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Oil firms seek price hike
Finance company director held
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Sonata ‘Embera’ launched Hyundai to invest $ 600 m for capacity expansion, new models
PSU sell-off not put on the back burner: PC
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Reliance Cap keen on more acquisitions
Caparo group to add six ancillary plants
Corporate News
ICRA forecasts almost 7 pc growth
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Oil firms seek price hike
New Delhi, August 17 Meanwhile, in a communication to the Petroleum Ministry, the oil companies said the retail prices in Delhi should be fixed at Rs 45.78 per litre for petrol and Rs 32.99 per litre for diesel. However, the official sources said the government was not likely to allow any hike before the ongoing Parliamentary session ended on August 26. Till the first fortnight of the current financial year, the oil companies had incurred an under-realisation of Rs 7,086 crore on petrol and diesel. In the second fortnight, the under-realisation was expected to be in the range of Rs 790 crore. The under-recoveries in petrol during the first five months would be Rs 1,290 crore and diesel around Rs 6,586 crore. The total losses on the sale of petrol and diesel would be Rs 7,876 crore. The oil companies warned that if corrective action was not taken by the government by way of an increase in petro prices or a suitable decrease in duties, their financial situation would be deteriorate in the second quarter of the current financial year. The companies pointed out that the commission on the sale of petrol and diesel had also been increased and would result in further losses to the oil marketing companies because it had not been passed on to consumer so far. The oil companies want the ex-storage point price of petrol raised by Rs 4,139.96 per KL and of diesel by Rs 3,723.23 per KL. The spurt in international prices was likely to see country’s crude oil import bill swell to Rs 172,326 crore in 2005-06 as against Rs 116,806 crore in 2004-05 fiscal. The projection is based on crude price of $ 55 per barrel and an exchange rate of Rs 45.50 per dollar. According to Petroleum Ministry estimates, the country is projected to import 98.264 million tonnes of crude oil during the current fiscal as compared to 95.857 million tonnes in 2004-05. For Rs 5.29 hike in petrol, Rs 4.54 in diesel Public sector oil firms, who incurred a cash loss of Rs 1,516 crore in July on top of net losses in Q1 on selling fuel below the cost, have sought Rs 5.29 per litre increase in petrol and Rs 4.54 a litre hike in diesel prices. But the government may settle for a hike of between Re 1 to Rs 2 per litre each combined with excise duty reduction on petrol from 8 per cent plus Rs 13 a litre to 8 per cent plus Rs 12 a litre and that on diesel from 8 per cent plus Rs 3.25 a litre to 8 per cent plus Rs 2.25 per litre. — PTI
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Sonata ‘Embera’ launched
New Delhi, August 17 “The prices of Accent and Getz will come up for review by the middle of next month,” company President B.V.R. Subbu told reporters here. Hyundai had last week increased the price of its flagship car ‘Santro’ by Rs 11,000 on account of increased input costs and rationalisation of dealer margins. The new investments, he said, would be made over two years. The company today launched an all-new model of its premium sedan Sonata ‘Embera’. The 2.4-litre petrol engine car has been priced at Rs 13.69 lakh for manual transmission while the automatic version will cost Rs 14.59 lakh. Mr Subbu said Hyundai would launch new models in the mid-size and compact car segments. TVS plans
Chennai: TVS Motor Company Ltd on Wednesday announced the launch of two new 150 cc bikes before the end of this financial year and more investments into the R&D for development of new products. TVS Motor is also aiming to sell 2,50,000 bikes during the three months of August to October, Chairman and Managing Director of TVS Motor Company Venu Srinivasan told reporters on the sidelines of the company’s AGM here. “One 150 cc bike will be launched in December (this year) and another in March (2006) and it will be completely different in terms of styling and other features,” he said.
— Agencies
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Finance company director held
New Delhi, August 17 The New Delhi district got the information yesterday that the accused would pass through the area of Saket, South district. A trap was laid and the accused arrested. The DCP New Delhi district, Dr Anita Roy, said the accused had floated many companies under the name of JVG Group. He used to accept money from public on the pretext of doubling and tripling it within a short time. People used to be lured by the scheme and deposited huge amounts. When the amount reached several crores, the accused used to close down the company and escape.
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PSU sell-off not put on the back burner: PC
New Delhi, August 17 He said Left parties were being consulted to arrive at a fresh decision on divesting 10 per cent government equity in BHEL. He maintained that the route of strategic sale was not the “proper approach” and added that he was ready to argue it out with the Opposition. Former Finance Minister and BJP leader Yashwant Sinha said yesterday that the government “has succumbed to the pressure from the Left parties and in the last one year they have been unable to move on economic reforms.”
