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Thesynergyonline
Corporate Bureau NEW
DELHI, JULY 31 : The agreement was signed by Mr J S Saini, GM (Petrochemicals Marketing), GAIL and Mr Rakesh Kumar Kamra, Director (Finance), BCPL in presence of Mr Prabhat Singh, Director (Marketing), GAIL and Mri J K Singh Teotia, Managing Director, BCPL and other senior officials of both the organizations. According
to the agreement, GAIL will market 2,20,000 tonnes of High Density Polyethylene
and Linear Low Density Polyethylene along with 60,000 tonnes of Polypropylene
produced annually from the at BCPL plant at Assam. With this development, GAIL
will be marketing 7,80,000 MTs of polymers per annum by FY 2012-2013. Mr. Prabhat Singh, Director (Marketing), GAIL said that "with marketing of BCPL products, GAIL would be adding more than 50 per cent of the current volume and increase its spectrum of product offerings to customers by addition of polypropylene in its product portfolio." Adding further on the aspect of licensor's technology, Mr. Singh said that "the manufacturing process of BCPL products will add gas based process in polymer production wherein GAIL Petrochemicals already use the slurry and the solution processes." Mr J
K Singh Teotia, Managing Director, Brahmaputra Polymer and Cracker said that the
plant will be commissioned in year 2012 and soon the products will cater to the
North Eastern market creating opportunities in downstream sector and will positively
contribute in the socio economic development of the region. He said that GAIL's
petrochemical marketing network will definitely strengthen the market acceptability
of BCPL products. BCPL
will produce various ranges of polymers for different applications in sectors
such as packaging film, roto, injection, raffia, and blow moulding. This will
boost the supply of different end use products like water storage tanks, household
items, house-wares, crates, buckets and packaging materials, woven sacks for packaging
of fertilizers and cement, containers for edible oil and chemicals in the North
Eastern States. GAIL has a wide marketing network in Indias today and holds approximately
21 per cent share in polyethylene market. BCPL has placed purchase orders and the contracts of value over Rs. 3540 crore and the placement of remaining orders and contracts are being expedited. Civil and structural works for the main process units namely Ethylene cracker unit, Poly ethylene unit (HDPE/LLDPE), Poly propylene unit, C2+ extraction unit, Gas processing unit, Gas de-hydration unit and Gas sweetening unit have commenced. The total Capex incurred till the middle of July 2010 was about Rs. 4343 crore and total expenditure planned for FY 2010-11 is Rs. 2272.32 crore. (editor@thesynergyonline.com) TATA GLOBAL BEVERAGES INCOME FROM OPERATIONS UP 8% AT RS 454 CRORE Thesynergyonline
Corporate Bureau NEW
DELHI , JULY 31 : The operating income includes the performance of the Russian beverage company in which a 51 percent stake was acquired through a subsidiary in the quarter ended September 30, 2009. The company's earning per share (EPS) stands at Re +0.74 as against Re -0.32 and income from operations at Rs 454 crore, up by 8 percent. The
group consolidated net profit at Rs 46 crore is higher as compared to the loss
of Rs 20 crore in the corresponding quarter of the previous year as there is no
adverse translation impact on overseas subsidiary foreign currency assets. We
continue to increase investment in New Product Development to grow our beverage
portfolio. The company's profit after tax at Rs 36 crore reflects investment in new product activity and future growth in widening our beverage portfolio. (editor@thesynergyonline.com)
Thesynergyonline Corporate Bureau
The company’s board of directors has decided to offer 1:1 bonus shares to its shareholders. Additionally, Lavasa Corporation, HCC’s subsidiary, has obtained board approval for an IPO of up to Rs. 2,000 crore of fresh equity shares. Mr Ajit Gulabchand, Chairman and Managing Director, HCC, said, “Lavasa’s IPO will unlock its true value, thereby enabling HCC to be one step closer in realizing its vision of creating a hill city development in India which offers infrastructure better than that available in an average Indian city. This bonus is a show of gratitude to our shareholders who have shared this journey with HCC.” Lavasa’s
revenues during the quarter reached Rs. 181 crore, up by 94 percent, its EBT margins
are at 41 percent, with net profit at Rs. 49 crore, up by 87 percent. (editor@thesynergyonline.com)
'KESHUB’S RE-ELECTION AS CHAIRMAN, M&M A WELL THOUGHT OUT LEGAL PROCESS' Thesynergyonline Economic Bureau NEW
DELHI, JULY 30 : Delivering
his inaugural address at ASSOCHAM Organized National Conclave on ‘Corporate
Governance – Bringing Transparency in Corporate Sector’ here today Mr.
