Micromax To Expand Its Reach In New Markets
Country’s youngest and fast-growing mobile phone manufacturer Micromax has set its eyes on new international markets. Company has a well-laid expansion plan towards international markets. It has a plan to expand its reach to markets like Russia and South Africa. As highlighted in the International Data Corps latest report, the company has a market share of 22 per cent in India. Focussing on increasing its footprint in other foreign markets, the company also plans to set up a manufacturing plant in the country. Recent fluctuation of rupee has triggered the plan of setting up of a manufacturing unit, as the company still imports from China.
ADB To Provide $500 Million For Renewable Energy
The Asian Development Bank (ADB) will provide $500 million to build a power transmission system needed to deliver clean electricity from wind and solar power projects in Northwest India to the state and national grids. The funds comprise a $498 million multi-tranche financing facility including funds from the concessional Clean Technology Fund, and a further $2 million in technical assistance grant that finances infrastructure planning for the Bhadla Park, Rajasthan, transmission system studies and a community development plan to set up solar power electricity and clean water equipment for small communities. The government of Rajasthan and state transmission utilities will provide counterpart financing of about $300 million
NBCC Hands Over Dividend Cheque
Anoop Mittal, CMD, National Building Construction Corporations Ltd. (NBCC), presented a dividend cheque of Rs. 40.50 crore to Kamal Nath, Minister for Urban Development and Parliamentary Affairs. Established as a Government of India Enterprise in the year 1960, National Buildings Construction Corporation Ltd. (NBCC), under the Ministry of Urban Development, Government of India, is a Schedule’A’ Mini Ratna Company. The company is designated as the implementing agency for executing projects under Jawaharlal Nehru National Urban Renewal Mission (JNNURM), Pradhan Mantri Gram Sadak Yojna (PMGSY), and Solid Waste Management (SWM). Due to vast experience and quality of services rendered by NBCC, a number of central government ministries and various state governments are utilising the services of NBCC as their extended engineering arm.
PFCL Pays The Highest Dividend
Jyotiraditya Scindia, Minister of State for Power (independent charge), received a cheque of Rs. 97.30 crore from M K Goel, CMD, Power Finance Corporation Ltd. (PFCL), towards final dividend for the financial year 2012-13. By giving this cheque, PFCL has paid dividend of Rs. 681.10 crore to Government of India for the financial year 2012-13, which is an all-time high dividend. Government of India holds 73.72 per cent of the paid-up capital of the company and the balance 26.28 is held by institutions and public.
Blackberry Registers $965 Million Loss
Struggling BlackBerry reported a net loss of $965 million for the second quarter ended August 31, 2013. BlackBerry follows March-February as fiscal year. While the company went through necessary changes to create a best business model for its hardware business, it continues to see consumer confidence, through increasing penetration of BES 10. In terms of revenue, BlackBerry receives 49 per cent from its hardware business, 46 per cent from service and 5 per cent from software and other revenues. It cancelled its second quarter earnings conference call and webcast owing to the letter of intent agreement between BlackBerry and Fairfax Financial Holdings on $4.7 billion offer by Prem Watsa led firm to acquire BlackBerry.
ONGC Impresses With Fy-13 Performance
Post its 20th Annual General Meeting (AGM) at New Delhi on September 25, 2013, Oil and Natural Gas Corporation (ONGC) interacted with the media to share the highlights and developments. In 2012-13, ONGC accreted the highest ultimate reserves of 84.84 Million Tonnes of Oil Equivalent (MTOE) from domestic acreages (with 22 discoveries)—the highest in last 22 years. The Reserve Replenishment Ratio (RRR—ratio of reserves accrued to production) is over 1 for the 8th consecutive fiscal, compared to the global average. ONGC achieved the highest-ever turnover of Rs 82,552 crore, 8.4 per cent higher than FY-12. The dividend pay-out ratio improved in FY-13 to 45.06 per cent (with tax) and 38.84 per cent (without tax). The total dividend is 190 per cent, amounting to Rs 8,128 crore, plus dividend tax of 1,319 crore.
NTPC Pays Total Dividend Of Rs. 4741.16 Crore
National Thermal Power Corporation (NTPC) Limited paid a total dividend @ 57.5 per cent of its paid-up capital for the financial year 2012-13, amounting to Rs. 4741.16 crore. The shareholders of the company approved a final dividend of 20 per cent, including a special dividend of 12.5 per cent, amounting to Rs. 1649.09 crore at the 37th Annual General Meeting of the company. A cheque of Rs. 1236.82 crore to Government of India, being the share of Government of India, was presented by Shri Arup Roy Choudhury, CMD, NTPC, to Shri Jyotiraditya Scindia, Union Minister of State for Power (Independent Charge), in the presence of Shri PK Sinha, Secretary (Power) and other senior officials from Ministry of Power and NTPC.
UBI Ties Up With Religare Health
Religare Health Insurance inked a corporate agency agreement for distribution of health insurance products with Union Bank of India. Union Bank currently has a tie-up with New India Assurance for distribution of general insurance products and Star Union Dai-ichi Life Insurance for life insurance products.“Union Bank has become the first public sector bank to enter into a tie-up for distribution of insurance products of a standalone health insurer, Religare Health Insurance,” Union Bank of India Executive Director SK Jain said. Religare Health, which was launched in 2012, has an in-house claims settlement team. At present, the standalone health insurer is servicing about six lakh policyholders.
JET Receives Default Notice
International Lease Finance Corporation (ILFC) has slapped a default notice to Naresh Goyal promoted Jet Airways for non-payment of rentals. Jet is negotiating with the US-based ILFC and is hoping to reach an amicable settlement. According to some reports, Jet has been served notice for non-payment of rentals of its six Boeings 737. The Jet Group has 115 planes, both narrow-body and wide- body aircraft, a majority of them are leased. The airline has reported a net loss of Rs. 355.38 crore in the last quarter and is pinning hopes on Rs. 2,058-crore deal with Etihad, national airline of United Arab Emirates, to overcome its financial problems.
BPCL-Videocon Finds Oil In Brazil
Videocon industries and state-owned oil major Bharat Petroleum Corp Ltd. recently announced finding more than a billion barrels of oil in a Brazilian off-shore field. It is one of the biggest global discoveries of the year. Government-owned Petroleo Brassileiro SA and IBV Brasil (a 50:50 joint venture of BPCL and Videocon) made the discovery off Brazil’s north-eastern coast and announced that SSEAL-11 exploration block has large reserves of petroleum products. The announcement resulted in 6 per cent rise in share prices at the Bombay Stock Exchange last week.