 |
|
New Year bonanza for RIL investors
Hearing on NTPC plea today
Wipro buys mPower, MPACT for $28 m
Nod to 26 industrial units in Himachal
Liberty Shoes plans Rs 5-cr
unit in Himachal
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
FII inflow to touch $50 b in 2006: Assocham
Motorola unveils lowest priced handset
SEBI probing 68 more penny stocks
IBM to buy Micromuse for $865 million
Alpha G: Corp to develop township in Karnal
Bomb hoax in BSE building
Sushma Berlia is PHDCCI President
|
|
New Year bonanza for RIL investors
Mumbai, December 22 RIL today communicated to the bourses that it has fixed the "record date" for the demerger scheme on January 25. Though the demerger scheme became effective yesterday and the company filed the certified copy of Bombay High Court order with the Registrar of Companies, RIL investors were eagerly awaiting the announcement of the "record date" from when they would be entitled to the shares of four ADAE group companies. With today's announcement, it is now clear that RIL investors would be entitled to shares of demerged entities — Reliance Energy Ventures Ltd, Global Fuel Management Services Ltd, Reliance Capital Ventures Ltd and Reliance Communication Ventures Ltd. Mr Mukesh Ambani had already promised RIL shareholders that they would get equal number of shares of Anil Ambani's companies. "All shareholders of RIL, except the specified shareholders, would be issued shares of demerged undertakings in 1:1 ratio," RIL had announced in August after its Board meeting chaired by the elder Ambani sibling Mukesh. Mr Anil Ambani had also made his intentions clear in listing all four entities that came under his fold. The demerger scheme follows an amicable settlement between the two brothers on ownership of various companies under the Rs 1,00,000-crore Ambani empire built by late Dhirubhai Ambani. While Mukesh got control of the flagship company RIL along with IPCL, Anil had to be content with Reliance Infocomm, Reliance Energy and Reliance Capital. Following the news, the company’s scrips fell, except for Indian Petrochemical Corporation Limited (IPCL), which recorded a rise. RIL closed today 0.60 per cent lower at Rs 855, down by Rs 5.15; Reliance Capital closed at Rs 459.65, less by Rs 2.90; Reliance Energy closed lower by 0.84 per cent at Rs 620.05, as compared to its last close of Rs 625.30. Only IPCL was the big gainer by 2.87 per cent on the National Stock Exchange as it moved to Rs 229.70, up by Rs 6.40 from its last close of Rs 223.30.
— Agencies
|
|
Hearing on NTPC plea today
Mumbai, December 22 Asking the two companies to work out solution on the GSPA, Mr Justice S.K. Vazifdar adjourned the hearing to tomorrow. Wondering if such type of an agreement is possible, Mr Justice Vazifdar observed in that case it
becomes a suit or perfect case for arbitration. The NTPC has prayed for execution of the contract by RIL in accordance with the bid conditions. The petitioner has also requested the court to restrain RIL from selling gas to any other customer in the interim.
— UNI
|
|
Wipro buys mPower, MPACT for $28 m
Bangalore, December 22 The company has signed a definitive agreement to acquire mPower and MPACT Technology Services based in Chennai. mPower, with a development centre in Chennai, has an annualised revenues of $ 18 million. Wipro Technologies, global IT services business of Wipro Limited, has also entered into a strategic engagement with MasterCard International by acquiring 100 per cent stake in MPACT, a joint venture of MasterCard and mPower, the company said in a statement here. The acquisition would be part of Wipro Technologies. As part of the agreement, Wipro would provide MasterCard and other clients in the payment space with a wide range of services that could include application development and maintenance, infrastructure services, package implementation, BPO and testing, the statement said.
— PTI
|
|
Nod to 26 industrial units in Himachal
Shimla, December 22 The decision was taken at the 18th meeting of the state-level Single Window Clearance and Monitoring Authority, held under the chairmanship of Chief Minister Virbhadra Singh here last evening. Mr Virbhadra Singh said the new units would invest a sum of Rs 745.47 crore, besides providing employment to 7,433 persons, taking the total investment in the industrial sector during the past two and a half years to Rs 15,160.92 crore. The new industrial units would provide employment to 2,17,294 persons. The Chief Minister said the new industrial units included the Rs 600-crore sugar factory at Gagret in Una district, which would provide employment to 4,950 persons. Clearance was also given to a number of multinational companies for setting up their units in various industrial areas of the state. Mr Virbhadra Singh said a large number of multi-national companies had opted to invest in Himachal due to the industrial friendly policies, political stability, floating surplus power and other incentives being provided by the Government. The state government would appoint one labour officer in each industrial unit to ensure that 70 per cent of the people employed in the units were Himachalis, he said, adding that they would also be responsible for ensuring that their interests were fully safeguarded. Similarly, Labour Officers would also be appointed in the hydro power projects of 50 MW and above. Labour Officers would be appointed for the industrial areas of Baddi, Barotiwala, Nalagarh, Paonta Sahib, Kala Amb, the remaining areas of Sirmour district, Shimla, Kinnaur,
Bilaspur, Mandi, Kullu and Lahaul and Spiti, besides Hamirpur, Kangra, Chamba and Una districts.
