LATEST BUSINESS NEWS

Indian Hume Pipe Company to monetise 14.77 acres land in Pune

The said land at Vadgaon, Pune Sinhgad Road, Pune has been closed since with effect from November 01, 2015

Indian Hume Pipe Company has received an approval for exploring the possibility of development of Vadgaon land, Pune in state of Maharashtra. The company’s pipe manufacturing factory admeasuring about 14.77 acres at Vadgaon, Pune Sinhgad Road, Pune has been closed since with effect from November 01, 2015. The board of directors at its meeting held on October 01, 2016 has approved for the same.

The board has authorized the Chairman & Managing Director and Executive Director of the company to explore the possibility of monetizing the Vadgaon land, Pune and appoint reputed Property Consultant for identifying a Developer.

Indian Hume Pipe Company was incorporated with the object of manufacturing, popularizing and marketing Hume Pipes and allied products.
source:Ventura

 

SML Isuzu reports 5.3% fall in September sales

The company has sold 977 vehicles during September 2016 against 1,032 vehicles sold in September 2015

SML Isuzu has reported 5.3% fall in September sales. The company has sold 977 vehicles during September 2016 against 1,032 vehicles sold in September 2015. The cumulative sales for April-September 2016 stood at 8,320 vehicles, a rise of 21.4% as compared to 6,852 vehicles sold in April-September 2015.

SML Isuzu manufactures a range of vehicles such as trucks, buses and ambulances. The company has launched products like 4WD, Samrat, Sartaj, Dual Cab, Supreme-8 tonner, Truck- Super 12, Super ALFD and many more.
source:Ventura

 

Tata Motors to hike prices of passenger vehicles

The price hike could be effective during the festive season

Tata Motors is planning to increase prices of its passenger vehicles during the ongoing festive season to offset rising input cost. The input costs have increased and some of the industry players have already undertaken price hikes. Mahindra & Mahindra has hiked prices of some of its passenger and small commercial vehicles by up to 1 percent from this month.

Tata Motors sells a range of passenger vehicles including the entry-level small car Nano, newly launched hatchback Tiago and crossover vehicle Aria at a price range of Rs 2.15 lakh to Rs 16.3 lakh (ex-showroom Delhi).

Tata Motors is India's largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.
source:Ventura

 

Bajaj Auto reports 2% fall in September sales

The sales of the motorcycles increased by 1% and stood at 3,31,976 units in the month under review

Bajaj Auto, the second-largest motorcycle manufacturer, has registered fall of 2% in total sales to 3,76,765 units in September 2016 against 3,84,400 units in September 2015. The sales of the motorcycles increased by 1% and stood at 3,31,976 units in the month under review against 3,30,228 units in September 2015. The company has reported 17% drop in Commercial Vehicles sales, which stood at 44,789 units as compared to 54,172 units in month of September 2015. Meanwhile, the company’s total exports out of the above stood at 1,21,173 units as compared to 1,73,801 units sold in the corresponding month last year.

Bajaj Auto is world’s fourth largest two and three-wheeler manufacturer. Bajaj Auto has three plants in all, two at Waluj and Chakan in Maharashtra and one plant at Pant Nagar in Uttaranchal.
source:Ventura

 

Coal India reports 35.24 million tonnes of production in September 2016

The company’s total off-take for the month of September stood at 37.74 million tones, as against a target of 42.85 million tonnes

Coal India, the world’s largest coal miner by output, has reported provisional production of 35.24 million tonnes in September 2016, as against a target of 41.51 million tonnes. The company’s total off-take for the month of September stood at 37.74 million tones, as against a target of 42.85 million tonnes.

Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.
source:Ventura

 

Tech Mahindra partners with Jharkhand government

As a strategic IT partner, Tech Mahindra will work towards promoting technology adoption by the citizens in the state apart from helping build an ecosystem with greater participation of industry players

Tech Mahindra, a specialist in digital transformation, consulting and business re-engineering has been selected by the Government of Jharkhand as a strategic partner to help the state in its digital journey and employment generation through skill development. As a strategic IT partner, Tech Mahindra will work towards promoting technology adoption by the citizens in the state apart from helping build an ecosystem with greater participation of industry players. The partnership also requires Tech Mahindra to work with the Government of Jharkhand to promote digital literacy and skill development working with various industry organizations including Nasscom Foundation. Apart from this, Tech Mahindra with the help of the state government would work towards enhancing industry-academia collaboration by supporting local universities and technical institutions in areas like robotics, process management, cloud computing and software development cycle among others.

