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IIM-B to change MoA to establish foreign campuses
Bangalore: The board of governor's of the Indian
Institute of Management, Bangalore, met here Friday and
said that the board had approved a decision to change
the Memorandum of Association (MoA) of the institute so
that it could go ahead with the establishment of a Singapore
campus.
Institute
authorities also said that they planned to open up campuses
in Indonesia and Thailand as well. The institute would
take its plan to Human Resources Development minister
Arjun Singh on February 1. On January 31, the Institute's
board of governors would meet in Delhi to work out the
necessary changes in the MoA.
IIM-B
authorities also said that, for the moment, the institute
would maintain a virtual presence in Singapore rather
than a physical one, beginning with a part-time MBA programme
for executives.
In
a related development the institute said that student
intake in the institute would also be increased to 270
in 2006 and may go up further to 300 in 2007.
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Toyota
lifts factory lockout — to initiate further disciplinary
action
Bangalore:
The Toyota Kirloskar Motor (TKM) factory management
has decided to lift the 14-day factory lockout and start
production from January 21. A TKM management statement
also said that disciplinary action had been initiated
against workmen who had indulged in violence during the
strike.
A
R Shankar, general manager, corporate planning of TKM,
said: "The lockout is being lifted in the interest
of the workmen who wanted to continue with their work
and also in the interest of the business. The management
had received requests from several workers and their families
who want to return to the plant.
However,
tight police bandobast has been arranged around the factory
in anticipation of violence after the lockout is lifted
and workers are allowed inside the premises on Saturday.
The lockout was declared on January 8 after the striking
workers threatened to blow up the LPG storage tanks located
in the factory endangering the lives of people and property,"
claimed Shankar.
Shankar
also said that that the management has initiated disciplinary
action against workers who indulged in violence such as
manhandling and assaulting workers who were performing
their duty during the strike period and damaged factory
property.
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Infosys
to be a strategic participant at Davos meet
Bangalore:
Infosys Technologies Limited will participate as a strategic
partner in the deliberations of the World Economic Forum's
annual meeting for 2006 to be held at Davos.
A
company release also said that the company will actively
participate in discussions relating to `Creating Future
Jobs' and the `Emergence of India and China.' Nandan Nilekani,
CEO, Infosys, will also chair a new initiative by the
Confederation of Indian Industry (CII) called 'India Everwhere'
in addition to maintaining a personal blog which would
have daily accounts of his experience at the forum.
Infosys
will also be hosting a private breakfast debate on `The
Global Talent War'. The debate will focus on how businesses
can contribute to the development of human capital.
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Adlabs
bags 14 of 17 FM frequencies in the East
New
Delhi: ADAE backed Adlabs has bagged fourteen frequencies
in seventeen cities in the eastern region, at an estimated
investment of Rs4 crore. Till date, Adlabs have got 40
radio stations out of 58 it has bid for, at an estimated
investment of over Rs115 crore.
Friday's
bidding saw the allotment of 48 frequencies by the government,
fetching it Rs20.70 crore in revenue. The phase wise bidding
is part of the exercise undertaken by the ministry of
information and broadcasting for allotting 337 frequencies
to private companies in 91 cities across India.
So
far the government has earned Rs642 crore as one time
entry fee from the 165 frequencies that it has allotted
so far across the 52 cities. Patna received the highest
bid amount of Rs5.13 crore, being paid by Entertainment
Network India, the owner of Radio Mirchi.
Other
prominent cities, which were put up in the bidding process
included, Port Blair, Guwahati, Bhubaneshwar, Ranchi and
Shillong. South Asia FM, a Sun network company too got
frequencies in 14 cities shelling out a little under Rs3
crore.
The
process for the remaining 132 frequencies in 40 B, C and
D category cities in the Western and Southern regions
of India would continue on January 27 and February 3.
The
first leg of bidding took place on January 6 where 64
radio frequencies in the top thirteen cities went up for
bidding.
