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- Murli Industries commences operations of its Greenfield 3 MTPA Cement Plant
- Wockhardt, Abbott calls off nutritional biz deal
- Jet Airways and JetLite award maintenance contract to ST Aerospace
- ICRA assigns ‘LA-’ and ‘A1′ ratings to Jindal Drilling
- Indoco Remedies gains on a tie-up with Aspen Pharmacare
- Markets make a decent start of the new fiscal
- Bharti Airtel, Ericsson into a $1.3 billion network expansion contract
- Alfa Laval bags order for black liquor evaporation plant
- KSK Energy commences power generation from its 135 MW lignite-fired project
- Rico Auto zooms on commencing production at new plant in Haridwar
| Murli Industries commences operations of its Greenfield 3 MTPA Cement Plant Posted: 31 Mar 2010 04:42 PM PDT Murli Industries has informed that they have commenced the operations of their Greenfield 3 MTPA Cement Plant along with Captive Power Plant at Village Naranda, District Chandrapur, in the State of Maharashtra. The cement plant has been set up by adopting the latest technology available in the Industry. The project approved by Government of Maharashtra will be eligible for various incentives offered under the Mega Projects Scheme. The company will provide its products to the markets of Maharashtra, nearby Madhya Pradesh & Chhattishgarh, for which it has already appointed dealers network in these States. It has already made arrangements for procurement of raw materials and has already entered into long term linkage agreement for the uninterrupted supply of coal to its cement plant & captive power plant. The cement plant is expected to employ more than 1000 workforce directly and equal number of indirect employment. | ||||||
| Wockhardt, Abbott calls off nutritional biz deal Posted: 31 Mar 2010 04:29 PM PDT Wockhardt and Abbott have jointly decided to terminate the nutritional business agreement signed by them in July 2009. As part of its debt restructuring scheme, Wockhardt had decided to offload its non-core business segments last year. The deal to offload its entire nutritional business to multinational pharma company — Abbott — for around $130 million was part of the said scheme. The Indian pharma major has childcare brands like Farex, Dexolac and Nusobee infant formulas, and Farex weaning cereal and adult nutri-supplement Protinex under the nutrition segment. Wockhardt, incorporated in 1999, is engaged in the pharmaceutical and biotechnology segments. The company has 14 manufacturing units across the world. | ||||||
| Jet Airways and JetLite award maintenance contract to ST Aerospace Posted: 31 Mar 2010 04:23 PM PDT
Jet Airways, India???s premier international airline and JetLite, its all-economy subsidiary, has awarded a maintenance-by-the-hour (MBHTM) contract to ST Aerospace for the support of Jet Airways??? CFM56-7B engines that power Jet Airways??? and JetLite???s fleet of 67 Boeing 737 next generation aircraft. The contract is worth $750 million and is set to commence immediately. As per the terms of the agreement, ST Aerospace???s wholly owned subsidiary, ST Aerospace Engines, will provide complete engine maintenance and engineering support for over ten years for Jet Airways??? 143 CFM56-7B engines, which includes the fleet operated by Jet Airways??? subsidiary, JetLite. Work for both airlines will involve total engine maintenance support. This maintenance contract is likely to provide a high standard of maintenance quality with improvement in technical reliability and longer on-wing life of the engines. The agreement also encompasses the commissioning of an ???Engine Hospital Shop??? at Jet Airways??? hangar facility at Mumbai. The commissioning of this will enable India???s premier airline and its subsidiary to maintain and service the engines of their Boeing 737 aircraft fleet. | ||||||
| ICRA assigns ‘LA-’ and ‘A1′ ratings to Jindal Drilling Posted: 31 Mar 2010 04:17 PM PDT
ICRA has assigned a ‘LA-’ rating to the Rs 15.50 crore cash credit facility and an ‘A1′ rating to the Rs 123.75 crore non-fund based limits of Jindal Drilling & Industries (JDIL). The ratings reflect the strong parentage of the company being a strategic part of the DP Jindal Group, its long experience and sound operating track-record in the offshore drilling business, revenue visibility in the medium-term from existing contracts and the favourable long term outlook for oilfield services in India. JDIL is engaged in the business of offshore drilling and allied services. | ||||||
