India Business Insight articles from February 2012

India Business Insight archives from February 2012

REXAM PLC, HTWL TO INVEST IN INDIA'S BEVERAGE CAN MARKET (to produce 33 and 50 cubic-litre cans initially).
February 29, 2012... Rexam PLC and Hindustan Tin Works Limited (HTWL) are investing Rs220 crore for setting up a new high-speed beverage can manufacturing plant at HTWL's site in Taloja, near Mumbai. It will produce 33 and 50 cubic-litre cans initially. Later it...

REDINGTON INDIA TO BE OBJET'S MASTER DISTRIBUTOR IN INDIA (to distribute Objet's 3D printing systems and products across India).
February 29, 2012... Redington India has been appointed by Objet Asia Pacific Limited as its master distributor in India. Redington will distribute Objet's 3D printing systems and products across India. Objet Asia Pacific is a subsidiary of Objet Limited.

KABRA GLOUCESTER SHOWCASES FIRST FIVE-LAYER FILM PLANT (with installed capacity of 4,000 tonnes per annum and an output of 600 kilograms per hour).
February 29, 2012... Gloucester Engineering Company using designs and technology of Kolsite Group has produced the first five-layer fully loaded 2,200 mm film line. It has an installed capacity of 4,000 tonnes per annum and an output of 600 kilograms per hour. It is...

RAJASTHAN VENTURES INVESTS IN PR PACKAGING (funds to be utilised for widening the customer base and enhancing capacity).
February 29, 2012... Rajasthan Venture Capital Fund has invested Rs15 crore in the second round of funding of PR Packaging Limited of Faridabad. The funds will be utilised for widening the customer base by enhancing capacity, exploring new opportunities and widening...

PACKAGING MATERIALS (Tetra Pak is setting up a new packaging material unit at Chakan, near Pune).
February 29, 2012... Tetra Pak is setting up a new packaging material unit at Chakan, near Pune, to meet the target of 5 billion packages by 2013. It will have a capacity of 8.5 billion packages per annum with a potential to increase capacity to 16 billion...

DANFOSS INDIA OPENS PSYCHROMETRIC LAB IN CHENNAI (lab designed with state-of-the-art facilities for refrigeration and air-conditioning division in Chennai).
February 29, 2012... Danfoss India has opened the first psychrometric test lab in India for its refrigeration and air-conditioning division in Chennai. The lab is designed with state-of-the-art facilities like testing equipment with existing and new refrigerants,...

AUTODESK TO SIGNIFICANTLY EXPAND ITS PRESENCE IN INDIA (through an open distribution network in India for AutoCAD LT 2012).
February 29, 2012... Autodesk Asia has plans to expand its channel partner ecosystem through an open distribution network in India for AutoCAD LT 2012. AutoCAD LT 2012 is a drafting and detailing software for data compatibility, reliability and 2D drafting...

INDIA A CRITICALLY IMPORTANT MARKET FOR GKN DRIVELINE (opens an 8,000-square metre facility in Pune).
February 29, 2012... GKN Driveline supplies automotive driveline components and systems in India. The company has posted revenue of more than 15 percent during the last five years. The company has opened an 8,000-square metre facility in Pune with an investment...

HAVELLS STRENGTHENS BRIC FOOTPRINT (partners with Shanghai Yaming Lightning Co to provide energy and cost-efficient lighting products for China).
February 29, 2012... Havells India has partnered with Shanghai Yaming Lightning Co to provide energy and cost-efficient lighting products for Global Sylvania and local China markets. The 50:50 joint venture (JV) named Jiangsu Havells Sylvania Yaming Lightning Co...

IDEX CORPORATION OPENS A NEW FACILITY IN SAVLI, VADODARA (with an initial investment of $4 million).
February 29, 2012... Idex Corporation has launched a fluid and metering facility in Savli, Vadodara. The facility will design, produce and distribute positive displacement pumps and flow meters, compressors, injectors and other fluid handling pump modules and...

