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SEBI makes IPO grading must
Pvt auto cos to build armoured vehicles for Indian Army
Indian organic tea heads for Canada
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Nectar Lifesciences to invest Rs 900 cr in Punjab
e-filing of returns by dealers soon
Norms for foreign investment in preference shares
Export target unrealistic, says Assocham
Bank Account
Malaysian tycoon to take over Maxis
Prudential to hire 10,000 in India
Yahoo to buy rest of Right Media
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SEBI makes IPO grading must
Mumbai, April 30 The grading, to be done by the SEBI-registered credit rating agencies, would be applicable to all IPOs for which offer documents are filed after April 30, SEBI said in a circular issued here today. Further, as per the new guidelines, only companies having listed history of at least one year would be allowed to make qualified institutional placements (QIP). The regulator also said companies would be required to obtain grading from at least one rating agency and disclose the grades in the prospectus, issue advertisements and all other places where the issuer is advertising for the IPO. SEBI has accordingly amended the Disclosure and Investor Protection (DIP) guidelines to incorporate the changes. Expenses incurred for grading of IPOs would have to be borne by the issuer, the guidelines said. SEBI also amended the norms for preferential allotment. It said companies with listed history of less than six months would be enabled to make preferential allotment, subject to certain conditions like compliance with modified pricing and disclosure norms. At present, companies with a listed history of at least six months are allowed to make preferential allotment. The regulator further said securities pledged with banks or financial institutions as collateral security will not be eligible for computation of promoter's contribution. SEBI also said it would provide more clarity with regard to promoters' contribution.
— PTI |
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Pvt auto cos to build armoured vehicles for Indian Army
New Delhi, April 30 It will mark the entry of the private sector into specialised defence production, so far the monopoly of public sector organisations like Hindustan Aeronautics (HAL) and DRDO. Though neither Tata nor Mahindra have so far been awarded any contracts to build armoured troop carriers as yet, they will be allowed to tie up with international partners and bid for contracts put out by the defence ministry, sources said. To begin with, the two companies would be allowed to bid to design and manufacture a mid-segment vehicle weighing 3.5 to 5 tonne. The first phase of the contract will see the winner supply 2,500 vehicles, increasing the output to 8,000 vehicles in five to seven years time, sources say. As of now, neither M&M nor Tata Motors have the expertise to build such vehicles from indigenous technology, according to officials. Foreign partners like the British BAE Systems are expected to partner with the company which bags the contract. The Tatas, however, have an advantage over the Mahindras following the acquisition of Daewoo's truck division. Company representatives have reportedly told the defence ministry that the Korean technology allows Tata Motors to build heavy trucks that fit the requirements of the army description. The Tatas are looking to expand into other areas of the defence sector, say sources. The company is said to be talks with Israel`s Rafael Armament Development Authority Ltd to bid for the supply of defence systems to the Indian Army. Defence sources say, the Tatas are keen on building high technology equipment like anti-aircraft weapon systems with foreign collaboration. Last month, M.N. Bhagwat, chairman (strategic council), Tata Power Strategic Electronics Division, told the media that the Tata group has earmarked Rs 1,000 crore for defence-related projects over the next year. Other projects the Tatas are looking at includes modernisation of the Indian Army's artillery systems which date back to the Soviet era. The government is also pursuing a public-private partnership model in the defence production. The Defence Research and Development Organisation (DRDO), for instance, is said to be in talks with some of the private companies for technology transfer as part of a joint production agreement, sources say. DRDO may even manufacture missile systems in these joint ventures, according to well placed sources. |
