Bharati Shipyard Signs Contract With Great Offshore

Bharati Shipyard Ltd has announced that the Company has signed a contract with GREAT OFFSHORE LTD for construction and supply of One Multipurpose Offshore Support Vessel. The Contract value of the vessel is US $64.80 million (i.e. App. Rs 266.32 crore).The vessel has a diesel electric propulsion system with 5 generators of a total power of 10500 KW (14000HP). The vessel has all the equipment to support ROV / Diving / Sub sea operations. The power would be used to drive two Azimuth frequency controlled thrusters of 6600 KW and two retractable frequency controlled thrusters of 3000 KW.

SKF To Infuse Rs 150Cr In Uttarakhand Plant

Mumbai: SKF India will be investing over Rs 150 crore in establishing a new manufacturing site in Haridwar, Uttarakhand. Situated over an area of 40,000 sq.m, the new bearing factory is likely to increase the existing ball bearing capacity by more than one-third. Uttarakhand is an emerging industrial hub within the country. SKF''s move to increase production capacity signifies its commitment to serve its customers effectively. In February this year, the company unveiled its range of power transmission products offering customers an integrated solution for all their transmission needs.

FII activity On April 26,2007

The gross equity purchased was Rs.3610 (in crores), and the gross debt purchased was nil.The gross equity sold was Rs.2648.50 (in crores), and the gross debt sold was nil. The net investment of equity was 961.50(in crores) and the net debt investment was nil.

FII Activity On April 25,2007

The gross equity purchased was Rs.3283.40 (in crores), and the gross debt purchased was Rs nil. The gross equity sold was Rs.2781.90 (in crores), and the gross debt sold was nil. The net investment of equity was 501.50(in crores) and the net debt investment was nil.

Eicher Motors - Acquisition Of Hoff & Associates, USA

Eicher Motors Ltd has informed that the Company has acquired 100% equity shares of Hoff and Associates, Plymouth, Michigan USA along with its two 100% owned subsidiaries in Beijing and Shanghai, China.A professional services organization founded in 1990, Hoff and Associates delivers comprehensive engineering solutions. Utilizing sophisticated computerized design, modeling, and analysis tools, Hoff and Associates has achieved significant success addressing the needs of aerospace, automotive, semiconductor, medical, marine and plastics industries.

Blue Star To Acquire Naseer Electricals

Bangalore: Blue Star, the Rs 2,000-crore commercial airconditioning company, is planning to acquire electrical contractor Naseer Electricals for over Rs 100 crore. The company was looking at an established electrical contractor, which can give it access to clients at the conceptual stage when a building is planned. Blue Star said the company was planning to buy Naseer Electricals for backward integration. The Blue Star was getting offers for tie-ups and acquisitions. Blue Star had worked with Naseer Electricals on a few projects in South India. Naseer Electricals has worked with well-known realty developers such as Prestige Group, Brigade, India Builders, executing close to 500 projects for a host of clients such as Motorola, Cisco, HP, Lucent, Wipro, among others. Blue Star looks after the airconditioning needs of corporate and commercial customers and has established itself in the field of commercial refrigeration equipment ranging from water coolers to cold storages.

Vedanta Acquires 51Pc In Sesa Goa For Rs 4,070Cr

Mumbai: Non-ferrous metals major Vedanta Resources appears to be preparing itself to get into steel making business to make itself a completely diversified metals and mining group. The Anil Agarwal-founded Vedanta Resources, a London-listed company, flagged off its new pursuit on April 24, by purchasing a controlling stake of 51 per cent in Sesa Goa Ltd. Vedanta, which owns 72.3 per stake in Sterlite Industries, declared the take over of the 51 per cent stake in Sesa Goa owned by Japan''s Mitsui for $981 million (around Rs 4,070 crore), implying a price of Rs 2,036 per share.

FII Activity On April 24,2007

The gross equity purchased was Rs.1907.70(in crores), and the gross debt purchased was Rs nil. The gross equity sold was Rs.1976.20 (in crores), and the gross debt sold was 53.60(in crores). The net investment of equity was -68.50(in crores) and the net debt investment was Rs-53.60(in crores).