TATA POWER SIGNS AGREEMENT TO ACQUIRE 51% BP ALTERNATIVE ENERGY HOLDINGS EQUITY IN TATA BP SOLAR (the transaction requires prior approval from the Reserve Bank of India).
February 29, 2012... Tata Power has signed an agreement with BP Alternative Energy Holdings to acquire 51 percent equity and preference shares in the joint venture, Tata BP Solar. After the completion of the transaction through the approval from the Competition...

FROST AND SULLIVAN: 'INDIAN LOW AND MEDIUM VOLTAGE SWITCHGEAR MARKET GEAR UP FOR A SURGE IN DEMAND' (the LV switchgear market is likely to grow to $2,170 million in 2017 from $950 million in 2010).
February 29, 2012... A study by Frost and Sullivan titled, Indian Low Voltage Switchgear Market and Indian Medium Voltage Switchgear Market, has revealed that the low voltage (LV) switchgear market is likely to grow to $2,170 million in 2017 from $950 million in...

SUZLON GROUP WINS 20.5 MW CONTRACT IN UK (the turbines are to be installed by mid-2012).
February 29, 2012... REpower, a wholly owned subsidiary of Suzlon Group, has signed a deal with AES Wind Generation to supply 10 MM92 REpower turbines with a total capacity of 20.5 megawatts (MW) to Sixpenny Wood Wind Farm of UK. The turbines, to be installed by...

GLASS MANUFACTURING COMPLEX (complex will be the largest in SE Asia with a capacity of 3,500 million tonnes per day).
February 29, 2012... Hindustan National Glass (HNG) is setting up a new glass manufacturing complex at Naidupet in Andhra Pradesh. It will have five furnaces - three for glass containers and two for float glass. The complex, to be developed in phases and expected to...

30% RISE IN INDIA'S TYRE EXPORTS (about 3.7 million tyres were exported during the period as against 2.9 million in Apr-Sept 2010).
February 29, 2012... The Automotive Tyre Manufacturers' Association has announced that India's tyre exports have gone up by 30 percent during Apr-Sept 2011. About 3.7 million tyres were exported during the period as against 2.9 million in Apr-Sept 2010. The total...

RISE IN INDIA'S RUBBER OUTPUT, CONSUMPTION (natural rubber production increased by 4.5 percent to 3,11,200 tonnes during Apr-Aug 2011).
February 29, 2012... India's natural rubber (NR) production has increased by 4.5 percent to 3,11,200 tonnes during Apr-Aug 2011 as against 2,97,750 tonnes during Apr-Aug 2010. The consumption of NR rose by 3.1 percent to 4,00,615 tonnes during Apr-Aug 2011 compared...

KPO FIRM EPISOURCE TO RAISE HEADCOUNT (by 800 in 2013).
February 29, 2012... Episource India, the knowledge process outsourcing (KPO) company of Chennai, proposes to expand employee strength by 800 in 2013. It currently has a headcount of 300 employees.

ATLANTA-BASED INFOR TIES UP WITH TCS (to expand its geographic reach in key sectors).
February 29, 2012... Infor, the business application software services firm of Atlanta, has tied up with Tata Consultancy Services (TCS) to expand its geographic reach in key sectors. Under the agreement, TCS will sell enabling software and provide services for...

FUJITSU LAUNCHES NOTEBOOKS (for the small and medium businesses in India).
February 29, 2012... Fujitsu India has launched a series of notebooks for the small and medium businesses in India. The Fujitsu 'Lifebook' range comprises the LH531, SH531, AH531 and E751 and prices start at Rs21,995.

GEOMETRIC TO START CONSULTING PRACTICE (to interact with customers and find out what they want).
February 29, 2012... Geometric Ltd of Mumbai proposes to set up a consulting practice to interact with customers and find out what they want. It will then make proposals to the customers to create suitable solutions for them.

TCS BAGS DEAL FROM SOUTH AFRICA'S NEDGROUP (for implementing its financial services platform).
February 29, 2012... Tata Consultancy Services (TCS) has bagged a contract from the Nedgroup Insurance Company (NIC) of South Africa. TCS will implement its financial services platform for NIC. The financial details of the deal were not disclosed.

