India Business Insight articles from November 2005, page 62

India Business Insight archives from November 2005

SICAL TO HIVE OFF NON-CORE BUSINESS (into a separate company or companies).
November 17, 2005... (From India Business Insight) Sical Ltd is to establish a separate company or companies to take over its non-core businesses and focus on its bulk logistics business. The company is increasing its authorised share capital from Rs100...

MAJOR ITEMS WILL HAVE RIGHT OF WAY ON FREIGHT CORRIDOR (movement of major items through designated sectors of the Rs60,000- crore Rail Freight Corridor project).
November 17, 2005... (From India Business Insight) The Ministry of Railways, Government of India, has proposed right of way for movement of major items through designated sectors of the Rs60,000-crore Rail Freight Corridor project. It has provisionally...

ITC TAKES 'KITCHEN OF INDIA' ABROAD (the ready-to-eat food products brand launched in Australia, the Middle East, Switzerland, the UK, the USA and Canada).
November 17, 2005... (From India Business Insight) ITC Ltd Foods Business has launched its 'Kitchen of India' brand of ready-to-eat food products in Australia, the Middle East, Switzerland, the UK, the USA, Canada and other countries. It plans to promote...

SUBSIDY FOR IRRIGATION PROJECTS MAY BE DOUBLED (to 50%).
November 17, 2005... (From India Business Insight) The Government of India has proposed to increase subsidy for micro- irrigation projects from 25 percent to 50 percent. The States are to contribute 20 percent of the subsidy. Area under drip and sprinkler...

GVK-TPC SHARE PURCHASE AGREEMENT (GVK Hydel Pvt Ltd is to buy the holding of Tata Power Company Ltd in Alaknanda Hydro Power Company Ltd for Rs3.12 crore).
November 17, 2005... (From India Business Insight) GVK Hydel Pvt Ltd has signed an accord to purchase the stake of Tata Power Company Ltd (TPC) in Alaknanda Hydro Power Company Ltd (AHPC). The deal is for Rs3.12 crore. TPC had acquired 100 percent stake in...

SHELL CHOOSES HPCL TO OFFLOAD HAZIRA STAKE (of 25-26%).
November 17, 2005... (From India Business Insight) Royal Dutch Shell is negotiating to sell 25-26 percent stake in the Hazira liquefied natural gas (LNG) terminal project to Hindustan Petroleum Corporation Ltd (HPCL). It has not responded to the offer of...

GIL, HPCL SIGN MoU FOR E and P ABROAD (for joint participation in oil and gas exploration and production).
November 17, 2005... (From India Business Insight) GAIL (India) Ltd (GIL) and Hindustan Petroleum Corporation Ltd (HPCL) have signed a memorandum of understanding (MoU). The MoU is for joint participation in oil and gas exploration and production (E and P)....

GOVERNMENT WILL NOT OPPOSE COCA-COLA'S PLAN TO HIKE STAKE IN ITS BOTTLING SUBSIDIARY (to 100% from 51%).
November 17, 2005... (From India Business Insight) The Government of India has no objection to Hindustan Coca-Cola Holdings (HCCH) raising the stake in its bottling company, Hindustan Coca-Cola Beverages (HCCB), to 100 percent. This approval is subject to...

PIDILITE TO EXIT SPECIALITY CHEMICALS BUSINESS (valued at Rs100 crore).
November 17, 2005... (From India Business Insight) Pidilite Industries Ltd (PIL) is seeking a buyer for its speciality chemicals division. It intends to quit speciality chemicals trade to focus on consumer-oriented products business. The division, worth...

MOTOROLA TO ASSEMBLE GSM PHONES IN INDIA (intends to upgrade the unit into a manufacturing facility in phases).
November 17, 2005... (From India Business Insight) Motorola is setting up a unit in collaboration with a multinational company to assemble global system for mobile communication (GSM) phones in India. It proposes to upgrade the unit into a manufacturing...

SBI LIFE PLANNING TO RAISE UP TO Rs500 CRORE FROM IMD REDEMPTION (in Dec 2005 and hopes to retain 1-2% of the estimated redemption of Rs35,000 crore).
November 17, 2005... (From India Business Insight) SBI Life Insurance Company Ltd plans to earn up to Rs500 crore from its Dhana Vriddhi scheme for India Millennium Deposits (IMD) that are due for redemption in Dec 2005. The scheme offers returns of 5.86...

