Easun Reyrolle Board Approves Stock Split

Easun Reyrolle Ltd has informed that the Board of Directors of the Company at its meeting held on May 30, 2007, inter alia, has approved / decided the following:1. Subject to approval by Shareholders, decided to Sub-divide the nominal value of the Equity Shares from present Rs 10 per share to Rs 2 per share. This decision is taken in order to improve liquidity of Companys Shares for trading in the market and increase affordability to small investors.2. Subject to approval by Shareholders, decided to increase authorised capital from Rs 10 crores to Rs 20 crores in order strengthen to capital base to meet future growth plans of the Company.

Sobha Developers Enters Retail Business

Sobha Developers Ltd has informed that the Company has commissioned a state-of-art Spring Mattresses factory at Bommasandra, Bangalore. It plans to sell the mattresses in the retail market under the brand name, SOBHA RESTOPLUS. The production facility on a 2 shift basis would be 200 mattresses a day.Immediately upon launch of its Sobha Restoplus, the Company has received a prestigious order for Spring Mattresses from Infosys worth Rs 2.4 Crores.The Company is also planning to sell office furniture & home furniture produced in this factory for the retail market from its 3rd phase of its production facility for furniture and joinery.

HPCL Refinery In FDI Tussle

For nine years HPCL has been trying to build a refinery at Bhatinda and it thought that it had the perfect partner in LN Mittal. But there''s a major problem, a cap of 26 per cent on overseas investment.Now the government has two options. Either raise the FDI cap from 26 per cent to 49 per cent or raise money from the market.NDTV spoke to the HPCL management and the CMD Arun Balakrishnan said, HPCL has no comment to offer on the issue as the company is not aware about the DPE suggestion.

The Department of Public Enterprises is in charge of state owned companies and wants to test Indian markets first.Meanwhile, the refinery cost has nearly doubled in nine years to Rs 17,973 crore. But HPCL is working hard on its funding options, which include raising debt in India and abroad. HPCL would have to hurry to raise money from the public because nobody knows how long the party on India''s equity markets is going to last.

Wipro, Airtel, Bank Of India Bag Outsourcing Awards

India has yet again shown its credibility as the world''s most preferred BPO (business process outsourcing) destination as three of its leading companies - Wipro, Airtel and Bank of India - have bagged the prestigious Outsourcing Excellence Award.The ''Best Offshore'' award was bagged by Wipro-Nortel Networks for their 15 years of partnership that brought about many achievements for the offshore industry.The ''Best IT Infrastructure'' award was given to Bank of India-Hewlett Packard combine for their efforts to implement a core banking solution. Bharti Airtel-Nortel Networks India won the ''Best First Steps'' award for representing best practices in outsourcing. The awards, sponsored by global consultancy firm Everest Group and US-based Forbes magazine, will be presented in August at a ceremony in New York. In addition to the fact that three of the nine winners in 2007 were Indian companies, a large number of the US-based service providers this year are delivering services from offshore locations, Gaurav Gupta, country head (India), Everest Group said in a statement.

3i Infotech Acquires Stake In BPO, Factoring Services Firms

3i Infotech has bought a 50.5 per cent stake in `aok in-house BPO Services'' and `aok in-house Factoring Services''. The partial acquisition is similar to the company''s policy to grow its BPO business in the domestic market, the source said. aok In-house BPO services clients like American Express Bank, Max New York Life Insurance Co, ABN AMRO Bank, ICICI Bank Ltd and ICICI Prudential Life Insurance Co. aok In-house Factoring Services Pvt Ltd, is a part of aok In-house BPO Services and carries out factoring services which include debt collection, physical and tele-verification, credit analysis and tele-calling.

LIC Finalises Partnership With Corpn Bank For Credit Card Foray

The government-owned Life Insurance Corporation (LIC) has announced Corporation Bank as a partner for its credit card venture and is in talks to induct other players to manage the venture. The Mangalore-based Corporation Bank will only be an investor in the card venture. LIC will hold a majority stake in the card company with Corporation Bank is likely to hold up to 20 per cent stake, said sources. LIC holds 26 per cent stake in the Mangalore-based Corporation Bank. LIC is interested in holding a majority stake in the venture, but owing to regulatory glitches it is likely to hold around 49 per cent stake, said sources. Corporation Bank has given an in-principle concurrence to own 20 per cent stake in LIC''s credit card venture.

Tata AIG Eyes Expansion In East

Tata AIG Life Insurance will soon chalk out an expansion plan in the east, a region that currently comprises a critical part of its overall business in the country. The company intends to tap what is being described as `insurance potential'', courtesy increased investment in its infrastructure. Of late, the company opened 10 new branches in the region. The company is also considering adding about 10,000 people to its existing agency force in the region. With a wider network, Tata AIG Life is looking at a step-up in premium income, which stood at over Rs 1,300 crore in 2006-07 (including new premium income). Tata AIG Life, which has been in India since April 2001 and has four offices in the state, will increase it up to over 15.

LIC Rolls Out Jeevan Amrit

LIC has rolled out Jeevan Amrit designed with a short period for premium payment. The premium payable decreases after the first one-year of the policy and the payment is limited to a term of three to five years. The policy term ranges from 10 to 30 years and the minimum sum assured is Rs 1 lakh. The plan has no upper limit. The bonuses are payable on the total premiums paid rather than the sum assured. When the policy matures, the total amount of premium paid along with vested bonuses will be payable. In the event of death, sum assured along with vested bonuses will be payable.

ICICI Holdings To Sell 5% Stake

Mumbai: ICICI Holdings, an arm of ICICI Bank which owns its insurance and asset management businesses, is offloading 5 per cent stake to private equity investors and foreign reinsurers for $500 million. The private equity investors are expected to acquire the stakes are General Atlantic, Government of Singapore Investment Corporation Private and Temasek. Sources indicated that all investors would be allotted equal stakes in ICICI Holdings. The company has sought regulatory clearance and appointed JP Morgan as the financial advisor for selling the stake. The two Singapore-based private equity players, GIC and Temasek, have stakes in ICICI Bank. ICICI Bank when contacted declined to comment. ICICI Bank was looking at valuing ICICI Holdings at $10 billion, the sources said. ICICI Holdings'' 74 per cent stake in ICICI Prudential Life Insurance Company is valued at $6 billion and in ICICI Lombard General Insurance Company at $3 billion. The bank''s 51 per cent stake in ICICI Prudential Asset Management is valued at $1 billion. The private placement is just the beginning. ICICI Holdings is planning to list its equity shares at an appropriate time to meet a part of its further capital requirements for ICICI Life and ICICI General.

