India Business Insight articles from June 2009

India Business Insight archives from June 2009

UFLEX EXPANDS ITS BUSINESS IN MEXICO (and will invest an additional sum of $75 million to set up a second manufacturing line).
June 30, 2009... Uflex Ltd of Noida, a flexible packaging company, will invest an additional sum of $75 million to set up a second manufacturing line in Mexico. The company plans to expand its business across seven countries, with Mexico as one of its seven...

MANUFACTURING DATE ON GLASS BOTTLES A MUST (to check reuse of bottles).
June 30, 2009... All glass manufacturers should mark the date of manufacture of bottles used in the food & beverages and pharma sectors, effective from Jul 2009. The All India Glass Manufacturers' Federation, the sole representative of all categories of...

ITC PICKS UP NOKIA'S GLOBAL PACKAGING DEAL (to supply customised cartons for Nokia cell phones).
June 30, 2009... Nokia has entered into a bulk purchase agreement with ITC to supply value-added packaging material and cartons. ITC, with diversified interests ranging from cigarettes to hotels, will supply customised cartons for Nokia cell phones and...

COSMO FILMS LTD EYES BIG TARGETS (to achieve a revenue of Rs1,500 crore in 2009-2010).
June 30, 2009... Cosmo Films Ltd (CFL) aims to achieve a revenue of Rs1,500 crore in 2009-2010 through organic and inorganic routes. CFL is a manufacturer and exporter of bi-axially oriented polypropylene films and largest manufacturer of thermal films in...

PACKTECH MARKET TO HIT THE Rs26,000-CRORE MARK BY 2012-2013 (according to ICRA Management Consulting Services).
June 30, 2009... The packtech market is projected to reach Rs26,000 crore by 2012- 2013 from present Rs14,000 crore according to ICRA Management Consulting Services. Packtech are technical textiles used in packaging and comprise flexible packaging...

DEMAND FOR INDIAN JUTE BAGS RISING IN EUROPE (and value of exports increases to Rs200 crore in 2008-2009).
June 30, 2009... India exported 40 million jute carry and shopping bags in 2008- 2009 and is expected to increase to over 75 million by 2012. The value of exports increased to Rs200 crore in 2008-2009 from Rs120 crore in 2007-2008. The exports are mainly...

GLASS CONTAINER SECTOR GALLOPS AHEAD (to Rs4,500 crore for 2008-2009).
June 30, 2009... The glass container industry in India is expected to register a 12 percent growth to Rs4,500 crore for 2008-2009 from Rs4,000 crore for 2007-2008, in spite of the economic slowdown. According to the All India Glass Manufacturers' Federation,...

TATA TEA BUYS MAJORITY STAKE IN RUSSIAN FIRM (Grand).
June 30, 2009... Tata Tea in association with European Bank for Reconstruction and Development will acquire 51 percent stake in Grand, a Russian packaging and distribution company. Grand accounts for 15 percent of Russia's tea exports. The acquisition is...

PEPSI TO BRING BOTTLING OPERATIONS UNDER ONE ROOF (of RJ Corp, an anchor bottler).
June 30, 2009... PepsiCo India plans to consolidate its bottling operations under one anchor bottler, in contrast to its previous strategy of acquiring franchisee bottlers. RJ Corp, a Rs2,000-crore diversified company with 10 bottling plants, is...

FROOTI GETS A MAKEOVER (and Parle Agro appoints CLA to handle creative duties).
June 30, 2009... Parle Agro has invested Rs10 crore in 2009-2010 to reposition its Frooti brand, a mango fruit drink. The company has appointed Creativeland Asia (CLA) to handle the creative duties. Frooti, launched 24 years ago, which has undergone...

GLAXOSMITHKLINE DECIDES TO INNOVATE PACKAGING OF ITS BRANDS (to increase its business).
June 30, 2009... GlaxoSmithKline Consumer Healthcare (GSKCH), a fast moving consumer goods company, has decided to change its packaging of its brands sold through retail outlets to increase its business. GSKCH also plans to introduce some of its global brands...