RELIANCE STRIKES IT BIG IN KG BASIN (notifies another gas discovery in the KG-D6-P1-A well in its Krishna-Godavari basin block).
November 17, 2005... (From India Business Insight) Reliance Industries Ltd (RIL) has notified the Directorate General of Hydrocarbons and the Ministry of Petroleum, Government of India, of another gas discovery in the KG-D6-P1-A well drilled in its...

BENGAL CABINET CLEARS Rs52-CRORE GE HOTEL SALE (to Bharat Hotels owned by Lalit Suri).
November 17, 2005... (From India Business Insight) The Government of West Bengal, on 16 Nov 2005, has approved the sale of the 165-year-old Great Eastern Hotel (GEH) to Bharat Hotels owned by Lalit Suri for Rs52 crore. As per the agreement, the Government...

INDIA TO DOUBLE FOREX EARNINGS FROM TOURISM (Government of India is undertaking several measures to increase tourism in the country).
November 17, 2005... (From India Business Insight) India will double its foreign exchange earnings from tourism from $4.8 billion in 2004 to $10 billion by 2008. The Ministry of Tourism, Government of India, in partnership with the states and private...

BIOCON SIGNS MARKETING PACT WITH BENTLEY PHARMA (Biocon granted exclusive and co-exclusive rights to develop and market Bentley's intranasal spray insulin).
November 17, 2005... (From India Business Insight) Biocon has signed a product licensing agreement with Bentley Pharmaceuticals Inc, a technology-based specialty pharmaceutical and drug delivery company. The license agreement grants Biocon exclusive and...

SHANTI GEARS RAISE $15 M THRU FCCB (SBI Capital Markets has acted as the Indian lead manager for the issue).
November 17, 2005... (From India Business Insight) Shanti Gears Ltd (SGL) has raised $15 million through foreign currency convertible bonds (FCCB). The FCCB issue consisted of Series A convertible bonds at 0.5 percent due 2010 aggregating to $10 million...

MASCON TO BUY US, SINGAPORE COS (the acquisitions to help Mascon expand its ERP services and increase its client base).
November 17, 2005... (From India Business Insight) Mascon Global Ltd of Delhi will acquire two companies offering ERP solutions, one each in the US and Singapore. The acquisitions will be stock and cash deals. Mascon will issue international securities like...

MBT BUYS AXES TECH FOR $54 MILLION (to foray into telecom equipment manufacturing and R and D, with the acquisition).
November 17, 2005... (From India Business Insight) Mahindra-British Telecom (MBT) has signed an agreement for acquiring Axes Technologies, a Bangalore-based telecom services and technology platforms company, for $54 million. MBT, whose primary focus is...

BASE IMPORT PRICES OF EDIBLE OILS CUT (the Government of India fixes the base import prices of edible oils to calculate customs duties).
November 17, 2005... (From India Business Insight) The Government of India, on 16 Nov 2005, has reduced the base import prices of RBD palm oil to $435 a tonne from the existing $439, other palm oil to $434 a tonne from $437, crude palmolein to $440 a tonne...

JRG MAKES DP SERVICES IN COMMODITIES FREE (to help its clients participate in commodity futures trade to avail loans against their warehouse receipts).
November 17, 2005... (From India Business Insight) JRG Securities, a broking firm, has launched a special offer of free depository services for clients with a view to bringing in more small companies into the commodity futures markets. JRG provides demat...

VENKATESHWARA HATCHERIES IN RACE FOR HAFFKINE BIO-PHARMA (HBCL manufactures vaccines for rabies and polio).
November 17, 2005... (From India Business Insight) The Venkateshwara Hatcheries Group of Pune is in the race for acquiring a stake in Haffkine Bio-Pharmaceutical Corporation Ltd (HBCL), put up for divestment by the Government of Maharashtra. The VH Group,...

GVK HYDEL TO BUY TATA POWER STAKE IN ALAKNANDA HYDRO (Tata Power offloads holding for Rs3.12 crore).
November 17, 2005... (From India Business Insight) GVK Hydel of Hyderabad has finalised a deal to acquire the entire shareholding of Tata Power Company in Alaknanda Hydro Power Company Ltd (AHPC). Tata Power has informed the Bombay Stock Exchange that it...

RATNAGIRI OIL FIELD PRODUCTION BY 2006-END: ESSAR (field has estimated reserves of 500 million barrels).
November 17, 2005... (From India Business Insight) Essar Oil Ltd is looking to commence production from the Ratnagiri oil field by end-2006. Essar Oil holds 50 percent stake in the oil field, while Oil and Natural Gas Corporation holds 40 percent and...

