India Business Insight articles from October 2008, page 16

India Business Insight archives from October 2008

FORTIS REPORTS Rs10 CRORE PROFIT (for Jul-Sep 2008, compared to a loss of Rs15.23 crore in Jul- Sep 2007).
October 30, 2008... Fortis Healthcare Ltd (Fortis) has posted a net profit of Rs10 crore for Jul-Sep 2008, compared to a loss of Rs15.23 crore in Jul-Sep 2007. The company's income has grown by 30 percent to Rs167 crore (Rs129 crore).

PSU OILCOS TO GET BONDS WORTH Rs65,942 CRORE (to cover half of revenue loss on fuel sale for Jan-Sep 2008).
October 30, 2008... The Parliament, Government of India, has approved oil bonds worth Rs65,942 crore for public sector oil companies to cover half of their revenue loss on fuel sale for Jan-Sep 2008. The companies include Indian Oil Ltd, Bharat Petroleum...

NTPC, NPCIL TO FORM JV FOR NUCLEAR POWER PROJECT (NTPC to 49 percent stake in the proposed venture).
October 30, 2008... NTPC Ltd (NTPC), a power producer, has announced on 29 Oct 2008 of its intention to form a joint venture (JV) with Nuclear Power Corporation Ltd (NPCIL). The proposed JV is being set up to start a nuclear power project. NTPC will hold 49...

CARD COS WARY ABOUT RISE IN STORE SWIPES (concerns over more usage that it may lead to higher defaults).
October 30, 2008... Credit card (CC) service providers have expressed concern following a 20 percent increase in CC transactions in Sep 2008 over Aug 2008. The CC companies are concerned that the sudden increase in CC usage may lead to higher defaults. According...

SUPPLYCO FOR HYPERMARKETS IN KERALA (move to tackle competition from private organised players).
October 30, 2008... The Kerala State Civil Supplies Corporation (Supplyco) is planning to set up a chain of hypermarkets in Kerala to tackle increasing competition from the private organised retail sector. Supplyco has already started work on its first...

NALCO SLASHES ALUMINIUM PRICE (reduction in prices on the London Metal Exchange).
October 30, 2008... National Aluminium Company (Nalco) will reduce the price of aluminium by Rs8,000 per tonne following a reduction in aluminium prices on the London Metal Exchange (LME). According to Nalco, the price reduction will be application across...

ELECTRICITY SPIN-OFF FROM SPINNING MILLS (small wind turbines for generating power from blowers).
October 30, 2008... International Consultancy & Management Services (ICMS) has launched small wind turbines for generating power from blowers in spinning mills. The company has installed a 4,200-watt machine worth Rs7.5 lakh on a pilot basis at Dindigul in...

KRIBHCO TO GET FREEDOM FROM GOVERNMENT CONTROLS (firm to return Government's 67.59% equity at par).
October 30, 2008... The Delhi High Court (DHC) has set aside a Dec 2006 order by the Department of Fertilisers of the Government of India. The order had asked Krishak Bharati Cooperative Ltd (Kribhco) to stop attempts to repatriate Government equity at face...

RBI PERMITS NBFCs TO RAISE CAPITAL VIA PDIs (funds through issue of perpetual debt instruments).
October 30, 2008... The Reserve Bank of India (RBI) on 29 Oct 2008 has announced its intention to permit non-banking financial companies (NBFCs), with an asset size of Rs100 crore and above, to augment their capital. RBI has allowed the NBFCs to augment their...

BSNL TO OFFER GAMING SERVICES (offers 240 premium games for Rs200 per month).
October 30, 2008... Bharat Sanchar Nigam Ltd (BSNL), Bangalore Telecom District, is offering gaming services to its broadband subscribers. BSNL is offering the gaming services under two monthly plan options namely 240 premium games for Rs200 per month and...

CUB LAUNCHES NEW SCHEMES (CUB Excel is a savings account scheme with insurance).
October 30, 2008... City Union Bank (CUB), in association with the Life Insurance Corporation of India (LIC), has launched two new account schemes with insurance facility. The schemes are CUB Excel which is a savings account scheme with insurance and CUB Apoorva...

