FII Activity on 30-08-2007

The gross equity purchased was Rs.2,677.20 (in crores), and the gross debt purchased was Rs1,012 (in crores). The gross equity sold was Rs2,869.30 (in crores), and the gross debt sold was Rs0.00 (in crores). The net investment of equity was -Rs192.10 (in crores) and the net debt investment was Rs1,012 (in crores).

Source : www.indian-commodity.com

Apollo Hospitals Acquires Zavata

Apollo Hospitals has acquired Atlanta based Medical BPO Zavata for $180 million. Zavata has strong operating margins of about 20 per cent and has over a thousand process certified staff. Its clients include the New York University''s Health Department. Apollo Hospitals says that it is looking for more such acquisitions in the US. The acquisition buzz had already been factored into the Apollo Hospitals stock, which is why it fell after the news came out. However, analysts say that the buyout gives a lot of upside to the stock as it gives Apollo Hospitals access to the $700 billion US hospital industry.

Apollo Hospitals stock price however didn''t capture much excitement about this deal and has been trading range bound since a month now. Perhaps, with the passage of time after seeing the impact of this deal on its financials, it helps to bring some cheer to its shareholders.

Source : www.indian-commodity.com

Bombay Dyeing Likely To Acquire Danone

Mumbai: The Wadias of Bombay Dyeing are prepared to purchase the entire stake of partner Groupe Danone in biscuit maker Britannia at a discount. The contours of the deal are likely to be drawn up at a meeting on September 3. That is also the time when Danone Chairman Franck Riboud is hoped to be in India. French dairy foods giant''s exit will be in line with that of other multinational companies from joint ventures in India and the discount in this case could be as much as 20 per cent to the market price.

Danone is keen on operating on its own in India and needs a no-objection from the Wadias to be able to do so. The Wadias and Danone hold 50 per cent equity each in Associated Biscuits International (ABIL), which holds 51 per cent equity in Britannia, giving each partner control over 25.1 per cent equity of the joint venture. The two partners started bickering last year over control of the Tiger brand, which Danone had reportedly taken to other countries without taking the Wadias into confidence. At the September 3 meeting, the two partners are also likely to discuss the thorny issues of intellectual property, Groupe Danone''s acquisition of a stake in Bangalore-based nutritional foods company Avesthagen and the no-objection certificate that Danone needs to go solo.

Source : www.indian-commodity.com

HDFC Mops Up $800Mn Via Real Estate Fund

Mumbai: Housing Development Finance Corporation said it has closed its first sponsored real estate fund, mopping up $800 million (Rs 3,280 crore). The HIREF International LLC fund was initially intended to mop up $50 million, but HDFC eventually mopped up $800 million despite the current tight market situation. The nine-year close-ended fund was privately placed, raising money from 28 different international investors. The objective of the fund is to invest in FDI-compliant real estate projects in India to achieve long-term capital appreciation. The fund will have a conservative approach with no regional or sector bias and would invest in residential, commercial, hospitality, education, healthcare sectors and at developers entity level. HDFC''s 30-year relationship with over 350 big developers India-wide stood it in good stead in a wary market, helping it closes the fund.

Source : www.indian-commodity.com

FII Activity On 29-08-2007

The gross equity purchased was Rs.2,561.50 (in crores), and the gross debt purchased was Rs633.90 (in crores). The gross equity sold was Rs2,196 (in crores), and the gross debt sold was Rs293.90 (in crores). The net investment of equity was Rs365.50 (in crores) and the net debt investment was Rs340 (in crores).

Source : www.indian-commodity.com

3i Infotech - Acquisition Of HCCA Business Services

3i Infotech Ltd has informed that the Company has acquired 51% stake in BPO services provider HCCA Business Services Pvt Ltd (HCCA). The Company has been acquired for its delivery capabilities in HR operations including large scale payroll processing for clients in the BFSI sector. Clients of HCCA include several leading domestic and multinational banks, insurance Companies, investment banks, brokerage houses etc.

Source : www.indian-commodity.com

Firstsource Acquires MedAssist Holding, Inc

Firstsource Solutions Ltd has informed that the Company has entered into an agreement to acquire MedAssist Holding, Inc., a leading provider of revenue cycle management in the healthcare industry in the US. The acquisition is valued at US $330 million and is subject to the regulatory approval under the US HSR Act (Hart - Scott - Rodino Anti Trust Improvements Act of 1976).

In this regard the Company has issued the following Press Release:

Firstsource Solutions Ltd on August 29, 2007 has announced that it has entered into an agreement to acquire MedAssist Holding, Inc., a leading provider of revenue cycle management in the healthcare industry in the U.S. The acquisition is valued at US $330 million and is subject to the regulatory approval under the US HSR statute.

MedAssist, headquartered in Louisville, Kentucky has 1,400 employees and is a pan-American provider of revenue cycle management services to the healthcare industry. This includes Eligibility Services, Receivables Management Services and Post-default Collections services for healthcare providers. The Company has over 1,000 clients including hospitals, large physician groups and alternate site providers. MedAssist''s revenue for year ended December 31, 2006 was US $99 million.

