India Business Insight articles from October 2008

India Business Insight archives from October 2008

BPCL POSTS Rs2,625 CRORE LOSS IN SEPT QUARTER (the company is likely to receive oil bonds worth Rs15,000 crore in 10 days).
October 31, 2008... Bharat Petroleum Corporation Ltd (BPCL) has announced a loss of Rs2,625.27 crore for Jul-Sep 2008 (profit of Rs1,038.16 crore for Jul-Sep 2007). Its net sales have gone up to Rs37,850 crore (Rs25,170 crore). The company has announced a...

ONGC NET DIPS 6% ON SUBSIDY BURDEN (the company has announced a net profit of Rs4,808 crore for Jul-Sep 2008).
October 31, 2008... Oil and Natural Gas Corporation (ONGC) has announced a decline of six percent in net profit at Rs4,808 crore for Jul-Sep 2008 (Rs5,098 crore for Jul-Sep 2007). Its net revenue has gone up to Rs17,492 crore (Rs15,464 crore). The company has...

RELIGARE PLANS 2:3 RIGHTS; PROMOTERS TO PICK UP UNSUBSCRIBED PORTION (the company intends to raise Rs1,802 crore).
October 31, 2008... Religare Enterprises Ltd is planning to make a rights issue of two shares for every three shares held in the company. The company intends to issue the shares at Rs355 a share to raise Rs1,802 crore. Promoters have decided to acquire the...

NO LOSS TO GOVERNMENT BY NOT AUCTIONING SPECTRUM (the Government of India has received Rs55,055 crore from existing operators).
October 31, 2008... The Minister for Communications and Information Technology is of the view that the Government of India has not incurred any loss by not auctioning 2G spectrum. The Government had issued fresh telecom licences on a first-come first-served...

APOLLO HOSPITALS NET UP 28% (the company has announced a net profit of Rs30.13 crore for Jul-Sep 2008).
October 31, 2008... Apollo Hospitals Enterprise Ltd (AHEL) has announced a growth of 27.7 percent in net profit at Rs30.13 crore for Jul-Sep 2008 (Rs23.58 crore for Jul-Sep 2007). Its revenue has increased by 30 percent to Rs364.83 crore. The company has...

ADANI ENTERPRISES Q2 NET RISES 76% ON HIGHER SALES (the company has announced a net profit of Rs66.8 crore for Jul-Sep 2008).
October 31, 2008... Adani Enterprises Ltd has announced a growth of 76.11 percent in net profit at Rs66.8 crore for Jul-Sep 2008 (Rs37.93 crore for Jul-Sep 2007). Its net income has gone up to Rs3,115.23 crore (Rs2,560.09 crore). A group company, Mundra...

SUNDRAM FASTENERS POSTS 55% DROP IN Q2 NET (the company has announced a net profit of Rs9.17 crore for Jul-Sep 2008).
October 31, 2008... Sundram Fasteners Ltd has announced a decline of 55 percent in net profit at Rs9.17 crore for Jul-Sep 2008 (Rs20.46 crore for Jul-Sep 2007). Its sales have gone up to Rs302.36 crore (Rs245.68 crore). The company has incurred a foreign...

TVS MOTOR NET LOWER IN SECOND QUARTER (the company has announced a net profit of Rs10.40 crore for Jul-Sep 2008).
October 31, 2008... TVS Motor Company Ltd has announced a net profit of Rs10.40 crore for Jul-Sep 2008 (Rs11.91 crore for Jul-Sep 2007). Its sales have gone up to Rs1,015.07 crore (Rs825.38 crore). The company has sold 1.81 lakh units of motorcycles (1.44 lakh...

STRIDES ARCOLAB READIES FOR ONCOLOGY DRIVE (the company intends to launch 32 anti-cancer products).
October 31, 2008... Strides Arcolab Ltd intends to launch 32 anti-cancer products in the next six months. The company had acquired Grandix for Rs100 crore in 2007 for its oncology business in India. Strides is also setting up a dedicated Critical Care Division...

