Tata Tea In JV Deal With Zhejiang Tea

Tata TeaTata Tea has signed up a joint venture deal with Zhejiang Tea Import and Export Company of People’s Republic of China.

As per the reports issued by Tata Tea that the contract involves establishing a blended company at Economic Development Zone of Anji County, Zhejiang, PRC in order to fabricate and promote green tea polyphenols, other green tea extracts, cold and hot water soluble instant tea, liquid tea concentrates and other value added tea related products.

The 70 percent of the registered capital of the joint venture firm is possessed by Tata Tea. The estimates project cost is Rs 70 crore, which is funded by a mix of equity capital and borrowings.

CCL To Raise Output By Two Folds

As part of its development plan, Central Coalfields Ltd (CCL) is ready to increase the company’s production by two fold by the next couple of years. It also plans to raise the capacity of coal washeries.

The decision to increase output is taken in order to meet up increased demand in the power sector.

Mr. R.P. Rotolia, CCL’s Chairman and Managing Director stated that the company aspired to achieve a production aim of about 78 million tonnes (mt) by 2011-12 from the surviving intensity of about 44mt while the Coal Ministry is inviting 84 mt by final year of the Eleventh Plan.

Market Opens Positive, Continues To Trade Confidently

After opening optimistically at 13,886.71, the 30-share index
continues to trade in the positive zone. Select stocks from cement,
banking, automobile and pharmaceutical led the progressions while IT
stocks turned down.

According to Ashwin Gada, broker, Networth Stock Broking told that
the market is likely to be a little explosive for coming two three
days. He added that the share index may further reject 50--100 points
today and the Nifty may subsequently descend to 4080 level.

Sensex experienced 1,182 advancements as against 802 declinations whereas 77 remained unchanged.

Among the sectoral indices, BSE Bankex arose 0.76%, BSE Auto
ascended 0.41%, BSE IT rejected 0.33% and BSE Metal climbed up 1.35%.

Tech Mahindra Made Hefty Gains

Tech MahindraTech Mahindra has registered a jump of 160% in its net profit for the year ending on March 31, 2007, at Rs 612.6 crore from Rs 235.4 crore in the corresponding year.

The largest solution providers in the telecom space has posted 136% increase in its total revenues that reached Rs 2,929 crore, as against Rs 1,242.7 crore in the same corresponding period.

RIL Eyes CWC Storehouses

Reliance IndustriesReliance Industries (RIL) has started out bending its power to smarten up its retail back-end. The company is in talks with the government-owned Central Warehousing Corporation (CWC) for all its non-operated and the partly functioned warehousing capacity stretched within 15 cities.

A source said the company has already signed up a contract to lease 2 million sq ft on commercial terms from CWC. The agreement for the other 2 million sq ft is expected to be closed in the next few months.

Market Ends Week On Depressive Note

BSE SensexThe 30-share index opened flat at 14,129.89 and then lost its power and started trading negatively. In the mid-noon trades, the index continued to trade in a negative zone and closed lower. Stocks from oil & gas, automobile and metal led the declines.
In contrast, Asian stocks heaved after increase in metals prices that pushed metal stocks towards the upward direction and US productivity data exhibited better-than-expected growth.
The BSE Sensex ended the day at 13,934.27, after losing 143.94 points while Nifty closed at 4,117.35, down 33.5 points.
Out of the total 2,667 shares, 1,130 boosted, 1,453 turned down while 84 remained on their previous places.

Market Ends Optimistically, More Gains Expected

After openingStock Markets sturdily at 13,987.77, the stock market continued to trade optimistically on the back of Asian market that climbed up to their weekly highs.
Then, in the afternoon trades, the stock index continued its volatility and touched a high of 14,082.26, and lastly ended on a firm note. The stocks, which led the advancements, include auto, cement and metal.
Likewise, Asian stocks mounted Thursday on profits viewpoint that advanced sureness in investors and as Korea Electric Power Corp. reported better than expected earnings. In addition, United Microelectronics Corp. also reported elevated earnings.

HDFC's Net Grows By 29%

Housing Development Finance CorporationHousing Development Finance Corporation Ltd (HDFC) has recorded an increase of 28.96% in its net profit at Rs 550.05 crore in the last quarter of the last financial year.

The company directors recommend a dividend of Rs. 22 a share for the year ended March 31, 2007, as against Rs. 20 per share in the previous year.

The bank’s net profit for the whole year boosted 24.9% to Rs 1570.38 crore, as against Rs 1257.30 crore for the year ended March 31, 2006.

Hindalco Posts Up Q4 Results

Hindalco IndustriesHindalco Industries has declared the results of the final quarter of the previous fiscal 2006-07.

Aditya Birla Group flagship company recorded 15.16 per cent growth in net profit at Rs 721.3 crore for the quarter ended March 31.

The company said the recent development take place on growing metal demand because of growth in infrastructure plus the auto industry.

The company had registered a net profit of Rs 626.3 crore for the same quarter ended March 31, 2006. The total income sprang up by 30.56 per cent to Rs 4,872.2 crore.