The MedAssist acquisition presents significant synergies for Firstsource. Firstsource, which already has a strong presence in the US healthcare BPO space on the payor side (insurance Company end) will now also enter the provider side (hospitals end) of healthcare BPO services. Currently, hospital care in the US amounts to approx. US $700 billion and administrative costs are estimated to be 14%, or US $100 billion, which is a huge opportunity.

Source : www.indian-commodity.com

IOC Likely To Defer Iran Investment Plans

New Delhi: Indian Oil Corporation''s (IOC''s) proposed $5.7-billion investment to establish an integrated LNG project in Iran is slated to be shelved with the validity of the 2004 agreement ending in October. IOC had inked a memorandum with Petropars of Iran in 2004 for developing a gas field, establishing a facility to liquefy the gas and building a terminal for exporting liquefied natural gas (LNG). The deal expires on October 31 with Tehran choosing not to respond to the Indian firm''s proposal. IOC-Petropars had made a pre-proposal to obtain in-principle approval from National Iranian Oil Company (NIOC) for allocating blocks in one of the phases in the gigantic South Pars field and for setting up liquefaction facilities.

NIOC, however, said since the South Pars field had already been allocated, it will analyze the possibility of allocating block to IOC-Petropars from the North Pars field. For the due diligence of the North Pars field, IOC-Petropars was required to ink a confidentiality agreement with Pars Oil and Gas Company (POGC). IOC sent reminders and in June asked a meeting of the chief executives of NIOC and IOC, but Iran did not respond to any of the requests. IOC needed around 12 trillion cubic feet gas for its 9 million tonnes per annum LNG project. The project comprised five parts, including a $2.2-billion upstream field development that was to be done via a joint venture between IOC and Petropars. The second stage of the LNG project entailed establishing a $1.8 billion liquefaction facility by another IOC-Petropars JV with 60 per cent IOC share and an investment of Rs 1,500 crore by the Indian refinery major.

Source : www.indian-commodity.com

Elder Pharma Takes Over Bulgarian Co For Rs 28Cr

Mumbai: Elder Pharmaceutical Ltd has bought 51 per cent stake in Biomeda Group of Bulgaria in an all-cash deal worth €5 million (about Rs 28 crore). The deal comes a little over a month after Elder acquired 20 per cent equity in London-based Neutra Health Plc. Biomeda is among Bulgaria''s top 10 distributors and manufacturers, with a turnover of €10-12 million. Elder is gradually increasing its geographic spread across the globe, with an acquisition in Africa (Ghana), marketing offices in South-East Asia and the recent developments in Europe. Elder got attracted to Bulgarian market for skilled labour; it has an advantage in terms of lower labour cost compared to other European countries. It offers a competitive tax regime corporate profit tax and VAT are among the lowest in Central and Eastern Europe and low production costs.

Source : www.indian-commodity.com

Firstsource Acquires MedAssist Holding, Inc

Firstsource Solutions Ltd has informed that the Company has entered into an agreement to acquire MedAssist Holding, Inc., a leading provider of revenue cycle management in the healthcare industry in the US. The acquisition is valued at US $330 million and is subject to the regulatory approval under the US HSR Act (Hart - Scott - Rodino Anti Trust Improvements Act of 1976).

In this regard the Company has issued the following Press Release:

Firstsource Solutions Ltd on August 29, 2007 has announced that it has entered into an agreement to acquire MedAssist Holding, Inc., a leading provider of revenue cycle management in the healthcare industry in the U.S. The acquisition is valued at US $330 million and is subject to the regulatory approval under the US HSR statute.

MedAssist, headquartered in Louisville, Kentucky has 1,400 employees and is a pan-American provider of revenue cycle management services to the healthcare industry. This includes Eligibility Services, Receivables Management Services and Post-default Collections services for healthcare providers. The Company has over 1,000 clients including hospitals, large physician groups and alternate site providers. MedAssists revenue for year ended December 31, 2006 was US $99 million.

The MedAssist acquisition presents significant synergies for Firstsource. Firstsource, which already has a strong presence in the US healthcare BPO space on the payor side (insurance Company end) will now also enter the provider side (hospitals end) of healthcare BPO services. Currently, hospital care in the US amounts to approx. US $700 billion and administrative costs are estimated to be 14%, or US $100 billion, which is a huge opportunity. Revenue and cost pressure on healthcare providers is increasing.

Source : www.indian-commodity.com

FII Activity On 28-08-2007

The gross equity purchased was Rs.2,559.10 (in crores), and the gross debt purchased was Rs0.00 (in crores). The gross equity sold was Rs1.357.30 (in crores), and the gross debt sold was Rs57.40 (in crores). The net investment of equity was Rs1,201.80 (in crores) and the net debt investment was -Rs57.40 (in crores).

Source : www.indian-commodity.com

FII Activity On 24-08-2007

The gross equity purchased was Rs.3,318.80 (in crores), and the gross debt purchased was Rs317.30 (in crores). The gross equity sold was Rs2,988.40 (in crores), and the gross debt sold was Rs0.20 (in crores). The net investment of equity was Rs330.40 (in crores) and the net debt investment was Rs317.10 (in crores).

