Page 89 - Companies

UTI MF launches gold fund

UTI MF launches gold exchange traded fund

UTI MuTual Fund today announced the launch of the UTI Gold Exchange Traded Fund from March 1, 2007. The new fund offer closes on March 12, 2007.

UTI Gold Exchange Traded Fund is an open-ended fund designed to track the performance and yield of gold.

UK Sinha, Chairman & Managing Director, UTI AMC, said: "UTI Gold Exchange Traded Fund offers investors a new secure way to access the gold market without taking physical delivery of gold. It is like having gold in your demat account."

Ruias plan MobileStores

Ruias plan $300mn telecom retail push

In a move that reaffirms Essar Groups interest in the telecom sector, the conglomerate is planning to invest around Rs 1,320 crore ($250-300 million) to set up a network of retail showrooms - MobileStores - across the country.

The group will set up around 4,000-5,000 mobile showrooms by 2010. The outlets would sell cellular handsets and services apart from other music and communication products like data cards, ipods and DTH and broadbrand connections.

Lanxess steps up India spread

Lanxess steps up India expansion

As part of its Asia strategy, Germany-based Lanxess chemicals group is to step up its activities in India considerably in its drive for profitable growth.

According to an official release issued by the company today, a significant investment in new projects is possible this year, in addition to the capacity expansion projects already under way.

"For us India is the most important growth market in Asia after China," Axel C. Heitmann, chairman, Lanxess, said in Mumbai today.

Redefining biz travel

Redefining biz travel, Kuoni style

Kuoni Travel Group, India today re-branded its business travel division BTI Sita to HRG Sita India.

David Radcliffe, CEO, Hogg Robinson Group Plc, said: "Our aim is to demonstrate real value to our clients' corporate travel expenditure. India is an important market for HRG, and by cementing our existing relationship with Kuoni Travel Group to form HRG Sita India, we are providing an additional valuable and stable service to our clients."

Samsung mobile tracker phones

Samsung launches mobile tracker phones

Samsung Telecommunications India today unveiled a new range of cell phones dubbed "mobile tracker phones".

The key highlights of the new mobiles are security features such as mobile tracking (MT), emergency SMS, and privacy lock, thus empowering consumers with enhanced security. All these help detect and control unauthorized usage of the mobile handset.

The three models in the range are SGH-C140 (priced at Rs 2579), SGH-X520 (priced at Rs 6149), and SGH-E250 (priced at Rs 8299).

Tata

Tata Steel buys Corus with 608p/share

Fourteen months after Corus chairman Jim Leng travelled to India to meet Ratan Tata and his team, Tata Steel today announced the acquisition of Corus by outbidding its Brazilian rival CSN for $12 billion.

Tata Steel's acquisition cost of 608 pence per share to acquire Corus, which is four times its size, will propel it to become the world's fifth largest steel firm from its existing ranking of 56.

The combined entity will have 23.5 million tonne of production and $24.4 billion of revenue with two-third of sales in Europe.

Baer to sell DVDs for Rs 34

Now, DVDs for Rs 34!

Moser Baer has announced its entry into the Rs 500 crore home entertainment industry offering VCDs at Rs 28 and DVDs for just Rs 34!.

"I believe that at these price points, we will redefine the home video market in India," Ratul Puri, executive director of Moser Baer, said.

Industry sources say Moser Baer already has around 5,000-5,500 catalogue licences under its belt (it expects to have all 7,000 by March 2007) and will start with Malayalam movie titles within two weeks.