GAS FLOW FROM RELIANCE TO NTPC EXPECTED FROM JUNE 2008 (supplies originally scheduled to commence in 2007).
November 17, 2005... (From India Business Insight) VK Sibal, Director General of Hydrocarbons (DGH), expects Reliance Industries Ltd to start gas supplies to National Thermal Power Corporation from the Krishna-Godavari Basin from Jun 2008. The Ministry of...

BIOCON TIES UP WITH US CO FOR NASAL INSULIN SPRAY (to supply the drug for the nasal spray).
November 17, 2005... (From India Business Insight) Biocon Ltd has entered into an alliance with Bentley Pharmaceuticals of the US for co-development of an intra-nasal insulin spray. Biocon will be supplying the drug for the product and will also be involved...

SHANTHI GEARS MOPS UP $15 M THROUGH FCCBs (the Series A bonds already placed at a premium).
November 17, 2005... (From India Business Insight) Shanthi Gears of Coimbatore has managed to raise $15 million through an issue foreign currency convertible bonds to fund its investment plans. The bonds are in two tranches, with the Series A bonds already...

DUBAI CO LEADS IN IMPORTING COAL FROM INDIA (C and O accounts for 30 percent of India's coal imports).
November 17, 2005... (From India Business Insight) Coal and Oil Company LLC of Dubai has imported seven million tonnes of coal into India during 2004-2005, accounting for 30 percent of the country's coal imports. The company has projected a sales...

NRB BEARINGS EXPECTS GROWTH IN EXPORT, DOMESTIC MARKETS TO CONTINUE (registers 14 percent margin in net profit).
November 17, 2005... (From India Business Insight) NRB Bearings says that it expects growth momentum to continue in both the domestic and export markets. The company has recently bought back 26 percent stake from Timkens France for a consideration of Rs230...

BANNARI AMMAN'S GRANITE UNIT SEES 3-FOLD RISE IN EXPORTS (it produced 85,616 sq metres of granite slabs in 2004-2005).
November 17, 2005... (From India Business Insight) The granite division of Bannari Amman Sugars has projected a three-fold increase in container load despatches within the next six months. The division, which has so far been exporting 20 containers of...

TRIVENI ENGG TO SET UP SUGAR PLANTS IN WESTERN UP (one plant to come up at Sabitgarh in Uttar Pradesh).
November 17, 2005... (From India Business Insight) Triveni Engineering and Industries is planning to set up two greenfield factories in western Uttar Pradesh and ramp up its sugar production capacity. The company presently has a total crushing capacity...

GAIL, HPCL IN PACT FOR E and P, CITY GAS PROJECTS (participated in E and P bidding rounds in Australia).
November 17, 2005... (From India Business Insight) GAIL (India) Ltd and Hindustan Petroleum Corporation Ltd have signed a memorandum of understanding for pursuing exploration and production opportunities in India and overseas. They will also look at...

HPCL IN TALKS WITH SHELL FOR STAKE IN HAZIRA TERMINAL (interested in picking up a 25 percent stake).
November 17, 2005... (From India Business Insight) Hindustan Petroleum Corporation Ltd is in advanced stage of negotiations with Shell India for acquiring stake in Shell's Hazira LNG terminal in Gujarat. The company is interested in picking up a 25...

PERSISTENT SYSTEMS BUYS CONTROLNET (projected revenues of $3.5 million from Goa centre).
November 17, 2005... (From India Business Insight) Persistent Systems has acquired ControlNet India, the Goa-based wholly owned subsidiary of ControlNet Inc of the US, for a consideration of $2 million. This acquisition gives Persistent Systems an entry...

FOSS.IN 2005 FROM NOV 29 (event will feature discussions on open source technologies).
November 17, 2005... (From India Business Insight) The Free and Open Source Software even Foss.in 2005 will be held at Bangalore from 29 Nov 2005. The four-day event will bring together participants from all over the world. The event will feature...

LG INDIA TO PUSH NOTEBOOK SALES (it presently offers five notebook computer models).
November 17, 2005... (From India Business Insight) LG Electronics India Pvt Ltd has set a target of selling 15,000 notebook computer units in 2006. The company has launched a new range of premium products, including a notebook computer, a car style GSM mobile...