Matsushita Takes 80% In Anchor

Mumbai: Matsushita Electric Works (MEW) of Japan, owners of the National and Panasonic brands, has purchased 80 per cent equity stake in the privately held Anchor Electricals for Rs 2,000 crore. The deal is the largest overseas take over for MEW, the previous one being a German company for around Rs 1,000 crore. Anchor is the market leader in the Indian electrical accessories and wiring devices market with annual sales exceeding Rs 900 crore. MEW will introduce new products such as home appliances, lighting, home automation, interior design solutions and security systems and security products in India. Post the joint venture, the Anchor brand name and logo will continue.

Siemens To Acquire Majority Stake In IMetrex Technologies Ltd

Siemens Ltd on April 23, 2007 has announced that it will acquire a 77% stake in iMetrex Technologies Ltd. Based in Chennai, iMetrex is a leading provider of products and solutions in the areas of electronic security, safety and building automation systems. Besides India, the Company also has operations in Ireland, UK, Singapore and Hong Kong. With this acquisition, the Company will consolidate its building technologies business and strengthen its already leading position.At its meeting held on April 23, 2007, the Companys Board has approved the proposal to acquire a 77% stake in iMetrex Technologies. Under the share purchase agreement, the Company will have the option of acquiring balance stake of 23% in the next five years. The Board has also approved the integration of its Building Technologies business (SBT) into the newly acquired Company, proposed to be known as Siemens Building Technologies Ltd. This new Company, will be a subsidiary of the Company, India and will be headed by Mr. Anand Mecheri, the current Executive Chairman of iMetrex. This is subject to the necessary statutory approvals.

FII Activity On April 23,2007

The gross equity purchased was Rs.2537.30(in crores), and the gross debt purchased was Rs nil. The gross equity sold was Rs.1788.60(in crores), and the gross debt sold was nil. The net investment of equity was 748.70(in crores) and the net debt investment was nil.

REL To Expand Dahanu Plant Capacity By 1,200 MW

Mumbai: Reliance Energy Ltd has set up on its drawing board a proposal to expand the generating capacity of its Dahanu thermal power plant, near Mumbai, by 1,200 MW. The investment will be in the region of Rs 3,500 crore. The plant will be started within 18 months from the zero date. The company does not have to procure land for the project, as it already has about 821 hectares of land there. Reliance Energy will require about 4 million tonnes of coal for generating the additional 1,200 MW. The company is setting up a flue gas de-sulphurisation plant, which will bring down the sulphur dioxide emission level from the present 50 tonnes per day to 8 tonnes per day.

India Is Second Biggest Investor In Northern Ireland

Indian companies, rapidly spreading their wings abroad, emerged as the second biggest business investors in Northern Ireland in 2005-06, next only to those from the US. According to Lord Diljit Rana, honorary consul for India in Northern Ireland, prominent among the Indian firms investing nearly 30 million pounds in Northern Ireland are FirstSource, part of ICICI Bank of Mumbai, Polaris Software Lab of Chennai, and HCL-BPO. The investment is likely to create 1,000 new jobs. HCL-BPO operates the biggest independent customer contact centre in Northern Ireland, employing over 2,000 people at its operations in Belfast and Armagh.

FirstSource has recruited over 700 of the 1,000 people it intends to hire in its two customer contact centres in Belfast and Londonderry. By 2008, it plans to increase its workforce to 570 people at its Londonderry centre, with around another 400 jobs at its Belfast base. It is seeking to fill customer service advisors at both centres.Polaris has plans to hire around 150 people at a software development centre of excellence in Belfast. Lord Rana said in a statement: I am delighted that Indian companies are now recognising the immense potential of Northern Ireland as a platform for profitable growth within the enlarged European Community.