CORPORATE INDIA LIKELY TO LAY OFF 25% STAFF, SAYS ASSOCHAM (seven sectors plan retrenchment in phases starting Nov 2008).
October 30, 2008... A study by Assocham has revealed that corporate India is expected to lay off about 25-20 percent of its workforce in Nov 2008. HR heads of companies in seven key industrial sectors namely steel, cement, ITeS/BPO, financial and brokerage...

TRACKING TRADE (India's trade with ASEAN countries up 27.19% in 2007-2008).
October 30, 2008... India's trade with ASEAN countries has increased by 27.19 percent to $30,039.72 million in 2007-2008 ($30,693.50 million in 2006- 2007). India's exports to the ASEAN region have increased by 29.93 percent to $16,376.24 million...

NTPC, SAHARA TO SET UP POWER PLANTS IN ORISSA (state studying the two project proposals for approval).
October 30, 2008... NTPC Ltd has proposed to set up a 3,200-MW coal-based power plant with an estimated investment of Rs19,840 crore in Orissa's Dhenkanal district. Sahara India Power Corporation Ltd, in association with China Guodion Overseas Power Ltd,...

MATRIX DARES PFIZER OVER VORICONAZOLE (submits ANDA for generic version of Vfend anti-fungal tablets).
October 30, 2008... Matrix Laboratories Ltd (MLL) has submitted an Abbreviated New Drug Application (ANDA) for Voriconazole tablets with the US Food and Drug Administration (FDA). This is the generic version of Vfend anti-fungal tablets of Pfizer Inc. With...

SHASUN TO SHUT SCOTLAND FACILITY (slowdown in outsourcing demand from its UK customers).
October 30, 2008... Shasun Chemicals and Drugs Ltd (SCDL), a contract research and manufacturing services company, has taken a decision to shut down its Annan facility at Scotland by Mar 2009. The Annan facility is one of the two manufacturing facilities of...

UNITED SPIRITS TO UNCORK BRANDS FROM UK, FRANCE (plans to launch single malts Dalmore and Jura).
October 30, 2008... United Spirits Ltd proposes to launch a range of wine brands from UK, France, New Zealand and South Africa, in India by Dec 2008. The company proposes to launch Pink Elephant Rose from UK, Bouchard from France, Sacred Hill and Hunter Valley...

AKSH OPTIFIBRE TO OFFER QUAD PLAY (firm has the proof of concept for IPTV on mobile).
October 30, 2008... Aksh Optifibre, an optical fibre manufacturer, proposes to offer quadruple-play technology to telecom operators to provide voice, video, data and mobile telecom services through one cable to customers. The company already has the proof of...

DIVI'S LAB Q2 PAT AT Rs135 CRORE (total income up 36 percent at Rs333 crore in Jul-Sep 2008).
October 30, 2008... Divi's Laboratories has registered an increase in its profit after tax (PAT), on a consolidated basis, to Rs135 crore for Jul- Sep 2008 (Rs91 crore for Jul-Sep 2007). The company's total income has increased by 36 percent to Rs333 crore...

RAMKY ENVIRO ENGINEERS BAGS ASSAM PROJECT (secures a Integrated Solid Waste Management Project).
October 30, 2008... Ramky Enviro Engineers Ltd (REE) has secured a Rs102.15-crore Integrated Solid Waste Management Project from the Guwahati Municipal Corporation of Assam. Under the project, REE will set up a waste management system to manage about 500 tonnes...

NAGARJUNA CONSTRUCTION NET UP (net profit at Rs42.3 crore for Jul-Sep 2008).
October 30, 2008... Nagarjuna Construction Company Ltd has registered an increase in its net profit after tax to Rs42.3 crore for Jul-Sep 2008. The company had recorded a net profit of Rs33.6 crore for Jul-Sep 2007. The company's total income has...

