FII Activity On 28-02-2008

The FIIs on Thursday stood as net buyer in equity while net seller in debt. The gross equity purchased was Rs3,698.60 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,302.20 Crore and gross debt sold stood at Rs394.80 Crore. Therefore, the net investment of equity reported was Rs396.40 Crore and net debt was (Rs394.80 Crore).

An Ideal Investment Vehicle

A Real Estate Investment Trust or REIT is a tax designation for a corporation investing primarily in income-producing real estate that reduces or eliminates corporate income taxes. In return, REITs are required to distribute majority of their income, which may be taxable in the hands of the investors. The REIT structure was designed to provide a similar structure for investment in real estate as mutual funds provide for investment in stocks. Budget 2008-09

In other words, REITs are pass-through entities or companies that are able to distribute the majority of income cash flows to investors, without taxation, at the corporate level. Hence, the REITs' business activities are restricted to acquisition and disposal of leased properties and generation of property rental income. REIT not only provides stable dividends but also offers capital appreciation via smart disposal of properties.

For real estate developers, it offers a route of raising more money for their business. Companies like Capitaland in Singapore have mastered the art of developing the assets, transferring them to their REITs and thus making more money available for further development. This process will be further facilitated by reducing interest rates worldwide after US Sub-prime crisis.

Like other corporations, REITs can be publicly or privately held. Public REITs may be listed on public stock exchanges like shares of common stock in other companies.

REITs can be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest in and own properties. In other words, they are responsible for the equity or value of their real estate assets. Their revenues come principally from their properties' rents.

Mortgage REITs deal in investment into and ownership of property mortgages. These REITs loan money for mortgages to owners of real estate, or purchase existing mortgages or mortgage-backed securities. Their revenues are generated primarily by the interest that they earn on the mortgage loans portfolio. Hybrid REITs combine the investment strategies of equity REITs and mortgage REITs by investing in both properties and mortgages.

The key statistics to look at in REIT are its NAV (Net Asset Value), AFFO (Adjusted Funds from Operations) and CAD (Cash Available for Distribution).

Thus, this investment vehicle called REITs opens the option of investing in real estate portfolios to the common man, and this concept has been established for decades in the United States and Australia (in case of the latter, under the name LPT, or Liquid Property Trust).

Of late, Asia too is beginning to wake up to the potential. Singapore, Malaysia, Hong Kong, South Korea and Japan have seen significant success levels with this financial instrument, while India and China are still trying to find a workable formula.

REITs are attractive investment vehicles because they have the potential of generating yields comparable to stocks and bonds. They are not prone to the kind of fluctuations one typically observes in the stock market and therefore present a higher margin of safety. They also generate capital gains and represent a stable income source. Hence, REIT is an investment vehicle combining the best of both worlds, capital appreciation of equities and stability of debt.

Fundamentally, a Real Estate Investment Trust (REIT) is an entity dedicated to owning and, in most cases, operating income-producing real estate, such as apartments, shopping centers, hotels, offices and warehouses. This means that the company buys, manages and sells real estate assets with the sole purpose of inviting investors to put their money into a professionally managed portfolio of properties. Investors are also given an unprecedented tax exemption opportunity on the corporate level.

In some cases, such an entity may even finance real estate. REITs are particularly an attractive avenue to retail investors because it offers higher returns than fixed deposit rates. They represent a diversified portfolio of assets at low quantum of investments. REITs can serve as ultimate landlord of select rented properties.

However, REITs has yet to be proven as a workable concept in India. As of now, there is long way to go pertaining to the actual formation of REITs in this country. Any proposal to establish REITs here will have to be placed before SEBI (Securities Exchange Board of India) for approval. This body will evaluate each proposal, and considering the immense potential, it stands to reason that a number of approvals will finally come through. When they do, REITs will concentrate on the following property market areas:Commercial: Offices and IT/ITES Parks. Hospitality: Hotels, Leisure and Healthcare Retail: Large Malls Industrial It should not be assumed, however, that the introduction of REITs will result in the availability of an instant wealth-building instrument for investors. The product will be an unfamiliar one for most, and a long period of trial and error will necessarily precede the first REITs-related success stories in India. The art of maximizing profits through REITs calls for intelligent portfolio diversification and management.

A lot also depends on the format that REITs take in India. To generate good financial returns for its investors, the entity will have to own a high quality investment portfolio. Ideally, it will operate in several metropolitan and secondary cities. Returns will begin to flow in when the REIT has managed to secure several large quality properties and to consistently maintain the quality of portfolio.

Bhuwalka Steel Buys Benaka Sponge

Bhuwalka Steel Industries Ltd has acquired Benaka Sponge Iron Pvt Ltd for Rs 9.9 crore. As a result Benaka will become a subsidiary of Bhuwalka Steel enabling the group to step into steel making.

Shriram Pistons To Spend Rs 600 Cr On Second Facility

Shriram Pistons & Rings Ltd (SPRL) plans to spend Rs 600 crore over the next five years in its second manufacturing facility that is coming up at Pathredi in Rajasthan. The company manufactures pistons, piston rings and engine valves catering to most vehicle and engine manufacturers in the country. The second plant is being set up to double the company’s capacity and to produce high-end products suitable for automotive engines that conform to Euro IV and Euro V emission norms.

FII Activity On 27-02-2008

The FIIs on Wednesday stood as net buyer in equity. The gross equity purchased was Rs2,369.40 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,284 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs85.40 Crore and net debt was Rs0.00 Crore.

