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Cisco to invest over $1 billion in India
Coal Videsh ventures to depend on pilot project’s outcome
Air Sahara options open
District HQ status for Mohali sought
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Maruti tops yet again
GAIL names ILF technical adviser
Assocham for FDI in retail sector
Wipro registers Rs 478-cr profit
Ricoh looks for expansion
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Cisco to invest over $1 billion in India
New Delhi, October 19 Cisco also plans to triple its Indian staff strength over three years from 1,400 now, besides considering the setting up of a manufacturing plant. Cisco Chief Executive John Chambers announced the company’s investment plans after a meeting with Prime Minister Manmohan Singh and Telecommunications Minister Dayanidhi Maran today. The San Jose-based Cisco’s three-year expansion plan in the country will direct investments in the following areas:$750 million will be allocated to research and development (R&D),$150 million will be dedicated by Cisco Systems Capital — a division of Cisco Systems Inc — to provide leasing and other financial solutions to Cisco customers and partners. A sum of $100 million in venture capital will be earmarked by Cisco to invest in Indian start-up companies, besides $100 million in customer support operations - a significant portion of which will be allocated for technical services, spare parts depots and channel development. Lauding the investment plans, Mr Maran said this indicated the company’s commitment to India and belief in our economy. He said the investment would complement the government’s focus and vision for creating a broadband infrastructure and a network backbone for enabling the government to connect with its citizens. The minister also said that Cisco would help set up BSNL telecom network by establishing Asia Pacific’s first IP Next Generation Network (NGN) Lab for BSNL in Chennai at a cost of $10 million. Cisco’s India unit, which grew by 50 per cent in the past two years, would grow by 30 per cent in the next two years,Mr Chambers said. Mr Chambers cited India’s economic potential, educational infrastructure, culture of innovation and a supportive government as the reasons for increasing the company’s investment in India. Cisco would consider making telecommunications equipment in India next year, he said. Cisco first established operations in India in 1995 and today employs over 1,400 persons in its Global R&D centre in Bangalore and offices in New Delhi, Mumbai, Bangalore, Chennai, Kolkata, Pune, Hyderabad, besides Sri Lanka.
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Coal Videsh ventures to depend on pilot project’s outcome
New Delhi, October 19 “We are awaiting production and financial feasibility report of Mozambique pilot project. Coal Videsh’s future overseas ventures depends on this UNDP-assisted project,” CIL Chairman and Managing Director Shashi Kumar told reporters on the sidelines of the two-day Coal Summit-2005 here. Coal Videsh has been mandated to contribute 10 MT of coal by 2010 and 50 MT by 2020. Indicating that CIL was fully geared up to meet the deadline, Kumar said a four-member team was on its way to Australia, Zimbabwe and Mozambique to assess the progress achieved in mining operations in these countries. While Australia will be the prime destination for coking coal import, Coal Videsh would give equal priority to the two African nations — Zimbabwe and Mozambique. In the second stage of operation, CV would venture into Russia, Kazakhstan, Canada, Venezuela and Poland for coking coal, the CMD said. Meanwhile, Minister of State for Coal Dasari Narayan Rao today said nearly Rs 1,34,300 crore was required in the coal sector by 2025 to ensure energy security of the country. The tentative investment requirement includes Rs 95,000 crore in open cast mining, Rs 23,000 crore in underground mining, a minimum of Rs 8,000 crore in coal beneficiation, Rs 7,000 crore in overseas equity and Rs 1,300 crore in exploration, Mr Rao said on the inaugural day of the two-day ‘Coal Summit-2005’ here. This order of investment, he said, was justified as coal would continue to be the prime source of energy, accounting for about 55 per cent of the total primary commercial energy requirements. Inaugurating the summit, Planning Commission Deputy Chairman Montek Singh Ahluwalia stressed on the need for expanding production keeping in view environmental sustainability, open import of coal, fixing coal prices according to its gross calorific value, efficient marketing and development of transportation linkages.
— Agencies
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Air Sahara options open
New Delhi, October 19 In a statement following reports that leading airlines like Kingfisher had evinced interest in the proposal, Air Sahara said in a statement that “as on date all options on the future funding and strategic alliance are open. We are also looking for merger/acquisition (M&A) opportunity with some other airlines as well”. Maintaining that no deal had been finalised yet, the airline said it was “in the process of finding a suitable private equity investor and/or a strategic partner to fund the airline’s expansion programme.” The statement came in the backdrop of Kingfisher Airline owner Vijay Mallya saying he was interested in picking a stake though Jet Airways chief Naresh Goyal said he was not. Air Sahara began operations in 1993 and belongs to the $12 billion group owned by flamboyant tycoon Subrata Roy. “We would like to further reiterate that we will find and finalise on any option that is best suited for the current and future interests of Air Sahara,” the company said. Maintaining that it had appointed Ernst and Young as its valuation and transaction advisor, the airline said the advisor had put the airline valuation at $750 to $1,000 million. Reports in the past few weeks had said the airline was in talks with several other carriers and companies for strategic sale or equity participation to fund its expansion programmes. “There have been discussions with many people and we have sent a proposal to Kingfisher which says for our expansion purposes, we will require an investment of $100 million,” said an Air Sahara official adding that Kingfisher has until October 30 to respond.
