India Business Insight articles from May 2011

India Business Insight archives from May 2011

YAMAHA EXPANSION (to put up a third plant in India).
May 31, 2011... Yamaha Motors Pvt Ltd (YMPL) has plans to put up a third plant in India and to make India an independent export unit. YMPL has also plans to invest Rs300 crore by 2012 at its Surajpur facility whose capacity is being enhanced to 10 lakh units...

PLANET SPORTS TO RETAIL HERO'S PREMIUM BICYCLES (in all metros and tier I cities).
May 31, 2011... Hero Cycles has tied up with Pantaloon Retail India to display and sell its range of bicycles in the latter's selected outlets branded 'Planet Sports' in all metros and tier I cities. The new range of premium bicycles will be pushed into the...

PROFILE OF DUCATI DIAVEL CARBON-BLACK MOTORCYCLE (priced at Rs11.34 lakh).
May 31, 2011... The Diavel Carbon-Black, a sports bike offering from Ducati, available at a price of Rs11.4 lakh, is equipped with a liquid cooled, V-twin engine with a displacement of 1,198.4 cubic centimetres. The engine that develops power of 164.25PS and...

PROFILE OF YAMAHA VMAX (priced at Rs15.44 lakh).
May 31, 2011... The VMax, a sports bike offering from Yamaha, available at a price of Rs15.44 lakh, is equipped with a liquid cooled, V-4 engine with a displacement of 1,679 cubic centimetres. The engine that develops power of 200PS and torque of 167Nm has a...

PROFILE OF HONDA CROSSRUNNER (is equipped with a liquid cooled V-4 engine).
May 31, 2011... The Crossrunner, a sports bike offering from Honda, is equipped with a liquid cooled V-4 engine with a displacement of 782 cubic centimetres. The engine that develops power of 103.4PS at 10,000 revolutions per minute (rpm) and torque of...

TATA MOTORS DEALERS GET SBI FINANCE (for working capital which will aid growth in sales).
May 31, 2011... The dealers of Tata Motors will now get credit from State Bank of India (SBI) for working capital purpose, which will propel growth in sales. The Electronic Dealer Finance platform offered by SBI is expected to afford best customer experience...

EATON'S FIRST INTEGRATED TEST LAB (for its vehicle and hydraulic products).
May 31, 2011... Eaton has inaugurated the first integrated test laboratory at its trucks components facility with 38,000 square feet space in Ranjangaon, Maharashtra. The laboratory will conduct hardware tests for existing and future designs for local and...

VOLKSWAGEN ACHIEVES IMPRESSIVE SALES (of 28,072 cars in Jan-Mar 2011).
May 31, 2011... Volkswagen Group has achieved sales of 28,072 cars in Jan-Mar 2011 with all the three brands of the Group, Audi, Skoda and Volkswagen, registering good growth. Sales of Audi with the launch of A8 and R8 Spyder models during Jan-Mar 2011 has...

LAMBORGHINI'S SECOND DEALERSHIP IN INDIA (Autohanger appointed as dealer at Mumbai).
May 31, 2011... Lamborghini has appointed Autohanger as its dealer at Mumbai. Autohanger becomes Lamborghini's second dealer in India after Exclusive Motors, its first dealer in Delhi. Taking the help of its parent, Volkswagen, Lamborghini has planned to...

OPEN NANO: TATA PLANS TO OPEN EXCLUSIVE SHOWROOMS FOR NANO (to open in small towns).
May 31, 2011... Tata Motors has plans to open standalone showrooms for Nano in small towns following the example of its Ace mini truck, which is being sold through 600 exclusive stores across India. Nano is now available in 617 regular showrooms, 210 access...

IAC GROUP OPENS SECOND MANUFACTURING FACILITY AT CHAKAN (spread over 118,000 square feet of space at a cost of $15 million).
May 31, 2011... International Automotive Components (IAC) Group has opened it second manufacturing facility at Chakan, near Pune spread over 1,18,000 square feet of space at a cost of $15 million. The facility, employing 200 people, will help IAC to meet its...

