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Volkswagen chooses Maharashtra over AP
Zee mulls 1063-MW plant in Haryana
Govt threatens to ban cement export
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Tata Tea’s UK arm to acquire Czech firm
Singapore-listed beer brewer enters India
L&T bags Rs 440-cr order for shipbuilding
ATF price hike may burden Indian further
Banks hike NRE deposit rates
Karvy moves HC; gets interim order on SEBI ban
RCoVL in Sensex: BSE rules out favouritism
US rep office planned in Mumbai
Huawei to bid for BSNL tender
BASF declares dividend
Corporate Results
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Volkswagen chooses Maharashtra over AP
New Delhi, May 2 “It is Maharashtra and not Andhra Pradesh,” a senior government official, who recently held talks with the top Volkswagen management team, told UNI. The German carmaker, which had toured Visakhapatnam last year and also met Andhra Pradesh Chief Minister Y S Rajshekhar Reddy, is now keen on putting its bet on Nasik in Pune-Mumbai area. “Two things have weighed in favour of Maharashtra. They (Volkswagen) are impressed by the development of Pune as an automobile hub and the world class Mumbai-Pune highway influenced them further”, the senior official said. It was at the high-profile Hannover Fair that the Volkswagen team met senior ministers, including Commerce and Industry Minister Kamal Nath and government officials and conveyed their preference for the western state. Even as the company has decided on Maharashtra, state representatives continue lobbying with the German giant. Top-level bureaucrats from West Bengal called on the Volkswagen senior management in their bid to woo the carmaker to the eastern state. While the Volkswagen management did not indicate the kind of foreign direct investment to be put in the Indian plant, the industry estimates suggest that the funding could be in excess of Rs 1,000 crore. Volkswagen plans to invest in Andhra Pradesh was mired in controversies right from the state of the feasibility study. There were allegations of siphoning of money and the issue had rocked the state Assembly. With India emerging as one of the global automobile hubs, the German carmakers are all coming here to not only to take advantage of a booming domestic market but also as a potential outsourcing centre. SkodaAuto of the Czech Republic, (a Volkswagen subsidiary since 1991) has already set up base in India for its premium range of cars. The US-German giant Daimler Chrysler is assembling Mercedes S-Class, E-Class, and C-Class models in India while BMW AG has brought in investment close to Rs 900 crore. According to consulting firms Booz-Allen Hamilton and McKinsey, the domestic market of one million passenger cars (of which the small cars account for 70 per cent) will double by 2010 and cross 3.5 million by 2015. The country is also likely to get at least 3 to 4 per cent of the global auto-parts market by 2015. — UNI
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Zee mulls 1063-MW plant in Haryana
New Delhi, May 2 “We are at an advanced stage to sign a contract with one of the major gas companies, including Reliance and Shell group, for getting 5 MMSCMD gas. Once the deal is signed, work will be immediately started on the project,” said Mr A.K. Gupta, CEO, Siti Energy Limited. Talking to The Tribune, he disclosed talks were held here today with a leading gas-supplying company, and the final deal was expected shortly. The state government had assured adequate land and water to set up the power plant. However, it had not taken any final decision about taking a equity stake in the company. The Siti Energy will have at least 51 per cent stake in the project, which was expected to come up in the next 36 months. On rising gas prices and scarcity in the country, Mr Gupta
said: "No doubt, international LNG prices are rising, but we are sure that there are good players in the market to supply gas at reasonable prices for long terms. Further, domestic and industrial consumers are ready to pay a price for assured power supply.” The company is benchmarking a deal to get 5 MMSCMD gas at around $5.6 per MMBTU for 25 years. It has also approached GAIL to transmit the gas. He said the company was also making arrangements to import LNG and looking for a business partner to import LNG in a large quantity. “We require about 200 acres of land for the plant, and hope to commission the first unit within 30 months and other two units in the next six months,” he said, adding that a power purchasing agreement was likely to be signed with the Power Trading Corporation.
