Reliance Industries (RIL) and Bhel are in talks to form a joint venture (JV) for setting up solar fab units. The development comes close on the heels of the Mukesh Ambani Group company’s plan to invest over Rs 30,000 crore in the chip manufacturing business. While RIL is scouting for partners for setting up two fab units, Bhel is looking for a strategic partner to venture into equipment manufacturing for solar power.
“We have received a communication from the Prime Minister’s Office (PMO) in this regard and may go in for a JV with Reliance Industries,” Bhel chairman and managing director K Ravi Kumar told ET. When contacted, an RIL spokesperson said the company is still evaluating options for the solar fab units. “We will make an announcement once we finalise plans,” said the official.
The proposed JV is likely to venture into manufacturing of other small and medium equipment for solar power apart from the solar photo voltaic (SPV) cells. The JV would also look for small and mid-sized acquisitions in the international market for solar power, a source in the PMO said.
The partners-in-waiting have not finalised the financial and technical details for the proposed JV and would firm up the plans in the next couple of months. The JV company would be eligible for capital subsidies and tax concessions for the solar fab units, a cost of Rs 11,631 crore.
The solar fab unit is proposed to be set up at
Monday, April 7, 2008
RIL, Bhel consider JV for solar fab units
SOFT PRO taken over by ICSA Group
Soft pro Has worked on Open source code LINUX all these days. Now It seems to Add new projects on Embaded Technology which used in Power Sector in particular. It is a quite similar activity of ICSA.
GV-Money Matters Blog Site wishes it's new Board.
Time Technoplast completes buyout of Bahrain-based company
MUMBAI: Polymer products maker Time Technoplast Ltd on Monday said it has completed the acquisition of Bahrain-based Gulf Power Beat WLL through its subsidiary NED Energy Ltd,
In this regard, the firm yesterday signed a share purchase agreement with GPW and also completed the necessary formalities, it said in a filing with the Bombay Stock Exchange.
Time Technoplast had announced the buyout of the company on December 27 last year.
It has also taken over the battery manufacturing facility in
Time Technoplast had earlier said that the total investment in
Earlier, the company had said that the acquisition of battery manufacturer GPW was targeted towards enhancing the battery production for NED.
Shares of the company closed at Rs 806.15, up 1.74 per cent, on the BSE.
Steel firms may pay 200% more for coking coal
BS Reporter / Kolkata
The prices of coking coal, which accounts for 50% of the raw material cost for steel producers, are expected to go up by over 200% in the current fiscal.
Industry sources said Posco, the world’s fourth largest steelmaker, has just settled contracts at prices 205-210% higher than the previous level of $98 per tonne.
Posco’s contract with Australian miners, effective April 1, would hold good for Indian steel producers importing coking coal primarily from
C G Patel, director (commercial), Rashtriya Ispat Nigam (RINL), said the last contract price was between $94-98 per tonne, which implies that increase in prices is to the tune of Rs 8,000 per tonne for domestic producers.
"Add to it an increase in ocean freight rate by $25-$35 per tonne, and the increase in cost would be close to Rs 9,000 per tonne," he added.
RINL has no captive mines and imports its entire coking coal requirements from
Industry sources pointed out that the cost increase being calculated had not factored in the iron ore contracts, which were imminent. "The cost push on account of coking coal is over and above the Rs 6,000 per tonne cost, which has not been recovered by the industry," said sources. Iron ore accounts for 35-40% of the cost of steel production.
Four companies shortlisted for solar power projects in Punjab
The projects with a combined capacity of 17 MW would be set up on build, own and operated basis and would be commissioned before December 2009. The generated power would be fed into the Punjab State Electricity Board's grid.
This announcement was made by Punjab Science and Technology Minister Bikram Singh Majithia in a release.
The peak rate for sale of power from these projects is Rs 8.93 per Kwh from 2011-12. The power purchase agreements would be signed for a period of 30 years.
Being environment friendly and pollution free, these projects should be eligible for Carbon Credits under CDM and would lead the solar revolution in the country which would ultimately bring down the cost of solar power generation, create enhanced capacities and also build economies of scale in this sector, the release stated.
The minister informed that earlier 20 bids were received from international and national companies, including Reliance Industries Ltd and
Bosch Chassis sinks on withdrawal of delisting offer
Bosch Chassis Systems India declined 4.99% to Rs 454.75 at
The stock hit a high of Rs 454.75 and a low of Rs 454.75 so far during the day. The stock had a 52-week high of Rs 721.25 on
The company’s current equity is Rs 20.79 crore. Face value per share is Rs 10.
