Corporate Sector News

[RPK]

GMR 1st pvt company to operate airport outside Ind

fullstory

Istanbul (Turkey), Oct 31 (PTI) GMR Group of Bangalore today become the first Indian company to operate an airport abroad with the formal opening of the new terminal building of the Istanbul Sabia Gokcen International airport here.

"With the opening of this airport terminal building a new era of relationship and economic partnership has begun.

This has opened many more avenues for the Indian and Turkish companies to join hands," Civil Aviation Minister Praful Patel said during the inauguration ceremony.

The terminal, built in a record time of the 18 months, was inaugurated by the Prime Minister of Turkey Recep Tayyip Erdogan. Patel and Malaysian Transport Minister, Y B Datuk Seri Ong Tee Keat were also present at the ceremony.

 

[RAM]

TCS bags multi-million Cardiff deal

TCS bags multi-million Cardiff deal

BANGALORE: India's Tata Consultancy Services' contract with Cardiff City Council for technology services is a multi-million dollar deal that will
run over 15 years, a company source said on Tuesday.

Under the deal signed last week, Tata Consultancy will provide a host of IT services for faster and efficient delivery of services in Cardiff.

Tata Consultancy and its rivals such as Infosys Technologies and Wipro are aggressively vying for deals in markets such as Europe and Asia Pacific to cut their dependence on the US, which brings in more than half the sector's revenue.

According to Ovum's Straight Talk service, the deal is reportedly worth £150 million, spanning 15-years.

Under the deal, TCS will help drive the council's mission-critical Strategic Transformational Change Programme.

Tata Consultancy, a part of the diversified Tata Group that spans commodities autos and services businesses, last month beat forecasts with a 29 percent rise in quarterly net profit helped by demand from recession-hit financial customers.

TCS bags multi-million Cardiff deal- Software & Services-News-Indiatimes - Infotech

 

[LETHALFORCE]

ArcelorMittal May Look at Alternative Sites for India Factory - Bloomberg.com

ArcelorMittal May Look at Alternative Sites for India Factory

By Debarati Roy

Nov. 4 (Bloomberg) -- ArcelorMittal, the world’s largest steelmaker, may look at other locations for its proposed factories in India after facing delays for more than four years in securing land and iron ore mines in Jharkhand and Orissa.

“While we appreciate the problems in the states, we are unhappy with the progress,” Vijay Kumar Bhatnagar, the head of ArcelorMittal’s India unit, said today in New Delhi. The Karnataka state government is ready to offer ArcelorMittal an alternate site, Minister of State for Steel A. Sai Prathap said.

The eastern states of Jharkhand, Orissa and Chhattisgarh, which hold 70 percent of India’s coal reserves and 55 percent of its iron ore, have attracted project proposals from global steelmakers including ArcelorMittal and South Korea’s Posco. Land disputes and delays in allocating mining licenses have prevented the companies from starting plants in the region.

ArcelorMittal, which plans to set up two $10 billion factories in India, has been unable to secure land for its projects. The company said in October 2005 it plans to set up a factory with a final capacity of 12 million metric tons in Jharkhand and had announced another plant of the same size in neighboring Orissa state the following year.

No Progress

ArcelorMittal’s Chief Executive Officer Lakshmi Mittal is scouting for alternative locations because no progress is being made at the existing sites, Press Trust of India said on Oct. 28. The company is in talks with the government of the southern state of Karnataka for its project, DNA newspaper reported on Oct. 16, citing unidentified officials.

“The Karnataka government is willing to offer an alternate corridor if Mittal looks to change locations,” Sai Prathap said during a steel conference today in New Delhi.

ArcelorMittal, which secured a permit to mine iron ore in Jharkhand last year, is vying with local rivals including Steel Authority of India Ltd. to win mining rights for the Chiria iron ore reserves in the state, Bhatnagar said.

Posco, South Korea’s biggest steelmaker, announced a plan to set up a $12 billion plant in the eastern state of Orissa in 2005. The company has yet to begin construction of the plant.