INDIA'S FIRST 500-ML CAN LAUNCHED (as Rexam HTW commissions its production plant in Navi Mumbai).
June 30, 2009... Rexam HTW, a joint venture company of Rexam Plc of the UK and Hindustan Tin Works Ltd, is the only company in India to manufacture two-piece cans. It commissioned its production plant in Navi Mumbai and launched 500-ml steel cans for the...

AVERY DENNISON (INDIA) PRIVATE LTD (aims to garner a significant market share in specialty tapes and RFID products).
June 30, 2009... Avery Dennison (India) Private Ltd (ADPL), a part of the global company, Avery Dennison, is engaged in the manufacture of self- adhesive labels. The businesses of Avery Dennison can be broadly classified under three segments, the...

LIC FORAYS INTO CREDIT CARDS BUSINESS (ties up with Corporation Bank).
June 30, 2009... Life Insurance Corporation of India (LIC) has ventured into the credit cards business, by setting up a separate entity known as LIC Credit Cards Services. The credit cards will be issued to existing policyholders. LIC has tied up with...

CHOLA MS GENERAL INSURANCE PLANS CAPITAL INFUSION (of Rs75 crore through rights issue in Jul 2009).
June 30, 2009... Cholamandalam MS General Insurance Company (Chola MS) plans to increase its capital by Rs75 crore through rights issue in Jul 2009. Chola MS is a 74:26 joint venture of Murugappa Group and Mitsui Sumitomo Insurance Group of Japan. ...

SBI LIFE EYES AROUND 30% GROWTH IN NEW PREMIUM NEXT FISCAL (with three times growth in renewals).
June 30, 2009... SBI Life Insurance aims to achieve 30 per cent growth in new premium collections in 2009-2010 and three times growth in the renewal segment. The company expects to register around 25 per cent growth in 2008-2009 in the new business premium.

MEDICLAIM BOOSTER FOR SENIOR CITIZENS AND THE SICK (IRDA amends the rules for renewal of health insurance policy).
June 30, 2009... The Insurance Regulatory and Development Authority (IRDA) has amended the rules for renewal of a health insurance policy. Under the new regulations, an insurance company should renew a health insurance policy, even if it has admitted several...

PREMIUMS COULD RISE IN THE 2009-10 FISCAL (for renewal of insurance cover by Indian companies).
June 30, 2009... Indian companies will have to pay higher premiums for renewal of insurance covers from 2009-2010, following a rise in premium by re-insurers. General Insurance Corporation of India (GIC Re), Swiss Re and Munich Re have demanded a hike in...

TERROR INSURANCE COVER TO COST AT LEAST 20% MORE (IRDA approves of the price hike).
June 30, 2009... Insurance companies have increased the premium on policies covering terror by around 30 per cent from 1 Apr 2009, following the Mumbai terror attacks in Nov 2008. Insurance Regulatory and Development Authority (IRDA) has approved the price...

BAJAJ ALLIANZ TO INSURE ALL VOLKSWAGEN VEHICLES (signs an agreement with Volkswagen Finance).
June 30, 2009... Bajaj Allianz General Insurance has signed an agreement with Volkswagen Finance to provide insurance cover to all Volkswagen vehicles. Volkswagen Finance is a subsidiary of Volkswagen Financial Services of Germany. The two companies will...

GIC RE HIKES COST OF REINSURANCE COVER (to balance its claims by non-life insurers).
June 30, 2009... General Insurance Corporation (GIC Re) has increased the cost of reinsurance cover to balance its outgoing payment for claims by non-life insurers. Insurance companies purchase reinsurance cover of Rs5,000 crore out of total premium...

SECTORS ATTRACTING HIGHEST FDI EQUITY INFLOWS (during Apr 2008-Feb 2009).
June 30, 2009... The services sector (both financial and non-financial) witnessed foreign direct investment (FDI) equity inflow of $24,074 million during Apr 2008-Feb 2009 (the first 11 months of 2008-2009). The FDI equity inflow in various sectors was:...

