RIL To Spin Off Oil, Gas Business

Mumbai: Reliance Industries (RIL) is planning to hive off the drilling and exploration operations of its oil and gas business. According to the source, the new entity would remain a subsidiary of RIL, which might dilute its holding to raise funds for the new company. Sources said a new company would make the RIL balance sheet immune to the huge requirements of capital to finance the logistics operations of the oil and gas business. Exploration and drilling for oil and gas requires technical proficiency, as well as huge capital. The new entity will join the group of two other RIL?s subsidiaries ? Reliance Petroleum and Reliance Retail. Reliance allows its subsidiaries to finance their operations through their own resources without leveraging its balance sheet. Chairman Mukesh Ambani and his associates had last week committed to shell out over Rs 16,000 crore to scale up their holdings by 4 per cent to 55 per cent.

Allahabad Bank Opens Its First Overseas Branch At Hong Kong

Allahabad Bank has announced that on February 26, 2007 the Bank has opened its first overseas branch in Hong Kong marking another step in the growing relationship between the worlds fastest growing economic powerhouses, China and India. Looking at the opportunities abound, the Bank, Indias oldest joint stock bank has chosen Hong Kong for its first overseas branch.The leading public sector hank, which is currently 55.23% held by the Government of India, opened a branch at the Lippo Centre on February 26th to serve retail and corporate clients. The occasion was graced by the presence of Mr. T Y Chan, Head Of Banking Supervision, Hong Kong Monetary Authority (HKMA) and Mr. B K Gupta, Consul General of India.As part of its China expansion plans, the Bank also opened a representative office in Shenzhen from which it explores opportunities in the dynamic southern China region.

House Of Pearl Secures Orders From US Buyers

House of Pearl Fashions Ltd has informed that the Company has bagged orders for 7.5 M USD, Rs 30 Crores approx., from US Buyers, including JC Penney / H & M/ GAAP / KOHLS.This is a substantial growth over the last financial year, as these orders are equal to the entire year of sales for this division.With these new orders, the newly acquired manufacturing facility at Khandsa, is completely booked for the first quarter of fiscal 2008.

Cadbury Imports Big Brands From Global Portfolio

Cadbury is importing big brands from its global portfolio to boost its sugar confectionery sales. Given the problems Cadbury is having with its chocolate, it is no surprise that it is looking elsewhere for inspiration, first in gum and latterly with a line of ''healthy'' sweets. It has been a murky 12 months for the confectionery giant, disrupted by the crisis of a salmonella contamination at one of its plants last June, and compounded last week by its recall of 20 Easter products due to missing nut allergy labels, just days before announcing its full-year results. Its sales statistics reveal how chocolate-focused Cadbury currently is: in the year to October, its biggest-selling chocolate brand was Cadbury Dairy Milk, with sales of £367 million; the second-biggest was Cadbury Roses on £66 million. In contrast, its biggest sugar confectionery name was wine gums brand Maynards, with sales of £54 million. Cadbury''s diversification suggests that it is seeking to reduce this cocoa-based dependence in the UK. At the end of January, it launched into the gum market with Trident, before last week announcing plans to introduce Natural Confectionery Company, an Australian brand of healthy sweets, in the UK (Marketing, 14 February). At first glance, the introduction of these brands appears a risky strategy; though it is worth more than £1 billion in the UK, the sugar confectionery market is in decline, falling 2.3% over the past year, including a 4% drop in the £250 million gum sector, according to ACNielsen. Cadbury is not alone in considering the introduction of healthier sweets a route worth experimenting with. Last month, Chewits owner Leaf UK launched Red Band, a range of sweets lower in sugar than standard sugar confectionery and with added calcium and fruit juices.