Karur Vysya Eyes Rs 12,000 Cr Deposits

Karur Vysya Bank Limited is targeting a deposits target of Rs 12,000 crore and Rs 9,020 crore in advances by the end of fiscal 2007-08. The leading private bank in the south is optimistic on beating its targets on the back of plans for opening more branches and the thrust on mobilising low-cost deposits, improving its net interest and non interest income. According to the source, the net profit of the bank grew to Rs 160.01 crore from Rs 135.35 crore last year, an increase of 18.22 per cent. Net profit during the last quarter was Rs 52.88 crore, as against Rs 44.37 crore during the corresponding quarter previous year, an increase of 19.18 per cent. The net-owned funds of the bank, which comprised tier 1 capital only, touched Rs 1,063.16 crore. For the year ended March 31, 2007, the bank saw an increase of 22 per cent from the previous year''s Rs 871.63 crore. The capital adequacy ratio stood at 14.51 per cent in spite of robust growth in advances as against the regulatory minimum of 9 per cent.

Twilight Litaka Signs Agreement With A Malaysia Company

Twilight Litaka Pharma Ltd has informed that the Company has signed an Agreement with the Indian arm of a Malaysian Company engaged in the marketing of Nutraceutical products. This Company is carrying on its business in 6 countries besides India and the Company will be manufacturing their products catering to the needs of the Asian markets besides their domestic requirements of Indian market. The Company will get the products manufactured at newly set up manufacturing facility of Twilight Group Located at Baddi, Himachal Pradesh. This arrangement will add substantially to the Companys prospects in the coming years.

Coke Plans Robust Investments In India

Putting behind the worst ever controversies of pesticide in cola, American beverages giant Coca Cola on Sunday said that the company has a robust investment plan to boost operations in the Indian market. We have a very robust and healthy investment plans for the Indian market and major part of investment will go in marketing and setting up of infrastructure to support the system, Coca Cola Co COO Muhtar Kent said.He, however declined to specify the investment figures but said it would be substantial.India did not grow to our expectations in the last couple of years but it has started growing positively since in last three quarters, specially in the first quarter of 2007,he added.Kent added that he future outlook on India was bullish and the company was hoping the country to emerge the third largest market for Coke in the long term.

ICICI Bank To Release Rs 100Cr Over 5Yrs Via Fabindia, AMFL To Create Community

Mumbai: Fabindia Overseas, the apparel retail brand, is setting up community-owned companies to beef up the supply chain for complementing its retail expansion. The company also proposes to create a unique share trading system where artisans could be the shareholders in the newly formed companies and has joined hands with financial services major, ICICI Bank for this purpose. ICICI Bank will release Rs 100 crore over the next five years through Fabindia''s subsidiary, Artisans Micro Finance (AMFL) to create community-owned companies. With long-term plans to set up 100 companies, Fabindia Overseas intends to create 20 companies in the next year and half.

IOC Purchases 2Mn Barrels West African Crude

NEW DELHI: State-run Indian Oil Corp (IOC) granted a tender to purchase two million barrels of West African crude in it latest spot tender for end June or July -loading. IOC purchased Girassol variety at a discount of around $1 to dated Brent, while Escravos has been purchased at a premium of around $2 from Mitsui. IOC is diversifying its crude basket and trying new grades of high sulphur and heavy crudes to gain from higher margins. IOC, which has about 10 refineries spread across India with a total capacity of 1.204 million bpd, tenders several times a month to purchase crude, mainly light sweet West African grades.

VSNL Joins Hand With Teleglobe

MUMBAI: Tata group''s telecommunication services provider company Videsh Sanchar Nigam Ltd (VSNL) on May 24, said it has chose Teleglobe Voice Termination Service (VTS) to provide call termination for SkypeOut. They have the necessary global footprint, relationships and expertise in international voice market to support companies like Skype, as well as broadband providers. Teleglobe permits direct traffic exchange with the VSNL network providing significant savings in capital and operating expenses, reduction in time and costs along with added capacity. They selected to partner with VSNL for international VTS because their services allow it to quickly connect to a global network without the operational burden and the expenses associated with interoperability requirements.

Alembic Inks Licensing Agreement With Belgian Co

Mumbai: Alembic Ltd has forayed into a licensing agreement with Belgian drugmaker UCB for its Novel Drug Delivery Platform for epilepsy drug Keppra XR (Levetiracetam extended release tablets). As per the terms of the agreement, Alembic will give the technology to decrease the dosage for the twice-a-day Keppra drug to make it a once-a-day tablet. The tablet will then be sold in dosages of 500 mg, 1000 mg and 1500 mg and will be called Keppra XR. Alembic will get milestone payments of $11 million and additionally get royalty payments on future worldwide net sales of the Keppra drug, subject to necessary legal and regulatory approvals.

Volvo Joins Hand With Ford In India

New Delhi: Volvo will cater to the high-end mkt, while Ford will feed the mid-size segment. Europe''s top-end car maker Volvo is mulling an onslaught on the Indian market on the back of Ford India Ltd. Ford India''s parent, the US-based Ford Motor, owns Volvo''s car business. The Indian subsidiaries of the two companies are planning a joint strategy under which Volvo will cater to the high-end market, while Ford will feed the mid-size segment, as it did with the Ikon earlier and does now with the Fiesta. Future roll outs in India could be a part of our global synergy with Ford Motor. They could bring in vehicles having shared technologies (platform) with Ford Motor to increase its presence in India. Volvo mulls to introduce its C30 and C70 cars, which share the platform with Ford''s Focus range of cars, to India sometime next year.

ABG Shipyard Signs MOU For Acquisition Of Vipul Shipyard

ABG Shipyard Ltd has informed that the Company has signed a Memorandum of Understanding (MOU) for acquisition of Vipul Shipyard (Vipul) situated adjacent to the Company''s existing shipyard at Magdalla Port, District-Surat, Gujarat.With this the Company will add substantial land with a good water front to its resources along with slipway and other necessary plant & equipment for shipbuilding.This acquisition would facilitate further expansion of the Company''s shipbuilding activities at the above shipyard and would enable the Company to enhance its shipbuilding capacity from the present 32 to 40 vessels on modular basis in future. This acquisition will facilitate the optimal use of resources in the Company''s existing shipyard & new facility to synergise productivity and achieve economies of scale.

ABB Secures Rs 289 Crores Order For Delhi Metro Rail

Bangalore: ABB Ltd has received an order worth Rs 289 crore from Delhi Metro Rail Corporation Ltd (DMRC). Under the order, the company will supply the turnkey electrification package for Phase II of the Metro line spanning 10 corridors across parts of New Delhi and surrounding areas of Gurgaon and Noida. The project scope comprises electrification of overhead lines, provision of auxiliary substations and a hi-tech SCADA (Supervisory Control And Data Acquisition) solution interconnecting all the stations en-route, linking the main receiving and traction substations to a central control centre and a back-up control centre.