Source : www.indian-commodity.com

Canara Bank - Acquisition Of Shares Of Can Fin Homes Ltd (CFHL) - Through The Process Of Open-Offer

Canara Bank has informed that the Board of Directors has permitted the Bank to acquire differential shares so as to hold 51% stake in Can Fin Homes Ltd in order to convert the sponsored entity into a subsidiary, through the process of open-offer. Necessary permissions have been obtained from RBI and Ministry of Finance.

It has now been decided to release the public Announcement on August 27, 2007 in connection with the acquisition.

M/s. Ind Bank Merchant Banking Services Ltd, Chennai are the Merchant Banker to the open-offer scheme.

Source : www.indian-commodity.com

M&M''s Auto Parts Unit Looks At Acquisitions

New Delhi: Mahindra''s & Mahindra''s auto components division is eyeing at more acquisitions in Europe. They are looking at deals between $100 million- $200 million worth with five times of EBITDA as ideal for our business. The company was looking primarily in Germany, Italy, Spain and France with relatively less stringent labour laws. Unlike other companies like Bharat Forge or Amtek that have followed the strategy of purchasing loss making European companies and reviving them, Mahindra has been buying profitable companies with better margins at a much higher level. M&M is aiming its automotive division to reach $1 billion by 2010 from $650 million. The company automotive division comprises Mahindra Sourcing, Mahindra Gears, Mahindra Forgings and supplies to OEMS like Tata Motors, GM and Ford amongst others.

Source : www.indian-commodity.com

FII Activity On 23-08-2007

The gross equity purchased was Rs.1,978.30 (in crores), and the gross debt purchased was Rs0.00 (in crores). The gross equity sold was Rs2,646.40 (in crores), and the gross debt sold was Rs314.70 (in crores). The net investment of equity was -Rs668.10 (in crores) and the net debt investment was -Rs314.70 (in crores).

Shree Renuka - Acquisition Of Ethanol Plant And Setting Up Of Wholly Owned Subsidiary

Shree Renuka Sugars Ltd has informed that the Company has:

1. Completed the acquisition of the Ethanol plant of Dhanuka Petro-Chem a division of Dhanuka Cold Storage Pvt Ltd located at Khopoli, Maharashtra for a total consideration of appx. Rs 60 Million. The said unit is having an installed capacity for manufacture of 100 klpd of Ethanol and is strategically located near JNPT port. The Company has plans to increase the ethanol capacity of this unit from 100 klpd to 250 klpd, in the near future.

2. The Company has set up a wholly owned subsidiary viz. Shree Renuka Biofuels Holdings FZE in Sharjah International Free Zone (SAIF Zone) for its overseas investments.

FII Activity On 23-08-2007

The gross equity purchased was Rs.2,474.20 (in crores), and the gross debt purchased was Rs 0.00 (in crores). The gross equity sold was Rs2,484 (in crores), and the gross debt sold was Rs241.80 (in crores). The net investment of equity was -Rs9.80 (in crores) and the net debt investment was -Rs241.80 (in crores).

FII Activity On 21-10-2007

The gross equity purchased was Rs.2,797.70 (in crores), and the gross debt purchased was Rs 0.00 (in crores). The gross equity sold was Rs2,704.90 (in crores), and the gross debt sold was Rs58.40 (in crores). The net investment of equity was Rs92.80 (in crores) and the net debt investment was -Rs58.40 (in crores).

Reliance Likely To Come Up With Retail University By ''08-09

Mukesh Ambani-promoted Reliance Retail is planning to set up a retail university by 2008-09 and is in talks with learning partners across the country. The company is in the process of developing tie-ups with various partners for developing retail curriculum that suit the requirements of the industry.

Earlier this May, rival Bharti Enterprise announced a tie-up with Global Retail School (GRS) to impart training in the retail sector. Reliance and Bharti are also competing with each other in the retail sector and are investing billions of dollars to expand their business. According to industry estimates, the Indian retail sector would offer around 2.5 lakh jobs in the next two years with 75 per cent of them being customer facing. The Bharti-GRS joint venture plans to set up 60 centres across the country, including smaller towns and cities this year. Bharti is a technical partner in the joint venture, which would provide content and curriculum support for the courses and hire the skilled personnel.

JSW Steel Likely To Acquire Jindal SAW''s Plate Mill In US

The board of JSW Steel Ltd is meeting to consider buy out of a plate mill in the US.The board will go through the due diligence reports on the plate, double jointing and coating and pipe mill facilities of Jindal SAW, which is owned by Mr Prithviraj, elder brother of Mr Sajjan Jindal, Vice-Chairman and Managing Director, JSW. Jindal SAW''s plate mill has a rolling capacity of 1.5 million tonnes and caters to the US market.

Of late, Mr Sajjan Jindal said that lower inflation reported recently is expected to result in a lower interest rate regime which will spur growth in the automobile and retail sector, a big positive for the steel industry.

