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Eveready PAT at Rs 11.03crore
Eveready Industries India has recorded a profit after tax of Rs 11.03 crore in the third quarter ended December 31, 2009, an increase of 31 per cent over the same period last year on the back of higher sales. Net sales for the quarter stood at Rs 245.96 crore, an increase of 15 per cent. Prices of zinc, a key input material, was higher during the quarter compared to the same period last year, but was compensated by the appreciating rupee during the quarter. Battery and flashlights turnover registered a growth of seven per cent and 24 per cent during the current quarter. An overseas company, Everspark Hong Kong Private Limited has been incorporated by the company for commercial benefits on the company’s sourcing of input materials and goods from China.

'NTPC claim has no bearing on gas dispute'
The Union government has told the Supreme Court that the rights and obligations of NTPC and RIL could not be regarded as similar in status to the private arrangement between RIL and RNRL. In an affidavit filed yesterday in the appeals by the Ambani brothers on their gas dispute, the government stressed that NTPC “is not only a public sector undertaking but the process involved for price determination in the case of NTPC gas was by international competitive bidding.”

News of the day

Cox & Kings' Aussie arm acquires 2 firms
Cox & Kings (Australia), the wholly-owned subsidiary of Cox and Kings (India), a travel and tour company, has bought MyPlanet Australia and Bentours International through a share sale agreement from First Choice Holdings Australia. The acquisition is being done through an ‘earn-out mechanism’ and is not being paid for from funds raised for acquisition from the company’s recent initial public offering (IPO).
Corporate

Govt refers to CCEA Daimler's proposal to buy Hero Group stake

The government today referred to CCEA a proposal of German commercial vehicle maker Daimler to buy out its erstwhile partner Hero Group"s entire 40 per cent stake in a joint venture to produce trucks in India. - Govt to set up commercial courts - Govt asks pilots, Jet mgt to resolve the issue urgently - Govt calls for austerity steps to fight drought - SC notice to Kerala govt on Cadbury India"s plea - WB govt scraps IT township project; Wipro still hopeful - Huge demand for Jaswant"s book in Gujarat According to an official release, Daimler"s proposal to increase its stake to 100 per cent has been recommended to Cabinet Committee on Economic Affairs (CCEA) for consideration as the initial approval was granted by the CCEA. Earlier this year, diversified business house Hero Group had pulled out of its joint venture with Daimler to produce trucks in India due to the economic slowdown. Meanwhile sources said Daimler has already increased its stake to 100 per cent by acquiring the 40 per cent holding of Hero Group in April and it has now sought post-facto approval for raising the foreign equity participation. The stake raising exercise would result in a foreign direct investment inflow of Rs 78.48 crore, they added. "After Daimler acquired Hero"s stake, the JV has been rechristened as Daimler India Commercial Vehicles from the earlier Daimler Hero Commercial Vehicles," a source said. Last year the two companies agreed to form a JV in which the German firm was to have a 60 per cent stake and the Hero Group the rest. The partners had announced an investment of Rs 4,400 crore for the purpose, including setting up a manufacturing plant in Chennai.


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