LIC Agents Promise 200pc Return On 0-Investment Plan

Agents are aiming those policyholders who are eligible to take at least a loan of Rs 50,000 on existing policies, and are sending letters in envelopes with printed address and existing policy number on which the loan is eligible. Life Insurance Corporation of India (LIC) may have gone to the extent of foregoing premium income from unitlinked policies to make sure customers are not lured into buying them on false promises by agents. But despite this, a section of agents have gone to the extent of asking policyholders to take loans on their existing policy and invest in Market Plus-a unit-linked policy. What''s more, they are claiming it to be a zero-investment plan with a return of about Rs 75,000.

FII Activity On 26-02-2008

The FIIs on Tuesday stood as net buyer in equity. The gross equity purchased was Rs3,063.50 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,325 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs738.50 Crore and net debt was Rs0.00 Crore.

Railways To Acquire Land Faster For Its Special Projects

New Delhi: Authorised agencies will now acquire land for implementing "special railway projects" to speed up the acquisition process, Railway Minister Lalu Prasad said while presenting the Railway Budget 2008-09 in the Lok Sabha Tuesday. Run-up to Budget 2008-09

"The process of land acquisition for railway projects through the Land Acquisition Act 1989 is extremely time consuming.

"Therefore, the Railways Act of 1989 has been amended through an ordinance for expeditious acquisition of land for important railways projects," Lalu Prasad said.

"Under the amended provisions, land for notified special railway projects will be acquired by the competent authority appointed by the railway," the minister, who presented his fifth railway budget, said.

With Rs 9,000 Cr Investments, Pune Inc Is Growing Fast

Pune has been on a fascinating growth trajectory with industrial investments worth Rs 4,500 crore having poured into the district every year for the last two years. The city's manufacturing sector is poised to record an annual turnover of Rs 60,000 crore by 2010 from the current Rs 52,000 crore. Run-up to Budget 2008-09

These projections were presented by Manasi Phadke, economic advisor to the Mahratta chamber of commerce, industries and agriculture (MCCIA) at a press conference to announce the launch of MCCIA's industrial directory of Pune on February 28 at the inaugural function of Pune Expo 2008.

The industrial directory will be accompanied by a study on Pune Manufacturing Inc. titled 'Profile and Analysis of Pune Manufacturing Inc.: An Intelligence Report on Growth of Pune Industries.'

"Data available with MCCIA indicates that Pune's manufacturing turnover could easily touch Rs 60,000 crore by 2010," Phadke said. She said that manufacturing firms in Pune have a turnover of nearly Rs 52,000 crore annually and the top 12 companies (with a turnover of more than Rs 1,000 crore) contribute to more than 50 per cent of the total industrial turnover. There are about 12,500 formal sector manufacturing-driven industrial units in Pune. Of these, 9500 have a turnover of at least Rs 5 lakh per annum and formed the focus of our study," adds Phadke.

Stating that the directory will include details pertaining to investments, turnovers, export destinations, employment and quality certifications, Phadke said the study revealed that there is a broad spectrum of industrial activities in Pune, from automobiles, engineering goods, hardware, fabrication to white goods and food processing.

"Around 66 per cent of industrial units within Pune today are concentrated in the Pune Metropolitan Region (PMR) limits, while, in 1995, around 82 per cent of all industrial activity was in the PMR. This clearly shows that industrial growth has today found new grounds, as is obvious from the growth we are witnessing at such centres as Chakan, Pirangut and Ranjangaon," Phadke said.

She said that a 'golden industrial triangle' exists between PCMC, Talegaon and Ranjangaon within which industrial development seems to be taking place at a feverish pace, she says.

According to the MCCIA survey results, more than 2700 units in Pune district have obtained some form of quality certification- this could be ISO (applicable series), TS or HACCP (for food industries).

According to Phadke, manufacturing firms in Pune provide formal employment to around five lakh people and export goods worth nearly Rs 10,000 crore.

Among micro units, there are nearly 25 companies that have been awarded for innovations in production, best vendors/suppliers awards from their clients.

Honda Siel Invests Rs 1,000 Cr In Rajasthan

Noida: Honda Siel Cars India (HSCI) today said it will invest Rs 1,000 crore in its Rajasthan plant, which will go upstream in 2009. Run-up to Budget 2008-09

''We will invest Rs 1,000 crore in our Rajasthan plant, which will produce 60,000 units,'' President and CEO M Takedagawa said.

This takes the total investment by HSCI in India to Rs 2,620 crore.

The company will also expand its dealer network. ''We will increase the number of dealers to 160 in the next three years.

Most of these dealers will be in smaller towns to prepare India for our compact car,'' he said.

FII Activity On 25-02-2008

The FIIs on Monday stood as net seller in equity while net buyer in debt. The gross equity purchased was Rs2,409.30 Crore and the gross debt purchased was Rs6 Crore while the gross equity sold stood at Rs2,863.10 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs453.80 Crore) and net debt was Rs6 Crore.

FII Activity On 22-02-2008

The FIIs on Friday stood as net buyer both in equity and debt. The gross equity purchased was Rs2,786 Crore and the gross debt purchased was Rs100.80 Crore while the gross equity sold stood at Rs2,500.30 Crore and gross debt sold stood at Rs0.30 Crore. Therefore, the net investment of equity reported was Rs285.60 Crore and net debt was Rs100.50 Crore.