The current price of Rs 454.75 discounts its Q3 December 2007 EPS of Rs 23.11 with a PE multiple of 19.68.
Bosch Chassis Systems India’s net profit rose 91.5% to Rs 12.01 crore on 12.2% growth in net sales to Rs 139.84 crore in Q4 December 2007 over Q4 December 2006.
Robert Bosch GmbH holds 80% stake in Bosch Chassis Systems India
Robert Bosch GmbH, the parent company, has rejected the final price of Rs 750 per equity share established by the reverse book building process, which opened on
The company is engaged in manufacturing automotive brake system and components. Its customer segment is classified as passenger car and utility vehicles and two wheelers.
Colgate's acquisition in Hyderabad-based CC Health Care Products
Colgate Palmolive
On BSE, 1.18 lakh shares of the scrip were traded. The stock had an average daily volume of 73,218 shares on BSE in past one quarter.
The scrip had touched a high of Rs 431 and a low of Rs 402 so far during the day. The stock had hit a 52-week high of Rs 521 on
At the current price of Rs 427.05, the scrip trades at a PE multiple of 24, based on Q3 December 2007 annualised EPS of Rs 17.79.
The net profit of Colgate Palmolive rose 20.1% to Rs 60.47 crore on 14.0% rise in sales to Rs 367.51 crore in Q3 December 2007 over Q3 December 2006.
CC Health Care Products based in
Colgate Palmolive India (CPIL), a 51% subsidiary of US-based Colgate Palmolive Company, is a leading FMCG company in
Rural Electrification Corporation (RECL) Fund raising plan
Rural Electrification Corporation gained 1.17% to Rs 103.65 at
The stock hit a high of Rs 104 and a low of Rs 101.85 so far during the day. The stock had a 52-week high of Rs 128.40 on
The company’s current equity is Rs 2,138.87 crore. Face value per share is Rs 10.
The current price of Rs 103.65 discounts its Q4 December 2007 EPS of Rs 8.42 with a PE multiple of 12.30.
REC’s rose 50.1% to Rs 164.29 crore on 52.5% growth in net sales to Rs 786.58 crore on Q4 December 2007 over Q4 December 2006.
The state run firm Rural Electrification Corporation (REC) is also planning to increase its borrowing limit to Rs 60,000 crore from the present Rs 45,000 crore, the reports added.
REC is a term lending institution and a government enterprise, is engaged in the business of lending to power projects.
Jubilant Organosys gains on overseas acquisition
Jubilant Organosys gained 2.64% to Rs 346 at
The stock hit a high of Rs 349 and a low of Rs 342 so far during the day. The stock had a 52-week high of Rs 378 on
The company’s current equity is Rs 14.61 crore. Face value per share is Rs 1.
The current price of Rs 346 discounts its Q3 December 2007 annualized EPS of Rs 23.62, by a PE multiple of 14.65.
Jubilant Organosys’ net profit rose 41.1% to Rs 85.10 crore on 19.8% growth in net sales to Rs 494.50 crore in Q3 December 2007 over Q3 December 2006.
Jubilant Organosys will acquire Draxis Health through its wholly owned subsidiary company. The total value of this transaction is approximately $255 million. The transaction is expected to close in the second quarter of 2008. Jubilant plans to fund the acquisition through a combination of cash-on-hand and debt.
Draxis Health, through its wholly owned operating subsidiary, Draxis Specialty Pharmaceuticals Inc., provides products in three categories: sterile products, non-sterile products and radio pharmaceuticals.
In December 2007, Jubilant Organosys’ wholly owned subsidiary Jubilant Biosys entered into collaboration with Forest Laboratories Holdings to discover small molecule drug candidates for a novel metabolic disorders target.
Jubilant Organosys manufactures pharma & life science chemicals, performance chemicals and industrial chemicals.
RIL Diversification in to Milk Dairy
Reliance Industries rose 2.19% to Rs 2373 at
The scrip had touched a high of Rs 2377.50 and a low of Rs 2322.50 so far during the day. The stock had hit a 52-week high of Rs 3252.10 on
At the current price of Rs 2373, the scrip trades at a PE multiple of 10.67, based on Q3 December 2007 annualised EPS of Rs 222.26.
RIL’s net profit rose 162.2% to Rs 8,079 crore on 22.7% rise in sales to Rs 34,590 crore in Q3 December 2007 over Q3 December 2006.