To contact the reporter on this story: Debarati Roy in Mumbai at [email protected]
Last Updated: November 4, 2009 03:09 EST

 

[Pintu]

SBI deposit rates cut 25-50 bps

SBI deposit rates cut 25-50 bps
BS Reporter / Mumbai November 07, 2009, 0:50 IST

The bank extends 8% home loan scheme till March.

The country’s biggest lender, State Bank of India (SBI), today slashed interest rates on domestic term deposits by 25-50 basis points (bps) across maturities to reduce cost of funds.

It also extended the tenure of its popular home loan scheme till March 31, 2010.

The fresh cut in deposit rates is being seen as a trade-off for extending the tenure of the home loan scheme.

A senior SBI official said, “Though RBI (Reserve Bank of India) signaled the end of its easy monetary policy, it did not increase policy rates. We do not expect the rates to rise at least till March 2010. In fact, they could dip slightly. The system is flush with resources, which provides us room to slash deposit rates and also extend the tenure of the home loan scheme, which is giving business.”

The new deposit rates will be effective from November 9. This is the eighth cut in deposit rates by SBI in the current financial year.

The steepest drop in rate (of 185 basis points since April) has been for deposits with tenures of one year to less than two years. The new rate for this segment is 6.25 per cent.

The lender’s cost of funds has come down to 6.06 per cent from 6.30 per cent at the end of March 2009. The bank has brought down the share of high-cost bulk deposits in total deposits to 3.6 per cent in September 2009 from 16.82 per cent a year ago.

It shed high-cost bulk deposits to the extent of Rs 49,700 crore in the April-September period.

A slow growth in credit demand and a 200 bps cut in the prime lending rate has hit earnings from interest income. These have put pressure on margins, reflected in a sharp drop in net interest margin from 3.16 per cent (September 2008) to 2.43 per cent.

The State Bank of India official said the home loan segment had brought the bank good business. Sanctions under the segment have crossed Rs 15,000 crore. Outstanding home loans at the end of September were Rs 62,338 crore, up from Rs 50,584 crore a year ago.

For loans up to Rs 5 lakh (of 10-year tenure), SBI charges a fixed rate of 8 per cent for five years. Loans above Rs 5 lakh and up to Rs 50 lakh carry a fixed interest rate of 8 per cent for the first year and 8.5 per cent for second and third years.

 

[Pintu]

http://www.ptinews.com/news/367506_Wal-Mart-looking-at-opening-40-more-stores-in-India

Wal-Mart looking at opening 40 more stores in India

STAFF WRITER 16:27 HRS IST

New Delhi, Nov 8 (PTI) The world's largest retailer Wal-Mart Stores Inc will open 40 more stores in India in the near future, Commerce and Industry Minister Anand Sharma said.

"Wal-Mart is very satisfied with the results in India. I was informed by the Wal-Mart CEO that they are looking at opening more stores. He gave a figure of 40 more stores across the country in the immediate future," Sharma told reporters during the India Economic Summit here.

Wal-Mart chief S Robson Walton met Prime Minister Manmohan Singh and Sharma last week and discussed the Foreign Direct Investment scenario in the retail sector in India.

The government, currently allows 51 per cent FDI in single brand retailing, while foreign players are not allowed to invest in multi-brand format.

Wal-Mart has a cash-and-carry joint venture with Bharti Group and runs the 'Best Price Modern' stores.

 

[RPK]

Renault-Mahindra to open Chennai factory in early next year

New Delhi, Nov 8 (IANS) Despite his Indian alliance not going as smoothly as expected, the head of Japan’s Nissan Motors and France’s Renault SA, Carlos Ghosn said that their joint venture will be opening their factory in south India early next year.
“We will be starting our new plant in Chennai by the end of first quarter of next year,” Ghosn told reporters on the sidelines of the India Economic Summit of the World Economic Forum.

Renault has a partnership with Mahindra and Mahindra for the production of Logan, whose sales have not done as well as expected.

“I am not saying all our performances are going the way we wanted them to, but I never thought we were going to get it right at the first time here,” said Ghosn, adding, “We have patience and we have to learn from experiences”.