Sai Info To Invest Rs 200 Cr In 3 Yrs On Expansion

Ahmedabad: Sai InfoSystem (India) Ltd (SIS), which is investing Rs 200 crore in the next three years on expansion plans, on Thursday introduced two new products — SIS Blade server and SIS Slim. The new range of “green computers” reduces complexity, improves reliability, lowers the operational cost and simplifies the administration and manageability efforts, resulting in reduction of the TCO (Total Cost of Ownership), according to Sunil Kakkad, Chairman and Managing Director. Run-up to Budget 2008-09

The SIS Blade server is a server chassis housing multiple thin, modular electronic circuit boards, known as server blades. A blade server is a computer on a motherboard, which includes processor, memory, and sometimes storage. SIS Slim is an integrated, ultra-thin client in a 15" / 17" / 19" LCD monitor, a replacement of the desktop, delivering better performance, reliability, security, and manageability with lower operational cost, he told a press conference here.

The SIS blade server is intended to address the needs of large-scale computing centres to reduce space requirements and lower costs. SIS Slim is useful in personal computer requirement in office automation, ERP, software development houses, call centres, schools etc., as it eliminates the need for periodical upgrade of PCs and the threats of data leakage.

Business plans

About business plans, Kakkad said the company plans to operate in 15 countries, including the US and Europe, by 2010. Operations in the UAE have already been launched.

Projects on hand

The company is working on street-light management systems to reduce power wastage by 40 per cent, get the optimal power at the right time and to result in substantial saving. The pilot project at Prantij in North Gujarat has been successfully completed while another project, at Himmatnagar, is nearing completion. The system has a huge potential and can be one of the key drivers of growth in future, Mandora said.

IDG Ventures Invests $3 M In Aujas Networks

Bangalore: IDG Ventures India, a $150-million early-stage technology venture capital fund, has announced an investment of $3 million in Aujas Networks Pvt Ltd, a pure-play digital security services start up. Run-up to Budget 2008-09

The Bangalore-based Aujas will address a global security services market currently over $17 billion and growing annually at over 17 per cent. Aujas plans to utilise the investment to build its sales presence in India, West Asia, Europe, Asia Pacific and North America and to significantly enhance its service offering development initiatives, said an IDG release.

Srinivas Rao, Sameer Shelke and Ms Manjula Sridhar, a team of experienced security professionals from the industry, co-founded Aujas. Earlier, as the Director of Network Solutions, Rao scaled the company from its early days to becoming a leading IT Infrastructure solution integrator, which resulted in acquisition by IBM Global Services in 2005.

Aujas offers high-end security services across a broad range of technologies including core wireless networks, VoIP and cyber forensics. Its security services are significantly productised and are domain specific in key sectors such as telecom, banking and financial services industry (BFSI) and Defence.

“The successful closure of this deal with a keenly short listed A-grade founding team validates the potential of our entrepreneur-in-residence model. Aujas is our second investment in the information security space. The company has hit the ground running with a channel partnership MoU already inked with iViZ, our first investment in information security software product sector from India,” said Sudhir Sethi, Founder, Chairman and Managing Director, IDG Ventures India.

Huge Investments Coming Up In Photovoltaic Wafers

Bangalore: About half the investments that are coming up from companies that want to avail themselves of the benefits of the ‘semiconductor policy’ are for producing photovoltaic wafers. Run-up to Budget 2008-09

This is clear from the details of the proposed investments given by Jairam Ramesh, the Union Minister of State for Commerce and Industry.

These include a $1-billion investment by Solar Semiconductor, $2 billion by Moser Baer, $750 million by Titan Energy and $250 million by Videocon Group.

Ramesh was glad that such investments were coming into technologies for harnessing solar energy.

High potential

Speaking at a conference organised here recently by the Indian Semiconductor Association (ISA), Ramesh noted that currently, India produces PV wafers that can result in installed solar power capacity of 190 MW. This is tiny, but even so, about 90 per cent is exported.

Ramesh wants at least 1,000 MW to be produced from the sun. India’s 9 per cent growth should be ‘low carbon’.

Later, in a chat with journalists, he admitted that even 1,000 MW was miniscule, compared with the 12th Five Year Plan of about 80,000 MW.

HDFC Bank To Mop Up $1 Bn For Offshore Expansion

Mumbai: HDFC Bank Ltd is looking at offloading around $1 billion of medium-term notes to finance its expansion overseas. HDFC plans to set up its first branch abroad, in Bahrain, within a few months. Additionally, the bank plans to open new offices in London and Hong Kong. HDFC Bank joins rivals such as ICICI Bank and Bank of Baroda in expanding overseas to track local companies including Tata Steel, Hindalco Industries and Indian Hotels, which are acquiring foreign competitors.

Standard & Poor''s on Feb 21 gave a BBB- rating, its lowest investment grade, to the senior debt portion of the proposed notes. It assigned BB+, the highest non-investment grade rating, to the lower tier-2 subordinated debt and rated the upper tier-2 and hybrid tier-1 notes a step lower at BB. The bank hasn''t set the final structure of the debt. HDFC Bank''s 754 branches issued about half its Rs 71,400 crore ($17.8 billion) of outstanding loans to individual borrowers as of December 2007. The bank routes home mortgage loans on behalf of its promoter, Housing Development Finance Corporation, which owns a fifth of the commercial lender.