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Govt threatens to ban cement export
New Delhi, May 2 At a meeting with the Cement Manufacturing Association, Dr Ajay
Dua, Secretary (Industrial Policy & Promotion) of Commerce and Industry, also indicated that the position would be reviewed within a fortnight. Allaying aside the claims of the cement manufacturers that price had gone up due to rise in input and power costs, he said that the rough cost increase had been only 15 per cent but increase in prices in certain cases have been as high as 40 to 50 per cent. On an average it is nearly 30 per cent. He underlined the government’s view that corrective measures would have to be taken by the manufacturers to bring down the prices. The government urged the Cement Manufacturers Association to convene a meeting of its members urgently and decide on steps for lowering the cement prices, instead of waiting for the rainy season when cement prices automatically tend to fall.
Mr Dua indicated that the position would be reviewed within a fortnight.
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Tata Tea’s UK arm to acquire Czech firm
Mumbai, May 2 The acquisition has been funded by the Tetley Group. Jemca has a 26.6 per cent share in the Czech tea market and a turnover of about $12.5 million .. It will continue to pack tea at its production facility at Jemnice in the Czech Republic and continue to trade under the ‘Jemca’ brand name, it added. “The experience and skills of Jemca and Tetley complement each other well and will combine to create a significant presence in Eastern Europe,” Executive
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Singapore-listed beer brewer enters India
Singapore, May 2 The deal includes a provision for Asia Pacific Breweries to fully acquire the Indian beer maker by the end of 2008, the company said. Aurangabad Breweries owns two plants in Maharashtra and Goa with a combined annual production capacity of about 250,000 hectolitres. It will be Asia Pacific Breweries’ second investment in South Asia after its entry into Sri Lanka in September last year when it bought a 60 per cent stake in Asia Pacific Brewery (Lanka) Ltd. “In the past 16 years, our focus was mainly on Southeast Asia, Indo-china, Australasia and China,” Asia Pacific Breweries Chief Executive Koh Poh Tiong said. “As our breweries in these markets have shown good growth, it is timely that we look beyond our current markets and set our sights on South Asia for our next wave.” Mr Koh said the Indian beer market had been growing at a compound rate of more than 7 per cent annually. Including the Indian breweries, Asia Pacific Breweries now owns interests in 26 brewery operations in 10 Asian-Pacific countries. The company is a joint venture between the Fraser and Neave Group of companies and Heineken of
Holland. — AFP
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L&T bags Rs 440-cr order for shipbuilding
Mumbai, May 2 The vessels would be built at a new shipyard that would form part of the company’s engineering complex at Hazira in Surat, L&T said here today. The production of the ships was scheduled to commence in July. L&T Chairman and MD A. M. Naik said shipbuilding would significantly expand the company’s high technology manufacturing capabilities and was a major step towards meeting L&T’s strategic growth objectives. Zadeko, the Rotterdam-based shipping company, caters to special- purpose cargo movements. Many leading shipping companies across the globe were also in touch with L&T for their fleet augmentation requirements. L&T’s shipyard at Hazira would focus on the construction of commercial vessels.