BHARAT BIOTECH WINS RS100 CRORE PARK PROJECT IN ORISSA (the State Government has allotted 54.86 acres to the company).
October 31, 2008... Bharat Biotech International (BBI) is setting up a Biotech Pharma IT Park in Orissa at a cost of Rs100 crore. The State Government has allotted 54.86 acres in Bhubaneshwar to the company. The company intends to set up a special purpose...

BARTRONICS PAT UP BY 63% IN Q2 (the company has announced a net profit of Rs20.41 crore for Jul-Sep 2008).
October 31, 2008... Bartronics India Ltd has announced a growth of 63 percent in net profit at Rs20.41 crore for Jul-Sep 2008 (Rs12.52 crore for Jul- Sep 2007). Its net sales have gone up to Rs160.68 crore (Rs67.83 crore). The company has registered 50...

REDINGTON NET RISES 6% (the company has announced a net profit of Rs34 crore for Jul- Sep 2008).
October 31, 2008... Redington (India) Ltd has announced a growth of six percent in net profit at Rs34 crore for Jul-Sep 2008 (Rs32 crore for Jul-Sep 2007). Its revenue has gone up to Rs3,268 crore (Rs2,660 crore). The company has recorded exports of Rs1,614...

CRANES SOFT Q2 NET UP 27% (the company has announced a net profit of Rs34.6 crore for Jul-Sep 2008).
October 31, 2008... Cranes Software International Ltd has announced a growth of 27 percent in net profit at Rs34.6 crore for Jul-Sep 2008 (Rs27.2 crore for Jul-Sep 2007). Its revenues have gone up to Rs126.7 crore (Rs91.7 crore). The company has announced a...

REVENUES FROM MAINTENANCE DEALS UP (the IT industry has increased outsourcing contracts).
October 31, 2008... Information technology (IT) companies in India have increased their revenues from maintenance deals in Jul-Sep 2008. The companies have registered a substantial growth in revenues from application maintenance and development (ADM)...

WIPRO IMPLEMENTS PEOPLESOFT IN J&K BANK (to streamline the HR management of the bank).
October 31, 2008... Wipro Infotech Ltd has implemented PeopleSoft Enterprise Human Capital Management 9.0 of Oracle for Jammu and Kashmir (J&K) Bank. The solution is expected to streamline the human resource (HR) management of the bank. J&K Bank has over...

MTNL NET TAD LOWER IN Q2 (the company has announced a net profit of Rs91.86 crore for Jul-Sep 2008).
October 31, 2008... Mahanagar Telephone Nigam Ltd (MTNL) has announced a net profit of Rs91.86 crore for Jul-Sep 2008 (Rs93.14 crore for Jul-Sep 2007). Its total income has gone up to Rs1,359.84 crore (Rs1,332.85 crore). The company has added 2,40,066...

MEGASOFT Q3 NET DROPS TO Rs2.17 CRORE (the company has announced consolidated income of Rs82.90 crore for Jul-Sep 2008).
October 31, 2008... Megasoft Ltd has announced a net profit of Rs2.17 crore for Jul- Sep 2008 (Rs16.29 crore for Jul-Sep 2007). Its consolidated income has gone up to Rs82.90 crore (Rs72.80 crore). The company has announced total income of Rs264.76 crore for...

TOONZ, CHANDAMAMA TO JOINTLY PRODUCE FILM (the companies intend to release the film in various Indian languages).
October 31, 2008... Toonz Animation intends to produce a full-length animated feature film jointly with Chandamama India Ltd. Chandamama has library of over 15,000 exclusive stories. Toonz intends to produce the film at its studio in Technopark at a cost of Rs20...

V-MART INVESTING IN EXPANSIONS (the company intends to invest Rs40 crore in the next five months).
October 31, 2008... V-Mart is planning to add eight more stores in the next five months with an investment of Rs40 crore. The retail chain has 54 stores across India. V-Mart intends to set up the stores in tier- II and tier-III cities. The company owns 13...