TCS, AGL Energy Ink $16 mn Deal

Tata Consultancy Services (TCS) has signed a five-year, $16 million information technology services contract with AGL Energy Limited (AGL), Australia''s largest retailer of gas and electricity. Under the agreement, TCS will manage and support all SAP applications for AGL. This includes AGL''s existing SAP ERP system and the SAP Industry Solution for Utilities, which is currently being implemented. TCS has a strong presence in Australia & New Zealand and has been operating in the region for the last 25 years. In 2006, it bagged a $97 million contract with Qantas Airways and acquired a leading Australian consulting unit to broaden its consulting offerings to Australian customers

Sobha Developers To Sign A Mega Deal With Kerala Government

Sobha Developers Ltd has informed that the Company will be signing a Memorandum of Understanding (MOU) with Government of Kerala on August 20, 2007 at Thiruvananthapuram for setting up the largest township development in Kerala, SOBHA HITECH CITY. The draft of the MOU has already been approved by the Government of Kerala. The MOU seeks to reinforce the Public Private Partnership (PPP) initiative by the Government of Kerala, spearheaded by the Department of Industries & Commerce.

SOBHA HITECH CITY project will create an integrated city of world-class standards with a focus on Research & Development, Knowledge Dissemination, Electronics, Information Technology and Pure & Applied Sciences. It will involve an investment of Rs 5,000 Cr, the highest such development in the state and is expected to create 75,000 direct jobs.

The salient features of the MOU are:

- The project will come up near Maradu in Kochi in a land area of around 400 acres, out of which around 320 acres have already been acquired. It will include a 7 million Sq.Ft, Knowledge Park, shopping malls and avenues, hospitality projects (hotels, resorts and other leisure facilities), residential complexes and all related infrastructure, including a unique Marina of international standards, creating a substantial number of technology jobs, in addition to numerous non-technology jobs, and be a source of significant revenues to the Government.

- The Government will provide a Single Window Clearance for the project.

- The Government will provide permission for land development, provision of necessary utilities, facilitation for environmental and other clearances, acquisition of limited land areas etc; and the Company will implement a rehabilitation package as per recommendations of the Government.

Infrastructure work will commence soon after the signing of the MOU. The project is expected to take 8 to 10 years for completion after receipt of necessary approvals.

RCoM Acquires Yipes For $300 Mn

Reliance Communications (RCOM) has bought US-based Yipes Holdings, a provider of managed ethernet and application delivery services, in an all-cash deal valued at Rs 1,200 crore ($300 million). Ethernet is the default standard for computer-to-computer connectivity across the world in offices and organisations. Yipes will be a wholly-owned subsidiary of Flag Telecom, the undersea cable arm of RCOM. The global ethernet market is valued at $10 billion and it is forecast to grow at a compounded annual rate of 30% to $25 billion by 2010. Yipes would see an investment of Rs 1,000 crore in the next few years to roll out ethernet services in new areas.

The acquisition of Yipes will help RCOM overlay latest technology over Flag network. RCOM will expand Yipes coverage within the US and take Yipes to nearly 40 new markets globally, including Middle East, Asia and India, by connecting it to Flag and RCOM network.

FII Activity On 20-08-2007

The gross equity purchased was Rs.2,696.50 (in crores), and the gross debt purchased was Rs 0.00 (in crores). The gross equity sold was Rs5,546.40 (in crores), and the gross debt sold was Rs221 (in crores). The net investment of equity was Rs2,849.90 (in crores) and the net debt investment was -Rs221 (in crores).

FII Activity On 16-08-2007

The gross equity purchased was Rs.1,771.40 (in crores), and the gross debt purchased was Rs 15.10(in crores). The gross equity sold was Rs1,898.90 (in crores), and the gross debt sold was Rs1.90 (in crores). The net investment of equity was -Rs127.50 (in crores) and the net debt investment was Rs13.20 (in crores).

ICICI-Venture, Indivision Infuse Rs 140Cr In Tops Security

Mumbai: In the largest private equity investment in the security space, ICICI Venture and Indivision on Aug 16, declared the acquisition of a 16.46 per cent stake in Tops Security for Rs 140 crore. The deal values the flagship company of the country''s biggest security services provider, Topsgrup, at Rs 850 crore. ICICI Venture, the country''s largest private equity firm with assets under management of $2 billion, is infusing Rs 115 crore in Tops Security, while Indivision, the private equity arm of retail czar Kishore Biyani''s Future Capital, is injecting Rs 25 crore.

ICICI Venture acquired 13.52 per cent stake, while Indivision bought 2.94 per cent. Indivision, prior to the deal, held 4.11 per cent in the security company, in which high networth investor Rakesh Jhunjhunwala holds 12.7 per cent stake. Jhunjhunwala is also a director of the holding company Topsgrup. ICICI Venture has a unique track record of identifying and infusing in new, emerging sectors and partnering with the best player in that sector. Topsgrup offers security solutions to over 5,000 clients in India.

