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Finally, BlackBerry row may be resolved
DLF to buy back shares worth up to Rs 1,100 crore
More corporate jets seized
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ICICI mulls buyouts abroad: NYT
Bajaj Auto Q1 net down by 4.3 pc
Puncom comes out of the red
Sonalika plans ‘world car’
Himachal clears 9 projects worth
Art Karat to open 30 more stores
Indian CEOs happy with regulatory system: PwC
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Finally, BlackBerry row may be resolved
New Delhi, July 10 Officials in the Department of Telecom (DoT) disclosed that the issue would be resolved to the satisfaction of all parties concerned in the coming weeks. There is no move to stop the services of BlackBerry and instead encryption solutions would be found and installed within the country to avoid any conflict with the manufacturers of BlackBerry, Research In Motion (RIM) of Canada, where the company is based. According to reports, the DoT is planning to write to the ministry of home affairs (MHA) to get encryption facilities installed where the e-mails and messages from the BlackBerry could be intercepted by the security agencies, which had initially raised the objection in regard to the technology being provided by RIM. The response from DoT comes after some of the other companies came forward to provide the encryption solutions following refusal from RIM to put up a server in India, which would help the security agencies to intercept the data being transmitted from BlackBerry. Reports suggest that DoT is of the opinion that the security agencies must upgrade its interception and deciphering facilities rather than oppose new technologies. It has also circulated an internal note where is has stressed on the need that MHA must find encryption solutions for BlackBerry services to address security issues. It was the MHA which had raised the red flag on the BlackBerry after the security agencies had raised concerns regarding the security of the country in the event of they not being able to intercept the data. Earlier, the Dot had asked the RIM to set up servers in India and had also threatened to stop the BlackBerry services in the eventuality of the servers not being set up which had also led to some sort of a diplomatic row. As a result the Canadian High Commissioner in Delhi had to write to the Ministry of External Affairs, seeking intervention and an early solution to the controversy. Incidentally, there are currently over 1,15,000 BlackBerry customers in India, services for which are being provided by five operators — Bharti Airtel, Reliance Communications, BPL, Vodafone Essar and Idea Cellular.
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DLF to buy back shares worth up to Rs 1,100 crore
New Delhi, July 10 At a meeting held earlier today, the company's board has approved the buyback plan for purchasing shares worth up to Rs 1,100 crore that would come through internal resources. About a year ago, the company had sold its shares to the public for Rs 525 each in its IPO and shares had soared to
life-time high of Rs 1,225 on January 15 this year. However, the stock has been on a sharp downslide since then and hit a life-time low of Rs 350.30 on July 2 — the day when the company first announced its intention for buying back the shares. Following the announcement, shares rose sharply by about 15 per cent that day. The company said the shares would be repurchased from the BSE and NSE through open market deals and the buyback scheme would be valid for the next 12 months. If DLF buys back entire 2.2 crore shares as proposed, the holding of its promoters, K P Singh and family, would rise to about 89.5 per cent, from 88.16 per cent currently. The promoter holding
in the company is currently worth about Rs 70,000 crore. "The company's aim has always been to maximise shareholders value and we see the share buyback decision as a highly attractive opportunity for out shareholders," DLF vice-chairman Rajiv Singh said in a
statement. — PTI |
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More corporate jets seized
New Delhi, July 10 Any body found guilty of acquiring aircraft with duty exemption under Non-scheduled Operator Permit Scheme could be levied penalty up to five times the duty evasion, a finance ministry official said. Sources in the Customs Department said as many as six aircraft were seized this month but released after the owners provided a bank guarantee and bonds in relation to the cost of aircraft. The issue had first come up with seizure of two aircraft of Reliance Industries, but now planes belonging to corporate bigwigs like Tata, DLF, Escorts, Kingfisher, Punj Lloyd have come under government scrutiny. Though there is no official estimate of the duty evasion, sources in the know indicated that government could collect over Rs 10,000 crore by way of tax and penalty.
— PTI |
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ICICI mulls buyouts abroad: NYT
London, July 10 "ICICI Bank is considering acquisitions to expand outside its home market at a time when many foreign rivals are struggling because of tight credit markets," the New York Times reported today quoting two of the banks senior executives. ICICI Bank executive director (international business) Sonjoy Chatterjee said in an interview to NYT, "The bank which has about $4 billion on hand, could spend it on an international expansion that could include purchase of a "large consumer franchise" in Britain, Canada or Germany." The bank at present offers online saving accounts to non-Indian customers in these three countries and is keen to build a global brand as rising interest rates have taken a toll on its consumer lending at home, the report added. "Even though banks are cheap now they come with huge challenges and we need to see whether we want to take those or how to go about it," the report said quoting ICICI Bank CEO K.V. Kamath. The bank, however, is not considering to take minority stakes in large financial institutions in the United States or Britain, as was done by some financial services firms and investors from China, Singapore or the Middle East. — PTI
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Bajaj Auto Q1 net down by 4.3 pc
New Delhi, July 10 The company had announced a net profit of Rs 183 crore in the quarter ended on June 30, 2007. During the quarter, the total income of the company rose to Rs 2,339.54 crore, an increase of 9.2 per cent as compared to same quarter last year, the company said in a statement. Bajaj has reported the net profit of Rs 2141.98 crore in the quarter last year.
The total sales of the company during first quarter of current financial year stood 6,20,095
units. This was against 571,591 units in the first quarter of the last financial year, the statement said.