VIDEOCON LOOKING AT REPOSITIONING BRANDS (the company intends to focus on individual brands).
October 31, 2008... Videocon Industries Ltd is planning to reposition its brands and focus on individual brands. The company has the capacity to produce 22 million colour picture tubes a year. Videocon had announced turnover of Rs6,500 crore for 2007-2008....

COKE BITES INTO THE APPLE (the company has introduced Fanta Apple in the sparkling drink segment).
October 31, 2008... Coca-Cola has introduced Fanta Apple in the sparkling drink segment on 30 Oct 2008. The company intends to launch the drink in Andhra Pradesh and Tamil Nadu in Nov 2008 and across the country in a phased manner. Coca-Cola has developed the...

INSURERS MOVE INTO T-BILLS. CERTIFICATES OF DEPOSITS (preference more for CDs, which offer nearly 12%).
October 31, 2008... Insurance companies in India have started shifting investments to short-term treasury bills and certificates of deposits in view of the downturn in the equity markets. The preference is more for CDs, which offer nearly 12 percent rates, while...

$2.83 BILLION RAISED VIA ECBs (Reliance Industries raised $1.65 billion in Sep 2008).
October 31, 2008... Data released by the Reserve Bank of India shows that a total of 50 companies raised $2.83 billion through the external commercial borrowing route in Sep 2008. A total of 21 companies have raised $370 million through the automatic route and...

FEW INSURANCE PLANS FOR WOMEN (only Bajaj Allianz offers policies meant exclusively for women).
October 31, 2008... Studies reveal that women in India do not have many options when it comes to taking an insurance cover. Bajaj Allianz is the only company that offers insurance policies designed exclusively for women. Life Insurance Corporation had...

HIGHER PROVISIONING DENTS IOB NET IN Q2 (bank provides Rs179 crore towards bad debts).
October 31, 2008... Indian Overseas Bank has reported a lower net profit growth of 12.30 percent at Rs359.02 crore for the second quarter of 2008- 2009 as compared to Rs319.7 crore earned in the second quarter of 2007-2008. This lower growth is despite an...

LIC TARGETS GROWTH VIA BANCASSURANCE (non-single premium products to account for 70-80% of business from banks).
October 31, 2008... Life Insurance Corporation of India is planning to achieve growth through the bancassurance route and expects 70-80 percent of its business from banks to come from non-single premium insurance products in 2008-2009. Single premium...

ALLCARGO Q3 NET SURGES 151% (net sales at Rs631.5 crore for Jun-Sep 2008).
October 31, 2008... Allcargo Global Logistics Ltd has improved its net profit by 151 percent to Rs47.4 crore for the third quarter ended Sep 2008 against Rs18.9 crore earned in the third quarter ended Sep 2007. Net sales have grown from Rs403.9 crore to Rs631.5...

TAJGVK Q2 REVENUE UP 4% (revenues at Rs61.58 crore for Jul-Sep 2008).
October 31, 2008... TajGVK Hotels & Resorts has reported a net profit of Rs16.25 crore on an income of Rs61.58 crore for the second quarter ended 30 Sep 2008. The company had earned a net profit of Rs16.18 crore on total revenues of Rs59.14 crore in the second...

TATA CHEM Q2 NET GROWS 33% (sales up 41 percent at Rs4,706 crore in Jul-Sep 2008).
October 31, 2008... Tata Chemicals Ltd has improved its consolidated net profit by 33 percent at Rs278 crore for the second quarter ended 30 Sep 2008 against Rs208 crore earned in the second quarter ended 30 Sep 2007. The company's sales have risen 41...

DSCL POSTS Rs7.12 CRORE PAT IN Q2 (operating profit at Rs76.05 crore for Jul-Sep 2008).
October 31, 2008... DCM Shriram Consolidated Ltd has achieved a net profit of Rs7.12 crore for the second quarter of 2008-2009 as compared to loss of Rs19.16 crore incurred during the second quarter of 2007-2008. The company's operating profit has risen to...

