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PM for review of taxes, subsidies in energy sector
Sasken bags Finnish firm for 35.5m euros
Motorola joins hands with Wipro, Tech Mahindra
RIL-RNRL gas formula rejected
Mittal Steel secures 92 pc of Arcelor shares
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RIL fears
end to fuel retailing
World Bank to give
$2 b loan
Cairn Energy to invest $1 b in Rajasthan
Kirloskar to sell stake in US arm
Mobile cos allowed to start Net service
Tech Mahindra IPO
Corporate Results
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PM for review of taxes, subsidies in energy sector
New Delhi, July 26 “The extreme volatility in international oil markets, coupled with similar magnitudes of price increases in natural gas and imported coal has put enormous pressure on domestic prices,” the Prime Minister said while inaugurating Energy Conclave - 2006 here today. “We need to factor in the economic cost and the environmental cost of alternative sources of energy while setting their prices. Only then, we will be able to ensure that the energy security we desire gets translated into reality,” he added. The Prime Minister also expressed concern over the mounting losses in the power sector and called for a new management strategy to deal with the situation in the energy sector. "There are transmission and distribution losses as high as 40-50 per cent in several parts of the country and the new management system will have to deal with this harsh reality," Mr Singh added. Looking at the requirement of energy in India in the next 25 years, he said the power sector alone would need Rs 60 lakh crore and such scale of investment would come only when there were proper returns. “The Integrated Energy Policy has estimated energy requirements in 2030 to be higher than existing level by a factor of anywhere between 4 and 5, if the Indian economy grows at around 8 per cent annually,” the Prime Minister said. "The figures for future requirements are gigantic. Electricity generation capacity would need to go up from our current installed capacity of 1,31,000 MW to 8,00,000-9,50,000 MW. This would imply huge annual imports of oil — anywhere between 300 to 400 million tonnes and coal imports that could touch 800 million tonnes annually. India is short of modern energy resources like oil, gas and uranium and even coal is not as abundant as is generally believed. Highlighting the need to promote the use of all available alternative sources of energy, Dr Singh favoured more research in the use of solar energy so that we not only develop appropriate technologies, but also generate economies of scale by promoting their extensive use. Referring to the need for demand management, the Prime Minister said, “We need to promote economy in the use of energy in public and private transportation and for domestic and industrial use.” |
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Sasken bags Finnish firm for 35.5m euros
Bangalore, July 26 With 11 clients, including a tier I customer, Botnia Hightech would act as a 100 per cent subsidiary of Sasken. It would compliment Sasken’s activities in some areas, besides providing additional support to Sasken’s global reach, Company Chief Operating Officer Prabas Kumar said here. The acquisition would be part financed from internal resources, besides a $ 50 million debt the company aimed to raise. The entire deal would be closed in a few months and the joint offering to clients would be made from September, he said. Sasken, which already had a development centre in Mexico and China, would now spread wide in Europe, with Botnia acting as its arm in the continent, Mr Kumar added. “Europe leads the world in the development of wireless technology. Botnia’s European presence and their expertise, combined with Sasken’s global reach and India-based development centres, will enable us to offer a compelling portfolio of value-added solutions to our customers across the globe,’’ Sasken Chairman and CEO Rajiv Mody said in a video presentation from Finland.
— UNI |
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Motorola joins hands with Wipro, Tech Mahindra
New Delhi, July 26 Motorola’s managed services portfolio helps customers reduce and control costs by taking advantage of Motorola’s capabilities in out-tasking, build-operate-transfer, and total outsourcing. By combining Motorola’s portfolio with Wipro’s resources and expertise, WMNetServ will deliver and manage services in planning, deployment, optimisation, security, operations and support, Wipro said. WMNetServ will host a Global Network Operation Centre (GNOC) platform that will integrate seamlessly with Motorola’s existing NOCs in North America and Europe to provide 24/7 network monitoring capabilities to customers. The joint venture with Tech Mahindra will be to develop and deliver innovative application solutions. The joint venture company called CanvasM will enable network service providers and enterprises to launch and manage the deployment of applications that will help increase their differentiation, shorten time to revenue, and reduce total cost of ownership. Tech Mahindra International Operations President C P Gurnani said CanvasM will leverage the synergy of capabilities between Tech Mahindra and Motorola to provide cost-effective service delivery through specialised resources that optimise the development and processes required to create and manage a mobile eco system.