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TRAI
asks operators to report international traffic minutes
every month
New Delhi: The Telecom Regulatory Authority of
India (Trai) has directed all operators to report international
traffic minutes every month. TRAI's move is aimed at curbing
the grey market in international calls.
An
expert group, comprising of senior officials of the Department
of Telecommunications (DoT), Telecom Engineering Centre
(TEC) and Trai, which has been monitoring international
traffic has suggested that the monitoring should be done
on a monthly basis and further it should be ensured that
there is a consistency in the inbound and outbound ILD
traffic.
The
expert group was formed last year, when Reliance Infocomm
was caught diverting the international long distance (ILD)
traffic through the grey market route.
Subscribers
pay an access deficit charge (ADC) on international calls,
which the operators are supposed to collect and pass on
to the government. Many ILD operators are accused of not
paying ADC.
The
expert group also recommended that if on a quarterly basis,
the variance between traffic minutes furnished by ILDOs,
NLDOs and access providers goes above 2%, then it should
be investigated.
All
cases of variance of more than 2% in a particular month
should be reported.
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Hyundai
targets 20 pc growth
New Delhi: Hyundai Motor India has said that it
is targeting a 20 per cent growth in volume for the current
year. The company has also announced its intention to
launch a new sedan, Verna, in the second half of the year.
According
to B.V.R. Subbu, president, Hyundai Motor India, the car
will be positioned between the Accent and the Elantra,
and will share the production line with the Accent. The
company is also mulling the launch of two premium vehicles
(through the CBU route) that are currently on display
at its road show. The cars include the super luxury sedan
Azera and sports coupe Tuscani.
Subbu
further said that the company would raise the prices of
its premium hatchback model `Getz' by the end of this
month.
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Samsung
to launch 19 air-conditioner models
Chennai:
Samsung India Electronics proposes to introduce nineteen
new models of air-conditioners this year, company officials
said at a press conference here.
Pradeep
Tognatta, director-sales (consumer electronics), Samsung
India, said that the company today has a capacity to produce
4 lakh air conditioners.
The
new AC range will come with a patented technology called
`silver nano health system' which enables the machine
to double as air purifier too. On offer are `sleek and
slim' models, tower ACs and `cassette type and ductibles'
for the commercial market.
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HR
service firm Ma Foi plans to enter IT sector
Chennai:
Ma Foi Management Consultants, a staffing and HR service
provider, will now enter the IT sector, through a wholly
owned subsidiary, Minvesta Infotech.
According
to company officials, Minvesta would develop software
that would facilitate the HR process in areas such as
workflow management and resource management. They also
said that the core group of the subsidiary would consist
of 41 people who have 120 man-years of experience in system
development and product development between them.
Officials
said that Ma Foi also planned acquisitions in 2006, one
of which would be in Sri Lanka. The company is also looking
at expanding into the marine and healthcare segments in
India through acquisitions.
The
company has registered a gross revenue of Rs212.54 crore
for the year 2005, a growth of 65.08 per cent over the
previous year. Profit before tax went up 85 per cent to
Rs5.55 crore (January-December 2005) compared with Rs3
crore the previous year.
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UK
regulator's nod for Aurobindo Pharma's unit-XII facility
Hyderabad: Aurobindo Pharma Ltd has announced that
it has obtained the approval of the United Kingdom Medicines
and Healthcare products Regulatory Agency (UK MHRA) for
unit-XII facility.
In
a press release here on Friday, the company said UK MHRA
has recommended unit-XII formulations manufacturing facility
as a site to manufacture formulations for the UK market.
According
to the company, unit-XII located at Hyderabad is one of
the key and biggest manufacturing facilities of the company.
The facility was dedicated to manufacture high-end Betalactum
range of products. The plant is capable of manufacturing
dry powder injectables, powder for oral suspensions, tablets
and capsules.
The
company said unit-XII had already obtained approvals of
the US FDA, South African MCC and Brazilian ANVISA. The
company has filed several dossiers with the European authorities
for its active pharmaceutical ingredients and formulations.
Recently, UK MHRA approved the first formulation of the
company - Sertraline.