DABUR NET RISES 18% (posts profit of Rs106.96 crore for Q2 of 2008-2009).
October 31, 2008... Dabur India has improved its net profit by 18.1 percent to Rs106.96 crore for the second quarter of 2008-2009 against Rs90.55 crore earned in the second quarter of 2007-2008. The company's net profit has grown year-on-year by 21 percent...

GM EXPECTS INDIAN OPERATIONS TO GROW 20% (targets dealership network of 190 by end-2008).
October 31, 2008... General Motors expects its Indian operations to grow 20 percent during 2008, beating the industry average growth rate of seven percent. The company has targeted a growth of 20 percent in sales at 80,000 units for 2008. But it may fall short...

DELHI's AIRPORT OPENS THIRD RUNWAY FOR ROUND-THE-CLOCK OPERATION (project completed over six months ahead of scheduled).
October 31, 2008... The Indira Gandhi International Airport at New Delhi has started operations at a third runway recently. Delhi International Airport (P) Ltd, the joint venture consortium operating the IGI airport, rolled out the third runway for...

MATRIX LAB NET MORE THAN DOUBLES (revenues up 56.7 percent at Rs334.2 crore in Jul-Sep 2008).
October 31, 2008... Matrix Laboratories Ltd has managed to increase its net profit by more than double to Rs49.66 crore for the quarter ended 30 Sep 2008 against Rs13.64 crore achieved in the quarter ended 30 Sep 2007. Total revenues have grown by 56.7...

NORTHGATE TECH Q2 NET AT Rs22.4 CRORE (revenues up 45 percent at Rs189.37 crore in Jul-Sep 2008).
October 31, 2008... NorthGate Technologies of Hyderabad has improved its consolidated revenues by 45 percent to Rs189.37 crore for the second quarter ended 30 Sep 2008 against Rs130.52 crore achieved in the second quarter ended 30 Sep 2007. The company's net...

NAVA BHARAT Q2 REVENUE, NET UP (sales income at Rs449.27 crore for quarter ended 30 Sep 2008).
October 31, 2008... Nava Bharat Ventures Ltd of Hyderabad has achieved a profit of Rs118.56 crore on total sales income of Rs449.27 crore for the quarter ended 30 Sep 2008. The company had posted a profit of Rs52.16 crore on total sales income of Rs196.85 crore...

JSPL POSTS Rs450 CRORE NET IN Q2 (net sales up 75 percent at Rs2,216.12 crore).
October 31, 2008... Jindal Steel & Power Ltd has improved its net profit by 62 percent to Rs450 crore for the second quarter of 2008-2009 against Rs277.47 crore earned in the second quarter of 2007-2008. Net sales have grown by 75 percent to Rs2,216.12 crore...

BEML Q2 RISES 131% (net profit at Rs55.5 crore for Q2 ended 30 Sep 2008).
October 31, 2008... BEML Ltd has improved its net profit by 131 percent to Rs55.5 crore for the second quarter ended 30 Sep 2008. The public sector defence enterprise had reported a loss of Rs17 crore for the first quarter of 2008-2009.

ORCHID SUFFERS Rs40-CRORE LOSS IN Q2 (sales at Rs339 crore for Jul-Sep 2008).
October 31, 2008... Orchid Chemicals & Pharmaceuticals Ltd has reported a loss of Rs40.66 crore for Jul-Sep 2008 against a net profit of Rs63.27 crore achieved in Jul-Sep 2007. The loss is due to a Rs81.57- crore hit on account of restatement of foreign currency...

PENNAR INDUSTRIES Q2 NET UP 75% (gross sales grew by 32.35 percent to Rs194.12 crore).
October 31, 2008... Pennar Industries Ltd of Hyderabad has improved its net profit by 74.73 percent to Rs10.03 crore for the second quarter ended 30 Sep 2008 against Rs5.74 crore achieved in the second quarter ended 30 Sep 2007. Gross sales grew by 32.35 percent...