Core Projects Board Approves Stock Split

Core Projects & Technologies Ltd has informed that the Board of Directors of the Company at its meeting held on February 22, 2007, has approved the following:1. Allotment of 17,08,888 equity shares of the face value of Rs 10 each comprising allotment of 4,93,888 equity shares against conversion notice received from FCCB holders and 12,15,000 equity shares of Rs 10 each against the exercise of warrants issued on preferential basis Pursuant to the said allotments the paid up capital of the Company stands at Rs 13,95,36,090 consisting of 1,39,53,609 fully paid up equity shares of Rs 10 each.2. Shifting of the registered office of the Company currently situated at B 101/102 RemiBiz Court, Veera Desai Road, Andheri (W), Mumbai to Unit Nos 1-4, Bldg No.4, Sector III, Millennium Business Park, Mahape, Navi Mumbai, subject to such approvals and consents as may be required.3. Proposed Employee Stock Option Scheme for granting options to the employees

Govt Lifts Ban On Dollar Chana

New Delhi: The government has done away with the ban on exports of dollar chana to contain a fall in its prices and protect farmers' interest. In June 2006, the government had imposed a blanket ban on export of pulses to control their rising prices. This particular variety is mainly grown for exports. This particular variety of chana is mostly grown in Madhya Pradesh and Andhra Pradesh. Following the ban, prices plummeted from Rs 4,000-4,500 a quintal to Rs 2,500, acting as a disincentive to growers.

Bharti Plans To Foray Into PE Space

Bharti Enterprises, Sunil Mittal-promoted, is looking at entering the investments space by being strategic partners in new businesses. The company has inducted a senior ICICI Ventures executive to lead the initiative with the mandate to identify new business opportunities where Bharti Enterprises can invest. Bharti Enterprises is the parent company of the Sunil Mittal group with investments in Bharti Airtel, financial services venture Bharti Axa and fresh food and vegetables distribution business Field Fresh. And also, Bharti Enterprises will look at investments in mutual funds and sundry other financial instruments.

Omni AXs Board Approves Scheme Of Amalgamation

Omni AXs Software Ltd has informed that the Board of Directors of the Company at its meeting held on February 20, 2007, has approved the Scheme of Amalgamation of Elan Integrated Systems Pvt Ltd, Millennium E Soft Solutions Pvt Ltd & R3 Ventures Pvt Ltd (collectively known as Transferor Companies) with the Company.Further the Company has informed that all the three Transferor Companies are wholly owned subsidiaries of the Company. Therefore no new shares will be issued by the Company on the proposed merger. The existing shares of the Transferor Companies will automatically get canceled upon the merger being approved by the competent authorities. The Company proposes to make necessary application to the Honble High Court of Madras in this regard.

SBI - Revision In Benchmark Prime Lending Rate

State Bank of India (SBI) has informed that the Bank has decided to revise Benchmark Prime Lending Rate (SBAR) and Interest rates on Super Saver Term Deposit Scheme:1. Revision in Benchmark Prime Lending Rate (SBAR):The Bank has revised upwards the Benchmark Prime Lending Rate (referred as SBAR) as under:a) Benchmark Prime Lending Rate (referred to as SBAR) is revised upwards by 75 bps from 11.50 p.a. to 12.25% p.a. with effect from February 20, 2007.b) Considering the importance of providing cost-effective credit to the important sectors of the economy, the following sectors will be excluded from the impact of the above change in SBAR by appropriate adjustment of spreads above/below SBAR wherever applicable:- All existing Housing Loans under Priority Sector- All existing Educational Loans.- All Existing and Future Agricultural Production Loans less than Rs 3 Lacs and- New Educational Loans up to Rs 4 Lacs.

Honda Too Plans Compact Car For India In 2009

Honda Siel Cars India plans to launch its compact car in the first quarter of 2009 and hopes to sell 40,000 units a year, according to component makers, who have been asked to submit bids for supplying parts. This would be Honda’s first attempt to break into the segment which accounts for 70 per cent of the Indian market.Honda is building a factory for 50,000-units a year in Rajasthan where it plans to make the compact car. The car is likely to compete against the Maruti Swift, Chevrolet U-VA and Hyundai Getz in the premium hatchback segment. The Swift sells around 61,000 units a year while the Getz sells 15,000 units.While Honda has 1.3 litre and 1.5 litre engines that could be put in the small car, it is also reportedly working on a 1.2 litre engine to avail the tax breaks given in last year’s budget, component makers say.Honda’s compact car brands a hatchback called the Jazz in Europe and Fit in Asia are not available in India.Every manufacturer works on full and minor model changes, we can’t comment on specifics,said NK Goila, vice-president at Honda.The compact car will be preceded by the introduction of a new City sedan in 2008. The company expects to sell 60,000 units of the new vehicle a year, said the suppliers, who wished to remain unnamed. The City is the highest selling sedan in India at 40,000 cars a year.Honda, which entered the Indian market in 1997, leads all the car segments in which it operates except the SUV segment. The company dominates the mid-sized, premium and executive segments with the City, Accord and the recently-launched Civic sedan.In the last budget, the government cut excise tax by as much as 8% for small cars, which it defined as vehicles that are less than 4 metres in length and an engine capacity not in excess of 1.2 litres in petrol and 1.5 litres in diesel. That cut led to a fall in the prices of models such as WagonR and Santro by as much as Rs 15,000.