DLF To Acquire DCM Shriram Mill Land For Rs 1,600Cr

NEW DELHI: Real estate major DLF is set to close the Swatantra Bharat Mills (SBM) real estate agreement with DCM Shriram Consolidated (DSCL) for over Rs 1,600 crore on Aug 16. This will be the largest private sector land deal in the country and will provide DLF access to about 38 acres of prime land, at a distance of just about 4-5 km from the capital''s central business district, Connaught Place. DLF already has an in-principle permission to develop an IT SEZ on this land. With the acquisition of SBM''s 38 acres, DLF will have a 65-acre contiguous landbank in Delhi. Also, this will probably be the first integrated township of its kind, combining an IT SEZ with a massive housing supply for those working in the SEZ.

Bharti Airtel Infusing $200Mn In Sri Lanka

New Delhi: Bharti Airtel Lanka Pvt Ltd, arm of Bharti Airtel Ltd, on Aug 15, said that it would be infusing $200 million over the next two years for offering mobile services in Sri Lanka. The mobile services from Bharti Airtel will be unveiled under the Airtel brand in the Island nation. They are committed to offering world-class and affordable 2G and 3G services to customers in Sri Lanka. Bharti Airtel was recently awarded the licence to become the fifth mobile service provider in Sri Lanka. Dialog Telekom, a subsidiary of Telekom Malaysia, is the country''s leading service provider. The other operators in the country are Mobitel, Celltel Lanka and Hutchison Telecommunications. The company had bid for licences in Qatar, Kenya and Kuwait. Bharti is also looking at developing countries in Africa and Asia to expand its footprint. The telecom major had expressed interest in acquiring stake in the national telecom operators of Gabon in Africa.

FII Activity On 14-08-2007

The gross equity purchased was Rs.1,669.80 (in crores), and the gross debt purchased was Rs 0.00(in crores). The gross equity sold was Rs2,190 (in crores), and the gross debt sold was Rs407.70 (in crores). The net investment of equity was -Rs520.20 (in crores) and the net debt investment was -Rs407.70 (in crores).

Shriram Transport Acquires 40Pc Stake In Ashley Transport

Chennai, Aug. 13 Shriram Transport Finance Company has acquired a 40 per cent stake in Ashley Transport Services Ltd, a wholly owned subsidiary of Ashok Leyland Ltd. The truck maker established the company as part of its value-added services to trucking community. For instance, Ashley Transport Services runs Transport Exchange, which assists truck owners to get information on cargo and the freight rates. Ashley Transport will benefit from Shriram Transport''s 5-lakh-strong customers. Shriram Transport, in return, will get a pie in challan discounting business for members of Transport Exchange. This year, the company hopes to lend Rs 1,000 crore more. Shriram Transport, with assets under management of Rs 12,000 crore (both on its own books and those managed on behalf of those who bought its securitised paper), is the largest non-banking and finance company in the country.

FII Activity On 14-08-2007

The gross equity purchased was Rs.3,197.60 (in crores), and the gross debt purchased was Rs 0.00 (in crores). The gross equity sold was Rs3,605.70 (in crores), and the gross debt sold was Rs164.90 (in crores). The net investment of equity was -Rs408.10 (in crores) and the net debt investment was -Rs164.90 (in crores).

L&T Bags Rs 203 Cr DMRC Order

Larsen & Toubro Limited (L&T) has secured two more contracts from Delhi Metro Railway Corporation (DMRC). The contracts involve construction of the underground station at Saket (Delhi) and a tunnel as a part of its Phase II Project. Valued at Rs 203 crore, the new station and tunnel will come up between Central Secretariat and Qutub Minar Corridors of Delhi Metro. To be completed in 30 months, the construction of the Saket station involves 1500 metres of tunneling. The length of the station will be 284 meters.

In addition, the construction involves a 945 meter link tunnel and a 260 meter ramp, both of which to be completed in 24 months. The new orders come close on the heels of the Rs 355 crore Phase II orders secured by the company, in the same corridor during last fiscal. The markets took note of the development and the stock at Rs 2,450 levels surged 0.7 per cent or Rs 18 in noon deals on Monday.

FII Activity On 10-08-2007

The gross equity purchased was Rs.2,840.10 (in crores), and the gross debt purchased was Rs 38.50 (in crores). The gross equity sold was Rs2,457.50 (in crores), and the gross debt sold was Rs14 (in crores). The net investment of equity was Rs382.60 (in crores) and the net debt investment was -Rs24.50 (in crores).

BSNL To Infuse Rs 522Cr

KOLKATA: Bharat Sanchar Nigam Ltd (BSNL) is establishing integrated customer management data centres across the country at a cost of Rs 522.95 crore. BSNL has undertaken a project for integrated customer management data centres for each zone of the country and it has been divided into projects. In the first phase the Called Data Record (CDR) systems will be implemented in east and south zones. In the second phase, west and north would be covered. In east, it is being built in Kolkata and Hyderabad for south zone. The Kolkata Data Centre will be the billing centre for all corporates having pan-India presence. The CDRs will also house customer service centres and centralised call centres. All the telephone exchanges will be connected to the Data Centre on line. The project will help BSNL to bill its customers of an entire region from one location and club all BSNL services into one bill.