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ATF price hike may burden Indian further
New Delhi, May 2 As per the budget estimates, the cost on aviation turbine fuel (ATF) for Indian and its subsidiary, Alliance Air, went up to Rs 2,300 crore in 2005-06 and was expected to touch about Rs 2,450 crore this financial year, airline sources said. Maintaining that the frequent increase in ATF prices was adversely impacting the profitability of the company, they said a presentation has been made to the Civil Aviation Ministry urging it to allow either a fare hike or imposition of fuel surcharge. Jet Airways, SpiceJet and other airlines have already announced their decision to impose or increase the levels of fuel surcharge, raising the fares. In the global arena too, all major carriers have imposed a surcharge on airfares. The national carrier and other airlines have been demanding that ATF be categorised as ‘Declared Goods’ under the Central Sales Tax like other items to cap the sales tax on jet fuel at 4 per cent. For the second consecutive month, public sector oil firms yesterday hiked ATF prices by over 8.6 per cent. For international airlines, which do not pay local levies, the hike would be between $54 and $58 per kilolitres (kl). The earlier increase was effected on April 1. As per figures in April, the ATF prices for domestic operations stood at Rs 37,900 per kl and for international operations Rs 28,600. Compared with this, the fuel prices outside India stood at Rs 21,905 in Kuala Lumpur, Rs 22,078 at Singapore, Rs 22,372 in Bangkok, Rs 23,056 in Sharjah and Rs 24,122 in Dubai. The sources said the average domestic ATF prices in India were higher by almost 65 per cent compared to those prevalent in West and SE Asia. Since March 2000, the ATF price has consistently moved upward, more than doubling from Rs 15,200 per kl to Rs 37,900 last month. The expenditure incurred by Indian has also risen significantly from Rs 866 crore in 1999-00 to Rs 2,300 crore in 2005-06 and estimated to stand at Rs 2,440 crore in 2006-07. Maintaining that ATF was a major cost component constituting 35 per cent of the total operating cost for domestic operations in India, the sources said the frequent increase in ATF prices was the single largest factor for the rising operating cost, which was adversely impacting the profitability of the company. —
PTI
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Banks hike NRE deposit rates
New Delhi, May 2 The new rates are effective from yesterday, a release said here today. Interest on dollars has been increased as follows: From 5.29 per cent to 5.33 per cent per annum for maturities of one year to less than two years (first maturity) and from 5.29 per cent to 5.43 per cent for 2 years to less than 3 years (2nd maturity); for maturities of 3 years to less than four years
(third maturity), for four years to less than five years (fourth maturity) and for five years only (fifth maturity) interest has been increased from 5.27 per cent to 5.36 per cent , 5.30 per cent to 5.39 per cent and 5.31 per cent to 5.43 per cent per annum. Similarly, Bank of India
(BoI) has revised upwards its interest rate on NRE term deposits with a maturity of three years and above from 6.30 per cent to 6.40 per cent, while the rates on maturities of one year to less than two years and two years to less than three years remain unchanged at 6.30 per cent, respectively. A press note issued here today stated that the bank has also upped its interest rates on dollar-denominated FCNR deposits from 5.29 per cent to 5.33 per cent for a maturity period of one year to less than two years and from 5.29 per cent to 5.34 per cent in the case of two years to less than three years. Meanwhile, Central Bank of India has increased interest rates on Foreign Currency Non-Resident (B) deposits in dollar, pounds, euro, Canadian dollars and Australian dollars across all maturities. Now, interest rates on
FCNR-B deposit in dollars for one year to less than two years is 5.33 per cent from 5.29 per cent; for two years to less than three years 5.34 per cent; for three years to less than four years 5.35 per cent; for four years to less than five years 5.39 per cent and for five years 5.43 per cent.
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UNI, TNS
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Karvy moves HC; gets interim order on SEBI ban
Hyderabad, May 2 Granting the interim stay, vacation judge Justice Raghuram also allowed Karvy to open fresh demat accounts. The court said subject to SEBI filing its counter, Karvy can go ahead with its business. The issue would come up again for hearing on June 5. SEBI had in its April 27 order banned Karvy and other intermediaries from trading in the stock market through proprietary accounts for their involvement in the multi-crore IPO scam. The market regulator had given clients of the indicted intermediaries 15 days to switch over to other DPs. When contacted, SEBI chairman M Damodaran refused to comment on the court
order. — PTI
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RCoVL in Sensex: BSE rules out favouritism
Mumbai, May 2 While a senior official of the BSE said criteria of a new company could not be applied on a entity, demerged from already listed company, the spokesperson for the leading bourse Kalyan Bose said no rule was overlooked. "The committee looking after the changes in index constituents deliberated over every issue before taking a decision to this effect. The committee is well within its rights to take such a decision," Bose said when asked about reports of deviation made for
RCoVL, the second Anil D Ambani Group company after Reliance Energy to enter the 30-scrip index. —
PTI
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Timex watches to tick in Baddi
New Delhi, May 2 “We hope to assemble as many as 3 million units of watches in the next three years in Baddi. This plant will be operational by the year-end,” Timex Asia MD and Vice-President Kapil Kapoor said here on the sidelines of the launch of the new brand campaign ‘Timex—What next?” “Our unit in Baddi will basically assemble different watch parts that will be supplied to us by our vendors in India and overseas,” he said adding, “At present Timex has an assembly unit in Parwanoo in Himachal Pradesh which produces around 1.4 to 1.5 million units a year.” Speaking about the investment plans, Mr Kapoor said: “We will be spending Rs 15 crore on marketing and promotion in the next two years.” The company will also be setting up 130 factory stores all over the country in the next two years. “At present we have 9 stores which we will expand to 130 in the next two years,” Mr Kapoor said. To a poser as to why the company selected Himachal for setting up two of its factories, Mr Kapoor said: “the state is excise free.”