MBT BUYS AXES TECH FOR $54 M (Axes has development centres in Bangalore and Chennai).
November 17, 2005... (From India Business Insight) Mahindra British Telecom of Pune has acquired Axes Technologies of the US for a consideration of $54 million in an all-cash deal. Axes Tech has development centres in Bangalore and Chennai and employs about...

XIOTECH TO EXPAND INDIA OPERATIONS (to launch more products developed in India).
November 17, 2005... (From India Business Insight) Xiotech Corporation, a technology provider for managing data, has planned investments of $2 million for expanding its research and development centre at Hyderabad. It would also be doubling its...

AMTEX PLANS PLUG-N-PLAY OFFICES NEAR CHENNAI (plans a disaster recovery and management facility).
November 17, 2005... (From India Business Insight) Amtex Systems of the US has come out with a unique method to help international clients planning to set up offshore development centres in India. The company assists clients in setting up a centre in...

BANKS PARE HOME LOAN EXPOSURE (aggregate exposure of banks pegged at Rs30,000 crore).
November 17, 2005... (From India Business Insight) Public and private banks in India have started containing their exposures to housing loan assets to prevent the building up of non-performing assets in their balance sheets following repeated cautions from...

SOUTH INDIAN BANK H1 NET AT Rs14 CR (bank's interest spread rises to 3.10 percent).
November 17, 2005... (From India Business Insight) South Indian Bank has registered a net profit of Rs13.94 crore for the first half of 2005-2006 as compared to a loss of Rs13.12 crore in the first half of 2004-2005. The bank posted a net profit of Rs8.63...

UNION BANK GETS NOD FOR PUBLIC ISSUE (first IPO in Aug 2002 had raised Rs288 crore).
November 17, 2005... (From India Business Insight) The Union Bank of India has received approval from the Government of India for coming out with its second public issue. The bank plans to issue 4.5 crore equity shares through a book-building process. The...

SBI LIFE TARGETS Rs200-500 CR OF IMD REDEMPTION (to target opportunity with Dhana Vridhi insurance plan).
November 17, 2005... (From India Business Insight) SBI Life Insurance has set a target of cornering Rs200-500 crore from redemption of India Millennium Deposits that are due in Dec 2005. The company intends to target this opportunity with its recently...

GTB DEFAULTERS KEN TO NEGOTIATE SETTLEMENT: OBC CHIEF (bank targets recovering Rs500 crore in 2005-2006).
November 17, 2005... (From India Business Insight) KN Prithviraj, Chairman and Managing Director of Oriental Bank of Commerce, says that several accounts belonging to the erstwhile Global Trust Bank have started negotiating for settlements. The Central Bureau...

CSL PAYS Rs8.33-CR DIVIDEND; FORESEES HIGH VALUE ORDERS (achieved shipbuilding of 62,517 dwt in 2004-2005).
November 17, 2005... (From India Business Insight) Cochin Shipyard Ltd has made a dividend payment of Rs8.33 crore to the Government of India on its preference share capital for 2004-2005. The shipyard has secured shipbuilding orders worth Rs900 crore from...

MUDRA BAGS GODREJ ACCOUNT (wins the Godrej Shaving Cream account).
November 17, 2005... (From India Business Insight) Advertising agency Mudra has bagged the Godrej Shaving Cream and Godrej Snuggy accounts. Contract was the incumbent agency for the Godrej Shaving Cream account. Mudra Mumbai already manages several...

VIP TO HARDSELL SOFT LUGGAGE (soft luggage accounts for 35% of overall revenues).
November 17, 2005... (From India Business Insight) VIP Industries has targeted sales of Rs90 crore from its soft luggage portfolio in 2005-2006. Penetration of soft luggage is on the rise and the market has been growing at almost 35 percent annually. The...

COBRA BEER PLANS TO SET UP SECOND FACILITY IN MAHARASHTRA (setting up brewery may take 8-18 months).
November 17, 2005... (From India Business Insight) Cobra Indian Beer Pvt Ltd is looking to establish a second brewery in Maharashtra to cater exclusively to the southern region. Negotiations have already commenced and it could take anywhere between 8 and 18...

COLOR CHIPS TO PRODUCE ANIMATION FILMS (commences 2D animation film on Sri Krishna).
November 17, 2005... (From India Business Insight) Color Chips (India) Ltd says that the group has decided to produce full-length animation feature films through group company Media Ltd. The company's first full-length animation feature film is based on the...

