The three-day strike by Maharashtra petrol pump dealers has been called off. The agitation was in protest against the higher sales tax levy on petrol and diesel in the state. The decision was taken after the state government promised to cut sales tax on diesel soon. If and when the plan is implemented, diesel will cost less by Rs2 to Rs4 per litre while petrol prices are likely to remain unchanged.
Larsen & Toubro Ltd. is planning to spend Rs20bn on its proposed shipbuilding facility. The project will be finalised in January. The company is looking at locations in Andhra Pradesh, Gujarat, Maharashtra and Tamil Nadu.
Tata Tea Ltd. has hiked the price of packet tea by Rs4 to Rs6 across all its brands, except Agni, to pass on the higher input costs. This is the second price hike by Tata Tea in the current calendar year after January. Separately, the company is planning to launch a brand in the next two months. Tata Tea will also launch the country’s first branded green tea in bags.
ICICI OneSource, the BPO arm of ICICI Bank has changed its name to FirstSource. FirstSource also plans to tap the capital market. The company will launch an Initial Public Offering (IPO) of 95.6mn equity shares of Rs10 each through a 100% book-building issue. The offer comprises a fresh issue of 60mn shares and an offer for sale of 35.6mn shares by ICICI.
Siemens Ltd. announced its results for the quarter and year ended September 30, 2006. The company has posted a profit after tax of Rs1.37bn for the quarter ended September 30, 2006 as against Rs1.04bn in the same quarter last year. For the reporting quarter, total income (net of excise) is Rs15.63bn versus Rs10bn for the quarter ended September 30, 2005.
Hindustan Zinc Ltd is planning to enter into the wind power generation business. The company is in the process of setting up a 75 MW wind power plant in Gujarat or Karnataka and will invest Rs4bn for the same. The company also announced plans of investing Rs7.77bn into a de-bottlenecking project comprising of enhancing the zinc metal production capacity by 88000 MT at its smelters, installation of balancing equipments at mines and setting up of additional 80 MW captive power plant.
Kinetic Motors will acquire the entire Supa undertaking / business of Kinetic Engineering Ltd on Slump sale basis for Rs535mn. The business consists of 38 acre land situated at Ahmednagar, Maharashtra, Buildings, dies and moulde, plant & machinery and other related assets. Kinetic Motor will fund the acquisition through issuing preference shares for up to Rs300mn and will pay the balance in cash to Kinetic Engineering