HINDUJAS TO SET UP 4TH FOUNDRY WITH Rs150 CRORE OUTLAY (capacity to rise to about 2,25,000 tonnes per annum).
October 31, 2008... Hinduja Foundries Ltd of the Hinduja Group intends to establish its fourth foundry unit in India at Toopran, about 40 kms from Hyderabad. The foundry project is to be implemented with an outlay of Rs150 crore. The company has two plants...

MALAYSIA AIRLINES ADDS FLIGHT ON DELHI-KL SECTOR (new flight every Wednesday on the Delhi-Kuala Lumpur route).
October 31, 2008... Malaysia Airline is set to operate an additional flight every Wednesday on the Delhi-Kuala Lumpur route. The new service will depart from Delhi at 12.20 pm and arrive in Kula Lumpur at 8.10 pm. The return flight from Kula Lumpur will depart...

RASHTRIYA CHEM NET ZOOMS (net profit up 121 percent at Rs84 crore for Jul-Sep 2008).
October 31, 2008... Rashtriya Chemicals & Fertilisers Ltd has improved its net profit by 121 percent at Rs84 crore for the quarter ended 30 Sep 2008 as compared to Rs38 crore earned in the quarter ended 30 Sep 2007. The company's net sales have grown by 84...

INFLATION RATE EASES TO BELOW 11% (official WPI at 238.3 points for week ended 18 Oct 2008).
October 31, 2008... India's annual wholesale price index based inflation rose 10.68 percent for the week ended 18 Oct 2008, compared to the annual rise of 11.07 percent recorded in the previous week. The official wholesale price index for all commodities fell by...

GOVT SHORES UP MORE RICE AFTER BONUS (offers minimum support price of Rs850 per quintal).
October 31, 2008... The announcement of a bonus of Rs50 per quintal by the Government of India has resulted in an increase in rice procurement by government agencies. The bonus is over and above the minimum support price of Rs850 per quintal of common paddy...

PEPPER OUTPUT DECLINES ON NEGLECT OF CROP: SURVEY (output down in Kerala, the main pepper producer in India).
October 31, 2008... India's pepper output has 45,000 tonnes per annum from the 80,000 a year levels recorded in 2001-2002. This is due to a continuous decline in the output in Kerala, the main producer of the commodity in the country. Kerala had 2,26,094...

CUMIN EXPORTS DOUBLE AS GLOBAL SUPPLIES FALL SHORT (crop failure in Syria, Turkey and Iran).
October 31, 2008... India has managed to double exports of cumin seeds by 97 percent to 23,500 tonnes worth Rs241.73 crore for Apr-Sep 2008 against exports of 11,920 tonnes worth Rs125.33 crore in Apr-Sep 2007. This follows a shortage of cumin in the...

UNIT VALUE OF MARINE EXPORTS RISES (Indian marine exports up five% at $380 million in Apr-Jun 2008).
October 31, 2008... Marine exports from India grew by five percent to $380 million during Apr-Jun 2008 against exports worth $361 million in Apr-Jun 2007. Frozen shrimp exports accounted for 42 percent of value realisations, followed by frozen fish with 14...

TCS, INFOSYS RULE OUT RETRENCHMENT (Karnataka accounts for 36 percent of IT revenues from India).
October 31, 2008... Tata Consultancy Services and Infosys Technologies have assured the Government of Karnataka that they would not be retrenching any employees as a result on the global financial crisis. They have also said that future recruitments would...

KERALA PADDY FARMERS TO GET 'GREEN CARDS' (state targets eight lakh tonnes output in 2008-2009).
October 31, 2008... The Government of Kerala has decided to issue green cards to paddy farmers to help them avail interest-free loans from cooperative banks. The state also plans to provide financial assistance of Rs500 per hectare for taking up paddy...

REAL ESTATE CRUNCH FORCES IIM-B TO EXPERIMENT WITH OFF-CAMPUS HOUSING (has decided to take 50 apartments on lease).
October 31, 2008... The Indian Institute of Management - Bangalore (IIM-B) is experimenting with off-campus housing to accommodate additional students from 2009-2010. The move follows increasing real estate costs and the lack of adequate finances. The...

