Following are the important business news carried by leading financial dailies on Tuesday Nov. 20, 2012.
Polaris Financial Technology to allocate USD 100 mn for acquisitions
Polaris Financial Technology is planning to allocate USD 100 million (around Rs 5,492.5 million) to acquire two to three product companies in next four years, as part of its new plans to double its current revenue within the period. The company is looking at a new phase of growth, which it terms as Polaris 4.0, which would focus on doubling the current revenues in the next four years. As a part of this pursuit, the company would continue to identify its core assets that will contribute to fuel Polaris 4.0 growth. Inorganic growth strategy will play an important role, and be backed by rationalization of existing portfolio between core and non-core assets, said the senior company official.
Titan aims to log Rs 10 bn profit before tax this fiscal
Watchmaker Titan Industries is aiming to clock a profit before tax of Rs 10 billion this fiscal and plans to spend about Rs 2 billion in retail as well as manufacturing initiatives. Besides, the company also plans to launch its e-commerce website in January to tap the growing demand from online-shoppers, Titan Industries Managing Director Bhaskar Bhat said adding the portal should contribute Rs 1 billion of revenue in the next three years.
Atul Auto net up 23%, to double capacity at Rajkot plant
Domestic three wheeler-makers Atul Auto reported a 23% jump in its net profit at Rs 62.1 million in September quarter driven by an increased penetration of dealership network and said it plans to double the capacity at Rajkot plant by year end. "Our current capacity stands at 24,000 units per annum which we will scale up to 48,000 units by year-end or January next year," Atul Auto director Vijay Kedia said.
Sahara moves SAT against market regulator Sebi
Sahara Group moved the Securities Appellate Tribunal against market regulator Sebi, seeking more time to submit documents related to about three crore investors in the case involving two group companies. Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL) have approached the tribunal.
Essar Shipping adds two vessels to its fleet
Essar Shipping (ESL) said it has added two more vessels to its operating fleet, taking its tonnage to two million tons (MT). "These latest addition to Essar Shipping's growing fleet, MV Kishore and Ashok, are MiniCape vessels which are 253 metre long, 43 metre wide and a cargo capacity of 105000 dwt," the company said in a statement.
Reliance Cap in talks to sell 26% in general insurance arm
Financial services major Reliance Capital group has begun talks to sell 26% equity in its general insurance arm to a foreign partner, and is open to selling further stake in life insurance and mutual fund units. "We are in talks for sale of 26% stake in general insurance business to a foreign strategic partner," Reliance Capital CEO Sam Ghosh told PTI in an interview.
NALCO halts operations at bauxite mine
State-run National Aluminium Co (NALCO) has suspended operations at its only bauxite mine in Odisha as its mining LEASE has expired, Ansuman Das, chairman and managing director said on Monday. The disruption at Panchpatmali mine in the Koraput district of Odisha, which has a deposit of more than 310 million tons of bauxite, is expected to have no immediate impact on its alumina refinery, as NALCO will apply for a temporary permit to resume mining, Das said.
PTC India to raise USD 40 million from IFC
PTC India Financial Services (PFS) will raise around USD 40 million from International Finance Corporation (IFC) to fund various wind power projects, which can generate around 75-125 MW of power in the southern states and Maharashtra. PFS has been categorised as an Infrastructure Finance Company by the Reserve Bank of India, and is focused on funding projects across the energy value chain in India.
Zuari to set up USD 800 mn fertilizer plant in the UAE
Fertiliser maker ZUARI Industries has signed a memorandum of understanding to set up an USD 800 million manufacturing facility in the United Arab Emirates. The plant in Ras al Khaimah will produce one million tonnes of diammonium phosphate fertilizer a year when it comes onstream, Zuari's adviser on the deal, Alpen Capital, said in a statement on Sunday.
Honda Motorcycle recalls CBR 250 R motorcycle
Honda Motorcycle and Scooter India (HMSI) has announced the recall of the CBR 250R Standard variant motorcycle. The recall is for 11,500 units of CBR 250R Standard variant manufactured in India between March 2011 and September 2012. In a statement, the company said there was a possibility of limited ineffectiveness in the front brake application, though this did not impact the overall braking functionality and effectiveness of front and rear brakes under normal riding conditions.
HPCL to commission Rajasthan refinery ahead of Ratnagiri facility
Hindustan Petroleum Corporation has decided to put Rajasthan ahead of Maharashtra in its refinery commissioning dates. The original plan was to get in place a nine million tonne facility in Ratnagiri (called the Maharashtra Refinery) by 2016 whose capacity would be doubled in due course of time. HPCL now believes it makes more sense to fast-track the more recently planned Rajasthan refinery where ONGC (Oil and Natural Gas Corporation) is its ally.
Gamesa bags order from PSU for 56 wind turbines
Gamesa Wind Turbines India has bagged an order from SJVN, a ‘mini-ratna’ central public sector undertaking, for the supply of 56 wind turbines of 850 kW capacity each, totaling 47.60 MW. The order comes with a 10-year ‘operations and maintenance’ services contract. Sources have told Business Line that the order, excluding the service contract, is worth around Rs 3 billion.
Bank of Maharashtra targets minimum 50% growth in bottomline
Bank of Maharashtra is targeting a minimum 50% growth in net profit in the current financial year, a top official of the bank said. "We are targeting a minimum 50% growth in net profit (in 2012-13). There will be substantial growth in the profit, we have already reached Rs 3.06 billion by September 30, 2012," Bank of Maharashtra chairman and managing director Narendra Singh told.