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Tata Motors to invest Rs 10,000 cr
Infosys’ net up 25 pc at Rs 1,231 crore
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Industrial growth dips to 5.3 pc in Nov
Gold may exceed $1,000: StanChart
Air India IPO in 2nd half of year
Rel Power IPO
Spectrum to RCom
Hindujas keen to invest in U’khand
Oilfield Development
‘Ambani of Gulf’ sets eye on NELP
Essar buyout
GSM Services
Inflation static
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Tata Motors to invest Rs 10,000 cr New Delhi, January 11 ''We will invest Rs 10,000 crore for scaling up our production capacity in the next four years,'' Tata Motors head of commercial vehicle P M Telang told reporters here. The company said it will introduce up to 20 new products this year, while plans are afoot to start exporting its mini truck Ace to South Africa. The company now plans to export the Ace 1-tonne to Sri Lanka, Thailand and Russia. The company exports about 400-500 units every month and the one tonne variant meant for exports will have power steering and air conditioner. The entire Ace family, which includes Magic, that is produced at Uttarakhand plant, have production capacity of 2,25,000 units which will be increased to 3,00,000
units. Telang also said the company’s new plant at Dharwad in Karnataka, which will be a mix plant to produce buses in joint venture with Brazil-based
Marcopolo, will have production capacity of 25,000 buses per year. This plant is expected to go upstream in the middle of this year. Hyundai i10 wins award
In a star studded award function hosted by actress Mandira
Bedi, Hyundai i10 and Bajaj Pulsar 220 DTS FI won the 'Car of the Year' and 'Bike of the Year' awards, respectively, at the annual
'NDTV Profit Car India & Bike India Award'. The 'ICICI-NDTV Profit Viewers Choice Awards' were bagged by
'Maruti Suzuki SX4' and ‘Hero Honda Hunk' in the car and the bike category, respectively, at the function held here last evening. Kawasaki bikes
Bajaj Auto Ltd today entered into a pact with its long-time Japanese technical partner Kawasaki to distribute the latter's bikes in India, and said the two firms will explore possibilities of developing products jointly.
Under the agreement, BAL will bring Kawasaki bikes and distribute through its exclusive
'Probiking Stalls'. The partners have identified at least four models — Ninja 250, sports roadster ER-6n, super sports bike Ninja ZX6R and vulcan cruiser Z1000 — for launching in India. "The idea is to start with one model and expand further depending on the market response," BAL managing director Rajiv Bajaj told reporters here. "Of these, Ninja 250 has got the most favourable response," Bajaj said, adding the first Kawasaki bike would be launched this year. The bikes would be brought under the completely knocked down (CKD) unit route and BAL would assemble at its Chakan unit in
Maharashtra. The agreement came a day after Bajaj said it would launch Austrian sports bike maker KTM's two high performance models — 1190 RC 8 and 690 Duke — by the middle of this year. ‘Inspire’
SUV
International Cars & Motors Ltd (ICML) today showcased its concept car 'Inspire', a compact sports utility vehicle
(SUV), and is likely to launch it in the Indian market in the next two years The company also plans to introduce a family of 'world cars', designed by
Pininfarina, that will be rolled out here and other countries by 2010. "Our concept car 'Inspire' will be launched in India in next two years at a price above Rs 10
lakh. While the range of world cars that we are developing in association with Pininfarina will be launched globally in 2010," ICML managing director Deepak Mital said. Allison unit
US-based auto component maker Allison Transmission today said it is considering to set up a manufacturing facility along with a customisation centre in India. Global provider of commercial duty automatic transmission and hybrid propulsion systems is currently studying the Indian market in line with its strategy to expand global manufacturing footprint. In India, Allison caters to original equipment makers like