BHEL ANNOUNCES MAJOR EXPANSION PLANS (plans to invest $2.42 billion over the next four years for the expansion).
June 30, 2009... Bharat Heavy Electronics Ltd (BHEL) is planning to invest $2.42 billion (Rs12,000 crore) over the next four years to pick up 26 percent stake in more power projects as well as expand its capacity to support the generation of 20,000 megawatts...

STEEL GETS ANTI-DUMPING DUTY TO BEAT IMPORT HEAT (the levy ranges from $12.74 per tonne to $20.11 per tonne).
June 30, 2009... The Government has started levying a special anti-dumping duty, called the provisional special duty, on import of cold-rolled flat stainless steel products in a bid to shield domestic producers from the threat of cheaper imports. This has...

6.1-6.5% GDP GROWTH IN 2009-2010 PREDICTS CII (in its report on the State of the Economy).
June 30, 2009... In its report on the state of the economy, the Confederation of Indian Industry (CII) has predicted a growth of 6.1 percent in India's gross domestic product (GDP) in 2009-2010. This prediction is based on growth rates of 2.8-3 percent in...

L&T BAGS ORDERS IN WATER, STEEL SECTORS (in Andhra Pradesh, Delhi, Orissa and West Bengal).
June 30, 2009... Larsen & Toubro Ltd (L&T) has bagged orders worth Rs416 crore in the water and steel sectors during Jan-Mar 2009. The Andhra Pradesh rural water supply and sanitation department has awarded a Rs165-crore order for supply of potable water...

SAME DEUTZ-FAHR TO RAMP UP ITS INDIAN BASE (is planning to invest Rs25 crore in its Ranipet facility to increase manufacturing capacity).
June 30, 2009... Same Deutz-Fahr Group of Italy, a manufacturer of tractors and agricultural machinery, is planning to invest Rs25 crore in its Ranipet facility to increase the manufacturing capacity of tractors from 6,300 units per annum to 15,000 units per...

MEENAKSHI POWER PROJECT PHASE-I UNDER WAY (phase-I is scheduled for commissioning in Feb 2012).
June 30, 2009... The Meenakshi Group has started work on phase-I of the 540- megawatt (MW) coal-based power project at Krishnapatnam in Nellore district of Andhra Pradesh. The company is setting up the project on 225 hectares of land in two phases with an...

JAIPRAKASH ASSOCIATES BAGS TWO PROJECTS IN UTTAR PRADESH (the 1,980-MW Prayagraj project and the 1,320-MW Sangam project).
June 30, 2009... Jaiprakash Associates Ltd has bagged two projects - the 1,980- megawatt (MW) Prayagraj project and the 1,320-MW Sangam project - in Uttar Pradesh through tariff-based competitive bidding. Both the projects, which will come up in Allahabad...

LOCOMOTIVE FACTORIES TO BE SET UP IN BIHAR (electric locomotive factory at Madhepura, diesel locomotive factory at Marhowra).
June 30, 2009... The Council of Ministers of the Government of India has approved a proposal from the Ministry of Railways for setting up two greenfield locomotive factories in Bihar - one for manufacturing electric locomotives at Madhepura in Madhepura...

JAPANESE CARMAKERS TO SOURCE COMPONENTS LOCALLY (to save on the increasing cost of imports and to reduce foreign exchange losses).
June 30, 2009... Japanese car manufacturers like Maruti, Toyota and Honda are helping their suppliers increase the localisation content in components to save on the increasing cost of imports. Many of these companies, apart from importing engines and...

CORPORATE BOND MARKET MAY SEE FLURRY OF ACTIVITY POST-BUDGET (LIC is planning to invest Rs50,000 crore in corporate bond market).
June 30, 2009... The corporate bond market in India is expected to see more activity after the Budget of 2009-2010. The Government of India is expected to focus more on infrastructure projects. Life Insurance Corporation of India (LIC) is planning to...