The Government of Jharkhand has been aggressively pushing various technology led programmes and initiatives such as Skill India, Digital India and Startup India initiatives. Over the next five years, the state has set a target to skill over 2,000,000. Besides, to position the state as a preferred IT destination, Jharkhand has also announced very progressive IT/ITeS, BPO/BPM, ESDM (Electronics System Design and Manufacturing) and Start-up policies.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.
source:Ventura

 

M&M reports 8% growth in September sales

The company’s exports for September 2016 stood at 3,585 units showing a 14% increase

Mahindra & Mahindra (M&M), India’s leading SUV manufacturer, has reported its auto sales numbers for the month of September 2016, which stood at 46,130 units as against 42,848 units during September 2015, representing a growth of 8%. The company’s domestic sales stood at 42,545 units during September 2016 that showed a growth of 7%, as against 39,693 units during September 2015. The company’s exports for September 2016 stood at 3,585 units showing a 14% increase, as compared to 3,155 units in September 2015.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
source:Ventura

 

RBI hikes foreign holding limit to 49% in APSEZ

The company’s Board of Directors’ has passed a resolution, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs

Reserve Bank of India (RBI) has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can under the Portfolio Investment Scheme (PIS) now invest upto 49 per cent of the paid up capital of Adani Ports and Special Economic Zone (APSEZ). The company’s Board of Directors’ has passed a resolution and its shareholders have passed a special resolution agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs.

APSEZ is engaged in the business of providing infrastructural facilities. The Company is primarily involved in the business of developing, operating and maintaining the port and port-based related infrastructure services, including multi product special economic zone at port location.
source:Ventura

 

M&M's FES reports 69% growth in tractors sales in September

The export for month stood at 1527 units as against 1035 units in September 2015 with 48% growth

Mahindra Tractors, a farm equipment sector (FES) of Mahindra & Mahindra, has recorded total tractor sales (domestic + export) at 30,562 units in September 2016 as compared to 18087 units in September 2015 thus showing a growth in sales by 69%. Of total, domestic sales being 29035 units in September 2016, registered a 70% growth as compared to 17052 units in September 2015. The export for month stood at 1527 units as against 1035 units in September 2015 with 48% growth.

Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
source:Ventura

 

Future Lifestyle Fashions to raise Rs 250 crore for Lee Cooper Brand business

The company has already signed a term sheet with Barclays Bank PLC in India, for the proposed fund raising

Future Lifestyle Fashions (FLF) plans to raise Rs 250 crore for the Lee Cooper Brand business, in its wholly owned subsidiary. FLF plans to transfer the Lee Cooper business to a wholly owned subsidiary and raise up to Rs 250 crore through an issue of Compulsorily Convertible Preference Shares (CCPS), which will convert to a 26% stake in this entity on a fully diluted basis. With this transaction, FLF’s primary purpose is to unlock value in the Lee Cooper brand, one of FLF’s fashion brands.

FLF has already signed a term sheet with Barclays Bank PLC in India, for the proposed fund raising. The fund raising plan is subject to fulfillment of all conditions precedent and approvals required by all the parties, as customary for such a transaction, including the receipt of all regulatory approvals, if any, and the execution of final definitive transaction documents by and among the transaction parties.

Future Lifestyle Fashions is an integrated lifestyle brands and fashion retail company. The company operates a portfolio of brands that are well diversified across key growth categories like women’s wear, fast fashion and casual wear.
source:Ventura

 

Tata Motors reports 8% growth in September sales

The company’s domestic sales of commercial and passenger vehicles for September 2016 were at 42,961 units, a growth of 5%

Tata Motors passenger and commercial vehicle sales (including exports) in September 2016 were at 48,648 vehicles, a growth of 8%, over 45,215 vehicles sold in September 2015. The company’s domestic sales of commercial and passenger vehicles for September 2016 were at 42,961 units, a growth of 5%, over September 2015.

The company’s passenger vehicles, in the domestic market, recorded a sale of 14,601 units, growth of 24%, compared to 11,732 units sold in September 2015. The passenger car sales continued its growth momentum due to strong demand for the recently launched Tiago. The overall commercial vehicles sales in September 2016, in the domestic market were at 28,360 units, lower by 2%, over September 2015. While the sales of Tata Motors Light Commercial Vehicles, continued to grow in the domestic market by 19%, over September 2015, M&HCV sales continued to be stressed due to subdued demand, with the slowdown of recent months continuing, as a result of postponement of replacement and fleet expansion.