Khurshid further indicated that Department of Company Affairs has refrained from
taking a view on this issue, given the current public mood and opinion which is
supportive to such a distinguished industrialist. “I personally feel for
Mr. Mahindra” said, Mr. Khurshid adding that he must have obtained legal
opinion from distinguished lawyers for seeking his re-election as Chairman, Mahindra
& Mahindra which got an overwhelming response from his company’s shareholders.
The
Department of Company Affairs has distanced itself from taking a view on this
issue as yet, hinted Mr. Khurshid while responding to a query raised by one of
the members of ASSOCHAM on this matter. On
the issue of independent directors’ responsibilities in corporate India as
well as role of auditors, Mr. Salman Khurshid said that Parliamentary Standing
Committee has almost finalized the new company bill and will have details on all
ticklish issues vis-à-vis corporate governance and it would be an attempt
of the government to pass the bill as soon as possible for which the industry
has been awaiting for the last six years. The
minister remained non-committal on the issue of restricting a limit for corporates
to become independent directors as also rotating appointment of auditors in corporate
India since the Department of Company Affairs has yet to conclude a consultation
process in this regard. The
department is facing stiff resistance on placing a restriction on accepting assignments
as independent directors from Indian Inc. and after the consultation process is
complete, the government will come out with numbers as to how many independent
directors’ assignments one can take in corporate India, said Mr. Khurshid.
The
minister ruled out any possibility for rewarding fiscal incentives to promote
corporate governance within India Inc. saying that it is a matter which entirely
rests with Finance Ministry. He said that Department of Company Affairs has not
yet thought of making a recommendation for fiscal incentives for corporates to
propogate Corporate Social Responsibility (CSR) in their organizations as the
issue has the voluntary acceptance. (editor@thesynergyonline.com)
Thesynergyonline Corporate Bureau NEW
DELHI, JULY 30 : "We are shocked that the Commerce Ministry has once again started anti-dumping investigation and mid- term reviews based on misleading facts submitted by a large domestic manufacturer namely Jindal Stainless without discussing the matter with the critical segment of end-users of specific grade and size stainless steel including oil and gas, desalination, heavy equipment manufacturers, nuclear power, automotive, stainless steel pipe ,infrastructure and petrochemical industry," Mr V K Togadia, president , All India Stainless Steel Industries Association (AISSIA) . "Unfortunately the specific required dimensions of above 1250mm width in all grades of stainless steel are required for design safety, quality and these dimensions are not available in the domestic market nor manufactured by the complainant JSL. The manufacturer and end- users have been sourcing the stainless steel hot and cold- rolled products from global manufacturers including Outokumpu, Arcelor Mittal and Acerinox since many years, " says Mr P V Sundaram, vice president, GEI Industries . "The scope of HR products put under investigation by the Ministry of Commerce are presently not manufactured by sole petitioner Jindal Stainless as it has manufacturing capacity up to width of 1250mm and cannot offer widths beyond 1250mm in HR under any conditions. It is technically impossible for them to manufacture higher widths and the same has been notified by the Ministry of Commerce in the stainless steel CR case notification released in November 2009. The products which are beyond 1250mm in width should not be included in the investigations as these products are not being manufactured in India and do not affect the domestic manufacturer ," said Mr Prithviraj Hegde, M D, Crystal Engg, Mumbai " Within three months of anti- dumping notification by the government, there is a mid- term review initiated by DGAD again on behest of Jindals based on illogical submission by Jindals. The 1250mm width material has a tolerance levels of maximum 6mm but Jindals are advising and misleading DGAD to impose 50mm as the tolerance to suffocate the stainless wares export industry. This tolerance may be a local Jindal Haryana standard but surely not an international standard and we wonder what DGAD is trying to do by initiating such reviews which will kill the export markets for the thousands of end users in SME segment and protect the interests of Jindals. Can DGAD not consult Engineers India before playing with the fortunes of SMEs ?" said Mr Ramachandran, Secretary, Process plant Machinery Association of India (PPMAI) "Views and suggestions of industry and end - users of specific grade and size stainless steel not produced in India should be incorporated during investigation to defend the imposition of duties on products beyond 1250mm and other special grades which are not manufactured by the domestic industry. This will eliminate un-necessary harrassment to the engineering goods exporting companies, " added Mr N B Kulkarni from Toyo Engineering. (editor@thesynergyonline.com)
Thesynergyonline Corporate Bureau NEW
DELHI, JULY 29 : The
income from operations has gone up to Rs 191.09 crore for Q1 FY2011 as compared