The investments may rise to Rs 7000 crore later, the reports added. To compete with existing local dairy product makers Amul and Mother Dairy, Reliance Industries (RIL) is offering full-cream milk at Rs 22 per litre at its 585-odd Reliance Fresh outlets, Rs 2 less than what competitors are offering, the reports suggested.
RIL would buy milk from 70,000 villages across
RIL runs retail outlets with a brand name ‘Reliance Fresh’. The firm is engaged in oil refining, producing and distributing plastic and intermediates, polyester filament yarn, fibre intermediates, polymer intermediates, crackers, chemicals, textiles. It is also into exploration and production of oil and natural gas.
Nitin Fire Protection gains on overseas acquisition
Nitin Fire Protection Industries gained 3.06% to Rs 455 at 10:13 IST on BSE after the company said on Friday, 4 April 2008, it has acquired 40% stake in Dubai based fire protection company New Age Company LLC.
The stock hit a high of Rs 464.90 and a low of Rs 455 so far during the day. The stock had a 52-week high of Rs 666.90 on
The company’s current equity is Rs 12.60 crore. Face value per share is Rs 10.
The current price of Rs 455 discounts its Q3 December 2007 annualized EPS of Rs 9.14, by a PE multiple of 49.78.
Nitin Fire Protection Industries’ net profit rose 100% to Rs 2.88 crore on 19.5% fall in net sales to Rs 7.16 crore in Q3 December 2007 over Q3 December 2006.
New Age Company LLC is a professional fire protection engineering company providing equipments. It provides fire protection system, fire detection system, emergency lighting system and water mist fire protection system.
Mumbai-based Nitin Fire Protection Industries is a leading end-to-end solution provider for fire protection, safety and security with capabilities in manufacturing, designing, engineering, commissioning and maintenance.
Post Market Commentary, 7-April-08
Banking, FMCG stocks lead 414-point Sensex surge
The 30-share BSE surged 413.96 points or 2.7% at 15,757.08. At the day’s high of 15,851.88, the Sensex rose 508.76 points in mid-afternoon trade. At the day’s low of 15,321.56 Sensex lost 21.56 points in early trade.
S&P CNX Nifty was up 114.2 points or 2.46% at 4,761.20.
Asian stocks nudged higher today,
Meanwhile, Securities and Exchange Board of India (Sebi) chairman C.B. Bhave today said the Sebi will hold a meeting with foreign funds and their custodians to discuss issues regarding the proposed margins imposed on institutional investors. Sebi had said last month that institutional investors will be required to pay a margin on trades executed in the cash market by the next day, effective from
As per the provisional figures on NSE, the foreign institutional investors (FII)s bought shares worth Rs 346.04 crore today
The market breadth was strong: on BSE 1556 shares advanced as compared to 1071 that declined. 57 shares remained unchanged.
Banking stocks galloped. ICICI Bank (up 5.97% to Rs 809.30), State Bank of
FMCG stocks spurted. United Spirits (up 4.34% to Rs 1,655.15), ITC (up 4.73% to Rs 210.30) and Hindustan Unilever (up 4.74% to Rs 253) edged higher.
IT stocks rose.
Reliance Industries rose 3.6% to Rs 2,405.70. As per reports, Reliance Industries is planning to enter into the rig manufacturing business besides investing $2.5 billion to enter into petrocoke gasification.
Reliance Communications rose 1.17% to Rs 506. It has reportedly formed a joint venture with a local firm to launch GSM mobile services in
ONGC rose 1.19% to Rs 1,017.85.ONGC Videsh (OVL), the overseas arm of Oil and Natural Gas Corporations (ONGC), will reportedly sign an agreement on
Friday, April 4, 2008
SEBI bans Bellary Steel for 5 yrs
Press Trust of
Market regulator SEBI on Friday banned Bellary Steels and Alloys along with three other entities and their directors from accessing capital markets for five years in a case involving issuance of duplicate shares.
The other entities which have been banned include SN Finance, Kodiganti Finance and Panchloha Hotel.
While issuing the order SEBI also directed Bellary Steels to cancel the duplicate shares lying in the demat account of Panchloha Hotel and take "appropriate steps... to recognize the valid shares pledged with the Karnataka State Financial Corporation (KSFC) in the books of the company/STA (share transfer agent)/depositories".
