Page 87 - Companies

Kumar Birla says 'More'

AV Birla Grp to invest Rs9,000cr in retail

The $24 billion diversified Aditya Birla Group today announced its entry into domestic organised retail market with an investment of up to Rs 9,000 crore over three years to set up 1,000 supermarkets.

The group had in January acquired control of the Trinethra supermarket chain in its run up to the retail foray. Its retail stores would be christened 'More'. The first outlet will be opened in Pune this month.

Bajaj Auto to demerge

Bajaj Auto to demerge

The board of directors of Bajaj Auto today approved the scheme for demerger of the businesses of the company by incorporating two subsidiaries - Bajaj Holdings and Investments and Bajaj Finserv.

According to a release issued by Bajaj Auto to the BSE today, the two and three wheeler manufacturing undertaking will remain under Bajaj Holdings, and strategic businesses, including Bajaj Allianz Life Insurance Company and Bajaj Allianz General Insurance Company conducted by Bajaj Auto Finance, will be under Bajaj Finserv.

3i Info, FINO in e-gov deal

3i Info, FINO ink deal for e-gov projects

3i Infotech today announced that it is partnering Financial Information Network & Operations (FINO) to provide financial services through low-cost technology enabled delivery channels using common service centres (CSCs).

The company, as part of its e-governance initiative, has plans for setting up CSCs, and has already won CSC projects in two states. The company is tying up with FINO to further enhance the service levels to rural citizens.

Now, fin education online

IBA, ICC & MasterCard launch fin edu

H N Sinor, chief executive, Indian Banks' Association unveiled a first of its kind web-based consumer education initiative - Financial Know-How - today.

Launched under the aegis of IBA and the India Cards Council and developed in association with MasterCard Worldwide, the website, www.money4you.in, marks the launch of an on-going financial education programme.

UBI Q4FY07 net at Rs 229cr

Union Bank Q4FY07 net at Rs 229cr

Union Bank of India today reported a 25% increase in net profit at Rs 845.39 crore for the year ended March 31, 2007 when compared with Rs 675.18 crore in FY06.

According to a release issued by the bank to the BSE today, the bank has posted a net profit of Rs 228.58 crore for the fourth quarter ended March 31, 2007 when compared with Rs 144.61 crore for the quarter ended March 31, 2006. Total income increased to Rs 2,336.72 crore for the quarter ended March 31, 2007 from Rs 1,745.47 crore for the quarter ended March 31, 2006.

Airbus A 380

Vijay Mallya, chairman, Kingfisher Airlines, refuted all reports about the airline re-considering its decision to buy Airbus A 380. "I am committed to my decision, and look forward to deliveries from 2010. With Airbus A 380, we will not only have a competitive edge, we will be able to give our guests a remarkable experience," Mallya said in New Delhi today. The world's biggest civilian aircraft, the Airbus A 380, landed in New Delhi yesterday as a part of route proving (testing) flights, and to join the second anniversary celebrations of Kingfisher Airlines on May 9.

Corp Bank, Dabbawalas tie-up

Corporation Bank inks MoU with Mumbai Dabbawalas

The Six-Sigma certified Mumbai Dabbawalas (tiffin suppliers) have signed a memorandum of understanding (MoU) with Corporation Bank under the terms of which the bank will use the Dabbawalas' network and client-base to generate business and in return help them manage savings.

Beiersdorf starts Nivea India

Nivea opens wholly-owned Indian subsidiary

Beiersdorf AG, Germany, the company that owns the brand Nivea has launched a wholly-owned subsidiary in India, christened Nivea India.

The affiliate is headquartered in Mumbai and headed by Kai Boris Bendix.

Nivea India will take over critical functions like marketing, finance, supply chain, sales as well as key accounts from JL Morison, which was the exclusive India brand licensee earlier.

ICICI Bank to raise $5bn

The board of directors of ICICI Bank, which met today, approved a proposal to raise additional equity of around Rs 20,000 crore ($ 5 billion) by way of a public issue of shares in India and, subject to applicable regulations and necessary approvals, an issue of American Depositary Shares (ADSs) in the United States.

Sebi for cost-benefit study

Sebi for regulation after cost-benefit study

M Damodaran, chairman, Securities and Exchange Board of India (Sebi) said at a Ficci meet in Mumbai this afternoon that compliance measures will now go through a cost-benefit analysis.

"Every time we need to prescribe additional compliance, write a regulation or introduce a new process, we will examine the cost to those who are at the receiving end...we will factor in the cost of compliance..." Damodaran said.