WHERE FIXED LINE PHONES CONTINUE TO RING (and Kerala has the largest number of fixed-line subscribers at 30.78 lakh as on 31 Jan 2012).
February 29, 2012... Despite the mobile phone emerging as the preferred mode of communication in recent times, Kerala has the largest number of fixed-line subscribers at 30.78 lakh as on 31 Jan 2012 ahead of metros and larger states like Gujarat and Maharashtra. ...

WIRELINE SUBSCRIBER BASE: TOP 10 CIRCLES (led by Kerala with the largest number of wireline subscribers at 32,05,878 in Dec 2011).
February 29, 2012... The Telecom Regulatory Authority of India has reported that Kerala had the largest number of wireline subscribers at 32,05,878 in Dec 2011 followed by Mumbai at 30,01,712, Delhi at 28,85,115, Karnataka at 27,07,345 and Maharashtra at 26,67,523....

SEBI MANDATES SEPARATE FUND MANAGER FOR EACH SCHEME (to avoid conflict of interest that may crop up due to a single person managing multiple schemes).
February 29, 2012... The Securities & Exchange Board of India (SEBI) has directed mutual funds and asset management companies (AMCs) to appoint a separate fund manager for each scheme. The objective is to avoid conflict of interest that may crop up due to a...

RAMKY ENVIRO ENGINEERS PLANS CAPITAL MARKET ENTRY (to raise funds for expansion and growth).
February 29, 2012... Ramky Enviro Engineers Ltd (REEL), an environment management services company, proposes to launch an initial public offering (IPO) to raise funds for expansion and growth. It is likely to finalise the details in a few days. REEL is in the...

ORCHID CHEM REDEEMS $168 MILLION WORTH FCCBs (on the due date, 28 Feb 2012).
February 29, 2012... Orchid Chemicals & Pharmaceuticals (OCP) of Chennai has redeemed foreign currency convertible bonds (FCCBs) aggregating $167.64 million on the due date, 28 Feb 2012. The redemption was funded through external commercial borrowings of $97...

SEBI BANS 9 ENTITIES FOR SYNCHRONISED TRADING IN ADANI EXPORTS (for two years with immediate effect).
February 29, 2012... The Securities & Exchange Board of India (SEBI) has prohibited nine entities from operating in the securities market for two years with immediate effect. The banned entities were found to be indulging in synchronised trading in the Adani...

KOTAK SECURITIES LAUNCHES READY-TO-TRADE KIT (called MyBox, which will be available at bookstores and supermarkets).
February 29, 2012... Kotak Securities has launched a ready-to-trade kit called MyBox, which will be available at bookstores and supermarkets. The box comes with a CD, user ID and password for registration, guide, security key and an account activation card. The...

LIC SELLS 2% STAKE IN TATA GLOBAL FOR Rs161 CRORE (over the last 19 months starting Aug 2010).
February 29, 2012... The Life Insurance Corporation of India (LIC) has sold 2.05 percent stake in Tata Global Beverages for Rs161 crore over the last 19 months starting from Aug 2010. LIC has sold 1.27 crore shares worth over Rs161.33 crore between 2 Aug 2010 and 21...

WINDAR SETS UP WIND TOWER UNIT IN GUJARAT (with an investment of Rs90 crore).
February 29, 2012... Windar Renovables, a manufacturer of wind towers, and Gamesa India have formed a joint venture with 68:32 stakes to establish Windar's first tower manufacturing facility in India at Vadodara in Gujarat. The facility, which covers 13,500 square...

NEBULA AUTO TO WIDEN ALL-TERRAIN VEHICLE RANGE (to expand its product portfolio).
February 29, 2012... Nebula Automotive, a manufacturer of all terrain vehicles (ATV) of Pune, proposes to expand its product portfolio by launching a homologated version of one of its models in India by Sep 2012. It currently assembles 60 ATVs per month across 14...

IFFCO COMPLETES 10% STAKE BUY IN AMERICAS PETROGAS (by acquiring 30,57,000 shares at $3.5/share for a total amount of $1,06,99,500).
February 29, 2012... Kisan International Trading FZE, a subsidiary of Indian Farmer Fertiliser Cooperative Ltd (IFFCO), has picked up 10 percent stake in Americas Petrogas Inc, the oil and gas explorer of Canada. It acquired 30,57,000 shares at $3.5/share for a...

