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Reliance announces foray into retail sector
BHEL to set up 500 MW plant in Sudan
SAP Business One targets small units
Disasters wash away Tamil salt output
BSNL offer
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Bihar traders seek new policy
All bank branches to exchange soiled notes
Canara Bank gains Rs 356 cr
Tata Steel net dips 15.35 per cent
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Reliance announces foray into retail sector
Mumbai, January 23 The twin decisions were taken at the meeting of the Board of Directors of RIL, the flagship company of the Mukesh Ambani group, stock exchanges were informed this afternoon. While the RIL spokesperson did not give details on either of the projects, the company in a communiqué to the Bombay Stock Exchange said that “the Board of Directors of the company at its meeting on January 23 has given its consent to pursue retail business through a subsidiary of the company.” Contrary to reports in the last few months that RIL would enter the retail business with an investment of Rs 20,000-Rs 30,000 crore, the company would invest $750 million for setting up supermarkets/speciality stores across the country. Following RIL Chairman and Managing Director Mukesh’s announcement at the company’s Annual General Meeting on August 3, the Board has decided that the newly incorporated Reliance Petroleum would raise equity capital either through “placement of equity shares with private equity investors and or through initial public offering.” The announcement came around the closing hours of the stock exchanges, and RIL shares dropped Rs 1.90 to end the day at Rs 701.45 at the BSE, amid projections by market analyst that the blue-chip company would rally tomorrow. RPL, which will implement the 27 million tonne refinery and one million tonne poly-propylene projects at the Special Economic Zone in Jamnagar in Gujarat, would continue to be a subsidiary of RIL even after the completion of raising of equity, the communication to the stock exchanges said. In 2002, RIL had merged with itself Reliance Petroleum Ltd, another listed group company that built the world’s largest greenfield refinery of 30 million tonnes in Jamnagar, to emerge as the single largest corporate entity after ONGC in terms of market capitalisation. On its retail business, RIL said: “The Board has approved the initial phase of setting up of hyper-market, super-market, convenience stores and speciality stores in select cities and towns covering all the geographical regions of the country at an estimated cost of $750 million.” RIL had drawn an ambitious diversification plan in the first half of last financial year to set up mega retail chain, presumably under the name Reliance Home, over the next five year. The first of these retail complexes could start in Gujarat in the next few months, sources indicated. The retail chain could be on the pattern of big names in the US such as Walmart and the company is already talking to authorities in some states for setting up their facilities. Mr Manoj Modi, a close associate of Mukesh, is understood to be working on the project.
— PTI
Rel Cap profit up
Anil Ambani-controlled Reliance Capital Ltd today reported a 167 per cent surge in net profit during the third quarter this fiscal to Rs 64.98 crore as against Rs 24.38 crore in the same period last fiscal. The total income of the company jumped 15.5 per cent to Rs 82.82 crore in the quarter ending December 31, 2005 as compared to Rs 71.66 crore in October-December 2004-05, it informed the stock exchanges.
— PTI
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BHEL to set up 500 MW plant in Sudan
New Delhi, January 23 The total project cost of about $500 million is being shared by the two countries, with the Exim Bank of India giving a credit line of $350 million. In addition, the two countries also signed another loan agreement of $41.9 million for Singa-Gedarif transmission line and sub-station. BHEL will set up the project on turnkey basis with crude oil-fired boilers. The contracts for equipments would be placed within a month, BHEL Chairman and Managing Director A.K. Puri said here. The government of Sudan plans to expand the project to 3,000 MW to meet the country’s fast growing electricity needs. This would open up more opportunities for BHEL, Sudan government officials said, adding they were keen that Indian companies set up manufacturing base there to tap the African and West Asian market. Mr Puri said he hoped to finalise the project agreement by next month and 500 MW project would be set up by deploying four units of 125 MW each. “The site of Kosti Combined Cycle Power Plant can hold 3000 MW in times to come... this is a good beginning with 500 MW. Today’s agreement will strengthen our relationships with Sudan,” Mr Puri added. The loan is for a period of nine year plus a moratorium period of three year, Exim Bank officials said.