The company’s sales from exports were at 5,687 units, in September 2016, a growth of 29% compared to 4,402 units sold in September 2015. The cumulative sales from exports for the fiscal was at 31,469 units, higher by 12%, over 28,201 units, sold last year.
source:Ventura

 

Canadian pension fund increases stake in Kotak Mahindra Bank

CPPIB has acquired 1.6 crore shares of the bank on September 29

Canada Pension Plan Investment Board (CPPIB) has raised its stake in Kotak Mahindra Bank nearly by a per cent to 5.77% from 4.89% earlier. CPPIB has acquired 1.6 crore shares of the bank on September 29.

Earlier this year, Reserve Bank of India (RBI) gave approval to CPPIB to acquire up to 10 per cent stake in Kotak Mahindra Bank.

Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.
source:Ventura

 

Ajanta Pharma’s Guwahati facility to be commercialised before March 2017

The facility will produce tablets, capsules, creams/ointments and sterile ophthalmic liquids.

Drug maker Ajanta Pharma’s new formulations facility set up at Guwahati with a capex of over Rs 300 crore is likely to be commercialised before March 2017. This will enable the company to build its strength in manufacturing and get more tax efficient. The facility will produce tablets, capsules, creams/ointments and sterile ophthalmic liquids.

Moreover, the company’s Dahej manufacturing facility, mainly dedicated for developed markets, will be operational in next financial year.

Ajanta Pharma is a specialty pharmaceutical formulation company with global headquarters in Mumbai, India. The company is engaged in developing, manufacturing and marketing of quality finished dosages across 30+ countries.
source:Ventura

 

Speciality Restaurants shuts-down one ‘Sweet Bengal’ confectionery shop in Mumbai

The company has closed the shop effective from October 07, 2016

Speciality Restaurants has closed down one of its ‘Sweet Bengal’ confectionery shop located at Mumbai on October 07, 2016. The company had earlier closed ‘Sweet Bengal’ confectionery located at Malad East, Mumbai with effect from March 28, 2016.

Speciality Restaurants focuses on providing the guests an affordable fine dining experience with quality food and service in a modern ambience. The company’s restaurants consist of different restaurant concepts and are located across India, particularly in the western region. Its flagship brand is Mainland China which serves Chinese cuisine in a standalone fine dining setting.
source:Ventura

 

ONGC inks preliminary agreement to acquire stake in GSPC’s KG basin gas block


ONGC initially was not keen to buy stake in the block as it felt the block had reserves far less than what GSPC was claiming

Oil and Natural Gas Corporation (ONGC) has inked a preliminary agreement to take an operating stake in Gujarat government firm Gujarat State Petroleum Corp (GSPC)’s KG basin gas block. The Memorandum of Understanding (MoU) signed last week has a dispute resolution mechanism set out wherein any differences over issues like valuation or natural gas reserves would be referred to a three-member committee of outside experts.

ONGC initially was not keen to buy stake in the block as it felt the block had reserves far less than what GSPC was claiming and the asking price for the stake was not commensurate with the returns. GSPC was to begin gas production from the block in 2013 but after sinking in $3.6 billion it was found that gas reserves are one-tenth of 20 trillion cubic feet claimed in 2005 and that too is technically difficult to produce.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India with current market capitalization of about $31 billion.
source:Ventura

 

Piramal Enterprises’ arm to acquire 5 injectable products from Janssen Pharmaceutica NV

The acquisition is an all cash deal for an upfront consideration of $155 million, and up to an additional $20 million

Piramal Enterprises’ wholly owned critical care subsidiary in the UK has entered into an agreement to acquire five anesthesia and pain management injectable products from Janssen Pharmaceutica NV, in an all cash deal for an upfront consideration of $155 million, and up to an additional $20 million. The products to be acquired are five injectable versions of well-established Janssen brands, Sublimaze (fentanyl citrate), Sufenta (sufentanil citrate), Rapifen (alfentanil hydrochloride), Dipidolor (piritramide), and Hypnomidate (etomidate).

Piramal has agreed to acquire the brand names and all related IP as associated with the Products, including the know-how to make both the active pharmaceutical ingredients (API) and the finished dosage forms of the Products. The products are currently marketed in over 50 countries. The potential acquisition does not include the transfer of any manufacturing facilities or employees. The transaction is expected to close this week.