MAHINDRA STEEL LAUNCHES STAMPINGS FACILITY NEAR PUNE (which entailed an investment of Rs50 crore).
February 29, 2012... Mahindra Steel Service Centre Ltd, a joint venture of Mahindra Intertrade Ltd and Metal One Corporation of Japan, has established an electrical stamping facility near Pune, which entailed an investment of Rs50 crore. The facility has...

ESSAR SHIPPING INDUCTS NEW MINI CAPE VESSEL (as part of its fleet expansion programme).
February 29, 2012... Essar Shipping has acquired its second mini-cape bulk carrier. The vessel was built at STX Dalian shipyard. It will acquire four more vessels over the next four months. The company has initiated a $1-billion two-year fleet expansion programme,...

EXPORT OF COIR PRODUCTS (rose to 2,66,177 tonnes in Apr-Dec 2011 from 2,40,163 tonnes in Apr-Nov 2011).
February 29, 2012... The Coir Board has reported that export of coir products rose to 2,66,177 tonnes in Apr-Dec 2011 from 2,40,163 tonnes in Apr- Nov 2011. Coir exports stood at 2,22,697 tonnes in Apr-Oct 2011.

MUSTARD OUTPUT LIKELY TO DECLINE ON LOWER ACREAGE (to 62.65 LT in 2011-2012 from 68.5 LT in 2010-2011).
February 29, 2012... The Solvent Extractors Association of India has conducted a survey, which has revealed that output of rapeseed/mustard is expected to be lower by nine percent to 62.65 lakh tonnes (LT) in 2011-2012 from 68.5 LT in 2010-2011. The decline is...

CROP PROJECTION (as per SEAI for 2011-2012).
February 29, 2012... The Solvent Extractors Association of India (SEAI) has projected that area under rapeseed/mustard cultivation stood at 10.53 lakh hectares (LH) for 2011-2012 as compared to 10.03 LH for 2010-2011, yield at 1,000 kilograms/hectare (kg/h) for...

TATA COFFEE IN-HOUSE R&D ON CROP DIVERSIFICATION PAYING DIVIDENDS (as per the company).
February 29, 2012... Tata Coffee's in-house research and development (R&D) on crop diversification has started yielding benefits as per the company. Tata Coffee had adopted a crop diversification programme entailing the planting of arecanut along the valleys...

ONGC TO GIVE Rs12,400-CRORE BOOST TO GOVERNMENT FINANCES (to sell 427.77 million shares at Rs290/share through auction on 1 Mar 2012).
February 29, 2012... The Government of India has decided to offload five percent stake in Oil & Natural Gas Corporation (ONGC) to raise Rs12,400 crore. The Government plans to sell 427.77 million shares at Rs290/share through auction on 1 Mar 2012. Only...

THE RAILWAYS' FINANCIAL POSITION IN FIVE YEARS (expects to register surplus of Rs5,258.41 crore in 2011- 2012).
February 29, 2012... The Indian Railways (IR) expects to register surplus of Rs5,258.41 crore, total traffic receipts of Rs1,09,239.13 crore and total working expenses of Rs97,400 crore in 2011-2012. In 2010-2011, surplus is pegged at Rs4,104.50 crore, total...

HALDIA PETRO SCOUTS FOR EQUITY PARTNERS (held initial level talks with the Abu Dhabi Investment Authority and the Kuwait Investment Authority).
February 29, 2012... Haldia Petrochemicals Ltd is scouting for equity partners for eight downstream projects. It is in talks with a rubber producer of Europe and two Western technology providers. It also held initial level talks with the Abu Dhabi Investment...

TCS BAGS DEAL FROM SOUTH AFRICA (financial details of the contract were not revealed).
February 29, 2012... The Nedgroup Insurance Company of South Africa has awarded a contract to Tata Consultancy Services (TCS). Under the contract, TCS will deploy its financial services platform. The financial details of the contract were not revealed.