WOCKHARDT TO SHED MORE NON-CORE BUSINESS (the company had a debt of Rs3,400 crore in Dec 2008).
June 30, 2009... Wockhardt Ltd is planning to sell more non-core businesses in the next three to six months. The company has sold its German and animal health businesses in the last 10 days. Wockhardt had a debt of Rs3,400 crore in Dec 2008. The company is...

EATERIES IN DELHI TO BE RATED AHEAD OF COMMONWEALTH GAMES (FSSAI will certify the eateries meeting the guidelines).
June 30, 2009... The Government of Delhi is planning to rate eateries in Central Delhi before the Commonwealth Games. The Food Safety and Standards Authority of India (FSSAI) is preparing the guidelines in association with the Quality Council of India....

L&T BAGS SIX ORDERS WORTH Rs1,230 CRORE (the company will implement four transmission line projects and two sub-station projects).
June 30, 2009... Larsen & Toubro Ltd (L&T) has bagged six orders worth Rs1,230 crore. The company has bagged an order of Rs496 crore from Maharashtra State Electricity Transmission company (Mahatransco) for a transmission project. L&T has bagged an order...

BIOLOGICAL E NOD FOR ANTHRAX VACCINE (Emergent BioSolutions will market the vaccine).
June 30, 2009... Biological E Ltd has obtained the approval of the Drug Controller General of India for the anthrax vaccine, BioThrax. Emergent BioSolutions will market the vaccine in India. The US Food and Drug Administration has approved BioThrax for...

GREMACH INFRA TO RAISE $100 MILLION (the company intends to use the funds for capital expenditure and general purpose).
June 30, 2009... Gremach Infrastructure Equipments & Projects Ltd is planning to raise $100 million. The company intends to issue global depository receipts, American depository receipts and warrants. Gremach is planning to use the funds for capital...

GVK BIO IN PACT WITH TOKYO UNIVERSITY (for the use of GPCR database).
June 30, 2009... GVK Biosciences has signed an agreement with the Tokyo University. The university will use the G protein-coupled receptors (GPCR) database of GVK. The company has a database of over one million published and patented inhibitors and over...

DELAY IN IRON ORE LEASE HOLDS UP TATA STEEL'S ORISSA PROJECT (Tata Steel has placed orders for equipment worth Rs6,500 crore).
June 30, 2009... Tata Steel is waiting for the lease of iron ore mines to implement its steel plant at Kalinganagar in Orissa. The company intends to set up the plant with a capacity of six million tonnes (mt) at a cost of Rs15,400 crore. Tata Steel has...

APOLLO HOSPITALS RECORDS 33% RISE IN Q4 NET PROFIT (the company has announced a net profit of Rs29.1 crore for Jan-Mar 2009).
June 30, 2009... Apollo Hospitals Enterprise Ltd has announced a growth of 33 percent in net profit at Rs29.1 crore for Jan-Mar 2009 (Rs21.8 crore for Jan-Mar 2008). Its total income has gone up to Rs391 crore (Rs304.4 crore). The company has announced a net...

S&P PUTS VEDANTA ON CREDIT WATCH (Vedanta intends to incur capital expenditure of $7.6 billion).
June 30, 2009... Standard & Poor's Ratings Services has placed Vedanta Resources Plc on Credit Watch and assigned a BB rating with negative implications. Vedanta intends to incur capital expenditure of $7.6 billion despite the slowdown. The company is...

FINOLEX Q4 NET RISES ON FALL IN INPUT COSTS (the company has announced a net profit of Rs33 crore for Jan- Mar 2009).
June 30, 2009... Finolex Industries Ltd has announced a net profit of Rs33 crore for Jan-Mar 2009 (Rs1.21 crore for Jan-Mar 2008) due to lower input costs. Its turnover has declined to Rs422.87 crore (Rs501 crore). The company has announced a net loss of...

TVS MOTOR HOPES TO GAIN FROM LOWER WORKING CAPITAL (the company has announced a net profit of Rs31 crore for 2008-2009).
June 30, 2009... TVS Motor Company Ltd expects to gain from lower working capital in 2009-2010. The company had incurred interest cost of Rs55 crore in 2008-2009. TVS has announced a decline of two percent in net profit at Rs31 crore for the year. Its...