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Bajaj
Hindusthan to invest Rs.440-cr in expansion
New
Delhi: Bajaj Hindusthan on Friday announced an investment
of Rs440 crore towards setting up a greenfield sugar plant
and expanding power cogeneration.
The
company has also recorded a 138 per cent growth with a
net profit of Rs24.24 crore for the first quarter ended
December 31, 2005 as against Rs10.19 crore during the
corresponding quarter in the previous year. Total revenue
increased by 138 per cent to touch Rs293.90 crore, from
Rs123.31 crore in the previous corresponding quarter.
It
would set up a new plant with cane crushing capacity of
5,000 tonnes per day (TCD), expandable to 7,000 TCD along
with 10 MW co-generation plant, at an estimated project
cost of Rs200 crore.
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Maruti
Q3 net profit beats forecast
Mumbai: India's top car-maker, Maruti Udyog Ltd.,
has posted a 41 per cent rise in quarterly net profit.
Maruti's net profit for the third quarter to December
rose to 3.39 billion rupees (US$76mn) from 2.4 billion
a year earlier, and net sales rose 8 per cent to 31.14
billion.
Maruti's
operating margin rose to 16.4 per cent from 14 per cent
a year earlier.
New Delhi-based Maruti, which is 54.2 per cent-owned by
Japan's Suzuki Motor Corp. last year launched the popular
Swift hatchback. Overall vehicle sales at Maruti rose
nearly 7 per cent in October-December from a year earlier
to 145,013 units, boosted by the Swift launch. But exports
fell by 44 percent. Maruti has sold more than 40,000 Swifts
since its launch in May, helping overall market share
rise to 56.2 per cent in the last quarter.
Maruti has said it would invest US$615mn by March 2008
to roll out new models, including diesel-engine cars.
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GAIL
pays Rs.291-cr as interim dividend
New Delhi: Proshanto Banerjee, chairman & managing
director of GAIL (India) Ltd, handed over a cheque of
Rs290.96 crore to the petroleum minister, Mani Shankar
Aiyar, towards an interim dividend for the financial year
2005-06.
The
Government holds 57.345 per cent of the equity share capital
in GAIL. The company has since inception, paid dividend
of over Rs4,200 crore to its shareholders, a company statement
said.
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Tata
Power Q3 net up 66 per cent
Mumbai:
The Tata Power Company has reported a 65.84 per cent increase
in net profit at Rs227.65 crore for the third quarter
ended December 31, 2005 as against Rs137.27 crore in Q3FY05.
According
to a release issued by the company to the BSE today, total
income increased to Rs1,407.93 crore for the third quarter
from Rs1,019.75 crore in the corresponding quarter last
year.
A
J Engineer, head of the company, said: "The results
reflect the synergies of growth driven by various initiatives
both in the licence area in Maharashtra and captive power
plants in Jamshedpur and various other diversified businesses.
Tata Power continues to take further initiatives for additional
generation in Maharashtra to meet the future needs in
Mumbai and possible neighbouring regions."
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Fall
in products buisness hits Sasken's Q3 net
Bangalore: Sasken's consolidated net profit for
the quarter dropped by 87 per cent year-on-year to Rs18
lakh as against a net of Rs1.43 crore in Q3FY05. The drop
was due to the provision of Rs6.7 crore made for an arbitration
in a dispute with a customer.
However,
revenues grew 31 per cent to Rs75.94 crore as compared
to Rs58 crore in the corresponding quarter last year.
Software services revenues during Q3 FY06 grew by 4.1
per cent accounting for 97 per cent of total revenues,
while the products revenues fell by 86 per cent.
During
Q3, Sasken set up a development and support centre in
Nuevo Leon, Mexico through its wholly-owned subsidiary
- Sasken Communication Technologies Mexico S.A De C.V.
The company also strengthened the Integrated Solutions
product line by investing in IXI-Connect Operating System,
licensed from an Israeli firm IXI Mobile.
The
company added 38 people on net basis during the quarter,
taking the total employee strength to 2,504.
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