SAIL Signs Joint Venture Agreement With Jaiprakash Associates

Steel Authority of India Ltd (SAIL) has informed that the Company on February 21, 2008 has signed a Joint Venture Agreement with M/s. Jaiprakash Associates Limited (JAL) for formation of a Joint Venture Company (JVC) to set up a cement plant for producing 2 million tonnes of Cement at Bokaro (Jharkhand) by using slag generated at Bokaro Steel Plant of SAIL. SAIL would hold minority stake of 26 per cent in the JVC and the remaining 74 per cent stake would be with JAL.

FII Activity On 21-02-2008

The FIIs on Thursday stood as net buyer in equity while the net seller in debt. The gross equity purchased was Rs3,033.80 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,977.10 Crore and gross debt sold stood at Rs2.10 Crore. Therefore, the net investment of equity reported was Rs56.10 Crore and net debt was (Rs2.10 Crore).

Emco Enters Into JV With Edison Power (Pty) Ltd

Emco Ltd has announced that the Company has entered into a MOU agreement for joint venture partnership with a South Africa based Company, Edison Power (Pty) Ltd for manufacturing transformers in South Africa and marketing the transformers in the African Region.

The joint venture is to be named EMCO-EDISON Transformers Africa (Pty) Ltd (EETA), EMCO has 51 per cent equity participation, with Edison holding the balance 49 per cent in the JV.

Mr. Rajesh Jain, Chairman, EMCO Ltd. said, In line with our growth strategy, we are aggressively planning to establish our overseas presence by setting up manufacturing and marketing units outside India and this JV is one of the steps towards achieving our Goal. We are aiming to achieve 30% of our turnover from Exports. Edison Group of Companies has ample resources and vast experience in handling all type of electrical installation Projects in Substation & Transmission sector. Partnership with Edison Corporation perfect synergetic alliance and both of us are poised to gain from Power sector boom in the region.

FII Activity On 20-02-2008

The FIIs on Wednesday stood as net buyer in equity. The gross equity purchased was Rs3,788.30 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,203.20 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs1,585.10 Crore and net debt was Rs0.00 Crore.

Parsvnath Developers Forms JV With Royal Orchid Hotels Ltd To Develop 10 Hotels; To Invest Rs 500 Cr

Parsvnath Developers Ltd on February 20, 2008 announced a joint venture between its subsidiary, Parsvnath Hotels Ltd (PHL) and Royal Orchid Hotels Ltd (ROHL), one of Indias fastest growing hospitality Companies, to develop and manage hotels across country.

PHL and ROHL have signed an agreement to form a joint venture where PHL will hold the majority stake of 70% with ROHL 30%. Royal Orchid Hotels will manage the hotels and the Joint Venture Company will own and develop these projects. The Joint Venture Company will operate under the name of Parsvnath Royal Orchid Hotels.

Under the agreement, Parsvnath Royal Orchid Hotels proposes to develop 10 hotel projects in next five years across India, categorized into four 5-star, four 4-star and two 3-star hotels, resorts and serviced apartments. The construction on these hotels would involve an investment of over Rs 500 crores spread over the period of three to five years.

There would be at least 1000 rooms would be built under this Joint Venture.

FII Activity On 19-02-2008

The FIIs on Tuesday stood as net seller in equity while buyer in debt. The gross equity purchased was Rs1,766.90 Crore and the gross debt purchased was Rs106.90 Crore while the gross equity sold stood at Rs21,882.80 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs115.90 Crore) and net debt was Rs106.90 Crore.

FII Activity On 18-02-2008

The FIIs on Monday stood as net buyer both in equity as well as in debt. The gross equity purchased was Rs3,898 Crore and the gross debt purchased was Rs368.70 Crore while the gross equity sold stood at Rs2,750.50 Crore and gross debt sold stood at Rs0.30 Crore. Therefore, the net investment of equity reported was Rs1,147.50 Crore and net debt was Rs368.40 Crore.

Coal India To Infuse Rs 18,000 Cr In 118 Projects

Bhubaneswar: Coal India (CIL) has decided to put in Rs 18,000 crore in 118 projects during 2008-09. This would enable the company to enhance its production by comprehensive margins. CIL projects a production of around 520 million tonne during the 11th Plan. Its current production is about 363 million tonnes which is expected to go up by over 384 million tonnes in 2008-09.

FII Activity On 15-02-2008

The FIIs on Friday stood as net seller in equity while the net buyer in debt. The gross equity purchased was Rs2,572.30 Crore and the gross debt purchased was Rs4,513.50 Crore while the gross equity sold stood at Rs3,755.50 Crore and gross debt sold stood at Rs2,132.80 Crore. Therefore, the net investment of equity reported was (Rs1,183.10 Crore) and net debt was Rs2,380.70 Crore.

NTPC To Infuse $40bn Over Next 5yrs

New Delhi: NTPC Ltd will be infusing up to $40 billion over the next five years to transform itself into an integrated regional energy player, from being just a national power utility. The company is aiming a foray into the LNG value chain, besides plans to strengthen its presence in newly diversified areas, including hydropower, coal mining, power trading, oil and gas exploration and consultancy services. The power major also mulls to spread out operations across Asia and Africa, with upcoming projects in South Asia, Africa and possibly West Asia, besides plans to bag coal assets in countries, including Indonesia, Mozambique and Australia.