— Agencies
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District HQ status for Mohali sought
Chandigarh, October 19 Now that the CTP (Chandigarh Technology Park) has come into being and IT industry majors have got the opportunity to set up shop in the region, the Punjab Government will have to try hard to make Mohali more attractive than City Beautiful. Mr Bir Devinder Singh, MLA from Kharar, who represents Mohali in Punjab Assembly, says he has submitted a detailed note to Capt Amarinder Singh for tomorrow’s meeting. “In the wake of the CTP that has offered tremendous amount of facilities, tax concessions coupled with fabulous infrastructure, the Punjab Government will have to do a lot more to create investor-friendly atmosphere,” the MLA says. He says that the shifting of Infosys to the CTP may lead to further exodus of IT companies from Mohali. The departure of Infosys hence should serve as a wake-up call to Punjab,” he adds. The MLA has also proposed to set up a mini-secretariat to provide hassle-free bureaucratic access to the investors. “There should be a single window system for industrialists at Mohali,” he says. In fact, he would ask the Chief Minister to grant the status of a district headquarters to Mohali on the pattern of Panchkula for its rapid all-round development and also suggest that Mohali be developed as an attractive destination for biotech industries. Adding that he would request the CM to earmark at least 1,500 acres of land to set up IT corridor at Mohali, he said that infrastructure is a major problem area that needs to be worked upon.
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Honda’s hydrogen-powered concept car unveiled
Makuhari (Japan), October 19 FCX concept uses the home energy station, which generates hydrogen from natural gas supplied to households, Honda said as it unveiled the vehicle at a press preview at the Tokyo Motor Show, east of the capital. The system refines natural gas to provide the vehicle with hydrogen which is mixed with oxygen to power the car. It can also supply electricity to the home and recover heat during power generation for domestic water heating. Besides reducing carbon dioxide emissions by some 40 per cent, the system is expected to halve the total cost of household electricity, gas and vehicle fuel, Honda said.
— AFP
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Maruti tops yet again
New Delhi, October 19 MUL secured the first position with 823 points, beating its own previous record of 813 points secured last year. Hyundai came in second with 739 points. While the industry average has improved by three points compared to last year, all companies other than Maruti are below the industry average. The J D Power Customer Satisfaction survey is conducted with customers nationwide and measures customer satisfaction in seven areas, including the quality of service, problems experienced by the customer, the quality of the service adviser, user-friendly service and service delivery. Over 4,200 car owners from all parts of India, with an ownership period of 12 to 18 months, were covered in the survey. No manufacturer except Maruti has ever been rated first in customer satisfaction for six years in a row in J D Power Customer Satisfaction surveys. Mahindra emerged as the “most improved company” this year with an increase of 30 points in its score. Ford and Honda are the other companies that have improved performance in all seven parameters compared to last year.
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GAIL names ILF technical adviser
New Delhi, October 19 ILF was selected from among the four companies, including J.P. Kenny of Australia and Tractebel of Belgium, that envinced interest in taking over as technical advisers for the pipeline, a senior government official said. “The technical consultant will prepare the pre-feasibility study of the pipeline,” the official said.
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Assocham for FDI in retail sector
New Delhi, October 19 “FDI in retail sector would new bring opportunities for an
efficient supply chain management and backward linkages with the farmers
whereas revising the FDI cap in insurance would help find the much
needed resources for the development of the infrastructure sector,” Mr
Sanghi said at an interactive session with the Forum of Financial
Writers. Sounding optimistic about the state of the economy, he said
the GDP is expected to cross the 7 per cent mark going by the inputs
received by his chamber. The Assocham chief said while Free Trade
Agreement (FTA) was a step in the right direction and would expand
international trade, there were adjustment problems involved with regard
to the Indian industry. — UNI
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Wipro registers Rs 478-cr profit
Bangalore, October 19 Wipro Chairman Azim Premji while disclosing the quarterly results claimed that this was primarily due to volume growths. He said Wipro India, West Asia and Asia-Pacific business unit recorded a 36 per cent growth in profits before tax cuts, which was a 36 per cent increase. Mr Premji said the global IT business sustained its momentum recording double-digit volume growth sequentially, resulting in revenues for the quarter being $430.7 million dollars against the company’s guidance of $422 million. He said the company expected revenues of $463 million from its global IT services business in the quarter ending December this year. The quarter also saw the company crossing the landmark of 200 customers with $1 million or more annualised revenue, besides crossing the highest-ever quarterly gross employee addition of over 5,600 persons. The company also announced that it would open a near shore centre in Romania. It also announced it had won 20 projects.