MARICO: HEALTH CONCERNS (has reported a 30% growth in consolidated revenues).
October 31, 2008... Marico has reported a 30 percent growth in consolidated revenues at Rs603 crore in Jul-Sep 2008. The company's operating profit margins declined by 180 basis points to 12.2 percent owing to higher cost of raw materials. Advertising and sales...

ABB: MARGIN PRESSURE (has reported a 10% increase in net sales).
October 31, 2008... ABB has reported a 10 percent increase in net sales at Rs1,519 crore in Jul-Sep 2008. The company's operating profit margins declined by 370 basis points to 8.9 percent. Operating profit declined by 22 percent to Rs135 crore. Net profit...

TWO-WHEELERS RECORD SLUGGISH DIWALI SALES (owing to drop in availability of two-wheeler financing).
October 31, 2008... Motorcycle sales in Delhi, Mumbai and Pune declined by 30-50 percent during the festival period between Dhanteras and Diwali in 2008. The decline in sales has been attributed to drop in availability of two-wheeler financing. Banks such as...

CHAMPAGNE INDAGE NET UP 9.25% (net sales increases by 63.84%).
October 31, 2008... Champagne Indage has reported a 9.25 percent increase in net profit at Rs5.55 crore in Jul-Sep 2008 (Rs5.08 crore in Jul-Sep 2007). The company's net sales increased by 63.84 percent to Rs73.09 crore (Rs44.61 crore).

JSPL Q2 NET UP 62% (total income increases by about 75.4%).
October 31, 2008... Jindal Steel and Power Ltd (JSPL) has reported a 62.17 percent increase in net profit at Rs450 crore in Jul-Sep 2008 (Rs277.47 crore in Jul-Sep 2007). The company's total income increased by about 75.4 percent to Rs2,231.08 crore (Rs1,271.94...

VISA STEEL NET UP 482% (revenues increase by 115%).
October 31, 2008... Visa Steel has reported a 482 percent increase in net profit at Rs20.10 crore in Jul-Sep 2008. The company's revenues increased by 115 percent to Rs331.14 crore. EBITDA increased by 286 percent to Rs49.09 crore.

PRICOL LTD NET RISES TO Rs8.1 CRORE (net sales increases to Rs165.75 crore).
October 31, 2008... Pricol Ltd has reported a net profit of Rs8.1 crore in Jul-Sep 2008 (Rs0.69 crore in Jul-Sep 2007). The company's net sales increased to Rs165.75 crore (Rs143.83 crore).

VIMTA LABS NET UP 31% (total revenues increase by 22.93%).
October 31, 2008... Vimta Labs Ltd has reported a 31.05 percent increase in net profit at Rs2.11 crore in Jul-Sep 2008 (Rs1.61 crore in Jul-Sep 2007). The company's total revenues increased by 22.93 percent to Rs23.8 crore (Rs19.36 crore).

KSK NET DIPS 47% (total income decline by 36.87%).
October 31, 2008... KSK Energy Ventures Ltd, Hyderabad, has reported a 47.32 percent decline in net profit at Rs45.21 crore in Jul-Sep 2008 (Rs85.83 crore in Jul-Sep 2007). The company's total income declined by 36.87 percent to Rs116.04 crore (Rs183.81 crore).

REDIL POSTS 9% RISE IN NET PROFIT (net sales increase by 22%).
October 31, 2008... Redington India Ltd (REDIL), Chennai, has reported a nine percent increase in net profit at Rs34 crore in Jul-Sep 2008 (Rs31 crore in Jul-Sep 2007). The company's net sales increased by 22 percent to Rs3,267 crore (Rs2,660 crore).

TAJ GVK NET UP MARGINALLY (revenues increase by 4.14%).
October 31, 2008... Taj GVK Hotels and Resorts Ltd has reported a net profit of Rs16.25 crore in Jul-Sep 2008 (Rs16.18 crore in Jul-Sep 2007). The company's revenues increased by 4.14 percent to Rs61.82 crore (Rs59.36 crore). Expenditure increased by 5.94...