Videocon Appliances Board To Recommend Dividend

Videocon Appliances Ltd has informed that a meeting of the Board of Directors of the Company will be held on February 24, 2007, inter alia, to transact the following business:1. To receive, consider and take on record the Audited Financial Statements (Balance Sheet, Profit & Loss Account & Cash Flow Statements) for the Financial Year ended on September 30, 2006.2. To recommend Dividend, if any.3. To fix the date(s) of Book Closure for the purpose of Annual General Meeting and dividend, if any.4. To fax the day, date, time and venue of 19th Annual General Meeting and approve the draft Notice of Annual General Meeting.

Bajaj Electricals Seeking Takeovers

Kolkata: Bajaj Electricals, part of the Rs 13,500 crore Bajaj group, is in advanced stage of talks to take over a western India-based electrical company. The acquisition is hoped to be completed in the next one-and-a-half months. Bajaj Electricals is looking at companies that are strong in manufacturing and has a good product line, but are weak in financials. Bajaj Electricals will buy around 51% stake in the company and infuse money to rejuvenate the company. The acquisition will be funded mostly via internal accruals. During 2007-08, the company will be investing Rs 30 crore for enhancing highmast lighting and galvanising capacity from 30,000 to 50,000 tonne at Ranjangaon near Pune in Maharashtra. The higher capacity of the high mast plant will help in total substitution of imports from the UK and West Asia till now.

HCL Technologies Showcases End-to-End Product Design Services for Medical Devices

HCL Technologies Ltd has announced that the heavy investment and long payback periods required to develop medical devices have made it imperative for device manufacturers to outsource part or all of their design process to gain a competitive advantage. Today at the Medical Design & Manufacturing (MD&M) Conference West, the Company has showcased its breadth of medical device development services, including concept, design, manufacturing, certification and support, to help medical device manufacturers shorten product development lifecycle and introduce new products to the market faster.Outsourcing the design and manufacturing of medical devices to India is also an effective way to reduce R&D investment costs. Frost & Sullivan reported the leading medical device manufacturers invested as much as 10-14 percent of revenues in R&D, compared to 6-7 percent by manufacturers who off shored their R&D work.Moreover, when considering outsourcing to India, manufacturers are looking beyond traditional IT work for back-office applications and product support. Today, leading medical device manufacturers rely on the Company for advanced services, such as embedded software services, hardware and engineering services, as well as complex hardware design encompassing digital and analog electronics.As an FDA-registered design house for end-to-end concurrent design and the development of medical devices and work across Class I, II and III medical devices and equipment, the Company also brings proven systems and processes that ensure 50-70 percent cost reduction on product development.The Company mitigates pain points for manufacturers and provides a variety of capabilities, including:

Educomp Solutions - Award Of Contract Worth Rs 18 Crores

Educomp Solutions Ltd has informed that the Company has received an order from DSERT, Govt of Karnataka to implement ICT based education under Ict@schools project in 264 govt high schools in State of Karnataka. The total order value is approximately 18 crores over a period of 5 yrs.

HCL Technologies forms strategic alliance with Eckler to strengthen Insurance Domain expertise

HCL Technologies Ltd on February 13, 2007, has announced a strategic alliance with prominent actuarial experts Eckler Ltd with an objective of deepening the Companys Insurance Domain expertise. Under the alliance, the Company and Eckler will work together on various actuarial consulting and Implementation projects across the globe. The partnership has been signed to leverage capabilities of both organizations in Actuarial services, IT consulting and Implementation.S Premkumar, Corporate Officer and Global Head, Financial Services, of the Company commented, The partnership is reflective of our commitment to grow our financial services business through excellence in domain. With Eckler, we would play a major role in one of the most important business functions for Insurers.Actuaries help in designing insurance plans, determine the premium, monitor the profitability of insurance Companies and recommend corrective action when appropriate.The Companys Global Insurance Practice offers business driven technology solutions to the insurance industry worldwide. The in-depth experience and competence in domain, technology, tools and test methodologies enables its clients to cope with todays complex business challenges faced in the Insurance world. The domain excellence is further corroborated by Gartners highest rating of Mature with respect to the Companys capability to Life and P&C ITO services. The Company is among select few IT Companies to be awarded with LOMA Excellence in Insurance Education Award for 3rd year in a row. The Companys integrated services in the areas of software development and maintenance, infrastructure and business process outsourcing (BPO) have helped many Insurance Companies realise transformational benefits.

