BOC India to enhance its installed capacity
Industrial gases and fuel supplier BOC India has announced that the company has decided to infuse Rs 1,000 crore in next three years to increase the installed capacity of the company.
The company may go for a 70:30 or 75:25 debt-equity proportions to raise Rs 1,000 crore for investment.
BOC India has acquired four acres of land in the electronic special economic zone (eSEZ) of Andhra Pradesh, and intends to invest around Rs 50 crore to set up an electronic gas plant there, which will manufacture photovoltaic cells.
Apart from this, the company will also set up a merchant plant in Uttarakhand with the investment of Rs 150 crore, which will be operational by the first half of 2010. The plant is likely to contribute around Rs 150 crore of revenue to the company per year in the initial stage.
GMR Infra-led combine bags highway contract from NHAI
A consortium let by GMR Infrastructure has bagged a project from the National Highway Authority of India (NHAI), the company informed the BSE in a filing on Thursday. This the seventh project won by the infrastructure construction major so far.
The 181-km project envisages designing, engineering, finance, procurement, construction, operations and maintenance of the four-six laning of the national highway stretch between Hyderabad and Vijayawada in Andhra Pradesh. The company did not reveal the value of the project.
The build-operate-transfer (BOT) project will be implemented through a special purpose vehicle (SPV) set up for the purpose. The Group is expected to ink a concession agreement with the NHAI for a period of 25 years.
Godrej Industries approves merger of group companies + Swap Ratio
Godrej Industries has announced that the board of the company has given its nod for the merger two group companies with Godrej Consumer Products (GCP).
As per the approval, Godrej Consumer Biz (GCB), a 100% subsidiary of Godrej & Boyce Manufacturing Company and Godrej Hygiene Care (GHC), a 100% subsidiary of Godrej Industries will be merged with the GCP along with transfer of their assets and liabilities to the consumer products major, on June 1, 2009.
GCB and GCH hold 29% and 20% in Godrej Sara Lee (GSL) which is a 49:51 joint venture (JV) between the Godrej Group and Sara Lee Corporation, US. Post merger GCP will directly hold 49% stake in GSL. The promoters’ stake in GCP will go up to 74.77% from current 69.73% once the merger is concluded.
The swap ratio for both the companies has been fixed at 10:11 i.e. the shareholders of GCB and GHC will receive 10 shares of GCP for every 11 shares held.
Andhra Bank online trading platform in association with Religare, IDBI
Andhra Bank has entered into an alliance with Religare and IDBI to launch an online trading platform by next month.
The online trading platform will have the combined benefits of current/savings, demat and broking accounts, officials announced.
The bank has also finalized the modalities of mobile banking service in line with the RBI guidelines.
It is also planning to launch a major marketing campaign to take its technology-driven products to the customers.
Kotak Securities launches global trading platform
Kotak Securities has launched a global trading platform — Kotak Trader — for Indian investors in association with Saxo Capital Markets, a subsidiary of Denmark’s Saxo Bank.
The platform will provide direct access to equities, exchange traded funds and real estate investment trusts in 24 stock exchanges across USA, Europe, Asia and Australia.
Besides it will also provide the investor with transparent pricing, real-time streaming news, data analysis system, recommendations and research reports on sectors and stocks.
Gold pares gains in New York as dollar strengthens
Gold prices were little changed in New York, shedding earlier gains, after demand for the yellow metal as a safe haven investment option eased as the dollar gained strength.
The US Dollar Index, a six-currency gauge of the greenback’s value, rose after North Korea provoked international condemnation by exploding an atomic device on May 25 and test-firing missiles. The index fell 3.7% last week to a 2009 low, while gold increased 3%. Gold typically moves inversely to the dollar.
Gold futures for August delivery rose 10 cents to $955.20 on the New York Mercantile Exchange’s Comex division, after rising 0.7% earlier in the session.
Gold for immediate delivery in London was little changed, rising 55 cents to $952.55 an ounce. The metal rose to $951 an ounce in London’s afternoon “fixing,” used by some mining companies to sell their output, from $945 yesterday.
Silver futures for July delivery jumped 26.5 cents, or 1.8% to $14.865 an ounce in New York.
Nivio launches Rs 4999 USD 100 Computer
Nivio (www.nivio.com), the world’s first online Windows desktop, today unveiled the nivioCompanion in New Delhi, India; a tiny US$100 set-top box device with big ambitions and the power of Nivio behind it. nivioCompanion works just like a normal Windows desktop except that it is run on the internet instead of locally, on a computer. Because everything is run from and stored on the internet, Nivio is:
- familiar. Just like a traditional PC, Nivio is powered by Microsoft Windows. Users can also access programs they’re familiar with like iTunes, Skype, MSN Messenger or Microsoft Word, Excel or PowerPoint.
- future proof. all performance updates happen online so nothing ever goes out of date.
- secure. Files are automatically backed-up daily and kept safe and private just like an online vault. There’s no need to worry about viruses either, as all virus security is managed by Nivio.
- simple to use. New programs can be added in seconds without installation, and users only pay for what they use on a monthly basis.
- accessible anywhere. A virtual Nivio computer is only as far away as the nearest internet-connected device. All files are stored online in the same way as photos are saved online with Flickr or emails are stored on Hotmail. Users simply go to the Nivio website and log in.
Dr Reddys advances on approvals for INDs
The company has received approvals for its three investigational new drugs (INDs). These INDs are used in the treatment of chronic obstructive pulmonary disease (COPD), dyslipidemia and artherosclerosis and associated cardiovascular diseases.
The pharma major has also announced that it will merge its Drug Discovery operations with its wholly owned subsidiary Aurigene, effective from July 1, 2009. Apart from this the company will set up a new unit to focus on Proprietary Products development, which will take care of building the proprietary, branded R&D portfolio in collaboration with various partners and service providers.
The new unit will own and manage the company’s all existing intellectual property, Dr. Reddy’s said.
The company will also close its research facility in Atlanta in the US as part of the reorganization.
PNB to offload part of its stake in housing finance unit
The board of the state-owned, Punjab National Bank (PNB) has decided to offload a 26% stake in its housing arm, PNB Housing Finance in favor of M/S Dawnay Day. The bank currently holds total 100% in the unit.
Apart from this the board has also decided to apply to Reserve Bank of India (RBI) for setting up a joint venture for factoring services.
Tata Capital Housing ventures into housing finance business
The Tata Group is re-entering the home finance business after a gap of six years with Tata Capital Housing Finance, a wholly owned subsidiary of Tata Capital, getting the certificate of registration from the National Housing Bank to begin business as a housing finance company.
The new company is planning to offer both fixed and floating interest rates on loans that would be competitive and also according to the benchmarks of the other players in the industry.
The company is eyeing the Tier II and Tier III cities with retail and commercial loans and plans to open 35 branches initially.
Tata Finance had sold its entire stake in Tata Homefinance to IDBI in 2003.
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