ESSAR OIL LOSES Rs3,013-CRORE INSURANCE CLAIM (will consider further legal action).
February 29, 2012... The Arbitral Tribunal has rejected an insurance claim of Essar Oil for damage to its refinery in a cyclone in 1998. The company claimed damages of Rs3,013 crore. Essar Oil has said that it is examining the verdict and will consider further...

INFOSYS CLOSE TO NAGPUR CAMPUS AGREEMENT (project will entail an investment of Rs460 crore with the first phase accounting for Rs150 crore).
February 29, 2012... Infosys Technologies proposes to ink an agreement with the Maharashtra Airport Development Corporation (MADC) to establish an IT campus at the Nagpur special economic zone (SEZ). Infosys plans to implement the project in three phases. The...

ABBOTT Q4 NET PROFIT AT Rs36.88 CRORE (registered net profit of Rs25.53 crore in Oct-Dec 2010).(Financial report)
February 29, 2012... Abbott India, the pharmaceutical firm, has registered net profit of Rs36.88 crore in the fourth quarter ended Dec 2011. It registered net profit of Rs25.53 crore in Oct-Dec 2010. The company has communicated its financial performance for the...

eMUDHRA's ONLINE SECURITY SOLUTIONS (two companies will form an alliance to offer the SWYS Key solution to banks).
February 29, 2012... eMudhra Consumer Services Ltd, the consumer technology services company and certifying authority for digital signature certificates, has tied up with Watchdata Technologies, the digital transaction solutions company. The two companies will form...

SHASUN TO INVEST Rs250 CRORE NEXT YEAR (to establish a greenfield facility at Visakhapatnam and undertake other regular capital expenditure).
February 29, 2012... Shasun Pharmaceuticals Ltd (SPL) proposes to establish a greenfield facility at Visakhapatnam and undertake other regular capital expenditure with an investment of Rs250 crore in 2012-2013. Work on the project has begun and is expected to be...

DEVELOPMENT CREDIT BANK DEFERS QIP (QIP was to open on 27 Feb 2012).
February 29, 2012... The Development Credit Bank has postponed its qualified institutional placement (QIP) owing to prevailing market conditions. The QIP was to open on 27 Feb 2012. It has said that it will consider launching the issue when market conditions...

IDBI INTECH REWORKS BUSINESS MODEL (to enhance product development and expand services business in the financial sector).
February 29, 2012... IDBI Intech, the information technology arm of IDBI Bank, is restructuring its operations to enhance product development and expand services business in the financial sector. The objective is to reduce reliance on business from IDBI Bank and...

PRIVATE, FOREIGN BANKS LOG LOWER NPAs THAN PSU PEERS (NPA ratio of ICICI Bank stood at 4.3 percent, HDFC Bank at one percent and Axis Bank at 1.2 percent).
February 29, 2012... Private sector and foreign banks have controlled non-performing assets (NPAs) since the global financial crisis of 2008 better than public sector (PSU) banks. The NPA ratio of ICICI Bank stood at 4.3 percent, HDFC Bank at one percent and Axis...

CRISIL UPGRADES EQUITAS AND UJJIVAN MICROFINANCE FIRMS (upgraded the rating of Equitas Micro Finance to BBB/Stable from BBB-/Positive).
February 29, 2012... CRISIL, the rating agency, has upgraded the rating of Equitas Micro Finance and its subsidiary, Singhivi Investment & Finance, to BBB/Stable from BBB-/Positive. The rating of Ujjivan Financial Services has also been upgraded to BBB/Stable...

IDEA EXPANDS DEAL WITH ERICSSON (Ericsson to provide managed services in five telecom circles).
February 29, 2012... Idea Cellular has inked an agreement with Ericsson, the equipment manufacturer, to provide managed services in five telecom circles. Ericsson will manage network and field operations, maintenance activities for 2G and 3G sites, network design...

TATA CAPITAL GETS $1 BILLION FOR PRIVATE EQUITY ARM (expects to close the fund in two-three months).
February 29, 2012... The private equity arm of Tata Capital of Mumbai has received a commitment of about $1 billion. The company expects to close the fund in two-three months. However, the final fund size was not disclosed. The fund has invested $200 million in...