HETERO DONATES ORAL H1N1 FLU DRUG (the company has supplied nine million doses of Oseltamivir to the Ministry).
June 30, 2009... The Hetero Group has donated 50,000 bottles of paediatric oral suspension, Oseltamivir, to the Ministry of Health. The drug is used for the treatment of children suffering from the H1N1 Influenza virus. The company has supplied nine million...

SUPRAJIT TO SET UP NEW FACILITY IN HARIDWAR (the company has announced a net profit of Rs11.62 crore for 2008-2009).
June 30, 2009... Suprajit Engineering Ltd is planning to set up a new facility in Haridwar with an investment of Rs10 crore. The facility will cater for the needs of Hero Honda. Suprajit has announced a net profit of Rs11.62 crore for 2008-2009 (Rs4.88 crore...

GAIL EYEING FOR A STAKE IN BIDADI GAS PROJECT (KPCL intends to set up the project with an investment of Rs3,750 crore).
June 30, 2009... GAIL (India) Ltd is planning to acquire a stake in the Bidadi Gas project of 1,400 megawatt. Karnataka State Power Corporation Ltd (KPCL) intends to set up the power project with an investment of Rs3,750 crore. The power project in Bidadi is...

MOTHERSON SUMI Q4 NET DIPS 64% ON SHRINKING SALES, FOREX LOSSES (the company has announced a net profit of Rs16.06 crore for Jan-Mar 2009).
June 30, 2009... Motherson Sumi Systems Ltd has announced a decline of 64 percent in net profit at Rs16.06 crore for Jan-Mar 2009 (Rs44.71 crore for Jan-Mar 2008). Its net sales have declined to Rs317.26 crore (Rs379.50 crore). The company has announced a...

BIOCON TIES UP WITH MYLAN OF US FOR BIOGENERICS (the companies will share development capital and other costs).
June 30, 2009... Biocon Ltd has signed an agreement with Mylan Inc of the US to develop and commercialise generic biologic compounds. The companies will share development capital and other expenses to bring the products to global markets. Mylan will have...

ORCHID IN RED OVER FOREX, DERIVATIVES LOSSES (the company has announced a net loss of Rs52 crore for 2008- 2009).
June 30, 2009... Orchid Chemicals and Pharmaceuticals Ltd has announced a net loss of Rs52 crore for 2008-2009 (net profit of Rs184 crore for 2007- 2008). Its turnover has declined to Rs115 crore (Rs119 crore). The company has incurred losses due to...

HOTEL LEELAVENTURE DOUBLES Q4 PROFIT ON BONDS BUYBACK (the company has announced a net profit of Rs67 crore for Jan- Mar 2009).
June 30, 2009... Hotel Leelaventure Ltd has announced a net profit of Rs67 crore for Jan-Mar 2009 (Rs29 crore for Jan-Mar 2008). Its total income has declined to Rs102 crore (Rs155 crore). The company has earned Rs64.6 crore from the buyback of foreign...

EXPORTS FROM STPI UNITS UP 12.4% (the units have reported export revenues of Rs2,02,580 crore in 2008-2009).
June 30, 2009... Units in Software Technology Parks of India (STPI) have announced a growth of 12.4 percent in export revenues at Rs2,02,580 crore for 2008-2009 (Rs1,80,155 crore for 2007-2008). Units in the Special Economic Zones have reported exports of...

DoT REJECTS AIRTEL'S AUDIT REQUEST (the department has ordered special audit of major telecom companies).
June 30, 2009... The Department of Telecom (DoT) has not accepted the request of Bharti Airtel to audit accounts for 2007-2008 and 2008-2009 in place of 2006-2007. The Telecom Regulatory Authority of India had asked the DoT to examine the revenue accounting...