Striking an optimistic note, Ghosn further said Indian automobile sales will triple from two million to six million units in the next 10 years. “The whole auto industry is down globally, but India’s exports have been increasing, which is a good sign.”

At the same time, he noted, global sales may have bottomed out. “It looks like we are here hitting a plateau.”

On the alliance of Nissan with Bajaj Motors, Ghosn said that the project for developing a low-cost car as a rival to Tata Nano was still being developed. “Our competitor Tata has already developed such a car, but we continue with our partners for developing this kind of product.”

He noted that the project was not stuck due to any rigidity of the price being at $2,500. “The price may end up being $2,500 or $2,800 or $3,000. We are not stuck on the price.”

 

[Pintu]

BA, Iberia to merge; new co to have $22 bn in revenues

BA, Iberia to merge; new co to have $22 bn in revenues
Press Trust of India / London November 13, 2009, 17:22 IST

British Airways and Spanish carrier Iberia have agreed to merge in all-share deal to create a combined entity of euro 15 billion ($22 billion) in revenues.

Under the terms of the agreement, British Airways will hold 55 per cent in the new entity -- TopCo--and the rest will go to Iberia. TopCo would be registered in Spain but will have the financial headquarters in London. The new firm will be listed on London Stock Exchange.

The boards of the two firms have entered into an MoU for the proposed merger. A joint statement from the two said there would be parity at board and management level.

"The airlines believe there is a compelling strategic rationale for the transaction, which is expected to generate annual synergies of approximately euro 400 million ($595 million), and benefit both companies' shareholders, customers and employees," the statement said.

The announcement of merger between the two loss-making airlines comes at a time when the global aviation industry grappling with the worst crisis it has ever faced.

British Airways Chief Executive Willie Walsh said, "The merger will create a strong European airline well able to compete in the 21st century. Both airlines will retain their brands and heritage while achieving significant synergies as a combined force."

Post merger, which is expected to be completed in late 2010, the combined group will offer customers connections to 205 destinations and would have a fleet of 419 aircraft.

 

[Pintu]

PVR snaps up DT in Rs 62 crore deal - India Business - Biz - The Times of India

PVR snaps up DT in Rs 62 crore deal
TNN 14 November 2009, 12:22am IST

NEW DELHI: Movie theatre chain PVR on Friday acquired DLF-owned DT Cinemas —seven cinema halls in NCR and one in Chandigarh, 29 screens in all -- in a stock-cum-cash deal of Rs 62.2 crore. PVR will run all these multiplexes under PVR Cinemas brand; DT Cinema will now cease to exist.

Also on Friday, the Ajay Bijli promoted PVR sold 10% of its post-diluted equity capital to Thailand-based entertainment company Major Cineplex group, for Rs 42 crore. The company will issue 25.57 lakh new shares to Major Group at Rs 165 per share, around 18% premium to Friday's closing price of Rs 140 per share.

In the deal to acquire DT Cinemas, PVR paid Rs 20.2 crore cash to DLF Ltd. Besides this, it also gave 25.57 lakh new shares, which constituted 10% of the post diluted equity capital of PVR. According to the deal, PVR will also have exclusive rights to operate as a key anchor multiplex partner in all future malls developed by DLF.

Bijli told The Times of India that PVR would run these multiplexes under the revenue-sharing format. Instead of a fixed rental for the real estate, it would pay 15% revenue to DLF. Bijli said this would insulate the company from the ups and downs of the cinema business to a great extent. DLF, on the other hand, decided to sell its cinema business as part of its overall strategy to exit from non-core activities.

At present, DLF has eight film theatres, of which six are operational. The remaining halls are expected to commence operations in the next six months. Besides these, DLF has a plan to develop a number of malls in Delhi (Chankyapuri), Mumbai, Chennai, Hyderabad, Noida, Jalandhar and Lucknow. The deal will enable PVR to further expand its screen count by participating in all these developments. Bijli said that in the next two years, PVR would add around 200 screens, taking its total count to beyond 300 screens from the present 108.

