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Good Morning India |
17 December 2009 |
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Economic Times · Italy invites Tata Motors, M&M to buy Fiat's Sicilian car unit Italy on Wednesday sought investments from Indian car makers and said it would encourage Tata Motors and Mahindra & Mahindra to take over Fiat's unprofitable car unit in Sicily that is teetering towards shutdown. · Bharti now dials Bangladesh's Warid Bharti Airtel is looking to buy a controlling stake in Bangladesh’s fourth-biggest mobile phone operator Warid Telecom, pressing ahead with its international ambitions just two months after it failed in its second attempt to merge with South Africa’s MTN. · Lapse of SEZ permission not to affect main project: Posco Seeking the Orissa government's help for renewal of its permission for setting up a SEZ along with a 12 mtpa steel plant in the state, Posco India Pvt Ltd on Wednesday clarified that it would not affect the Rs 510 bn main project. · Middle East Coal to invest $1.4 bn in Indonesia Singapore-based, India-oriented Middle East Coal, which owns coal mines in Indonesia, will invest $1.4 bn in the SouthEast Asian country, as part of its deal, to mine coal and ship it to Indian power producers. · Orchid Chemicals to retire $260 mn in short-term debts Orchid Chemicals and Pharmaceuticals, which sold off its pharma business to Hospira for a consideration of $400 mn, plans to use the funds to retire its debt and pursue new growth opportunities. · Apollo Hospitals may hive off business Apollo Hospitals Group, which is currently in the process of rolling out a chain of smaller hospitals in Tier II and III towns under the ‘Apollo Reach’ banner, may hive off this business into a separate company to attract private equity funding. This comes at a time when several global private equity players have shown interest to invest in this venture, Apollo Hospitals Group chairman Prathap C Reddy said. · Sistema looks to raise upto $400 mn from India banks Sistema Shyam Teleservices Ltd (SSTL), the Indian mobile unit of Russian oil-to-telecoms group Sistema, is planning to raise $300-400 million from Indian banks, a top executive said on Wednesday. Business Standard · ONGC lost Rs 47.45 bn on gas sales in 2008-09 ONGC and state explorer Oil India Ltd (OIL) sell gas at government-controlled rates, called the APM (Administered Price Mechanism) price. The APM price for ONGC is Rs 3,200 per thousand cubic metres (or Rs 3.2 per unit).“In 2008-09, our cost of production was Rs 5.87 per cubic metres. Against this, our price realisation was just Rs 3.191 per unit,” a top ONGC official said. ONGC’s total revenue loss on the 17.71 billion cubic metres gas it sold at APM rates last financial year came to Rs 47.45 bn. · Godrej Consumer to raise up to Rs 30 bn The board of Godrej Consumer Products has okayed a proposal to raise up to Rs 30 bn. “The money will be raised in the immediate future to fund acquisitions,” group chairman Adi Godrej told Business Standard. · Bhushan Steel ties up with Sumitomo Bhushan Steel Ltd today signed a technical collaboration and marketing agreement with Sumitomo Metals, Japan’s third-largest steel producer. The two companies are also exploring the setting up of a joint venture for setting up a six-million tonne steel plant at Asansol in West Bengal. · Bajaj Allianz eyes Rs 120 mn premium from Max Gain Bajaj Allianz Life Insurance, one of the leading private life insurance companies, expects to collect Rs 100-120 mn premium in its Berhampur division from its new Unit-Linked Insurance Policy named Max Gain. · RNRL had okayed govt approval in gas deal: RIL Reliance Industries Ltd (RIL) today told the Supreme Court that Reliance Natural Resources Ltd (RNRL) had agreed to the clause on ‘government approval’ (on gas sales) in the discussions that followed the demerger between the Ambani brothers, Mukesh and Anil. Business Line · DLF's consolidated debt to rise Rs 22 bn on arm's integration Real estate company DLF's over all debt will go up by Rs 22 bn as a result of integration of its wholly-owned subsidiary DLF Cyber City Developers Ltd with Caraf Builders & Constructions (a KP Singh company that owns DLF Assets Ltd). · Bajaj Hindustan back in black, posts Rs 690 mn net profit Bajaj Hindustan has reported a net profit of Rs 690 mn in the quarter ended September 30 against a net loss of Rs 870 mn logged in the same period last year. Income from operations was down 13 per cent at Rs 4.31 bn in the quarter under review. · KEC hopes to bag first Rly infra project next month KEC International, part of the Rs 150 bn RPG Group, expects to bag its first composite railway infrastructure development project next month, which would mark the company's foray into a new business segment. · DCM Shriram arm in tech pact with KeyGene Bioseed Research India Pvt Ltd, a 100 per cent owned subsidiary of DCM Shriram Consolidated Ltd (DSCL), has inked a partnership agreement with KeyGene of the Netherlands to access the latter's molecular breeding technology platforms. Mint · Gitanjali Lifestyle to launch retail chain, acquires 76% in Salasar Retail Gitanjali Lifestyle, a unit of India’s largest branded jewelry retailer Gitanjali Gems Ltd, on Wednesday announced it was acquiring a 76% stake in New Delhi-based Salasar Retail Ltd. It will also roll out multi-format retail stores under the ’Maya’ brand, a top company official said. · GSM operators put up a strong show; Idea takes centrestage Multi-SIM (subscriber identification module) ownership and tariff cuts continue to drive net addition in the global system for mobile (GSM) space. Overall GSM net addition, as reported by the Cellular Operators Association of India (COAI), increased 7% month-on-month (m-o-m) to an estimated 11.5 million subscribers in November from 10.8 million in October. DNA · Infosys aims at high-end auto engineering play Infosys Technologies is aiming for a greater share of high-end auto engineering services projects, which provide better margin. Infosys, with about 8,000 employees in its engineering services division, earns about 8-10% from the business. · Electric bike companies eye carbon credits India's transport sector is eyeing a share of carbon offsets business under the Clean Development Mechanism (CDM).
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