Company Updates

ICICI Bank Pays Over Rs 15 Lakh As Compensation To Dead Customer’s Wife

After being pressurized and hounded by ICICI Bank’s loan recovery agents for not being capable of paying the instalments on his Rs 50,000 loan, Prakash Sarvankar, a resident of Andheri (East) committed suicide 10 days ago.

ICICI Bank has decided to pay his wife Priyanka Rs 15.50 lakh as compensation.

In his suicide note, Prakash had blamed the recovery agents for his death. He had been unemployed for the last six months.

Gammon India Fined 10% of Project Cost for Flyover Collapse

New Delhi: The research team on the flyover collapse in Hyderabad has given a clean chit to Gammon India. The report stated that heavy rains were the main reason for the collapse.

But it added that Gammon had not taken enough care, regardless of facts and skill.

Gammon India has been penalized 10% of the entire project cost.

The report told that the collapse was because of soil erosion caused by digging of trenches by the water board, for which action should be taken against the Greater Hyderabad Municipal Corporation or GHMC.

Lupin Gets Hold Of Rubamin's Arm

Lupin Limited
To expand its Contact Research And Manufacturing Services (CRAMS) business, Lupin Ltd, domestic pharmaceutical major has purchased Baroda-based Rubamin Laboratories Limited (RLL) for an undisclosed amount.

RLL, a Rubamin group division, concentrates chiefly on advanced intermediates and Active Pharmaceutical Ingredients (APIs), and offers research services to companies crosswise Brazil, Europe, Brazil, Argentina, Israel, South Korea, Japan and the United States. The annual earnings of the company stood at $10 million.

Caraco Pharmaceuticals gets FDA Approval for generic Methimazole

Caraco Pharmaceuticals

Detroit-based Caraco Pharmaceutical Laboratories Ltd. has announced that its generic drug Methimazole has been granted final approval by U.S. health. The tablet used for treatment of hyperthyroidism will be sold in 5mg and 10mg strengths by the company under brand name Northyx.

Sistema enters Indian Telecom market with 10% in Shyam Telelink

Alexander Goncharuk
Shyam Telelink has sold 10 per cent stake to Russian telecom giant Sistema for US $ 11.4 million. Sistema was trying since a very long time to make a presence in Indian telecom market. The company has informed that it is interested in buying more stake in Shyam Telelink and is looking for in place in management of the company.

Gujarat High Court gives relief to KDCMMF in Amul Brand Name use case

Amul Brand Case
Ahmedabad: The Gujarat High Court has issued an order that a registered trade name user has the right to disallow others from using its trade for different goods category.

Justice D N Patel announced the decision following a case of Kaira District Co-operative Milk Marketing Federation (KDCMMF) in connection of trademark violation by two local merchants who used their brand name Amul Chasmaghar and Amul Cut Pieces stores.

Zydus Cadila wins USFDA Nod for Hydroxychloroquine Sulphate Pills

Zydus Cadila
Chennai: Cadila Healthcare Ltd has received USFDA approval for hydroxychloroquine sulphate tabs in the strength of 200 mg.

The medicine falls under the DMARD (disease modifying anti-rheumatic drug) section, and is used in caring rheumatoid arthritis.

According to NDC Health, the sales of such pills in the US market in 2006 stood at $30 million.

NDTV Aspires To Launch More TV Channels

Prannoy Roy During Award Ceremony
New Delhi Television (NDTV) has decided to launch more television channels, both nationally and internationally.
While talking at the launch of ‘MetroNation,’ NDTV’s 5th channel in the country, Prannoy Roy, chairman, stated, “By this year, or financial year end, there will be more channels from NDTV.”

Fidelity invests in BAG Films & Media

BAG Films

BAG Films & Media Ltd has approved the issue of 10.379 million shares to Fidelity funds. The decision about preferential issue was taken in the board meeting held today.

The board has also given approval to 10 million warrants to be issued to the founders of the company.

The price for the shares and warrants has not been disclosed. The deal may help the company to fund its current projects. The warrants have been issued to Anu Films & Communications Private Limited, a promoter group company. The shares will be issued in name of Fidelity’s Indian arm, Fidelity Funds India.

Suzuki Motorcycles Towards Expansion Mode

Suzuki Motorcycles India
Mumbai: A top functionary said that Suzuki Motorcycle India Pvt Ltd (SMIL), a subsidiary of Japanese two-wheeler major Suzuki Motor Corporation, has decided to invest Rs 150 crore to swell capacity and fortify its dealership network.

Armani Partners With Samsung To Bring Designer Cell Phones & LCD TVs

Giorgio Armani
To make a series of luxury mobile phones and LCD TVs, Giorgio Armani, the world famous designer has signed up a partnership deal with Samsung Electronics.