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Indian organic tea heads for Canada
Guwahati, April 30 The first consignment of 200 kg of the organic tea variety called ‘Phalap’ in tribal dialect is likely to be shipped to Canada this month, thanks to the skill of tribal tea planters from Singpho tribe in eastern Assam in manufacturing organic tea in a traditional way. ‘Phalap’ in Singpho dialect means tea (organic). The tea variety is manufactured in the most primitive way sans using any machinery. Tea leaves are crushed inside a bamboo pipe and then smoked dry. The process leaves a special flavour in the tea, according to Rajesh Singphou, an enterprising tea farmer from Singphou community and the key man behind the venture. The hand-processed Singpho tea will be initially sold through three leading stores in Canada — Special Tea, Creek More Coffee and Tea Centre — under the brand name Phalap, thanks to endeavour of an NGO called Fertile Ground and Small Tea, a leading company of Canada. “We manufacture tea without using machines so that the nutrients remain intact and the bamboo pipe provides a special flavour in the tea,” Singpho said. Because of the unique difference in quality and flavour, tea manufactured by Singpho tribe has the potential to compete with tea manufactured in China and Sri Lanka. Manufacturing tea in their traditional way is livelihood for about 200 young tea farmers from Singpho community in Margherita. They produce organic tea without using any fertiliser. |
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Nectar Lifesciences to invest Rs 900 cr in Punjab
Chandigarh, April 30 In a meeting with Punjab Chief Minister Parkash Singh Badal, Sanjiv Goyal, chairman of the company, offered to invest in two textile units, to be set up at Garhshankar in Hoshiarpur district and at Basauli, near Lalru. The company has already identified about 250 acres of land at the two locations. The two units would be "composite textile units conforming to global standards for manufacturing cotton and blended yarns, both gray and dye-based high quality garments". These projects would be commissioned in two phases and the investment would be made over a period of three to five years. The proposed composite textile mills shall have spinning, weaving and processing and woven garments divisions and the first phase would be completed with a capital of about Rs 450 crore. Phase two, comprising spinning, knitting and processing and knitted garments divisions would also be commissioned with an outlay of Rs 450 crore. The units would have the-state-of-the-art technology. Goyal informed the chief minister that work on the first phase of the project would begin in July and would be completed by 2009. |
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e-filing of returns by dealers soon
New Delhi, April 30 Punjab chief secretary Ramesh Inder Singh, who was here for the chief secretaries summit, said they had connected all its excise and taxation offices for online working. The state has approved e-procurement policy and framework. The selection of technology partner is under process and it is going to be implemented soon. He also said the state government was implementing computerisation of land records and computerisation of driving licences and registration of vehicles is ready for being rolled out in the entire state. He said the process to open 2,100 common service centres (one in six villages) for providing various government services and other business services to the citizens is under implementation. On the power situation in the state, he said private sector investment in power generation would be facilitated by the new government led by the Shiormani Akali Dal. |
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Norms for foreign investment in preference shares
New Delhi, April 30 This would be included in calculating foreign equity for purposes of sectoral caps on foreign equity, where such caps have been prescribed, according to fresh guidelines issued by the ministry of finance in supersession of Press Note [F.No.17/3/97-NRJ] dated 31st l July, 1997, containing the guidelines for Indian companies for mobilising foreign investment through issue of preference shares for financial projects/ industries. The fresh guidelines also made it clear that foreign investment coming as any other type of preference shares would be considered as debt and shall require conforming to ECB guidelines / ECB caps. Any foreign investment as non-convertible or optionally convertible or partially convertible preference shares as on and up to today (April 30, 2007) would continue to be outside the sectoral cap till their current maturity. |