The country''s largest power utility is targeting a 50,000 MW-plus capacity by 2012. The company''s current operating capacity is 28,644 MW, with 18 coal-fired plants totalling 23,209 MW and eight gas-based stations adding up to 5,435 MW. Plans comprise developing hydropower capacity of 9,000 MW by 2017, of which 2,471 MW is currently under implementation. The company is also aiming nuclear power capacity of 2,000 MW by 17 and non-conventional power of 1,000 MW. NTPC has foraying into an alliance with Singareni Collieries for coal mining, another with BHEL for equipment manufacturing, and an alliance with Transformers & Electricals Kerala for repairs and maintenance. NTPC is also establishing close to 2,120 MW as merchant power plants, of which, 1,120 MW are hydro-based units.

FII Activity On 14-02-2008

The FIIs on Thursday stood as net buyer both in equity and debt. The gross equity purchased was Rs3,969.90 Crore and the gross debt purchased was Rs322.30 Crore while the gross equity sold stood at Rs3,620.90 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs349 Crore and net debt was Rs322.30 Crore.

Renaissance Jewellery - Acquisition

Renaissance Jewellery Ltd has informed that the Company, through its subsidiary Renaissance Jewelry New York, Inc. in US, has acquired the business and assets of JBR Inc., a Jewellery wholesaler based in New York.

The Company believes that this acquisition will strengthen its position in the US Market and a solid base to grow from.

FII Activity On 13-02-2008

The FIIs stood as net seller in equity while buyer in debt. The gross equity purchased was Rs3,440.20 Crore and the gross debt purchased was Rs103.60 Crore while the gross equity sold stood at Rs3,555.30 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs115.10 Crore) and net debt was Rs103.60 Crore.

Dalmia Cement Plans Rs 3500 Cr Investment

Tiruchirapalli: Dalmia Cement (Bharat) Limited is planning an additional investment of Rs 3500 crore for capacity expansion.

Dalmia Cement CEO T Venkatesan told newspersons here that the company had already committed an investment of Rs 1500 crore to increase its production capacity.

He said the investments would increase the production capacity to 14 million tonne from the present six million tonne.


The capacity at their Dalmiapuram plant would be increased to 4.5 million tonne from 3.5 million tonne and at Orissa plant, the capacity would be increased from two million tonne to 5.5 million tonne by end of next fiscal.

He said while their new plant at Cudappah in Andhra Pradesh was expected to start commercial production by September this year, the Ariyalur plant in Tamil Nadu would begin commercial production in next year.

He said the company proposed to establish new units in Karnataka, Rajasthan and Meghalaya.

Tata Communications To Spend $2 B Globally

Mumbai: Tata Communications, formerly Videsh Sanchar Nigam Ltd, will spend $2 billion over the next three years to expand globally, the company said in a statement on Wednesday.

IOC To Infuse Rs 3,500cr In Pipeline Projects By 2012

Mumbai: Indian Oil Corp will infuse Rs 3,500 crore to lay 2,080 km of crude oil and petroleum product pipeline by 2011-12. Of the 2,080-km pipeline, 730 km will be for crude oil and the balance1,350 km for moving petroleum products. IOC already has ongoing pipeline projects covering 1,573 km, comprising 370 km for crude oil and the balance for petroleum products, being set up at a cost of Rs 2,271 crore. In India, pipelines constitute 31-34 per cent of the total transportation pie for petroleum products while rail and road along with coastal modes, account for 30-33 per cent and 33-39 per cent. IOC is also placing a pipeline to transport liquefied petroleum gas from Panipat to Jalandhar and has plans for many more such pipelines.

Moser Baer To Invest $1.5 B In Thin Film Unit

Moser Baer India Ltd has announced an investment of $1.5 billion to set up a thin film photovoltaic capacity plant. PV Technologies India Ltd, the wholly owned subsidiary of Moser Baer India, signed an agreement with a global equipment supplier to source critical equipment for a 565-MW phased expansion. This would take the company’s current capacity to 600 MW from 40 MW by 2010.

India Infoline To Invest Rs 461 Cr In Unit

Mumbai: Brokerage India Infoline Ltd said on Monday its board has approved investing Rs 461 crore in its subsidiary, India Infoline Investment Services Ltd.

Fuel Quality: IOC To Invest Rs 9,000 Cr

New Delhi: Indian Oil Corporation Ltd (IOC) plans to invest Rs 9,000 crore on quality improvement projects to improve the quality of petrol and diesel produced at its refineries.

“While the company is meeting the present requirements of fuel quality for better environment, IOC is gearing up to respond to the future needs as well,” B.N. Bankapur, Director Refineries, IOC, said.

In a statement issued here the company said, as per the Auto Fuel Policy, petrol and diesel quality for 13 major cities will be as per BS 1V norms from April 1, 2010 as compared to the present level of BS-III quality and rest of the country will switch over to BS-III quality from the present level of BS-II.

IOC is commissioning projects like once through hydrocracker at Haldia Refinery and diesel hydrotreater under resid upgradation project at Gujarat Refinery for improvement in diesel quality. Additional reactors are also being installed in units at Panipat and Barauni to improve diesel quality standards and the projects are expected to be commissioned by December 2009, he said.

• Quarterly results of corporates: Check out

Similarly, petrol quality upgradation projects at all the IOC refineries have been initiated and are expected to be commissioned by December, 2009.

FII Activity On 08-02-2008

The FIIs on Friday stood as net seller in equity. The gross equity purchased was Rs2,989.50 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,157.90 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs168.40 Crore) and net debt was Rs0.00 Crore.