 

[Pintu]

Hyundai plans to invest Rs 800cr for small car - India Business - Biz - The Times of India

Hyundai plans to invest Rs 800cr for small car
TNN 18 November 2009, 02:02am IST

CHENNAI: Buoyed by the success of Santro first and i10 next, Hyundai Motor India Ltd (HMIL) on Tuesday said that it was now developing another small car by investing around Rs 800 crore for the Indian market. The company however did not reveal the launch date or other details of the car under development.

Speaking at a press conference, H W Park, the newly appointed managing director of HMIL said, "Our Korean parent is now working on the new car. It will be smaller than Santro and priced lower than Santro. It will be totally cutting edge technology, well designed car for the Indian customer."

The idea of launching one more car is to capture the growing customer preference for small cars. "As we go forward we would need additional volumes in that space which constitutes 78% of overall passenger car market. The new small car will fit into that space," Arvind Saxena, senior VP - marketing, HMIL said adding that it will not compete with Tata Nano.

Park said that the company hopes to sell 5.60 lakh cars in the calendar year 2009 which will be using the capacity at 90%, of which 2.70 lakh cars would be exported "We hope to have similar production for 2010 as well," he said.

Maintaining that HMIL would continue to be the small car hub for Hyundai globally, Park said, "as we move forward, we would like to re-iterate that India remains and will continue to be a key market for all our growth plans as part of Hyundai's long term commitment to one of the fastest growing economies in the world."

 

[Pintu]

Suzlon sells 35% in Belgian arm Hansen- Market News-Stocks-Markets-The Economic Times

Suzlon sells 35% in Belgian arm Hansen
20 Nov 2009, 0443 hrs IST, ET Bureau

MUMBAI: Suzlon Energy, the world’s third-largest maker of wind turbines, said late Thursday that it has sold a 35% stake in a subsidiary, Hansen Transmissions, for $370 million (or about Rs 1,720 crore at current exchange rates), as part of its efforts to reduce debt.

Suzlon, controlled by Pune-based entrepreneur Tulsi Tanti, has recently restructured a bond issue and has grappled with product recalls. It currently has gross debt totalling Rs 12,500 crore. Thursday’s stake sale will reduce Suzlon’s shareholding in Hansen to 26% from 61%.

Suzlon had bought the Belgium-based company in 2006 for $565 million (about Rs 2,656 crore), in a much-publicised deal that highlighted the synergies that wind turbine maker Suzlon would have with Hansen, a leading maker of wind gear boxes.

However mounting debt, raised primarily to increase shareholding in REpower, another subsidiary, coincided with a slowing global economic environment that ate into demand for wind turbines. REpower, a German company, is the global leader in wind turbine technology and an agreement between the two companies stipulated that Suzlon hold more than 90% in it, for it to use REpower’s technology in markets other than Europe.

“Our acquisition of Hansen was guided by long-range strategic interests that we see being delivered today,” said chairman Tulsi Tanti. Chief operating officer Sumant Sinha said: “We’ll continue with our existing relationship with Hansen which is a strategic supplier for us. All other things including the supply pact and our representation on the Hansen board, will remain unchanged.” Suzlon has two positions on the Hansen board.

Suzlon sold 235 million depository interests, representing equity shares of Hansen, using what bankers refer to as an accelerated book-building process. In this, a shareholder sells a block of shares in an off-market deal or a transaction outside the capital markets, by contacting a bank which undertakes to buy the shares at an agreed price. This price is typically lower than the stock market price. Once the agreement is signed, the bank immediately places the shares with international investors.

Bank of America-Merrill Lynch and Morgan Stanley were the managers and book runners for the issue. Hansen shares are traded on the London Stock Exchange.

“Although we looked at all options, including a private equity deal, we chose to go down the public offer route to sell the stake this time,” said Mr Sinha. This is the second time in a year that Suzlon has offloaded its shareholding in Hansen to reduce its debt. In January, Suzlon sold 10% of its stake to investment firm Ecofin for about Rs 600 crore, in a private equity deal.

Suzlon’s shares rose 2.5% to Rs 75.20 on BSE, compared with a 1.52% drop in the Sensex.