For eastern zone, the data centre will manage billing for Calcutta Telephones, West Bengal, Bihar, Orissa, Jharkhand, Chhattisgarh, Assam and NE-I circles (Meghalaya, Tripura and Mizoram). For a customer the system will help in determining realtime prepaid details, payment facility via ATMs, banks and credit cards and single bill to individual customer for all services like landline, broadband and other value added services.

Magma & Sonalika Enter Into Joint-Venture

Magma Shrachi Finance Ltd has announced that the Company on August 10, 2007 has entered into an Agreement with M/s. International Tractors Ltd (ITL), manufacturer of Sonalika Brand of Tractors having its registered office at 283, Sonalika House, AGCR Enclave, Karkardooma, for the purpose of setting up a joint venture Company for the sole purpose of financing tractors manufactured by them under the Brand name Sonalika. The proposed Joint Venture is will have Paid up share capital of Rs 25 Crores. The Company will hold 74% of the share capital and ITL will hold 26%.

In this regards the Company has issued following press release:

Magma Shrachi Finance Ltd and International Tractors Ltd, manufacturers of Sonalika a leading tractor brand - on August 10, 2007 signed a memorandum of understanding (MoU) at a city hotel to form Magma ITL Finance Ltd a joint venture asset financing Company for financing the Sonalika range of tractors. The M0U was signed by Mr. Sanjay Chamria, Vice Chairman & MD of Magma Shrachi and Mr. L D Mittal, Chairman of International Tractors in the presence of the media and senior management teams of both Companies. Magma will hold 74% shareholding in the new Company while 26% will be held by International Tractors.

Tata Power Signs Contract With Toshiba Corporation For Turbine Generators For The First 4000 MW Ultr

Tata Power Company Ltd has informed that the Company has signed an EPC contract for supply of five (5) 800 MW Steam Turbine Generators with Toshiba Corporation for the first 4000 MW Ultra Mega Power Project (UMPP) in India to be located at Mundra, Gujarat.

With this contract, the Company has taken another step forward in bringing world class technology to India. Just as the Company was the first to usher in the era of 500 MW units in India, it has also notched another first - the 800 MW era.

This move further reinforces the Companys commitment to accelerate the pace of the project by not only ordering the equipments quickly but also tying up with world class technology providers like Toshiba and Doosan Heavy Construction Ltd., ahead of schedule, thereby increasing the possibility of contributing to the capacity addition within the 11th Five-Year Plan itself.

In this regard the Company has issued the following press release:

Tata Power Company Ltd has announced the signing of an EPC contract for supply of five (5) 800 MW Steam Turbine Generators with Toshiba Corporation for the first 4000 MW Ultra Mega Power Project (UMPP) in India to be located at Mundra, Gujarat.

Toshiba Corporations scope of work includes - the design, manufacture, test and supply of equipment related to the Steam Turbine Generator packages for the five units of 800 MW each. They will also be associated with supervision of commissioning of the turbines. With this contract, Tata Power has taken another step forward in bringing world class technology to India. Just as Tata Power was the first Company to usher in the era of 500 MW units in India, it has also notched another first - the 800 MW era.

SAIL Adopts Heritage Monuments

The SAIL Chairman gets a breathtaking view of the historic Lodhi Gardens from his Delhi office. No wonder SAIL has actually gone ahead and adopted the heritage monument right at the heart of Lutyen''s Delhi. However, SAIL is not stopping there. It may soon head to Mumbai for similar projects and NDTV learns that the caves at Elephanta just off Mumbai are likely to be managed by the steel giant.

The culture ministry is negotiating with SAIL and it has to decide whether it will hand over the caves to a single PSU to manage or invite a consortium. For SAIL, this is part of a bigger CSR initiative. After monuments it is also adopting few villages and taking care of children''s education and mid day meals. But for all its CSR work, employee compensation is an area of concern. The labour union at Asia''s largest iron ore mine Chiria have gone on strike. SAIL is also moving out of Gua mines since the beginning of the month due to similar labour problems. But the labour issue could snowball into a bigger crisis for the steel giant and affect its productivity. These mines are critical raw material suppliers and long drawn confrontations will mean a supply crunch.

BHEL Bags Rs 2,900 cr Order

Bharat Heavy Electricals Limited (BHEL) has won orders for the supply and installation of the main plant package at the upcoming Jhajjar Super Thermal Power Project in Haryana. Valued at over Rs 2,900 Crore, the orders have been placed by Aravali Power Company Private Limited (APCPL), a joint venture company of NTPC, IPGPL and HPGCL.

Significantly, this is the highest value Boiler and Turbine Generator (BTG) package contract for a single project ever received by BHEL.Slated for synchronisation during the 11th Plan, these units will add 36 million units every day to the grid on commissioning, which will be shared by the power deficit states of Delhi and Haryana.The markets took note of the development and the stock at Rs 1,770 levels surged 3.4 per cent or Rs 58 in noon deals on August 9.

FII Activity On 08-08-2007

The gross equity purchased was Rs.2,330.70 (in crores), and the gross debt purchased was Rs 0.00 (in crores). The gross equity sold was Rs2,454.20 (in crores), and the gross debt sold was Rs0.70 (in crores). The net investment of equity was -Rs123.50 (in crores) and the net debt investment was -Rs0.70 (in crores).