Moser Baer Plans 600 MW Thin Film PV Capacity With An Estimated Investment Of Over $ 1.5 Bn

Moser Baer India Ltd on February 09, 2008 has announced that its wholly owned subsidiary, PV Technologies India Ltd, has signed a Memorandum of Understanding (MoU) with a leading global equipment supplier to secure supply of critical equipment for a 565 MW phased expansion of its Thin Film Photovoltaic modules manufacturing capacity, which together with the current project capacity of 40 MW will take the total manufacturing capacity to over 600 MW by 2010.

Ravi Khanna, CEO, PV said, Leaders in the PV industry will continue to emerge on the strengths of rapid scale up and technology differentiation. We see an increasingly significant role for Thin Film technologies in meeting peaking power requirements and now aim to be a significant player in this arena.

Thin film solar modules are ideal for energy farms, rural applications and building integrated Photovoltaic markets. Photovoltaic modules based on large area Thin Film technology provide a path to cost parity between solar grid power. According to market estimates, the Thin Film based solar modules will see large emerging applications and a robust demand that, according to industry estimates is expected to grow ten fold; from 250 MW currently to 2GW with a market size of $5 bn by 2010.

Kemrock Industries - In-Principle Understanding To Acquire The Business Of Top Glass Spa, Italy

Kemrock Industries & Exports Ltd has informed that the Company has reached an in-principle understanding to acquire the business of Top Glass SpA, Italy. The deal was negotiated and agreed in-principle on February 08, 2008, by Mr. Kalpesh Patel, Chairman and Managing Director of Kemrock and Mr. Alfonso Branca, Managing Director of Top Glass.

The acquisition of majority holding, which is subject to customary due diligence, documentation and compliances with the applicable regulations / approval would enable, Kemrock to integrate Top Glass World renowned technical Capabilities in the field of pultrusion with Kemrocks growing reputation as Asias leading composites manufacturer employing all the major process technologies.

This significant event in the history of Kemrock signals a major step forward in the technical competence, of pultruded products now available to the Indian and Asian Composites Market. The Company would have the enhanced capability of serving basic industries in the manner that European and North American users have enjoyed over the past few years.

Mr. Branca, Managing Director meantime foresees advantage for the Top Glass activity in Europe. Top Glass will remain an autonomous, entity as a subsidiary of Kemrock.

Top Glass are based some 20 kms north east of Milan, in a modern, state of the art pultrusion facility; and are renowned for the market leading technical expertise they exhibit.

Uni Abex - Singing Of Joint Venture Agreement With Manoir Industries, France

Uni Abex Alloy Products Ltd has informed that the Company on February 08, 2008 has executed an Agreement for Joint Venture with Manoir Industries of France in relation to the marketing and manufacture of Reformer Tubes.

Manoir Industries, France, is a manufacturing Company with a broad capability in specific sectors of Chemical, Petrochemical and Refinery markets and operates 6 foundries and 5 forging plants throughout the world. Two of these foundries Pitres located in France and Yantai in China produce more than 6000 metric tonnes per annum of centrifugally cast tubes and statistically cast products in heat-resistant alloys, which makes Manoir Industries, the worlds largest producer of these products.

In initial stage, Phase-I, JVC with marketing experience and network of Manoir will be marketing Reformer Tubes and Uni Abex Alloy Products Ltd. (Uni Abex) will be involved in the manufacturing activities with free technical assistance for Manoir (only reimbursing of expenses for their technical personnel) relating to Casting and Fabrication work for the same, for which Uni Abex will get firm orders from JVC of a minimum volume, which will be larger than the existing turnover of Uni Abex in this line of business.

In Phase-II which should commence within a period of three years, JVC will set up its own fabrication shop with advanced technology and knowhow of Manoir and purchase cast tubes from Uni Abex manufactured with technical assistance provided by Manoir.

Ennore Foundries Plans To Invest Rs 350 Cr For Expansion

Ennore Foundries Ltd (EFL), will be doubling its capacity to 2,20,000 tonnes per year by 2010-11. The company would be investing Rs 350 crore during the next two years to double the capacity. The company would be going in for GDR issue for Rs 100 crore and the rest would be managed through a combination of debt, equity and internal accruals.

FII Activity On 07-02-2008

The FIIs stood as net seller in equity. The gross equity purchased was Rs2,224.70 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,752.90 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs528.20 Crore) and net debt was Rs0.00 Crore.

NTPC Sets Up Joint Venture With Bharat Forge

New Delhi: NTPC Ltd on Feb 7 forayed into a pact with Bharat Forge Ltd to set up a joint venture unit for manufacturing castings and forgings for power plants at an investment of Rs 3,000 crore. According to the source, the proposed venture will commence operations within around 15 months of its inception. NTPC is likely to hold a 49 per cent stake in the new firm.

SCI To Put In $800 M In Shipyards

Mumbai: Shipping Corporation of India may put in $600 million to $800 million in shipyards, the source said. As per the National Maritime Development Programme, the Government had indicated construction of two shipyards on the east and west coasts. While Ennore Port is responsible for the east coast, Mumbai Port has been entrusted with the responsibility of the west coast shipyard. Looking at a joint venture set-up, SCI is likely to finalise its partner in the next few months.