to Rs 162.90 crore during the corresponding quarter in the previous year. The company has a judicious mix of drug formulations, and active pharma ingredients (APIs). It has 6 manufacturing plants in India located in Maharashtra, Uttarakhand and Himachal Pradesh. (editor@thesynergyonline.com)
Thesynergyonline Economic Bureau NEW
DELHI, JULY 29 : The
company's board also approved MRPL investment for single point mooring off Mangalore
coast also for Rs 1,044 crore. The company made five new discoveries in Q1FY'11,
two more in July' 10 . Sales revenue in Q1 2010-11 also declined by 8.1 percent to Rs 13,710 crore as against Rs 14,922 crore in Q1, 2009-10. In the financial year ended March 31, 2010 the company recorded sales revenue of Rs 60, 205 crore. Stepping up efforts to explore renewable energy like wind power the company's board has approved setting up of 102 MW wind farm in Rajasthan augmenting the 51 MW wind power project set up in Gujarat in 2008. The estimated investment for new project is approx Rs 650 crore. The project is expected to be commissioned by September 2011. The
company has enhanced coastal infrastructural facilities with board clearance of
the installation of SPM (Single Point Mooring) at New Mangalore Port. This will
enable MRPL to receive crude in VLCC (very large crude carrier) tankers. The same facility can also be used for receipt of crude for Indian Strategic Petroleum Reserves Limited (ISPRL) being set up by Government of India at Mangalore near the refinery. The estimated cost is Rs 1,044 crore with completion target of April 2012. Well defined equitable mechanism for subsidy discounts would ensure much higher commercial values , Mr Sharma added.
Thesynergyonline Corporate Bureau JAMSHEDPUR
, India, JULY 28 : Additionally,
the 'HR Leadership Award' was conferred on Mr Radhakrishnan Nair, Chief Human
Resource Officer (CHRO), Tata Steel, which was received by Mr Sujit Kumar Bhiuyan
of Tata Steel on his behalf. Mr
Nerurkar has been especially appreciated for his efforts in building Tata Steel
as an institution through organization development; leadership; innovation and
change management approach and a supreme objective of building future leaders.
(editor@thesynergyonline.com)
TATA ADVANCED SYSTEMS, AGT FLOAT JV FIRM Thesynergyonline Corporate Bureau NEW
DELHI, JULY 28 : Avana will deliver homeland security solutions tailored for the Indian threat environment and will leverage cutting-edge technology deployed globally by AGT to protect critical assets. Towards this, the new company proposes to deploy state-of-the-art solutions that include integrated hardware managed by very advanced data fusion techniques, which can collect, collate and analyze very large seemingly innocuous data to generate actionable, predictive intelligence for protection of various types of assets. Speaking on the occasion, Mr. Ratan N. Tata, Chairman, Tata Sons said “Homeland Security impacts the lives of every citizen and is an area where the Tata Group would like to make a meaningful contribution. Globally, technology is becoming a critical part of the security solution and will be increasingly relevant for our country.” Mr. Mati Kochavi, the founder and CEO of AGT, said: “I am delighted to join with Tata in India- one of the world’s greatest companies, in the world’s greatest democracy. It is a privilege to work with their leadership.” AGT’s products and services include the fusion of critical information from sensors, radars and cameras with data from other sources, filtered with sophisticated analytical tools to anticipate and detect threats and potential security breaches. The company’s cutting-edge solutions rely on several key platforms, including sophisticated data fusion, pattern recognition and data mining, to sift vast amounts of information and turn it into actionable intelligence. AGT combines these powerful technological tools with real-world operational expertise to create solutions that proactively predict, prevent, interrupt, or stop acts of terror and crime. (editor@thesynergyonline.com)
Thesynergyopnline Corporate Bureau NEW
DELHI, JULY 27 : The
offer marks divestment of 10 percent in EIL by the President of India acting through
the Ministry of Petroleum and Natural Gas. The offer is being made through 100 percent book building process wherein up to 50 percent of the net offer will be available for allocatoins on a proportionate basis to qualified institutional buyers (QIB) .Not less than15 percent of the net offer willl be available for non-institutional bidders and not less han 35 per cent of the net offer will be available to retail individual bidders . The
selling shareholder currently holds 90.40 percent of the pre- offer paid-up capital