RBI ACTIVATES SLBC FOR BOOSTING EXPORTS (to appoint nodal officers in banks for facilitation of exports and related financial matters).
February 29, 2012... The Reserve Bank of India (RBI) has decided to revive a sub- committee of the State Level Bankers' Committee (SLBC) to increase exports. It has also decided to appoint nodal officers in banks for facilitation of exports and related financial...

VEGETABLE OIL IMPORTS (likely to increase to an estimated 93,00,000 tonnes in 2011-2012).
February 29, 2012... The Solvent Extractors Association reports that import of vegetable oil is likely to increase to an estimated 93,00,000 tonnes in 2011-2012 with edible oil accounting for 90,00,000 tonnes and non-edible oil for 3,00,000 tonnes. Imports stood at...

MFs GET TIME TILL SEP 2012 TO IMPLEMENT NEW DEBT VALUATION NORMS (to reduce the threshold for marked to market requirements to 60 days from 91 days earlier).
February 29, 2012... The Securities & Exchange Board of India (SEBI) has asked asset management companies to implement the revised valuation norms for liquid funds by 30 Sep 2012. SEBI has decided to reduce the threshold for marked to market requirements to 60...

GITANJALI GEMS CLOSE TO SECOND BUY IN CHINA (as it targets a retailer with 50 shops in that country).
February 29, 2012... Gitanjali Gems hopes to announce its second acquisition in China in the coming months. It is targeting to acquire a retailer with 50 stores in that country. In Dec 2011, it had acquired Crown Aim, jewellery manufacturer in Hong Kong, for an...

SMALL, REGIONAL FIRMS SEEK SWAD OF SUCCESS (as Panjon of Indore plans to launch television commercial soon for its Swad digestive candies).
February 29, 2012... Small and regional firms are planning to venture into more states for increasing their market shares. The companies planning to enter other states include Panjon, Bisk Farm, Mapro Foods, Wagh Bakri and V-John. Panjon of Indore plans to enter...

BACARDI ADDS A PLUS TO BECOME MORE MASCULINE (as Bacardi+ is available in Bangalore at Rs75 for 250 ml bottle).
February 29, 2012... Bacardi, liquor producer, has launched Barcadi+, a masculine product. It is available in Bangalore at Rs75 for 250 millilitres (ml) bottle. The price of the product in Delhi is Rs80 for 250 ml. Barcadi+ is a large peg of eponymous rum...

AI TO INCREASE SEATS IN ECONOMY CLASS, NOT TO EXIT BUSINESS CLASS (on its Airbus fleet).
February 29, 2012... Air India (AI) is planning to increase the number of seats in economy class on its Airbus fleet. The move is to tap the low- fare domestic travellers segment. However, AI will continue with its business class segment on its Airbus fleet.

FIX DISPUTE IN SIX MONTHS OR FACE ARBITRATION, SISTEMA TELLS INDIA (Sistema's notice to the Government of India under India- Russia BIT).
February 29, 2012... Sistema of Russia has sent a notice to the Government of India seeking to settle the dispute in six months regarding the cancellation of 21 telecom licences by the Supreme Court. It has sent the notice about the issue under the India-Russia...

RANBAXY GRABS LARGEST SHARE OF US LIPITOR MARKET (commands 42 percent market share).
February 29, 2012... Ranbaxy Laboratories Ltd commands 42 percent share in the cholesterol drug Lipitor market in the US. Pfizer has 36 percent market share, followed by Watson with 22 percent share. According to analysts, Ranbaxy has allowed deep discounts in...

LIC SELLS TWO PERCENT STAKE IN TATA GLOBAL BEVERAGES FOR Rs161 CRORE (sells 1.27 crore shares between 2 Aug 2010 and 21 Feb 2012).
February 29, 2012... Life Insurance Corporation of India (LIC) has sold two percent stake in Tata Global Beverages Ltd (TGBL) for Rs161 crore. According to TGBL, LIC has sold 1.27 crore shares in the market between 2 Aug 2010 and 21 Feb 2012. LIC was holding 15.89...