S.P. APPARELS PLANS WOVEN GARMENTING (garment output will increase to 1,50,000 pieces).
November 17, 2005... (From India Business Insight) Knitwear manufacturer S.P. Apparels of Coimbatore has taken up an expansion programme to enter the woven garmenting business, including brand acquisition and garment retailing. The company has planned a...

CNBC-TV18 UNVEILS SERIES OF MARKET PROGRAMMES (Small Cap Radar advises viewers on what stocks to buy).
November 17, 2005... (From India Business Insight) CNBC-TV18 has come out with a series of market relevant programmes such as Money Market Update, Stock in News, Commodity Update and Small Cap Radar among others. Money Market Update is a show that talks...

INDIA STRIKES A FRAGRANT NOTE FOR GLOBAL PLAYERS (IFF sets up Creative Centre in Mumbai).
November 17, 2005... (From India Business Insight) The Indian market for fragrances and flavours is estimated at Rs900 crore and growing at 10-12 percent annually. International Flavors and Fragrances Inc, one of the leading players in the $15 billion...

EXPORT GROWTH RESUMES PACE IN OCTOBER (exports pegged at $51,516.87 million for Apr-Oct 2005).
November 17, 2005... (From India Business Insight) India's exports picked up pace with a 28 percent growth in dollar terms during Oct 2005. Provisional data shows that exports have risen to $8,082.70 million for Oct 2005 as compared to $6,337.53 million...

SICAL TO RAISE Rs250 CR (plans to hive off all its non-logistics businesses).
November 17, 2005... (From India Business Insight) South India Corporation (Agencies) Ltd has decided to raise funds to the extent of Rs250 crore either through a rights issue or a rights-cum-public issue of shares. The proceeds of the issue will be used...

TARIFF VALUES CUT FOR VEGOIL IMPORTS (government starts periodical revision of tariff rate).
November 17, 2005... (From India Business Insight) The Government of India has effected a reduction in the tariff values for the palm group of oils and crude soyabean oil by $1-4 per tonne. The Centre has started a periodical revision of the tariff rate,...

STOCK SPLIT, ORDER BOOK BOOST NAGARJUNA CONSTRUCTION (strong order book position of over Rs5,100 crore).
November 17, 2005... (From India Business Insight) The stock of Nagarjuna Construction Company has gained by 9 percent in the last one week, and by 17 percent in the last one month. The counter is witnessing increasing investor interest as a result of its...

UTI BANK 'TOP ARRANGER' IN H1 (a total of 21 issues in the public sector).
November 17, 2005... (From India Business Insight) UTI Bank has emerged as the leading arranger in the debt placement market, followed by I-Sec and AK Capital. UTI Bank has emerged as the leader in all categories of issues and instruments, accounting for...

KARNATAKA'S DEBT SERVICE ESTIMATED AT Rs385 CR (dues to financial institutions estimated at Rs10,180 crore).
November 17, 2005... (From India Business Insight) Karnataka's debt service on Central borrowings and state development loans is estimated at Rs385 crore for Nov 2005-Jan 2006. The state's debt due to the Government of India is estimated at Rs10,883 crore,...

VSNL TO OFFER Wi-Fi SERVICE IN CHINNASWAMY STADIUM (to launch Tata Indicom Wi-Fi service on 19 Nov 2005).
November 17, 2005... (From India Business Insight) Videsh Sanchar Nigam Ltd has entered into an agreement with the Karnataka State Cricket Association to offer Wi-Fi service at the Chinnaswamy Cricket Stadium in Bangalore. The company will be launching the...

TICEL BIO PARK TO EXPAND; LOOKING FOR PARTNER (setting up a Rs10 crore Bio Resource centre).
November 17, 2005... (From India Business Insight) Ticel Bio Park Ltd, the research and development infrastructure facility promoted by the Tamil Nadu Industrial Development Corporation for biotechnology industries, has taken up an expansion project. Sources...

HDFC TO RAISE Rs250 CRORE THROUGH DEBENTURES (HDFC will offer 7.5% on the NCDs with a tenure of 5 years).
November 17, 2005... (From India Business Insight) Housing Development Finance Corporation (HDFC) will be hitting the bond market to raise Rs250 crore through the issue of non-convertible debentures (NCD). HDFC will offer 7.5 percent on the NCDs, which are...