of the company. The object of the offer is to carry out divestment of 34 lakh equity shares held by the selling shareholder wherein all proceeds of the offer will go the the selling shareholder. The company's toal income increased to at a CAGR of 47.28 percent from Rs 6,876.5 million for the year ended March 31, 2007 to Rs 21, 969.6 million in the year ended March 31, 2010 while its profit after taxation, as restated ,increased at CAGR of 47.31 percent from Rs 1,390.0 million in the year ended March 31, 2007 to Rs 4,443.4 million in the year ended March 31, 2010. In the quarter ended June 30, 2010 of the current fiscal the comopany recorded net profit of Rs 1,145 million as against net profit of Rs 942.2 million for the corresponding quarter ended June 30, 2009 for the previous fiscal.The net sales for the quarter ended June 30, 2010 was Rs 6,060.3 million as against Rs 3,914. 3 million for the corresponding quarter ended Juner 30,2009 for previous fiscal year. Commenting on the issue, SP Tulsian of sptulsian.com said, "There is no any harm even at the higher end because I will be factoring in 5 percent discount which is given to the retail investors. This translates into a price of Rs 274.50. With an expected EPS of Rs 15, I don't think there should be any complaint for a fair valuation of Rs 300. Post- FPO, you are unlikely to see the share price falling below Rs 300. So, retail investors can get the share even at upper end of Rs 290 which translates into a cost of Rs 274.50 for them. I think that is good price." "It
seems like the government has started taking pragmatic view to attract retail
investors and not rely merely on the handful of their PSU institutional investors
this time. If the same trend continues and if they are aggressive in taking a
little discount on the current market price or purely on fundamentals, then things
are looking good for the forthcoming PSUs. I don't think I have any complaint
for the FPO at the price band of Rs 270-290," he added.
(editor@thesynergyonline.com) WOCKHARDT
GETS US FDA APPROVAL FOR GENETRIC VERSION OF TOPROL XL® Thesynergyonloine Corporate Bureau NEW
DELHI, JULY 24 :
'PRIVATE LABEL' PRODUCTS OF AIOCD ENTER MARKET
Given
the expected increase in demand of pharmaceuticals from the society and in view
of the standard of the government to give importance to generic medicines, pharmaceutical
dealers from all over the country had asked the AIOCD company to bring 'Private
Label' products in the market on the field of generic products. In
continuation of the same, the All Indian Origin Chemists & Distributors company
has initiated its ambitious steps. In the first stage the company starts distribution
in 15 states with 100 products. The product range will be increased gradually
as per the demand of pharmaceutical dealers. A demonstration of these products was started at Hotel Fortune in Navi Mumbai on 15th July, 2010. On this occassion, office bearers of AIOCD and MSCDA association and many big names from pharma sector, also knowledgeable people of generic products were present. The spokesman of the company expressed his opinion that compared with other products the attractive packing, quality, rate of the product's of AIOCD Ltd. are qualitative. (editor@thesynergyonline.com)
Thesynergyonline
Economic Bureau NEW
DELHI, JULY 15 : Inaugurating ASSOCHAM organized '2nd International Meet on Corporate Social Responsibility: Innovation-Ressurction-Sustaneance' here today Mr. Bandyopadhyay said that the DCA would like India Inc. to adopt CSR as a part of its corporate culture and that such a culture cannot be developed with reward of incentives. At least for a year or so, the government would closely monitor the CSR initiatives of Indian industry which has to voluntarily adopt CSR, failing which, the DCA in consultation with Planning Commission and other statutory bodies may make CSR a mandatory exercise, which as of now is left to voluntary discretion of Indian industry, clarified Secretary DCA. The
review of existing CSR guidelines would happen in wider consultation with all
concerned stakeholders for which the DCA would invite suggestions and even criticism
and accommodate their logical conclusion in the new guidelines which are likely
to be unveiled in next few months, said Mr. Bandhyopadhyay. Speaking
on the occasion Member, Planning Commission, Mr. Arun Maira said that industry
associations like ASSOCHAM ought to discipline it's member and constituents for
adoption of CSR initiatives as intended by government. The industry associations
thereafter, suspend the membership of their members in case they fail to implement
the CSR guidelines as desired and directed by the government, said Mr. Maira.
In
his welcome address ASSOCHAM Education Committee Chairman, Mr. Vinay Rai said
that after the government unveiled CSR guidelines about a year ago, philanthropy
activities of Indian industry have gone up as almost every corporate house has
allocated some budget for it. In his remarks Chairman and MD, Raheja Developers,
Mr. Navin M. Raheja who heads ASSOCHAM Real Estate Division also aired similar
views which were endorsed by Secretary General, ASSOCHAM, Mr. D.S. Rawat. Later
on, speaking on the occasion, Mr. Rajat Banerji, Leader - Environment & Sustainability
Services, Deloitte said the Global Community today demands greater transparency
on issues related to corporate performance on non-financial parameters, such as
social upgradation, environmental protection, resource usage, product responsibility,
etc. Whereas tools to measure and compare the financial performance of organizations
have constantly evolved, there is perhaps no comparable mechanism that can be
used, presently in the Indian context atleast, to measure the various elements
of non financial parameters, which not only serve as performance benchmarks but
also guide future decision making in the backdrop of growing socially responsible
behavior towards the environment. It is therefore essential that we work towards
devising a widely acceptable rating mechanism that is both effective and easy-to-use.