CAR SALES CROSS 2.5 MILLION MARK (domestic sales of passenger vehicles stood at 25,20,421 in 2010-2011).
May 31, 2011... Domestic sales of passenger vehicles including sports utility vehicles, multi-purpose vehicles and cars stood at 25,20,421 in 2010-2011 against 19,51,333 in 2009-2010. Amongst the manufacturers, the first position goes to Maruti Suzuki with...

PASSENGER CAR SALES NEARING TWO MILLION MARK (domestic sales of passenger cars stood at 19,82,702 in 2010- 2011).
May 31, 2011... Domestic sales of passenger cars stood at 19,82,702 in 2010-2011 against 15,28,337 in 2009-2010. Amongst the manufacturers of these cars, the first position goes to Maruti Suzuki with 9,66,447 units (7,65,533 units), the second position to...

MASERATI ARRIVES IN STYLE (plans to open its first showroom in Mumbai in by Dec 2011).
May 31, 2011... Maserati, the Italian luxury carmaker, has planned to open its first showroom in Mumbai by Dec 2011 in partnership with Shreyans, reputed importer of foreign cars. While the second showroom is slated for opening in New Delhi by early 2012,...

ASTON MARTIN LAUNCHES FULL RANGE IN INDIA (to cater to an emerging luxury market).
May 31, 2011... Aston Martin, a British luxury carmaker, has launched its full range of cars in India by locating its showroom and dealership in Mumbai, to cater to an emerging luxury market. Nine cars, One- 77, Rapide, DBS Coupe, DBS Volante, DB9, V12...

LEYLAND LAUNCHES 1.25-TONNE LCV (for the use of small and medium business sector).
May 31, 2011... Ashok Leyland has launched the light commercial vehicle Dost for the use of small and medium business sector. The Dost, a 1.25- tonne light commercial vehicle and available through exclusive dealership during Jul-Sep 2012, will be...

HI-BIRD TO MAKE eSCOOTERS (priced in the range of Rs27,000 - 28,000).
May 31, 2011... Hi-Bird, an Indian bicycle manufacturer, is planning to manufacture two models of eScooter with range of 70 kilometres and charge time of 5-6 hours priced in the range of Rs27,000 - 28,000. These models, which will not require registration,...

PROFILE OF HONDA ACCORD VTiL AT (priced at Rs23.69 lakh).
May 31, 2011... The Accord VTiL AT, a luxury sedan offering from Honda and available at a price of Rs23.69 lakh, is equipped with an I-4, petrol engine with a displacement of 2,354 cubic centimetres that develops power of 180PS at 6,500 revolutions per minute...

PROFILE OF SKODA SUPERB ELEGANCE 2.0 TDI (priced at Rs26.17 lakh).
May 31, 2011... The Superb Elegance 2.0 TDI, a luxury sedan offering from Skoda and available at a price of Rs26.17 lakh, is equipped with an I- 4, diesel engine with a displacement of 1,968 cubic centimetres that develops power of 141PS at 4,200 revolutions...

PROFILE OF VOLKSWAGEN PASSAT BLUEMOTION HIGHLINE DSG (priced at Rs29.87 lakh).
May 31, 2011... The Passat Bluemotion Highline DSG, a luxury sedan offering from Volkswagen and available at a price of Rs29.87 lakh, is equipped with an I-4, diesel engine with a displacement of 1,968 cubic centimetres that develops power of 170PS at 4,200...

PROFILE OF HYOSUNG ST7 (priced at Rs5.4 lakh).
May 31, 2011... The ST7, a premium sporty motorcycle offering from Hyosung, available at a price of Rs5.4 lakh is equipped with a water cooled, V-twin engine with a displacement of 678.2 cubic centimetres that develops power of 62.5PS at 8,000 revolutions per...

PROFILE OF ASTON MARTIN V8 VANTAGE (priced at Rs1.4 crore).
May 31, 2011... The V8 Vantage, a luxury car offering from Aston Martin and available at a price of Rs1.4 crore, is equipped with an V-8, petrol engine with a displacement of 4,700 cubic centimetres that develops power of 426PS at 7,300 revolutions per minute...