Kohlberg Kravis To Invest $250 Mn In Bharti Infratel

Bharti Infratel, a wholly owned subsidiary of Bharti Airtel Limited on Feb 6 announced that leading private equity firm Kohlberg Kravis Roberts & Co (KKR) has agreed to invest $250 million in Bharti Infratel. The investment will be made by KKR''s Asia dedicated private equity fund and its global private equity fund. This is in addition to the investment of $1 billion in Bharti Infratel by leading international investors Temasek Holdings, the Investment Corporation of Dubai (ICD), Goldman Sachs, Macquarie, AIF Capital, Citigroup & India Equity Partners (IEP) in December 2007.

The enterprise valuation of Bharti Infratel will be in the range of $10 to 12.5 billion with the final valuation to be determined on the basis of Bharti Infratel''s actual operating performance in FY 2008-09. This investment reinforces the confidence of leading global investors in the Indian telecom sector, which is now the fastest growing telecom market in the world, and the Bharti Group. It is also an endorsement of the Indian Government''s visionary policy on sharing of passive infrastructure. Bharti Infratel owns over 20,000 sites and holds an approximately 42 per cent stake in Indus Towers, the recently announced joint venture between Bharti, Vodafone and Idea, which has over 70,000 sites.

FII Activity On 06-02-2008

The FIIs on Wednesday stood as net buyer in equity. The gross equity purchased was Rs2,918.40 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,341.50 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs576.90 Crore and net debt was Rs0.00 Crore.

FII Activity On 05-02-2008

The FIIs on Tuesday stood as net buyer in equity. The gross equity purchased was Rs8,300 Crore while the gross equity sold stood at Rs4,489.30 Crore. Therefore, the net investment of equity reported was Rs3,810.70 Crore.

Prakash Inds To Spend Rs 2,400 Cr To Commission Plant

Mumbai: Prakash Industries, steel manufacturer, has decided to commission a 600 mw thermal power station in Chhattisgarh with an investment of about Rs 2,400 crore. The company has signed a memorandum of understanding with the state government in this regard. The project will be operational within four years and will be financed through a mix of equity and debt. Prakash Industries would benefit from this project as the state government would facilitate in the allotment of captive coal block for the project and Prakash Industries would be entitled to distribute the power through Power Grid Corp, any other grid lines or its own dedicated lines.

Parsvnath Forges Alliance With ITC To Develop 50 Hotels

Parsvnath Developers Ltd on Feb 4 announced a tie up with ITC to develop 50 hotels at a cost of Rs 2,500 crore in the next three to five years. Parsvnath Developers Chairman Pradeep Jain said Parsvnath will spend Rs 2,500 crore for building 50 hotels under ITC''s budget brand Fortune Park.

Parsvnath will develop and own the hotels and ITC will manage them. It is estimated that 50 hotels will add around 4100 rooms. The tie up will have 20 five star hotels, 20 four stars and 10 three stars and budget hotels. Most of these hotels will be in tier-II and tier-III towns. For ITC fortune is its mid range brand and is spread across smaller cities. The hotels will be known under the brand names of Fortune Select, Fortune Park, Fortune Inn and Fortune Faith. Analysts have still not accounted for hospitality as a part of valuations for real estate companies because they have only just started getting into this vertical. But one thing is certain, whatever be the challenges the deeper the pockets the higher the ability of a developer to hedge his projects.

Jindal Saw Enters Urban Infrastructure Projects

New Delhi: Jindal Saw Ltd, leading pipes manufacturer, anticipates the urban infrastructure projects contributing a greater share of company''s revenue in the next five years as the country increases spending on infrastructure projects to sustain high level of economic growth. The company has secured a contract from NDWPCL - a joint venture between the Delhi Government and IL&FS - to develop a 16 MW waste-based power plant. The company has outbid 29 firms, including GMR and Tata Power, to bag a contract to set up the capital''s first waste-based power plant. It estimates an investment of around Rs 200 crore in the new venture. Thirty international and domestic firms, including Tata Power, Gammon Infrastructure and GMR, were in race for the contract.

Parsvnath & ITC Join Hands

Parsvnath Developers Ltd has announced that Parsvnath Hotels Ltd (PHL), a subsidiary of Parsvnath Developers Ltd, has signed a MoU with Fortune Park Hotels Ltd (FPHL), a wholly owned subsidiary of ITC Ltd, to manage 50 Hotels across the country in next three to five years.

PHL plans to make an Investment of approximately Rs 2500 crore in these hotel projects. The strategic tie up would have 20 five-stars, 20 four-stars and 10 three-stars & budget hotels.

Under the agreement PHL would own and develop the hotels and FPHL would manage these hotels. The hotels would run under the brand name of Fortune Select, Fortune Park, Fortune Inn and Fortune Faith. More than 4000 rooms would be constructed under these brands for different categories. Fortune Select hotels would have at least 100 rooms, Fortune Park would have 75 or more rooms & other brands would have at least 50 rooms & more.

Parsvnath is currently coming up with 17 hotel projects of which FPHL would manage seven projects in Ranchi, Lucknow, Indore, Jodhpur, Ujiain, Chandigarh Film City and Dehradun in the first phase. All of these hotels would be operational by 2010. The first among these is expected to be operational by first Quarter of 2009. Parsvnath is also developing hotels at Shirdi, Mohali, Hyderabad, Ahmedabad, Goa, Gurgaon, Cochin among others, which will be managed in management contract with other hotel chain.