Indian Power Companies are looking for equipment from Japan and China

The growing power demand in the country is turning out to be great news for international electrical equipment manufacturers. Power majors like Tata Power Company (TPC), Reliance Energy (REL), National Thermal Power Corporation (NTPC) and Larson & Tubro (L&T) are currently in negotiations with several global leaders for equipment orders that could add up to millions of dollars.
TPC is in talks with Japanese companies Hitachi, Mitsubishi and Toshiba for super-critical technology, said sources. REL has already joined hands with Shanghai Electric for sourcing equipment for its three projects — Hisar (1,200 MW), Yamunanagar (600 MW) and Rosa (1,200 MW). The company is planning to continue the tie-up for its forthcoming projects also, the sources added.

ICICI Bank will be in list of top 100 global FIs

Raising $5 ICICI Bankbillion through a follow-on equity offering may see the country’s largest private sector entity, ICICI Bank breaking into the top 100 financial institutions in the world, in terms of market capitalisation. The bank, whose current market capitalisation is $18.89 billion (Rs 77,834 crore), presently stands at the 111th position among the top 150 financial institutions in the world, when compared on an m-cap basis. Raising $5 billion through the equity offer will take ICICI Bank to a position of 84 in this list.

Uday Shankar Moves From MCCS To STAR India As COO

Star IndiaThe CEO of Media Content and Communications Services (MCCS) has been chosen as the COO of STAR India. MCCS is a 74:26 percent venture between Ananda Bazaar Patrika and STAR Group.
The declaration was made in a combined report by Star and MCCS. Mr. Shankar will shortly join Star India and keep an eye on the company’s overall functioning.
He will report to Paul Aiello, the chief executive officer of STAR Group.

UTI Bank To Raise Rs. 2000 Crore Fresh Capital

UTI BankUTI Bank executive director of corporate strategy, Asok Kumar has announced that they have decided to go in for a fresh equity issue in the current financial year; the bank is aiming around hiking Rs 2,000 crore either through a domestic issue or global depository receipts in order to smarten up its tier-I capital base

Google To Bring Out PowerPoint Killer

Google IncThe Mountain View, California based Google Inc is planning to bring out PowerPoint killer, the presentation software similar to Microsoft’s popular PowerPoint. Google's new presentation software is aimed to compete against Microsoft's ubiquitous PowerPoint software that's part of its popular Office suite.

The PowerPoint killer software was described by the Google Chairman and Chief Executive Eric Schmidt at a conference for Internet entrepreneurs. He also shelled at Microsoft and AT&T Inc, whose executives recently quetched that Google may soon have an illegal monopoly in online advertising.

Rising Rupee Could Go Weak

Indian CurrencyAccording to the reckonings of Treasury managers and economists, the rupee could slide back to its 43 levels against the US dollar by the end of this calendar year; the short term gains of the local currency indicated at a weaker currency over the medium term.

Maruti To Introduce iCATs

Maruti Ltd.Following the European Union way of employing hi-tech anti-theft devices in cars, the largest Indian car manufacturer, Maruti Udyog, is set to introduce the immobilizer system, iCATs, across all its models.

iCATs (intelligent Computerized Anti-Theft system) works on the principle of multiplexed communication where an inbuilt transponder, into the car key, carries a unique electronic identification and a secret code that digitally communicates with the engine computer via a controller. The car engine starts only if the secret code matches thus preventing the car from being stolen.

Declining Dollar Results In Inflation Decline

DollarsDecline of dollar against most major currencies is turning out to be great for Indian economy. The rupee has improved hugely to close at 41.85/86 against the dollar, which is recorded as a nine-year high.
The world-wide flaw of the dollar, attached with the resumed inflows from foreign institutional investors (FIIs) and the tightening of domestic rates assures traders to purchase the rupee and sold the dollar. This scenario would surely ease inflation because of decline in the cost of imports.

Kerry Might Run For Presidential Election

Sen. John KerryDuring a book signing in Denver and in an interview with 9NEWS, the 2004 Democratic nominee, Sen. John Kerry, rules in the possibility of 2008 presidential campaign.
He declared at the Tattered Cover bookstore that he currently had no desire to support any candidate for the office.
Kerry and his wife, Teresa Heinz Kerry, are concluding up a nationwide tour to promote their book, “This Moment on Earth,” highlighting booming attempts at the local level to enhance the environmental conditions.

Pope’s Car At Auction

With the purpose of aiding a charity, Pope Benedict XVI’s Volkswagen Golf is up for auction again, which he owned during his days as a cardinal in Germany.

Earlier, in 2005, it was sold to an online casino, Golden Palace, for £90,000 by a German student, Benjamin Halbe, who himself bought it for £6,500. Halbe donated a portion of profit to a charity.

The online casino from US used this car for promotional purposes only. Now, they are looking to raise money for Habitat for Humanity, a British charity, through this auction.

Climate Change Threatens Asia - Report

The UN Intergovernmental board on global climate changes alleges both floods and water shortfalls affects Asia due to global warming.

In various countries, the risk of hunger is expected to remain ‘very high’.

An inter-governmental conference on climate change liberated in Brussels figures that the crops outputs could boost up to 20% in east and Southeast Asia whereas showing a reduction of 30% in central and south Asia by mid-21st century.

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