L&T To Put in Rs 100Cr In Rangsons

Bangalore: Larsen & Toubro (L&T), the Rs 20,000 crore engineering and construction major, has decided to put in Rs 100 crore in Mysore-based Rangsons Electronics for a 40 per cent stake. Rangsons Electronics is a Rs 70 crore electronic manufacturing solutions provider and one of the preferred suppliers for L&T''s electrical & electronics division.

L&T is making investment to increase its presence in the fast-growing EMS market. This division contributes around Rs 2,000 crore to L&T''s top line and is engaged in the business of low-voltage switchgear products, electrical systems, energy meters, medical equipments, petroleum dispensing pumps and automation solutions. Rangsons Electronics is a part of the diversified N R Sons in Mysore. It employs around 700 people in four manufacturing units. In 2006, it increased capacity by around 50 per cent and has grown at a compounded annual rate of 65 per cent in the last five years. In addition to L&T, Rangsons is also a major supplier to GE. These two account for around 65 per cent for the company''s top line.

FII Activity on 07-08-2007

The gross equity purchased was Rs.1851.70 (in crores), and the gross debt purchased was Rs 200.80 (in crores). The gross equity sold was Rs3,018.40 (in crores), and the gross debt sold was Rs49.90 (in crores). The net investment of equity was -Rs1,166.70 (in crores) and the net debt investment was Rs150.90 (in crores).

JSW Steel To Buy Jindal Saw''s US Plant

For Jindals it is turning out to be a family affair. Sajjan Jindal is all set to buy the steel plate and pipe mill from his elder brother Prithvi Raj. And the family is making sure that it is a win-win situation for both the brothers. According to sources Jindal brothers have agreed that Sajjan Jindal through his flagship company JSW Steel will match the highest bid that comes in for Jindal Saw''s US plant.

Two international steel companies have already conducted due diligence on the pipe plant and will submit their bids shortly. JSW is likely to start its due diligence soon. The deal which is pegged at around $1.2 billion is likely to close by end August.

JSW insiders say that the acquisition of the plate and pipe mill will give a big push to its realisations and profitability. Sajjan Jindal''s gameplan is to export raw steel slabs from Belgaum in Karnataka to the US facility for conversion into plates and pipes.

Slab prices are currently ruling at $550 per tonne while pipe prices are pegged at over $1650 per tonne. No wonder that value additions are likely to be significant.

Group officials say that the final deal could just be a month away, only if JSW backs out from matching the highest bid will the Jindal Saw plant go to any third party. Given the value additions that the plant brings along it is unlikely that Sajjan Jindal will let go of the family jewel.

Wipro To Acquire Nasdaq Listed Infocrossing

In a deal pegged at $600 million information technology major Wipro Technologies announced acquisition of US-based IT infrastructure management company Infocrossing. The acquisition would be conducted through tender offer for outstanding shares of Infocrossing followed by a merger of Infocrossing with a Wipro subsidiary.For the twelve months ended March 31, 2007, Infocrossing posted revenues of $232.4 million and net income of $9.3 million. The acquisition is expected to be completed by third quarter. Infocrossing Inc is a Nasdaq listed IT infrastructure, enterprise application and business process outsourcing company. It has five data centres in the United States with 900 employees.

FII Activity on 06-08-2007

The gross equity purchased was Rs.2,501.80 (in crores), and the gross debt purchased was Rs 0.00 (in crores). The gross equity sold was Rs2,309 (in crores), and the gross debt sold was Rs0.00 (in crores). The net investment of equity was Rs192.80 (in crores) and the net debt investment was Rs0.00 (in crores).

FII Activity On 03-08-2007

The gross equity purchased was Rs.1,957 (in crores), and the gross debt purchased was Rs 50.70 (in crores). The gross equity sold was Rs 2,376 (in crores), and the gross debt sold was Rs52.50 (in crores). The net investment of equity was -Rs419 (in crores) and the net debt investment was -Rs1.80 (in crores).

RIL To Put In $14 Bln Over 2-3 Years

Reliance Industries Ltd., plans to invest up to 560 billion rupees in oil exploration and production and in laying transport pipelines. Of this amount, the company would spend about 120 billion rupees in laying 1,400 km of pipelines over two to three years. India''s gas consumption may rise to 400 million cubic metres a day by 2025 from 170 million cubic metres now, if the economy grows at a projected rate of 8 percent a year.

Reliance, which discovered India''s largest gas field in 2002, in July made a new discovery in a deepwater block in the Cauvery basin, off India''s east coast. The company has said it is spending about $5.2 billion to develop and $3.5 billion to maintain production from deep-sea gas fields off the east coast.

Zuari Industries Enters Into Joint Venture Agreement with Israel Chemicals

Zuari Industries Ltd has informed that the Company has entered into Joint Venture Agreement with Israel Chemicals Ltd for establishment of water soluble NPK Fertiliser Plant with an initial capacity of 10,000 tonnes per year. It is proposed to establish a 50:50 Joint Venture Company with Israel Chemicals Ltd to establish and operate a soluble fertiliser production facility in India.

