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Tata Motors mulls price hike
Hilton Corp may buy UK Hilton’s hotels
Samsung fined $300 million
BoDs should be ‘proactive’
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Air Sahara, American Airlines sign agreement
Hussainiwala border to be opened for trade
Sahara rolls out Intel-based PC for Rs 9,999
Corporate
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Tata Motors mulls price hike
New Delhi, October 14 “For the past two years, the cost of inputs has been on the increase. Don’t be surprised at price hikes,” Tata Motors Senior Vice-President (Passenger Cars) Rajiv Dube told reporters here. Notably, car market biggies Maruti Udyog and Hyundai India have upwardly revised the prices of their models only recently, citing rising pressures due to a hike in the prices of inputs and freight. Asked when would the company take a final call on price revision, Mr Dube refused a direct reply, saying that it would be announced at an appropriate time. Tata Motors today introduced turbo-charged diesel variants of its hatchback ‘Indica’, priced at Rs 4.1 lakh and Rs 4.3 lakh, respectively (ex-showroom Delhi). Asked how the company was looking at synergising operations with Fiat Auto, with whom it recently signed an MoU, he said a roadmap was being drawn up for cooperation not only in India but also foreign markets.
— PTI
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Hilton Corp may buy UK Hilton’s hotels
London, October 14 “The board confirms that it has received an indicative offer from the Hilton Hotels Corporation, which, it is currently evaluating,” Hilton Group said in a statement. The U.S. company also said in a brief statement it was in talks but both parties cautioned that a deal was not yet done. The Hilton business split in 1964 with the US company running all Hilton Hotels in the USA and the UK company operating the brand elsewhere. The two share an alliance to cover joint marketing, reservation and loyalty programmes and have for a number of years discussed a merger. Hilton Hotels owns, manages and franchises more than 2,300 hotels, while the two Hilton companies operate a joint venture to expand the luxury Conrad brand which has about 20 hotels. — Reuters
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Washington, October 14 Samsung’s guilty plea to a felony price-fixing charge caps a three-year investigation by the Justice Department into makers of the chips, a $7.7 billion market in the United States. Two of Samsung’s leading rivals earlier paid fines totalling $345 million and pleaded guilty to involvement in a scheme the government said boosted prices consumers paid for computers between 1999 and 2002. The Justice Department’s acting anti-trust chief Thomas O. Barnett said seven Samsung employees are not legally protected from further prosecution under the plea agreement, an indication they may individually face criminal charges. “That’s a decision for us to make moving forward,” Mr Barnett said. He added that prosecuting executives in price-fixing cases — not just the companies where they work — is an important deterrent against similar crimes. The guilty plea by South Korea-based Samsung Electronics Co. Ltd and its US subsidiary, Samsung Semiconductor Inc, was announced at Justice Department headquarters. — AP
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BoDs should be ‘proactive’
New Delhi, October 14 In a global survey, the management firm has brought to light the deficiencies in corporate governance and pitched for a more proactive role from the board in framing a company’s strategies. Based on the compliance report of 1,026 companies filed with the BSE, the survey showed that only 56 per cent of the companies complied with the board procedures. “Most of the time we are only trying to discuss the shape and structure of the board instead of addressing the real issues,” AT Kearney Vice-President Tejpavan Gandhok said at a CII conference here today.
— PTI
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Air Sahara, American Airlines sign agreement
New Delhi, October 14 As a result of this agreement, passengers will be able to travel non-stop from Delhi to Chicago O’Hare International Airport on AA’s Boeing 777-200 at special promotional fares starting from Rs 38,000 (plus Rs 7,500 for taxes)round-trip. The special fares will be applicable for departure between November 17 to February 28 next year and travel must be completed by March 31. But these will not be applicable for departures between December 16 and January 15. “India is fast emerging as a key investment destination for prominent international business houses,’’ said AA’s managing director for Asia Pacific region Athar Khan after signing the agreement with Air Sahara’s senior vice-president for sales K. Damodaran. The code-share contract with Air Sahara will enable AA customers to make connections throughout India using its domestic network of 25 cities and 126 flights. On the other hand, AA will offer unparalleled connectivity to passengers flying to 125 cities in the USA, Canada, Mexico and the Carribbean.
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Hussainiwala border to be opened for trade
Chandigarh, October 14 “Already trade of certain items has started between two countries through Wagah border. Hussainawala in Ferozepore too will be opened for the purpose shortly,” Capt Amarinder Singh told the state Assembly in reply to a question from BJP legislator, Mr Sukhpal Singh, here this afternoon. “The issue regarding opening of Hussainiwala border for trade with Pakistan has to be decided by the Centre. However, the state government is keen on the same to facilitate trade between India and Pakistan,” he said. The Chief Minister said he was hopeful that the new trade route would open soon.
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Sahara rolls out Intel-based PC for Rs 9,999
New Delhi, October 14 This is the second initiative of the company in the low-cost PC market. SCEL, a joint venture between South Africa’s Sahara Computers Ltd and Sahara India Parivar, had earlier introduced the AMD-powered PC in the sub Rs-10,000 bracket. Yesterday, HCL Infosystems launched an AMD-powered, Linux-based PC priced at Rs 9.990.