PROFILE OF KTM DUKE 125 (priced at Rs2.67 lakh).
May 31, 2011... The Duke 125, a premium motorcycle offering from KTM, available at a price of Rs2.67 lakh is equipped with a liquid cooled, Single cylinder DOHC engine with a displacement of 124.7 cubic centimetres that develops power of 15PS at 10,500...

PROFILE OF SUZUKI SLINGSHOT PLUS (priced at Rs48,773).
May 31, 2011... The Slingshot Plus, a motorcycle offering from Suzuki, available at a price of Rs48,773 is equipped with a 4-stroke, single cylinder engine with a displacement of 124 cubic centimetres that develops power of 8.8PS at 7,000 revolutions per minute...

PROFILE OF TVS FLAME SR125 (priced at Rs52,600).
May 31, 2011... The Flame SR125, a motorcycle offering from TVS, available at a price of Rs52,600 is equipped with a 4-stroke, single cylinder engine with a displacement of 124.8 cubic centimetres that develops power of 10.3PS at 7,500 revolutions per minute...

PROFILE OF BAJAJ DISCOVER 125 (priced at Rs47,900).
May 31, 2011... The Discover 125, a motorcycle offering from Bajaj, available at a price of Rs47,900 is equipped with a 4-stroke, single cylinder engine with a displacement of 124.6 cubic centimetres that develops power of 11PS at 8,000 revolutions per minute...

PROFILE OF SUZUKI GSX-R600 (priced at Rs6.38 lakh, excluding duties).
May 31, 2011... The GSX-R600, a super sport motorcycle offering from Suzuki, available at a price of Rs6.38 lakh, excluding duties, is equipped with a liquid cooled, I-4, DOHC engine with a displacement of 599 cubic centimetres that develops power of 124PS at...

STATISTICS ON GSM: MARKET SHARE-MARCH 2011 (the total GSM subscriber base in India stood at 56,92,42,862 as at 31 Mar 2011).
May 31, 2011... The statistics furnished by the Cellular Operators Association of India (COAI) reveals that the total GSM subscriber base in India stood at 56,92,42,862 as at 31 Mar 2011. Bharti Airtel ranked first with a subscriber base of 16,22,03,480 and...

MTS KICKS OFF DATA CENTER IN NOIDA (at a cost of Rs35 crore).
May 31, 2011... MTS has opened an eco-friendly data center on 22,000 square feet at Noida at a cost of Rs35 crore. The center that meets the tier- 3 standards was built by IBM.

VODAFONE BUYS ESSAR'S 33% STAKE FOR $5 BILLION (the company also holds an indirect stake of 24-25 percent in VEL).
May 31, 2011... Vodafone has bought the 33 percent stake of Essar, its Indian partner, in the joint venture Vodafone Essar Ltd (VEL) for $5 billion (Rs22,500 crore). With this, the stake of Vodafone in VEL has increased to 75 percent from the earlier 42...

ORCKIT OPENS R&D CENTER (including a multiple research laboratory in Chennai).
May 31, 2011... Orckit-Corrigent has opened an R&D center including a multiple research laboratory in Chennai. The center will augment the research and development work of the company's packet transport network (PTN) solutions for its Indian clients. Bharat...

BSNL LAUNCHES VAS (for its 2G and 3G mobile clients).
May 31, 2011... Bharat Sanchar Nigam Ltd (BSNL) has introduced its three value added services (VAS) called video SMS, live share and dial-a- video for its 2G and 3G mobile clients. BSNL expects to generate revenues of Rs200-300 crore by 2014 through Vas. The...

FREDRIK TO HEAD ERICSSON INDIA (with effect from 1 Jun 2011).
May 31, 2011... Ericsson has appointed Fredrik Jejdling as the new head of its operations in India, Nepal and Bhutan with effect from 1 Jun 2011. Fredrik has over 13 years experience in sales and the global services division.