Ranbaxy To Infuse $20Mn In Terapia

Mumbai: Drug major Ranbaxy Laboratories is infusing more than $20 million (over Rs 83 crore) in its Romanian subsidiary, Terapia Ranbaxy. The move is a part of the company''s strategy to make the subsidiary its hub for Europe and Commonwealth of Independent States countries. A substantial portion of the investment is to enhance the manufacturing capabilities of Terapia''s manufacturing plant in Romania, for reorganising and revamping the company and to enhance research and development capabilities. Terapia SA, an 86-year-old company, was bought by Ranbaxy for $324 million (Rs 1,347 crore) in June, last year. The combined operations of Terapia and Ranbaxy established the largest Romanian generics company, with more than 1,200 employees, of which 350 form the largest professional field force in the Romanian pharmaceutical market.
Terapia has a manufacturing plant in Romania and now Ranbaxy is in the process of upgrading this plant. The Rs 6,069 crore Ranbaxy, witnessed a 4 per cent decline in growth in Europe last year, posting $194 million (Rs 896 crore) sales for the year ended December 31, 2006 owing to intense generic competition in the UK and healthcare reforms in Germany and France. Terapia Ranbaxy has manufacturing and import authorisation as per European Union norms, entitling the company to batch test and release products manufactured outside the European Union.

Firstsource Solutions Commences Operations In Five New Centres

Firstsource Solutions Ltd has informed that the Company has during the month commenced operations in 5 new centres, Chennai, Vijaywada, Cochin, Trichy and Hubli for delivery of BPO services. The total seat capacity envisaged at these 5 centres is approx 2500 and these have been set up at a total cost of Rs 37 crores. The centres in the cities other than Chennai are dedicated for providing customer services for Hutch India, a leading telecom provider.

FII Activity On April 19,2007

The gross equity purchased was Rs.2329.40(in crores), and the gross debt purchased was Rs nil. The gross equity sold was Rs.1689.30 (in crores), and the gross debt sold was 419.50(in crores). The net investment of equity was 640.10(in crores) and the net debt investment was Rs-419.50(in crores).

FII Activity On April 18,2007

The gross equity purchased was Rs.2597.30(in crores), and the gross debt purchased was Rs nil. The gross equity sold was Rs.1948.80 (in crores), and the gross debt sold was nil. The net investment of equity was 648.50(in crores) and the net debt investment was nil.

Energy Development Signs Power Purchase Agreement (PPA) With HESCOM

Energy Development Company Ltd has informed that the Company has signed a Power Purchase Agreement (PPA) with Hubli Electricity Supply Company Ltd (HESCOM) in respect of its 6 Mw Harangi Phase - 2 Minihydel Project, which is subject to approval of the Karnataka Electricity Regulatory Commission (KERC).

RIL Likely To Put In Rs 8,000 Cr In AP-Bengal Gas Pipeline

Reliance Industries Ltd (RIL) is expected to invest up to Rs 8,000 crore in the proposed 1,100-km gas pipeline from Kakinada in Andhra Pradesh to Howrah in West Bengal. The pipeline will connect West Bengal to the company''s major finds in the Krishna-Godavari (KG) and Mahanadi-NEC basins. Additional investments ranging up to Rs 5,000 crore may be made in creating city gas distribution infrastructure in Kolkata, Howrah, Hoogly, Midnapore and Burdwan. RIL is likely to supply 3.5 million metric standard cubic metre of natural gas a day (mmscmd) for city gas usage in the five locations. RIL has already promised to reach natural gas in the region by 2009-10. The company has also entered into an MoU with the State Government in this regard. The company has finalised plans to produce 80 mmscmd of gas from the KG basin and is preparing development plans for finds in the Mahanadi-NEC block.

FII Activity On April 17,2007

The gross equity purchased was Rs.2674.80 (in crores), and the gross debt purchased was 250.10(in crores)The gross equity sold was Rs.1886.50(in crores), and the gross debt sold was 44.90(in crores). The net investment of equity was 788.30(in crores) and the net debt investment was Rs205.20(in crores).

FII Activity On April 16,2007

The gross equity purchased was Rs.2863.60(in crores), and the gross debt purchased was Rs 97.60(in crores).The gross equity sold was Rs.2388 (in crores), and the gross debt sold was nil.. The net investment of equity was475.60(in crores) and the net debt investment was Rs97.60(in crores).