HERO HONDA MOTORS PACT WITH ANDHRA BANK (to offer loans for purchase of company's two-wheelers).
October 30, 2008... Hero Honda Motors Ltd has signed a memorandum of understanding (MoU) with Andhra Bank. Under the MoU, Andhra Bank will provide loans to customers for the purchase of the company's two- wheelers. Andhra Bank has 1,389 branches across India.

SATNAV TECH NAVIGATION SOFTWARE (SatGuide for Symbian OS-based mobile phones).
October 30, 2008... SatNav Technologies, a GPS solutions company, has launched SatGuide, a GPS-based turn-by-turn navigation software for Symbian operating system (OS) based mobile phones in India. Symbian OS mobile phone users can purchase the software and...

TIL PLANS REVERSE MERGER WITH SOLAR SEMICONDUCTOR (to acquire about 80% stake for $375 million).
October 30, 2008... Trans-India Acquisition Corporation (TIL) has signed a definitive agreement to acquire about 80 percent equity stake in Solar Semiconductor Ltd (SSL) for $375 million. SSL is engaged in the design, manufacture and marketing of solar...

BBIL TO DEVELOP Rs100-CRORE BIOTECH PARK IN ORISSA (state has already allocated 54.86 acres of land).
October 30, 2008... The Government of Orissa has entered into an agreement with Bharat Biotech International Ltd (BBIL), an integrated biotechnology company, to develop an integrated industrial park, the Biotech Pharma IT Park, in Bhubaneswar. The estimated cost...

STATE BANKS TO GET DEPOSIT LARGESSE FROM GOVT FIRMS (Ministry of Finance has asked Government companies to park their surplus cash with public sector banks).
October 30, 2008... Public sector commercial banks are expected to raise about Rs20,000 crore of additional bulk-deposits from public sector enterprises. The Ministry of Finance, Government of India, has asked Government-owned companies to park their surplus...

PATNI BUYS BACK SHARES WORTH Rs237 CRORE (has acquired about 1.09 crore shares).
October 30, 2008... Patni Computer Systems (PCS) has acquired about 1.09 crore shares worth Rs237 crore from the open market under its buyback offer. The company bought the shares, of face value of Rs2 each, at an average buy back price of Rs216.30 crore. The...

BALTIC DRY DROPS TO 6-YEAR LOW (has declined below 1,000).
October 30, 2008... The Baltic Dry Index, the global benchmark for freight rates of dry bulk carriers, declined below 1,000, the lowest since the last six years. The drop in the freight rate for dry bulk carriers is likely to result in cancellation of...

NAGARJUNA TO PUT FUTURE REALTY PROJECTS ON HOLD (owing to the slowdown in the real estate sector).
October 30, 2008... Nagarjuna Constructions has decided to put on hold all its future real estate projects owing to the slowdown in the real estate sector. The company has also reduced its planned capital expenditure for 2008-2009. The company plans to hive...

GMR TO BUY INDONESIAN COAL MINE FOR $100 MILLION (is estimated to have reserves of 110 million tonnes).
October 30, 2008... GMR Infrastructure, Bangalore, plans to acquire a coal mine in Indonesia for about $100 million. The mine is estimated to have reserves of 110 million tonnes. The company has planned various power generation projects with an estimated...

TATA BLUESCOPE TO DOUBLE CAPACITY AT JAMSHEDPUR UNIT (new facility will be operational in Aug 2009).
October 30, 2008... Tata BlueScope Steel, the joint venture between Tata Steel and BlueScope Steel, plans to double its capacity at its new facility in Jamshedpur. The facility will be operational in Aug 2009 with a capacity of 2.5 lakh tonnes of premium zinc...

WIPRO, FORTIFY SET UP ASSURANCE CENTRE (will help assess and assure the security of client applications).
October 30, 2008... Wipro Technologies has tied up with Fortify Software, an US-based enterprise application security solution provider, to set up a software assurance centre of excellence. The Wipro Software Assurance Centre (SAC) will help assess and...