ONGC Launches Pilot Telemedicine Network

MUMBAI: Public sector undertaking ONGC on May 22, kicked off the pilot project of its telemedicine network from the SLQ platform in Mumbai offshore to Lilavati Hospital in sub-urban Bandra. The system will give instant as well as critical healthcare to over 2,500 personnel stationed at 24 oil rigs and production platforms of the exploration major. This quick response to medical emergencies will ensure timely medical intervention, thereby improving the recovery process. The pilot project will be operational for three months after which it will be launched at all installations having living accommodation at ONGC Mumbai offshore. Sagar Space Chikitsa is meant to link and equip the remote offshore locations and super-specialty hospitals through a server-browser based telemedicine system. With the system, the personnel at the offshore installations of ONGC will get accurate and timely diagnosis. The telemedicine system will also decrease critical healthcare delivery times by scheduling proper treatment and follow-up.

D-Link India, ICICI Bank Unveil Easy-To-Pay Finance Option For SMBs

D-Link India Ltd., in an attempt to target small and medium business (SMB) customers across India, has unveiled its easy-to-pay finance option in partnership with ICICI Bank Ltd.The partnership will help SMB customers across the country to avail of easy EMI (Equated Monthly installment) options while buying their D-Link networking solutions. Tushar Sighat, VP - Channel Business, D-Link India Ltd., said, By making our products available at easy finance option, we will be able to broaden our customer base by reaching out to a larger audience. D-Link offers the widest range of products and a widespread network of channel partners and retail outlets in India. Clubbed with ICICI Bank''s nationwide network, the easy finance scheme can surely be a winning combination for customers across India.

ICICI Bank Unveils 48-Hour Home Loan Processing In Mysore

Mysore: ICICI Bank has increased its support to realty market in Mysore by unveiling a 48-hour home loan-processing scheme. Announcing its launch at the ''My Realty-2007'', bank''s emerging market mort1gage finance group said, if they do not do process within 48 hours, they will refund the processing fee. The bank will focus on Mysore in all its future property development cross-location events conducted regularly at leading centres across the country. The events are part of the bank''s retail property services in India. ICICI has witnessed a 30 per cent growth in the home loan sector in the last two years. In volume, it has risen to Rs. 10-12 crore from Rs. 3-4 crore.

ICICI Holdings To Offload 5% Stake

ICICI''s insurance and asset management businesses need money and so five per cent of the holding company for these businesses will get sold to some financial investors.GIC, Temasek are in the race for the five per cent stake. The second round of due diligence is on and the deal is likely to be announced shortly after regulatory approvals from RBI and IRDA come in. ICICI Holdings is valued at $500 million, valuing the entire company at $10 billion. These three bidders have been short listed from a pack of 18-20 potential investors. Company sources admit that investors like Temasek and GIC, who are already invested in ICICI Bank may even get preferential allotments. But it is clear that the divestment is a prelude to bigger fund raising plans and may be an IPO in the next 12-18 months. Valuations are interesting. This current exercise will be for temporary funds and they will raise more capital. The business is growing at a huge pace,said Anand Tandon, Director, Gryffon Investment Advisors

L&T Builds One Of The World''s Largest FCC Regenerators & Combustors

Larsen & Toubro Ltd (L&T) has informed that the Companys Heavy Engineering Division-Hazira Works, has successfully built one of the worlds largest FCC Regenerators & Combustors for Reliance Petroleum Ltds (RPL) export oriented refinery coming up at Jamnagar, Gujarat.The equipment is considered to be the heart of the RPLs refinery, which is billed as the fifth largest in the world. The Company had previously built a similar FCC regenerator and combustor for Reliance Industries Ltds (RIL) refinery in Jamnagar in the year 1998.With the completion of the current project, the Company has successfully constructed the most critical components of Reliances Jamnagar Complex, which is the worlds single largest refinery complex in the world. The project is a testimony to the Companys ability and the faith reposed in it by RIL.

ABG Heavy Industries in alliance with Kolkata Port Trust

Kolkata: Mumbai based ABG Heavy Industries Ltd is focusing on its logistics business with the growth of container traffic in the country. ABG is developing port services and container freight stations (CFS) near Kolkata, New Mangalore, Paradeep and Goa ports. The company has lined up phasewise investments of Rs 300 crore towards building up infrastructure for handling container traffic. The company will spend another Rs 200 crore to enhance its crane chartering facilities. ABG has so far infused Rs 200 crore towards expanding its logistic infrastructure and Rs 300 crore for crane hiring services.

Modi Revlon to begin fragrances production

NEW DELHI: Targeting to cash in on the burgeoning domestic fragrances market, Modi-Revlon, a alliance between the Modi group and international cosmetics firm Revlon, will begin its production unit for perfumes in India by June. They are looking at beefing up its position in the Indian fragrances market. The company will manufacture body sprays, Eau de Toilette (EDT), colognes and aftershave lotions in its new facility at Modinagar.The company is also planning to expand its product range by introducing new fragrances that were set to hit the market in September. Modi-Revlon''s fragrances product portfolio currently consists of Charlie Cologne, Fire and Ice cologne, Jean Nate after bath splash, Ciara Cologne, Enjoli Spray and Jontue cologne.

Lupin receives tentative US FDA Approval for Ziprasidone

Lupin Ltd on May 21, 2007 has announced that it has received tentative approval from the US FDA for its Abbreviated New Drug Application (ANDA) for Ziprasidone Capsules 20 mg, 40 mg and 60 mg. Ziprasidone, an antipsychotic drug, is indicated for the treatment of schizophrenia and bipolar disorder. Given that the Company flied the ANDA on the earliest possible NCE date, this ensures that there will be limited competition when the product goes generic.The Companys Ziprasidone Capsules are the AB-rated generic equivalent of Pfizers Geodon Capsules. Annual product sales in the U.S. of the capsules were approximately $ 760 million for the twelve months ended December 2006, based on IMS data.The approval of our Ziprasidone ANDA is our second approval in the CNS segment after our Sertraline ANDA. In particular, this approval reinforces Lupins ability on submitting high quality dossiers at the right time and gaining approval well in time. said Dr. Kamal Sharma, Managing Director of the Company.

Media Video launches Rs 3000 Million 124 Acre Mega Township Project in Haryana

Media Video Ltd has informed that the Company, under its real estate division is developing a 124 acres modern Township in Yamuna Nagar, Haryana, with a total saleable floor space of 6 Million Square Feet approx. The renowned real estate consulting firm - Trammell Crow Meghraj Property Consultants Pvt Ltd has already studied the project and the feasibility report submitted by it to the Company projects revenue of Rs 606 Crores from an investment outlay of Rs 405 crores.The township, named MVL Rivercity, will include both, commercial as well as residential premises. The residential part will include built-up villas, freehold plots and a premium residential complex with a total saleable area of Rs 5.5 million sq. ft. The commercial part of the city will have a saleable area of 0.50 million sq. ft approximately and will include a lifestyle shopping mall and a state-of-the-art budget hotel. The said project shall be completed in two phases - 93 acres of the total area will be developed in the first phase, slated to begin by the end of June07 and the balance 31 acres in the second phase, to be launched by the 2nd Qtr of 2008.

