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.