— PTI
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SAP Business One targets small units
Mumbai, January 23 Announcing the launch in India, Mr Alan Sedghi, President and CEO, said SAP Business One would enable small enterprises to have quick update on sales, finance, purchase, inventory and manufacturing, besides helping the user interact better and faster with customers, employees, suppliers and vendors. “The India version of SAP Business One satisfies many statutory requirements like VAT, excise, service tax, central/local sales tax, customs duty etc,” Mr Sedghi said. SAP Business One joins and integrates well with the earlier business solution — My SAP All-in-One — for Indian SMEs (small and medium enterprises). SAP, the world’s largest business software solutions company with about 30,000 customers spread over 120 countries, started its SMB (small and medium businesses)
initiatives in India in 1998. SAP today commands 54 per cent market share with over 850 customers,
including 450 SMEs. Initially offered at an introductory package of Rs 10 lakh, Business One is platform and database independent and can be installed in less than nine week. The cost, Mr Sedghi said, would vary with the size and
specific needs of a company. This software has been developed in the SAP labs in Bangalore and China. To underscore its acceptability in the market, the company claimed that 21 of the 30 Sensex companies and 32 of the 50 Nifty companies used SAP business software.
Eyes Ludhiana
With a view to widen its reach to rope in more small and mid-size companies, SAP India plans to open an office in Ludhiana (Punjab), also known as the Manchester of India. SAP already has its offices in Delhi and Gurgaon, what with known IT companies eyeing North India for setting up base.
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Disasters wash away Tamil salt output
Chennai, January 23 Reeling under the crushing impact of a dual blow dealt by the nature over the past one year because of the tsunami and recent floods, salt producers and workers in the state are in dire straits. Just as they were recovering from the tsunami devastation, the heavy summer showers rubbed salt on their wounds. Thousands of workers have been rendered jobless. Every year, the state produces 22 lakh tonnes of salt. Officials say producers lost 30 to 40 percent of the quantity in the post-tsunami period due to inundation. The salt belt at Vedaranyam in southern part of the state was ravaged by tsunami. In Thoothukudi, which contributes 70 per cent of the production, recent heavy showers aggravated the plight of producers and workers. The heavy downpours also affected a salt-producing area at Kelambakkam on the outskirts of the state Capital, where salt is produced by small and medium entrepreneurs. The production at the salt pans owned by the Salt Corporation throughout the state too got off to a delayed start since following the tsunami sea water inundated a 3-km stretch. The marauding waves damaged pump houses and motors. According to officials, while under normal circumstances, the Salt Corporation produces 20,000 tonnes between December-end to April, the calamity reduced this to 1,400 tonnes. The corporation has presented a proposal seeking a Rs 1.5-crore aid to restore its facilities. According to Mr Meenakshisundaram, president, Vedaranyam Small-Scale Salt Manufacturers' Federation, "Small- scale manufacturers produce salt in about 2,800 acres at Vedaranyam. Post-tsunami, the industry came to a halt for two months and about 5,000 regular labourers turned jobless." Thousands of seasonal labourers, who usually work in salt pans during the December-February season, have also been affected. Those on the field say even the international market for Indian salt is quite damp. China, one of the biggest importers of salt from Tamil Nadu, too, was hit by natural calamities and trade has been hit, say salt producers in the state. Even otherwise, salt production has suffered over the last three years due to rising costs. The high freight charges have affected exporters who are unable to sell salt at competitive rates in international markets, said Mr Jeyaraman, a salt exporter here. Mr T. Peter Jebaraj, joint secretary, Small Salt Manufacturers' Association, said since salt manufacturing did not come under industrial or agriculture sectors, no mechanism existed to extend support to the business which is at the mercy of nature. The recent rains over the past few months cost each manufacturer Rs 50,000 per acre. The only hope for these small entrepreneurs is the special package announced by the Union Finance Minister P. Chidambaram to revive the industry. He has announced that the Centre will disburse up to Rs 3,000 each to the labourers engaged in salt scraping and loading, who have been rendered jobless.