| Indoco Remedies gains on a tie-up with Aspen Pharmacare Posted: 31 Mar 2010 04:17 PM PDT Indoco Remedies is currently trading at Rs 401, up by 1.55 points or 0.39% from its previous closing of Rs 399.45 on the BSE. The scrip opened at Rs 398.00 and has touched a high and a low of Rs 403.00 and Rs 391.30 respectively. So far 1,747 shares were traded on the counter. The BSE group ???B??? stock of face value Rs 10 has touched a 52 week high of Rs 410.00 on March 31, 2010 and a 52 week low of Rs 120.00 on May 14, 2009. The promoters holding in the company as per December 2009 stood at 61.02%, FII and DII held 2.75% and 9.15% while others were holding 27.08%. Indoco Remedies has inked a pact with South Africa based Aspen Pharmacare for supply of ophthalmic products. Under the agreement, Indoco will licence out the technology and supply products, which will be marketed by Aspen in the emerging markets. Further, the company is expected to achieve higher sales number through this engagement going forward. Indoco Remedies is engaged in the manufacturing and marketing of formulations (finished dosage forms) and active pharmaceutical ingredients (APIs) in India. | ||||||
| Markets make a decent start of the new fiscal Posted: 31 Mar 2010 04:08 PM PDT The domestic markets have made a good start of the new financial year, though the global cues were mixed after the US markets closed lower while the Asian markets undeterred by the US private sector jobs report made an all green start. The benchmark indices are trading to their fresh high and all the sectoral indices have made a good start, the good thing is that the broader indices are performing equally better to the benchmarks. The markets have got the support from the good export-import report; India???s exports went up in February 2010 for the fourth straight month to $16.09 billion, an impressive growth of 34.8%. Imports, too, maintained momentum growing by 66% to $25 billion. IT sector that has been witnessing some pressure for the last couple of days has made a good start and is leading the sectoral chart. The 30 share BSE Sensex opened at 17,555.04, about 30 points higher compared to its previous closing of 17,527.77 and has touched a high and low of 17,654.79 and 17,555.04 respectively. The index is currently trading at 17,639.11, up by 111.34 points or 0.64%. There were 24 advances against 6 declines. The overall market breadth has made a strong start with 77.22% stocks advancing against 20.19% declines. The broader indices were trading stronger compared to the benchmarks and the BSE Mid cap index was up by 0.67% while the BSE Small cap index was up by 1.25%. The top gaining sectoral indices on the BSE were IT up by 1.16%, CD up by 0.95%, TECk up by 0.86%, CG up by 0.84% and Realty was up by 0.80%. The top gainers of the Sensex were 2.54%, hero Honda up by 1.64%, TCS up by 1.55%, Wipro up by 1.52% and Tata Motors was up by 1.41%. The top losers of the index were HUL down by 1.55%, Tata Power down by 0.55%, Bharti Airtel down by 0.51%, ONGC down by 0.18% and Maruti Suzuki was down by 0.11%. India???s exports continue on the recovery road in February as demand from the developed world is coming back and the impact of downturn in rich markets start easing. Shipments in February expanded by around 35%, clearly indicating the battered sector was set to bounce back strongly. Total exports stood at $16.09 billion in February 2010, up 34.8% compared with $11.94 billion in the same month a year ago. This was fourth straight monthly increase in exports, riding primarily on the improvement in US and European economies and resulting increase in consumer spending and demand there. However, despite exports showing a healthy growth in the past four months, overall shipments for the April-February 2009-10 period are substantially in red at $153 billion compared with $172 billion in the same period last fiscal, recording a contraction of 11%, primarily due to the sharp decline witnessed in early months of FY10. However, the strong growth witnessed over last few months suggests that overall deficit in the year now will not be more than 10% compared to earlier expectations of about 15% contraction. The country is now expected to end the fiscal with total exports of around $170 billion compared with $189 billion worth of exports in 2008-09. Imports are showing an even bigger recovery and in the month under review, increased to $25.06 billion, recording a growth