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TCS opens confidently
on debut day
Major telecom operators avoid paying licence fees
Cholamandalam targets Punjab
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Kuwait keen on investing in Indian refineries
Court rejects caveat quash demand in Birla-Lodha case
Ford’s Fusion soon
Singapore needs babies
CORPORATE NEWS
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TCS opens confidently
on debut day
Mumbai, August 25 The first deal was contracted at Rs 1076 per share for 50 shares, according to the information put out by the BSE. At the National Stock Exchange, the TCS scrip was listed at Rs 1049. The scrip, however, saw major volatility touching a high of Rs 1198 and a low of Rs 1020 soon after the listing. The stock closed at Rs 987.50 in the evening. The TCS had been oversubscribed 7.5 times after more than 13 lakh applications were received. The valuation of construction baron Pallonji Mistry, who holds about 20 per cent of stake in Tata Sons, has been pegged at $1.7 billion. Tata Sons is the single largest shareholder of the TCS. Tata group is looking beyond Indian shores to expand the companies under its fold, even as it has received a 20-year gas supply contract from the government of Bangladesh. “We are planning to grow our companies across the globe and would be looking for both organic and inorganic growth,” Tata group Chairman Ratan N. Tata told reporters on the sidelines of Tata Consultancy Services Ltd (TCS) listing on National Stock Exchange here today. At present, the group has a presence in Nepal, Sri Lanka, the USA and Singapore, among other countries through its subsidiary companies, and Tatas would be looking at new geographies, including China. Meanwhile, speaking on the 20-year oil contract in Bangladesh, Tata said the neighbouring country has confirmed the contract. However, he did not divulge the financial aspects of the contract, but added that the details would emerge after his visit to Bangladesh next month. Bangladesh had earlier agreed to guarantee a 20-year gas supply for a power plant, fertiliser factory and steel unit to be built by Tata group in that country. The guarantee came after the Bangladesh government studied a proposed $2 billion investment by Tata, earlier this month. On the proposed merger of Tata group information technology companies with TCS, he said it would be considered at a later stage. “We will go for a merger only if it makes sense to TCS and other companies, and at present the group will concentrate on growing business in the right direction,” he said. Tata also said that he was overwhelmed by the interest shown by individual investors for the TCS IPO. Talking on the cut in steel prices by Tata Steel, he said that steel prices were ruling high and this has had a cascading effect on other industries in the country. Justifying the slash in steel prices, Tata said most of the steel manufacturers were making “good profits” and this would not have a “great impact” on their revenues. TCS Managing Director S. Ramadorai said the company would look at an overseas listing at a later stage. The company would also expand its presence in other countries, he added.
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Major telecom operators avoid paying licence fees
New Delhi, August 25 According to the details given in a written reply by Minister of State for Communications and IT Shakeel Ahmad, BSNL and MTNL had not paid Rs 557.38 cr and Rs 293.87 cr respectively towards licence fees. These include dues from basic service operations for MTNL and basic servcies, national long distance and VSAT in respect of BSNL. Bharti Cellular and Bharti Mobile owed Rs 7.43 cr and Rs 3.19 cr respectively while Hexacom had dues to the tune of Rs 4.25 cr. Idea Cellular had not paid Rs 3.02 cr, Reliance Telecom Rs 0.33 cr and Escotel Rs 2.86 crore. The government today said that the BSNL was planning to launch International Long Distance (ILD) services but ruled out the state-owned telecom major’s foray into cable TV business. The Minister of State for Communications Shakeel Ahmad said ILD services would be launched after signing an agreement with international carriers and establishment of required infrastructure. In a separate development, telecom regulator Trai today released a consultation paper on community radio, which, inter alia, aims at obtaining structured inputs on issues like eligibility, licensing process, funding, regulation and monitoring for the segment. The regulator said the consultation paper was aimed at expanding the ownership of community radio beyond educational institutions and providing a cost-effective means for empowering local communities and the same would be accepted till September 15.
— PTI
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Cholamandalam targets Punjab
Chandigarh, August 25 Talking to TNS, Mr M. Anandan, Managing Director of Cholamandalam Investment and Finance Company Limited, said the company had registered a steady growth and recorded a 23 per cent growth in profit before tax ( PBT) for the quarter ended June 30, 2004. The PBT was Rs 14.02 crore as compared to Rs 11.42 crore for the same period during the previous year. He said the company, which came into North only three years ago, already has a strong presence in the region with 26 locations, including six branches in the bigger cities of Punjab, Haryana and Rajasthan. “We are trying to improve our market share and achieve a position of leadership as an integrated financial service provider.” In Punjab, the company’s vehicle finance business has offices and franchises in nine locations offering finance for heavy and light commercial vehicles, MUVs, cars and cargo three-wheelers, having a customer base of over 5,000. “Disbursements for the last year stood at Rs 75 crore and is expected to cross Rs 100 crore, thus registering a growth of 30 per cent,” he added. Cholamandalam AMC Ltd plans to strengthen its corporate sales in Chandigarh and Ludhiana this year by utilising the resources available in its Delhi office. Tie-ups with leading motor dealers, individual agents and insurance brokers are also part of the expansion plans.