The pact that requires Giorgio to produce the designs, and Samsung to supply technical experience, was sealed off at the currently happening Women’s Fashion Week in Milan yesterday.

Hanung Toys Gets Rs 200 Crore Home Furnishings Order From US Buyer

Hanung Toys India
Mumbai: Hanung Toys & Textiles Ltd has pocketed Rs 200 crore export order for home furnishings from a leading US buyer.

For exporting home furnishing to the extent of around Rs 200 crore, the New Delhi-based company has signed up the export order deal with the company.

Donear Chooses Yuvraj Singh as its Brand Ambassador

Yuvraj Singh Brand AmbassadorNew Delhi: Driven by the fresh world record set by Yuvraj Singh in T20 World Cup, textile major Donear has roped in the Indian cricketer as its brand ambassador.

In a statement, Ajay Agarwal, Donear industries Executive Director, said, “Looking at the all round persona of Yuvraj and brand attributes of Donear, we feel Yuvraj is the perfect representative of Donear.”

Mr. agarwal said that Donear is a product mix of a variety of cloths, design and diversity of products. In the same way, Yuvraj is an all-rounder, a youth idol and has a vast fan following.

Sun Network gets Ticket to enter DTH Business

Sun Network, India’s second biggest media network has entered into the DTH business space. The Sun Group provides DTH monthly services at just Rs 75, in addition to  Rs 1,000 installation fee. That’s because it’s up against some serious rivalry

Vikram Kaushik, MD, Tata Sky told, “The south of India accounts for 40% of the pay-TV market in India, but we have also sold in other parts of the country where people are price conscious and want regional content and we have been very successful in those markets.”

Satyam all set to Hire 15,000 Professionals by Fiscal end

Satyam Computers
New Delhi: Satyam Computer is ready to appoint over eight new employees a day for the coming six months with a goal to swell its headcount by more than 15,000 people by the end of the existing fiscal.

The India’s fourth largest IT services and BPO firm said that the majority of the new staff would be fresh college passouts.

Unitech has eyes on Telecom Sector

Unitech Limited

Mumbai: Unitech Ltd, the country’s second-biggest realty firm stated that it will enter the telecom services sector and will shortly apply for permissions for the whole country.

In an announcement to NSE, the company told that its eight subsidiaries will submit applications to Department of Telecommunications (DoT) in order to offer Unified Access Services (UAS) in 22 telecom circles crosswise the country.

RITES Registers A Record Rs 1.18 Bn Earnings

RITES Railways File Photo
RITES, a Government of India (GoI) enterprise under the Ministry of Railways has declared the final results for the year ended Mar 31, 2007.

The company recorded an increase of 32.9% and 19.2% in revenue and profit after tax (PAT) correspondingly, in the financial year ended Mar. 31, 2007. The earnings and PAT at Rs 5.66 billion and Rs 1.18 billion respectively, is the highest ever attained by the company.

Tata Motors offered jobs to 17 displaced Singur youths

Singur (West Bengal), Sept 22: Tata Motors has given jobs to 17 youths whose families had given up their farmland for a proposed car factory at Singur.
These 17 men have joined a training programme sponsored by Tata Motors and the West Bengal Industrial Development Corporation (WBIDC).

"We took training in a sponsored program by Tata Motors and the WBIDC. After that, we sat for a test and got through. We have got our training in Jamshedpur. We are now joining as trainees," said Somen Ray, one of the recruits.

ONGC Thinks Over Stock Split & Bonus Issue

New Delhi: There could be excellent news for retail capitalists in ONGC stock. The company is planning a stock split besides giving bonus to its shareowners. The company declared a bonus in 2006-07.

In line with the recent share value of ONGC, chairman and managing director RS Sharma stated that the company was aware of the worries of small capitalists and would prize them eventually.

At the company’s AGM, Mr. Sharma told, “We will consider a bonus issue and a share split at an appropriate time.”

On news of the stock split and bonus issue, ONGC scrip earned 6.25% on the National Stock Exchange (NSE). The stock price ascended to Rs 903.8 from its last close of Rs 850.6 on Tuesday.

Future Group plans to raise money by IPO route

Mr. Kishore Biyani has announced his plans for another IPO. In his statement, Mr. Biyani said that Future Group will soon come with an initial public offer for a new company to raise Rs 2,000 crore.

Kishore Biyani, CEO Future Group said, “We are looking at a new company for the issue. We plan to raise around Rs 2,000 crore. I cannot reveal anything else now.”

The Future Group board approved an initial public offer of Future Capital Holdings.
Mr. Biyani is very keen on raising money and informed the formalities will be completed within next few weeks.

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