The kind of transaction carried out by Suzlon is referred to as a secondary placement. Under the norms governing such placements, Suzlon can’t sell the remaining 26% of its shareholding in Hansen for at least 6 months. Suzlon Energy, which has a 12.3% of the global wind turbine market, is currently looking at the growing Indian market for higher order flows that have been dwindling in its erstwhile main markers in the West. Suzlon had called off a rights issue last year that was intended to raise funds for debt reduction.

 

[RPK]

British structural steel co inks another Indian JV


British structural steel major Severfield-Rowen has announced the signing of its second joint venture in India to establish a structural metal decking ompany in Mumbai and Bellary (Karnataka). Based in Thirsk, Yorkshire, the company has reached an agreement between JSW Severfield Structures and SMD Asia.

JSW Severfield Structures is a 50:50 joint venture between Severfield-Rowen and JSW Steel in November 2008 for design, production and erection of structural steelwork to principally service Indian markets.

SMD Asia is a limited liability partnership formed by the directors of SMD, a British company, which specialises in design, production and installation of metal decking for construction projects.

In an interim management statement covering the period up to 17 November, Severfield-Rowen said, "in the second half of the year, all group companies are performing operationally in line with expectations, delivering projects on time, with overall group financial projections emerging slightly ahead of management's expectations”.

It said that British demand, as anticipated, is poor in several of the key steel sectors. "While the British market will be very challenging, the company has made evident progress in addressing capacities and costs and is well positioned to grow domestic share. In export markets, the company is demonstrating its competitive capability," it said.

 

[NSG_Blackcats]

RIL all set to make India's biggest ever global acquisition​

New Delhi: Reliance Industries is all set to make the country's biggest global acquisition if it emerges as the successful bidder for bankrupt LyondellBasell-- one of the world's largest polymers, petrochemicals and fuels company. Reliance and LyondellBasell have issued statements confirming a "preliminary non-binding offer" to acquire "a controlling interest" in the world's third largest independent chemical maker.

Though Reliance Industries did not disclose the offer size, industry sources said bid for LyondellBasell would be over USD 12 billion, making it the largest ever acquisition by an Indian firm. The biggest-ever deal involving an Indian company is Tata Steel's takeover of European Corus for USD 12 billion, followed by British telecom giant Vodafone's purchase of a controlling stake in Indian mobile services provider Hutch Essar for about USD 10 billion.

Full Story

 

[Pintu]

Mahindra Satyam feels heat of Rs 1,220 crore extra burden- Software-Infotech-The Economic Times

Mahindra Satyam feels heat of Rs 1,220 crore extra burden
26 Nov 2009, 0053 hrs IST, ET Bureau

HYDERABAD: Mahindra Satyam, the new owner of fraud-hit Satyam Computers, will have to manage an additional burden of Rs 1,220 crore over and above its existing claims and pending law suits after India’s Central Bureau of Investigation (CBI) said on Wednesday B Ramalinga Raju forged board resolutions to borrow money from banks to salvage his company.

However, there were no entries in the software firm’s books to this effect. This money is in addition to the unaccounted Rs 1,230 crore that Raju claimed to have been infused into Satyam by promoters of 37 front companies floated by Raju. Even in this case, there were no entries books.

Vineet Nayyar, executive vice-chairman of Mahindra Satyam, said that liabilities are still limited. “I think we need to distinguish two things. CBI is talking to the extent of fraud, accounting fraud committed what I am talking about our financial liabilities to what we term as Sundry Debtor those are not large, those we can manage, those we can handle,” he told ET NOW.

“Now that fraud is walk down the historical path what was the magnitude of the accounting fraud in the last seven to eight years, was it Rs 7,000 crore, was it Rs 10,000 crore, was that Rs 11,000 crore I assume that is what CBI is referring to but I must say I should not be commenting on it because I have not seen it,” Mr Nayyar added.

On Tuesday, the CBI said the investor loss from the Satyam accounting fraud was worth around Rs 14,000 crore, shares of Satyam plunged by 11% on BSE and financial analysts expressed concerns about the company’s liabilities.

The new investor loss figures released by CBI on Wednesday are nearly 40% higher than earlier estimate of around Rs 7,800 crore scam carried out by the Satyam founder B Ramalinga Raju over the past few years by inflating the company’s revenues and profits.