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Reliance Cap keen on more acquisitions
Jamnagar, August 17 “Reliance Capital will actively look for similar opportunities like Adlabs (whose acquisition was announced in June by RCL subsidiary Reliance Land),” Anil Ambani told shareholders at the company’s 19th Annual General Meeting, held in the Refinery complex of RIL, a company headed by his brother Mukesh. He said the investments made for acquisition of Adlabs had more than doubled in the last two months and the company would look for more such entities with proven track record and good financial health. Briefing the shareholders about RCL’s activities, including acquisitions and beefing up the equity capital, Anil, who got the company as part of the settlement with Mukesh on June 18, said the priorities for the Reliance Capital would now be to grow the mutual fund, life and general insurance businesses. ADA Enterprises had last month bought out a life insurance company AMP Sanmar, presumably for about Rs 100 crore to gain a direct entry into the business doing away with the necessity to acquire a licence from the Insurance Regulatory Development Authority (IRDA) that stipulates a minimum paid up capital of Rs 100 crore. Meanwhile, Adlabs today told National Stock Exchange that Reliance Land and Reliance Capital are deemed to have acquired control and become the promoters of the motion pictures company after finalisation of the acquisition deal with immediate effect. Reliance Land and Reliance Capital (as persons acting in concert) have raised their stake in Adlabs to 34.04 per cent after acquiring 30.55 per cent equity in the company, NSE was informed. Reliance Capital proposed to pick up 51 per cent stake in Adlabs for a consideration of Rs 360 crore. The non-banking finance company of ADA Enterprise had earlier bought 58 lakh shares from Adlabs co-promoters for a consideration of Rs 100 crore and announced an open offer for 20 per cent. — PTI
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Caparo group to add six ancillary plants
New Delhi, August 17 “At the moment the opportunities in India are fantastic and the best thing about this country is that it has a Prime Minister now who is of high integrity and most importantly Lord Paul said in an interview to fortnightly magazine Business and Economy. The Caparo group was already running four plants in India, adding that six more were coming up. The plants here catered to the needs of Honda, Maruti, General Motors, Ford and Volvo, amongst others. With business interests in steel, auto components and ancillary and movies of late, the Caparo group is today a $ 1.3 billion group spread across Britain, Spain, USA, Canada and India.
— PTI
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Corporate News
Mumbai, August 17 Saif acquired 27,96,596 equity shares, aggregating 14 per cent of the total paid-up capital, according to a release issued by VisualSoft. “The mode of acquisition is private arrangement pursuant to a share purchase agreement,” the press note added. The Hyderabad-based software product firm has also been contacted by Mr Srini Raju of iLabs, who is reportedly in talks with the promoters of VisualSoft Technologies Limited, for a possible buyout. However, the company in a statement to the exchanges clarified that it has no knowledge about Mr Raju being engaged in any discussions. “We do not have, so far, any intimation from Mr Srini Raju of iLabs regarding the acquisition of shares in the company,” the statement added. BG to outsource accounts
British Gas (BG) plans to introduce computerized billing system and outsource its 18 million customers’ accounts to India, its spokesman said. “We are in the process of introducing computerized customer billing system some time next year and 18 million customers billing account will be outsourced to India,” the spokesman said. Stating that there will be no redundancies in its UK call centres until the summer of 2006, the spokesman said the UK call centres would continue to handle the requirement of customers in the UK. “We are reducing the administrative role and outsourcing non-customer work to India,” he stated. He said some of their staff from the UK would go to Delhi to train the personnel in the Delhi call centres to handle customer accounts.
Indian firm buys US co
Pune-based Bilcare Ltd has brought a US-based pharmaceutical service and packaging company ProClinical Inc. “This acquisition is part of Bilcare’s overall business strategy to strengthen our footprint in the United States,” Bilcare’s Chairman and CEO Mohan Bhandari said.
Micro Tech products
Micro Technologies India Ltd today said it has entered into a tie-up with PT Kreasindo Solusi (KS), an Indonesian company for marketing of micro messaging and security products. The tie-up will include promotion and direct marketing of electronics and Information Technology products overseas, Micro Tech informed the Bombay Stock Exchange. KS is launching the products with an initial order of 7,000 units of Micro VBB (Vehicle Black Box) and Micro HSS (Home Security System).
— Agencies
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ICRA forecasts almost 7 pc growth
New Delhi, August 17 The Indian Meteorological Department has predicted a normal monsoon and there has been no indication that they are considering a revision in their assessment. “We, therefore, proceed with a base case scenario of 1.5 per cent growth in the GDP arising in agriculture and allied activities,” ICRA said in its latest economic review. ICRA has factored in manufacturing growth of 7 per cent to 8 per cent. While construction activities ought to receive a fillip during this fiscal from the rollout of investment projects, mining and power are unlikely to exceed the growth rate of last year. “This gives us a projected GDP growth of 6.7 per cent in the base case, with an upside of 7.2 per cent. The latter is contingent on a faster rollout of investment projects and slightly improved performance in agriculture,” ICRA said. — UNI
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CCEA to vet IA plane deal next week
Camlin to ink pact with ColArt Anti-dumping Bonus shares Sahara’s plan Markfed signs pact with NCDEX, NCMSL KFC plans 3 more outlets in region Units shifting out of HP, says BJP |
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