JSW STEEL, ISPAT MERGER TO FORM INDIA'S SECOND LARGEST STEEL COMPANY (with an annual capacity of 14.3 million tonnes).
February 29, 2012... The promoters of JSW Steel Ltd and Ispat Industries Ltd have decided to form the second largest steel company in India by merging the companies. After merger, the merged company will have an annual capacity of 14.3 million tonnes of steel. JSW...

JAGUAR ANNOUNCES GLOBAL BRAND STRATEGY (to launch its marketing campaign in India in Mar 2012).
February 29, 2012... Jaguar has announced its global marketing and brand strategy. It is launching a new Jaguar logo and corporate identity. Its marketing campaign would be launched in India in Mar 2012 to increase brand awareness.

FORD LAUNCHES AUTOMATIC VARIANT OF FIESTA (for Rs8.99-9.7 lakh in Delhi - ex-showroom).
February 29, 2012... Ford India launched an automatic transmission variant of its sedan Fiesta in petrol mode. The ex-showroom price of the model in Delhi would be between Rs8.99 lakh and Rs9.7 lakh. The manual petrol variant of the new Fiesta would cost Rs8.25-9.44...

ORCHID REDEEMS $168 MILLION FCCBs, TO GET INTEREST BENEFITS (retires FCCBs from internal accruals and $97 million raised through ECB route).
February 29, 2012... Orchid Chemicals & Pharmaceuticals Ltd has redeemed the outstanding foreign currency convertible bonds (FCCBs) worth $167.64 million on 28 Feb 2012. The bonds were issued in Feb 2007. The company has paid the bond holders by using $97...

ACTIVELY MANAGED EQUITY MFs UNDERPERFORM BENCHMARK: S&P (but outperforms the indices over the 12 months ended Dec 2011).
February 29, 2012... The majority of actively managed Indian equity mutual funds have under performed their benchmark indices over the last five years ended Dec 2011, revealed Index Versus Active Funds score card of Standard & Poor. However, they have...

MARINE PRODUCT EXPORTS RISE 3.48 PERCENT IN APR-JAN 2012 (exports in rupee terms at Rs13,753.43 crore).
February 29, 2012... India's marine products exports in terms of volume grew 3.48 percent during Apr-Jan 2012 over Apr-Jan 2011. According to Marine Products Export Development Authority, marine exports during Apr-Jan 2012 stood at Rs13,753.43 crore, while in...

FOREX RESERVES DOWN TO $311.5 BILLION ON 30 SEP 2011 (from $322 billion in Aug 2011).
February 29, 2012... India's foreign exchange reserves dropped to $311.5 billion as on 30 Sep 2011 from $322 billion as on 31 Aug 2012. As per the data of Reserve Bank of India, the country's foreign exchange reserves stood at 304.8 billion as on 31 Mar 2011. The...

SISTEMA INVOKES INDO-RUSSIAN TREATY TO PROTECT 2G INVESTMENT (the company has asked the Government to resolve the dispute within six months).
February 29, 2012... Sistema JSFC of Russia has invoked the Bilateral Investment Treaty between India and Russia to protect its investment in Sistema Shyam Teleservices Ltd (SSTL). The company owns a stake of 56.68 percent in the 2G mobile service provider. The...

TREASURY INCOME, COST CONTROL PUSH BOSCH NET PROFIT UP 34% IN Q4 (the company has announced a net profit of Rs281 crore for Oct- Dec 2011).(Financial report)
February 29, 2012... Bosch Ltd has announced a growth of 34 percent in net profit at Rs281 crore for Oct-Dec 2011 due to higher treasury income and cost control. Its net sales have gone up by 11 percent to Rs1,951.8 crore. The company has announced a dividend of...

AS PEUGEOT REACHES OUT TO GM, INDIA IS OUT OF PICTURE (Peugeot has put its project in India on hold).
February 29, 2012... PSA Peugeot Citroen of France is planning to enter into an alliance with General Motors (GM) to revive its business in Europe. The company has put its project in India on hold. GM is expected to take a stake of five percent in Peugeot. The...