— UNI
|
|
Liberty Shoes plans Rs 5-cr
unit in Himachal
New Delhi, December 22 The company took the decision at its Board meeting held on December 17. The Board also gave its nod to the induction of independent Directors. The company is aiming to achieve a turnover of Rs 600 crore in the next five years, besides opening 25 new outlets this fiscal. The company has a capacity size of 75,000 pairs per day. The company, which enjoys a market share of about 15 per cent in the total organised footwear market size of Rs 1,800 crore, has also recently tied up with stores such as Pantaloon, Life Style, Westsides etc for displaying their products in these showrooms.
— UNI
|
|
FII inflow to touch $50 b in 2006: Assocham
New Delhi, December 22 Predicting a 'dream year' ahead for the capital market, Assocham said corporate stocks are still undervalued and positive corrections of government policies towards the stock market will continue to play a significant role to further increase FIIs exposure to Indian stocks by 25 per cent in 2006. ''The listed companies in private and public sector whose corporate governance will consistently show improvement will attract FII inflow in relevant sectors of Indian economy,'' the chamber remarked in its paper on 'FIIs' inflow in Indian stocks'. The cumulative FII inflow till October 31, 2005 had reached around $40 billion from $4 million in 1992, reflecting the strong economic fundamentals of the country.
— UNI
|
|
Motorola unveils lowest priced handset
New Delhi, December 22 Launching the handsets, Union Minister for Communications and Information Technology Dayanidhi Maran said: “with the launch of such mass-based handsets, we are sure to achieve the target of 250 million subscribers by 2007. Since 98 per cent of the subscribers were using mobiles for voice connectivity, it was not so difficult to reach the villages by offering low-priced connections without compromising
features. The Government is quite hopeful, he said, that other manufacturers would also come forward to offer below Rs 1,000 handsets. Mr Firdose Vandrevala, Head of Motorola and corporate Vice-President of the company, said: “ Built on the CII x platform, the C115 is a mass market phone based on the sub $40 and Sub $30 handset category for emerging markets.
|
|
BSNL, MTNL to invest in Wi-Max
New Delhi, December 22
|
|
SEBI probing 68 more penny stocks
New Delhi, December 22 “We took action against 10-20 companies immediately after evidence was found against them while about 68 more stocks were referred for further investigation,” said Mr R. Ravichandran, OSD, SEBI. If found guilty, manipulators face a penalty of Rs 25 crore or three times the value of the damage done by the company. SEBI, which intensified market surveillance in September, analysed 900-1,000 penny stocks for unusual movement in share prices during a short span of time. Pointing to the unusual price movements irrespective of improvement in financial performance, Mr Ravichandran said in one such case there was a 6,000 per cent increase in the price and volume. After finding evidence, SEBI has barred promoters and directors of penny stock companies like Minal Engineering, IFSL Ltd, Ind Tra Deco Ltd, Mega Corporation Ltd, Konkan Tyres Ltd (KTL) and Prime Property Development Corporation from further trading in shares. The market regulator had also barred scores of brokers from dealing in the securities market or with securities of certain companies. Taking advantage of the market boom, some of the unscrupulous brokers and promoters had rigged share prices.
— PTI
|
|
IBM to buy Micromuse for $865 million
Boston, December 22 Micromuse specialises in software that manages sophisticated communications networks. Tivoli competes with products from companies, including Computer Associates International Inc., Hewlett-Packard Co. and BMC Software Inc. International Business Machines Corp will pay $ 10 for each Micromuse share, a premium of nearly 39 per cent over the stock’s closing price of $ 7.21 on the Nasdaq stock market on Tuesday. IBM has announced 11 acquisitions of software companies this year and nearly 40 in the past five years. It is adding new products and functionality to its line of business software. Micromuse focuses on what has been a niche segment of the software market — programmes that manage complex systems that carry telephone calls, Internet traffic, video and other communications. On Tuesday, IBM announced the acquisition of another business software developer, Bowstreet Inc., whose products help companies develop internal Web portals. Micromuse has some 1,800 customers, including some of the world’s largest phone companies — British Telecom, Deutsche Telecom and Verizon. It also sells to Fidelity Investments, NCR Corp. the US Securities and Exchange Commission, and Virgin Atlantic. IBM said it hoped to complete the acquisition within 60 days.
— Reuters
|
|
Alpha G: Corp to develop township in Karnal
New Delhi, December 22 “We are setting up Alpha International City in Karnal in HUDA Sectors 28 and 29 on NH-1,” said Mr. S K Sayal, CEO of Alpha G:Corp. Under consideration were four integrated township projects in Punjab and Rajasthan. These projects would be promoted by overseas commercial bodies (OCBs) through FDI to the tune of $250 million, starting with the Karnal development project. The integrated township would be developed in phases. The development of infrastructure and plotting will be initiated in March,2006, and was slated to be completed by December,2007. “In the first phase, 500 plots ranging from 360 to 970 sq. yards will be offered at a rate of Rs 9000 per square yard,”.
|
|
Bomb hoax in BSE building
Mumbai, December 22 The police said around 12.30 pm,, the security officer of the BSE received a call. He immediately informed the police control room which sent a bomb disposal squad to search the building, but nothing was found. The incident had no impact on trading, BSE sources said.
— UNI
|
|
Sushma Berlia is PHDCCI President
New Delhi, December 22 Mr Sanjay Bhatia, Managing Director, Hindustan Tin Works, has been elected Vice- President of the
industrial chamber.
|
bb
Mahavir Spinning mulls expansion
Kribhco dividend StanChart buys ICICI's bad loans BHEL bags award ICICI Bank Hutch coupons |
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
Video