IVRCL Infrastructures secures orders worth Rs 551.00 Crores

IVRCL Infrastructures & Projects Ltd has announced that the Company has bagged orders of the value of Rs 551.00 Crores as detailed hereunder:1. Package No.L1-01/2006 relating to Investigation, Design, Supply and erection of components, to lift 8.30 TMC in 45 days from elevation +204 M to +221 M from foreshore of Gandikota Reservoir Storage Reservoir-1 near Thimmapuram Village of the value of Rs 275.00 Crores.2. Package No.L1-02/2006 relating to Investigation, Design, Supply and erection of components, to lift 8.10 TMC in 45 days from elevation +204 M to +236 M from foreshore Storage Reservoir-1 near Thimmapuram Village to Storage Reservoir-2 near Yellanur Village of the value of Rs 276.00 Crores.

Lotus India Contra Fund Not To Attract Entry Load

Lotus India AMC said that all investments in Lotus India Contra Fund through a Systematic Investment Plan (SIP) would not attract any entry load from May15 2007. Also, the minimum SIP amount has also been brought down to Rs. 100/- a month thereby making it more affordable to the retail investors. Lotus India Contra Fund, joint venture between Fullerton Fund Management Group and Sabre Capital Worldwide, is an open-ended equity scheme, which aims to generate capital appreciation through the Contrarian style of investing.

BPCL To Roll Out Mak In Lanka

New Delhi: Bharat Petroleum Corporation (BPCL) intends to roll out its Mak brand of lubricants in Sri Lanka. BPCL controls around 12 per cent of India''s lubricants market. The Sri Lankan government had in January announced it had licensed six firms to market lubricants locally, as part of its efforts to open its market. BPCL is one of the companies, along with Gulf Oil International of the UK, French companies Motul and Total SA, and Sinopec of China. BPCL is expected to export its lubricants to Sri Lanka from its plant at Taloja near Mumbai. This will be the company''s first overseas foray in the fuel and lubricants retailing business. Indian Oil Corporation (IOC), the largest company in India in terms of sales, is already present in Sri Lanka through its subsidiary Lanka IOC. Lanka IOC not only retails petroleum products but is also building a lubricant blending plant there that is expected to go onstream by July this year.

RBI Looks At Advance Income Tax Collection

The Reserve Bank of India (RBI) is prepared for advance income tax collection at 910 computerised branches of public and private sector banks in Mumbai and Navi Mumbai apart from its own centres. Of the 910 bank branches, 833 branches are of public sector banks, 36 of HDFC, 9 ICICI Bank, 19 UTI Bank and 13 IDBI Bank. Long queues and inconveniences can be avoided at the RBI counters if the assesses in Mumbai and Navi Mumbai utilise the services being made available at various designated branches of banks and deposit their income tax dues well in advance of the last date.

HDFC Bank To Mop Up Rs 4,200 Crore

Banks are on a fund raising spree for now. HDFC Bank plans to raise Rs 4,200 crore via equity issue. The fund will be raised through preferential and follow on public issue. It will issue 13.58 million preferential shares to promoter HDFC Group at Rs 1,023/share. The preferential issue to promoters will help the bank raise Rs 1,390 crore and the rest Rs 2,810 crore from local and international investors.The fast growing Indian economy is calling for fast funds and the banking industry is looking at all possible ways to raise cheap funds for expansion after ICICI, SBI and HDFC Bank have announced big buck plans.The share holding pattern for HDFC Bank is likely to change marginally post-preferential issue. The promoter HDFC Group stake will increase to 23 per cent from current 21.5 per cent.

SBI Life Unveils A Technology Initiative For Advisors

SBI Life Insurance has rolled out ''Agency Online'', a portal designed to cater to the needs of its growing insurance advisor base. The portal offers advisors'' customer friendly tools that include premium calculators, understanding risk profile, customer portfolios, product flip charts and policy tracker. SBI Life Insurance is a joint venture between the State Bank of India and Cardif SA of France with the paid-up capital of Rs 500 crore.

Volvo To Enter Logistics Business

The high-end truck and bus maker, Volvo, is foraying into the logistics business. Of late, it has applied to the government to include logistics, freight forwarding and transport- as well as allied areas like cargo handling and clearing, packing, warehousing and store keeping - in its roster of activities in India. The Swedish multinational, which has an assembly unit in Bangalore, already has a logistics business unit. When contacted, a company spokesman explained that the new business will not pit Volvo against its own customers. Volvo decided to go for a government clearance to allow the logistics business greater operational freedom. Worldwide, Volvo Group is involved in the logistics business in several markets. In India, its proposed activities include software development, consultancy, supply services, training and running call centres for development and design activities. That''s apart from its primary business in India-to make and sell trucks and buses, import and sell construction machines and high-tech engines and source components.

Tata Power Roped In Korean Firm For Mundra Project

Tata Power has roped in Korea-based Doosan Heavy Industries and Construction Ltd for supercritical boilers for its Mundra ultra mega power project. The company said the deal would cover 45 per cent of the total ordering under this project. The 4,000-MW project will cost Rs 16,000 crore. Tata Power had recently announced the acquisition of Coastal Gujarat Power Ltd, a special purpose vehicle formed for the project. Last month, Power Finance Corporation transferred Coastal Gujarat Power Ltd to Tata Power. The boilers are for five units of 800 MW each, said a statement from Tata Power. This would be the first instance of an 800-MW unit in India.

Bajaj Auto To Be De-Merged Into 3 Entities

Humara Bajaj wont be the same again, Rahul Bajaj the grand old patriarch is ready to split his business in as amicable way as possible to give his two sons their shares. Rajiv Bajaj and Sanjiv Bajaj will now independently manage the two businesses of two wheelers and financial services. The de-merger will result in three separate entities encompassing its manufacturing, finance and insurance businesses.

While Rajiv will continue to head the manufacturing operations which will be housed in Bajaj Auto, Rahul Bajaj''s younger son Sanjiv will drive the fortunes of the finance and the fast growing life and non-life insurance businesses.