HIMANHU KAPANIA REPLACES AGA AS MD, IDEA (he was earlier the chief operating officer of the company).
May 31, 2011... Idea Cellular has appointed Himanshu Kapania as its managing director in place of Sanjeev Aga. He was earlier the chief operating officer of the company. Sanjeev Aga will continue as a director on the company's board.

TIMKEN PLANS Rs200 CRORE CAPEX TO MEET WIND, CEMENT SECTOR NEEDS (company at present manufactures 8-12 inch bearing at its Chennai facility).
May 31, 2011... Timken India Manufacturing is planning to invest Rs200 crore to increase its sales capacity of Chennai facility. Timken India, a wholly-owned subsidiary of Timken Company of US, a manufacturer of machine bearings and related components, is...

ASHOK LEYLAND & NISSA TO INVEST Rs2,500 CRORE IN LCV UNIT (to be set up at Sreeperumbadur, near Chennai, for manufacture light commercial vehicles).
May 31, 2011... The joint venture of Ashok Leyland and Nissan is planning to invest Rs2,500 crore in its new facility to be set up at Sreeperumbadur, near Chennai, for manufacture light commercial vehicles. As part of the first phase, the joint venture will...

ZTE TO OPEN A MANUFACTURING UNIT IN CHENNAI (now it has a facility at Manesar, which provides repair and maintenance services).
May 31, 2011... ZTE India, a subsidiary of ZTE Corporation of China, is setting up a mobile manufacturing unit in Chennai. Now it has a facility at Manesar in Haryana, which provides repairing, maintenance and logistics services. It imports components from...

ESSAR STEEL PROCESSING AND DISTRIBUTION ENHANCES CAPACITY AT PUNE AND BHADURGARH (Slitter units will process coils up to 12 mm thick and 2,000 mm wide into strips of 50 mm).
May 31, 2011... The Essar Steel Processing & Distribution Facility (ESPDF) at Bhadurgarh (National Capital Region of Delhi) and Pune have set up slitting line for thicker HR steel coils. The slitters have capacity to process 1,00,000 tonnes of HR coil per...

GERMAN PUMP MAKER WILO SE OPENS PLANT AT KOLHAPUR (the Rs100-crore facility will produce pumps for domestic sales as well as for global market).
May 31, 2011... Wilo Se, a pump and pumping system manufacturer of Germany, has opened its new manufacturing facility at Kolhapur. The Rs100- crore facility will manufacture standardised water handling pumps and pumping systems for domestic sales as well as...

PE INVESTMENT IN INDIA AT $3.3 BILLION IN JANUARY'MARCH 2011 (the biggest deal was of Bain Capital and Singapore's GIC in Hero Investments).
May 31, 2011... The private equity (PE) investements during Jan-Mar 2011 touched $3.3 billion. It is about 57 percent higher than $2.1 billion in Jan-Mar 2010. It was also the highest PE investment since first quarter 2008. Energy, manufacturing,...

BLACKBERRY TO SET UP MANUFACTURING PLANT IN INDIA (but has not made any announcement about how much investment it will make).
May 31, 2011... Research in Motion (RIM), manufacturer of Blackberry smartphones, is likely to set up a manufacturing unit in India and make it an export hub. However, it has not made any announcement about how much investment it will make, the handset...

NCR ATTRACTS SECOND HIGHEST FDI (Maharashtra stood first with receipt of $2.67 billion during Apr-Sep 2010).
May 31, 2011... Over 50 percent of foreign direct invest (FDI) made in India during Apr-Sept 2011 was in Maharashtra and National Capital Region (NCR) of Delhi. India attracted $11 billion FDI during the period. As per Government of India Industry Ministry's...

CENTRE CLEARS 9 SOLAR PROJECTS FOR HARYANA (under Jawaharlal Nehru National Solar Mission).
May 31, 2011... The Government of India has approved setting up of nine solar power plants in Haryana by independent power producers. These projects are expected to be commissioned by Sept 2011. The Haryana Renewable Energy Development Agency had selected...

