Corporate News
- Zenith Birla - Limited Review for the quarter ended Dec 31, 2007
- S.Kumars Nationwide - Updates on Demerger
- Mahindra Forgings - Grant of Options
- ICICI Bank setting up branch in New York
- ICICI Bank deploys Informatica data integration platform
- ICRA signs MoU with State Bank of Travancore
- Berger Paints India to increase authorised capital
- Mahindra Forgings grants stock options
- Filmcity Media to increase authorised capital
- BGR Energy receives Turnkey BOP contract for Rs 7930 million
- GE Company contracts to sell two double hull medium range product tankers
- Reliance Industries strikes eighth gas discovery in block NEC - 25 in Mahanadi Basin
Zenith Birla - Limited Review for the quarter ended Dec 31, 2007
Zenith Birla India Ltd has informed that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:
"Cost of finished goods and goods under process at Tools Division of the Company is determined using the retail method whereby the cost is computed by reducing from the sales value of the inventory, the global gross margin. This method is not in accordance with Accounting Standard 2 (AS-2) on 'Valuation of Inventories' issued by the Institute of Chartered Accountants of India. The impact of this on the profit for the period is not quantifiable."
S.Kumars Nationwide - Updates on Demerger
S.Kumars Nationwide Ltd has informed that the Honorable High Court of Bombay has passed an order on February 22, 2008 for Demerger of Retail Business of the Company into "Brandhouse Retails Ltd".
The certified copy of the said order is awaited from the Court.
Mahindra Forgings - Grant of Options
Mahindra Forgings Ltd has informed that the Remuneration / Compensation Committee at its meeting held on February 26, 2008 has granted 4,03,000 options under the Company's Employee Stock Option Scheme to certain eligible employees of the Company.
Details of the options granted are as follows:
- a. Number of options granted at exercise price of Rs 83/- per option: 3,91,000 Options.
b. Number of options granted at exercise price of Rs 197/- per option: 12,000 options.
- Number of ordinary shares covered under the option granted : 4,03,000 equity shares of Rs 10/- each.
- Vesting period : Minimum one year from the grant of options.
- Exercise period : Within a period of five years from the date of vesting.
The Remuneration / Compensation Committee considered and approved the Grant of Options to the employees which shall vest in four installments in the following manner:
- 25% of the total number of Options granted on February 26, 2009.
- 25% of the total number of Options granted on February 26, 2010.
- 25% of the total number of Options granted on February 26, 2011.
- 25% of the total number of Options granted on February 26, 2012.
The grants have been made as per the terms and conditions of the Company's Employee Stock Option Scheme.
ICICI Bank setting up branch in New York
ICICI Bank, India's largest private sector bank, is setting up its first branch in the US, in New York, on Feb 29. ICICI Bank got approval last October from the US Federal Reserve to convert its representative office in New York to a full-fledged branch. The branch will engage in wholesale banking business, including trade financing and factoring services to US-based subsidiaries of Indian firms. Mumbai-based ICICI Bank has consolidated total assets of about $115 billion (Rs.4,589.5 billion) as of Dec 31, 2007, and a market capitalisation of over $30 billion. The bank's international presence currently spans 19 countries and includes three wholly owned subsidiaries in Britain, Russia and Canada, offshore banking unit in Singapore, an advisory branch in Dubai International Finance Centre, branches in Bahrain, Sri Lanka, Hong Kong, Belgium, Qatar, Germany and representative offices in China, UAE, Bangladesh, South Africa, Indonesia, Thailand and Malaysia.
ICICI Bank deploys Informatica data integration platform
Informatica Corporation, the leading independent provider of data integration software, declared that India's second-largest bank, ICICI Bank has fully implemented a Informatica PowerCenter solution that will help ICICI bank to gain access to information accurately and quickly. PowerCenter's scalability, automation, and flexible delivery capabilities have enabled ICICI Bank to meet the business demands for up-to-date, accurate information in their data warehouse. A team of Informatica professional services consultants and ICICI Bank software developers designed, tested, and deployed PowerCenter to extract source data from disparate systems, including ATM and Internet transactions, loans, and bonds.
PowerCenter has given it the capability to make changes swiftly and improve its flexibility to respond to new data demands from business or IT as they arise. Banks and insurance companies are among Informatica's largest customers in India and worldwide, as the dependency on information is critical in the financial sector. The deployment of PowerCenter has greatly improved ICICI Bank's ability to ensure the integrity of data and minimize errors as compared to the previous manual scripting aapproach, which suffered error-handling issues. Satisfied by the developer productivity and ETL performance gains realized through the PowerCenter deployment, ICICI Bank officials are now looking to extend the Informatica data integration platform to more thoroughly leverage the power of business information across the enterprise.
ICRA signs MoU with State Bank of Travancore
ICRA and State Bank of Travancore have signed a MoU under which ICRA will assign ratings to the bank's loans and its other exposures under the standardized approach of RBI's new capital adequacy framework for basel-II.