TELCORDIA BAGS DEAL FROM UNITECH WIRELESS (for supply of pre-paid mobile charging solution).
June 30, 2009... Telcordia of the US has bagged a contract of over $50 million from Unitech Wireless. The company will supply pre-paid mobile charging solution for the GSM network of Unitech across India. Telcordia had bagged a similar contract from Aircel....

VCUSTOMER MULLS CENTRE IN US (the company is talking to the clients to understand their needs).
June 30, 2009... vCustomer Corporation is planning to set up a centre of 200-300 people in the US. The company is talking to the clients to understand their needs. vCustomer provides business process outsourcing services and has 4,600 employees in...

WIPRO FURNITURE TO LAUNCH STARTLINE RANGE (the company has roped in Tim Wallace of London).
June 30, 2009... Wipro Furniture is planning to launch its designer furniture range, Startline, in India. The company has roped in furniture designer, Tim Wallace, of London. Wipro is also planning to launch a new range of high-end chairs by Eric Chan and...

PEPSI PLANS LOW-COST BEVERAGES, SNACKS TO FIGHT ANAEMIA (the company is developing the products with local R&D teams and global experts).
June 30, 2009... PepsiCo India is planning to launch low-cost beverages and snacks to fight anaemia among rural women. The company expects to price the products between Re1 and Rs2 per serve. PepsiCo is developing the products with local research and...

ARROW TO RE-ENTER WOMEN'S WESTERN WEAR SEGMENT (Arvind Brands had withdrawn from the segment due to poor response).
June 30, 2009... Arvind Brands is planning to re-enter the women's western wear segment under the Arrow brand. The company had launched the business in 2005 and had withdrawn from the segment due to poor response. Arvind Brands intends to focus on retail...

RETAIL TRADE: SPEEDY ACTION SOUGHT ON PANEL REPORT (CAIT has called for ban on entry of MNCs and big companies).
June 30, 2009... The Confederation of All India Traders (CAIT) has asked the Government to implement the report of the Parliamentary Standing Committee. The CAIT has called for ban on entry of multinational companies (MNCs) and big companies into retail...

TISSOT TO WATCH OVER INDIA (the company has launched the new Tissot Sea-Touch range in India).
June 30, 2009... Tissot of Switzerland is planning to launch a number of watches in India. The company is also planning to expand its distribution network in the next few years. Tissot intends to make India one of the top 10 markets in the world. The company...

PVR IN TALKS TO ACQUIRE DLF'S MULTIPLEX ARM (the deal could be either in the form of a merger or a complete acquisition).
June 30, 2009... Multiplex chain PVR is in talks to acquire DT Cinemas, a wholly owned subsidiary of real estate company DLF Group. The deal could be either in the form of a merger or a complete acquisition. The valuation process will begin in the next few...

EBONY GAUTIER TO PUMP IN Rs120 CRORE (to set up 20-25 Ebony Gautier stores across India by Mar 2012).
June 30, 2009... Ebony Homes is the furniture retail arm of the $3-billion DS Constructions. It will invest Rs120 crore to set up 20-25 furniture stores called Ebony Gautier across India by Mar 2012. In the first phase it will set up 10-12 stores in the...

SHRIRAM PROPERTIES SET FOR Rs500 CRORE IPO (and using the proceeds for building affordable homes in the Rs13-25 lakh range).
June 30, 2009... The realty firm Shriram Properties Ltd (SPL) is planning to launch its initial public offer (IPO) to raise Rs500-700 crore and has appointed Macquarie and Enam Financial Consultants for the proposed IPO. The promoters of the Shriram group...

BIRLA, TANTI OUT TO SETTLE FAULTY TURBINE LAWSUIT (filed in the Bombay High Court in 2008).
June 30, 2009... Suzlon Energy Ltd (SEL), a manufacturer of wind turbines, is planning to go for an out of court settlement regarding its dispute with Essel Mining Ltd (EML), a part of the Kumar Mangalam Birla group. EML had filed a law suit against SEL in...