JCB, Tata, Sutlej and Ashok Leyland for on-highway and off-highway automatic transmissions and also provides hybrid propulsion systems for city buses. Delphi TVS to pump in 500 cr
Delphi TVS, a joint venture between the TVS Group and the US-based auto component maker, will invest Rs 500 cr in a manufacturing unit and setting up a technical centre in India. The JV company today also announced the roll-out of its common rail systems and setting up of two manufacturing units. Leyland-Nissan
plant
Hinduja Group's flagship company Ashok Leyland has zeroed in on Tamil Nadu for setting up a $500 million manufacturing plant for light commercial vehicles. "We have zeroed in on a site in Tamil Nadu for setting up the manufacturing plant for light commercial vehicles," a top company official told
PTI. "The plant would have a production capacity of 1 lakh units per year to begin with. Eventually, it would be scaled up to 2
lakh," the official said. In the vehicle manufacturing company, Ashok Leyland would have 51 per cent share and the rest would be held by Nissan. Production at the Tamil Nadu unit is expected to begin in 2010 and would include the new generation Nissan light-duty truck. |
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Infosys’ net up 25 pc at Rs 1,231 crore
Bangalore, January 11 The company, whose revenue has crossed $3 billion in the first nine months of this fiscal, has also managed to tackle an appreciating rupee, besides a $26-million payout through voluntary settlement with the California division of Labour Standards Enforcement towards possible overtime payment to certain employees in California. The revenue of the group increased by 16.90 per cent to Rs 4,271 crore for the December quarter, which was partly because of the tax reversal of Rs 50 crore. Its earnings per share increased to Rs 21.54 from Rs 17.64 for the corresponding quarter in the previous year. The company expects its revenue to grow 20 per cent in fiscal 2008. For the fiscal 2008-09, revenues would be in the range of Rs 16,627 crore and the fourth quarter revenue would be in the range of Rs 4,477 crore versus Rs 4,501 crore. Infosys also claimed that it would not be affected by a shortfall in skilled manpower as forecast by Nasscom, the representative organisation of the IT sector. Its human resources head T V Mohandas Pai said the company had finished hiring for 2008 and had already made offers to candidates for joining in 2009. Pai said the company had added 11,683 employees for the December quarter, taking the total number to over 27,000 so far this financial year. The company has a total strength of 88,601 employees. Chief financial officer V Balakrishnan, while explaining how the company had bucked the trend, said it had raised its prices by 2 to 3 per cent for existing clients and 3 to 4 per cent for new ones. Besides this, it has managed to add 47 new clients in the December quarter. It has also increased its revenue from consultancy and enterprise solutions to 24 per cent this quarter. On the downside, he said the rupee continued to be a worry and any drastic appreciation in its value vis a vis the dollar would impact the company. Company’s head of banking and capital markets Ashok Vemuri said “we believe IT spending will be favourable to large offshore players like us even though the macro environment in challenging”. Infosys’ CEO Kris Gopalakrishnan said though the US continued to be the company’s mainstay with 62.3 per cent share in total revenue, the present quarter had seen a 1.2 per cent increase in the European market, which now constituted 28.6 per cent of total revenue. Gopalakrishnan said the company had established a separate cell to increase its business share in India, which had risen slightly from 1 per cent of total revenue to 1.2 per cent this quarter. He said the company was also focusing on Japan, China and Latin America to reduce over-dependence on the US due to the slowdown in the US economy.