As part of the transaction, Janssen will continue to supply finished dosage forms for up to three years and API for up to five years. Janssen will continue to sell the products on behalf of Piramal until the marketing authorizations or relevant business relations are transferred to Piramal. Janssen can earn up to an additional $20 million if the Product portfolio achieves certain agreed financial milestones over the next 30 months.
source:Ventura

 

ITC to divest 100% stake in King Maker Marketing for $24 million

It has entered into an agreement with Premier Manufacturing Inc, to sell its shares in the subsidiary company on October 08, 2016

ITC will be divesting 100% of its equity stake in US-based King Maker Marketing Inc for an estimated consideration of $24 million. The FMCG major has entered into an agreement with the US-based buyer, Premier Manufacturing Inc, to sell its shares in the subsidiary company on October 08, 2016. The sale is expected to be completed by November 30, 2016.

The corporate management committee has approved divestment of company’s entire shareholding (204 shares of common stock with no par value) in King Maker Marketing Inc, US, a wholly-owned subsidiary, along with assignment of certain trademarks owned by the company, pursuant to the authority given by the Board of Directors of the company.

ITC has business a interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.
source:Ventura

 

RIL’s telecom arm enrolls 16 million customers in 26 days

Jio has achieved this growth faster than any other telecom operator or start up in the world

Reliance Industries’ (RIL) telecom arm - Reliance Jio Infocomm (Jio) has created a world record by crossing 16 million subscribers in its first month of operations (September, 2016). Jio has achieved this growth faster than any other telecom operator or start up in the world including the likes of Facebook, WhatsApp and Skype.

Jio has introduced Aadhaar-based paper-less Jio SIM activation across 3,100 cities and towns. This enables the customer to complete the SIM activation process in a matter of minutes, with only his/her Aadhaar number. This process will be extended across the country and fully stabilized for satisfactory on-boarding experience in the next few weeks.

RJIL, a subsidiary of Reliance Industries has built a world-class all-IP data strong future proof network with latest 4G LTE technology. It is the only network conceived and born as a Mobile Video Network from the ground up and supporting Voice over LTE technology.
source:Ventura

 

Oil India gets environment clearance for drilling project in Jaisalmer

The company has received the green nod for development drilling of 20 wells in Baghewala mining lease block in Jaisalmer district

Oil India (OIL) has received environment clearance for Rs 220-crore development drilling project in Jaisalmer district of Rajasthan. The company has received the green nod for development drilling of 20 wells in Baghewala mining lease block in Jaisalmer district.

The company had discovered natural gas in Jaisalmer sub-basin of Tanot fields and heavy oil in the Bikaner-Nagaur sub-basin in early nineties. Now, the company has proposed to undertake development drilling of 20 wells in the Baghewala mining lease block.

Oil India, a Navratna Company, is Asia's oldest and biggest pioneer oil exploration and Production Company, while IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
source:Ventura

 

Tata Motors Group global wholesales stood at 1, 02,289 units in September 2016

Global wholesales of all passenger vehicles in September 2016 were at 67,895 units, higher by 7%, compared to September 2015

Tata Motors Group global wholesales in September 2016, including Jaguar Land Rover, were at 102,289 vehicles, higher by 5%, over September 2015. Cumulative wholesales for the fiscal were 537,187 vehicles, higher by 12%, over FY15-16. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in September 2016 were 34,394 vehicles, higher by 1%, compared to September 2015. Cumulative commercial vehicles wholesales for the fiscal were 188,758 vehicles were higher by 4%, over FY15-16.

Global wholesales of all passenger vehicles in September 2016 were at 67,895 vehicles, higher by 7%, compared to September 2015. Cumulative passenger vehicle wholesales for the fiscal were 348,429 vehicles, higher by 6%, over FY15-16.

Global wholesales for Jaguar Land Rover were 52,914 vehicles, includes CJLR (It is a JV between JLR and Chery Automobiles and is an unconsolidated subsidiary for JLR) wholesales of 6,539 vehicles. Jaguar wholesales for the month were 16,211 vehicles, and cumulative wholesales were 78,190 vehicles. Land Rover wholesales for the month were 36,703 vehicles, while its cumulative wholesales no. was at 195,371 vehicles. Cumulative wholesales for Jaguar Land Rover for the fiscal were 273,561 vehicles.
source:Ventura