HARYANA SEZ LAND WILL COST RIL MORE (as Haryana has increased the price of land for acquisition from Rs16 lakh to Rs20 lakh per acre).
May 31, 2011... Reliance Industries Limited (RIL), which has planned to set up a special economic zone (SEZ) at Jhajjar in Haryana, has to pay more for acquiring land. The Haryana Government has increased the price of land for acquisition from Rs16 lakh per...

KARNATAKA LIFTS BAN ON MINES NOT UNDER APEX COURT SURVEY (the SC had ordered survey and demarcation of 99 mining leases).
May 31, 2011... The Government of Karnataka has allowed mining companies, that are not under the survey of the Supreme Court (SC), to resume operations from 21 May 2011. The SC had ordered a survey and demarcation of 99 mining leases on 6 May 2011. The SC had...

ROYAL ORCHID HOTELS' PAT UP AT Rs12.22 CRORE (the company intends to add 840 rooms by Mar 2012).
May 31, 2011... Royal Orchid Hotels Ltd has announced a profit after tax (PAT) of Rs12.22 crore for 2010-2011 (Rs6.98 crore for 2009-2010). Its revenue has gone up to Rs154.74 crore (Rs121.86 crore). The company has 1,622 rooms and intends to add 840...

JAPAN'S KOKUYO TO BUY CONTROLLING STAKE IN CAMLIN (the stake of the promoters will decline to 18 percent).
May 31, 2011... Kokuyo Co of Japan has decided to acquire a stake of 50.3 percent in Camlin Ltd for Rs366 crore. The company will acquire a stake of 10 percent through preferential allotment at Rs85 a share. Kokuyo will acquire a stake of 20.3 percent from the...

COLGATE Q4 NET DECLINES MARGINALLY (the company has announced a net profit of Rs114.06 crore for Jan-Mar 2011).(Financial report)
May 31, 2011... Colgate Palmolive India Ltd has announced a net profit of Rs114.06 crore for Jan-Mar 2011 (Rs114.39 crore for Jan-Mar 2010). Its net sales have gone up to Rs581.7 crore (Rs516.6 crore). The company has announced a net profit of Rs402.58 crore...

EIH POSTS Rs64-CRORE STANDALONE NET (the company has announced a consolidated net loss of Rs5.23 crore for 2010-2011).(Financial report)
May 31, 2011... EIH Ltd has announced a standalone net profit of Rs64.54 crore for 2010-2011 (Rs57.23 crore for 2009-2010). The company has announced a consolidated net loss of Rs5.23 crore (net profit of Rs66.31 crore). The board has recommended a...

TORRENT PHARMA PROFIT FALLS 5% (the company has announced a net profit of Rs270 crore for 2010-2011).(Financial report)
May 31, 2011... Torrent Pharmaceuticals Ltd has announced a decline of five percent in net profit at Rs270 crore for 2010-2011. Its sales have gone up to Rs2,161 crore (Rs1,867 crore). The company has announced a net profit of Rs42.84 crore for Jan-Mar 2011...

BS TRANSCOMM POSTS Rs51-CRORE NET (the company has announced revenue of Rs872 crore for 2010- 2011).(Financial report)
May 31, 2011... BS Transcomm Ltd has announced a net profit of Rs51 crore for 2010-2011 (Rs24 crore for 2009-2010). Its revenue has gone up to Rs872 crore (Rs521 crore). The company has an order book of Rs510 crore and has bid for contracts of Rs2,000 crore.

SUN PHARMA TO SPEND Rs450 CRORE ON RESEARCH (the company expects to announce a growth of 30 percent for 2011-2012).
May 31, 2011... Sun Pharmaceuticals Ltd is planning to spend Rs450 crore on research and development in 2011-2012. The company expects to announce a growth of 30 percent for the year. Sun Pharma has spent Rs331 crore on research out of the net sales of...

HIGHER SALES VOLUMES OFFSET COSTLIER INPUTS FOR M&M; Q4 NET JUMPS (the company has announced a net profit of Rs607 crore for Jan-Mar 2011).(Financial report)
May 31, 2011... Mahindra & Mahindra Ltd (M&M) has managed to offset increase in the input cost by higher sales volumes. The company has announced a net profit of Rs607 crore for Jan-Mar 2011 (Rs570 crore for Jan- Mar 2010). Its standalone net sales have...