UK'S LLOYDS BANKS ON WIPRO, TCS STAFF (for replacing up to 80% of its British information technology employees with Indian nationals).
June 30, 2009... Lloyds Bank of UK is in the process of replacing up to 80 percent of its British information technology (IT) employees with Indian nationals. The Indian nationals will probably be selected from its existing vendors such as Tata...

R&D OFFSHORING MARKET TO TOUCH $23 BILLION (by 2012-2013).
June 30, 2009... The Indian research and development (R&D) offshore market is expected to increase to $23 billion by 2012-2013 from $9.3 billion in 2008-2009. Research firm Zinnov Management Consulting has forecast that India's R&D outsourcing market will...

MAX INDIA PLANS TO RAISE Rs400 CRORE THROUGH QIP (for expanding its life insurance joint venture).
June 30, 2009... Max India Ltd, a provider of insurance and healthcare services and products, is planning to raise Rs400 crore by diluting seven to eight percent stake through the qualified institutional placement (QIP) route. Max intends to use the...

AI SETS DEC DEADLINE FOR IT INTEGRATION (with erstwhile Indian Airlines).
June 30, 2009... Air India has decided to integrate its information technology (IT) systems with the erstwhile Indian Airlines by Dec 2009 in order to get membership of the Star Alliance Club led by Lufthansa Airlines. The club allows members to share codes...

SALVAGE MODE: SCRAMBLE FOR CLIENTS PULLS DOWN BILLING RATES (of IT companies).
June 30, 2009... Information technology (IT) companies have reduced their client billing rates by 35-40 percent in order to attract more global customers. Some of the IT companies are offering discounts in the form of introductory discounts for new clients...

SECOND LOVE: SBI WOOS INDONESIAN BANK (Bank Eksekutif with a view to increase its global presence).
June 30, 2009... State Bank of India (SBI) is presently in discussions with Bank Eksekutif of Indonesia to acquire a majority stake in it with a view to increase its global presence. Bank Eksekutif has a market capitalisation of $6.66 million, 491 employees...

FMC REVIEWS COMMEXES' CIRCULAR TO MEMBERS (warning brokers against cash dealings with clients for exchange transactions).
June 30, 2009... The market regulator Forward Markets Commissions (FMC) is reviewing circulars issued by commodity exchanges such as the Multi Commodity Exchange of India Ltd of Mumbai, National Commodity & Derivatives Exchange of Mumbai and National Multi...

SOBHA DEVELOPERS RECEIVE COMMITMENTS FOR QIP ISSUE (worth $100-130 million).
June 30, 2009... Realty firm Sobha Developers Ltd (SDL) of Bangalore has stated that it has attracted commitments from investors for private placement of equity through the qualified institutional placements (QIPs) issue worth $100-300 million. The QIP issue...

NCC PLANS Rs550-CRORE QIP (for repaying debt and use the balance towards working capital requirements of existing and new projects).
June 30, 2009... The infrastructure company Nagarjuna Constructions Company (NCC) of Hyderabad is planning to raise Rs550 crore through the qualified institutional placements (QIPs) route. The company also intends to have a green shoe option of retaining Rs50...

SBI LOOKS TO DOUBLE SHARE IN DEALER FUNDING, CUT RATES (with effect from 1 Jul 2009).
June 30, 2009... The State Bank of India (SBI) will lower interest rates for dealer financing segment by 50 basis points in an effort to double its market share in the segment. SBI also intends to waive off mortgage charges of around Rs15,000 for the segment...

SOWING AREA IN KARNATAKA UP 50% THIS KHARIF (to 21.19 lakh hectares).
June 30, 2009... The Natural Disaster Monitoring Committee (NMDC), Government of Karnataka, has stated that acreage under cultivation for key crops has increased year-on-year by 50 percent during the ongoing kharif or summer season. According to NMDC, acreage...

RAILWAYS POST DOUBLE-DIGIT GROWTH IN REVENUE (to Rs2,280 crore during 11-20 Jun 2009, compared to Rs2,067 crore during 11-20 Jun 2008).
June 30, 2009... The Indian Railways has posted 10.30 percent growth in earnings to Rs2,280 crore during 11-20 Jun 2009, compared to Rs2,067 crore during 11-20 Jun 2008. During 11-20 Jun 2009, its revenue from goods grew by 9.26 percent to Rs1,545 crore,...