Analysts tracking the sector said it would be advisable to sell Satyam shares, especially given the uncertainty around the company’s liabilities and the extent of fraud. “We are advising investors to instead buy Tech Mahindra shares,” an analyst at a Mumbai-based financial brokerage firm said on conditions of anonymity.

The CBI filed the second chargesheet against 10 accused in the scam on Tuesday, seven months after it framed Raju and other co-conspirers under various sections of IPC. The document also produced further evidence against the wrong-doers for breach of trust and falsification of accounts in a deal to buy Nipuna Services, now re-named Satyam BPO.

“About 180 crore was diverted to fund this acquisition and dressed Satyam’s accounts while buying shares of Nipuna Services,” CBI DIG Lakshmi Narayana said. Satyam bought Nipuna Services in 2001-02. He was also party to creating fake customers and generating false invoices to inflate revenues of around Rs 430 crore.

The CBI would file separate chargesheets for issues relating to diversion of funds of Satyam Computers and the fraud perpetrated with regard to filing of IT returns of the company and these amount to distinct offences. “While we have recovered about 1,065 properties and 6,000 acres of land, we are waiting for Letters Rogatory from six countries for details on bank transactions and funds thereof,” said Lakshmi Narayana.

 

[Pintu]

Price crash, Corus widen Tata Steel loss- Stocks in News-Stocks-Markets-The Economic Times

Price crash, Corus widen Tata Steel loss
27 Nov 2009, 0417 hrs IST, ET Bureau

MUMBAI: TATA Steel, the world’s sixth-largest steel maker, on Thursday posted worse-than-expected consolidated second-quarter losses due to weak steel prices and lower production at its UK unit, Corus Group.

Mumbai-based Tata Steel said its consolidated net loss in the July-September period totalled Rs 2,710 crore, compared to a net profit of Rs 4,770 crore last year. Revenue in the same period fell 43% to Rs 25,270 crore.

The company said it expected profits to improve in the second part of the year. “In the second half, we’ll see a trend reversal in profit,” said CFO Koushik Chatterjee. Tata Steel, which had a net debt of $9.8 billion on September 30, plans to prepay $180 million by March next year, he added. Prices of global steel prices fell 40% on an average in the three months ended September 30 compared to last year.

Last month, the World Steel Association said steel demand would fall 8.6% this year, though this is much lower than the 15% it predicted in April. Corus, which accounts
for more than 60% of Tata Steel’s output, cut production last year after the financial crisis tightened liquidity and eroded demand due to slower consumption from cars and construction companies.

Shares of Tata Steel fell 3.5% to Rs 543.70 at the close of trading in Mumbai. In comparison, the Sensex fell 2%. “The market was expecting some improvement in the consolidated performance due to a rise in the capacity utilisation and also due to cost-saving initiatives,” said analyst Niraj Shah of Centrum Broking. “The situation hasn’t improved much and problems might persist as the outlook on steel is not yet positive,” he added.

Tata Steel is paring costs by rationalising operations in Europe and restructuring interest payments. The company took one-off charges, related to the restructuring in Europe, amounting to Rs 910 crore in the second quarter.

Corus, which has an annual production capacity of 20 million tonne, has plants in the UK, the Netherlands, Germany, France and Belgium. Capacity utilisation at the plants was 75% in Q2, Corus CEO Kirby Adams said. Tata Steel acquired Corus for about $13 billion in 2007, in a bid to access European and American markets. However, less than a year later, the liquidity meltdown and resulting slowdown led to an erosion of the market in the US and UK.

Earlier in November, Tata Steel issued $546.9 million in new convertible bonds in exchange for bonds worth $493 million as part of a plan to reduce costs and ease repayment obligations.

The new foreign currency convertible bonds will have a yield-to-maturity of 4.5% and will mature in November 2014. The previous bonds had a yield-to-maturity of 5.15% and were due to mature in 2012.

The new bonds are convertible into shares at Rs 605.53 each, while the previous ones were convertible at Rs 733 apiece.

