Page 88 - Companies

Sebi,Thai, Nigeria SECs

Sebi & Thailand, Nigeria SECs sign deals

Securities and Exchange Board of India (Sebi) has signed MoUs for regulatory co-operation, mutual assistance and sharing of information with securities markets regulatory authorities of two jurisdictions - The Securities and Exchange Commission of Thailand and the Securities Exchange Commission of Nigeria.

The MoUs were signed on the occasion of the 32nd IOSCO annual conference held in India for the first time today.

Sherwin-Williams, Nitco deal

The Sherwin-Williams Company, based in Cleveland, Ohio, today announced the acquisition of Mumbai-based Nitco Paints for an undisclosed amount. Nitco has sales of approximately Rs 80 crore. Chirstopher M Connor, chairman and chief executive, The Sherwin-Williams Company, said: "We are excited to be entering the dynamic Indian market, and look forward to growth opportunities."

Fortis IPO in Rs 92-110 band

Fortis Healthcare has set a price band of Rs 92-110 per share for its proposed initial public offering (IPO). The IPO of 46 million shares will open for subscription on April 16 and close on April 20, an official release said today.

M&M, Renault launch Logan

M&M, Renault launch Logan

Mahindra & Mahindra (M&M) and Renault today launched the Logan sedan for the Indian market.

Pawan Goenka, president (automotive sector), M&M said the JV will raise the capacity to produce Logan cars beyond 50,000 units a year if there is demand.

The Mahindra-Renault JV will make the Logan at the Mahindra plant in Nashik, Maharashtra.

Tata Power plans more buys

Tata Power Company is eyeing coal assets in Australia and SA on the heels of a $1.1 billion deal to buy 30% stakes in Indonesian PT Bumi Resources Tbk's two coal mines, Prasad Menon, managing director, Tata Power, said today. The purchase supports Tata Power's upcoming projects on the west coast comprising 7,000 MW to be developed over the next five years. "The acquisition specifically addresses the fuel requirements for Mundra ultra mega power project, Trombay and the coastal power projects in Maharashtra, and is complementary and supports the assumptions made in the bid for Mundra UMPP," Menon said.

GAIL plans 30 city projects

U D Chaubey, chairman, Gail said in Mumbai today that city gas projects hold tremendous potential for cheap fuel, and also help oil marketing companies divert LPG cylinders to the rural areas for the overall development of the country. Gail has identified over 30 cities in different states for gas distribution projects, he added. Petroleum Minister Murli Deora said other countries "want to take our help in developing city gas projects. Our government is committed to pursue implementation of city gas distribution projects in as many cities as possible."

Raymond James exits India JV

ASK to buy Raymond James' stake in JV

The ASK group today announced that it has signed a share purchase agreement with Raymond James Financial Inc, USA to buy out its 50% strategic interest in ASK Raymond James for an undisclosed amount.

The businesses of the holding company continue to be institutional broking, portfolio managment services, investment banking and financial planning. Each of these businesses will be carried out through seperate operating subsidiaries.

Vodafone Essar: Aim to lead

Vodafone Essar: Aim to be No.1

UK's Vodafone and its Indian partner Essar today said they would be working to become the largest mobile operator in India, and explore opportunities in the telecom space in the Middle-East.

The joint venture partners would look to expand services to 22 circles from the present 16. The company already has licences for the six circles. "The partnership would create next generation telecom business in India," Ruia said.

Orbit IPO with a warrant

Orbit IPO comes with a warrant

The initial public offering (IPO) of real estate developer Orbit Coporation has one difference - the offer comes with a detachable warrant per share.

The company is planning to convert each warrant into an equity share w.e.f the 18 month and till the 30th month. If the market price goes below issue price, shareholders can excercise their warrants at a 30% discount to the prevailing market price. If the market price is at or above the issue pric, warrants can be encashed at a 10% discount to the market price.

BNP Paribas bullish on India

BNP Paribas bullish on India

The board of directors of Geojit Financial Services today issued 5.68 crore shares and 2.28 crore warrants to French banking major BNP Paribas, which is now the largest single shareholder in the company. While BNP will currently hold 27.18% stake in the company, its shareholding, post-conversion, will go up to 34.35%.

The name of the company will be changed to Geojit BNP Paribas Financial Services, and the business will continue to be managed by the current team headed by managing director C J George.