ONGC To put In Rs 20,000 Cr In AP

Oil and Natural Gas Corporation (ONGC) has decided to ask for concessions from the Andhra Pradesh government for commissioning a 15 million tonne a year (mtpa) refinery at Kakinada. The company mulls an investment of Rs 19,000-20,000 crore in the refinery. A special purpose vehicle (SPV) - Kakinada Refinery and Petrochemicals Ltd (KRPL) - for executing the refinery has been formed in which Mangalore Refinery and Petrochemicals (MRPL) holds 46 per cent stake, Andhra Pradesh Industrial Development Corporation 3 per cent, with the remaining held by IL&FS, and other financial institutions. ONGC has roped in Engineers India Ltd (EIL) to carry out a feasibility study for the refinery. The exploration company had earlier proposed to set up a 7.5 mtpa refinery at Kakinada, which was found economically unviable by EIL at that capacity. However, the Andhra Pradesh government had subsequently raised the issue with Prime Minister Manmohan Singh, who had asked ONGC to again take up the refinery project.

ONGC To Offload 26% Of KRPL To Public

ONGC has decided to come out with a public issue later this fiscal to part-finance its Rs 18,000-crore refinery-cum-petrochemical project. The 15-million-tonne refinery complex will be built to cater to the demand for high-grade fuel in the European and other Western markets. The project will be developed through a separate SPV, Kakinada Refinery & Petrochemicals (KRPL). IL&FS, which has acquired a 26 per cent stake in the SPV, will exit the project and offload its stake to the public. The company now plans to double the refinery within an SEZ that would be developed in collaboration with Andhra Pradesh Industrial Development Corp and Kakinada Sea Ports. While ONGC would have a majority stake and management control, the proposed JV would be a non-PSU joint venture. Based on the business model of Reliance Petroleum''s Jamnagar refinery, the Kakinada refinery too would use imported crude and produce high-margin Euro-III and Euro-IV petroleum products. Earlier, EIL had done a feasibility study to set up a 7.5-MTPA refinery in Kakinada with an investment of Rs 12,000 crore. The earlier EIL feasibility report was not encouraging. EIL is expected to submit the feasibility report by June. The works on the project is expected to start by August 2007.

Grabal Alok Impex Looks At UK Lifestyle Retail Space

Mumbai-based Grabal Alok Impex has chalked out a restructuring strategy to turn around UK-based retail chain Hansard 2353, in which it is acquiring 75% stake. Grabal Alok Impex, a joint venture between India''s Alok Industries and Austria''s Grabal Group, has already invested 16.4 million pounds (Rs 140 crore) for acquisition of 26% equity stake and convertible debentures, giving it a total of 75% stake in the UK firm. The company has also formulated a multi-pronged strategy to compete with leading UK retailers such as Primark and Peacock with similar profiles to Hamsard. The group also plans to bring this store format to India, besides stepping up sourcing activities for its UK operations from the Indian subcontinent - which would help it bring down costs and price products competitively to gain marketshare.

FII Activity on April 13,2007

The gross equity purchased was Rs.1714.50 (in crores), and the gross debt purchased was Rs nil. The gross equity sold was Rs.1659.30(in crores), and the gross debt sold was nil. The net investment of equity was 55.20(in crores) and the net debt investment was nil.

ITC Hotels Ties Up With Starwood

New Delhi: ITC Hotels will soon be increasing the value chain, on the back of its new association with its old partner Starwood Hotels and Resorts, by bringing the Luxury Collection of hotels to India. For now, seven ITC hotels will be upgraded to be a part of the 64 premium properties worldwide that are recognised under the Luxury Collection brand. The Welcome Hotel in New Delhi will now carry the Sheraton brand, which belongs to Starwood. ITC would be investing Rs 5,000 crore in the next four to five years on hotel projects. With 75 hotels (5,500 rooms) under the chain, ITC is hoping to add another 27 properties (3,000 rooms) under its management in the coming years. The company''s aims for the next five years were to double sales, increase operating profits 2.5 times, and net turnover 2.5 times. With a turnover of almost Rs 15,000 crore ($3.5 billion), the Kolkata based company also has interest in packaged food, paper, retail, and agarbattis. The company recently forayed the snacks segments with Bingo.