Vesuvius India Board To Recommend Dividend

Vesuvius India Ltd has informed that a meeting of the Board of Directors of the Company will be held on March 01, 2007 to consider the annual accounts of the Company for the year ended December 31, 2006 and recommendation of dividend to be declared by the shareholders at the ensuing Annual General Meeting.

Subhash Projects Forays Into Extra High Voltage Power Services - Award Of Orders For Rs 63 Crores

Subhash Projects & Marketing Ltd has informed that the Company has entered into Extra High Voltage (above 220 KV) segment in power projects. This will equip the Company to be more proficient and give a competitive edge in the wake of upcoming opportunities in the power sector.
The Company has bagged orders worth Rs 23 crores from Karnataka Power Transmission Corporation Ltd and Rs 40 Crores from Haryana Vidyut Prasaran Nigam Ltd. The completion period for the projects is 12 months. The scope of work for both projects on partial turnkey basis includes construction of 220 KV sub station and 220 KV transmission lines, supply of all matching materials / equipments (excluding power transformer) and erection of all materials / equipments as well as testing and commissioning of the same.
The Company has been focusing aggressively on the Power business since 2002. The scope of work includes mainly Transmission and Distribution (T&D) and Rural Electrification.
Its current order book position is Rs 2800 crores.

Moser Baer Set To Enter Karnataka Home Video Market With 101 Kannada Titles

Moser Baer India Ltd has announced that it would soon launch a new initiative in content distribution in Bengaluru, which would mark the extension of the Companys maiden foray into the entertainment industry through the Indian home video market in Karnataka. It may be recalled that the Moser Baer Home Entertainment division was announced in December 2006 to an appreciative market. On January 10, the Company launched over 101 Tamil titles in Tamil Nadu, a move which has been receiving overwhelming response from customers all over the state. On January 31, the Company announced its entry into Malayalam market with 101 Malayalam titles.The division based out of Mumbai, with presence across the country in all major metros as well as in smaller towns through an active and well-organized three-tiered channel, this move will take advantage of the established the Company production capability and a well developed distribution network. The Company will release video content on DVD and Video CD formats using its proprietary and patented technology which enhances quality and significantly reduces cost. This will enable the Company to revolutionize the quality-price parity and offer unprecedented value for the consumers.The Company will soon launch two new super hit Kannada films - MALLA, staring Crazy Star V Ravichandran and AHAM PREMASMl, starring V Balaji, in both VCD and DVD formats. The Company also plans to launch 100 other titles from its library of over 600 Kannada titles, both from catalogue as sell as new films. This is the first time that a launch of such an unprecedented scale of titles will take place in Karnataka. While all the titles will be introduced in VCD format, 18 key titles are planned to be introduced in DVD format also.

Asian Paints - Commences Production At New Manufacturing Plant At Taloja, Maharashtra

Asian Paints Ltd has informed that the new manufacturing plant of the Company situated at Taloja, Maharashtra to manufacture Industrial coatings has commenced commercial production on February 09, 2007.The plant has been established to manufacture industrial coatings with an initial capacity of 14,000 KL per annum.

Adlabs To Rope In John Abraham For Rs 22 cr

The Anil Ambani-owned Adlabs Films is all set to sign Bollywood actor John Abraham in a three-film deal for close to Rs 22-crore. If the Abraham-Adlabs deal goes through, it will make it one of the most expensive in the Indian film industry after the Rs 35-crore that Adlabs reportedly doled out to rope in Hrithik Roshan, again in a three-film contract, last year. Almost all big production houses have dabbled with the model of signing directors so far. While Adlabs has signed movie deals with Vipul Shah, Bobby Bedi among others, Sahara Motion Pictures had a three-movie deal with Madhur Bhandarkar. Also, Balaji Films and Percept Pictures signed similar multi-movie contracts with other directors. Adlabs is perhaps the only production house to have ventured beyond directors to include actors, even actor-director combine as well. In fact, the Hrithik Roshan deal with Adlabs is understood to be as one which involves his father Rakesh Roshan as well. The duo are planning the third part of Krrish under the Adlabs banner.

