Moser Baer Announces Strategic Sourcing Tie-Up With Deutsche Solar

Moser Baer India Ltd has informed that Moser Baer Photo Voltaic Ltd (MBPV), a wholly owned subsidiary of the Company, on February 28, 2007 has announced that it has finalized the tie up, for which discussions had started last year, with Deutsche Solar, a leading global silicon wafer manufacturer, for the supply of silicon wafers. The discussions for this contract had started last year with the German Company. Deutsche Solar is part of the Germany-based Solar World AG Group.We are delighted to have the strategic sourcing relationship established with Deutsche Solar. Over the years we plan to grow this substantially. This arrangement will ensure that we have an assured supply of silicon wafers of top quality at competitive prices. With the agreement, we have secured over 50% of our short to medium term requirement of silicon Commented Ravi Khanna, CEO, Moser Baer Photo Voltaic Ltd.

Cholamandalam Receives Contract For Non-Aviation Cover To Air India

New Delhi: Cholamandalam MS General Insurance, private sector insurance firm, has bagged the mandate to provide non-aviation related insurance cover to Air India for 2007-08. According to the source, the airline has managed to bag a 25 per cent reduction in the insurance pay out while there has been an increase in the cover being provided. The cover will be to the tune of about Rs 1,800 crore. Non-aviation related insurance cover provides protection to building, machinery, equipment and vehicles among others. This year the 12 existing insurance companies including the four public sector and eight private sector companies were in the fray.

Autoline Industries To Acquire 51% Strategic Stake In Stokota NV, Belgium

Autoline Industries Ltd has informed that the Company and Stokota NV have entered into a Memorandum of Understanding to execute a merger of the two Companies where in the Company will acquire a 51% stake in Stokotas Global Operations for a consideration of approximately INR 66.8 Cr in cash and equity.The Company is a Design Engineering Manufacturing solutions provider focused on sheet metal assemblies and formed tubular products, with integrated engineering, tool design and manufacturing facilities, in Pune, India.Key objectives include leveraging:1. The Companys design talent to use the integrated Autoline Stokota design operations as the groups global hub for Engineering Design and development2. The competitive advantage that India has in high-quality low-cost manufacturing, by outsourcing production of assembly parts for Stokota to the Companys production centres and thus improve Stokota and the Companys profitability.

Voltas - FIIs Investments Under Portfolio Investment Scheme

Voltas Ltd has informed that the Shareholders had, vide a Special Resolution passed earlier, approved the increase in the ceiling of FII investments in the Company under the Portfolio Investment Scheme from 24% to 30% of the paid up capital of the Company.Further the Company has also informed that, RBI vide its letter dated February 23, 2007 has advised the Company that the aggregate shareholding of FIIs had reached 28.08% of the paid-up capital of the Company as against a limit of 30%.

FII Activity On Feb 23,2007

The gross equity purchased was Rs.3256.60 (in crores), and the gross debt purchased was 170.20(in crores)The gross equity sold was Rs.3481.80 (in crores), and the gross debt sold was 71(in crores). The net investment of equity was -225.20(in crores) and the net debt investment was Rs99.20(in crores).

FII Activity On Feb 22,2007

The gross equity purchased was Rs.2240 (in crores), and the gross debt purchased was191.80(in crores) The gross equity sold was Rs.2280.20(in crores), and the gross debt sold was 54.60(in crores). The net investment of equity was -40.20(in crores) and the net debt investment was Rs137.20(in crores).

FII Activity On Feb 21,2007

The gross equity purchased was Rs.2005.70(in crores), and the gross debt purchased was Rs nil. The gross equity sold was Rs.1531.80(in crores), and the gross debt sold was 196.20(in crores). The net investment of equity was 473.90(in crores) and the net debt investment was Rs-196.20(in crores).