AUROBINDO SUES SA GOVT OVER AIDS DRUG BIDS (for failing to award it a tender for supplying medicines worth $400 million).
June 30, 2009... Aurobindo Pharmaceuticals Ltd (APL) of Hyderabad has filed a case against the Government of South Africa for failing to award it a tender for supplying medicines worth $400 million. According to APL, its price quoted was 30 percent less than...

WPI ERODING CREDIBILITY OF GOVT DATA, SAYS TENDULKAR (as it is not a satisfactory indicator of price movement of consumer goods).
June 30, 2009... Mr. Suresh Tendulkar, Chairman of the Prime Minister's Economic Advisory Council, has stated that the wholesale price index (WPI) used to measure inflation is eroding the credibility of Government of India's data amongst the public. ...

LESS THAN 15 LAKH T SUGAR FOR JULY (including 90,000 tonnes of imported raw sugar).
June 30, 2009... The Ministry of Food and Civil Supplies, Government of India, has released 14.90 lakh tonnes of sugar for open market sale for Jul 2009, including 90,000 tonnes of imported raw sugar. According to the Ministry, 12.67 lakh tonnes of sugar will...

SCI TO TAKE DELIVERY OF CONTAINER (called Desh Vishal that has been built by Daewoo Shipbuilding Marine Engineering Company of South Korea).
June 30, 2009... Shipping Corporation of India (SCI) is taking delivery of a large crude container called Desh Vishal that has been built by Daewoo Shipbuilding Marine Engineering Company of South Korea. Desh Vishal has a gross tonnage of 1,62,412 tonnes....

CENTRAL INVESTMENTS NEEDED IN INFRASTRUCTURE (the electricity sector needs investments of Rs49,989 crore for 2009-2010 and Rs57,631 crore for 2010-2011).
June 30, 2009... The Planning Commission, Government of India, has stated that the electricity sector needs investments of Rs49,989 crore for 2009- 2010; Rs57,631 crore for 2010-2011 and Rs66,420 crore for 2011- 2012. For roads and bridges infrastructure,...

RIL, RNRL YET TO WORK OUT FRESH DEAL ON KG D6 GAS (such as gas volumes, timelines, price and other commercial details by 15 Jul 2009).
June 30, 2009... Reliance Industries Ltd (RIL), Mukesh Ambani Group company and Reliance Natural Resources Ltd (RNRL) have yet to hold a meeting regarding the supply of gas from RIL's deepwater D6 block in Krishna-Godavari (KG) basin. The Bombay High Court...

HARTMAX TAKEOVER TO BRING US BRANDS UNDER SKNL'S CONTROL (including a few iconic Made in America labels belonging to Hartmarx Corporation).
June 30, 2009... S Kumars Nationwide Ltd (SKNL), a textile and apparel manufacturer, is bringing to India 34 clothing brands, including a few iconic Made in America labels, belonging to Hartmarx Corporation. Hartmarx of Chicago is the largest formal wear...

FORD SMALL CAR SET TO HIT INDIAN ROADS BY EARLY '10 (featuring sub-1.2 litre petrol and sub-1.5 litre diesel engines).
June 30, 2009... Ford India, which is in the process of developing a small car for India, featuring sub-1.2 litre petrol and sub-1.5 litre diesel engines, expects to launch the vehicle by early 2010. The small car will have 85 percent parts manufactured...

SPICEJET LOSS AT Rs7.8 CRORE (from a loss of Rs123.6 crore in Jan-Mar 2008).
June 30, 2009... SpiceJet, a low-cost carrier, has posted Rs7.8 crore loss for Jan- Mar 2009 against a loss of Rs123.6 crore in Jan-Mar 2008. The company has achieved 4.4 percent growth in sales at Rs417 crore (Rs399 crore). SpiceJet has increased its...