Company News

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.

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.

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.

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.

DaimlerChrysler Will Soon Depart Tata’s Land

DaimlerChrysler DaimlerChryslerIndia’s new plant near Pune will end up the land lease agreement it sharing with Tata Motors. It will leave off its rented premises after completion of its new greenfield plant in Chakan.

The luxury carmaker has an enduring and close affiliation with Tata Motors. Presently it holds a 6.69% stake in it (Tata Motors). The existing facility covering up 25 acres is on land hired from Tata Motors.

According to the DaimlerChrysler administrator that it is a long-run lease contract and the company (Daimler) will walk off by 2008 end or beginning 2009 when the novel industrial unit goes operational.

ITAT Directs IT Dept To Refund Recovery From Skol

The Income-Tax Appellate Tribunal (ITAT) has directed the IT department to refund the amount it has recovered from Mumbai-based brewing company, Skol Breweries.
Rs 2.68 crore was recovered from Skol while an interim stay order passed by ITAT was in operation. ITAT, the quasi-judicial body for settling tax disputes, determined that IT department’s action was beyond its jurisdiction. The extraordinary order was approved by vice-president of ITAT, G E Veerabhadrappa, and its judicial member, Madhavi Devi.
As per case facts, on March 27, 2007, Skol Brewery requested the Tribunal, by moving an emergency stay petition, to intervene as the department had attached all its bank accounts after the I-T Commissioner rejected its stay petition.

Car Loans Get Expensive Due To RBI Rate Hike

Reserve bank of IndiaThe hiking rates of Reserve bank of India may shatter your dreams to buy your dream cars. The interest rates on car loans have been lifted up anything between 75 - 100 basis points, by Car loan lenders. This increase will result in Rs 50 monthly increase on a five year loan which has a daily rest basis.

According to report of the Direct selling agents (DSAs) of ICICI Bank to TOI, they have received a communique from the bank about the hike effective from Monday. Officials said, “We used to lend at rack rates of 15% per annum, we are now been told that the new rates will be 16% effective from Monday,”

Indian Hotels All Set To Buy US Hotel

According to BSE reports, the Tata Group Company, Indian Hotels, through its 100% subsidiary company, is all set to take over San Francisco based Hotel Campton Place in a deal of expected value $60 million. According to the company officials, the deal is in partnership with financial investors.

The deal has been signed on April 2, 2007, and it is scheduled for April 30, 2007 closure. On Tuesday, however, the Indian Hotels share price closed marginally lower by 0.7% on BSE.

Situated in Union Square in San Francisco, the West coast based Hotel Campton Place is a 14 storey, 110 room luxury boutique hotel. Renamed Campton Place Hotel in 1983, the hotel occupies two historic and picturesque buildings dating back to the early 1900s.

Organization’s Health-Unawareness Among CEOs

According to survey, “In the Dark: What many boards and executives still don’t know about the health of their businesses”, lack of high-quality non-financial information has caused many board members and senior executives to be unaware of the overall health of their organization.

The second edition of survey, released on Tuesday, is developed by Deloitte Touche Tohmatsu in conjunction with the Economist Intelligence Unit. The 78% of the CEOs surveyed say that just financial indicators do not adequately capture their company’s strengths and weaknesses.




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