The Company is planning to develop 75-100 hotels in tier-II, tier-III and all the major cities across country. For these, Parsvnath Developers is eyeing strategic locations like Delhi, Mumbai, Kolkata, Chennai, Pune, Udaipur, Jaipur, Navi Mumbai, Agra, Bangalore, Bhopal, Raipur, Jalandhar, Ludhiana, Vadodhra, Manesar, Surat, Aurangabad, Gandhinagar, Nagpur, Jaisalmer and Noida to develop hotels in near future.

Hindustan Dorr - Award of Contract from RCF

Hindustan Dorr Oliver Ltd has informed that the Company has been awarded the contract for Process Licence, Basic Design & Engineering, Detailed Engineering, Procurement, Fabrication, Supply, Transporation, Insurance, Storage, Construction, Erection, Installation, Commissioning, Guarantee Tests and Handing over of the Plant along with associated facilities and auxiliaries for Rs 820 millions for RCFs ANP Granulation Plant Package. HDO will be executing the above mentioned ANP Granulation Plant Package on Lumpsum Turnkey basis in 15 months.The Company which is owned by IVRCL group is total engineering solutions provider in the field of Pulp & Paper, fertilizers, Mineral Beneficiation and all kinds of Water & Waste Treatment Plants.

ONGC Likely To Join Hands With Norwegian Co For Green Tech

New Delhi: Oil & Natural Gas Corporation (ONGC) is likely to sign an pact with Norway's StatoilHydro for carbon capture and sequestration (CCS) technology. Use of CCS technology will help in decreasing greenhouse gas emission. CCS is an approach to moderate global warming by capturing carbon dioxide from large point sources and storing it instead of releasing it into the atmosphere. ONGC is also likely to ink some other pacts with the Norwegian company comprising one on technology transfer and fields development. ONGC recently got its third clean development mechanism project reported with the United Nations Framework Convention for Climate Change. The project flare gas recovery project at Uran plant involved decreasing gas flaring from ONGC''s Uran plant and qualified for a CDM project under fuel substitution category.

Under the CDM, an industrialised country with a greenhouse gas reduction target can invest in a project in a developing country without a target and claim credit for the emissions that the project achieves. Thus, the mechanism opens up an excellent opportunity to the companies of the developing nations for earning revenues through mitigation of green houses gases. The reduction in green house gas emission got via a reported project is quantified as certified emission reduction, commonly known as carbon credits, which is a tradable commodity. The other two projects of ONGC that already been registered with UNFCC are waste heat recovery and using the recovered heat for heating oil at MS platform in Mumbai High and the upgradation of gas turbine 1 and gas turbine 2 at co-generation plant of Hazira gas processing complex.

Microsoft Corp Offers $44.6 Billion For Yahoo Inc

Microsoft on Feb 1, offered to take over Yahoo! Inc for about $ 44.6 billion. Yahoo! said its Board of Directors will valuate the unsolicited proposal carefully and promptly in the context of Yahoo!''s strategic plans and pursue the best course of action to maximize long-term value for shareholders. The Microsoft CEO, Mr Steve Ballmer, in a statement, said the deal will help both the companies to become better positioned to compete in the online services market. Microsoft said its $31 per share offer represented a total equity value of approximately $44.6 billion of Yahoo!. Microsoft''s proposal will permit the Yahoo! shareholders to elect to get cash or a fixed number of shares of Microsoft common stock, with the total consideration payable to Yahoo! shareholders consisting of one-half cash and one-half Microsoft common stock. The combined assets and strong services concentrate of these two companies will enable us to achieve scale economics while reaching R&D critical mass to deliver innovation breakthroughs. The offer was disclosed first in a letter sent to the Yahoo! Board of Directors on January 31 by Mr Ballmer.

ICICI Bank Joins Hand With Janashakthi Insurance For Bancassurance

Janashakthi Insurance, Sri Lanka''s leading insurance company which topped an unprecedented premium income while being in operation for just over a decade and the ICICI Bank joined forced in a strategic partnership for bancassurance arrangement. The MOU was inked by Prem Kumar Thampi, Country Head, ICICI Bank and Prakash Schaffter, Managing Director, Janashakthi Insurance. Products such as Janashakthi Full Option (motor insurance) Janashakthi Awaranaya (fire and burglary insurance, Janashakthi Worldwide Travel, Janashkthi e-Marine and Title Insurance will be initially offered to the customers through this special agreement.

FII Activity On 31-01-2008

The FIIs on Thursday stood as net seller in equity. The gross equity purchased was Rs2,913.20 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,524.60 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs611.40 Crore) and net debt was Rs0.00 Crore.

Puravankara Mulls To Fuse Rs 1,000cr

Bangalore: Puravankara Projects, mulls to begin work on four to five hotels in the next one year with an investment of Rs 1,000 crore. On completion of the projects, the company will be managing an inventory of about 600 to 750 rooms. With land for the projects having already been purchased the company was in the final stages of alliances up with reputed brands for awarding the management contract. The first hotel, in the super luxury category, will be established in Cochin while other properties will be located in Chennai, Hyderabad, Bangalore and Coimbatore. Assisted by a 70 per cent increase in its revenue at Rs 150.52 crore during the quarter ended December 2007, Puravankara recorded a net profit of Rs 69.6 crore, an increase of 122 per cent over the same period in the previous year. The figures for the corresponding quarter of FY 2007 were Rs 84.35 crore and Rs 28.4 crore respectively.