Lupin Finalizes Patent Sale Agreement With Servier

With reference to the earlier announcement dated February 20, 2007, and pursuant to signing a definitive patent sale agreement, Lupin Ltd on April 05, 2007 has announced that the Company has received Euro 20mn from Laboratories Servier of France for the sale of certain patent applications and other related Intellectual Property for Perindopril for multiple countries.The income from this sale significantly boosts our performance for the previous quarter. It obviously goes a long way to demonstrate our Research and IP capabilities, said Dr. Kamal Sharma, Managing Director, of the Company.

Karnataka Bank Revises NRE Rates

Mangalore: Karnataka Bank has brought down interest rates on its NRE and FCNR(B) deposit schemes with effect from April 3. The rate on NRE deposits has been reduced to 5.72 per cent (5.74 per cent) for tenure of one year to less than two years, 5.52 per cent (5.55 per cent) for two to less than three years and 5.46 per cent (5.48 per cent) for three to five years. In the case of FCNR(B) deposits, the interest rate on dollar deposits is 4.97 per cent (4.99 per cent) for tenure of one year to less than two years, 4.77 per cent (4.80 per cent) for two to less than three years, 4.71 per cent (4.73 per cent) for three to less than four years, 4.72 per cent (4.72 per cent) for four to less than five years and 4.76 per cent (4.74 per cent) for five years.

Zee Unveils Rs 100-Crore Cricket League

Zee Group has announced the launch of the Indian Cricket League waving a prize-money of $1 million (Rs 4.28 crore). Mr Subhash Chandra, Chairman, Zee Group announcing the new league, a joint venture between Essel Group and Infrastructure Leasing & Financial Services Ltd (IL&FS), committed a corpus fund of Rs 100 crore, about a tenth of its failed bid in 2004 for the television rights of the Board of Control for Cricket in India (BCCI). The BCCI has received a letter from Mr Chandra seeking permission to start the Indian Cricket League.

Critics have drawn parallels to the Kerry Packer series launched by Australian TV tycoon Kerry Packer in 1977, soon after he was denied television rights by the Australian Cricket Board. In 2004, Zee Telefilms bid $260 million (about Rs 1,113 crore) for a four-year contract with BCCI.

ICICI Plans Back Office Ops For South In Hyd

The ICICI Bank will be setting up the back office operations of the Southern region of the country in Hyderabad Financial District. The bank is constructing a 28-storied centre in the district at an investment of Rs 1,500 crore. The bank''s Hyderabad facility, coming up in 8 acres, will accommodate 25,000 employees and is expected to provide indirect employment to nearly one lakh people, said the source. While Rs 1,000 crore is being spent on civil construction, another Rs 500 crore has been proposed to be spent on the interiors of the skyscraper.

ONGC Signs MoU With Ministry Of P&NG For FY 2007-08

Oil & Natural Gas Corporation Ltd (ONGC) has announced that the Company has signed a Memorandum of Understanding (MoU) with the Ministry of Petroleum & Natural Gas, agreeing on a set of Performance Parameters and targets for the financial year 2007-08. The MoU was inked by Mr. M S Srinivasan, Secretary, MoP&NG and Mr. R S Sharma, CMD, ONGC in the Ministry on March 29, 2007. The FY 2007-08 MoU has also doubled the weightage on subsidiary management (OVL and MRPL) from 2% to 4%.Since the introduction of the MoU, the Company has consistently performed well in its score card and has been rated Excellent thrice during the last five years. It secured a Composite MoU score of 1.43 in the MoU Performance Evaluation in FY 2006-07 based on audited results.

BEML Plans To Come Up With Follow-On Issue In June

Bharat Earth Movers Ltd has all set for its public issue to mobilize Rs 440 crore by offloading 49 lakh shares for the first half of June this year. According to the source, the fund raised from the follow-on issue will be used mainly for the modernisation and expansion plans of its metro coach production infrastructure at Bangalore. Internal accruals would to a degree fund the expansion - Rs 230 crore for metro infrastructure and Rs 150 crore for modern machinery. The plan is to raise the output to around 300 coaches a year to meet the estimated demand for 1,000 coaches in a couple of years as many States have announced metro projects. Metro and rail coach business is around 10-15 per cent of the turnover; mining and construction equipment around 55 per cent; and 35-40 per cent is from defence orders. Currently, the Government of India holds 61.23 per cent of the shares in BEML; UTI, banks and FIs hold 23.12 per cent; and non-institutional investors 15.65 per cent. At present, around 100 employees are opting to exit each year and this number may rise. A Rs 25-crore captive wind energy project is being planned at Chitradurga through a turnkey contract with Suzlon.