of whopping 66% compared with $15.08 billion worth imports in the same month a year ago. Nonetheless, just like exports, cumulative imports during the April-February period are in red at $248 billion compared with $287 billion in the first 11 months of the previous fiscal, thus recording a contraction of 13.5%. The S&P CNX Nifty opened at 5,249.20, flat compared to its previous closing of 5,249.10 and has touched a high and low of 5,285.50 and 5,249.20 respectively. The index was currently trading at 5,281.15, up by 32.05 points or 0.61%. There were 42 advances against 8 declines on the index. The top gainers of the Nifty were Reliance Infra up by 2.30%, RPower up by 1.81%, Wipro up by 1.49%, TCS up by 1.38%, Hero Honda up by 1.31%. The top losers of the index were HUL down by 1.54%, Bharti Airtel down by 0.85%, Maruti down by 0.42%, Tata Power down by 0.41% and BPCL was down by 0.33%. The Asian markets continue to trade firm and some indices have added more weight, Shanghai Composite was trading at 3,139.16, up by 30.06 points or 0.97%, Hang Seng was trading at 21,450.81, up by 211.46 points or 1.00%, Jakarta Composite was trading at 2,824.53, up by 47.23 points or 1.70%, Nikkei 225 was trading at 11,206.35, up by 116.41 points or 1.05% and Taiwan Weighted was trading at 8,019.65, up by 99.59 points or 1.26%. The US markets closed lower on Wednesday. Though it was a close of gains for the first quarter and for the fourth consecutive quarter, a report showing a surprising drop in private-sector employment raised concerns about the health of the labor market and led the indices in negative terrain. Investors are still cautious about the economy, especially as the government winds down some of the programs it implemented in 2008 and 2009 to help the economy. The Federal Reserve on Wednesday ended a program to purchase mortgages, a plan designed to hold down mortgage rates, which may now creep higher as the housing market still remains weak. The US shed 23,000 private-sector jobs in March, against expectations for a rise, a report by ADP Employer Services showed on Wednesday. The private-sector data came ahead of the Labor Department’s report due Friday, which investors are waiting to see the strength of the budding recovery from the worst recession in a generation. The Dow Jones Industrial Average lost 51 points, or 0.47%, to 10,856.63. The broader S&P 500 index fell by 3.84 points, or 0.33%, to 1,169.43, while the Nasdaq composite index closed lower by 12.73 points, or 0.53%, to 2,397.96. Crude prices continued their upswing and ended at its one-and-half year closing high, above $83 on Wednesday. The gains in the crude prices came mainly due to the weakness in the dollar against the euro, otherwise the US Energy Information Administration oil inventory report showed crude oil stocks rose by 2.9 million barrels to 354.2 million barrels last week. The increase topped the forecast for a rise of 2.4 million barrels, while gasoline inventories logged a modest but surprise gain. Meanwhile, the Saudi Arabian oil minister Ali al-Naimi on Wednesday told the International Energy Forum in Cancun, Mexico, that oil market predictability was being harmed by demand uncertainty and non-transparent financial markets. Benchmark crude for May crude futures rose $1.39, or 1.69%, to settle at $83.76 a barrel on the New York Mercantile Exchange. In London Brent crude for May rose $1.42 to settle at $82.40 a barrel. | ||||||
| Bharti Airtel, Ericsson into a $1.3 billion network expansion contract Posted: 31 Mar 2010 04:07 PM PDT Bharti Airtel and Ericsson have signed a $1.3 billion network expansion contract, further strengthening their strategic partnership. The agreement will enable Airtel to put in place a converged network and expanded coverage in rural India. Ericsson will expand and upgrade the telecom services giant’s network in 15 of India’s 22 telecom circles. Airtel users will, hence, enjoy an enhanced voice quality and faster data access. As part of this contract, the global telecom equipment major will supply its industry-leading portfolio of energy efficient 2G/2.5G radio base stations, circuit and packet core, microwave transmission and Intelligent Network. In addition, Ericsson will ensure that Bharti Airtel’s core and transport network is 3G-ready in order to reduce time to market and enable the fast rollout of 3G services at a later date. The expansion covers launch of some of the latest technologies within the wireless world, which will bring better quality voice to end users, support more users in using one base station, enhanced data rates using Evolved EDGE technology and other new services. Ericsson is the largest telecom network supplier supplying, for example, mobile, wire line, DTH, device management and variety of services such as prepaid to Airtel. | ||||||