FORTIS HEALTHCARE BACK IN THE BLACK, NET AT Rs10 CRORE (net income increases by 28%).
October 30, 2008... Fortis Healthcare has reported a net profit of Rs10.06 crore in Jul-Sep 2008. The company reported a loss of Rs15.23 crore in Jul- Sep 2007. The company's net income increased by 28 percent to Rs155 crore (Rs121 crore).

BHARATI SHIPYARD NET UP 29% (net sales increases by 45%).
October 30, 2008... Bharati Shipyard has reported a 29 percent increase in net profit at Rs33.16 crore in Jul-Sep 2008. The company's net sales increased by 45 percent to Rs210 crore. The company has an order book of Rs4,830 crore.

KS OILS NET PROFIT RISES 59% (net sales increases by 67%).
October 30, 2008... K S Oils has reported a 59 percent increase in net profit at Rs42.22 crore in Jul-Sep 2008 (Rs26.58 crore in Jul-Sep 2007). Net sales increased by 67 percent to Rs733.60 crore (Rs439.80 crore). KS Oils is a major integrated edible oil company...

BANNARI AMMAN NET RISES 40% (net sales increases by 46%).
October 30, 2008... Bannari Amman Spinning Mills has reported a 40 percent increase in net profit at Rs9.32 crore in Jul-Sep 2008 (Rs6.64 crore in Jul-Sep 2007). The company's net sales increased by 46 percent to Rs76.22 crore (Rs52.31 crore).

CALIFORNIA SOFTWARE NET TANKS 67% (total sales increases by 3%).
October 30, 2008... California Software Company has reported a 67 percent decline in net profit at Rs1.57 crore in Jul-Sep 2008 (Rs4.82 crore in Jul- Sep 2007). The company's total sales increased by three percent to Rs61.65 crore (Rs59.46 crore).

EVERONN SYSTEMS PROFIT ZOOMS 151% (net sales increased to Rs43 crore).
October 30, 2008... Everonn Systems India, Chennai, has reported a 151 percent increase in net profit at Rs6.51 crore in Jul-Sep 2008 (Rs2.58 crore in Jul-Sep 2007). The company's net sales increased to Rs43 crore (Rs22 crore).

RANGSONS EYEING GLOBAL ACQUISITIONS (provides end-to-end manufacturing solutions to technology companies).
October 30, 2008... Rangsons Electronics Pvt Ltd (REPL), Mysore, is planning global acquisitions. The company, part of N R Group, provides end-to-end manufacturing solutions to technology companies across the world. The company's service offerings include...

PRESTIGE GROUP TO BUILD 2 TOWNSHIPS (will have residential, hospitality and retail segments).
October 30, 2008... Prestige Group, Bangalore, plans to build two residential townships in Bangalore at an investment of Rs800 crore. The townships will have residential, hospitality and retail segments. The townships will be located on Mysore Road near...

CROMPTON: POWERING ON (revenues from international operations increases by 50%).
October 30, 2008... Crompton Greaves has reported a 33 percent increase in consolidated revenues at Rs2,092 crore in Jul-Sep 2008. The company's revenues from international operations increased by 50 percent to Rs1,000 crore. The company has benefited from...

MUTHOOT CAPITAL Q2 PROFIT JUMPS 61% (total income from operations increases by 56.31%).
October 30, 2008... Muthoot Capital Services has reported a 60.79 percent increase in net profit at Rs1.36 crore in Jul-Sep 2008 (Rs84.81 lakh in Jul- Sep 2007). The company's total income from operations increased by 56.31 percent to Rs4.36 crore (Rs2.79...

NBFCs ALLOWED TO ISSUE PERPETUAL DEBT PAPERS (have been allowed to issue PDIs in the form of bonds and debentures).
October 30, 2008... The Reserve Bank of India (RBI) has allowed non-deposit-taking non-banking finance companies (NBFCs) to increase their capital funds by issuing perpetual debt instruments (PDIs). Such PDIs will be eligible for inclusion in tier-I capital...

