COMPANIES
Lupin
acquires drugs intermediates manufacturer Rubamin
Laboratories
Mumbai: Pharmaaceutical major Lupin Ltd has acquired
Rubamin Laboratories Ltd (RLL), a part of the Vadodara,
Gujarat-based Rubamin group. Rubamin makes raw materials
for bulk drugs on a contract manufacturing basis.
Mumbai-based
Lupin did not disclose the price of the acquisition.
Rubamin
Laboratories is engaged in the manufacture of advanced intermediates for APIs
under contract research and manufacturing (CRAMS) model. RLL has over a decade
of experience in manufacturing advanced intermediates for APIs. RLL today has
capabilities to participate in the value chain from drug development to commercial
production of advanced intermediates for APIs. RLL has also built a strong customer
base.
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BMW
plans to cut $8.5 billion in costs by 2012
Mumbai: Luxury car maker Bayerische Motoren Werke
AG (BMW) is targeting 6 billion euros ($8.5 billion)
in expenditure cuts by 2012 to increase profitability
and compete with DaimlerChrysler AG's Mercedes Car
Group.
The
automotive division has set a goal of achieving a 26 per cent return on capital
employed by 2012.
BMW
plans to reduce costs across its three brands, boost productivity 5 per cent annually
even as chief financial officer Stefan Krause and sales chief Michael Ganal swap
positions. The carmaker also plans to increase its dividend ``substantially.".
BMW's
net income fell 4.3 per cent to 753 million euros in the second quarter as earnings
at Stuttgart, Germany-based Mercedes almost doubled to 1.2 billion euros.
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ABG
Shipyard wins major contract form German shipping
company
Mumbai: ABG Shipyard Ltd has won a contract to
build 12 handysize bulk carriers of 35,000 DWT each
from Bereederungsgesellschaft H Vogemann GmbH &
Co. KG, of Germany. The order is valued at approximately
$360 million (Rs1,439 crore).
With
this order, the company's aggregate order book now stands at Rs7,121 crore.
This
is one of the largest orders bagged by ABG and first of its kind from a German
shipping company. The contract was signed on July 3, and financial closure coming
now.
"This
is a path-breaking order and we at ABG are proud to have won this contract against
stiff international competition," said Rishi Agarwal, MD of the company.
Hamburg-based
H Vogemann operates a modern young drybulk fleet of 6 capesize, 7 panamax and
6 handysize vessels and has placed new building order on Namura Shipyard, Japan,
GSI in China and ABG Shipyard in India.
With
this order, the order book position of the company stands at about Rs7,121 crore.
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HCC
wins Golden Peacock Award
Mumbai: Real estate firm Hindustan Construction
Company (HCC) has received the Golden Peacock Award
for excellence in corporate governance for 2007.
The
Golden Peacock Award has been instituted by the Institute of Directors (IOD) and
the World Council for Corporate Governance, UK.
HCC
has been selected for the national category and was presented the award at a ceremony
held in London, HCC said in a statement.
The
jury was chaired by former prime minister of Sweden Ola Ullsten and members included
former chief justice of India PN Bhagwati, former prime minister of the Netherlands
Rudd Lubbers and founder chairman of Insead Olivier Giscard D'estaining. Back
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Mahindra
launches Scorpio Gateway
Mumbai: Sports utilitiy vehicle maker Mahindra
and Mahindra (M&M) has launched its lifestyle
SUV Scorpio Gateway. Gateway is based on the Scorpio
platform and sports a grand deck that can carry various
equipment and g ear as per an individual's lifestyle
needs.
"Scorpio Gateway is a lifestyle offshoot of the
Scorpio, which, while retaining its stamped ruggedness,
comfort and class, is also designed to provide superlative
luxury and style'', M & M automotive sector vice
president (marketing and sales) Vivek Near said.
The
Scorpio Gateway 2WD and 4WD "double cap'' are priced at Rs7 ,13,356 and Rs8,18,080
respectively, (ex-showroom Bangalore)
Gateway
has a contemporary look with all controls designed with ease of access and operation
in mind. It is fitted with an alarm, immobiliser and offers keyless entry. It
is powered by 2600 cc common rail diesel engine and delivers 115 bhp at 3800 rpm
and 28.3 Kgm torque at 1800 rpm. The vehicle is available in four colours.
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GENERAL
ISRO
to launch satellite for DTH market in 2008
Mumbai: Indian Space Research Organisation (ISRO)
will launch a satellite next year to cater to the
growing needs of the country's direct-to-home (DTH)
television market.
Currently,
INSAT 4 CR caters to DTH market. ISRO said it plans to launch another one next
year, to add capacity. ISRO also proposes to make satellites for the replacement
market as well, so that satellite failures won't affect the customer," A
Bhaskara Narayana, director of ISRO's satellite communication programmes and frequency
management, said.
He
was addressing a session on `Growing DTH, VSAT and broadcasting markets' at the
business conclave of the ongoing the International Astronomical Congress.
He
said that some channels cannot be telecast by the DTH operators though the customers
want it because the concerned channels do not have downlink licence, adding that
the government will review it at some point.
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China
holds up imported Indian sugar for tests
Mumbai: China, which bought around 100,000 tonnes
of Indian sugar this year despite high tariffs, has
held back some supplies for tests, a senior official
of the commerce ministry said.
The
shipments, being held back by the Chinese authorities for testing, were mainly
for September and October delivery, the official added.
Chinese
buyers have contracted some 100,000 tonnes of Indian sugar at a tariff rate of
50 per cent, assessed on imports that do not fall within the tariff rate quotas
(TRQ) system agreed when China joined the World Trade Organisation.
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MARKETS
BSE,
NSE ask Reliance Natural Resources to explain price
spurt
Mumbai: The Bombay Stock Exchange and the National
Stock Exchange have sought explanation from the Anil
Ambani group firm Reliance Natural Resources Ltd.,
whose share price has nearly doubled in the past few
days, on the back of media reports about its business
plans.
From
Rs52 at close on September 19, the share price hit a one-year high of Rs103 during
trading on September 25, although it ended down at Rs94.85 that day.
Stock
market authorities have brought the company under scanner last week and early
this week to ascertain if the price movement was normal.
The
spurt in stock prices followed media reports that RNRL plans to sell stake in
coal-bed methane blocks to strategic investors and has applied for starting city
gas distribution projects.
RNRL
was listed in early 2006 at a price of Rs18.5. After trading at around Rs20 level
during January, February, March and April this year, it touched the Rs30-mark
in mid-may and entered the Rs40 bracket in July.
After
hitting Rs50 on September 11, its share price peaked to Rs103 on September 25.
The company`s scrip was trading more than four per cent down on the BSE at around
Rs87.15.
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BANKING
AND FINANCE
Punjab
National Bank to open branch in Hong Kong
Mumbai: Punjab National Bank will open a branch
in Hong Kong shortly. PNB has already received regulatory
approvals for opening a full service branch there.
"We
are shortly opening branch in Hong Kong and upgrading the representative offices
in Shanghai and Dubai to branches,'' PNB chairman and managing director KC Chakrabarty
said.
At present, PNB has two branches in the UK, one in Kabul and representative
offices in Dubai, Shanghai and Almaty, he told a customer relations programme
for the Delhi zone.
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INTERNATIONAL