 

[NSG_Blackcats]

Tata Motors posts Q2 profit; JLR volumes rise​

Mumbai: Tata Motors, India's top vehicle maker, on Friday posted an unexpected September quarter consolidated net profit, aided by investment returns and strong volume growth from its British Jaguar Land Rover unit. Jaguar Land Rover (JLR) saw sales volume rise 23 percent from the previous quarter, and Tata Motors said there were signs of improved demand for other key units after a global slump in the auto sector.

"It is a surprise result. We did not expect the turnaround to happen so fast. Prima facie, it looks like the volume growth they had in the quarter and better pricing must have led to this," said Surjit Arora, auto analyst with Prabhudas Lilladher. New JLR products such as the upgraded Land Rover, Range Rover Sports and Discovery 4 were getting a good reception and aggressive cost reduction had also paid off, Tata Motors said.


"The business is witnessing some stability in the external environment with certain key markets showing signs of recovery," it said in a statement. JLR made an operating profit of 41.3 million pounds in the quarter, but with debts of 90 billion rupees (USD 1.9 billion) it made a net loss of 60 million pounds in Tata's fiscal second quarter of the 2009/10 year.

Source

 

[Pintu]

BBC Link on the above mentioned :


BBC News - Jaguar Land Rover see sales rise, boosting Tata profits

Regards

 

[NSG_Blackcats]

Air India incurs Rs 7,226 cr loss in last two fiscals

New Delhi: The government today said the national carrier Air India incurred a loss of Rs 7,226 crore during the last two fiscals.

"Air India had incurred a loss of Rs 2,226.16 crore during 2007-08 and it has expected to incur a loss of Rs 5,000 crore approximately during the year 2008-09," Civil Aviation Minister Praful Patel said in written reply to Rajya Sabha.

The merger of Indian Airlines and Air India is showing its disastrous effect. It is high time GOI disinvest at least 51% of its stake in this PSU.

 

[NSG_Blackcats]

Maruti sales up 84% a year after worst show

New Delhi: Car major Maruti Suzuki Tuesday said sales for November stood at 87,807 units, a rise of 84 percent over the like month last year when the company was hit hardest due to a demand slowdown and sold only 47,704 vehicles.

"November 2008 was an exceptionally low sales month due to impact of economic slowdown. This year's November sales were, however, up 17.1 percent from that in November 2007," the company said in a statement.

For the period April-November, sales grew 29.4 percent over the like period of last year to 646,139 units.

If manufacturing keep up the good show Indian economy will recover from the setback from farm sector (Current Fiscal).

 

[NSG_Blackcats]

GVK picks L T stake in Bangalore airport for Rs.686 cr.

Bangalore: Leading infrastructure developer GVK Power and Infrastructure has acquired 17 percent in Bangalore International Airport Ltd (BIAL) from Larson and Toubro (L&T) for Rs.686 crore (Rs.6.86 billion), the company said Sunday.

According to a statement, the acquisition was priced at Rs.105 per share. Post-acquisition, GVK will hold 29 percent in BIAL and L&T will exit from the consortium.

“The acquisition of additional stake in BIAL is in line with our objective of expanding GVK’s presence in the airport business,” GVK chairman and managing director G.V. Krishna Reddy said in the statement.

 

[NSG_Blackcats]

ONGC Videsh in talks for setting up refinery in Nigeria

ONGC Videsh, the overseas investment arm of state-run Oil and Natural Gas Corporation, is in talks to set up a refinery in Nigeria even as Indian companies look at sourcing LNG from African nations.

“In efforts to broad-base our activities, OVL is discussing setting up a greenfield refinery in Nigeria,” Petroleum Minister Murli Deora said at the second India-Africa Hydrocarbon Conference here today.

Though Deora did not give details, officials said he was referring to the proposal of OVL to build a 1,80,000 barrels per day refinery along with steel baron Lakshmi N Mittal in return for oil blocks.

ONGC-Mittal Energy Ltd (OMEL), the joint venture of OVL and Mittal Investment Sarl, landed two Nigerian blocks - OPL 285 and OPL 279 - in the 2006 round in return for downstream commitments either in power, rail or refining.