Aviva Life''s Growth Fund Reports 35% Rise

Aviva Life Insurance India''s growth fund has registered a compounded annualised growth of 35% since its start in January 2004. The fund, which aims to provide long-term cumulative capital appreciation while managing the risk of a relatively high exposure to equities, has sought to diversify its portfolio by spreading its assets over a range of sectors. Equities comprised of around 65% of its net assets at the end of the March quarter. On the other hand, Aviva India''s balanced fund, which has about 32 per cent invested in equities, has recorded a CAGR of 25 per cent since inception in June 2002. Almost 65 per cent of Aviva India''s business is owing to bancassurance; the company intends to tap other distribution channels more effectively.

ICICI Bank Likely To Offer Retail Shares At A Discount

Mumbai: ICICI Bank is expected to offer its shares at a discount to the retail investors in its impending equity issue, according to the bank in its draft prospectus. This is however subject to approval by the market regulator, Securities and Exchange Board of India (SEBI). The bank, in an attempt to encourage retail participation, has also permitted the existing retail shareholders and retail individual bidders to bid at the cut-off price. The bank is planning to raise Rs 17,500 crore through domestic and American depository shares. It is entitled to retain 15 per cent of the issue under the greenshoe option in case it gets oversubscribed. The total issue size inclusive of the green shoe option will be Rs 20,125 crore, said the bank in its draft prospectus. Goldman Sachs (India) Securities, DSP Merrill Lynch, Enam Financial Consultants, JM Morgan Stanley and Karvy are the book-running lead managers to the issue. Of the total issue, 50 per cent of the net issue is reserved for the qualified institutional buyers, 15 per cent for non-institutional investors, 35 per cent for retail individual bidders and up to 5 per cent for existing shareholders.

RIL To Mop Up $2 Bn Via 10-Year Loan

Mumbai: Reliance Industries has decided to mobilize $2 billion via a 10-year overseas syndicated loan for funding its oil and gas exploration in the D6 block of the Krishna-Godawari basin. The company has been able to get a cheaper rate of Libor (London inter-bank offered rate) plus mid-60s basis points for the syndicated loan. The D6 was among the blocks awarded to a consortium of Reliance Industries (90 per cent) and NIKO (10 per cent) under the NELP I round of bidding. Currently, the JV is developing India''s first deep water gas production facility for the Dhirubhai 1 and 3 fields, targeting the first gas in the second half of 2008. The $2 billion syndicated loan is arranged by a consortium of 14 banks including Citigroup, ABN-Amro, Standard Chartered, HSBC, ICICI Bank and DBS. The full commitment by banks for the loan is expected to be completed this week, said industry sources.

HDFC All Set To Acquire Chubb From Insurance JV

Mumbai: Housing Development Finance Corporation (HDFC) is looking at acquiring Chubb Global Financial Services Corporation of the US (Chubb Global) from its general insurance joint venture. HDFC had expressed its intention to end its joint venture with Chubb Corporation a year ago, following differences over the style of running business. HDFC holds a 74% stake in the five-year-old company, while Chubb Corporation owns the remaining 26 per cent, the maximum foreign direct investment permitted by insurance laws. Sources said several global players like Prudential of the US and Ergo, a part of Munich Re Group, have approached HDFC in the last six months.

LIC Witnesses Loss On Non-Single Premium Policy Share

Albeit the Life Insurance Corporation of India spruced up its market share to 74 per cent in terms of total new business premium policies in March 2007, compared with 72 per cent in March 2006, it has lost market share in new individual non-single premium policies. For March 2007, LIC''s market share in new individual non-single premium policies was 63 per cent, down from the November 2006 peak of 71 per cent, according to a research paper by Brics Securities. The paper says that the slackness in LIC''s growth should be seen in conjunction with its single premium growth. A significant portion of LIC''s premium income is coming from single premium policies; 46 per cent of the total premium in FY07 against 31 per cent and 40 per cent in FY05 and FY06, respectively. However, even on an adjusted basis, the annualised premium equivalent (APE) growth of LIC at 88 per cent was below the private sector APE growth of 99 per cent.

LIC Hsg Reports Two-Fold Rise In PAT At Rs 89.14 Cr

LIC Housing Finance registers over two-fold increase in profit after tax (PAT) at Rs 89.14 crore for the quarter ended March 31 compared with Rs 41.38 crore for the same quarter last year. Total income rose by 28 per cent to Rs 453.69 crore compared with Rs 354.20 crore for the year-ago period, LIC Housing informed the Bombay Stock Exchange. The board of directors at its meeting today declared a final dividend of 30 per cent on equity shares in addition to interim dividend of 50 per cent already paid. For the year ended March 31, the company recorded a profit after tax of Rs 279.14 crore compared with Rs 208.57 crore for the previous financial year. The total income increased to Rs 1,583.25 crore for the year compared with Rs 1,268.83 crore a year ago. The shares of LIC Housing were trading at Rs 160.50, up 4.46 per cent on the BSE, in afternoon trade. LIC Housing Finance Ltd is considering to invest in an existing Asset Reconstruction Company or launching a realty fund. The company has invested 50 crore in Kotak Realty Fund and Rs 10 crore in another project of Unitech.

SBI To Hive Off Its Non-Banking Businesses

State Bank of India (SBI) has decided to hive off its insurance and asset management and other non-banking business into a separate entity. This will perhaps ease the pressure on the bank''s balance sheet.SBI has told analysts that it might spin off its non-banking businesses life insurance, asset management and all other non-banking companies by transferring them to a separate Non Banking Finance Company (NBFC).The proposed NBFC, to be fully owned by SBI could consider listing is valued at $3.8 billion with each share being valued at Rs 229 by Merrill Lynch based on FY''09.Analysts say the requirement of capital in insurance business is much greater, once it was hived off into separate entity the insurance business would not stretch SBI''s balance sheet.In fact that''s something that ICICI Bank has done recently. The management also hinted that the bank might also list the non-banking businesses.

LIC To Shift New Ventures Outside Mumbai

The Life Insurance Corporation of India will be shifting its two new ventures outside Mumbai. The corporation''s new health insurance business will be located in Hyderabad and its credit card subsidiary will be in New Delhi. Of late, the Mumbai-based LIC has opened a separate health insurance department and carved out subsidiaries for its credit card and pension business. The health insurance department will be headed by Mr D.D. Singh, Executive Director, LIC, while the credit card venture will be captained by Mr Hemant Bhargava. With housing in Mumbai turning too costly, LIC has decided to shift out some of its offices. Although LIC is the second-largest real-estate owner in the country, next to the Indian Railways, providing accommodation to employees has become difficult.