Through
this process organizations that demonstrate greater social and environmental responsibility
should ideally be incentives through financial (access to loans, tax incentives,
etc.) and non-financial (e.g. national awards) means so that such behaviors are
encouraged and perpetuated. Given the seriousness of the national and international debate on socially responsible and environmentally conscious behavior it may become equally important to examine the nature of fines or penalties to be levied in time, for non-conformance. Either way the time is right to develop an appropriate mechanism that will help mainstream the reporting of non-financial parameters that can be scaled and replicated across all levels, for the benefit to society as a whole, he added. (editor@thesynergyonline.com) RE/MAX, FRANCHISE INDIA TIE UP TO OPEN PROPERTY SHOPS IN 26 CITIES Thesynergyonline Corporate Bureau
The
announcement was made by Mr. Gaurav Marya, President, Franchise India and Mr.
Sam Chopra, Director, RE/MAX India at a press briefing. RE/MAX and Franchise India
will be opening 25 co-branded One-Stop Realty outlets across India. Starting with
4 offices in the Delhi NCR Region, the partnership will witness a PAN India presence
by 2012. . Mr.
Gaurav Marya, president, Franchise India said," This strategic alliance is
in line with our vision of emerging as the most trusted consultant for thousands
of prospective entrepreneurs who have unique space requirements - one of the pre-requisites
of starting a business. We always wanted to provide 360 degree business solutions
to all our brand partners. With the inclusion of real estate brokerage into our
business solutions portfolio we have further fortified our service offering." He
further added, "The tie-up will help both the companies optimise their business
potential. We propose to offer real estate brokerage services to cities and businesses
across India on a need and demand basis." Mr. Sam Chopra, Director- RE/MAX India said, "We feel privileged to bring Franchise India on board as an Institutional Partner; with about 100 offices in India, we are well placed to meet the real estate requirements of this huge retail segment. As Organized Entrepreneurship moves from Metros to Tier 2 & Tier 3 cities, it will also help our rapidly growing network of offices to emerge as a preferred real estate solution provider among these brands and their franchisees." (editor@thesynergyonline.com)
Thesynergyonline Corporate Bureau
NEW
DELHI, JULY 09 : BHEL has been awarded the recognition for the 5th successive year, having earlier won the awards for the years 2005, 2006, 2007 and 2008. An
independent jury headed by the former Chief Justice of India, Mr. J.S. Verma unanimously
selected BHEL in the Public Manufacturing Large Organisation category, and its
units namely Electronics Division and Electroporcelains Division at Bangalore
and other units at Jhansi; Haridwar, Ranipet and Trichy in various other categories,
for the Awards for 2009.
Thesynergyonline Corporate Bureau
The
issue would constitute 36.55 percent of the fully diluted post-issue paid- up
capital of the company. The equity shares are proposed to be listed on the Bombay
Stock Exchange and the National Stock Exchange of India. Out of the total equity float, at least 50 percent of the net issue shall be allocated to Qualified Institutional Buyers on a proportionate basis out of which 5 percent shall be available for allocation on a proportionate basis to mutual funds only. Further, not less than 15 percent of the net issue shall be available for allocation to Non-Institutional Bidders and on a proportionate basis and not less than 35 percent of the net issue shall be available for allocation to retail individual bidders. (editor@thesynergyonline.com) OVER RS. 40,000 CRORE QIPs ON CARDS - ASSOCHAM, SMC CAPITALS Thesynergyonline Economic Bureau NEW
DELHI, JUNE 06 : The
study conducted by SMC Capitals and ASSOCHAM reveals that 50 companies have already
taken their board and shareholder approvals to raise the projected amount for
the stated purpose, prominent among whom include - Tech Mahindra , Essar Oil,
Omaxe , Ansal Properties and Infrastructure , Max India, Core Projects & Technologies
, JSW Steel , Spice Mobiles . and Hotel Leela Venture. The study team was led
by Mr. Jagannadham Thunuguntla, Head of Equity Division in SMC Capitals and co-chairs
Capital Market Committee in ASSOCHAM. These
companies are likely to go in for QIP for respective amount of Rs. 1033.60 crore,
Rs. 9704.00 crore, Rs. 1800 crore, Rs. 1500 crore, Rs. 450 crore, Rs. 1250 crore,
Rs. 4853 crore, Rs. 700 crore and Rs. 600.34 crore, points out the study. Still,
other significantly important corporates that propose to choose QIP route to retire
their expensive debts and raised capacities consist of: Puravankara Projects.