Biocon net declines
Biotech major Biocon Limited today reported a 22 per cent decline in net profit at Rs 82 crore for the half year ended September 30, 2005, on the back of challenging pricing conditions in the European statins market. The company today announced its oral insulin programme was in the pre-clinical stage even as the company recorded an after tax profit of Rs 82 crore this quarter which was 13 per cent more than the last quarter this year. Though Biocon recorded a 15 per cent increase in revenue, which was Rs 377 crore this quarter, its operating profits fell by 8 per cent. Biocon chairperson Kiran Mazumdar-Shaw said the operating results were largely affected by the challenging pricing conditions in the European statins market. She said a higher effective tax charge had also led to erosion in the after tax figures of the company. Biocon claimed its research services, enzymes, insulin and other pharma products had performed strongly. She said good progress was made on Biocon discovery led diabetes and oncology research products. Despite this, the profit after tax margins were maintained at a healthy 22 per cent, MS Shaw said.
Gujarat Ambuja
Gujarat Ambuja Cements Ltd today posted a 16.78 per cent decrease in net profit at Rs 75.28 crore for the first quarter this fiscal as compared to Rs 90.46 crore for the same quarter last fiscal. Total income grew by 7.39 per cent to Rs 656.22 crore during the first quarter this year from Rs 611.04 crore in the year-ago period. The group has recorded a net profit of Rs 108.06 crore for the quarter ended September 30, 2005 while the same was Rs 100.99 crore during the corresponding quarter last year. The total income is Rs 678.26 crore in the current fiscal which was Rs 730.15 crore in the last fiscal.
Flextronics gains
Flextronics Software Systems Ltd today reported a 24.41 per cent increase in net profit of Rs 32.1 crore for the quarter ended September 30, 2005 as compared to Rs 25.8 crore in the year-ago period. Total income has increased 26.41 per cent to Rs 149.3 crore for the quarter ended September 30, 2005 from Rs 118.1 crore in the same period last fiscal, the company informed the Bombay Stock exchange. The company has posted a net profit of Rs 55.8 crore for the half year ended September 30, 2005 as compared to Rs 50.6 crore for the corresponding period in 2004-05.
Lupin profit zooms
Pharma major Lupin Ltd today reported 158.3 per cent increase in its net profit at Rs 45.19 crore for the quarter ended September 30, 2005, compared to Rs 17.49 crore in the same period last fiscal. Total income (net of excise) has shot up by 36.55 per cent at Rs 414.01 crore for the second quarter this fiscal as against Rs 303.19 crore in the corresponding period previous fiscal. The Board of Directors also approved the proposal to raise funds up to an amount equivalent to $100 million by issue of foreign currency convertible bonds.
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Ricoh looks for expansion
New Delhi, October 19 The company is planning to launch 25 office automation products in India to supplement its existing range of 32 products, which makes it the market leader here. This new range will see the emergence of a much stronger Ricoh brand in India, said Mr Katsumi Yoshida, Director and Corporate Executive Vice- President (Chief Marketing Officer) of Ricoh Company Ltd, Japan, at a press meet here today. He said that the merged entity’s combined market share was expected to be around 26 per cent in digital multi-function devices. With the “successful and happy” merger, he said, Ricoh had taken the first significant step towards acquiring leadership position. The new Ricoh India management team is headed by President and CEO K. Swetharanyan, the erstwhile MD of Gestetner India Ltd.
Tata Power
Tata Power Company Ltd today posted a 11.43 per cent fall in net profit to Rs 125.67 crore for the quarter ended September 30, 2005 compared to Rs 141.89 crore for the corresponding quarter previous year. Total income increased by 6.21 per cent to Rs 1,103.67 crore for the quarter ended September 30, 2005, whereas the same was at Rs 1,039.12 crore in Q2-04. Effective from July 01, 2004 the company has sold its 75-MW power plant at Wadi to the Associated Cement Companies Ltd and the broadband division of the company to Tata Power Broadband Company Ltd. Consequently the results for the quarter ended September 30, 2005, do not include the results from the operations of the Wadi power plant and of the broadband business of the company and hence are not comparable.
VSNL dividend
Videsh Sanchar Nigam Ltd has declared a dividend of 60 per cent for 2004-05. The AGM held on September 14, 2005, approved the payment of a dividend at Rs 6 per share of Rs 10 each (including one time special dividend of Rs 1.50 per share), VSNL informed the Bombay Stock Exchange.
Bharat Forge
Bharat Forge Ltd has reported a 36.84 per cent rise in net profit of Rs 51.77 crore for the quarter ended September 30, 2005, as compared to Rs 37.83 crore in the year-ago period. Total income has increased 33.41 per cent to Rs 388.07 crore for the second quarter from Rs 290.88 crore in the same period last fiscal, the company informed the Bombay Stock Exchange.
Unichem sales up
Unichem Laboratories Ltd has announced 13 per cent growth in sales for the quarter ended September 30, 2005. Company’s net, after tax, registered 19 per cent growth and stands at Rs 17.45 crore against Rs 14.6 crore for the same quarter last year, it said.
— TNS, Agencies
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