30-07-08 Corporate News

Corporate News/ : Announcements:


Inflation vaccine from Dr Reddy: The Reserve Bank of India yesterday announced fresh monetary tightening measures that are set to raise interest rates by around 50 basis points. This will make home and auto loans more expensive besides impacting the growth targets and fresh expansion plans of corporate India. In the first quarter review of the Annual Statement on Monetary Policy, released this afternoon, RBI raised the repo rate, or the rate at which it lends, 50 basis points to 9 per cent, the third increase in two months. In addition, the cash reserve ratio, or the proportion of deposits that bank set aside, will go up another 25 basis points to 9 per cent. This will suck out around Rs 8,500 crore from the system.


Taj Hotels forays into high-end business globally: The Taj Group of Hotels, owned by the Tata Group, is foraying into high-end business and luxury segments globally.Taj has entered business gateways such as New York, Boston and Sydney, whereas Taj Resorts and Spa is concentrating on leisure travel in exotic destinations including Phuket, Doha and Saraya islands of UAE.

L&T, Punj Lloyd join team for $200-b Al Noor project: Two Indian firms, Larsen & Toubro and Punj Lloyd, figure in the list of several international companies that have teamed up to implement the multibillion dollar construction project to be complete with two new modern cities, one each near Djibouti and the other at Yemen, and a massive rail-road-pipeline network across the Red Sea, connecting the two cities.


HCC team bags AP contract: A Hindustan Construction Company-led consortium has bagged a contract from the Andhra Pradesh Government for constructing a 3.5-km barrage across river Pranahita, near Tummidi Hetti village, in Adilabad district of the State. The joint venture partners of HCC are SEW Infrastructures Ltd and Megha Engineering & Infrastructures Ltd. HCC share in the order is worth Rs 326.03 crore.

Essar Oil to go ahead with Vadinar capacity expansion: Essar Oil may achieve the financial closure of its proposed capacity augmentation project at Vadinar refinery in the next two weeks. Bulk of the $4-billion loan finance is already tied-up and the financial closure is expected to be achieved in a week or 10 days of time. The $6-billion project envisages enhancing the refinery capacity from 10.5 million tonnes (mt) to 34 mt in 2010.

Rolta buys WhittmanHart : Rolta India has acquired the US-based business intelligence vendor WhittmanHart Consulting for an undisclosed amount. According to the company sources This acquisition is in keeping with our declared strategy of acquiring technologies and skills that help our clients get greater returns from their investments in enterprise solutions and services from Rolta.

Listing of equity shares of Birla Cotsyn (India) Ltd: With effective from July 30, 2008, the equity shares of Birla Cotsyn (India) Ltd (Scrip Code: 533006) are listed and admitted to dealings on the Exchange in the list of 'B' Group Securities. Issue Price Rs. 14/- per share. (Face Value of Rs.10/- and premium of Rs. 4/-).