SEBI passed the order after investigating a complaint by KSFC in January 2006 that Bellary Steel has issued duplicate shares with the same distinctive numbers "with the malafide intention to cheat KSFC".
The regulator in its interim order on
Updated:
Cummins India Ltd (CMP Rs 307)
The company will spend Rs 100 crore in the current fiscal year to expand capacity for making more power generation and automotive engines. The capex will be funded through internal accruals and debt in a ratio of 70:30. With the increased capacity, the Cummins plans to make 600 engines of 5.9 litre capacity each per day as compared to 400 engines per day at present. These engines are used for automotive purposes. The company also plans to make 24 high-end engines of 38-50 litres capacity each per day against the 16 engines per day now, which are used for power generation.
US employers slash 80,000 jobs in March
4 Apr, 2008, 2201 hrs IST,
At the same time, the national unemployment rate rose from 4.8 per cent to 5.1 per cent, the clearest signal yet that the economy might already be shrinking.
The new snapshot of the job market, released by the Labor Department Friday, underscored the damage that a trio of crises in the housing, credit and financial sectors — has inflicted on companies, jobseekers and the economy as a whole.
"The labor market has indeed turned south," said Joel Naroff, president of Naroff Economic Advisors. "That was the one last bastion of hope to stay out of a recession. Now the question is how deep and how long will it last?"
The unemployment rate was the highest since September 2005, when significant job losses followed the devastating blows of
Job losses were widespread in March. Construction, manufacturing, retailing, financial services and various business services all racked up losses. That overwhelmed gains elsewhere, including in education and health care, leisure and hospitality as well as in government.
On Wall Street, stocks fell, with the Dow Jones industrials down more than 30 points in morning trading.
The new employment figures were much weaker than economists were expecting. They were anticipating a drop of 50,000 payroll jobs and the unemployment rate to rise to 5 percent.
The 5.1 percent rate, while relatively modest by historical standards, was the highest in 2 1/2 years.
Job cuts in both January and February turned out to be even deeper. Employers got rid of 76,000 in each month. The elimination of 80,000 jobs in March was the most since March 2003, when the labor market was still struggling to recover from the 2001 recession.
"We don't like to see one job lost, let alone 80,000," Commerce Secretary Carlos Gutierrez said in an interview with a news agency. "These are challenging times," he said. Gutierrez was hopeful that economy would turn around in the second half of this year given relief efforts by the government and the Federal Reserve. "We'll get through this."
The economy is suffering the effects of a housing collapse, a credit crunch and a financial system in turmoil. That's causing people and businesses to hunker down, crimping spending, capital investment and hiring. Those things in turn further weaken the economy in what has become a vicious cycle.
For the first time, Federal Reserve Chairman Ben Bernanke acknowledged Wednesday that the country could be heading toward a recession, saying federal policymakers are "fighting against the wind" in combating it. Many other economists and the public believe the recession already has arrived.
Bernanke wouldn't tip his hand about the Fed's next move. However, many economists believe the central bank will lower interest rates again when they meet later this month, and they said Friday's employment report would justify another reduction perhaps by half a point.
The Fed has taken a number of extraordinary actions recently — slashing interest rates, providing financial backing to JP Morgan's takeover of troubled Bear Stearns and opening an emergency lending program for big investment houses. All the actions are ultimately aimed at limiting damage to the national economy.
With a public on edge, Congress, the White House and presidential contenders are scrambling to come up with their own relief plans even as they engage in a political blame game.
In March, construction companies cut 51,000 jobs, factories eliminated 48,000 positions, retailers cut payrolls by more than 12,000. Professional and businesses services lost 35,000 jobs and temporary help firms cut nearly 22,000 jobs. Financial firms chopped 5,000 jobs.
When government hiring was removed, the numbers looked even worse. Private employers shed 98,000 jobs in March.
With the pace of hiring slowing down, the number of unemployed people increased to 7.8 million in March; workers with jobs saw only modest wage gains at the same time.
Average hourly earnings for jobholders rose to $17.86 in March, a 0.3 percent increase from the previous month. That matched economists' forecasts. Over the past 12 months, wages grew 3.6 percent. With lofty energy and food prices, workers may feel like their paychecks are shrinking.
Many analysts believe the economy shrank in the first three months of this year and could still be ebbing now. The government will release its estimate of first-quarter economic growth later this month. Under one rough rule, if the economy contracts for six straight months it is considered in a recession.