BATTERY-POWERED BIKES WILL BE AVAILABLE FOR HIRE (the Electrotherm Group has launched the service in Pune).
May 31, 2011... The Electroterm Group has launched a battery-powered bike hire service, Switch, in Pune. The service will offer YoBykes to commuters through a network of licensed points. The group will offer the service initially to companies and later extend...

SHREE GANESH LOOKS FOR JEWELLERY BRANDS IN ITALY, UAE (the company has announced a net profit of Rs294 crore for 2010-2011).(Financial report)
May 31, 2011... Shree Ganesh Jewellery House Ltd is planning to acquire jewellery brands in Italy and a chain of branded jewellery stores in the United Arab Emirates (UAE). The company expects to spend Rs945 crore to acquire the Italian brand and Rs150 crore to...

GDP MAY DIP TO 8% IN 2011-12: FICCI (inflation in India is likely to decline to seven percent by Mar 2012).
May 31, 2011... The Federation of Indian Chambers of Commerce and Industry (FICCI) expects the gross domestic product (GDP) of India to grow by eight percent in 2011-2012. The GDP had registered a growth of 8.6 percent in 2010-2011. FICCI expects the inflation...

CAPGEMINI TO HIRE 8,000 FOR DELIVERY CENTRES THIS YEAR (the company intends to expand into smaller cities).
May 31, 2011... Capgemini of France is planning to hire up to 8,000 people in India in 2011. The company has eight delivery centres in the country and intends to expand into smaller cities. Capgemni has added 3,000 people in Jan-Mar 2011 to take the manpower...

RCOM Q4 PROFIT SLUMPS 86% ON HEAVY DEBT (the company has announced a net profit of Rs169 crore for Jan-Mar 2011).(Financial report)
May 31, 2011... Reliance Communications Ltd (RCom) has announced a decline of 86.14 percent in net profit at Rs169 crore for Jan-Mar 2011 (Rs1,220 crore for Jan-Mar 2010). Its revenue has gone up to Rs7,876 crore (Rs5,092.8 crore). The company has a total debt...

MTS LAUNCHES HALF PAISE PER SECOND TARIFF PLAN (subscribers will get free talk time of Rs50).
May 31, 2011... Sistema Shyam Teleservices Ltd has launched a new tariff plan of half a paise per second for the customers of MTS. Existing subscribers can avail the new lifetime plan for Rs191 and new subscribers can avail the plan for Rs203. Subscribers...

HEXAWARE BAGS $25-MILLION ORDER (to provide remote infrastructure management services).
May 31, 2011... Hexaware Ltd has bagged an order of $25 million from an existing client. The company will provide remote infrastructure management services in Americas, Europe and Asia Pacific region. Hexaware intends to deploy 150 employees to manage the...

CENTRAL BANK, VIJAYA BANK TO HIRE AROUND 4,000 THIS YEAR (Central Bank intends to recruit 2,500 people in 2011-2012).
May 31, 2011... Central Bank of India intends to recruit nearly 2,500 people in 2011-2012. The bank has nearly 35,000 employees and had recruited 1,500 people in 2010-2011. Vijaya Bank is planning to recruit 1,500-2,000 people in 2011-2012. The bank has 11,000...

EQUIFAX LAUNCHES NEW MICROFINANCE BUREAU IN INDIA (consumers can establish their credit history to obtain funding).
May 31, 2011... Equifax Credit Information Services Private Ltd (ECIS) has launched a microfinance credit bureau. The company is a joint venture between Equifax and six Indian financial institutions. The credit bureau will enable consumers to establish their...

RUPEE GAINS 8 PAISE ON DOLLAR SALE (the rupee closed at 45.08/09 to the US dollar on 30 May 2011).
May 31, 2011... Indian rupee gained eight paise to close at 45.08/09 to the US dollar on 30 May 2011. Banks and exporters sold the dollar due to the weaknesses in the dollar overseas. The forward premium for six months closed at 134-136 paise (142.5-144 paise...