Mahindra Plans To Acquire 42-pc Stake In Punjab Tractors

Mahindra & Mahindra Ltd, the utility vehicle and tractor major, is looking at acquiring a 42% stake in Punjab Tractors Ltd. The company has made a non-binding bid to buy shares from private-equity fund Actis and the Burman family in Punjab Tractors. Actis holds about 28 per cent and the Burman family holds another 14 per cent in Punjab Tractors. The Burman family, which has a controlling stake in consumer goods company Dabur India Ltd, in November 2005 had bought a 11.2 per cent stake in Punjab Tractors for Rs 145 crore. Meanwhile, Mahindra & Mahindra on February 7 rolled out the bio-diesel Scorpio and Bolero DI vehicles for usage trials. The Scorpio with indigenously developed CRDE technology is the first Asian vehicle in its class to run entirely on bio-diesel. M&M also unveiled a 5 per cent bio-diesel tractor along with the utility vehicles, another first in the country.

ICICI Bank Hikes Deposit & Lending Rates

ICICI Bank Ltd has announced an increase of 1% in its Benchmark Advance Rate (I-BAR) and its Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from February 09, 2007. The revised I-BAR will be 14.75% p.a. payable monthly as against 13.75% at present. The revised FRR will be 11.75% p.a. as against 10.75% at present.For existing floating rate customers, the increase in Floating Reference Rate (FRR) by 1% will be effective from the respective reset dates. The existing fixed rate customers whose loans are fully disbursed, will, however, not be impacted by the increase and their contracted rates will remain unchanged.The Bank has also announced an increase in interest rates on 80C Fixed Deposits of value less than Rs 0.10 million by 1.25% for 5-year tenor with effect from February 09, 2007. The revised interest rate on 80C FD will be 9.50% p.a. as against 8.25% at present.

ICSA India Secures Work Orders

ICSA India Ltd has informed that the Company has secured following work orders for a total contract value of Rs 17.57 Crores from Chief General Manager, APEPDCL on 100% Turnkey basis under JBIC 2006-07.1. Nature of Work - 33/11 KV Sub-stations in Visakhapatnam Dist. Value of the contract - Rs 7,93,95,900.002. Nature of Work - 33/11 KV Sub-stations in Vizianagaram Dist. Value of the contract - Rs 9,63,45,700.00

AK Capital Bags IFR Asia''s India Bond Award 2006

AK Capital Services Ltd has informed that the Company has won IFR Asias India Bond Award for 2006 for UCO Banks Rs 1.5 billion perpetual bond issuance. The award was presented to the Company on February 05, 2007 in Hongkong for structuring and placement of Indias first perpetual bond issuance from UCO Bank in March 2006, right after RBI released the guidelines for issue of Innovative Perpetual Debt Instruments and Debt Capital Instruments eligible for inclusion as Upper Tier II Capital on January 25, 2006.The Rs 1.5 billion bonds of UCO Bank rated AA by CRISIL and AA- by CARE were perpetual in nature with a call option at par at the end of 10th year from the Deemed Date of Allotment. The bonds carried an interest rate of 9.50% p.a., payable semi-annually, for first the 10 years and step up coupon rate of 10.00% p.a., payable semi-annually for all the subsequent years if call option is not exercised by the Bank at the end of 10th Year from the Deemed Date of Allotment. The bonds listed on the WDM segment of National Stock Exchange were reckoned as a part of Tier-I Capital of UCO Bank.