RBI NOD MUST TO TAKE 5% STAKE IN PRIVATE BANKS (Government of India set to make amendments in the Banking Regulation Bill).
November 17, 2005... (From India Business Insight) The Government of India is all set to make amendments in the Banking Regulation Bill. Before a company can pick up five percent or more stake in a private bank, it will need clearance from Reserve Bank of...

ING VYSYA MOVES GOVT TO OFFLOAD BHOB STAKES (to FIIs and NRIs).
November 17, 2005... (From India Business Insight) ING Vysya Bank, which currently holds 14.66 percent stake in Bharat Overseas Bank (BHOB), has moved the Foreign Investment Promotion Board (FIPB), requesting for permission to transfer 6.5 percent of its...

JRG TO OFFER FULL DEMAT FACILITIES (the service will be free for six months).
November 17, 2005... (From India Business Insight) Kochi-based JRG Securities, which is empanelled with the Multi Commodity Exchange (MCX) and the National Commodities and Derivatives Exchange of India (NCDEX), will offer the entire range of demat...

SICAL OPTS FOR BIZ REVAMP TO FOCUS ON BULK LOGISTICS (Sical is planning to hive off several of its non- logistic activities into one or more companies).
November 17, 2005... (From India Business Insight) The Spic Group's South India Corporation Agencies Ltd (Sical) is planning to hive off several of its non-logistic activities into one or more companies. Sical intends to concentrate on the core business...

TRAMMELL CROW TO CASH IN ON US COs EYEING INDIA IT (Trammell Crow Meghraj to shift attention on IT companies from the US that have investment plans for India).
November 17, 2005... (From India Business Insight) Many companies from the United States (US) are expected to announce plans to set up base in India because of the knowledge base and low cost options. This has prompted Trammell Crow Meghraj to shift...

CALL RATES END AT 6.20-6.30% (there was some liquidity crunch in the market).
November 17, 2005... (From India Business Insight) Call money rates ended at 6.20-6.30 percent at the overnight call money market on 16 Nov 2005. There was some liquidity crunch in the market and the yield on the 7.37-percent 2014 federal bond ended at...

RUPEE DIPS TO 45.77 PER $ (foreign exchange market witnesses increased dollar demand from importers).
November 17, 2005... (From India Business Insight) The rupee opened at Rs45.77/79, touched a low of Rs45.8100 and ended at Rs45.7700/7750 a dollar on 16 Nov 2005. The interbank forex market witnessed increased dollar demand from importers as the dollar...

VESTAS RRB STARTS WORK ON NEW FACILITY (facility in Chennai is expected to be completed before mid-2006).
November 17, 2005... (From India Business Insight) Vestas RRB is a joint venture set up in collaboration with Vestas Wind Systems of Denmark and has over 1,300 wind turbines operating in seven states in India. Vestas RRB has started work on its wind turbine...

FALCON BIDDER TO GET DUNLOP BRAND FOR SELECT USE (Metro Tyres, Hero Tyres and JK Tyres are in the list of bidders).
November 17, 2005... (From India Business Insight) The Dubai-based Jumbo Group has put the Mysore-based Rs225- crore Falcon Tyres on the block. Metro Tyres, Hero Tyres and JK Tyres are in the list of bidders for Falcon. The successful bidder is likely to...

SAHARA, JET RAISE VALUE OFFERING BY CODESHARE DEALS (private airlines in India are entering into commercial agreements to expand their presence in the international arena).
November 17, 2005... (From India Business Insight) Private airlines in India are entering into commercial agreements to expand their presence in the international arena and enhance their value offering through codeshare deals and sharing of frequent flyer...

GREAT EASTERN HOTEL GOES TO BHARAT GROUP (the West Bengal government has sold its 90% stake in Great Eastern Hotel to Bharat Hotels for Rs62 crore).
November 17, 2005... (From India Business Insight) There were three bidders for the 90-percent stake of the West Bengal government in Great Eastern Hotel. The West Bengal government has sold its stake to Mumbai-based Bharat Hotels, which emerged as the...

ARIHANT RAISES Rs20 CR THROUGH PRIVATE EQUITY (Arihant has placed 10 lakh shares at a premium of Rs191 with a group of investors).
November 17, 2005... (From India Business Insight) Chennai-based commercial and residential property developer, Arihant Foundations and Housing has raised over Rs20 crore through private equity placement. The company has placed 10 lakh shares at a premium of...