- Rs. 750 crore, Anant Raj Industries - Rs. 2000 crore, Pyramid Saimira Theatre.-
Rs. 500 crore, Lok Housing & Constructions - Rs. 400 crore, S.Kumars Nationwide.
- Rs. 360 crore, Radhe Developers India. - Rs. 500 crore, Sunteck Realty. - Rs
500 crore, Ispat Industries - Rs. 500 crore, JBF Industries. - Rs. 300 crore and
Bank Of Rajasthan. - Rs. 250 crore. Other companies are also in the QIP pipeline
which will raise capital below Rs. 200 crore limit, further reveals the study.
The
reason as to why QIP route is being chosen by corporates is also because capital
markets look to be more stable as far as Indian corporates are concerned. In the
QIP route, capital is raised by prompting swift transactions and it is one reason
corporates plan to retire their debts to make their balance sheet less leveraged.
The study also points out that the first reason is that the QIPs have very limited regulatory restrictions. In case of an IPO, FPO (Follow on Offering) or any other fund raising mode, it would take about four-five months whereas in the case of a QIP everything can be wrapped up in a matter of four-five days. Naturally,
corporates and investors were looking what is the easiest and the quick way to
cashi in upon the secondary market revival. So, the obvious answer was QIP because
all the formalities can be wrapped up in very short span of time because Sebi's
approval is not required. Second,
if some investor tries to go and buy the shares in the open market, the problem
will be impact cost. For example, Unitech's QIP was for about US$ 325 million.
So, if somebody goes out and buys in the open market, it may end up running up
the cost and ending up as an impact cost. Naturally, they have preferred a QIP
route where they will get a guaranteed allotment. Third,
in case of QIPs, when compared to a preferential allotment, there is no lock-in
period. This, probably is the single most factor to make QIP instrument such a
popular mode of fund raising, even better than the preferential allotment. It's
because, in case of preferential allotment, there is a one-year lock-in. Fourth,
in case of a preferential allotment, the price at which the preferential allotment
has to be done is the average of six months or two weeks - whichever is higher.
However, in the case of a QIP, the pricing is the average of the last two weeks.
(editor@thesynergyonline.com)
Thesynergyonline Corporaote Bureau NEW
DELHI, JULY 01 : The project titled "Amulya Dharohar", under the aegis of Archaeological Survey of India, aims at protection and upliftment of famous historical 'Ahom' monuments like Rong Ghar, Kareng Ghar, Talatal Ghar and Group of Maidams at Charaideo. As a responsible corporate citizen, ONGC has taken up the aspirations of the local people in this regard, and is extending the entire financial support to ASI for comprehensive maintenance and conservation of these monuments. The MoU was signed by Mr. D.R. Gehlot, Joint Director General of ASI and Mr A B Chakraborty, Chief CSR, ONGC in the presence of Mr R S Sharma, CMD, ONGC and others from ONGC and ASI. Referring to ONGC's major oil and gas production operations in Assam since 60s Mr. Sharma said, "ONGC's proactive stand on giving back to the society is visible in its various CSR initiatives. The MoU signed with the ASI to preserve the heritage sites at Sibasagar is indicative of our aim to maintain and preserve the culture and heritage of the local community who toil for the Nation". "I am sure that the financial support of ONGC will not only help ASI to properly maintain and beautify these heritage sites, it will add value in community development through flourishing tourism," commented Mr. Sharma. On this occasion, ONGC also signed another MoU with National Culture Fund (NCF) to replace the existing plastic case with toughened glass case around the Chariot at the entrance of National Museum, New Delhi. This project is being undertaken with the NCF and is scheduled for completion before the Commonwealth Games, 2010. . (editor@thesynergyonline.com)
Thesynergyonline Corporate Bureau
ItzCash
card with its tie-up with Municipal Corporation of Delhi (MCD) has facilitated
the residents of Delhi in paying their property tax online. This year the online
transaction is expected to witness a surge for approximately Rs 8 crore from Rs.6
crore last year. BILL SIMON ELEVATED TO PRESIDENT AND CEO OF WALMART US Thesynergyonline Corporate Bureau BENTONVILLE,