| Alfa Laval bags order for black liquor evaporation plant Posted: 31 Mar 2010 04:05 PM PDT
Alfa Laval has bagged a multi-million rupee order for a black liquor evaporation plant from a reputed paper mill plant at Malaysia. Delivery is scheduled for 2010. The contract includes a black liquor evaporation plant and condensate stripping system including design, engineering, supply, installation and commissioning service. The company???s tailor-made ‘AlfaCond’ condenser plays a vital role in the said system. The evaporation system will be used in a process to concentrate black liquor, a by-product from the pulp and paper production, for further re-use as fuel in the plant. In addition the steam, which is the result from the concentration process, will be condensed and re-used as water in the process thus further reducing the environmental impact of the plant. Meanwhile, the company has not disclosed the exact details about the value of this contract. Alfa Laval is a leading global provider of specialized products and engineering solutions based on its key technologies of heat transfer, separation and fluid handling. | ||||||
| KSK Energy commences power generation from its 135 MW lignite-fired project Posted: 31 Mar 2010 03:51 PM PDT
KSK Energy Ventures (KSKEV) has announced the commencement of power generation from its 135 MW lignite-fired project undertaken through the special purpose vehicle (SPV), VS Lignite Power (VSLP), in Rajasthan. With this addition, the installed generation capacity of KSK will increase from 144 MW to 279 MW. The project is a group captive power plant and will primarily cater to the power requirements of premier industrial consumers in the state of Rajasthan through long-term power delivery agreements. All the interim surplus and stabilization phase supplies shall be made available to the local Rajasthan utility, through whose grid system, the power plant would ultimately deliver power to the various contracted industrial consumers under open access arrangements. The project is based on lignite supplies from Gurha East captive lignite block, located in the Bikaner district. The captive lignite block was awarded in July 2005 and has entered into operations. Spread over an area of around 1200 hectares, the mine land has been fully acquired. The lignite is planned to meet the entire lignite requirement of 1 million tonnes per annum (MTPA) which is required for generation of 135 MW power at VSLP. KSKEV has been able to start testing the power plant parameters based on the lignite supplies from Gutha East mine, its own fuel source. | ||||||
| Rico Auto zooms on commencing production at new plant in Haridwar Posted: 31 Mar 2010 03:51 PM PDT
Leading auto ancillary supplier Rico Auto has started production at its new plant situated in Haridwar with effect from March 22, 2010. The scrip is currently trading at Rs 27.95 per share, up 4 points or 16.70% on the BSE. The stock opened at Rs 24.90 compared to its previous close of Rs 23.95. Intraday, the counter has touched a high and a low of Rs 28.20 and Rs 24.60, respectively. So far 2,89,000 shares of the company were traded on the BSE. The stock of the face value of Rs 1 touched its 52-week high of Rs 32.80 on January 6, 2010 and a 52-week low of Rs 9.50 on April 1, 2009. The promoters holding in the company as per December 2009 stood at 46.25%, FIIs and DIIs held 5.18% and 8.56%, respectively while others were holding 40.01% stake in the company. This plant has been established to cater the needs of Hero Honda Motors for its plant at Haridwar, Uttarakhand. The company will benefit from the tax sops including 100% excise exemption for ten years, 100% income tax exemption during the first five years and 30% in the subsequent five years. Rico Auto is a world-class engineering company supplying a wide range of high precision fully machined aluminum and ferrous components and assemblies to automotive OEMs across the globe. The company has reported total revenue of Rs 170.03 crore for the quarter ended December, 2009, while the net lossof the company was Rs 4.93 crore. |
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