COMPANIES
Maruti
looking at Israeli market for expansion
Mumbai: Maruti Udyog Ltd, India's top car maker,
is eyeing the Israeli market as it plans expansion
amid robust growth, Israeli media reports said.
The
Ha'aretz daily quoted Dan Gafni, CEO of automotive
equipment and vehicles dealer Machshirei Tnua, importers
of Suzuki vehicles, that they are involved in the
plan and considering to import the cars.
Maruti
also recently announced its plans to expand operations
to export cars to Europe by 2009.
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Suzlon
among world`s top ten alternative energy firms
Mumbai: Pune-based Suzlon energy has emerged as
one of the top ten non-conventional energy producers
in the world, powering India also in the process into
the global arena.
Suzlon,
with a global market share of six per cent in the
wind power sector and a presence in the US, China,
Australia, Brazil, Italy, Portugal and South Korea,
is the only Indian firm in the list, in a study by
advisory firm Mclean & Partners Wealth Management.
In
its study of key global players in the alternative
energy space, the Canada-based firm said the use of
solar and wind energy would become critical in the
future.
Besides
Suzlon, other global leaders in the list include Denmark-based
Vestas wind systems, China-based Suntech Power Holdings
and JA Solar Holdings and three US-based firms - Memc
Electronic Materials, First Solar Inc and Sun Power
Corp.
"Already,
in much of the world outside of North America, solar
and wind electrical generation is well established,
driven by government sponsorship and incentives, as
well as enlightened consumer awareness about environmental
responsibility," the report said.
The
report stated that the ranking was assigned primarily
based on market capitalisation and future outlook
of the respective firms.
For
the quarter ended June, Suzlon recorded a total income
of Rs862.9 crore and a net profit of Rs 89.4 crore.
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Moser
Baer launches high-speed BD-R discs at Berlin show
Mumbai: Moser Baer India Ltd has launched its
high-speed BD-R 1-4x high definition recordable discs
for the European market at its first ever participation
in the IFA Berlin Trade Show. The company is also
the first one to announce verification of these products
globally.
IFA
Berlin Trade Show is one the world's largest consumer
electronics trade shows with over 1,000 exhibitors
and 200,000 visitors. The exhibition from August 31
to September 05, 2007 is a trade show for both industry
experts and the general public with unique trade visitor
services, special events and a comprehensive programme
for consumers.
"It
is indeed a great pleasure to be a part of one of
the world's largest consumer electronics trade shows.
In this exhibition we have also launched our high
definition products like HD-DVD and Blue-ray discs
for the European market," said Ratul Puri, executive
director of the company
"We
are excited about presenting Moser Baer's high definition
products to European consumers through the IFA Berlin
show. This is an attempt at understanding early adopters
in consumer electronics and then develop/modify product
strategy to capture maximum value early in the product
life cycle." Vivek Chaturvedi VP, sales and marketing,
of the company added.
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Tata
MF launches Tata Indo-Global Infrastructure Fund
Mumbai: Tata Mutual Fund has launched a close-ended
equity scheme - Tata Indo-Global Infrastructure Fund.
The scheme has a maturity of three years when it
will automatically be converted into an open-ended
scheme, a release said.
The new fund offer (NFO), priced at Rs10 per unit,
which opened for subscription on September 3 will
close on October 16.
The scheme expects to generate long-term capital
appreciation by investing predominantly in equity
and equity-related instruments of companies engaged
in infrastructure and related sectors.
The fund will invest 65-85 per cent in equity and
equity-related instruments of domestic companies,
15-35 per cent in foreign securities as permitted
by SEBI and RBI and up to 35 per cent in debt and
money-market instruments.
"With the launch of Tata Indo-Global Infrastructure
Fund, we have endeavoured to provide investors an
opportunity to earn stable returns by investing in
infrastructure assets across diversified geographic
regions," Tata Asset Management Limited managing
director Ved Prakash Chaturvedi said.
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General
Electric to buy UK's Sondex for $583 million
Mumbai: U.S. conglomerate General Electric has
agreed to buy British oilfield services firm Sondex
for 288.7 million pounds ($583.1 million) in cash,
the two firms said in a statement.
General Electric, with interests spanning technology,
media and financial services, will pay 460 pence a
share for Sondex, which designs, makes and markets
electro-mechanical based equipment for oilfield service
companies, the statement said.
That is 35.5 per cent above Sondex's closing share
price on August 30, the day before it announced takeover
talks.
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MARKETS
SEBI
de-recognises Hyderabad stock exchange
Mumbai: The Securities and Exchanges Board of
India (SEBI) has de-recognised the Hyderabad stock
exchange as the bourse failed to complete the process
of selling 51 per cent of the brokers' stake to other
entities as per schedule.
"The
recognition granted to HSE stands withdrawn with effect
from August 29, 2007," SEBI said in a release.
The
HSE was supposed to complete its demutualisation process
by August 28 as per SEBI rules.
According
to the Securities Contracts (Regulation) Act, 1956,
every recognised stock exchange has to sell 51 per
cent of its stake to non-brokers, a move called demutualisation,
within 24 months after such a scheme is approved by
SEBI.
The
regulator had notified the Hyderabad Stock Exchange
Ltd (corporatisation and demutualisation) scheme,
2005 on August 29, 2005, and so the bourse was mandated
to complete the process by August 28 this year.
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