FII Activity on April 12,2007

The gross equity purchased was Rs.2074.60 (in crores), and the gross debt purchased was 156.10(in crores).The gross equity sold was Rs.1972.70 (in crores), and the gross debt sold was 9.70(in crores). The net investment of equity was 101.90(in crores) and the net debt investment was Rs146.40(in crores).

ONGC Board Okays Proposals Worth Rs 3,819 Cr

New Delhi: Oil exploration major Oil and Natural Gas Corporation (ONGC) has okayed investment of over Rs 3,700 crore in a slew of projects. This comprises an investment of Rs 576 crore as equity in the Rs 3,844 crore, 740 mw gas-based power project in Tripura and another Rs 1,817 crore in augmentation of gas production in the state to feed the power plant. The Tripura power project is being financed in the debt-equity ratio of 70:30 and the plant is scheduled to be commissioned by 2010. This integrated project will enable ONGC to harness its gas potential in the state via ''Gas-to-Wire'' concept, catalysing significant development in the North-Eastern region.

FII Activity on April 11,2007

The gross equity purchased was Rs.2266.90 (in crores), and the gross debt purchased was 366.80(in crores).The gross equity sold was Rs.1864.30 (in crores), and the gross debt sold was 170.50(in crores). The net investment of equity was 402.60(in crores) and the net debt investment was Rs196.30(in crores).

BHEL Steps Up R&D Spend To Rs 238Cr

Hyderabad: The Hyderabad-based Corporate R&D of the engineering and power major BHEL has raised its research & development spend to Rs 238 crore during fiscal 2006-07, up from Rs 152 crore last year. At the current level, the R&D spend is about 1.3 per cent of the overall turnover of the BHEL. By 2012, it is estimated that the R&D expenditure will cross the Rs 1,000-crore mark, with the projected turnover of the entire BHEL put at $10 billion. The turnover from the in-house developed products/services also reported a 165 per cent growth at Rs 2,510 crore compared to last fiscal''s Rs 1,064 crore. Technology collaboration with Siemens and Alstom for turbine and boilers provides BHEL expertise to indigenously fabricate these key equipment for 500 MW power plants as well as the super critical power plants envisaged by the Union Power Ministry. During the year, the Centre of Excellence for Surface Engineering with an investment of Rs 8.40 crore was fully functional. A Centre of Excellence on GIS (Gas Insulated Substations) was in the offing.

FII Activity On April 11,2007

The gross equity purchased was Rs.1574.50 (in crores), and the gross debt purchased was 516.70(in crores).The gross equity sold was Rs.1005.10(in crores), and the gross debt sold was nil. The net investment of equity was 569.40(in crores) and the net debt investment was Rs516.70(in crores).

Educomp Solutions Invests In ThreeBrix E-Services

Educomp Solutions Ltd has informed that the Company has made a strategic investment in ThreeBrix E-Services Pvt Ltd by acquiring 76% of the equity capital of the Company.Bricks eservices owns The Learning Hour tutoring service and was started in 2005 by 3 IIM - Ahmedabad graduates, Chandan Aggarwal, Mohit Bansal and Riju Gupta and have gained early success in providing a high quality tutoring service in the Middle East and Dubai markets. The partnership between the Company and 3 Bricks will leverage the Companys large content library and pedagogical materials to provide tutoring in several ways, online, offline and through learning centers mainly focused on serving Indian students. The Company estimates the size of the instructor led tutoring market as over 5000 crores on India and will seek to bring transformational products into this space to better serve over 75 million students in India who access after school tutors.

FII Activity On 9/04/2007

The gross equity purchased was Rs.2341 (in crores), and the gross debt purchased was 97.40 (in crores)The gross equity sold was Rs.1773.50 (in crores), and the gross debt sold was 199.60(in crores). The net investment of equity was 567.50(in crores) and the net debt investment was Rs-102.20(in crores).