Pyramid Saimira Signs JV To Set Up A Chain Of 150 Multiplexes In Malaysia

Pyramid Saimira Theatre Ltd has announced a tie-up to initially set up a Theatre Chain in Malaysia with 150 Multiplexes and single screen theatres spread all over Malaysia along with M/s. Asian Integrated Industries Sdn. Bhd having its office at Kuala Lumpur, Malaysia - a Company totally focused on Film distribution (Indian, Hollywood, Malay and Chinese Content), real estate and real estate related activities.This new Joint Venture (JV) will be called as Pyramid Saimira Entertainment Malaysia Sdn Bhd (subject to approval of concerned authorities) in which both of them shall hold 50%- 50% each.The current exhibition market of Malaysia is estimated at 6000 million INR (500 million RM), growing at the rate of 20% annually. The investment in the proposed JV will be 2400 million INR (200 million RM) in which both the parties will contribute equally. The goal is to achieve this in next 2/3 years. To begin with the JV is acquiring 3 screen Multiplexes immediately. The new JV will be operating 10 Multiplexes by March 2007.The new JV will distribute Hindi, Tamil, Telugu, Kannada and Malayalam movies, Chinese & Hollywood films and other contents across Malaysia on theatres / DVD / DTH and other method of exploitation.The new JV will create an Eco system for local Malay, Tamil and Chinese film production using local talents and to be a catalyst in distributing the same both inside Malaysia and outside Malaysia.The Company, pioneers of Digital technology in India, will provide the back-end resources to the JV for Digital display of contents in Malaysia by leveraging its domain expertise and infrastructure currently being established in India.The Company will also try to exploit all the upcoming community centers in Malaysia by operating theatres as well as convention halls with video conferencing and Family Entertainment.

Deep Industries - Award Of Contracts

Deep Industries Ltd has informed that the Company has been awarded the following contracts:
1. M/s. Assam Gas Company Ltd:M/s. Assam Gas Company Ltd has awarded contract for compression of Natural Gas. The Contract is for a period of 10 years and the value of the contract is approx. Rs 1575 lacs.
2. M/s. Oil and Natural Gas Corporation Ltd, Assam Asset:M/s. Oil and Natural Gas Corporation Ltd, Assam has awarded contract for compression of Natural Gas. The Contract is for a period of 2 years and the value of the contract is approx. Rs 1032 lacs.

Market Players Expect Another Dream Budget From FM

The stock market circles hope that finance minister P Chidambaram would do nothing that could upset the bull run, the most sustained one in history.Overall feeling is that he will continue to be pro-growth and may deliver another dream budget.It is a difficult task that he has in hand of balancing growth with containing inflation, market players understand, but are confident that FM is astute enough to balance them.Market participants and tax experts seem to be little divided on one issue - that is on reduction of income tax rates.Probably, the markets wish PM would cut taxes while accountants are aware that he may not be able to do so.There has been an indirection indication from the minister that surcharge on income tax will go, says a director of a broking firm. Rates will be unchanged, says Shailesh Haribhakti, managing partner, Haribhakti & co. All tax exemptions that are open ended should go, says Haribhakti.Both sides agree that the service tax ambit would be increased substantially and both expect major action on the M&A front.Regulatory comfort, loss set off and capital gains are three issues to be addressed, says Haribhakti.The already active merger and acquisition scene should get further boost if tax treatment for M&As altered.Capital gains issues for foreign investors covered under double tax treaties should get clarity, say market players.There has been some anxiety over the tax-free status enjoyed by FIIs hailing from countries with whom India has double taxation avoidance treaty.India has been a friendly country for foreign investment ever since the markets opened up and that perception will not be altered by any tinkering on tax status of FIIs, says a BSE member.The expectation build up will reflect in the share prices days before the budget presentation, but investors should be careful warns, Gul Tekchandani, investment consultant.

Greaves Cotton - Inauguration Of Company''s New Manufacturing Unit At Gummidipoondi, Tamil Nadu

Greaves Cotton Ltd has informed that the Companys new manufacturing Unit at Gummidipoondi, Tamil Nadu, has been inaugurated on January 31, 2007. This Unit will manufacture range of construction equipments viz, concrete mixers.

Greaves Cotton Board Declares Interim Dividend

Greaves Cotton Ltd has informed that the Board of Directors of the Company at its meeting held on January 31, 2007, inter alia, has transacted the following:1. Declared the Second Interim Dividend at the rate of 20% i.e. Rs. 2/- per share. Thus, the total Interim Dividend for the financial year 2006-07 works out to Rs 4/- per share, including the First Interim Dividend of Rs 2/- per share already declared and paid.2. Reappointed Mr. P Sachdev as Managing Director & CEO of the Company for a further period of 2 years, effective May 04, 2007.