Ark., JUNE 30 : Castro-Wright, who will also continue to serve as vice chairman, and Simon will report directly to Walmart president and CEO Mike Duke. Simon will assume his new responsibilities immediately. Castro-Wright will be transitioning through August 1. "As we continue to become a truly global company and address the business challenges of a rapidly changing world, it is clear that Global.com and Global Sourcing are critical to our future growth and success," Duke continued. "We are fortunate to have someone as strategic and knowledgeable as Eduardo leading the teams to drive these initiatives forward at a faster pace. Appointing him to this role demonstrates our commitment and the importance we assign to these areas and to building the next generation Walmart, while also allowing Eduardo to relocate to California to be with his family during his wife's illness." "Eduardo has made extraordinary contributions to Walmart U.S. over the past five years, and many contributions are still to come," said Duke. "He is a visionary thinker who has strengthened our overall business and built a foundation that positions us well for the future. Eduardo has developed a strong team and led improvements in many of the ways we serve our customers." "Bill is a strong leader who has made a positive difference from his first day at Walmart," added Duke. "He's been responsible for successfully running more than 3,700 stores and leading 1.3 million associates in the U.S. Bill transformed the customer experience at Walmart through faster service, a friendlier shopping environment and cleaner stores. He also helped develop and launch our game-changing $4 prescription drug program and has continued to drive innovation and improvement throughout Walmart U.S. He is a talented strategist and an excellent people manager with strong execution skills." "Eduardo has been a terrific mentor to me," said Simon, "and I am honored to take on this new role. My goal is to partner closely with our suppliers and build on the successes of our strategy over the last several years. Together we will bring a sense of urgency in the areas that matter most for the continued growth of our business - increasing customer traffic, ensuring our product assortment is even more relevant, and never ever giving an inch on price leadership. We know our customers are counting on us now more than ever in these challenging economic times and we're committed to delivering for them." "I am excited to take on this new role to help drive the next generation of value creation for Walmart and to be closer to my family," said Castro-Wright. "I am committed to building the leading global e-commerce and multi-channel business and to truly leveraging our global sourcing to deliver value for our customer." "I can't think of anyone more qualified than Bill to take the Walmart U.S. business to new heights," continued Castro-Wright. "He is an exceptionally capable leader who understands our customer and our business and is dedicated to our associates in our stores." Castro-Wright will be relocating to the West Coast and will work from the company's Global.com office in California. Simon, most recently chief operating officer, joined Walmart U.S. in March 2006 from Brinker International, where he was senior vice president of global business development and was responsible for the growth of the company's restaurant portfolio outside the United States. Prior to Brinker, he served as Secretary of the Florida Department of Management Services, appointed by then-Governor Jeb Bush. He was responsible for the state's operations and administrative functions, including health care benefits, human resources, the Florida retirement system and facilities management. He is also a retired officer from the U.S. Navy and Navy Reserves after 25 years of service. . (editor@thesynergyonline.com)
Thesynergyonline Corporate Bureau SOUTHFIELD,
Michigan , JUNE 26 : The facility houses approximately 300 employees including engineering, sales, purchasing and other administrative activities, as well as powertrain dynamometers, vehicle and braking test cells, and an array of laboratory equipment required to develop and test new technology. “China is and will continue to be a strategic market for the automotive industry and for Federal-Mogul,” said President and Chief Executive Officer José Maria Alapont. “Our new Asia Pacific Headquarters and Technical Center will enable us to increase technical support to powertrain and vehicle customers, offering on-site advanced technology development and product engineering in addition to state-of-the-art testing. Federal-Mogul’s significant investment in this region will ensure we grow our capability to provide leading technology and innovation for local and export markets,” said Alapont. The Technical Center, which Federal-Mogul constructed in one of China’s rapidly growing industrial centers, is one of the company’s 18 globally-networked engineering and technical centers, enabling the company to create value for its customers through innovative technology that achieves product leadership at a competitive cost. The facility’s engineers will develop advanced technology and product engineering and will conduct a variety of tests on powertrains and vehicle products and components for customer programs. Federal-Mogul’s global technical center network is focused around leading product and process competencies, working interdependently on many customer powertrain programs and vehicle platforms. The company , in addition to the Asia Pacific Headquarters and Technical Center, has seven plant operations in China, employing 