BCCL Ties Up With SAIL For Jharkhand Mine

Kolkata: Coal India Ltd subsidiary, Bharat Coking Coal Ltd (BCCL), has decided to set up a special purpose vehicle with Steel Authority of India Ltd (SAIL) to build a two million tonne underground coking coal mine at a total investment of Rs 500 crore. BCCL had initiated a dialogue with SAIL which had shown interest in floating the SPV to develop the underground mine. SAIL will infuse Rs 300 crore while BCCL would pump in Rs 200 crore for the proposed SPV. A detailed project report for the mine having proven reserves of 50 million tonne was being prepared. SAIL will lift the entire out put from the new mine at Moonidih. BCCL will be guarantor for the production and SAIL would chip in money into the JV project. BCCL has approached a foreign company for help in the Moonidih longwall mechanisation project.

Nihar Info - Investment In Equity In A New Subsidiary In US

Nihar Info Global Ltd has informed that the Company has invested $ 25500 equivalent to 51% stake in the equity of Massif Technologies, Inc. in US, incorporated on February 15, 2007, having an authorized capital of 20,00,000 shares of $ 0.025 each.

FII Activity April 5 2007

The gross equity purchased was Rs.2237.50(in crores), and the gross debt purchased was Rs522 .20 The gross equity sold was Rs.2407.40(in crores), and the gross debt sold was Nil(in crores). The net investment of equity was-169.90(in crores) and the net debt investment was Rs522.20(in crores).

Wipro To Infuse Rs 375Cr In Pune

Pune: Wipro Technologies, the global IT services division of Wipro, has decided to infuse Rs 375 crore in Pune after the inauguration of its new development centre in Hinjewadi. At present, Wipro has 6,300 people in Pune operating from a 5,80,000 square feet campus at the Rajiv Gandhi Infotech Park Phase I at Hinjewadi and its new development centre at Phase II of the Hinjewadi Park. The IT major has also applied for 50 acre in Phase III of the Park, which is a notified special economic zone (SEZ). With the addition of the new facility, Wipro will ramp up capacity to 17,000 people in Pune. The centre was inaugurated in the presence of Maharashtra Chief Minister Vilasrao Deshmukh who urged Wipro to set up shop in other cities in Maharashatra.

FII activity On April 3,2007

The gross equity purchased was Rs.2072.40 (in crores), and the gross debt purchased was Rs nil. The gross equity sold was Rs.2545.90 (in crores), and the gross debt sold nil. The net investment of equity was -473.50(in crores) and the net debt investment was nil.

Tata Steel Completes £6.2Bn Acquisition Of Corus Group Plc

Tata Steel Ltd has announced that the Company has completed its £6.2 billion (USD12 billion) acquisition of Corus Group plc (Corus) at a price of 608 pence per ordinary share in cash. The enlarged Company will have a pro forma crude steel production of 27 million tonnes in 2007 and will be the worlds fifth largest steel producer with 84,000 employees across four continents.The combination of Tata Steel, a vertically integrated steel producer and one of the worlds most profitable steel Companies, with an established and growing presence in India, South East Asia and the Pacific-rim countries, and Corus, Europes second largest steel producer, with a high value added product range and strong positions in automotive, construction and packaging, will create the worlds second most global steel producer with a combined presence in 45 countries.

FII Activity On April 2,2007

The gross equity purchased was Rs.2922.80(in crores), and the gross debt purchased was 290.50(in crores)The gross equity sold was Rs.2082 (in crores), and the gross debt sold was 14.60(in crores). The net investment of equity was 840.80(in crores) and the net debt investment was Rs275.90(in crores).

Oriental Bank Joins Hands With Escorts

New Delhi: Oriental Bank of Commerce (OBC) has joined hands with Escorts Ltd, a tractor manufacturer, for providing retail tractor finance to farmers. The bank will also offer credit facilities to authorised dealers of Escorts under a Channel Financing Arrangement. Small farmers too could avail finance from OBC for purchase of Escorts tractors as the minimum land holding eligibility criterion has been slashed to 2.5 acres. OBC would make available loans to the tune of 90 per cent of the tractor cost at interest rate of 10.75 per cent per annum for loan up to Rs 2 lakh and 11.50 per cent per annum for loans between Rs 2 lakh and Rs 5 lakh. The Channel Financing arrangement offers structured credit up to 91 days to the dealers at interest rate within a band of 10.5-12 per cent depending on the collateral offered.