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Export target unrealistic, says Assocham
New Delhi, April 30 According to Assocham Business Barometer (ABB) survey, 79 per cent of the exporters surveyed on the prospects of exports in the current fiscal concluded that these were too ambitious to achieve. The appreciated rupee was a matter of concern for 59 per cent of exporters, who wanted the RBI intervention to check rupee surge as appreciation of the Indian currency against the dollar was making the exports non-competitive. As many as 80 per cent of exporters surveyed felt that further hardening of rupee might lead to a slower growth in their respective fields and in that scenario the expected growth in exports as a whole would be only around 10 per cent. The ABB notes “RBI annual policy 2007-08 doesn’t address the problem faced by the exporters”. Fifty-five per cent of the respondents felt that global slowdown is also one of the reasons for slack in exports growth and the slowing down of EU and the US economy was a major concern. Sixty per cent felt the growth in the exports would be around 10 per cent to 15 per cent in the current fiscal year. The respondents wanted the government to make note of realities like hardening rupee, increasing interest rates, poor infrastructure facilities and increasing high transaction costs. “All these are making the Indian products uncompetitive in the global market .The government should facilitate trade with other potential countries on a proactive basis,” said Assocham president Venugopal N. Dhoot while releasing the survey. The ABB surveyed exporters, export promotion councils and commodity boards in India, to find out their views and whether the export target of $160 billion was achievable or not. Four hundred exporters, both small and large, were surveyed from diverse export background. Simultaneously, the ABB team also conducted secondary research on the major export destinations of India to check conduciveness for a robust export target growth of $160 billion set in the FTP 2007-08. |
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RComm to invest Rs 10,000 cr
Mumbai, April 30 For the fiscal 2007, the company registered a 612 per cent hike in net profit at Rs 3,163 crore while revenues went up 34 per cent at Rs 14,468 crore. The company's net worth stood at Rs 22,390 crore. It has declared a maiden dividend of 10 per cent involving an outlay of Rs 120 crore. HLL net at Rs 393 cr
FMCG major, Hindustan Lever today posted a net profit of Rs 392.89 crore for the quarter ended March 31, against Rs 442.86 crore for the same quarter last year. The total income of the company was Rs 3,275.12 crore for the first quarter ended March 31, against Rs 2,867.41 crore for the corresponding quarter a year ago, Hindustan Lever informed the BSE. Nestle India
Nestle India today posted 22.39 per cent increase in the net profit at Rs 108.45 crore for the quarter ended March 31, as compared to Rs 88.61 crore for the same quarter last year. The total income (net of excise) of the company grew 27.76 per cent to Rs 870.03 crore for the quarter ended March 31. Nucleus Software
The banking software solutions provider Nucleus Software today reported a 27.98 per cent growth in the net profit to Rs 13.95 crore for the fourth quarter ended March 31, against Rs 10.90 crore for the same period a year ago. The revenues for the January-March quarter stood at Rs 60.16 crore, up by 42.93 per cent over Rs 42.09 crore registered in the corresponding quarter of 2006, a company statement said. MindTree Consulting
An IT firm, MindTree Consulting Ltd has clocked a net profit of 90.05 crore during fiscal 2006-07, up 66.1 per cent over Rs 54.21 crore in the previous fiscal. The revenues increased by 31.5 per cent to Rs 590.35 crore in the year ended March 31 from Rs 448.80 crore last year, the company chairman and the MD, Ashok Soota said today. Bharat Electronics
The premier defence PSU, Bharat Electronics Ltd (BEL), today reported over 27 per cent growth in the net profit to Rs 357.12 crore for the fourth quarter ended March 31, as compared to Rs 280.91 crore in the same period a year ago. The Total income (net of excise) of the company increased to Rs 1,791.60 crore for the January-March quarter, registering an increase of around 13 per cent over Rs 1,589.24 crore for the corresponding period last fiscal.