BONDS DROP (on speculation that the RBI may increase the rates).
May 31, 2011... Bond prices in India declined on 30 May 2011 on speculation that the Reserve Bank of India (RBI) may increase the rates in Jun 2011. The yield on the 7.8 percent 2021 paper closed two basis points higher at 8.47 percent. The rate on one-year...

CALL RATES END LOWER (at 7.30-7.35 percent on 30 May 2011).
May 31, 2011... The inter-bank call rate in India closed at 7.30-7.35 percent on 30 May 2011 (7.40-7.45 percent on 28 May 2011). The collateralised borrowing and lending obligations closed at a weighted average rate of 7.1 percent (6.6 percent). The Reserve...

DCB GETS RBI NOD FOR 10 NEW BRANCHES (the bank intends to expand to 17 States).
May 31, 2011... Development Credit Bank (DCB) has received the approval of the Reserve Bank of India (RBI) to open 10 new branches. The bank has 80 branches and intends to open branches in Surat and Bharuch districts of Gujarat. DCB intends to expand its...

SUNDARAM FINANCE Q4 NET PROFIT JUMPS 81% (the company has announced a net profit of Rs98 crore for Jan- Mar 2011).(Financial report)
May 31, 2011... Sundaram Finance Ltd has announced a growth of 81 percent on net profit at Rs98 crore for Jan-Mar 2011 (Rs54 crore for Jan-Mar 2010). Its revenue has gone up to Rs400 crore (Rs352 crore). The company has announced a net profit of Rs258 crore...

RETAIL CREDIT GROWTH MAY SLOW DOWN IN FY12: CARE (public sector banks are expected to focus on corporate lending).
May 31, 2011... CARE Ratings expects the growth of retail credit in India to slow down in 2011-2012. Public sector banks are expected to focus on corporate lending. CARE expects the advances of banks to grow by 20-21 percent in 2011-2012. The rating agency...

GREATER BOMBAY CO-OP BANK ON AUTOMATION DRIVE; LAUNCHES E-LOBBY (customers can conduct seven routine transactions any time).
May 31, 2011... Greater Bombay Co-operative Bank has launched an e-lobby at the Khargar branch in Mumbai. The new facility consists of seven electronic machines to facilitate 24x7 banking. Customers can use the machines to conduct seven routine transactions any...

ADITYA BIRLA NUVO PLANS Rs589-CRORE CAPEX BY FY13 (the company has announced a net profit of Rs224 crore for Jan-Mar 2011).
May 31, 2011... Aditya Birla Nuvo Ltd (ABNL) is planning to incur capital expenditure (capex) of Rs589 crore by Mar 2013. The company intends to expand its caustic soda capacity by 125 tonnes a day at a cost of Rs155 crore. ABNL is planning to expand the...

PIEM HOTELS SELLS 27 LAKH SHARES OF INDIAN HOTELS (Tata Sons has bought the shares at Rs78.9 a share).
May 31, 2011... Piem Hotels Ltd has sold 27 lakh shares of Indian Hotels Ltd to Tata Sons for Rs21.3 crore. Tata Sons has bought the shares at Rs78.9 a share. Piem Hotels operates The Gateway Hotel brand in Nashik and Agra. The company operates the Vivanta by...

PATEL REALTY LAUNCHES LUXURY PROJECT (the company is building an enclave of 124 duplex homes at Bangalore).
May 31, 2011... Patel Realty India Ltd has launched a luxury homes project, Townsville, near Bangalore. The company is a wholly-owned subsidiary of Patel Engineering Group. Patel Realty is building an enclave of 124 premium duplex homes at Electronics City....

KARNATAK UNIVERSITY GETS 3 PROJECTS (the UGC has approved the research projects).
May 31, 2011... The University Grants Commission (UGC) has approved three research projects of Karnatak University. The UGC has selected the university as one of the University with Potential for Excellence. The three projects are expected to cost Rs30 crore.