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Industrial growth dips to 5.3 pc in Nov
New Delhi, January 11 The Index of Industrial Production (IIP) fell from 15.8 per cent in November 2006, while manufacturing output during the same month slipped to 5.4 per cent from 17.2 per cent. According to official data released today, growth in mining output declined to 3.5 per cent during the month from 8.8 per cent a year ago. Electricity sector recorded a growth rate of 5.8 per cent from 8.7 per cent in the same month previous year. During April-November 2007, IIP fell to 9.2 per cent from 10.9 per cent during the corresponding period a year ago. Manufacturing growth rate during the eight-month period stood at 9.8 per cent, down from 11. 8 per cent during the corresponding period in the previous fiscal. According to analysts high interest rates have become a deterrent to first-time purchasers of consumer durables like automobiles. Reacting to the data, Commerce Minister Kamal Nath said he was confident industrial growth would accelerate in the coming months even as he pitched for lowering interest rates. “I don’t see this as a slowdown. I see this as signal to re-look at consumer spending and may be loosening a bit (of monetary policy),” he told newspersons on the sidelines of an industry function. On the decline in industrial production, Nath said the rate of industrial growth has been affected but “I am confident that on an annualised basis it will be made up. We have some moments of ups and downs in manufacturing.” He, however, expressed optimism that the situation would improve in the near future and said exports, which have been hit by a sharp rise in rupee value, would show an upturn in the near future.
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Gold may exceed $1,000: StanChart
London, January 11 Gold will average $ 900 in the year, London-based analyst Dan Smith wrote in an e-mailed note to clients. The price may average $855 this quarter, $870 in the second, $925 in the third and $950 in the last three months of the year. The price of gold is poised to surpass $ 900 an ounce for the first time, extending its longest rally since at least the end of World War II, as record crude oil costs fuel inflation and investors seek a haven from credit market turmoil, traders said. Touches Rs 11,465
New Delhi: Gold remained on a record setting spree and surged to Rs 11,465 per 10 gm in early stage on the local bullion market here today amid heavy buying by jewellers and stockists in line with firming global trend.
— PTI |
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Air India IPO in 2nd half of year
New Delhi, January 11 On the sidelines of a function to launch India’s first civil aviation exhibition, India Aviation 2008, the minister said, “We may consider issuing an IPO in the second half of this year.” He added that divestment might be in the range of 10-15 per cent of the shareholding to enhance the carrier’s equity base. Employees’ stock option would also be considered when the equity is diluted, he added. However, reports suggested that the IPO would only be considered when the merger of the two public sector airlines was complete and would also depend on the prevailing market conditions. Patel also said that he would also be meeting Finance Minister P. Chidambaram to discuss reduction in excise and custom duty on aviation turbine fuel (ATF). India Aviation 2008 will be the first international exhibition of its kind in India. It is being organised by the Ministry of Civil Aviation in collaboration with the Ficci from October 15-18 at Hyderabad. |
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SC clears all hurdles
Legal Correspondent
New Delhi, January 11 Apprehending that a last movement court order from any part of the country might stay the launch of the IPO, Reliance Power moved the apex court again today saying that a civil suit was filed to this effect before Mumbai civil judge M D Deshpande. Since the next two days would be holidays, any adverse order from the court, would cause the company “irreparable” loss and also hit national interest as the IPO launch was aimed at generating funds for 28,000 mw power projects planned by the company, Reliance counsel Mukul Rohtagi told a Bench, headed by Chief Justice K G Balakrishnan. Taking note of the fresh application of the Reliance Power, the court during a brief mentioning, passed an order stating that the “initial IPO of reliance may continue despite any interim ex-parte order of any court.” Reliance alleged that the civil suit in the Mumbai court by Ghanshyam R Mehta, was filed “for the purpose of seeking an injunction against the IPO.”
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HC refuses to stay process
New Delhi, January 11 During the proceeding, senior advocate Fali Nariman, appearing for GSM lobby group COAI requested before the single-member Bench to stop the allocation of spectrum to RCom. Nariman also mentioned an application filed by the Cellular Operators Association of India (COAI) before the court to stay the whole process. However, Justice Gita Mittal refused to stay and directed to adjourn the matter till January 14. Yesterday, the DoT had issued LoIs to the eligible new aspirants and also approved in-principle GSM spectrum allotment to Reliance Communications. — PTI
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Hindujas keen to invest in U’khand
Dehra Dun, January 11 An assurance in this regard was given by the chairman of Hinduja Industrial Group (Ashok Leyland) S.P. Hinduja and G.P. Hinduja at a meeting with Chief Minister B.C. Khanduri here today. The Chief Minister called upon the renowned industrial house to come forward and extend its hand for the noble cause of education, health, environment conservation and cleanliness of the Ganga. Khanduri apprised the Hindujas of the congenial atmosphere for the purpose. Besides strengthening of the infrastructure, special industrial package and fool-proof law and order situation, road, rail and air connectivity was being developed, he informed, adding that efforts were also being made to enhance power generation and uninterrupted power supply to the industrial units. The CM reiterated that the government was promoting industrialisation by providing various facilities without disturbing the hill state's fragile ecology. He made it clear that the special industrial package to the state was granted so that job avenues could be created for the local youth. The package was for 10 years initially, but cut short later. He said his government was pleading for the extension of the period of industrial package till 2013.