TEMASEK, IDF IN TALKS FOR IDPL STAKE (the capital infusion will help IDPL invest money in a number of upcoming projects).
November 17, 2005... (From India Business Insight) Private equity investors like India Development Fund (IDF), Temasek, the Government of Singapore, GIC and a fund based in the United States are in advanced talks with Larsen and Toubro (L and T) to acquire a...

ICICI BANK PICKS UP 60 ICFAI STUDENTS (ICICI Bank has recruited 62 students of ICFAI with compensation packages of Rs5.5 lakh).
November 17, 2005... (From India Business Insight) Out of the 700 students at ICFAI Business School, 300 students have already been recruited in the process of placements for 2006. ICICI Bank has recruited 62 students with compensation packages of Rs5.5 lakh....

INDIA JOINS INFLUENTIAL WORLD DIAMOND CLUB (through WFDB, India can now directly coordinate with other diamond trading hubs and exchanges).
November 17, 2005... (From India Business Insight) India, for the first time has become a part of the prestigious executive committee of the World Federation of Diamond Bourses (WFDB). India, which is a major importer of rough diamonds, is the fourth member...

BANKS TAP RBI AS MONEY MKT TURNS DRY (banks have borrowed Rs2,000-3,300 crore in 4 days).
November 17, 2005... (From India Business Insight) The money market is facing a liquidity crunch, and commercial banks are borrowing heavily from the Reserve Bank of India to meet their immediate requirements. It is reported that banks have so far...

CSB MAY APPROACH RBI TO UNTANGLE OWNERSHIP KNOT (reports that largest shareholder wants to divest).
November 17, 2005... (From India Business Insight) The Catholic Syrian Bank (CSB) is looking to approach the Reserve Bank of India for assistance in untangling ownership issues in the Kerala-based private bank. There are reports that SC Chawla, the largest...

UTI SET TO MANAGE MONEY FOR FOREIGN FUND HOUSES (finalising arrangements with a Gulf-based fund).
November 17, 2005... (From India Business Insight) UTI International, a subsidiary of UTI Asset Management Company, is looking to take up investment management for foreign funds. It has already initiated discussions with a few foreign funds to provide...

MOTOROLA TO LAUNCH LOCALLY MADE CELLPHONE IN DEC (to launch 3 new models in the mass market).
November 17, 2005... (From India Business Insight) Motorola is planning to launch its first locally manufactured mobile handsets in the Indian market in Dec 2005. The US telecom major will be sourcing the low cost entry-level GSM CII5 phones from a global...

IBM TO IMPLEMENT ORACLE SOFTWARE FOR SUGUNA POULTRY (to implement Oracle software at 9 Suguna divisions).
November 17, 2005... (From India Business Insight) Suguna Poultry Farms has contracted IBM to implement Oracle e- business suite, the first-ever integrated implementation of its kind in the Indian poultry industry. The Oracle applications implementation is...

RED METAL ON BOIL LOCALLY TOO (as in the markets in other countries, registering a rise of Rs700 per 100 kilograms).
November 17, 2005... (From India Business Insight) The price copper wire bar in India has registered an increase of Rs700 to a record Rs24,000 for 100 kilograms in the past 7 days. The price of armature copper has been Rs21,000 per 100 kilograms. The price...

DEPOSITS MATCH CREDIT TEMPO (total deposits in 8 months of 2005-2006 increased by Rs2,93,483 crore compared to the rise in credits of Rs2,93,643 crore).
November 17, 2005... (From India Business Insight) Total deposits in banks during Apr-Nov 2005 recorded increase of Rs2,93,483 crore over those during Apr-Nov 2004. The increase in total credits, year on year, is Rs2,93,643 crore. The difference between...

BHARAT OVERSEAS BANK IPO PLAN FLOUNDERS (as the Reserve Bank of India is yet to give its permission for the initial public offering proposal).
November 17, 2005... (From India Business Insight) The Reserve Bank of India (RBI) has not yet approved the proposal of the Bharat Overseas Bank of Chennai in Tamil Nadu to make an initial public offering (IPO) of its shares. The bank plans to mobilise about...

SOUTH INDIAN BANK FIRST HALF NET PROFIT AT Rs13.94 CRORE (as against a net loss of Rs13.12 crore during Apr-Sep 2004).
November 17, 2005... (From India Business Insight) The South Indian Bank of Thrissur in Kerala made a net profit of Rs13.94 crore during Apr-Sep 2005. It had incurred a net loss of Rs13.12 crore during Apr-Sep 2004. Its total income was Rs394.68 crore...