CREDIT CRUNCH NOT COMING FROM BANKING SYSTEM (the CDR of scheduled commercial banks has gone up to 75.16 percent).
October 29, 2008... The banking system in India is not responsible for the credit crunch in the country. The credit-deposit ratio (CDR) of scheduled commercial banks in the country has gone up to 75.16 percent as on 10 Oct 2008. The high CDR represents high...

FINANCE MINISTRY WANTS 3G REVENUES TO BE SEPARATED (telecom industry in India is divided over the issue).
October 29, 2008... The Finance Ministry, Government of India, has recommended separation of revenues of second-generation (2G) and third- generation (3G) services. The Ministry of Communication and Information Technology has decided to permit telecom...

TATA POWER NET SALES RISE 45% (the company has announced net sales of Rs1,958 crore for Jul- Sep 2008).
October 29, 2008... Tata Power Ltd has announced a growth of 45 percent in net sales at Rs1,958 crore for Jul-Sep 2008 (Rs1,350 crore for Jul-Sep 2007). Its net profit has gone up to Rs261 crore (Rs257 crore). The company has announced fuel cost of Rs1,374...

ANDHRA CEMENTS NET UP 9% (the company has announced a net profit of Rs21.56 crore for Jul-Sep 2008).
October 29, 2008... Andhra Cements Ltd has announced a growth of nine percent in net profit at Rs21.56 crore for Jul-Sep 2008 (Rs19.77 crore for Jul- Sep 2007). Its net sales have declined to Rs78.49 crore (Rs89.21 crore). The company has improved its efficiency...

INDO ASIAN NET DIPS 80% (the company has announced a net profit of Rs78 lakh for Jul- Sep 2008).
October 29, 2008... Indo Asian Fusegear Ltd has announced a decline of 79.63 percent in net profit at Rs78 lakh for Jul-Sep 2008 (Rs3.83 crore for Jul- Sep 2007). Its total income has declined to Rs72.19 crore (Rs74.96 crore). The company has announced a...

S KUMAR NATIONWIDE NET UP 36 PC (the company has announced a net profit of Rs59 crore for Jul- Sep 2008).
October 29, 2008... S Kumar Nationwide Ltd has announced a growth of 36 percent in net profit at Rs59 crore for Jul-Sep 2008 (Rs43 crore for Jul-Sep 2007). Its sales revenue has gone up to Rs560 crore (Rs391 crore). Indivest Pvt Ltd of Singapore has...

PETRONET LOOKS TO EXPAND SCOPE IN PAPUA NEW GUINEA (the company is talking to three international companies).
October 29, 2008... Petronet LNG Ltd (PLL) is planning to expand the scope of its operations in Papua New Guinea. The company is talking to three companies from the US, Australia and Canada for five explored blocks in Papua New Guinea. PLL is importing liquefied...

NO PROPOSAL FOR HIKING OVL'S INVESTMENT LIMIT NOW (the existing limit is not enough to meet exploratory projects).
October 29, 2008... The Government of India is not planning to increase the investment limit of ONGC Videsh Ltd (OVL) in the near future. OVL is of the view that the existing limit is not enough to meet exploratory projects. The company expects the...

COMMERCIAL VEHICLES COMPANIES CUT TYRE OFFTAKE PROJECTIONS (vehicle manufacturers have an inventory of over 19,000 vehicles).
October 29, 2008... Manufacturers of commercial vehicles in India have reduced the original equipment tyre offtake by nearly 50 percent for Oct-Dec 2008. The manufacturers and their dealers have an inventory of over 19,000 vehicles by the third week of Oct...

FALL IN DEMAND HITS CEMENT COMPANIES' REALISATION (ACC has registered a growth of 10 percent in realisation for Jul-Sep 2008).
October 29, 2008... Cement companies in India have reported a decline in the price realisation due to reduced demand. Ambuja Cement has announced a price realisation of Rs174 a bag for Jul-Sep 2008 (Rs179 for Jun- Sep 2008). Shree Cement has reported a price...