BGR ENERGY NET UP 47% (net sales increase by 36%).
October 31, 2008... BGR Energy Systems Ltd has reported a 47 percent increase in net profit at Rs23.68 crore in Jul-Sep 2008 (Rs16.02 crore in Jul-Sep 2007). The company's net sales increased by 36 percent to Rs424 crore (Rs311 crore). Total income increased...

MEGASOFT Q3 NET DIPS 82% (total income increases by 13.87%).
October 31, 2008... Megasoft Ltd, Chennai, has reported an 81.66 percent decline in net profit at Rs2.2 crore in Jul-Sep 2008 (Rs12 crore in Jul-Sep 2007). The company's total income increased by 13.87 percent to Rs82.9 crore (Rs72.8 crore).

CESC NET UP 33% (net sales increases to Rs755 crore).
October 31, 2008... CESC Ltd has reported a 33.33 percent increase in net profit at Rs124 crore in Jul-Sep 2008 (Rs93 crore in Jul-Sep 2007). The company's net sales increased to Rs755 crore (Rs736 crore).

McLEOD RUSSEL NET UP 33.75% (profit from operations before other income, interest and exceptional items increases by 47.21%).
October 31, 2008... McLeod Russel (India) has reported a 33.75 percent increase in net profit at Rs121.73 crore in Jul-Sep 2008. Profit from operations before other income, interest and exceptional items increased by 47.21 percent to Rs145.66 crore.

GMR PLANS TO SHIFT BARGE-MOUNTED POWER PLAN TO TURKEY (following the expiry of the PPA with the Government of Karnataka).
October 31, 2008... GMR Infrastructure, Bangalore, is considering a plan to move its barge-mounted power projects to Turkey. The barge-mounted power generation with a capacity of 220 Mw is at present off the Mangalore coast and is being operated as a merchant...

INDIA POST RAKES IN Rs2.6 CRORE FROM GOLD COIN SALES (sold about 20 kg of gold coins worth about Rs2.6 crore).
October 31, 2008... The Department of Posts (India Post) has raised over Rs2.5 crore from the sale of gold coins from its post offices across five States in less than 15 days. The department sold about 20 kg of gold coins worth about Rs2.6 crore. India Post...

SEAFOOD EXPORTERS AT SEA, THANKS TO GLOBAL CRISIS (have been affected by increase in freight rates and input costs).
October 31, 2008... The seafood exporters have been affected owing to the global economic crisis. Various factors, including low off-take by major importing countries, increase in freight rates and a steep increase in input costs such as electricity, packaging...

NOW HOME LOAN DOWN PAYMENT UP (banks start increasing margin money requirement).
October 31, 2008... Those planning to buy a house on a bank loan may have to pay as much as 40 percent of the house price upfront. Following the stress in the real estate markets, banks have started increasing the margin money required for taking a home...

OMCs TO TIP INTO RED IN Q2 DESPITE GOVERNMENT, ONGC DOLE (this is despite bonds worth over Rs20,000 crore being issued).
October 31, 2008... It is estimated that the combined losses of the three oil companies ' Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) ' is likely to be in the region of Rs12,000 crore for...

GOLMAAL RETURNS IN FASHION & STYLE (Hindi films open with 80-90% occupancy on first two days).
October 31, 2008... Bollywood appears to have overcome the economic slowdown, at least during the festive season. Diwali releases Golmaal Returns and Fashion opened with 80-90 percent occupancy levels on the first two days. Golmaal Returns grossed over Rs11...

TRANSACTION FEE MAY HURT YOUR FLIGHT PLANS (fee being imposed in place of 5% travel agent commission).
October 31, 2008... Air passengers in India will have a shell out an extra Rs350 to Rs10,000 by way of transaction fee from 1 Nov 2008 for both domestic and international travel. The transaction fee, which will have to be paid to travel agents, is being imposed...

GM MAY SOURCE $1-BILLION PARTS FROM INDIA BY '10 (it now sources castings and forgings worth over $300 million annually).
October 31, 2008... The Indian subsidiary of General Motors (GM) is looking to more than treble its sourcing of components from India to nearly $1 billion annually by 2010. The company now sources castings and forgings worth over $300 million annually from about...