HDFC Raises Retail Lending Rates By 50 Bps

Housing Development Finance Corporation has hiked its retail prime lending rates by 50 basis points, on which its adjustable rate home loans (ARHL) are benchmarked, effective April 1. For all new home loan customers, the ARHL (floating) loans will now be priced at 11.25 per cent per annum while the fixed rates will be at 13.25 per cent per annum. The housing finance company clarifies that this is in line with the rates of interest in the economy, which have hardened due to rising inflation. Also bond prices have moved up by about 200 basis points in the past few months raising borrowing costs of triple-A companies. And also, it has raised its prime lending rate by one percentage point to 15 per cent per annum against 14 per cent earlier. The revised rates will be effective April 3. HDFC has also increased its deposit rates by 0.75 per cent across all maturities. HDFC''s premium and premium plus deposit schemes are being extended till April 30.

Reliance Retail Plans To Enter Used Vehicle Market

Mumbai: Mukesh Ambani''s Reliance Retail is looking at entering a second-hand car market on the lines of Maruti''s True Value and Mahindra''s Automart. The venture marks an addition to its plans to set up multi-brand car servicing stations at its retail outlets and its auto finance business. Reliance Retail plans to cover 1,500 cities with over 1,500 supermarkets and 1,000 hyper-markets. Reliance Retail is believed to be in talks with Corghi SpA, an Italian automotive firm, to offer customers at its outlets vehicle servicing facilities. Corghi manufactures tyre changers, wheel balancers, wheel aligners, and lifting and testing equipment. Industry estimates put the annual second-hand car market at 1 million units, almost as big as the new-car market (1.3 million units). Both markets grew 20 per cent in 2006-07 and are expected to grow at 20 to 25 per cent in the coming years. The market is dominated by informal deals, with the organised sector accounting for only 20 per cent of the business through players like Maruti (True Value), Hyundai (Advantage), Ford (Assured), Mahindra (Automart India) and Honda (Auto Terrace). Others include e-commerce auto websites

ICICI Bank Hikes Lending Rates

ICICI Bank Ltd has announced an increase of 1% in its Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from March 31, 2007. The revised FRR will be 12.75% p.a. as against 11.75% at present.For existing floating rate customers, the increase in Floating Reference Rate (FRR) by 1% will be effective from April 01, 2007. 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 of 1% in its Benchmark Advance Rate (I-BAR). The revised I-BAR will be 15.75% p.a. payable monthly as against 14.75% at present.

RIL - GSPL Sign Pact To Transport Natural Gas

Reliance Industries Ltd (RIL) has informed that the Company and Gujarat State Petronet Ltd (GSPL) on March 31, 2007 signed a Gas Transportation Agreement to transport 11 MSMCMD of natural gas from Bhadbhut in Bharuch to the Companys Refinery and Petrochemical complex in Jamnagar.Under this Agreement, the Company has an option to increase the volumes of gas upto 14 MSCMD. The Company would transport portion of its KG Gas from Kakinada through its East West Pipeline and deliver the same to GSPL at Bharuch. For transportation of gas, GSPL would use its existing pipeline and develop new pipelines between Bharuch to Hadala and Rajkot to Jamnagar.The transportation of gas shall commence in Second Quarter of 2008. The agreement is valid for a period of 15 years from the Start Date.Similarly, Gujarat State Petroleum Corporation has signed Gas Transportation Agreement with Reliance Gas Transmission and Infrastructure Ltd for transportation of 3.5 MSMCMD of natural gas from its largest KG Basin discovery at Kakinada in Andhra Pradesh to Gujarat. As per this agreement, GSPC has an option to increase the volumes of gas upto 11 MSCMD.For transportation of gas from Kakinada to Gujarat, RGTIL is developing a pipeline between Kakinada and Bharuch.The transportation of gas shall commence as soon as GSPC starts the production of gas from its KG basin. The agreement is valid for a period of 15 years from the Start Date.PMS Prasad, President & CEO, Petroleum Business, of the Company signed the agreements with the Managing Director of GSPC, D J, Pandian, IAS, in the presence of Saurabhbhai Patel, Honorable Minister of Energy & Petrochemicals and D Rajgopalan, IAS, Chairman, GSPC.