SUZLON SUSPENDS RIGHTS ISSUE PLANS (the company had planned to raise Rs1,800 crore).
October 29, 2008... Suzlon Energy Ltd has decided to suspend its plans for a right issue due to adverse market conditions. The company had planned to raise Rs1,899 crore to acquire a stake of 22.48 percent in REPower System of Germany from Martifer of Portugal....

NAGARJUNA CONSTRUCTION NET HIGHER AT Rs42 CRORE (the company has announced turnover of Rs1,056 crore for Jul- Sep 2008).
October 29, 2008... Nagarjuna Construction Company Ltd (NCCL) has announced a net profit of Rs42.30 crore for Jul-Sep 2008 (Rs33.64 crore for Jul- Sep 2007). Its turnover has gone up to Rs1,056 crore (Rs677 crore). NCCL has announced turnover of Rs2,027...

TATA TEA'S INCOME HIGHER AT Rs289 CRORE IN Q2 ON LOWER INTEREST COST (the company has made a gain of Rs204 crore from forex fluctuations).
October 29, 2008... Tata Tea Ltd has announced consolidated net income of Rs289 crore for Jul-Sep 2008 due to lower interest cost (Rs68.15 crore for Jul-Sep 2007). Its consolidated income has gone up to Rs1,206 crore (Rs1,061 crore). The company has made a gain...

ALOK INDUSTRIES PLANS TO ENTER WORK-WEAR AREA (the company has entered into contract farming for organic cotton).
October 29, 2008... Alok Industries Ltd is planning to enter into the work-wear segment in India. The company is talking to major companies in the hospitality, automobile and aviation sector. Alok Industries has also developed work-wear for executives. The...

RELIANCE SHUTS PLANT FOR 4 WEEKS (to improve product swing capability and increase propylene yield).
October 29, 2008... Reliance Industries Ltd has shut down its polypropylene plant at Jamnagar refinery for four weeks. The company intends to improve product swing capability and increase propylene yield. Other units at the refinery will continue to operate...

TIL Q2 NET JUMPS 49% (the company has announced a net profit of Rs9.12 crore for Jul-Sep 2008).
October 29, 2008... TIL Ltd has announced a growth of 49 percent in net profit at Rs9.12 crore for Jul-Sep 2008 (Rs6.12 crore for Jul-Sep 2007). Its total income has gone up to Rs264.12 crore (Rs176.44 crore). The company intends to monitor the market closely to...

NTPC PROJECT GETS APPROVAL (the company will set up a thermal plant in Dhenkanal).
October 29, 2008... The Government of Orissa has approved the proposal of NTPC Ltd to set up a thermal plant in Dhenkanal district. The company intends to set up the plant with a capacity of 4,300 megawatt at a cost of Rs19,840 crore. The Government has also...

APACHE FOOTWEAR INDIA: AN ORIENTAL TO BOOT (the company produces 2.6 lakh pairs of sports shoes a month).
October 29, 2008... Apache Footwear India Ltd has set up a manufacturing unit at Tada in Andhra Pradesh with an investment of Rs100 crore. The company produces 2.6 lakh pairs of sports shoes a month exclusively for Adidas. Apache has constructed the facility...

LG ELECTRONICS TO HIKE PRICES FROM NOVEMBER 1 (to offset the depreciation of the rupee).
October 29, 2008... LG Electronics India Ltd intends to increase the prices of its products from 1 Nov 2008 to offset the depreciation of the rupee. The company intends to increase the prices of colour television by 3.5 percent and that of washing machines and...

PENNAR ARM TO SET UP PLANT FOR PRE-ENGINEERED STEEL BUILDINGS (the company intends to invest Rs105 crore in the project).
October 29, 2008... Pennar Engineered Building Systems Ltd (PEBSL) is planning to set up a plant for pre-engineered steel buildings. The company intends to invest Rs105 crore to set up the plant with a capacity of 60,000 tonnes. The Pennar Group holds a...