FII Activity On Feb 21,2007

The gross equity purchased was Rs.1725.50(in crores), and the gross debt purchased was Rs nil. The gross equity sold was Rs.1505.30(in crores), and the gross debt sold was nil.. The net investment of equity was 220.20(in crores) and the net debt investment was nil.

NTPC Signs MoU With KYUSHU Electric Power Company Inc., Japan

National Thermal Power Corporation Ltd (NTPC) has informed that the Company has signed a Memorandum of Understanding (MoU) on February 20, 2007 with KYUSHU Electric Power Company Inc., Japan for establishing an alliance under which experts and information from different areas of the business will be exchanged to promote mutual understanding of the systems, policies, business planning & management and various best practices used by the parties to achieve goals and for exploring the possibility of joint business development.

FII Activity On Feb 19.2007

The gross equity purchased was Rs.3261 (in crores), and the gross debt purchased was 110(in crores)The gross equity sold was Rs.2643.90(in crores), and the gross debt sold was 75(in crores). The net investment of equity was 617.10(in crores) and the net debt investment was Rs35(in crores).

L&T - L&T Infotech Signs MoU With Dassault Systemes

Larsen & Toubro Ltd (L&T) has informed that Larsen & Toubro Infotech Ltd (L&T Infotech), one of the fastest growing IT consulting and services organizations, and a wholly-owned subsidiary of USD 4.5 billion plus the Company, have signed on February 15, 2007, a Memorandum of Understanding (MoU) with Dassault Systèmes (DS), which has head offices in France.The MoU was signed by Mr. V K Magapu, Chief Executive, L&T Infotech: Whole-time Director and Member of the Board, the Company, at Powai, Mumbai, while it was signed by Mr. Bruno Latchague, Executive Vice President, Development and Support, Industry Solutions, Dassault Systémes, in Paris while the interaction was through a video conference.DS is a world leader for Product Lifecycle Management (PLM) software solutions using the power of 3D representation. DS reported revenues of USD 1.48 billion for F.Y. 2006.Under the terms of the MoU, L&T Infotech intends to provide consulting, development and implementation services around DS end-to-end PLM portfolio.

Teledata Informatics Invests USD 105 Million In Singapore Headquartered eSys Technologies

Teledata Informatics Ltd has announced that the Company has strategically invested USD 105 million to acquire majority stake in Singapore headquartered IT Distribution major and PC maker eSys Technologies Pte Ltd.The investment will enable the Company capitalize on the synergy between the Company and eSys which would help accelerate the business levels with tremendous prospect.The Company is a USD 234 million software solutions and services Company with global operations across 15 countries. Since its inception in 1990, the Company has demonstrated a first-rate growth to emerge as the global leader in its markets. The Company has acquired a unique multinational character which is being strengthened with its ever- expanding global network. The Company is one of the fastest growing Indian Companies and is proud to be one among the top 50 software services providers globally.

Vedant Hotels Enters Into An Agreement With Kamat Hotels

Vedant Hotels Ltd has informed that the Company has entered into an Agreement with Kamat Hotels (India) Ltd for Management / operation of The Hotel Vedant at Aurangabad, Maharashtra, for a period of 10 years beginning from February 16, 2007.As per the terms of the agreement, the Hotel will be renamed as Lotus Vedant.The management is of the opinion that, in the long run, this association will prove to be mutually beneficial.The Repairs and Refurbishment of the Hotel is currently in progress.

FII Activity On Feb 14,2007

The gross equity purchased was Rs.2602.60(in crores), and the gross debt purchased was 0.10(in crores)The gross equity sold was Rs. 2842.10(in crores), and the gross debt sold was 25(in crores). The net investment of equity was -239.50(in crores) and the net debt investment was Rs-24.90(in crores).

FII Activity On Feb13,2007

The gross equity purchased was Rs.2323 (in crores), and the gross debt purchased was 684.60(in crores)The gross equity sold was Rs.2104.30(in crores), and the gross debt sold was 164.80(in crores). The net investment of equity was 218.70(in crores) and the net debt investment was Rs519.80(in crores).