— UNI
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Valuemart acquires 51 pc stake in HVO Tech
Bangalore, October 14 Post-acquisition, HVO will be a subsidiary of Valuemart, the Bangalore-based software development and BPO company said in a press note here. HVO (High Value Out-sourcing) has its offices in Bangalore, Hyderabad and Silicon Valley, the US, with Mumbai to be added shortly. HVO’s focus is to provide high value software outsourcing services on the VP Engg/CTO side, which has an estimated market size of $12 billion by 2008 as per industry research reports, it said. HVO is Valuemart’s second acquisition in two months. Earlier, Valuemart had acquired a 74 per cent stake in Tejas Infoscripts — a Bangalore based legal BPO, the statement said. Sony Ericsson
Mobile phone maker Sony Ericsson is planning to shift a part of its research and development to India. “We could set up a research and development facility in India,” a senior company official said today. The official said that the company was carrying out an assessment internally to determine if it was feasible to shift a part of research and development work to India. At present all company’s research work is done out in Sweden though the products are tailored for the different markets in close cooperation with the company’s teams in these markets. Earlier, speaking to newsersons, General Manager of Sony Ericsson’s India operations, Sudhin Mathur refused to comment on whether the company was planning to set up a manufacturing facility in India.
Unilever jobs
Consumer goods giant Unilever will move more than 2,000 jobs across human resources, finance and IT operations to India and Eastern Europe. The maker of products like Dove soap and Lipton tea is in talks with Accenture and IBM about exporting thousands of IT posts to India and eastern Europe. In Britain, these operations are undertaken at Crawley, Sussex, and Walton-on-Thames and Kingston-upon-Thames, both Surrey. A spokesman said a decision would be taken within the next few months following a full review. “Our aim is to run our business as simply as we can,” he added.
Essar plant
Bilateral relations between India and Trinidad & Tobago is poised for a huge leap following the Essar Group’s decision to set up a 2 million tonne capacity steel plant in the Caribbean island nation with an estimated investment of $1.2 billion. Announcing this here today, Trinidad & Tobago High Commissioner in India Pundit Maniedeo Persad said though a number of major Indian corporates like Asian Paints, Mahindra & Mahindra and National Insurance had already made substantial investments in his country, that of the Essar Group would be so far the largest among them. Speaking to newspersons after addressing members of the Bengal National Chamber of Commerce and Industry (BNCCI) during his brief visit to Kolkata, the High Commissioner said, though there was no timeframe for the new project, “it is likely to come up within one or two years. When it comes up it will also be the largest of its kind in his country,” Mr Persad said.
— Agencies
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ACC profit jumps 159 pc
Mumbai, October 14 Mastek Group
Buoyed by increased operations from all its major existing markets, IT application outsourcing outfit Mastek Group has today reported 18.85 per cent rise in net profit at Rs 12.62 crore for the quarter ended September 30, 2005, up from Rs 10.61 crore in the year-ago period. “Total income jumped up 111 per cent at Rs 87.12 crore for the quarter ended September 30, 2005, compared to Rs 41.15 crore in the corresponding period in previous fiscal,” company Chairman Ashank Desai said here today.
ICICI Bank net up
India’s largest private sector bank, ICICI Bank today reported a 31 per cent rise in its net profit for the second quarter ended September 30, 2005, at Rs 580 crore, up from Rs 442 crore in the year-ago period. The bank’s board also approved raising of additional equity capital up to Rs 7,000 crore through public issue in India and ADS in the US with a further green-shoe option of 15 per cent, the bank said here.
SAIL declares dividend
The Steel Authority of India Ltd (SAIL) has declared a final dividend of 18 per cent for 2004-05. The shareholders at the AGM held recently, have approved the payment of final dividend of 18 per cent on the paid up equity share capital of the company, it informed the Bombay Stock Exchange today.
Samtel Colour Ltd
Samtel Colour Ltd has reported a net profit after tax of Rs 1.8 crore for the second quarter this fiscal over a turnover of Rs 254.4 crore. Net profit after tax during the first six months this fiscal stood at Rs 2.9 crore on a turnover of Rs 479.5 crore, the company said.
Indiabulls net up
Indiabulls Financial Services today announced a jump of 46.42 per cent in net profit at Rs 59.93 crore during the second quarter of 2005-06 compared to Rs 40.93 crore in the same period last year. The company’s total revenue also grew by 58.5 per cent at Rs 155 crore during July-September this fiscal as against Rs 97.78 crore in the year-ago period.
JL Morison dividend
JL Morison (India) Ltd, dealing in personal care products, decided to pay 25 per cent dividend to the shareholders for FY 2004-05. A decision to this effect was taken at the 70th AGM held recently, the Kolkata-based company informed the Bombay Stock Exchange today. The AGM has approved the payment of Rs 2.50 per share as dividend on the paid-up capital.
— Agencies
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