— UNI
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US rep office planned in Mumbai
Mumbai, May 2 The visiting US undersecretary for International Affairs Timothy Adams told select mediapersons here today that India was the third destination after Tokyo and Beijing in China to have a treasury representative, reflecting the growing interest that India has of late generated among American decision makers and investors. Mr Adams emphasised that India must open up its financial sector for greater inflow of foreign funds in order to develop its infrastructures.
— UNI
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Huawei to bid for BSNL tender
New Delhi, May 2 "We will bid for BSNL's GSM tender of 60 million lines, including 3G. BSNL is a strategic and valued customer for us. For this we cannot partner with the current local partner HFCL as it is a CDMA-based service provider. We are exploring cooperation from local public and private partners," global spokesperson for Huawei Technologies Fu Jun said. Jun did not reveal the name of the companies Huawei is talking to. Asked whether the company is talking to Motorola for the same, he said: "Motorola is a long-term partner". The $8 billion Chinese company is eagerly awaiting government approval for its manufacturing plans. To bid for any BSNL and MTNL tenders, the bidders need to have local manufacturing base. —
PTI
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Mumbai, May 2 The Board has recommended a dividend of Rs 7 on shares of Rs 10 each (70 per cent) for the financial year ended March 31, 2006. For the year ended March 31, 2006, the company posted a net profit at Rs 45.41 crore as compared to Rs 37.97 crore in 2004-05. The group has posted a net profit of Rs 45.30 crore for the year ended March 31. — PTI
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Corporate Results
Mumbai, May 2 The total income grew 29.77 per cent to Rs 1,239.90 crore in the quarter under review as against Rs 955.45 crore for the corresponding period in 2004-05, the company informed the BSE. The Board has recommended a dividend of Rs 20 on shares of Rs 10 each for the financial year 2005-06. For the year ended March 31, 2006, HDFC has posted a net profit of Rs 1,257.30 crore as compared to Rs 1,036.59 crore for the year ended March 31, 2005. The total income for 2005-06 stood at Rs 4,278.39 crore from Rs 3,410.08 crore in 2004-05. The group's consolidated net profit after tax was Rs 1,349.15 crore for the year ended March 31, 2006, as compared to Rs 1,112 crore for 2004-05.
Finolex Cables
Finolex Cables Ltd today posted a net profit of Rs 21.02 crore for the quarter ended March 31, 2006 whereas the profit was at Rs 10.13 crore for the same period last year. The total income was at Rs 231.22 crore for the fourth quarter in 2005-06 whereas the same was at Rs 145.23 crore in the corresponding period last fiscal, the company informed the BSE. The Board of Directors had recommended dividend of Rs 6 on share of Rs 10 each (60 per cent) for the financial year ended March 31, it added. The company also posted a net profit of Rs 50.37 crore for the year ended March 31, where as the same was at Rs 30.77 crore a year ago.
Andhra Bank
Andhra Bank has witnessed a fall in its net profit at Rs 485.50-crore in FY 06 as against Rs 510.10-crore in FY 05 despite its business and gross credit growing by a robust 24.08 per cent and 25.54 per cent at Rs 56,406-crore and Rs 22,484-crore, respectively. The bank's net profit from core banking operations, excluding profit on sale of investments catapulted a whopping 208 per cent at Rs 414.66 crore as against Rs 134.59 crore in FY 05, while its core operating profit rose 14.96 per cent to Rs 698.27-crore. Operating profit for FY 06, however, slipped to Rs 769.11 crore from Rs 992.93 crore last fiscal.
— Agencies
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