FII Activity on Feb 12,2007

The gross equity purchased was Rs.2518.10 (in crores), and the gross debt purchased was 488.40(in crores). The gross equity sold was Rs.2243.50 (in crores), and the gross debt sold was 50.60(in crores). The net investment of equity was 274.60(in crores) and the net debt investment was Rs437.80(in crores).

Sunil Hitech Secures Orders Worth Rs 62.88 Cr

Sunil Hitech Engineers Ltd has informed that the Company has bagged various Projects amounting to Rs 62.88 Cr. and the execution period for the contracts is about two years. The details of the above mentioned orders are as under:
1. Two of the projects include Structural Steel works for RINL Visakapatnam worth Rs25.32 Cr. by which the Company has forayed into infrastructural Development for steel plant.
2. One Project is from BHEL for Erection work of Boiler 1 x 125 MW at Mangrol Dist: Gujarat, worth Rs 11.95 Cr.
3. The Company has also bagged Project from PLL for Structural steel works of 2 X 250 MW at Chhabra, worth Rs 16.34 Cr.
4. Also one order from RRVUNAL for Structural steel work for 1 X 195 MW Unit having worth Rs 9.27 Cr.
Presently the Company is having a total Order book Position of Rs 512.53 Cr. in hand.

FII Activity On Feb 9,2007

The gross equity purchased was Rs.2562.70 (in crores), and the gross debt purchased was 351.70(in crores). The gross equity sold was Rs.1863.80 (in crores), and the gross debt sold nil. The net investment of equity was 698.90(in crores) and the net debt investment was Rs351.70(in crores).

Garware Offshore Signs MOU With Havyard Leirvik AS

Garware Offshore Services Ltd has informed that the Company has signed a Memorandum of Understanding (MOU) with Havyard Leirvik AS, a Yard in Norway, for exclusive representation for the marketing and sale of Ships built by Havyard Leirvik A.S. and Ship Designs produced by Havyard Maritime A.S., a part of the Havyard Group to Indian Shipping Companies and Indian Yards.Havyard Leirvik A.S. is one of the largest Shipbuilding Yards in Europe, based in Norway.As a result of this MOU, the Company and Havyard Maritime A.S., have received an order for 4 Nos. Havyard 842 design to ABG Shipyard Ltd., India. This will result in a new revenue segment for the Company.The Company is also planning to set up a first of its kind Knowledge Process Outsourcing (KPO) for Workshop Design Centre in India in collaboration with Havyard Leirvik AS which will design all types of Marine assets. In view of the pool of Software Design talent available in the Country and the experience and knowledge that Company has in Offshore & Shipping Industry, the Company expects an impressive growth in this segment.

Karnataka Bank Rolls Out New Scheme

Mangalore: Karnataka Bank Ltd has come out with one more deposit scheme with a higher interest rate offer. The scheme will be effective from February 12. The new deposit scheme for 600 days carries an interest of 9.25 per cent. In this scheme, senior citizens will get an interest of 10 per cent for their deposit of 600 days. The bank, which had earlier unveiled two deposit schemes for 365 days at 8.25 per cent interest and 450 days at 8.50 per cent interest, has also decided to offer 0.75 percentage point more for fresh deposits of senior citizens.

FII Activity On Feb 7,2007

The gross equity purchased was Rs.3104.90(in crores), and the gross debt purchased was 49.70(in crores) The gross equity sold was Rs.2448.90 (in crores), and the gross debt sold was166.40(in crores). The net investment of equity was 656(in crores) and the net debt investment was Rs-116.70(in crores).