AIG To Roll Out Liquid, Tax Saving Fund

After the launch of its maiden scheme AIG India Equity Fund in the India mutual fund market, the AIG Global Investment Group (AIGGIG) is looking at rolling out two more funds by 2007-end. The company plans to launch its third product by the year-end. Our third product will be a Tax Saving Fund, which we plan to launch by December 2007, adds Sonthalia. According to the company, the new funds are in line with the market trends and to provide investors with various options. While through its maiden scheme AIG India Equity Fund - the company aims to garner approximately Rs 1,000 to Rs 2,000 crore. The new fund offer opened for purchase from May 3 to May 31. We will commit $10 million in this fund. AIG India Equity Fund is an open-ended diversified equity fund with no biases

ICICI, DLF Floats Likely To Eclipse Small Issues

Small companies which are looking at tapping the capital market in the next three months are likely to face the heat from mega share issuances of DLF and ICICI Bank. According to the market sources, the sentiment for smaller issues was already weak, especially with a majority of the recent listings trading at a discount to the offer price. DLF and ICICI are expected to mop up around Rs 27,000 crore from the market , which is likely to lessen investors'' appetite for smaller issues. Of 53 companies filing their prospectus for IPOs this calendar year, 12 issues, including two rights issues, have been withdrawn owing to lacklustre investor demand. Hal Offshore, Rap Media, Asiatic Colour Chem, Saamya Biotech, MSPL, Apollo Sindhoori (rights issue), Victoria Enterprises (rights issue), Gammon Infrastructure, STE Salit, SRS Entertainment, Embross Auto Comp and Decolight Carriers have withdrawn their issues. With the exception of a small number of quality issues such as MindTree Consulting, Global Broadcast News, ICRA, FirstSource, PFC, Advanta, Page Industries, most recent offers are trading at a discount ranging from 30 per cent to 50 per cent.

RSWM Acquires 50% Equity In SISA S.A. Of Spain

RSWM Ltd on May 11, 2007, has announced that it has acquired a 50% equity stake in SISA S.A. (SISA) of Spain, which will enable the Company to considerably expand its footprint in the higher value added international yarn market. The Company will now be rechristened as RSWM SISA S.A.Commenting on the transaction, Mr. Riju Jhunjhunwala, Joint Managing Director of the Company said, SISA brings with it a specialty and value-added yarn business in the international market, with a strong customer profile. It adds an established and well reputed marketing network to our operations, which will enable us to obtain better realizations for our high end yarns. RSWM has been keen to expand its yarn business, especially in the value-added space and the transaction is a part of a series of initiative that we are implementing to enhance our business operations, rapidly and profitably.

MRF Launches Premium Truck Tyre

Chennai: MRF Ltd on May 11, declared the unveil of its premium truck tyre Super Lug 50-FS. Priced at Rs 12,650 per unit, the tyre has a low rolling resistance that will result in fuel efficiency of the truck, claims the company. The tyre will especially be beneficial for long-haul truck operations as diesel cost forms a chunk of the total cost of operations. Super Lug 50 was tested for three years before the tyres were given to customers across segments for validation. Of the Rs 17,000-crore tyre market, commercial vehicles segment accounts for Rs 10,000 crore. MRF, which operates in the premium-end of the market, is the market leader in that segment with 35 per cent share. The company expects that the new tyre would contribute 5 per cent of the replacement sales of the company in the first year. The company''s current year''s turnover would cross the Rs 5,000-crore mark.

Surana InduStries Finalises Boilers, ESP & Turbine For 35 MW Captive Power Plant

Surana Industries Ltd on May 11, 2007, has announced that it has finalised the contract for sum of Rs 58 crores for Boilers, ESP & Turbine for 35 MW Captive Power Plant for the New Integrated Steel Plant in Raichur, Karnataka. The Company has placed order of Rs 36 crore to Cethar Vessels (P) Ltd, Trichy for Boilers, Rs 14 crores to Qingdao Jieneng Power station Engineering co. Ltd, China and Associated Power Team Pvt Ltd., Hyderabad for Turbine and Rs 8 crores to Thermax Ltd, Pune for ESP.Through this contract Cethar Vessels will install Design Engineering, Manufacture, Assembly, Erection, startup, Testing, Commissioning and Guarantee performance Testing of (1) No. of 110 TPH,66 ksca,495 + 5 deg C Fluidised Bed Combustion Boiler and its auxiliaries and four (4) Nos of 10.5 TPH,68 ksca,495 + 5 C waste heat Recovery boiler and auxiliaries.Qingdao Jieneng Power station Engineering Co, Ltd, china and Associated Power Team, Hyderabad, will install Design, Engineering, manufacture, Assembly, Testing, Erection, Start up, commissioning & guarantee performance testing of 35 MW TURBO Generator and auxiliaries.

ONGC Over-Achieves Reserve Accretion Targets, Brings Down Insurance Spend Substantially

Oil & Natural Gas Corporation Ltd (ONGC) has announced that the Board of Directors of the Company at its meeting held on May 10, 2007, has noted the following recently achieved operational highlights:1.0 ONGCs Reserve Accretion and New Oil & Gas Finds 1.1 During the year 2006-07 ONGC made twenty two discoveries (nine by new prospects and thirteen by establishing new pools). The new prospects are: three in Cambay basin, one each in Mumbai Offshore, Assam shelf and Cauvery basin and three in East Coast Deep Water. In yet another milestone, one of these deepwater finds has put Mahanadi Basin on the hydrocarbon map of India. The ultra-deepwater discovery of KG offshore is the first ultra-deepwater discovery of the country. 1.2 During 2006-07 ONGC accreted reserve accretion to the tune of 65.56 million tones of Oil plus Oil equivalent Gas (mtoe) as against MoU target of 52.5 mtoe. The production during the period for the company is 48.28 mtoe, resulting in Reserve Replenishment ratio of 1.36:1. 1.3 Incidentally, the reserve accretion for the X plan (2002-07) target have also been over-achieved in terms of initial In-place as well as Ultimate Reserves.mtoe (O+OEG) --------------------------------------------------------------------------------------------TargetActuals------------------------------------------------------------------------------------------In-place570.43676.76Ultimate155.51240.88

Tata Steel Eyes For Vietnam Plant

Mumbai: Tata Steel, Baosteel of China and Evraz of Russia are in the race to acquire a majority stake in an integrated steel plant in Vietnam. The project, which could attract Rs 14,000 crore investment, will have local enterprises as minority partners. The Vietnam government is hoped to declare the winning bidder for the project next month. Tata Steel, if it wins the bid, will have to shell out over Rs 7,000 crore for the project. The local enterprises such as the state-owned Vietnam Steel Corporation and Ha Tinh Mineral & Trade Co will acquire minority stake in the project, to be established in centra Vietnam''s Ha Tinh province. Details of the Tata Steel proposal for the project could not be ascertained.

