To focus on oil exploration on east coast: Global Vectra

Global Vectra Helicorp said that the capital expenditure in FY08 is seen at Rs 80 crore. The market share of the company is at 47% as against 36% YoY. He further said that charter rates are healthy due to which there will be uptick in new contracts. He said that the company is going to add 6 new helicopters in FY08.

He further said that the company will focus on oil exploration on east coast.

The company will diversify charter operations into overseas markets, he added.




Mangalore Chemicals says two cooling tower cells damaged due to heavy rains

Mangalore Chemicals & Fertilizers has informed that due to heavy and incessant monsoon rains in and around Mangalore, two of the cooling tower cells at the Company's plant in Mangalore were damaged on June 23, 2007. In view of the resultant damage, as a measure of caution, the load on the Urea Plant is reduced which is now running at about 90% capacity. Technical experts are assessing the extent of damage to the cooling tower, time required for repairs and the likely impact on production, if any.

Further the Company has informed that, the sad demise of two of its officers due to the collapse of a connecting walk way due to sudden gale winds when they were on their way to inspect the damage to the cooling towers. Two other officers who sustained injuries are receiving medical attention and are recovering.




SBI may split Rs 10 Face Value to Rs 2/shr, Govt prefers FPO, not rights issue, to dilute SBI stake

SBI may split Rs 10 Face Value to Rs 2/share, report news agencies. The government is likely to prefer a Follow on Public Offer rather than rights issue to dilute SBI stake.

Meanwhile SBI MD says SBI is still in talks with Govt on follow-on share issue. He further says says no concrete decision has been taken yet on FPO and that the, 'matter is in the hands of the government'.




Indiabulls Real Estate mulls $ 200 mln GDR issue

Indiabulls Real Estate is contemplating raising additional equity capital or securities linked to equity shares, of approximately US $ 200 million with an option to retain oversubscription, through issuance of Global Depository Receipts (GDRs) pursuant to authorization received from its shareholders. In connection with the above proposed equity capital raising, the Company has appointed Merrill Lynch as the Sole Book Runner.




Gremach Infra board recommends approval of FCCBs of $ 75 million

Gremach Infra board recommends for approval of FCCBs up to $ 75 million.

The Company has decided to increase the Authorized Share Capital of the Company with the approval of the Shareholders and it has been decided in the General Body meeting.

The Company has informed that, the Board in its meeting recommended for the approval of shareholders of the Company at the Annual General Meeting of the Company a Special Resolution u/s 81(1A) for issue of Foreign Currency Convertible Bonds (FCCBs) upto USD 75 million or equivalent in India and / or any other currencies.





United Phosphorus acquires Supertin & Vendex from Dupont

United Phosphorus has acquired from DuPont, its global triphenyltin hydroxide contact fungicide (TPTH) and fenbutatin-oxide miticide (TNTO) businesses, marketed primarily as Super Tin and Vendex respectively. Triphenyltin hydroxide is a contact fungicide used mainly on potatoes, sugar beets and pecans. Fenbutatin-oxide is one of the largest tin acaricide used on various crops such as citrus and pome fruit. Both products will strengthen the Company's position in the fruit, nut, vegetable and row crop markets, which was significantly enhanced in 2006 with the acquisition of Cerexagri, who has had a long-standing marketing alliance with DuPont on TPTH.

Under this agreement, the Company and its subsidiaries throughout the world will be selling triphenyltin hydroxide and fenbutatin-oxide and its formulations as of October 01, 2007. Until then, DuPont will be acting as agent for the Company and its subsidiaries.

This purchase follows six acquisitions in 2006, which allowed the Company to become the third largest global generic agrochemical Company. The Company is engaged in research, manufacturing and distribution of agrochemicals and specialty chemicals across the globe. Revenues for the year ended March 2007 were in excess of $ 600 million.




Eveready Industries India seeing good buying; ABN Amro MF picks 13.3 lakh shares

Eveready Ind has touched an intra day high of Rs 57.50 and an intra day low of Rs 53.30. Currently, the share is quoting at Rs 56.30, up Rs 3.75, or 7.14%. It is trading with volumes of 210,786 shares, compared to its 5-day average of 36,859 shares, an increase of 471.88%. Yesterday ABN Amro picked 13.3 lakh shares @ Rs 51.25/sh, while HDFC MF sold 14 lakh shares @ Rs 51.28/sh.