L&T Sets Up Ready-Mix Concrete Unit In Dubai

Larsen & Toubro Ltd has set up a ready-mix concrete (RMC) plant with a production capacity of 2,000 cubic metres per day in Jebel Ali, Dubai. The project is in joint venture with local partner Al Minwal Trading. According to the source, the cost of the project is pegged at around Rs 60 crore. We are eyeing a 10 per cent market share in the United Arab Emirates by 2010. Engineering Construction and Contracts, L&T''s construction division, will operate the plant in the UAE. L&T also proposes to expand RMC operations in the other Emirates, specifically Abu Dhabi and Ras Khaimah as well as in Sohar and Muscat in Oman.

Intense Technologies Inks Agreement With Comverse Inc

Intense Technologies Ltd has announced a partnership agreement with Comverse, one of the worlds leading suppliers of software and systems enabling network-based multimedia enhanced communication and billing services.Speaking to the press on this occasion, Mr. CK Shastri, Managing Director of the Company said, We are really excited about this partnership and are sure that it will enable us to offer our cutting-edge solutions and services to a larger number of clients across the world, thanks to Comverses phenomenal reach and specialist expertise.Elaborating on the partnership, Mr. CK Shastri also said, This is a co-marketing partnership and we will together evolve go-to-market initiatives that effectively leverage our mutual competences and expertise. Under this agreement, Comverse will co-market our solutions as complementary to its own products, custom developed products and other third party products.Mr. Shastri also added, While solidly entrenched in the Indian Telecom space, our flagship solution ReportSuite has already been chosen by a number of global Telecom Service Providers of note. We are sure that our co-marketing partnership with Comverse will further accelerate the implementation of our products and solutions worldwide.Elaborating further on the success of ReportSuite, Mr. Shastri explained, We have always believed in creating solutions that address the current business realities of Companies vis-a-vis IT investment spend, ageing applications and infrastructure, change management, etc. This is exactly the reason why ReportSuite is proving to be a stupendous success - because it delivers a huge Return on Investment and also empowers the conversion of enterprise captive data into process, consumer and marketing competitive advantages.

FII Activity on Feb 5,2007

The gross equity purchased was Rs.3927.40 (in crores), and the gross debt purchased was Rs nil. The gross equity sold was Rs.3262.80 (in crores), and the gross debt sold was 97.80(in crores). The net investment of equity was 664.60(in crores) and the net debt investment was Rs-97.80(in crores).

Irda Likely To Relax Money Mart Guidelines

The domestic money market likely to get a booster with the Insurance Regulatory and Development Authority (Irda) may increase the proportion of investments made by insurance companies in money market instruments. The regulator may increase the slab for investments to be made by insurance companies in money market instruments to a high of 40-50% of total assets under management from the present 20 per cent. The freedom to infuse more in money market instruments will be for those policies which are nearing maturity. Money market instruments are very short term in nature with less than one year of maturity and ensure maximum liquidity. Such instruments comprise treasury bills, certificates of deposits, commercial papers, repurchase agreements (repo and reverse repo) and the like. In its discussions with market participants, the Irda has observed that the restrictive guidelines for insurance companies investments make it difficult for them to meet the redemption pressure once policies near maturity. Meanwhile, the regulator, in pushing forward the second generation of reforms for the insurance sector, has decided to make the solvency ratio risk-based. The Irda will prescribe solvency ratio-linked criteria, when the promoters decide to invest additional capital to resurrect their company.

Govt To Invest 723 cr For HMT''s Revival

The government on Thursday decided to inject Rs 723 crore through a mix of instruments including preference shares, equity share capital and loan for reviving the ailing HMT Machine Tools Limited by forming a joint venture. The revival package, which was cleared by the cabinet committee on economic affairs (CCEA), involves Rs 443 crore as preference share capital, Rs 180 crore as equity share capital and a special non-plan loan for funding the voluntary retirement scheme (VRS).The joint venture partner will be identified as early as possible, Finance Minister P Chidambaram told reporters after the cabinet meeting. The details of the joint venture are yet to be worked out, he said.With the restructuring of the company, its balance sheet including the debt equity ration will improve, said Chidambaram.He, however, made it to clear that there was no proposal for outright sell or privatisation of HMT.He said the issue of negative net worth of the company would be addressed through repayment of long term loans and discharge of old liabilities.As a result of the Voluntary Retirement Scheme, the wage bill of the company would be reduced and profit margins improved.The restructuring will also result into reduction of the accumulated losses while critical manufacturing facilities will be upgraded.