— PTI |
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RIL-RNRL gas formula rejected
New Delhi, July 26 Rejecting the proposed price of $2.34 per mBtu as significantly lower than the prevailing market price, the Petroleum Ministry said in a statement, “The transaction between RIL and RNRL is part of their (Ambani brothers’ settlement) de-merger agreement and therefore does not meet the PSC criteria of Arms-Length Sales”. Concluding the evaluation exercise of the ministry, Petrolum Minister Murli Deora approved the recommendations made by his Secretary M.S. Srinivasan yesterday, sources in know of the development said. Gas supply agreement had become the bone of contention between the Ambani brothers, with ADAG sources yesterday alleging that Mukesh’s group was wanting to “dishonour” the agreement and was using media to spread misinformation on the Government of India’s approvals for the supply pact. Terming the decision as a “matter between the government and RIL”, an RNRL spokesperson said, “RIL’s obligation to supply gas to NTPC and RNRL at the previously agreed price was not affected”. On the other hand, RIL officials said, “We are examining the order”.
— PTI |
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Mittal Steel secures 92 pc of Arcelor shares
London, July 26 Mr Mittal, which on July 18 announced acquiring 50 per cent share in Arcelor fulfilling the minimum requirement for takeover of the rival, today said 594.5 million shares and 19.9 million Arcelor convertible bonds had so far been tendered, representing 91.88 per cent of the group’s fully- diluted share capital. The company announced that it would tomorrow reopen its offer for Arcelor that would give shareholders of the Luxembourg-based firm time until August 17 to tender their shares into Mittal’s offer.
— PTI |
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Timex to tick at Baddi
Chandigarh, July 26 This was stated by Mr Kapil Kapoor, Managing Director, Asia- Pacific region, Timex Watches, here today. "The plant is being set up at an estimated cost of Rs 12-15 crore This state-of-the-art plant, when fully operational, will be manufacturing 1.5 million to 2 million watches a year," he said. At present, the company has its assembly manufacturing facility at Parwanoo, while tool manufacturing is done at Noida. Mr Kapoor said once the unit at Baddi is functional, the production at the Parwanoo plant would be phased out. He said the plant was being set up to support the local market, which by far was the largest market (in unit sales) in the Asia-Pacific region, with 15 lakh watches being sold in the last fiscal. "However, as the demand in China and Japan increases, we could source the watches from the Baddi plant," he said. He said the company had a 50 per cent year-on-year growth in 2005-06. Mr Kapoor said the company was now focussing on strengthening its Time Factory retail outlets, which offer a wide variety of international brand watches, with Timex as its anchor brand. "Till date, we have 7 Time Factory stores, including the one inaugurated at Chandigarh today. By the year end, we propose to have 40 stores across the country," he added. |
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RIL fears
end to fuel retailing
New Delhi, July 26 Hitting out at the government, RIL President (Refinery Business) P Raghavendran told an energy seminar today that the private sector was being denied a level playing field as government subsidies were only available to public sector firms and their ambit has been extended beyond the promised LPG and kerosene to include even petrol and diesel. RIL said the public sector companies were compensated for the losses through a combination of discounts from upstream companies like ONGC and issue of oil bonds and sought the same level of government support - upstream assistance and oil bonds - to make up for the losses.
— PTI |
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World Bank to give
$2 b loan
New Delhi, July 26 “Lending to India is going to be higher this fiscal at over $2 billion as against $1.6 billion last fiscal,” World Bank Country Director Michael F Carter said here. The World Bank had lent about $2.9 billion in 2004-05. On health projects held up on corruption allegations, Mr Carter said, “There has been good progress. You will hear something very soon”. The bank had postponed funding to three projects, including the crucial second phase of a child health programme, citing possible fraud and corruption in procurement of medicine. The three projects held up are: Second Reproductive and Child Health Programme (RCH), Second National Tuberculosis Control Project and the Karnataka Health Systems Project.
— PTI |
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Cairn Energy to invest $1 b in Rajasthan
New Delhi, July 26 Cairn Energy's CEO Bill Gammell: “We are discussing a lot of opportunities with ONGC and are open to the possibility of joining them in the refining business as well.” Cairn Energy has signed $1 billion loan agreement with the international bankers to part finance their development plan for oil discoveries in Barmer, Rajasthan. |
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Kirloskar to sell stake in US arm
Mumbai, July 26 At the meeting held today, the board approved the proposal to divest Kirloskar Brothers’ entire shareholding in Kirloskar Copeland to its joint venture partner, Copeland Corporation, the company informed the BSE. Kirloskar Copeland was a joint venture between Kirloskar Brothers Ltd (KBL) and Copeland Corporation, in which KBL held a 51 per cent equity stake while the US firm held the remaining 49 per cent stake.
— PTI |
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Mobile cos allowed to start Net service
New Delhi, July 26 Minister of State for Communications Dr Shakeel Ahmad said in a written reply that the access service providers had been permitted to provide Internet telephony and broadband service under the existing licence for providing the access service. He said access service licensees had not commenced Internet services under access service licence so far. Therefore, no licence fee had been collected for this
activity. — TNS |
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Tech Mahindra IPO
Mumbai, July 26 The company will be issuing 12,746,000 equity shares of Rs 10 each, consisting of a fresh issue of 3,186,480 equity shares and offer for sale of 9,559,520 equity shares by M&M and British Telecommunications Plc. The issue, which will open on August 1 and closes on August 4, constitutes 11 per cent of the post issue paid up capital of the company.