LIC Gets Govt Share In Maruti Stake Sale

New Delhi: Life Insurance Corporation, State Bank of India, Reliance Mutual Fund, Punjab National Bank, HDFC Mutual Fund and Corporation Bank have together secured over three-fourths of the 2.97 crore shares of Maruti Udyog Ltd (MUL) that was put on the block by the Government. The Group of Ministers nod on May 10, for sale of the government''s residual stake of 10.27 per cent in MUL marks the exit of the Government from the car manufacturing industry. The Government will realise Rs 2,368 crore from this stake sale at an average price of Rs 797 per share. About 43 per cent of the shares that were on offer went to LIC, which had bid for 1.3 crore shares at Rs 800 per share. This would take LIC''s shareholding in MUL from the current 8.1 per cent to 12.60 per cent.While SBI got 49.76 lakh shares at Rs 775 per share, Reliance Mutual Fund got 20 lakh shares at Rs 790 per share. PNB got 12.29 lakh shares at Rs 815 per share and HDFC Mutual Fund got 10 lakh shares at Rs 782 per share. Corporation Bank, which was the highest bidder at Rs 850 per share, got 5.88 lakh shares at this price.

OVL Discovers Gas In Iran''s Farsi Block

New Delhi: ONGC Videsh Ltd (OVL) remains with its success in Iran''s Farsi offshore block. The overseas investment arm of ONGC struck gas in the fourth well on the block recently. It has already discovered oil in the three previous wells. OVL and its partners will now present a development plan to the Iranian authorities to start production. The in-place reserves are estimated at around 10 trillion cubic feet and oil reserves at one billion barrels. On the expenditure made by the company during the exploration phase, Iran will pay 35 per cent rate of return.

LIC Takes L&T To Court In Esop Row

Mumbai: The Life Insurance Corporation, which is the single largest shareholder in L&T, went Mumbai high court against the company for issuing Esops to its nominee director, Kranti Sinha, without keeping it in the loop. LIC, which along with other financial institutions are the biggest shareholders in L&T, is miffed at the fact the Esops allotted to Sinha were transferred to his demat account instead of crediting it into a joint account between Sinha and LIC. The petition was filed on May 7, and it came up for hearing on May 9. In an ex-parte order, the Bombay High court had stayed Sinha from dealing in the 20,000 L&T shares till further orders on May 7. Larsen & Toubro in which financial institutions own more than 26 per cent stake also sought additional time.

ICICI Venture Puts ACE On Block

Two years after ICICI Ventures acquired ACE Refractories (formerly known as ACC Refractories), in what was the largest leveraged buyout by a private equity fund in India during that time, it is understood that the fund has now put the company on the block. A source told TOI that two international funds and two global players in refractories have shown interest in ACE Refractories. It is learnt international biggies Goldman Sachs, Carlyle, RHI and Calderys have offered to buy the company as rapid growth in the domestic market continues to lure foreign firms.

RIL To Sign 5 Year Communications Solutions Deal With BSNL

NEW DELHI: Mukesh Ambani''s Reliance Industries Ltd (RIL) is set to ink a five-year communications solutions deal with Bharat Sanchar Nigam Ltd (BSNL) projected to be worth Rs 500 crore. As per the deal, BSNL will link all undertakings of the group during this period, connecting 2,500 petrol pumps, about 15,000 retail outlets, 14 manufacturing units, all its upcoming SEZs and also provide global connectivity to RIL. The deal envisages that BSNL provide mobile, basic, broadband services, leased lines, virtual private network (VPN), multi-protocol label switching (MPLS) and enterprise solutions to RIL. BSNL will also give the bandwidth for RIL''s captive network, which interconnects all its outlets and offices.

LIC Housing Finance To Launch FD Scheme

Mumbai: LIC Housing Finance Ltd has for the first time decided to attract the fixed deposit segment to raise Rs 1,000 crore this fiscal. The scheme will offer an interest of 9 per cent per annum on a three-year deposit and 9.25 per cent per annum on a five-year deposit. The minimum deposit is Rs 10,000 with multiples of Rs 1,000 thereafter. As 85 per cent of its customers are on floating interest rate loans, they can pass on the interest rate increases.

ICICI To Seek Shareholders Approval For Issuing Shares

MUMBAI: Country''s largest private lender ICICI bank on May 8, said it will seek shareholders clearance for issuing shares of up to 25 per cent stake in the bank. It will also seek shareholder''s approval for decreasing the authorised share capital to Rs 1,775 crore from Rs 1,900 crore. The bank said the authorised capital will be changed to Rs 1775 crore, divided into 127.50 crore equity shares of Rs 10 each, 150 lakh preference shares of Rs 100 each and 350 preference shares of Rs one crore each. The bank has named N L Bhatia, practicing company secretary, as scrutiniser for conducting the postal ballot and the forms duly completed should reach him on or before June 7.

Tata Steel Likely To Unveil GDRs In Singapore

Kolkata: Tata Steel is looking at the Singapore Stock Exchange for listing a possible global depository receipt (GDR) issue for raising $500 million (Rs 2,100 crore) to part-finance its $12.9 billion (Rs 52,350 crore) taking over of Anglo-Dutch steel maker Corus. This will be over and above Rs 3,655-crore domestic rights issue and a Rs 4,350 crore convertible preference share issue the company declared last month. The Tata group favoured Singapore because Tata Steel had become an established name in the investor fraternity in the country following the acquisition of Singapore-based NatSteel a few years ago.

LIC Moves HC To Restrain From Selling Esops

Mumbai: The Bombay High Court on May 7, restrained Kanti Sinha, nominee-director of Life Insurance Corporation (LIC) on the Larsen & Toubro (L&T) board, from dealing with L&T employee stock options (Esops) that he received. The ex-parte order came after LIC moved court May 7. General Insurance Corporation (GIC) is also mulling to move court shortly, seeking a similar restraint on BP Deshmukh, its nominee-director on the L&T board. GIC''s and LIC''s nominee-directors got Esops worth Rs 4.5 crore and Rs 3.5 crore, respectively, from L&T under its 2003 stock option scheme.

UBI Slashes Home Loan Interest Rates

Mumbai: Union Bank of India has taken the lead in reducing interest rates on home loans below Rs 20 lakh by 50 basis points with immediate effect. On April 24, the RBI decreased the risk weightage on residential housing loans to individuals from the existing 75 per cent to 50 per cent. The interest rate on fixed home loans has been revised to 10.75 per cent from 11.25 per cent. The interest rate on floating home loans has been decreased to 10 per cent (10.50 per cent) for advances up to 5 years, 10.50 per cent (11 per cent) for those above 5 years but below 10 years and 10.75 per cent (11.25 per cent) for above 10 years.