Invest Rs 50 in ICICI Pru SIP

Invest Rs 50 in ICICI Pru SIP

ICICI Prudential AMC today launched the ICICI Prudential Micro Systematic Investment Plan (MSIP) with a minimum investment of just Rs 50 per month.

Pankaj Razdan, managing director, ICICI Prudential AMC said: "Micro SIP is a facility with three prime features - it makes participation in capital markets affordable for low income households, enables investment through discipline and, most importantly, builds a corpus for investors to meet their long-term needs".

IDBI FY07 net at Rs 588cr

IDBI FY07 consolidated net at Rs 588cr

Industrial Development Bank of India (IDBI) has posted a consolidated net profit of Rs 588.32 crore for the year ended March 31, 2007 when compared with Rs 543.91 crore for the year ended March 31, 2006.

According to an official release issued by the bank to the BSE today, total income has increased to Rs 7,516.82 crore for the year ended March 31, 2007 from Rs 6,814.71 crore for the year ended March 31, 2006.

Preity is GoAir's Ambassador

GoAir today announced the appointment of Preity Zinta as Brand Ambassador. Jeh Wadia, managing director, GoAir said: "Preity has essence which is in line with the GoAir image, and her endorsement will help in further enhancing and boosting the image of GoAir." Preity would feature in the new GoAir thematic campaign Chalo India, Let's Fly Smart.

UTI Goldshare listed on NSE

UTI Goldshare listed on NSE

UTI's Goldshare, a gold exchange traded fund has been listed today on the National Stock Exchange.

Every 'Goldshare' represents approximately 1 gram of pure gold. Goldshare offers investors a new, innovative, relatively cost-efficient and secure way to access the gold market without the necessity of taking physical delivery of gold. Investing in Goldshare is more tax-efficient than investing in physical gold.

GM chief Wagoner on India

Speaking at the launch of Chevrolet Spark, Rick Wagoner, chairman and CEO, General Motors said the company expected India (apart from China)to emerge as the second-fastest growing automobile market globally in the next decade. "It will be important for GM to do well in emerging markets such as India for its future growth," Wagoner said. Currently, GM India's share in the domestic car market is 2.8%, but the company is aiming at 10% market share by 2010. "We believe that Chevrolet Spark will significantly contribute towards achieving our vision of capturing 10% market share," Wagoner said.

Tata Steel's Corus funding

Tata Steel plans 1:5 rights at Rs 300/shr

The board of directors of Tata Steel, which met today, approved a rights issue in the ratio 1:5 at a price of Rs 300 per share (of Rs 10 each) to raise Rs 3,655 crore.

According to a release issued by Tata Steel to the BSE today, the proposal would involve issue of equity shares of the face value of Rs 122 crore.

A new look Jet

Positioning itself as a global airline, Jet Airways today unveiled a new corporate identity. The corporate identity and brand mark has been refreshed to include a swirl of colour reminiscent of a typical Indian dupatta (scarf). The new look retains the golden `flying sun' and dark blue as a primary colour, but introduces ribbons of yellow and gold that make the mark more modern and inclusive. The airline has also introduced fresh airline uniform for the cabin crew designed by Italian designer Roberto Capucci.

TCS Q4 net zooms 44%

TCS Q4 net zooms 44% to Rs 1,195cr

Tata Consultancy Services (TCS) today reported a 43.63% increase in consolidated net profit at Rs 1,195.19 crore for the quarter ended March 31, 2007 when compared with Rs 832.12 crore in Q4FY06. Total income moved up to Rs 5,266.91 crore for the quarter ended March 31, 2007 when compared with Rs 3,754 crore in Q4FY06.

The company posted a 42% increase in net profit at Rs 4,212.63 crore in FY07 when compared with Rs 2,966.74 crore in FY06. Total income moved up to Rs 18,914.26 crore from Rs 13,377.88 crore in the previous fiscal.

ICRA lists at 59% premium

ICRA lists at 59% premium

ICRA debuted on the BSE at Rs 525 - a premium of 59% against its issue price of Rs 330.

Frenzied buying at the counter saw the stock zoom to a high of Rs 880.

The stock finally ended with an incredible gain of Rs 468 (142%) on Day 1 at Rs 798.

Jet buys Air Sahara

Jet Airways has signed a deal to buy all equity shares for Air Sahara for a lumpsum payment of Rs 1,450 crore. Harish Salve, the legal representative of Jet, said Rs 400 crore has to be paid to Air Sahara before April 20, 2007. Since Jet has already paid Rs 500 crore to Air Sahara, the remaining Rs 550 crore would be paid in four, interest-free installments commencing on or before March 30, 2008.