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RIL to invest $2.28 billion
New Delhi, January 11 RIL was previously targeting oil production in February/ March this year but has changed the schedule to keep the third quarter of 2008 deadline for first gas from the predominantly gas rich block, industry sources said. The oil discovery is estimated to hold 68 million barrels of reserves and initial targeted production will be in the range of 30,000 to 35,000 barrels per day and planned plateau rate of 40,000 barrel per day. The reserves have been independently vetted by third party and there is a further upside potential based on quine marine survey carried out during 2007. Reliance is separately $ investing 5.2 billion in developing Dhirubhai-1 and 3, the first two of the 15 gas discoveries in the 7,645-sq km KG-D6 block. Initial output is likely to be 40 million standard cubic meters per day (mmscmd), which will be raised to 60 mmscmd in 2009-10. Gas production from the block will peak to 80 mmscmd in 2011-12 and remain at that level till 2016-17, after which it will fall to 60 mmscmd in 2017-18 and to 40 mmscmd in 2018-19. Sources said the capital expenditure for the oil find includes $ 733 million for acquisition of a Floating Production and Storage Unit. — PTI
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‘Ambani of Gulf’ sets eye on NELP
New Delhi, January 11 “It is too premature to say anything right now, but we are looking at it (NELP-VII),” Pillai, whose corporation is one of the largest organisations in construction services, catering to the needs of industries like oil and gas, refineries, petrochemicals, fertilizers, cement, power desalination and steel, told The Tribune here on the sidelines of a press conference. Pillai, who was awarded ‘Pravasi Bharatiya Samman’ by President Pratibha Patil, said that investment opportunities in India are growing manifold and companies in the Gulf are keen to invest in India. “With recession in the USA, Asia, especially China and India, are being considered the best investment-friendly countries now. Investors in the Gulf appear more keen on investing in India,” Pillai pointed out. Talking about the expansion plan of his corporation, which recorded a turnover of about $ 2.5 billion last fiscal, Pillai said his business group in Saudi Arabia, Qatar and the UAE employ a total of 35,000 people in the industrial contracting and oil refining sector, of which 28,000 are Indians. “I have recently signed several multi-million dollar contracts with various international clients, which will enable me to recruit another 20,000 people from India in the coming three months, as my operations in the Gulf are being expanded,” he said.
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Essar buyout
New Delhi, Janury 11 The alliance would significantly benefit Econet Wireless Kenya, which is 70 per cent owned by Econet Wireless, from a rollout as well as product offerings. Essar would actively participate in the network rollout of the Kenyan company, an Essar statement said.
— PTI |
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GSM Services New Delhi, January 11 Besides, the government allocated spectrum to existing GSM players Vodafone, Idea Cellular, Aircel and Bharti Airtel. The allocation of spectrum follows the government's decision yesterday to give existing players priority over others in spectrum allocation. The allocation is expected to end the months-long bitter battle between GSM players (Airtel, Idea and Vodafone) and CDMA players (Reliance Communications and Tata Teleservices). This formula was worked out by communications minister A Raja after prolonged discussions with operators as also the authorities concerned to end the controversy, in which many of the players had sought the Prime Minister's intervention. — PTI
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