The Rs 732-crore Eveready Industries may be well-known but Eveready is certainly not lighting up the Rs 1,000-crore flashlight and battery market — it suffered a Rs 13.42 crore net loss in 2006-07. Instead, Eveready is turning its sights to other businesses, according to a Business Standard report. “You can’t expect an annual growth of 20% in such a saturated market,” defends Suvamoy Saha, director, Eveready. In the next three years, it wants half its targeted Rs 2,000-crore revenues to come from non-core businesses. It made a start three years ago, launching packaged tea under the Jago, Tez and Premium Gold brands (revenues: Rs 100 crore).

Last year, it branched out further with Eveready Poweron mosquito repellent coil and CFL lamps. Eveready claims to have already netted 5% of the Rs 430-crore mosquito coils market. Growing eight-fold in three years — and that too, across diverse segments like utility and different consumer goods — is ambitious. Eveready is counting on its extensive distribution network to bring in the required volumes — the company claims to cover 3.5 million retail outlets across the country.

Still, Eveready is being cautious. It has adopted a low-risk model, outsourcing the entire product manufacturing and packing functions. Product promotion is also low-key, restricted to outdoors and regional print, concentrating instead on retailer-customer interaction and point-of-sale promotions.





Sun TV launches FM station in Bhubaneshwar

Sun TV Network has announced the launching of its FM Radio Station in Bhubaneshwar under the brand 'S FM" from June 28, 2007 through its subsidiary South Asia FM. This Station can be heard at 93.5 MHz frequency in Bhubaneshwar and Cuttack. The Programs will cater to the audience of all age groups.

With this, the total FM Stations of the Company's group operational goes up to 8 as it already operate FM stations in Chennai, Coimbatore, Tirunelveli, Visakhapatnam, Bangalore, Hyderabad and Jaipur.

The Company hold licences for 45 FM Radio Stations across India, and will be one of the largest radio broadcasters in India when all the remaining 37 stations becomes operational.




Nagarjuna Construction bags projects worth Rs 333.77 Cr

Nagarjuna Construction Company Ltd has informed that the company has been awarded the project relating to construction of Rajeev Gandhi University of Health Science's Administrative Block, Medical College Block, 500 Bedded Hospital, 250 Bedded Super Speciality Hospital & Allied Colleges, Hostels, Quarters, Buildings etc., in Ramanagara, Bangalore Rural District by the Public Works Department, Government of Karnataka.

The estimated value of the aforesaid contract awarded to the Company is Rs 333.77 crores. The aforesaid project is to be completed within a period of 18 months.




Jain Irrigation gets order worth Rs 84 Cr from Coca Cola for supply of mango pulp

Jain Irrigation Systems has bagged the largest order for Rs 84 crore from Hindustan Coca Cola Company for supply of mango pulp. Compared to the order of Rs 33 crore last year, this is a quantum jump. Coke bottles Mango drink in India under the most popular brand name of Maaza.

The Mango pulp business is expected to exceed a turnover of Rs 160 crore this year based on additional export orders in hand. Entire order will be processed in the current mango season. The Fruit & Vegetable Processing Division is expected to register more than 50% growth in the current financial year.

Jain Irrigation has five plants for fruits & vegetables in the vegetable processing in India and one in USA. It is expecting to process in excess of 75000 MTs of mangoes in the current season registering 60% growth in amount of quantity processed. Jain Irrigation is a major supplier to many MNCs and to global leading beverage & food brands. IT has emerged as the largest processor of fruits & vegetables from India.

The company will continue to invest to expand product range and to strengthen backward linkage with farmers so as to become major supplier of frozen, aseptic and dehydrated fruit & vegetable products.

India is the largest producer of mangoes in the world with a share of more than 55% of the world production. India is also the producer of the most delicious mangoes such as Alphonso, Kesar, Dasheri, Totapuri, Chusa, etc. There is Large potential for fresh mangoes as welt as processed mango juice as consumers are preferring healthy drinks over other types of drinks. Fruit juice and fruit drink market in India is growing above 30% every year.