HCL Technologies - OMX Extends Collaboration With The Company

HCL Technologies Ltd has informed that the Company has signed an agreement with OMX, the leading expert in the exchange industry, to extend its existing collaboration. The Company will take on the responsibility for the development, maintenance and support of securities management systems used by banks and brokers.In August 2005, OMX announced the focusing of its technology business through the divestment of operations targeting banks and brokerages within the Banks & Brokers business area. Following the agreement with the Company, a smaller part of the former Banks & Brokers business area remains, consisting of the UK operations in securities administration services.Rajeev Sawhney, corporate vice president, of the Company, comments: Were delighted to be extending our working relationship with OMX further still. Our specialist still set and sector experience make us an ideal partner and well be helping OMX to drive through benefits such as a more efficient and secure service. The agreement highlights HCLs expertise in the financial services sector and our continued commitment to developing value-add technology solutions to meet the specific needs of our customers.

Mahindra & Mahindra Acquires a Leading German Forging Company Schoneweiss & Co. GmbH

Mahindra & Mahindra Ltd has informed that, on January 29, 2007, the Company through its subsidiary Mahindra Forgings Global Ltd based in Mauritius has acquired 90.47% stake in Schoneweiss & Co. GmbH, a leading company in the forgings sector in Germany. The transaction was consummated on January 01, 2007.Schoneweiss is a family-owned German company with over 140 years of experience in the forging sector. It is one of the top five axle beam manufacturers in the world and specializes in suspension, power train and engine parts. The company has forging capacity of 50,000 tpa and turnover of Euro 90 mn (for CY 2005). Its top customers include the DaimierChrysler Group, MAN, Scania and Volkswagen. Schoneweiss has three manufacturing plants in Hagen and Gevelsberg, Germany with a total manpower of 550 people.Mr. Anand Mahindra, Vice Chairman & Managing Director, of the Company said, This acquisition creates for us a strong European base as it is fully harmonious with our existing presence in Germany through Jaco AG. We are now well on the path to capitalise on and consolidate our position towards becoming a globally significant player in the forgings business. Also by expanding Mahindras Design to Delivery bandwidth in the components space, Schoneweiss would be a huge step in the Mahindras evolution as the first fully integrated auto component provider from India.Mr. Harald Korte and Andreas Voss, members of two of the founding families and driving force behind Schoneweiss will continue as shareholders of Schoneweiss and continue to be in its Advisory Board and work with the Company as Managing Director respectively. Their expertise and strong customer and supplier relationships will help the Company at higher growth trajectory.Kotak Investment Banking, Mumbai and M&A International GmbH, Kronberg, Germany advised the Company while InterFinanz, Dusseldorf acted as consultants for the Schoneweiss Group.

Volvo To Establish Bus Body Manufacturing Plant In Bangalore

Mumbai: Volvo India Bus Technologies Ltd, a 70:30 joint venture between Volvo India and JAICO (bus body manufacturers) will set up a bus body manufacturing plant in Hoskote, Bangalore. The subsidiary will infuse Rs 50 crore in the new plant, which will have an annual production capacity of 1,000 buses on a double-shift basis. The plant will build complete buses for the local as well as the export markets. The company has been exporting to Sri Lanka and Bangladesh, and plans to export to neighbouring countries in West Asia and Africa. In the domestic market, the company sold 400 units in 2006 and has a sales target of 600 units this year. With an ex-showroom, Mumbai price of Rs 64 lakh, it is the first model in the heavy commercial vehicle segment that has the CRDi diesel engine technology. The new model (third-generation) is Euro-III compliant (emission norms) that churns out 290HP (horsepower).