators to re-verify their subscriber base by 31 Mar 2007....

PERSISTENT TO ADDRESS DESIGN OUTSOURCING (the company expects to announce turnover of Rs350 crore for 2006-2007).
February 27, 2007... (From India Business Insight) Persistent Systems Pvt Ltd (PSPL) is planning to enter into the Design for Manufacture space for outsourcing. The company is talking to a number of customers in the US. PSPL has received capital of $19...

YATRA.COM TIES UP WITH GLOBAL CARRIERS (the company expects to announce revenues of $120 million for 2007).
February 27, 2007... (From India Business Insight) Yatra.com has entered into tie-ups with over 50 international airlines to offer global ticketing solutions. The company expects to announce revenues of $120 million for 2007. Yatra.com has set up a...

CHRYSCAPITAL EYES NEW GROWTH SECTORS FOR INVESTMENT (the company had shown interest to fund Air Deccan).
February 27, 2007... (From India Business Insight) ChrysCapital is planning to enter into new sectors for investment. The company had shown interest to fund Air Deccan. ChrysCapital is focussing on financial services, ITES/BPO, manufacturing,...

RELIANCE AMONG 30 PROJECTS CLEARED IN KARNATAKA (the Government has cleared projects with investment of over Rs28,000 crore).
February 27, 2007... (From India Business Insight) The Government of Karnataka has cleared 30 projects with total investment of over Rs28,000 crore. The Government has cleared the proposal of Reliance Industries Ltd worth Rs12,000 crore for city gas...

PETROLEUM PRODUCTS ACCOUNT For MAJOR PART OF MANGALORE EXCISE COLLECTION (the Commissionerate has collected Rs3,220.89 crore in the first 10 months of 2006-2007).
February 27, 2007... (From India Business Insight) The Mangalore Central Excise Commissionerate has collected a major portion of Central Excise duty from petroleum products. The Commissionerate has collected Rs3,220.89 crore in the first 10 months of...

BIO-TECH CROPS: GOVT R&D CENTRES TO TAKE ON PRIVATE PLAYERS (new crop variety will help reduce production costs for farmers).
February 27, 2007... (From India Business Insight) A transgenic variety of Narma cotton containing the boll worm killer, Bt-gene, is awaiting clearance from the Genetic Engineering Approval Committee (GEAC) of the Ministry of Environment, Government of...

TWO INDIA-FOCUSED PE FUNDS TO RAISE $300 MILLION (have tied up with IFC to raise a part of the fund).
February 27, 2007... (From India Business Insight) Two India-focused private equity (PE) funds, Aquarius Fund and VenturEast Fund, plan to raise a total of $300 million to invest as growth capital and in early stage companies. The companies have tied up...

FOREX RESERVES RISE $4 BILLION (to $188.912 billion during 10-16 Feb 2007).
February 27, 2007... (From India Business Insight) India's foreign exchange reserves have increased by $3.834 billion to $188.912 billion during 10-16 Feb 2007 ($185.078 billion on 9 Feb 2007). This is due to FII inflows of about $182 million into the Indian...

RUPEE WEAKENS AGAINST DOLLAR (close the day at 44.23 on 23 Feb 2007).
February 27, 2007... (From India Business Insight) The rupee increased by about two paise to 44.23 against the US dollar on 23 Feb 2007, as compared to 44.25 on 22 Feb 2007. The rupee traded in the range of 44.27-44.29 during the day on 23 Feb 2007....

BOND PRICES RISE BY 25 PAISE (on 23 Feb 2007 with inflation declining to 6.63 percent during 4-10 Feb 2007).
February 27, 2007... (From India Business Insight) Bond prices increased by about 25 paise on 23 Feb 2007, as inflation declined to 6.63 percent during 4-10 Feb 2007. The 8.07 percent 10-year 2017 paper opened at Rs100.65 (7.97 percent YTM) and closed the...

CALL RATES DROP (to 6.20-6.40% on 23 Feb 2007 as against 6.40-6.50% on 22 Feb 2007).
February 27, 2007... (From India Business Insight) Call rates declined to 6.20-6.40 percent on 23 Feb 2007, as against 6.40-6.50 percent on 22 Feb 2007. In the first three-day reverse-repo auction under LAF, the Reserve Bank of India (RBI) received and...

CLICKS OVERTAKE BRICKS AT ICICI BANK (transactions done through the Internet and ATM exceed those done at the bank's branches).
February 27, 2007... (From India Business Insight) The transactions done by ICICI Bank's customers through the Internet and ATM, during 2005-2006, have exceeded those done at the bank's branches. The share of the transactions done over the Internet, to the...

ICICI BANK RAISES RETAIL LOAN RATES BY 50 BPS (while keeping the benchmark advance rate unchanged at 14.75%).
February 27, 2007... (From India Business Insight) ICICI Bank has increased its interest rates on retail loans by 50 basis points, while keeping the benchmark advance rate unchanged at 14.75 percent. The fixed rate on home loans is now at 13 percent per...

HDFC BANK SIGNS MOU WITH TATA PIPES (to offer credit facilities to farmers across India to buy pipes).
February 27, 2007... (From India Business Insight) HDFC Bank has signed a memorandum of understanding (MoU) with Tata Pipes to offer credit facilities to farmers across India for buying pipes. Under the MoU, HDFC Bank will use Tata Pipes' national...

INFRASTRUCTURE LOANS: BANKS WANT PROMOTERS TO STAY PUT (banks and FIs insist on management continuity as a precondition for lending to infrastructure projects).
February 27, 2007... (From India Business Insight) Banks and financial institutions (FIs) have started insisting on management continuity as a precondition for lending to infrastructure projects. According to bankers, the covenant implies that the...

RBI TO PAY GRADED INTEREST ON CRR BALANCES (held by banks above the minimum three percent).
February 27, 2007... (From India Business Insight) The Reserve bank of India (RBI) has decided to pay graded interest on eligible CRR (cash reserve ratio) balances held by banks above the minimum three percent. RBI will pay 3.5 percent interest on eligible...

BMW INDIA, ICICI BANK SIGN PACT (for offering financing solutions to BMW's customers).
February 27, 2007... (From India Business Insight) BMW India, a luxury car manufacturer, and ICICI Bank have signed an agreement to offer financing solutions to BMW's customers. Under the agreement, BMW's customers will be provided with a range of...

RAILWAYS FREIGHT EARNINGS UP 16.6% IN APRIL-JAN (to Rs34,083.49 crore in Apr 2006-Jan 2007).
February 27, 2007... (From India Business Insight) Indian Railways (IR) has registered an increase in its freight traffic revenues by 16.6 percent at Rs34,083.49 crore for Apr 2006-Jan 2007 (Rs29,231.71 crore for Apr 2005-Jan 2006). In terms of tonnage, IR...