BHARAT FORGE REVENUE AT Rs1,360 CRORE IN Q2 (the company has announced a profit before tax of Rs117 crore for Jul-Sep 2008).
October 29, 2008... Bharat Forge Ltd has announced a growth of 28 percent in revenues at Rs1,360 crore for Jul-Sep 2008. Its profit before tax has gone up by eight percent at Rs117 crore. The company has announced a growth of 20 percent in revenue at Rs676 crore...

MRPL NET DOWN 92% IN SECOND QUARTER (the company has announced a net profit of Rs25 crore for Jul- Sep 2008).
October 29, 2008... Mangalore Refinery and Petrochemicals Ltd (MRPL) has announced a decline of 92.47 percent in net profit at Rs25 crore for Jul-Sep 2008 (Rs332 crore for Jul-Sep 2007). Its turnover has gone up to Rs13,428 crore (Rs7,616 crore). The company has...

HIRING BY TOP 5 COS DOWN 36% (net addition by top five at 17,000 personnel in Jul-Sep 2008).
October 29, 2008... The top Indian IT companies have registered a decline of 36 percent in their hiring programmes during Jul-Sep 2008. Net additions by Tata Consultancy Services, Wipro, Satyam and HCL Technologies have reduced to about 17,000 employees for...

LCD, PLASMA TELEVISION PRICES EASE MARGINALLY (robust supply of panels from Chinese and Thailand markets).
October 29, 2008... Prices of LCD and plasma television sets in the Indian market have fallen by about Rs4,000-7,000 in the last three months as a result of robust supply of panels from the Chinese and Thailand markets. Industry leaders such as LG and...

SUNDARAM FINANCE Q2 NET DOWN 11% (net profit at Rs32 crore for Jul-Sep 2008).
October 29, 2008... Sundaram Finance has recorded a decline of 11 percent in its net profit at Rs32 crore for Jul-Sep 2008 as compared to Rs36 crore earned in Jul-Sep 2007. The company's income from operations improved to Rs262.46 crore from Rs211.50 crore,...

SBI EXPECTS INTEREST RATES TO SOFTEN (posts net profit of Rs2,259.7 crore for Jul-Sep 2008).
October 29, 2008... State Bank of India is of the view that interest rates have peaked out and it feels that rates could soften in the coming months. The bank has reported a growth of 40.2 percent in net profit at Rs2,259.7 crore for the quarter ended 30 Sep...

ICICI BANK NET FLAT ON SLUGGISH CREDIT GROWTH (no profits from sale of shares so far in 2008-2009).
October 29, 2008... ICICI Bank has announced a flat growth of 1.1 percent in net profit at Rs1,014 crore for the quarter ended 30 Sep 2008, compared to 1,003 crore earned in the quarter ended 30 Sep 2007. The bank says that it had earned about Rs400 crore in...

KVB Q2 NET RISES 43% (interest income up 31 percent at Rs272.65 crore).
October 29, 2008... Karur Vysya Bank has improved its net profit by 43.35 percent to Rs62.23 crore for the second quarter of 2008-2009 against Rs43.41 crore earned in the second quarter of 2007-2008. Total interest income has grown by 31 percent to Rs272.65...

LAKSHADWEEP BOUND SHIP MAKES MAIDEN BERTHING AT NEW MINICOY JETTY (jetty constructed at an estimated cost of Rs19 crore).
October 29, 2008... The vessel mv Bharat Seema made a successful berthing at the newly constructed jetty at Minicoy in the Lakshadweep Islands on 27 Oct 2008. The Lakshadweep Administration has constructed the jetty at an estimated cost of Rs19 crore. This is...

JAPANESE ELECTRIC LOCO FIRMS MAY BENEFIT FROM $4.6 BILLION LOAN (Japan sanctions $4.6 billion for freight corridor project).
October 29, 2008... The Government of Japan has recently sanctioned a tied-loan of $4.6 billion for development of the Rewari-Vadodara section of the west eastern freight corridor, and this is expected to benefit Japanese electric locomotive manufacturers. The...