ICRA IPO in Rs 275-330 band

ICRA IPO price band of Rs 275-330/shr

Rating agency ICRA today set a price band of Rs 275-330 per share for its proposed initial public offering (IPO), which will open on March 20, 2007.

The company is offering 25,81,100 shares of Rs 10 each via the IPO, and the float will constitute 25.81% of the post-offer capital of the company.

The selling shareholders include IFCI, Administrator of the Specified Undertaking of the Unit Trust of India and the State Bank of India (SBI).

Idea lists at 23% premium

Idea Cellular today listed at Rs 92 - a 23% premium - when compared to the issue price of Rs 75 on the Bombay Stock Exchange. The stock surged to a high of Rs 94.25, before slipping to a low of Rs 84.

A-I, Boeing launch flight sim

A-I, Boeing launch 737NG flight sim

State-run carrier Air-India and US-based aircraft manufacturer Boeing launched the Boeing 737 NG simulator near the Santacruz airport in Mumbai today.

"The simulator is part of the $75 million dollar committment by Boeing for training as part of selling 68 airplanes to Air-India. The list price of a simulator is $14 million," Dinesh Keskar, senior vice president (commercial airplanes), Boeing, said. Boeing will also introduce simulators for B777 and B787 shortly.

ABN Amro launches SRI Fund

ABN Amro launches SRI Fund

ABN Amro Asset Management today announced the launch of ABN Amro Sustainable Development Fund - the first Socially Responsible Investing (SRI) fund in the country.

The fund will choose from S&P CNX 500 companies filtered by Crisil based on environmental, social and corporate governance (ESG) template based on public disclosures made by these companies.

New Bolero @ Rs 4.58 lakh

M&M launches new Bolero @ Rs 4.58 lakh

Mahindra & Mahindra (M&M) today launched the latest iteration of its UV Bolero, which is priced at Rs 4.58 lakh.

Pawan Goenka, president (automotive sector), M&M, said: "Our products are continuously honed to present a superior offering of performance and features and at the same time optimizing our cost structure. While retaining the core values that has made it the leader, the new Bolero carries forward the Mahindra equity of out-performance and luxurious toughness."

Shoppers Stop, Nuance JV

Shoppers' Stop, Nuance in JV

Shoppers Stop and Switzerland's Nuance Group AG have formed a joint venture to bid for contracts to set up duty-free retail outlets in Indian airports. The JV is among the five short-listed bidders for a contract to set up duty-free retail outlets at Mumbai international airport.

In the airport retailing space India, with a projected annual passenger growth of 10.4%, is considered a strong growth potential market.

"It is the inward-bound passengers that we are targeting in India," said Roberto Graziani, CEO of the Nuance Group AG.

Zensar buys ThoughtDigital

Zensar to pay $24.9mn for ThoughtDigital

Zensar Technologies, US, a wholly-owned subsidiary of Zensar Technologies, today executed a purchase agreement with ThoughtDigital LLC, US, a Delaware liability company and its holding company SOA Software, for purchase the whole business of ThoughtDigital LLC, US for $24.90 million.

Zensar today said the funding for the buy out will be via internal accruals and borrowings in the ratio of 60:40.

DHL rejigs India, S Asia biz

DHL rejigs biz in India, S Asia

DHL Express announced on Wednesday, February 21, the restructuring of its business in India and the South Asia region with the creation of a new region called South Asia Area.

The South Asia Area, with its headquarters in Mumbai, will cover India, Sri Lanka, Pakistan, Nepal, Maldives, Bangladesh and Bhutan.

Tata Tea rejigs NIPO biz

Tata Tea forms new firm for plantations

Tata Tea on Monday said it would offload 80% of its stake in its North India Plantation Operations to a group of investors and employees.

While Tata Tea will retain 20% stake in the new company, IL&FS and Infrastructure Finance Corporation (IFC), will also pick up 20% stake each in the company.

R K Krishna Kumar, vice-chairman, Tata Tea, said the company had permission to plant non-tea crops in 5% of the area in Assam, where the company had already entered floriculture, vegetable farming, spices and fisheries.

Pharma majors

Pharma majors take dose of R&D

Indian pharmaceutical companies continue to chase the new chemical entity (NCE) dream.

They have made a few breakthroughs in generics and novel drug delivery systems such as Ranbaxys once-a-day Ciprofloxacin. In the last two years, though, the top guns have devoted themselves to NCE development with encouraging results.

Apart from an anti-malaria molecule, Ranbaxy is developing two with GlaxoSmithKline and seven others on its own.