BRITANNIA BOARD OKAYS ESOP PLAN (fixes the exercise price at Rs1,125.30 per share).
October 31, 2008... The board of Britannia Industries Ltd (BIL) has approved an employee stock option scheme (ESOP). It has fixed the exercise price at Rs1,125.30 per share, the market price of the BIL stock as on 28 Oct 2008. In Jul 2008, shareholders had...

TITAN'S HOUSING PROJECT (to invest Rs5 crore to develop homes for employees).
October 31, 2008... Titan Industries is to invest around Rs5 crore to develop homes for its employees. The homes will be developed on the unutilised 11 acres of land it has at Hosur in Tamil Nadu. The new housing project will be a part of the township it already...

GOVERNMENT TO ALLOW 100% FDI IN GPS-ENABLED DEVICES (GPS-enabled systems to come under list of FDI-approved telecom equipment).
October 31, 2008... The Government of India is to allow 100 percent foreign direct investment (FDI) in global positioning system (GPS)-enabled devices. A notification will be issued about bringing GPS-enabled systems under the list of FDI-approved telecom...

TURKCELL IN TALKS TO BUY 51% STAKE IN DATACOM (deal to put the enterprise value of Datacom at nearly $2.2 billion).
October 31, 2008... Turkcell, the telecom company based in Istanbul, Turkey, is in talks to buy 51 percent stake in Datacom Solutions. Turkcell is Europe's third largest operator by number of subscribers. The deal is expected to put the enterprise value of...

TIE-ISB CONNECT TO FOCUS ON 'THE NEXT 800 MILLION OPPORTUNITY' (event to held in Hyderabad on 5-7 Nov 2008).
October 31, 2008... Aspiring entrepreneurs in India will soon have an opportunity to network with potential investors of early and growth stage ventures and other successful entrepreneurs and mentors. The Indus Entrepreneurs (TiE) and the Indian School of...

MEGASOFT MAY CUT DOWN WORKFORCE (employee strength reduced from 900 to over 670 in a year).
October 31, 2008... Megasoft, which is a technology provider for telecom and information technology (IT) services sector, has been affected by the global financial turmoil and is looking at downsizing its workforce. It has already reduced employee strength...

HINDUJA FOUNDRIES TO SET UP Rs150 CRORE UNIT IN HYDERABAD (project with an annual capacity of 85,000 tonne).
October 31, 2008... Hinduja Foundries (HF) of Chennai and a division of the Hinduja Group, is planning to set up its second foundry unit in Andhra Pradesh at a cost of Rs150 crore. The Government of Andhra Pradesh has given 60 acre of land to the company at a...

DIPPING RUPEE CUTS AMARA RAJA PROFIT (net profit for Jul-Sep 2008 at Rs18 crore).
October 31, 2008... Amara Raja Batteries Ltd (ARBL) has posted 11 percent decline in net profit for Jul-Sep 2008 at Rs18 crore, compared to Rs20 crore in Jul-Sep 2007. The company's revenue grew to Rs346 crore (Rs259 crore). ARBL's profit before tax dipped to...

FII HOLDING IN SOME COS UP ON RIGHTS, BONUS ISSUES (year-on-year increases of 22 percent for Jan-Sep 2008).
October 31, 2008... The shareholding by foreign institutional investors (FIIs) in 27 Indian companies has increased 22 percent year-on-year for Jan- Sep 2008. According to Edelweiss, a brokerage firm, there has been a decline in FII ownership of these...

STANCHART LINING UP INDIA'S FIRST IDR ISSUE (plans issue worth $1 billion in Apr-Jun 2009).
October 31, 2008... Standard Chartered Bank (SCB) of UK is planning to go for an Indian Depository Receipts (IDR) issue worth $1 billion in Apr- Jun 2009. SCB has appointed five merchant bankers to work on the proposed IDR issue. The bankers include JM...