— PTI
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Puncom comes out of the red
Chandigarh, July 10 It is after a gap of five years that the company has managed to get out of the This strategic tie-up has helped the ailing PSU supply equipment on time, and make a neat profit. Talking to TNS here today, head, marketing, Puncom, Deepinder Dhillon, said by the end of this fiscal, they were targeting turnover of Rs 200 crore. “With the company getting flush with funds, we propose to revive our research and development centre, so that cutting-edge technology products could be developed. With the transmission market in India valued at Rs 200 crore and the defence market at Rs 96,000 crore, there is a huge scope for Puncom,” he said. “After we had a tie-up with Huawei and Ordyn, a horizontal induction of new age products began in Puncom, and we were back in business. After having successfully completed the projects for BSNL and Indian Railways, we are now targeting the defence sector. We are now scouting for partners who can provide forthcoming technologies with or without transfer of technology. The tie-up could be for manufacturing, project execution and joint partnership in future tenders,” he said.
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Sonalika plans ‘world car’
Hoshiarpur, July 10 “World car will not only be unique in safety, design and style, but will be top-of-the-line vehicle in the luxury segment, says Deepak Mittal, managing director of ICML, maintaining that after Europe, India will be next to get world car by 2011. The share of the ICML in the new project will be Rs 700 crore, a major portion of which will go in upgrading facilities for developing steel frame of the new vehicle at Amb manufacturing line in Himachal Pradesh. Both ICML and Pininfarina will collaborate in design and engineering of the proposed car, says Andrea Pininfarina, CMD of the Italian company, which has operations in France, Germany, Sweden, Morocco and China and has been associated both in design and manufacturing line of Volvo C70, Alfa Romeo Brera and Spider. Pininfarina has a half-century-old association with Ferrari, Maserati, Peugeot-Citroen and Renault among others. Pininfarina, says Andrea Pininfarina, will soon introduce in Europe a complete electric car. Designed and manufactured in association with a French firm, the car will initially be introduced for major congested cities in Europe, including Paris and London, besides the United States. “We have no plans to introduce this electric car in India as our production capacity by 2015 will touch 15,000 vehicles,” adds Andrea Pininfarina. This new electric car will touch 250 km in one charge. Talking about Pininfarina’s investments in India, Andrea Pininfarina says that “similar stock share holding and emphasis on quality” has brought his company together with the ICML. Both Paninfarina and ICML have strong family controls and subscribe to similar business ideologies. “We are working out feasibility reports. Once the reports are ready, we will decide about manufacturing the “world car”. Initially we are working on two models. As of now we have agreed to share design and engineering aspects of the world car. Where and who will manufacture it will be decided in due course of time,” he said. According to Mittal, world car will be a family of vehicles that will include SUVs and high-end luxury cars. Pininfarina has some bigger plans for India, as it wants to set up a global hub here.
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Himachal clears 9 projects worth Rs 1,095 crore
Shimla, July 10 The new projects were cleared at the 32nd meeting of the authority, chaired by Chief minister P.K. Dhumal. “Keeping in view the industrial-friendly environment, good climatic conditions and infrastructure several companies were keen to make huge investments in the state,” he said. He informed that since the announcement of the special industrial package to Himachal, the authority had cleared 10,866 proposals and permitted expansion of 318 additional projects with an investment of Rs 30,655.75 crore with an estimated employment generation for 3.79 lakh persons. He said the government would be discouraging industrial proposals with high pollution, power consumption and low employment generation potential. “All such projects have been put under the negative list which would be taken into consideration after looking into all elated aspects,” he said. He said though proposals from a number of multinational companies were pouring in but government would not allow industry to come up at the cost of environment. He said the state had very conducive environment for information and bio-technology projects which were being given priority.
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Art Karat to open 30 more stores
Ludhiana, July 10 "Market for semi-precious jewellery is recording an enormous growth and, India, in particular, holds high potential. There is more than 100 per cent rise in demand annually. To cater to this increasing demand, we have chalked out extensive expansion plans. These would include stores in Chandigarh and Jaipur," Rajeev Sharma, manager, sales and marketing, told The Tribune here today. Sharma said the company used silver as base metal while the stones on jewellery were precious and semi-precious. "The market is largely untapped and we have almost no competition. Particularly after the surge in gold rates, people are opting for this jewellery. We offer a 75 per cent exchange as well. It is affordable and not just the middle class , upper income groups are preferring it too." Apart from more stores, Art Karat would continue holding exhibitions in India and overseas. Besides, the company would launch an elaborate mail order campaign in the United States. "People are not much aware about the different between artificial and semi-precious jewellery and through these exhibitions we intend to generate more awareness."
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Indian CEOs happy with regulatory system: PwC
New Delhi, July 10 "It appears that only in India and China is there overall a balance of CEOs who believe their government is both business-friendly and reducing the regulatory burden," PricewaterhouseCoopers Annual Global CEO Survey said. Around 34 per cent of corporate honchos in India belive that the government here, where their company is headquartered, is creating a business friendly environment and 20 per cent said the country has reduced the regulatory burden on corporations, the report said. In both cases India has been ranked ahead of China. In China only 10 per cent believe their government has created a business friendly environment and 8 per cent think their regulatory burdens have been reduced. In France, CEOs believe the government to be business friendly but not reducing the burden on corporations, while in in contrast, Japan is the only other country where government is seen to be taking step to cut down regulatory hurdles, although it is not perceived to be very friendly. The governments of other countries, including the UK, US, Italy, Spain and Russia, meanwhile, feels that their governments have not done much to improve the regulatory system and business friendly environment, the report pointed out. — PTI
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UTI MF launches SIP Panacea’s 'EasyFive' vaccine Allied Digital buyout RCom tariff plan for Haryana
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