City Union Bank Opens Branch At Krishnagiri And Paramakudi (Tamil Nadu)

City Union Bank Ltd has informed that the Company has opened the Branch at Krishnagiri and Paramakudi (Tamil Nadu) on March 28, 2007.

NTPC To Join Hands With TELK

Kochi: The NTPC board has decided to go for a joint venture with the Kerala-owned Transformers and Electricals Kerala Ltd (TELK). Since a decision on the percentage of equity participation in the joint venture has to be taken by the Centre, NTPC has forwarded its board''s recommendations to the Union Government and a final decision is expected before April 10. The Kerala Government mulls to keep 51 per cent stake in TELK while the rest could be given to NTPC as its investment in modernisation and expansion of the unit. NTPC, which has a lot of captive requirement, will be able to curtail the lead-time in sourcing the capital equipment.

BHEL Establishes Centre Of Excellence In Hyderabad

New Delhi: Bharat Heavy Electricals Ltd (BHEL) has established its fourth Centre of Excellence Surface Engineering (COE-SE) at its corporate R&D division in Hyderabad at an investment of Rs 8.4 crore. The centre would enhance BHEL''s capability in specialised area of surface coatings and treatment, besides developing technologies for products such as hydro, steam, gas turbines and boilers. It would serve as a major facility for BHEL''s frontier research projects for exploring the use of nano materials for surface engineering applications. It will also explore new applications for BHEL and non-BHEL products and facilitate shift of technology to BHEL''s units in respective areas, besides networking with leading organisations and experts both in India and abroad.

Accel Frontline To Provide Automatic Ticket Vending Machines For Indian Railways

Accel Frontline Ltd has informed that the Company has been awarded a prestigious contract by the Centre for Railway Information Services (CRIS) for installing and maintaining Smart Card based Automatic Ticket Vending Machines (ATVMs) across Western and Central Railway stations incLuding Suburban Stations of Mumbai.In the first phase, 300 ATVMs are to be instaLled by the Company. Keeping in the view of the volume of passenger traffic, Railways may go for more ATVMs in the future.

ONGC Mulls Exploration Services Subsidiary For Abroad Projects

Kolkata: ONGC is considering floating an exploration service subsidiary for taking up overseas projects for ONGC Videsh Ltd (OVL). The new company is likely to be operated by ONGC''s existing manpower in exploration and production. Apart from ensuring higher revenues for the group, the proposals, which will soon be placed before the committee of executive directors of ONGC is targeted at improving the company''s efficiency in exploration and production at home and also, check flight of human capital.

LIC Wants First Right On SUUTI Stake In UTI Bank

Mumbai: Life Insurance Corporation (LIC), the public sector life insurer, seeks government to give it the first right to buy the 27.47 per cent stake held by Specified Undertaking of Unit Trust of India (SUUTI) in UTI Bank, a mid-sized private sector bank. It makes sense for an insurance company to own a bank or a bank to own an insurance company. LIC should be given the first right (to purchase SUUTI''s stake) as it was the co-promoter of the bank. LIC already holds 10.39 per cent stake in UTI Bank and also about 27 per cent in public sector Corporation Bank.

Kirloskar Oil Inks MoU With Government Of Maharashtra

Kirloskar Oil Engines Ltd has announced that the Government of Maharashtra under the aegis of Industries Ministry signed a Memorandum of Understanding (MoU) with the Company on March 26, 2007.Having created the Worlds Largest Business of Diesel Generating Sets in 3 to 600 kVA range under the brand Kirloskar GREEN, to meet its growing demand, the Company is investing in a green field EoU plant to manufacture Silent Generating Sets for Global Customers.To meet the growing demand from its Domestic and Global customers for engines, the Company is investing in a green field world-class engine manufacturing plant. The capacity of the plant will be stepped up in phases to 100,000 engines per year.

GE Shipping Takes Delivery Of New Building MR Product Tanker

Great Eastern Shipping Company Ltd (GE Shipping) has announced that the Company took delivery of its new building MR product tanker Jag Prakash. The 47,400 DWT product tanker built at STX Shipbuilding Company Ltd, Korea is dually classed with Indian Register of Shipping [IRS] and Lloyds Register of Shipping [LRS].With the induction of Jag Prakash, the Companys fleet of 45 vessels comprises 34 tankers (14 crude oil carriers, 18 product carriers, and 2 LPG carriers) and 11 drybulk carriers (1 capesize, 2 panamax, 5 handymax and 3 handysize) with an average age of 12.5 years aggregating 3.27 Mn dwt.The Companys current new building order book comprises 6 Product tankers (2 Medium Range and 4 LR1 Product tankers aggregating 0.38 Mn dwt).

Govt Unlikely To Permit ONGC-BP Alliance For Kutch Block

New Delhi: British Petroleum (BP) may have to use its persuasive skills to the hilt in order to convince the Petroleum Ministry to allow it to come in as a strategic partner in ONGC''s exploration block in Gujarat''s Kutch basin. Both BP and ONGC have been trying to ask the Ministry''s approval for strategic tie-ups for GK-DW-1 block in the Kutch basin where the two have already chalked out a work programme. The GK-DW-1 block was awarded to ONGC on nomination basis and the exploration licence of this block is effective up to September 2009. The British company has also proposed that it would like to conduct a joint technical study with ONGC, which would better define the prospects in the area.

ICICI Securities Renamed ICICI Securities Primary Dealership

ICICI Securities, which is authorized to undertake primary dealer business, has been renamed as `ICICI Securities Primary Dealership` with effect from Mar. 1, 2007. ICICI Securities is a leading full service investment bank with a dominant position in all segments of its operations viz., corporate finance, fixed income and equities. It is a subsidiary of ICICI Bank, the largest private sector bank in India, and operates out of Mumbai with offices in New Delhi, Chennai, Kolkata, New York, London and Singapore. ICICI Securities is also registered with the Financial Services Authority, UK (FSA) and the Monetary Authority of Singapore (MAS) to carry out corporate advisory services.