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Kuwait keen on investing in Indian refineries
New Delhi, August 25 The agreement was inked here by Commerce and Industry Minister Kamal Nath and Mohammed Al-Sabbah Al-Salem Al Sabbah, the visiting Foreign Minister of Kuwait, who chairs the Council. Mr Nath said the agreement would “act as a catalyst in our efforts to achieve closer commercial, economic and political relationship.” Pointing to India’s traditional economic ties with the GCC comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates, Mr Nath said the agreement had elements that would enable both trading partners to exploit opportunities to the maximum. Kuwait, the world’s third largest oil producer, today said it was keen on investing in Indian refineries even as it plans to sell more crude to India. “Kuwait is keen on investing in Indian refineries,” country’s Foreign Minister Mohammed Al-Salem Al-Sabah told reports on the sidelines of signing of agreement. Attributing the spike in international oil prices to speculation, he said Kuwait wanted to sell more of its crude oil to India. Currently, India buys some 12 million tonnes of crude oil from Kuwait annually. —
PTI
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Court rejects caveat quash demand in Birla-Lodha case
Kolkata, August 25 Instead, the court decided that further hearings be held on the petition filed on behalf of R.S. Lodha against the caveat petition of the Birlas — K.K.Birla, B.K.Birla, G.P.Birla and Yasovardhana Birla — on two subsequent days on next Monday and Wednesday, respectively. The court will also take up the petition of the Birlas for authenticating the two mutual wills prepared by M.P.Birla and his wife, Priyamvada Birla, on the succession of their property in 1981 which they had already submitted before the court The Birlas will controversy today came up for hearing at the court of Justice K.J. Sengupta after a gap of a month to discuss on the caveat petitions filed by the Birlas and the probate petition of the Priyamvada Birla’s will. A large number of people mostly, lawyers and mediapersons, thronged inside court to listen to the hearings. The court today appointed B.K.Birla and Mr Yosavardhga Birla the two executers of M.P.Birla and Ms Priyamvada Birla’s two separate wills, respectively, which were prepared by M.P.Birla and Ms Priyamvada Birla in 1981. Mr Arun Jaitley, the BJP MP, appearing for the Birlas argued that M.P.Birla and Ms Priyamvada Birla had already prepared the mutual wills as back as 1981 — subsequently revised in 1982 which should be taken as true and authentic legal documents in disposing of the Birlas will controversy. Hence, the will which R.S.Lodha, an outsider to the Birla clan, submitted to the court for probating with the claim that the entire M.P. Birlas property bequeathing him by Ms Priyamvada should be treated as an “unacceptable document.”
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Ford’s Fusion soon
New Delhi, August 25 The Vice-President (Marketing), Mr Vinay Piparsania, said the delivery of car to customers would begin in about 3-4 months. Asked about the price of Fusion, he said “we have not deliberated on the price yet”. Industry sources, however, said it would be priced between Rs 5-7 lakh. Initially, the company plans to sell about 500 to 1,000 units. The Fusion will hit the road soon after the launch of Hyundai Motor India’s premium compact car Getz, which is scheduled to make a debut next month. —
PTI
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Singapore needs babies
Singapore, August 25 Measures include bigger housing grants to encourage singles to marry, cash payments of up to S $ 18,000 if the baby is a third or fourth child, baby care subsidies, tax rebates for working mothers, longer maternity leave and more leave days for working parents. Like many developed Western countries, Singapore is grappling with a fall in its birth rate to far below the 2.1 children per woman needed to replenish its population. Baby making has become a national priority for the new Prime Minister, Mr Lee Hsien Loong. The new measures will cost the government an estimated S $ 300 million a year, bringing its total expenditure on pro-family measures to about S $ 800 million a year. —
Reuters
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ITC to merge its hotel arm
Mumbai, August 25 Under the merger scheme, ITCHL shareholders will receive three ordinary shares of Rs 10 each of ITC Ltd for every 25 equity shares of Rs 10 each of ITCHL held by them on such date as may be determined, the company informed the Stock Exchange here today. The members of AHL will receive one ordinary share of Rs 10 each of ITC Ltd for every 150 shares of Rs 10 each of AHL held by them. The board, which met today, however, decided against the amalgamation of its wholly-owned subsidiary Bay Islands Hotels Ltd, it added. HCL Info
HCL Infosystems Ltd today said its net profit for the year ended June 30, 2004, increased by 96 per cent to Rs 120.9 crore as compared to Rs 61.73 crore in the previous year. The total income (net of excise) has decreased from Rs 1,579.67 crore in the FY-03 to Rs 1,438.82 crore in the year ended June 30, 2004. The company’s net profit rose by 26 per cent to Rs 29.67 crore for the quarter ended June 30, 2004, as compared to Rs 23.47 crore for the same period a year before. The group has posted a net profit of Rs 45.85 crore for the quarter ended June 30, 2004, as compared to Rs 34.15 crore for same period in 2003.
Eicher Motors
The automobile major, Eicher Motors Limited (EML), a part of the Birla Group of Industries, will launch an environment-friendly Compressed Natural Gas (CNG) passenger bus within three months time.
Star Group
Star Group affiliate Asian Broadcasting FZ LLC (ABF) is to make an open offer to the shareholders of Balaji Telefilms Ltd (BTL) for acquiring a 20 per cent stake in the latter at a price of Rs 90 per share aggregating over Rs 117 crore payable in cash. ABF is making an offer to the BTL shareholders to acquire up to 13,042,089 fully paid up equity shares of Rs 2 each, representing an 20 per cent of the post issue equity capital, manager to the offer DSP Merill Lynch informed Stock Exchange, Mumbai (BSE). The offer opens on October 18 and closes on November 16, it said. —
Agencies
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Mumbai, August 25
In
video (
Giving a boost to their commercial and economic ties, India and Gulf Cooperation Council (GCC) today signed a Framework Agreement on Economic Cooperation to explore the possibility of a Free Trade Area between them.
The agreement was inked here by Commerce and Industry Minister Kamal Nath and
Mohammed Al-Sabbah Al-Salem Al Sabbah, the visiting Foreign Minister of Kuwait,
who chairs the Council.