Jain Irrigation is a diversified company with more than 5,000 employees worldwide and market capitalization in excess of Rs 300 crore and a product portfolio encompassing Irrigation Products, Piping Products, Plastic Sheets, Dehydrated Foods, Fruit Puree, Pulp & Juices in India and other world markets. The Company has been named as one of the eight Indian Companies expected to emerge as challengers to the World Leading Companies by Standard & Poor's recently in May 2007.




Easun Reyrolle buys Canadian firm

Chennai-based Easun Reyrolle Ltd (ERL) on Tuesday acquired the relay and recorder unit of Canada-based Nxtphase T&D Corporation for an undisclosed sum. For the purpose, ERL is floating a new subsidiary ERLPHASE Power Technologies Ltd in Canada to take care of the acquisition process, said J N Sharma, executive director, ERL.

“It is a good buy. It not only brings us a large number of customers across North America and Europe but also excellent technology and wide range of products. The acquisition of the division will help us foray into the North American market, which otherwise is very difficult to enter organically.Moreover, it will help us cross-sell the entire range of our products in the these markets,” Sharma added.

Nxtphase is a fast growing and state-of-the-art technology firm providing protection, power system recording and wide-area monitoring solutions to power utilities in the Americas and other global markets.




Rolta plans 3 overseas acquisitions with investments worth Rs 700 cr

Rolta India the geospatial and engineering design company, is planning to undertake acquisitions worth Rs 7 billion in North America and Europe.

The acquisition will be made in the geospatila information services (GIS), engineering services and e- solution space. The acquisition is expected to complete by the end of 2007.

Recently the company, successfully raised USD 150 million through zero coupon foreign currency convertible bonds (FCCBs), in the international markets. The FCCBs are expected to be listed on the Singapore Exchange

The company plans to utilize these funds for acquisitions and for setting up new facilities.

Shares of the company closed up Rs 3.20, or 0.71%, at Rs 455.75. The total volume of shares traded was 359,181 at the BSE.




Bajaj Electricals may take Starlite reins; To hike stake to 51% from current 32%
Bajaj Electricals, the lighting and small appliances major from the $ 3-billion Bajaj group, is understood to be taking management control of the Nashik-based Starlite Industries to ensure tighter control over supplies of compact fluorescent lamps (CFL), reports the ET.. Bajaj is hiking its stake in Starlite to 51% from the current 32% for an undisclosed amount, people close to the transaction told ET. The move is a shift in Bajaj Electricals’ stated position of outsourcing production of most critical products to vendors and focusing only on marketing and distribution. The firm runs a plant for electric fans in Ranjangaon, Maharashtra, while all other products such as home appliances like steam irons and toasters are outsourced.

People close to the Bajaj group said the decision to own a CFL company was driven by the need to have complete control over regular supplies. Shekhar Bajaj, chairman and managing director, Bajaj Electricals, and his son Anant Bajaj have already joined the Starlite board. “It is a plan we are working on and will comment on it at the right time,” Mr Bajaj said.

Through the acquisition, Bajaj Electricals will get a modern manufacturing plant and a ready-made market for CFLs. Bajaj Electricals bought a stake in the loss-making Starlite to infuse funds in the beleaguered company and provide demand support. “The Nashik-based company had no funds for monthly CFL production. Now with the infusion of funds, the company is gradually stepping up production from 1.5 lakh units a month to 3.5 lakh units in June 2007 and 5 lakh units in July ,” Mr Bajaj said. Starlite has a production capacity of 10 million CFLs per annum, of which more than half is consumed by Bajaj Electricals. It exports more than 50% of its production and supplies lighting equipment to Sweden-based furniture retailer IKEA and other supermarket chains in Europe.

Seen as a value-for-money brand, Bajaj Electricals is entering new categories and tying up with high-end international brands like Nardi in Italy and Denmark-based lighting controls company Hexaware as high margin segments are recording robust growth rates. The company is betting big on its engineering and projects division and expects it to be a major contributor to growth compared with its appliances and luminaries business. Having touched the Rs 1,000 crore turnover mark in 2006-07 at Rs 1,113 crore, the Shekhar Bajaj-spearheaded group company is now looking to cross the turnover of Rs 2,000 in 2009.