LIC Garners Highest Premium In A Month

MUMBAI: Life Insurance Corporation of India has raised Rs 12,361 crore of new business premium in March ''07 the highest recorded by the corporation in any single month. This has enabled the corporation register new business premium of Rs 55,934 crore in ''06-07 a 118% growth over the previous year. LIC''s premium collection in March 07 is higher than the premium collected in the whole of whole of ''03-04. LIC''s has been the growth driver for the entire life insurance sector, which increased 110.7% to Rs 75,406 crore from Rs 35,897 crore during the current financial year.

Karnataka Govt To Provide Land To Tata Motors In Dharwad

Bangalore: The Karnataka government is ready to give additional land to Tata Motors, a Tata Group company, at Dharwad to establish their new facility to manufacture and assemble a variety of buses and coaches. Tata Motors is mulling to infuse over Rs 1,000 crore in this plant. According to government of Karnataka, Tata Motors had submitted a proposal in this regard to the state government in September 2006. The company''s proposal is being discussed at the next cabinet meeting. They have formed a joint venture with Brazil-based Marcopolo to jointly manufacture buses in India.

Hyundai Likely To Witness Lower Revenue Growth

Bangalore: Hyundai Motor India hopes lower revenues during the current fiscal even though it has lined up several passenger cars for unveil during the year. The automaker hopes an increase in revenues of between 10 and 12 per cent. During the previous year, the company''s revenues increased 16-18 per cent. Mr Lheem said the company is working on twin 1.1 litre models for the market. Code-named PA, they will be launched in the A Plus segment. As already declared, the new version of Santro will be launched towards mid-October this year. There is also a possibility of launching the 1.1 litre model code named PA with diesel engine.

Corporation Bank Joins Hands With Dabbawallas

Corporation Bank has joined hands with Mumbai''s dabbawallas to source clients for offering banking services. The dabbawallas will act as business facilitators for distributing mailers and will also collect the filled-up application forms for opening new deposit accounts. There are around 5,000 dabbawallas in Mumbai feeding a client base of around 1.25 lakh office goers and 50,000 students every day. The remuneration to the dabbawallas will be based on a flat-fee structure. They will get Rs 2 per form for distribution and Rs 5 per form for collection of the completed application forms. There will be designated dabbawalla officials who will attest the feedback reports before passing them on to the marketing team of the bank. Dabbawallas, who have earned a Six Sigma performance rating for the efficiency in supply chain distribution, will also be encouraged to open savings bank accounts with the bank. Besides being bankable, dabbawallas are now also being found to be insurable. Recently, Bharti AXA Life Insurance Company launched a social product - GroupSuraksha. The first customers of the group cover included over 1,050 dabbawallas. GroupSuraksha is a one-year renewable group term product designed for co-operatives, institutions and NGOs operating in the rural and social sectors.

HCL Technologies Joins The Windows Vista Application Compatibility Factory

HCL Technologies Ltd on May 03, 2007 has announced that it has joined the Windows Vista Application Compatibility Factory (ACF). The ACF helps enterprises assess and remediate their existing applications to help ensure Windows Vista compatibility and accelerate rollout. In addition to producing a documented application inventory and reducing the complexity of migration to Windows Vista, the ACF can provide significant cost savings in a desktop deployment project and shorten the deployment lifecycle, thereby providing Companies with quicker return on investment.The announcement was made at Mayflower, a CIO conclave hosted by the Company and Microsoft (Nasdaq: MSFT) focused on collaborative transformation. Taking place at Microsofts Redmond campus, the one-day customer-focused event features various sessions on mainframe migration, Windows Vista compatibility, modernization of legacy assets, platform optimization through Software as a Service (SaaS), and enabling the connected enterprise through Service Oriented Architecture (SOA). Key executives from both Companies including the Companys President Vineet Nayar, will be delivering presentations and leading sessions for representatives of the two Companies Fortune 1000 customers.

Jet Airways Creates Its European Hub At Brussels Airport, In Partnership With Brussels Airlines

Jet Airways India Ltd has informed that at a function held in Brussels on May 02, 2007, the Company has announced the creation of its European hub in Brussels, which will provide enhanced connectivity between India and Europe, Africa and North America. The Company will work closely with Brussels Airlines and will offer its customers seamless connections to / from Europe, USA, Canada, Africa and India.The Company will launch daily services from Mumbai to New York (Newark) via Brussels, from August 05, 2007 and later this year, will also offer daily services from Delhi to Toronto via Brussels. The Brussels Hub will enable passengers from Mumbai and Delhi to seamlessly connect to Toronto and New York respectively. In the future, the Company plans to operate a total of ten daily flights from Brussels between cities in India and cities in USA and Canada. Subject to government approvals, the Company plans to additionally operate from Bangalore, Ahmedabad and Chennai to Los Angeles, Chicago, New York (JFK), via its Brussels hub.

Deutsche Bank Hikes Deposit Rates

Deutsche Bank has announced the hike of interest rates on fixed deposits by 50 to 165 basis points for its retail customers with immediate effect. For deposits of 181-270 days, the interest rate has been increased to 8.75 per cent (7.10 per cent) while on deposits of up to 100 days, the revised interest rate is 8.25 per cent (7.75 per cent). It has also marked up interest rates on deposits of up to 89 days to 8 per cent (7.5 per cent), on 90-99 days to 8 per cent (7.10 per cent) and on 101-180 days to 8.25 per cent (7.25 per cent). Customers making fresh term deposits of more than Rs 2 lakh can also open a savings account with no average quarterly balance requirement and which comes with features, including an International Gold Debit Card, free access to VISA ATMs in India and free cash withdrawal at over 30,000 ATMs in 40 countries.

Insurance Cos Plan To Hit IPO Stands

India is one of the fastest growing insurance markets with companies clocking in triple digit growth. For most of the players it is the crucial investment stage where they have to pump in money to build their distribution network and also to meet regulatory requirements.So the next time you get an insurance cover you may also get to check its stock price to find out how well it is doing.

I-flex Solutions Announces Strategy For Accelerated Growth & Expansion Of Executive Management & Boa

i-flex Solutions Ltd on May 01, 2007 has announced the expansion of its leadership team to support accelerated growth and acquisitions, and to better leverage Oracles global organization for the banking industry.In a related development, Oracle on May 01, 2007 announced the formation of a new Financial Services Global Business Unit (FSGBU) headquartered in New York. The FSGBU will consolidate Oracles financial services applications, domain experts, and related services into a single business unit with global scale dedicated to the financial services industry.The following changes to the Companys executive management and Board of Directors were approved by the Companys Board at its meeting on May 01, 2007 and are effective immediately.- Rajesh Hukku, the current Chairman and Managing Director, will head the new Oracle Financial Services Global Business Unit, in addition to his the Companys oversight responsibilities. He will continue on the Companys Board as non-executive Chairman.- N R K Raman, currently Chief Operating Officer, joins the Board as Managing Director and Chief Executive Officer of the Company.