TUTICORIN PORT SHORTLISTS 5 COS FOR SECOND BOX TERMINAL (new terminal at the port on build-operate-transfer basis).
October 29, 2008... Tuticorin Port Trust has short-listed five companies for operating the second container terminal at the port on build- operate-transfer basis. The short-listed firms include PSA-Sical, Oceanic Transport, Chettinad Logistics, Afcons...

AIR ARABIA SERVICE TO HYDERABAD (Hyderabad is 12th Indian destination for Air Arabia).
October 29, 2008... Air Arabia has introduced its flights on the Sharjah-Hyderabad route on 27 Oct 2008. This is the 12th Indian destination being serviced by the low-cost airline. British Airways is also planning to launch its services from Hyderabad in...

CONTRACT WORKERS LIKELY TO GET PAYMENT BY CHEQUE SOON (labour ministry to amend three Acts).
October 29, 2008... The Ministry of Labour, Government of India, is considering a move to start paying contract workers through bank cheques instead of the existing system of paying in cash. The ministry intends to make amendments to three Acts under which cash...

SLOWDOWN HITS DOMESTIC BIZ AT NEW HYDERABAD AIRPORT (several domestic airlines have cut down on many flights).
October 29, 2008... The new Rajiv Gandhi International Airport at Hyderabad recorded 5,229 traffic movements in the domestic segment during Sep 2008, which were about 600 movements less than the 5,795 movements achieved by the old Begumpet airport in Sep 2007....

MICE TRAVEL DOWN 15-30% (companies cutting down on incentive travel).
October 29, 2008... Travelling by the meetings, incentives, conferences and exhibitions (MICE) sector is witnessing a slowdown, with industry observes indicating that MICE travel has reduced by 15-20 percent. The ongoing crisis has resulted in companies...

PVT EQUITY DEALS IN REALTY DOWN TO A TRICKLE IN SEPT (only two transactions worth $12 million in Sep 2008).
October 29, 2008... Private equity deals in the real estate and infrastructure space have fallen by over nine percent year-on-year to around $3 billion during the first nine months of 2008. Data compiled by Grant Thornton shows that there were only two...

SOLAR SEMICONDUCTOR IN REVERSE MERGER WITH US COMPANY (shareholders of Solar Semiconductor to receive Trans-India common stock).
October 29, 2008... Trans-India Acquisition Corporation of the US has finalised a deal for picking up about 80 percent equity in Solar Semiconductor Ltd of Hyderabad. The deal is described as a reverse merger, and shareholders of Solar Semiconductor divesting...

HERO HONDA, ANDHRA BANK TIE UP FOR BIKE LOANS (buyers can avail of loans up to 90%t of road prices).
October 29, 2008... Two-wheeler manufacturer Hero Honda has tied-up with Andhra Bank to offer financing support for bike purchases. Buyers would be able to avail of loans up to 90 percent of the road prices of the vehicles. Andhra Bank has a network of 1,389...

SRINAGAR-MUZAFFARABAD TRADE ROUTE (cross-border trade between India and Pakistan).
October 29, 2008... The Governments of India and Pakistan have arrived at an agreement on trade through Jammu & Kashmir and Pakistan-occupied Kashmir and trade has initially started on zero duty and barter basis. About 25 vans loaded with fruit crossed the...

SKODA LINES UP 4 MODELS FOR LAUNCH NEXT YEAR (to unveil successors to Superb and Laura models).
October 29, 2008... Skoda of the Volkswagen group is planning to launch four new models in the Indian market during 2009 - Fabia Combi and Roomster, and successors to the Superb and Laura models. A new successor to Superb is to be rolled out in the first...

SEBI RELAXES NORMS FOR PROMOTERS TO UP STAKE (promoters can buy 75% through creeping acquisition route).
October 29, 2008... The Securities and Exchange Board of India has relaxed creeping acquisition norms in a move to improve investor sentiments. Promoters of a company can now increase their stake up to 75 percent through the creeping acquisition route as...