— PTI |
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Corporate Results
Mumbai, July 26 Total income (net of excise) rose to Rs 15,022.72 crore for the first quarter in 2006-07, up 34.51 per cent from Rs 11,168.31 crore in Q1 FY 05-06, the company informed the BSE. At the meeting held today, the Board recommended a 1:2 bonus issue to the shareholders, where one bonus share would be issued for two equity shares held. HPCL loss at Rs 607 cr
HPCL has posted a net loss of Rs 607.67 crore for the quarter ended June 30, 2006, as compared to net loss of Rs 507.89 crore for the same quarter in 2005-06. However, the total income (net of excise) increased 37.19 per cent to Rs 20,776.19 crore for the quarter ended June 30 from Rs 15,143.71 crore for the corresponding quarter a year ago, the company informed the BSE. IBP loss at Rs 458 cr
IBP Company Ltd, a subsidiary of IndianOil Corporation, has posted a net loss of Rs 458.70 crore for the quarter ended June 30, 2006, as compared to a net loss of Rs 233.97 crore for the quarter ended June 30, 2005. The company said its total income has increased from Rs 3,721.81 crore for the quarter ended June 30, 2005 to Rs 4,427.32 crore for the quarter ended June 30, 2006. M&M Q1 profit up
Mahindra & Mahindra Ltd has posted an increase of 40.55 per cent in profit after tax at Rs 204.17 crore for the quarter ended June 30, as compared to Rs 145.26 crore for the same quarter in 2005-06. The total income (net of excise) increased 24.53 per cent to Rs 2,281.69 crore for the quarter ended June 30, from Rs 1,832.22 crore for the corresponding quarter a year ago, the company said. Airtel profit Rs 755 cr
Riding on the highest-ever net subscriber addition and ongoing network expansion, country’s largest private cellular operator Bharti Airtel has posted a 48 per cent rise in net profit at Rs 755 crore for the first quarter ended June 30. Total revenue increased 53 per cent to Rs 3,856 crore in the first quarter. Bharti Airtel, in which Singapore Telecom holds about 31 per cent stake and British mobile major Vodafone holds 10 per cent, posted an EBITDA (earnings before interest tax depreciation and amortisation) of Rs 1,502 crore in the first quarter, which is an increase of 60 per cent on a year on year basis. Dabur Pharma net up
Dabur Pharma Ltd has reported a 10.4 per cent increase in net profit for the quarter ended June 30 at Rs 6.63 crore as against Rs 6.01 crore in the corresponding quarter previous fiscal. The turnover for the quarter under review grew by 10.8 per cent at Rs 81.08 crore as against Rs 73.19 crore in the year ago period, the company said in a release here. Indo Rama net declines
Indo Rama Synthetics Ltd has reported a sharp 78 per cent drop in net profit for the first quarter this fiscal at Rs 2.18 crore as against Rs 10.03 crore for the corresponding period last year. The company posted a total income of Rs 473.37 crore for the first quarter as compared to Rs 515.64 crore in Q1 of 2005-06, company’s Chairman and Managing Director O.P. Lohia said. Glaxo net dips
GlaxoSmithKline Pharmaceuticals Ltd has posted a decline of 11.98 per cent in net profit at Rs 91.06 crore for the quarter ended June 30, as compared to Rs 103.46 crore for the same quarter in 2005-06. The total income (net of excise) decreased 11.03 per cent to Rs 425.65 crore for the second quarter ended June 30, from Rs 478.46 crore for the corresponding quarter a year ago, the company said. Blue Star net grows
Air Conditioning major Blue Star has reported a total income of Rs 312.81 crores for the quarter ended June 30, a growth of 36 per cent over the corresponding period last year. A company release here said the net profit for the quarter grew 45 per cent to Rs 7.30 crore, while EPS increased to Rs 4.06 from Rs 2.80. BRPL net up
State-run Bongaigaon Refinery and Petrochemicals Ltd (BRPL) has posted an increase of 18.80 per cent in net profit at Rs 81.74 crore for the quarter ended June 30, as compared to Rs 68.80 crore for the same quarter in 2005-06. The total income (net of excise) increased 10.78 per cent to Rs 1473.33 crore for the quarter ended June 30, from Rs 1329.91 crore for the corresponding quarter a year ago. ICI India profit up
Paints manufacturer ICI India Ltd has posted a net profit after taxation at Rs 18.16 crore for the quarter ended June 30, where as the same was at Rs 15.83 crore for the same quarter in 2005-06. The total income (net of excise) was Rs 236.72 crore for the quarter ended June 30, where as the same was at Rs 222.46 crore for the corresponding quarter a year ago.
— TNS, Agencies |
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