HONDA MOTORCYCLE TO INVEST Rs800 CRORE IN 4TH UNIT IN KARNATAKA (total capacity of the company will go up to six million units).
February 29, 2012... Honda Motorcycle and Scooter India Ltd (HMSI) is planning to set up its fourth plant in Karnataka with an investment of Rs800 crore. The company has its three plants at Manesar, Tapukara and Bangalore. Total capacity of the company will go up...

MARUTI APPLIES THE BRAKES ON ITS LABOUR WOES (the labour union at Manesar is registered on 27 Feb 2012).
February 29, 2012... Maruti Suzuki India Ltd has resolved its labour problems at the Manesar plant. The Maruti Suzuki Employee Union is registered on 27 Feb 2012 and will come into effect from 1 Mar 2012. Workers at the plant had been agitating for a separate...

JSW STEEL OUTPUT UP 39% IN JANUARY (the company has reported production of eight lakh tonnes in Jan 2012).
February 29, 2012... JSW Steel Ltd has announced a growth of 39 percent in output at eight lakh tonnes (lt) for Jan 2012 (5.8 lt for Jan 2011). Its output of flat products has gone up by 29 percent to 5.95 lt and that of long products has gone up by 65 percent to...

CORE SECTOR OUTPUT GROWTH FALLS TO 0.5% IN JANUARY (the core industries have registered a growth of 4.1 percent in Apr 2011-Jan 2012).
February 29, 2012... Eight core industries in India have registered a growth of 0.5 percent in output in Jan 2012 (6.4 percent in Jan 2011). The core industries had reported a growth of 3.1 percent in Dec 2011. The eight core industries have registered a growth...

PERFORMANCE OF 8 CORE INDUSTRIES JANUARY 2012 (the core industries in India have registered a growth of 0.5 percent).
February 29, 2012... Eight core industries in India have registered a growth of 0.5 percent in output in Jan 2012 (6.4 percent in Jan 2011). Coal has registered a growth of 7.5 percent (decline of 1.3 percent) and crude oil has registered a decline two percent...

FROM MASALA TO MISCELLANY: AACHI SPICES IT UP ALL (the company intends to invest Rs100 crore to diversify).
February 29, 2012... Aachi Masala Foods Pvt Ltd is planning to invest Rs100 crore to diversify its portfolio. The company is setting up a cold storage facility of 10,000 tonnes near Chennai. Aachi is also planning to enter into the fast-food restaurant business. ...

ADVERTISING MAJOR MUDRA RESTRUCTURES AFTER OMNICOM ACQUISITION (the agency has integrated the business in nearly 100 days).
February 29, 2012... The DDB Mudra Group has restructured its organisation after the acquisition by the Omnicom Group in 2011. The agency is now part of the DDB Group Worldwide of Omnicom and will operate through eight branded agencies. DDB Mudra has integrated the...

FORD, MARUTI DO U-TURN ON AUTOMATICS STRATEGY (urban customers are looking for more comfortable drive).
February 29, 2012... Ford and Maruti Suzuki have reversed their strategy and have decided to launch variants with automatic transmission in India. Urban customers in the country are looking for more comfortable drive in the heavy traffic conditions. Ford has...

GMR SPORTS ENTERS MERCHANDISE GAME WITH SUPERFAN RANGE (the company is also setting up an e-commerce site to sell the merchandise).
February 29, 2012... GMR Sports is planning to launch a range of merchandise, Superfan, to generate additional revenue. The company is also setting up an e- commerce site to sell the merchandise. GMR Sports is the owner of Delhi Daredevil cricket team in the...

INDIAN BANK DROPS PLANS FOR STANDALONE LIFE INSURANCE VENTURE (the bank intends to build a multiple-agency relationship system).
February 29, 2012... Indian Bank has decided to drop its plans to set up a standalone life insurance subsidiary. The bank intends to build a multiple-agency relationship system to improve business. Indian Bank is planning to conserve capital and use it for its...

TATA CAPITAL LAUNCHES TRAVEL CARD WITH AXIS BANK (the company expects to register business of Rs100 crore in two years).
February 29, 2012... Tata Capital Ltd has launched a travel card in association with Axis Bank on the VISA platform. The card is available in nine currencies and is valid at more than 26 million outlets and 1.9 million VISA automated teller machines. Tata Travel...