TATACOM TO INVEST $450 MILLION AS CAPEX (has earmarked $200 million for the expansion of two of its cables).
May 31, 2011... Tata Communications plans to invest $400-450 million (Rs1,800- 2,025 crore) as capital expenditure in 2011-2012. The investment will be funded from internal accruals. The company has earmarked $200 million (Rs900 crore) for the expansion of two...

MAHINDRA SATYAM SETS UP CoE IN MALAYSIA (will provide support for global testing for MasterCard's business applications).
May 31, 2011... Mahindra Satyam has set up a centre of excellence (CoE) in Kuala Lumpur, Malaysia. The CoE will provide support for global testing for MasterCard's business applications, as well as application development in Java and business intelligence....

ICAI GETS NOD TO PROBE SATYAM AUDITORS (will try to conclude the cases in a fast track mode).
May 31, 2011... The Delhi High Court has allowed the Institute of Chartered Accountants of India (ICAI) to initiate disciplinary proceedings against the two PricewaterhouseCooper auditors who are facing legal cases for their alleged involvement in the Satyam...

EQUIFAX CREDIT LAUNCHES MICROFINANCE CREDIT BUREAU (will enable consumers to establish their credit history and secure funding to for their ventures).
May 31, 2011... Equifax Credit Information Services (ECIS) has launched a microfinance credit bureau in India to help micro lenders provide financial services in un-served and under-served markets. The move will enable consumers to establish their credit...

GREATER BANK SETS TARGET FOR GOLD LOANS (has set a gold loan business target of Rs200 crore for 2011- 2012).
May 31, 2011... The Greater Bombay Co-operative Bank Ltd has set a gold loan business target of Rs200 crore for 2011-2012. The bank has lent Rs13 crore for a period between one and three years and at a uniform interest rate of 13 percent in the first year of...

LIC TO OFFER UIDs TO 40 MILLION POLICYHOLDERS THIS YEAR (plans to issue biometric cards to 50 million people every year for the next four years).
May 31, 2011... Life Insurance Corporation of India (LIC) plans to offer unique identification cards to 40 million policyholders in 2011. The company has signed an agreement with Unique Identification Authority of India (UIDAI) to share its database of over...

Rs8,300-CRORE INVESTMENT FOR NATIONAL CIVIL AIRCRAFT PROJECT (first phase of the project is expected to commence by Jan 2012).
May 31, 2011... The National Civil Aircraft Development Project is expected to entail an investment of Rs8,300 crore. The first phase of the project, the design phase, is expected to commence by Jan 2012 and will entail an investment of Rs4,400 crore. The first...

SYNDICATE BANK SIGNS MoU (with Musandam Exchange of Oman).
May 31, 2011... Syndicate Bank has signed a memorandum of understanding (MoU) with Musandam Exchange, Ruwi, Oman. The agreement is for managing service contract and designated depository agency for rupee drawing arrangement, issue of DD, Currency and Travellers...

PSL MOVES ON TO BUILDING PORTS (has secured a contract to build a jetty at Kandla port).
May 31, 2011... PSL has decided to diversify into port construction business. The company has secured a contract from the Government of Gujarat to build a jetty at Kandla port. The company has set up a subsidiary, PSL Infrastructure and Ports, for taking up...

HDIL PLANS TO CUT DEBT BY A FOURTH (had a consolidated debt of Rs4,319 crore as on 31 Mar 2011).
May 31, 2011... HDIL plans to reduce its total debt by 25 percent by the end of 2011-2012. The company had a consolidated debt of Rs4,319 crore and a net worth of Rs9,489.48 crore as on 31 Mar 2011. The company plans to reduce the debt to Rs3,000 crore by...

OVERSEAS UNITS LIFT SUNDRAM FASTNERS' NET (to Rs114 crore for 2010-2011).
May 31, 2011... Sundram Fasteners' posted an increase of 142 percent in consolidated profit to Rs114 crore for 2010-2011 from Rs47 crore for 2009-2010. The company operates subsidiaries in China, the UK and Germany, which have performed well and lifted the...