2,000 people and manufacturing all major products from its global portfolio for original equipment and aftermarket customers. Federal-Mogul has two facilities in Shanghai; two in Qingdao; one in Anqing; one in Nanchang and two in Wuhan. The company develops and manufactures a variety of leading products, including pistons and rings, valve seats and guides, bearings, seals, head gaskets and ignition for both gasoline and diesel powertrains, together with vehicle braking and friction materials, chassis components and systems protection products, serving the world’s foremost original equipment manufacturers and the global aftermarket industry. “Federal-Mogul is expanding our presence in Asia Pacific, especially in China, because we believe in the long-term growth prospects of the increasingly sophisticated Chinese automotive market and other regional markets. We continue to implement actions to strengthen the company’s strategy to generate sustainable global profitable growth,” said Alapont. (editor@thesynergyonline.com) THDC INDIA SIGNS MOU WITH GOVT OF BHUTAN Thesynergyonline Corporate Bureau
NEW
DELHI, JUNE 24 : The MoU was signed by Mr R.S.T. Sai, CMD, THDC India and Mr Yeshi Wangdi, Director General, Royal Govt. of Bhutan in the presence of Mr Satish C Mehta, Jt. Secy. (North) Ministry of External Affairs, Mr D.V. Singh, Director Technical, THDC and Ms. Kalayani Mishra, Dy. Secy., Ministry of Power Govt. of India alongwith other Officials of Ministry of External Affairs and Royal Govt. of Bhutan. Bunakha Project is a part of the Govt. of India's initiative of developing 10,000 mw of hydro power in Bhutan by year 2020.
THDC
has also been assigned the responsibility of updation of DPR of Sankosh Multipurpose
Project (4060 MW) in Bhutan. THDC has already established a full fledged office
in Phuentsholing, Bhutan and two offices each in Bunakha and Sankosh project sites. The company aims at contributing towards the Indo-Bhutan co-operation in hydro development.(editor@thesynergyonline.com) BHEL, SHEFFIELD FORGEMASTERS, UK, SIGN TECH TRANSFER PACT Thesynergyonline
Corporate Bureau
NEW
DELHI , JUNE 23 : The knowledge transfer package was signed in the presence of Mr Vilasrao Deshmukh, Union Minister of Heavy Industries and Public Enterprises, Government of India; Mr. B.S. Meena, Secretary, Department of Heavy Industry, Ministry of Heavy Industries and & Public Enterprises; Mr. B.P. Rao, Chairman & Managing Director, BHEL and Mr. Graham Honeyman, Chief Executive, Sheffield Forgemasters and other dignitaries. The 10-year partnership to develop power generation forgings in the sub-continent will see transfer of specialist technology and engineering knowledge from the Sheffield-based manufacturer to BHEL.
Mr. B.P. Rao, CMD, BHEL said on the occasion that, "We are delighted to be working with Sheffield Forgemasters on this exciting project and the agreement will prove vital in supporting the power generation equipment manufacturing strategies of BHEL. Forgemasters is a world renowned company and we have always admired the high standard of work they do. We are all looking forward to initiating what I'm sure will be a wonderful project for both companies”, he added. Mr. Graham Honeyman, CEO, Sheffield Forgemasters, said, ‘This arrangement with BHEL is a great step forward and reinforces an already strong trading partnership between Forgemasters and India”. The official launch of the trade agreement was marked by a visit to Sheffield and a tour of the Forgemasters’ plant by the high-level Indian delegation and the BHEL management. (editor@thesynergyonline.com)
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AIL
(India) and Brahmaputra Cracker and Polymer Limited (BCPL) have entered into an
agreement for marketing all the petrochemical products produced from Bramhaputra
Cracker and Polymer Limited at Lepetkata, Assam. 
ATA
Global Beverages ( formerly Tata Tea ) registered consolidated total operating
income on standalone basis for the the fist quarter of fiscal 2010-11 at Rs. 1380
crore, up by 7 percent over the corresponding quarter of the previous year 2009-10
, reflecting the continuing impact of price increases and acquisitions offset
by adverse exchange rate movements and impact of phasing of promotional sales
in key markets. 
HE
capital goods manufacturing companies which export process plants from India have
expressed shock at frequent anti-dumping investigations initiated by ministry
of commerce against imports of stainless steel hot- rolled sheets and coils in
grade 304 as well as starting a new mid- term review on cold rolled products originating
from European Union, South Korea, Taiwan, the US , China and South Africa.
HE
net profit of Elder Pharmaceuticals on standalone basis has gone up to Rs 18.87
crore for the first quarter ended June 2010 (Q1 FY2011) as against previous year’s
quarter at Rs 11.48 crore , a jump of 64 percent. The earning per share (EPS)
on a non – annualized basis works out to Rs 10.01.
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