Royal Sundaram Bets On Motor Premiums, Targets 35% Growth

Royal Sundaram Alliance Insurance Company (RSA) is likely to close the current financial year with a premium income of around Rs 600 crore. It is also expected to clock a 35% growth in income in 2007-08, despite an overall reduction in insurance premium rates from this month.The private general insurance major hopes to leverage on the advantage of having a lower share of property and engineering risks (where the recent rate cuts have been more severe) in its portfolio and higher motor premium volumes (which account for 51% of the total portfolio).Right now, our efforts are focussed towards renewal premiums falling due in April this year. These are early days of a detariffed market and we expect prices to find their own levels in 12-24 months. While there is an average of 25% decline in insurance premiums, the current growth in infrastructure projects and real estate on the back of a robust GDP growth will drive insurance volumes, Antony Jacob, managing director, RSA, said.With marine insurance being subsidised all this while, there is bound to be a correction in prices here. Health, personal accident and home insurance are also set to grow in the coming months, he added.RSA hopes to ride on a 45% growth in the automobile business. The drop in own-damage rates and increases in the third-party premiums will equate for itself. However, we are disappointed with the roll-back of the hike in third-party premiums from 150% to 70% on commercial vehicles, Jacob said.

India Will Have a Larger Economy Than The UK In a Decade

According to Goldman Sachs, India may pass the United State economy in size in the mid of 2040s, which China is expected to pass in 2030s, it implies that by 2050s the US will be the third largest economy in the world. India seems likely to pass Italy around 2012, France 2015 and the UK 2016. The same was reflected by the acquisition of Corus by Tata, which will become the 5th largest steel company with annual output of around 25mn tons. The RBI governor Y V Reddy told that the Indian corporate confidence level was highly presently and with the economy strong sign of competitiveness, and high productivity, corporate confidence is warranted.

Tata Steel - Acquisition Of Corus Group Plc, UK

Tata Steel Ltd has announced that on October 20, 2006, the Company announced a cash offer of 455 pence per share for Corus Group Plc. (Corus), valuing it at GBP 4.3 billion. Further, on December 11, 2006, the Company announced the terms of a revised offer for Corus at 500 pence per share, valuing it at GBP 4.7 billion.On conclusion of the auction process conducted by the UK Takeover Panel on January 31, 2007, for the acquisition of Corus, the Company has agreed the terms of an increased acquisition (the Revised Acquisition), at a price of 608 pence per share in cash for acquisition of Corus. The terms of the Revised Acquisition value the entire existing issued and to be issued ordinary share capital of Corus at approximately GBP 6.2 billion. The revised offer of the Company is higher by 5 pence than the final offer made by Companhia Siderurgica Nacional (CSN) in the auction.3. Implementation Agreement and Inducement FeeThe Implementation Agreement as described in the Scheme Document remains in effect. The amount of the Inducement Fee referred to in the Implementation Agreement is 1 per cent of the value of the recommended offer announced by the Company and Corns at December 10, 2006 calculated by reference to the price per Corus Share and the fully diluted share capital of Corus, together with an amount equal to any VAT which is recoverable by Corus (if applicable).4. Disclosure of interests in CorusTata Ltd, a majority-owned subsidiary of Tata Sons, holds 2,125 Corus Shares. Since CorusShares held either by members of the Tata Steel Group or by Tata Ltd are excluded from thedefinition of Scheme Shares, the Company will not be entitled to vote these Shares at the Court Meeting.The interests of the Deutsche Bank Group consist of as at January 26, 2007, a long position

Gujarat Apollo Board Approves Bonus Issue

Gujarat Apollo Equipments Ltd has informed that the Board of Directors of the Company at its meeting held on January 30, 2007, inter alia, has proposed to issue Bonus Shares in the proportion of one (1) Equity share for every two (2) Equity Shares held on a record date to be fixed at a later date. The existing paid up share capital of the Company is Rs 700 Lacs.An Extra Ordinary General Meeting of the Company for approval of the proposed BonusIssue is scheduled to be held on March 01, 2007.Further the Company has informed that, at the aforesaid meeting, the Board of Directors of the Company has also decided to enlist the equity shares of the Company at National Stock Exchange after the proposed bonus issue is completed.