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BSNL offer
New Delhi, January 23 The PSU has launched new plan for post-paid mobile service for a monthly fixed charge of Rs 999 bundling with a Cellone Axia A108 handset where customers will get free calls worth Rs 700.
— PTI
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Bihar traders seek new policy
Patna, January 23 The vision document prepared by the BIA for industrial revival in the state envisaged industrial growth with high potential of huge investments where the state government was expected to play the role of a “benevolent facilitator”. Mr.Keshri stressed the need for a new industrial policy to create conducive environment with single window facility for clearances of the domestic industrial projects.
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All bank branches to exchange soiled notes
Chandigarh, January 23 The RBI has said that these soiled notes will now be accepted over bank counters for payment of government dues, and for the credit of accounts of the public maintained with the banks. The notes will be exchanged if the torn note is not more than in two pieces, and both pieces are of the same note. These notes will be treated as soiled notes and cannot be issued to the public, but will be deposited in currency chests for onward transmission to the RBI offices as chest remittances. If a large number of soiled notes are submitted by a person for exchange, the banks have been asked to take all details of the tenderer (one who brings the currency for exchange), the number of notes tendered and their designation. These details will have to be submitted to the General Manager of the bank. However, notes that are extremely brittle or badly burnt, or inseparably stuck together shall not be accepted for exchange. Also, notes which have message of political nature written across it, or disfigured will not be exchanged. Similarly, notes that have been deliberately tampered with, cannot be exchanged.
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Tata Steel net dips 15.35 per cent
Mumbai, January 23 Total income has decreased 1.14 per cent to Rs 3,722.08 crore for the third quarter in current fiscal from Rs 3,765.09 crore in the year-ago period, the company informed the Bombay Stock Exchange. The group has posted a profit after minority interest and share of profit of associates of Rs 824.76 crore for the quarter ended December 31, 2005 as compared to Rs 917.99 crore for the corresponding quarter in 2004-05. Total income has increased to Rs 4,961.64 crore in the third quarter from Rs 4,032.59 crore in the same period last year.
Titan gains Rs 10.78 cr
Leading manufacturer of watches and jewellery, Titan Industries Ltd, has reported 88.46 per cent rise in the net profit of Rs 10.78 crore for the quarter ended December 31, 2005, as compared to Rs 5.72 crore for the same quarter last fiscal. Total income has increased 23.82 per cent to Rs 365.27 crore for the quarter ended December 31, 2005, from Rs 295 crore in the year-ago period, the company informed the Bombay Stock Exchange.
Jet net declines
India’s largest private carrier Jet Airways India Ltd has said its net profit declined by 53 per cent at Rs 61.01 crore for the quarter ended December 31, 2005, compared to the year-ago quarter due to high fuel costs and competition. The company had recorded a net profit of Rs 129.63 crore in the third quarter of last fiscal. However, the total income increased 21.78 per cent to Rs 1,499.03 crore for the third quarter from Rs 1,230.90 crore in the year-ago period, the company informed the Bombay stock Exchange. The airlines, which is already flying to international destinations like London and Singapore, is still awaiting landing rights in the USA.
Godrej PAT up 39 pc
FMCG major Godrej Consumer Products Ltd has recorded a 39 per cent increase in profit after tax (PAT) at Rs 36.1 crore in the quarter ended December 31, 2005, as against a PAT of Rs 26 crore in the corresponding quarter of 2004. The quarter also witnessed a rise of 10 per cent in sales revenue of the company at Rs 169.1 crore as against 153.1 crore in the last year’s corresponding quarter, a press note here stated.
— Agencies
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