Bernanke and the Bush administration, however, are hopeful the economy will improve in the second half of this year, helped by the government's $168 billion stimulus package of tax rebates for people and tax breaks for businesses, as well as the Fed's rate reductions.
Still, even Bernanke predicted this week that the unemployment rate would rise in the months ahead. Some analysts say it could climb to 5.5 percent or higher by year's end.
Investors withdraw from bank stocks as inflation surges
Five banking stocks fell between 3.13% to 5.71% after the latest data showed a surge in inflation based the wholesale price index to a three year high of 7%.
The BSE Bankex was down 3.50% at 7,547.04. Kotak Mahindra Bank (down 5.71% at Rs 609), ICICI Bank (down 4.53% at Rs 752.20), Indian Overseas Bank (down 3.53% at Rs 128.50), Axis Bank (down 3.49% at Rs 719.50) and Bank of Baroda (down 3.13% at Rs 274.15), slipped.
Inflation based the wholesale price index rose 7% in 12 months to
Panoramic Universal slips after acquisition
Panoramic Universal declined 0.17% to Rs 60.35 at
The stock hit a high of Rs 62.25 and a low of Rs 59.10 so far during the day. The stock had a 52-week high of Rs 178 on
The company’s current equity is Rs 6.48 crore. Face value per share is Rs 5.
The current price of Rs 60.35 discounts its Q3 December 2007 annualized EPS of Rs 11.17, by a PE multiple of 5.40.
Panoramic Universal’s net profit rose 21.86% to Rs 3.62 crore on 11.71% growth in net sales to Rs 9.73 in Q3 December 2007 over Q2 September 2007.
The resort is located on the Panvel-Alibaug-Goa highway, the company said.
Recently, the company made a foray into the world travel and tourism by acquiring a controlling stake in Hi-Flyers Travel Services, which is a travel agency catering to premium corporate and high networth individual (NRI) clients
The company is engaged in software development and hospitality business.
Diamond Cables New order
Diamond Cables dropped 2.30% to Rs 322.20 at 13:54 IST on BSE despite securing an engineering, procurement and construction order for Implementation of Rajiv Gandhi Gramin Vidyutikaran Yojna in Mehsana and Patan districts of Gujarat.
The stock hit a high of Rs 336 and a low of Rs 321.15 so far during the day. The stock had a 52-week high of Rs 599.20 on
The company’s current equity is Rs 16.77 crore. Face value per share is Rs 10.
The current price of Rs 322.20 discounts its Q3 December 2007 annualized EPS of Rs 31.49, by a PE multiple of 10.23.
Diamond Cables’ net profit rose 75% to Rs 13.32 crore on 95.8% growth in net sales to Rs 126.96 crore in Q3 December 2007 over Q3 December 2006.
On
On
Diamond Cables manufactures wire products such as cables, conductors and wire rods.
BHEL trips after brokerage downgrade
Bharat Heavy Electricals slumped 7.07% to Rs 1631.70 at 13:31 IST on BSE after global investment firm JPMorgan Chase & Company reduced its share price estimate for the company to Rs 2,200 a share from Rs 2,850 earlier.
The scrip had touched a high of Rs 1781.40 and a low of Rs 1627.10 so far during the day. The stock had hit a 52-week high of Rs 2925 on
At the current price of Rs 1631.70, the scrip trades at a PE multiple of 25.87, based on Q3 December 2007 annualised EPS of Rs 63.07.
Bharat Heavy Electricals (Bhel) net profit rose 15.6% to Rs 771.90 crore on 14.4% rise in sales to Rs 4964.14 crore in Q3 December 2007 over Q3 December 2006.
The downgrade by JPMorgan on Bhel came after Bhel reported a profit below forecast for the year ended March 2008 on
Bhel on Thursday reported provisional turnover of Rs 21,608 crore, a 15.31% growth and provisional net profit of Rs 2,815 crore, a 16.56% growth in the financial year 2007-08 over 2006-07. The 16.56% growth in Bharat Heavy Electricals (Bhel)'s net profit in the year ended March 2008 over the year ended March 2007 as per the provisional results, was muted in the backdrop of a 38% growth in net profit achieved in the nine months ended December 2007 over nine months ended December 2006, raising concerns that the Q4 March 2008 results would be bad.
Bhel is engaged in manufacturing and distributing electrical, electronic, and mechanical and nuclear power equipment.
Siemens slides
Siemens slipped 0.73% to Rs 595.35 at
The stock hit a high of Rs 605 and a low of Rs 587.05 so far during the day. The stock had a 52-week high of Rs 1125 on
The company’s current equity is Rs 67.44 crore. Face value per share is Rs 2.