— Agencies |
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Corporation Bank dividend 50 pc
New Delhi, April 30 The board of directors of the bank have declared a final dividend of 50 per cent for the year 2006-07 subject to shareholders’ approval. With this, the total dividend payout by the bank for the year 2006-07, including the interim dividend at 40 per cent already paid, would be 90 per cent. For the year ended March 31, the bank recorded a net profit of Rs 536.14 and the total income was Rs 3,996 crore. BoB
net up
The Bank of Baroda (BoB) has posted a net profit of Rs 245.66 crore and the total income was Rs 2912.36 crore for the fourth quarter ended March 31. For the year ended March 31, the bank recorded a net profit of Rs 1026.47 crore and the total income was Rs 10385.88 crore. ICICI Bank
India’s second largest lender, ICICI Bank has reported a 4 per cent increase in its net profit at Rs 825 crore for the quarter ended March 31, 2007 and the bank’s total income increased to Rs 8,495.52 crore. The board has also approved equity capital raising of about Rs 20,000 crore. Andhra Bank
Andhra Bank has reported a net profit of Rs 138.77 crore for the fourth quarter ended March 31, 2007, up 0.13 per cent compared to Rs 138.59 crore in the same period a year ago. Total income of the bank rose by over 30 per cent to Rs 1,108.33 crore for the January-March quarter, against Rs 850.21 crore for the corresponding period in 2006, Andhra Bank informed the BSE. The bank has recommended a final dividend of 18 per cent in addition to interim dividend of 20 per cent paid earlier. Meanwhile, the bank has launched a new 400-day deposit scheme, AB Excel, with an interest rate of 9.75 per cent per annum for general public and 10.25 per cent per annum for senior citizens. The scheme has both interest payout and cumulative options and all other features of the bank’s normal term deposit schemes. There is no stipulation of any lock-in period and minimum deposit amount under the scheme. It has also increased the interest rates on its normal term deposit schemes with the highest rate being 9.5 per cent for general public and 10 per cent for senior citizens for deposit periods of 5 years and above. Bank of M’rashtra
Bank of Maharashtra has posted a profit of Rs 75.27 crore for the quarter ended March 31, 2007, against a loss of Rs 33.41 crore in the same period a year ago. Total income of the lender stood at Rs 852.99 crore for the quarter, against Rs 620.98 crore in the same period last fiscal. Vijaya Bank net up
The year-on-year net profit of Vijaya Bank grew by 161.14 per cent for the year ended March 31, 2007, at Rs 331.34 crore as against Rs 126.88 crore. Net profit for Q4 stood at rs 63.65 crore, recording growth of 284 per cent over corresponding quarter last year. Total business of the bank stood at Rs 62,248 crore as on March 31, 2007, a 39 per cent increase against previous year.
— Agencies, TNS |
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Malaysian tycoon to take over Maxis
Kuala Lumpur, April 30 Krishnan, who already controls 46.5 per cent stake in the Malaysia’s largest mobile firm, Maxis Communications, would launch a takeover offer for the remaining shares by May 3, said a regulatory filing on Kuala Lumpur Stock Exchange. The offer, being made through Krishnan-promoted Usaha Tegasis, was estimated to be worth over $ five billion based on Maxis’ current market value of $ 9.4 billion. Besides, market analysts believe there could be a premium of 20-30 per cent over the current share price, which could take the deal value to over $ 6.5 billion. Earlier this month, Maxis announced plans to invest $ 3 billion in its Indian operations over the next five years. In February, Aircel Ltd, in which Maxis owns about 74 per cent stake, had said it targeted to double its subscriber base to eight million in 2007.
— PTI |
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Prudential to hire 10,000 in India
London, April 30 Shikha Sharma, chief executive of ICICI Prudential Life, said she expected to have a workforce of 27,000 by next March, compared to 16,300 last year and 7,700 two years ago. ICICI Presidential Life, a joint venture between Prudential and ICICI, India's second-largest private bank, was set up six years ago. The former holds a stake of 26 per cent in ICICI Prudential life. She said the company targets India's growing ranks of affluent people and eyes the health-care sector.
— PTI |
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Yahoo to buy rest of Right Media
San Francisco, April 30 Yahoo took a 20 per cent stake last October in privately held, New York-based Right Media, which was founded in 2003. Shareholders of Right Media would be paid roughly in equal parts in cash and stock, and the employee stock options and other equity awards would be assumed by Yahoo, Yahoo said today. The Right Media Exchange is the industry’s largest emerging online advertising exchange, which serves up banner ads and other ad formats to less-trafficked parts of Web sites than traditional premium ad networks, which target busy Web sites.
— Reuters |
CPI-IW dips JSW Steel Binani Cement Satyam centre Bharati Shipyard Ashok Leyland Servo Swaraj Network l8 plan Markets closed |
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