ICRA's ratings for the standardized approach would be carried out under its line of credit rating service and would enable State Bank of Travancore to assign the new risk weights applicable to its borrowers under basel-II. The risk weights would be linked to the various rating categories and would be as per RBI's basel II guidelines.
To assist potential and existing of borrowers of State Bank of Travancore in obtaining ratings, ICRA is offering special terms to the clients of State Bank of Travancore. The MoU between ICRA and State Bank of Travancore would assist the bank in implementing RBI's new capital adequacy framework under basel-II.
The company made this announcement during the trading hours today, 26 February 2008.
Berger Paints India to increase authorised capital
The board of Berger Paints India has decided to increase the authorised capital of the company from Rs 650,000,000 to Rs 750,000,000 divided into 375,000,000 ordinary shares of Rs 2 each.
Further, the board has decided to issue upto 20,000,000 warrants on a preferential basis to the promoters / promoter group of the company with a right exercisable by the warrant holders to subscribe to the equity share of the company on the basis of one fully paid equity share for one warrant.
This was decided at the board meeting held on 26 February 2008.
Mahindra Forgings grants stock options
The committee of Mahindra Forgings has granted 4,03,000 options under the company's ESOS to certain eligible employees of the company.
These options were granted at the committee meeting held on 26 February 2008.
Filmcity Media to increase authorised capital
The board of Filmcity Media has approved to increase the authorised capital of the company from Rs 11,00,00,000 consisting of 11,00,00,000 shares of Re 1 each to Rs 30,00,00,000 consisting of 30,00,00,000 shares of Re 1 each.
The board has approved to raise funds through issue of GDR / ADR / FCCB to the tune of US$ 10 million.
The board has appointed Abhishek Palaparthy as additional director of the company to hold office till the conclusion of next general meeting.
Further, the board has accepted the resignation of Deepak Patel from the board with immediate effect.
This was decided at the board meeting held on 26 February 2008.
BGR Energy receives Turnkey BOP contract for Rs 7930 million
BGR Energy Systems has received a letter of intent from Andhra Pradesh Power Generation Corporation (APGENCO) whereby APGENCO has awarded a contract for Rs 7930 million for design, engineering, manufacture, procurement, supply, delivery, testing at manufacturer's works, transportation to the site, storage, construction, erection, testing at site and commissioning of balance of plant including civil works for the 500 MW kothagudem stageVI (1 x 500 MW) unit XI.
The company made this announcement during the trading hours today, 27 February 2008.
GE Company contracts to sell two double hull medium range product tankers
Great Eastern Shipping Company has contracted to sell two of its double hull medium range product tankers 'Jag Panna' (37,145 dwt) & 'Jag Payal' (37,159 dwt). The vessels will be delivered to the buyers during Q1 FY 2010.
These vessels, classified as Ice class 1A, were acquired by the company in Q4 2006-07. The decision to sell these vessels was made in order to realign the fleet mix. Meanwhile, the company's new building order book comprises 12 vessels aggregating 0.85 million dwt (4 LR 1 product tankers aggregating 0.30 million dwt & 8 dry bulk carriers aggregating 0.55 miillion dwt).
The company's current fleet stands at 47 vessels, comprising 34 tankers (12 crude carriers, 20 product carriers, 2 LPG carriers) and 13 drybulk carriers (1 Capesize, 2 Panamax, 1 Supramax, 6 Handymax, 3 Handysize) with an average age of 10.7 years aggregating 3.14 million dwt.
The company made this announcement during the trading hours today, 27 February 2008.
Reliance Industries strikes eighth gas discovery in block NEC - 25 in Mahanadi Basin
Reliance Industries has announce yet another gas discovery in NEC-OSN 97/2 (NEC-25) block located in the NEC-Mahanadi offshore basin, off the Orissa coast in Bay of Bengal. This shallow water block covering an area of 10,755 sq km in water depths ranging between 20-600 m was awarded under the bidding round of NELP I. RIL holds 90% participating interest (PI) and NIKO (NELPIO) holds 10% of PI in the block.
This is the eighth discovery in the block. RIL had earlier struck six consecutive commercial discoveries in this block, for which the development plan has been submitted to the directorate general of hydrocarbons (DGH) for approval.
The well NEC 25-JI was drilled with the objective of exploring upper Miocene slope sands in the deeper part of the block. This well was drilled at a water depth of 478 m to the target depth of 2926 m. For the first time in this basin, the well encountered high quality multi-darcy gas bearing reservoir sands in the interval 2484 - 2495.5 m based on the interpretation of the wire-line logs. Subsequently, the presence of gas in the above interval was confirmed by carrying out modular dynamic testing (MDT).
This discovery, named 'Dhirubhai-40' has been notified to Government of India and DGH. RIL is currently evaluating the potential commercial interest of the discovery through additional data collection and analysis.
This discovery establishes the hydrocarbon potential towards the deeper part of NEC-Mahanadi Basin and opens up more acreage for further hydrocarbon exploration efforts.
The company made this announcement during the trading hours today, 27 February 2008.
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