The current price of Rs 595.35 discounts its Q1 December 2007 annualized EPS of Rs 46.75, by a PE multiple of 12.73.
Siemens’s net profit rose 100.9% to Rs 197.05 crore on 17.7% growth in net sales to Rs 1,914.43 crore in Q1 December 2007 over Q1 December 2006.
Morgan Construction Company is a rolling mill specialist based in
Siemens manufactures and distributes switchgear items, electric motors and generators, switchboards, control boards, control systems and protection systems.
Indiabulls Real Estate new power project
Indiabulls Real Estate declined 0.18% to Rs 497.10 at 10:55 IST on BSE after the company said Indiabulls Power Generation has received letter of intent from Chhattisgarh State Electricity Board for setting up a thermal power project in Chhattisgarh
The stock hit a high of Rs 502 and a low of Rs 491.10 so far during the day. The stock had a 52-week high of Rs 847.80 on
The company’s current equity is Rs 48.17 crore. Face value per share is Rs 2.
The current price of Rs 497.10 discounts its Q3 December 2007 annualized EPS of Rs 68.35, by a PE multiple of 7.27.
Indiabulls Power Generation (IPGL) is a subsidiary of Indiabulls Power Services (IPSL), which in turn is a subsidiary of Indiabulls Real Estate.
Indiabulls Real Estate reported a net profit of Rs 410.04 crore on net sales of Rs 6.10 crore in Q3 December 2007. Figures of the corresponding previous year period were not available.
The company is engaged in construction and development of real estate. It includes promotion, construction, development and sale of townships, residential and commercial property.
Post Market Commentary-4-April-08
Sensex sheds 489 points on fears of monetary tightening by RBI
Data showing a surge in inflation to a three-year high spooked the market today. Banking stocks fell after concerns of possible Reserve Bank of
The 30-share BSE Sensex ended down 489.43 points or 3.09% at 15,343.12. At the day’s low of 15,303.04 Sensex lost 529.51 points in late trade. At the day’s high of 15,896.09, the Sensex rose 63.54 points in early trade.
S&P CNX Nifty was down 124.6 points or 2.61% at 4,647.
The market breadth was weak: on BSE 808 shares advanced as compared to 1823 that declined. 66 shares remained unchanged.
As per the provisional figues on NSE, foreign funds sold shares worth Rs 848.57 crore today
Meanwhile, the Bombay Stock Exchange (BSE) today launches the trading of Sensex-based futures on the US Futures Exchange (USFE) in
Stock-specific activity may rule the roost on the bourses in the near term depending on the guidance given by company managements for FY 2009 (year ending March 2009) at the time of announcing Q4 March 2008 results. IT bellwether Infosys Technologies kickstarts the earnings reporting season on
Thursday, April 3, 2008
Sujana Tower Promoters Convert 25 lakh warrants into equity at Rs 135
Sujana Tower
Sujana Towers Ltd (BSE 532887) has allotted 25,00,000 equity shares at a price of Rs 135 per share, to the Promoter Group against conversion of 25,00,000 warrants out of 80,00,000 warrants, which were allotted by the Company on October 23, 2007 by way of preferential allotment. The transaction was carried out on
The Resolution of October 23, 2007
Sujana Towers Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 23, 2007, inter alia, has passed the following resolutions:
1. Resolution for issue of Compulsorily Convertible Warrants of 80,00,000 of Rs 5/- each at a premium of Rs 135/- per warrant to the Promoters Group through Preferential Issue.
2. Resolution for issue of 8,00,000 Optionally Fully Convertible Debentures of Rs 100/- each to IFCI Ltd,
VW's Polo to be priced around Rs 4 lakh
Volkaswagen is expected to price its small car Polo above Rs 4 lakh, and is planning to import premium models Phaeton and Touareg from May.
Volkswagen will start production from its Chakan plant near Pune from January 2009. Joerg Mueller, president, Volkswagen
He added that Volkswagen has no plans to compete with existing small car brands like Maruti 800 or Nano. "We are developing Up in a completely different way, and the technology is totally different from the one being used by Indian brands. Up is just a concept car, and we won't launch it before 2012," he said.
Mueller pointed out that Jetta would be on the Indian roads from May-end or June. "We have priced Jetta between Rs 13 lakh and Rs 15 lakh, and it would be assembled at the