Punj Lloyd To Buy 25% In Pipavav Shipyard

Engineering and construction major Punj Lloyd has signed a Memorandum of Understanding (MOU) to invest Rs 403 crore for 25.1 per cent stake in Pipavav Shipyard Limited (PSL). PSL will provide Punj Lloyd access to fabrication facilities for platforms, SBMs, rigs and jackets to exploit the opportunities in the shipyard sector. Punj Lloyd is currently executing the Heera Field Redevelopment project for ONGC. The facility at Pipavav Shipyard can also be used for fabrication of vessels for petrochemicals and refineries. The company expects to gain from the increasing demand for offshore facilities in India and abroad and with the ongoing shortage of shipyard capacity in India and globally.

FII Activity On 02-08-2007

The gross equity purchased was Rs.3,853.60 (in crores), and the gross debt purchased was Rs 197.40 (in crores). The gross equity sold was Rs4,836.30 (in crores), and the gross debt sold was Rs59.70 (in crores). The net investment of equity was -Rs982.70 (in crores) and the net debt investment was Rs137.70 (in crores).

Binani Cement To Infuse $100Mn In Chinese co

Mumbai: Binani Cement mulls to infuse $100 million in its newly taken over Chinese cement company Shandong Rongan Group Co Ltd that has a 0.4-million tonnes per annum (mtpa) capacity. The company recently acquired 49 per cent stake in the Chinese firm for $11 million. Though holding a minority stake, we have been given management control. They will be raising its holding to 70 per cent by September and enhancing the company''s capacity to 2.2 mtpa in the next three years. Binani Cement intends to tap the debt market soon for funding the China venture. China produces about one billion tonnes of cement per annum, compared to 150 mtpa produced in India.

The companies in Shandong province in China alone produce about 150 mtpa. China''s per capita cement consumption is higher at 900 kg per annum against India''s 106 kg. Quality power supply is assured by the Government, which saves our investment on captive power plant and fuel. They hope the strong Chinese demand to continue. The company has a presence in Dubai with a production capacity of one mtpa. Binani Cement has added additional production capacity of 2.2 mtpa at its existing facility in Udaipur, Rajasthan.

FII Activity On 01-08-2007

The gross equity purchased was Rs.3,620.80(in crores), and the gross debt purchased was Rs 127.80. The gross equity sold was Rs3,187.20 (in crores), and the gross debt sold was Rs29.50 (in crores). The net investment of equity was 433.60 (in crores) and the net debt investment was Rs98.30 (in crores).

FII Activity On 31-07-2007

The gross equity purchased was Rs.2,817 (in crores), and the gross debt purchased was Rs 0.00. The gross equity sold was Rs 2,966.90 (in crores), and the gross debt sold was Rs1.50 (in crores). The net investment of equity was -149.90 (in crores) and the net debt investment was -Rs1.50 (in crores).

Logix Microsystems Acquires ReckonUp From Prize Corporation

Logix Microsystems Ltd on August 01, 2007 has announced the acquisition of ReckonUp, a CRM (Customer Relationship Management) product from Prize Corporation. The acquisition is an all cash deal of USD 4.00 million for the assets of the CRM product which include an experienced team, wide customer base and a strong technology platform. With this acquisition, the Company has further strengthened izmoCRM, the Customer Relationship Management Offering of the Company in the U.S. market.

ReckonUp is a web-based application for automobile dealerships to improve operating efficiency and helps manage databases of current and prospective clients. The product enhances existing Dealer Management Systems (DMS) and effectively creates Business Development Centers (BDC) for automobile dealers. ReckonUp is certified by leading automotive manufacturers such as GM, Ford, Mercedes Benz, Honda, and Nissan.

Commenting on the acquisition, Sanjay Soni, Managing Director, of the Company, This acquisition will further accelerate our vision to become the leading business solution provider to the US650 bn automotive dealership market. We are confident that in the next 12 months we will be able to fully leverage Reckonup backed by our large sales, development and support team and fresh capitalization.

Presently, the Company owns the worlds largest collection of automotive images and rich-media animations. The path breaking rich-media online sales solution developed by the Company is the Industry Standard in the U.S., used by Yahoo! Autos and thousands of prominent Auto Dealer Groups and Dealers. The Company and izmocars have now become the perfect solution as auto dealers further explore new technological avenues to increase sales.

Berger Intends To Infuse Rs 50-Cr To Set Up Plant In Pune

Kolkata: Berger Paints India Ltd is looking at investment of about Rs 50 crore on the setting up of an automotive paints plant in Pune by the end of the year. The plant is expected to commence operation in a year and will have production capacity of 800 kilolitres a month. At present, almost 76 per cent of the company''s revenue comes from the decorative paints segment, with automotive paints and protective coatings accounting for the rest. The company is currently looking at acquisitions both in India and abroad.The company recently set up a decorative plant manufacturing unit in Russia with a production capacity of 3,000 tonnes a year.