Commodity markets are markets where raw or primary products are exchanged. These raw commodities are traded on regulated commodities exchanges, in which they are bought and sold in standardized Contracts. This page focuses on the latest news and current debates regarding global commodity markets. It covers physical product (food, metals, electricity) markets but not the ways that services, including those of governments, nor investment, nor debt, can be seen as a commodity. Articles on reinsurance markets, stock markets, bond markets and currency markets cover those concerns separately and in more depth. One focus of this page is the relationship between simple commodity money and the more complex instruments offered in the commodity markets. http://www.indian-commodity.com/ News/Breaking_News/Business_and_Economy Indian Commodity.com en-us Sat, 22 Aug 2009 17:10:24 +0530 news@indian-commodity.com Sat, 22 Aug 2009 16:47:58 +0530 news@indian-commodity.com http://www.indian-commodity.com/images/indian-commodity-logo.gif http://www.indian-commodity.com/ Daily Indian Finance Industry Stock News Updates - covering IPO, Equity, Mutual Funds, Commodity Market, Corporate News, Board Meetings 144 25 Turbotech Engineering Limited has informed that a meeting of the Board of Directors of the Company will be held on August 25, 2009, inter alia, to transact the following: 1. To consider the option for increase of Authorized Capital of the Company. 2. To fix the date and time for convening an Annual General Meeting and to approve draft notice of the same and to authorize any director or any other person to issue the notice convening the Annual General Meeting http://www.indian-commodity.com/board-meeting/Turbotech-Engineering-Board-Meeting-On-August.aspx 7257B495-31FA-4E72-8C61-8FCD36B1CA02 Sat, 22 Aug 2009 17:07:34 +0530 Kappac Pharma Limited has informed that a meeting of the Board of Directors of the Company will be held on August 25, 2009, inter alia, to consider following items: 1. To consider the option for increase of Authorized Capital of the Company. 2. To fix the date and time for convening an Annual General Meeting and to approve draft notice of the same and to authorize any director to issue the notice convening the Annual General Meeting http://www.indian-commodity.com/board-meeting/Board-Meeting-On-Kappac-Pharma.aspx 3E71BBDE-F419-40FF-AD4A-04B598349837 Sat, 22 Aug 2009 17:06:50 +0530 GEI Industrial Systems has acquired 1843850 equity shares of GEI Power, aggregating to 82.17% of its paid up share capital at a price of Rs 70.50 per share. Pursuant to aforesaid acquisition, GEI Power has become a wholly owned subsidiary of the company. The company made this announcement on 22 August 2009 http://www.indian-commodity.com/corporate/GEI-Power-Becomes-Wholly-Owned-Subsidiary-Of-GEI-Industrial-Systems.aspx 63B939CE-63BE-4F69-9CFB-89EC1826FC6A Sat, 22 Aug 2009 17:06:20 +0530 Dolphin Medical Services Limited has informed that the Board of Directors of the Company at its meeting held on August 21, 2009, inter alia, has considered the following: 1. Ratified the agreement made between the Company and M/s. Dr. Lal Path Labs Pvt. Ltd for lab operations at Vijayawada. 2. As the Warrant holders holding 32,25,000 warrants did not exercise their option to convert their warrants in to equivalent number of equity shares within the period of 18 months, the Board forfeited the amount of Rs 32,25,000/- already paid at the rate of Rs 1.00 on each warrant issued to them on February 20, 2008 http://www.indian-commodity.com/board-meeting/Board-Meeting-Of-Outcome-On-Dolphin-Medical.aspx E887D31A-E327-4824-89AB-B1E3AC515EF5 Sat, 22 Aug 2009 17:05:49 +0530 The board of Money Matters Financial Services has appointed Pawan Bansal, Raj Narain Bhardwaj, Bidhubhusan Samal and Vishwanath Prasad Singh as additional directors. The board has accepted the resignation of Purushottam Srinivasan, Pawankumar Varma, Sanjay Khemani as directors of the company. The board has accepted resignation of Suresh Gattani as whole time director. This was decided at the board meeting held on 21 August 2009. http://www.indian-commodity.com/corporate/Money-Matters-Financial-Services-Appoints-Additional-Directors.aspx 6B324EEB-CA86-4054-AF8C-81E1C55A58D1 Sat, 22 Aug 2009 17:05:17 +0530 The Sensex on Monday, August 17, slumped over 4% due to worries of poor rains amid weak global markets. Realty, metal, auto,oil & gas and banking stocks were badly hit. It opened with a loss of 127.40 points, at 15,284.23 on discouraging global cues. As the day progressed, the index fell sharply below the 15,000 mark as stocks were reeling under pressure. Even opening of negative European markets supported the sentiment. Indian markets made a smart recovery on August 20, Thursday helped by encouraging global markets. Investors gained confidence in Chinese market on speculation the recent plunge in the market was excessive given the economic and earnings outlook, boosting confidence in global indices. The Sensex on Friday, August 21, ended on a positive note as realty, auto and IT space lifted the index up by over 200 points. India`s inflation rate stayed in negative terrain for the 10th week, despite food prices rising amid a widening drought. Annual inflation declined 1.53% for the week ended August 8 after dropping 1.74% the previous week, according to the Wholesale Price Index. U.S. Initial jobless claims unexpectedly rose last week a government report showed on Thursday. Initial claims for state unemployment insurance benefits rose 15,000 to a seasonally adjusted 576,000 in the week ended August 15 from 561,000 the prior week, the Labor Department said. Oil prices stayed firm above the USD 70 mark putting prices near the highest level of the year again. Rising equity markets and a weaker dollar offset expectations the economic slowdown will curb energy demand. The U.S. Energy Department reported on August 19 that crude inventories last week fell 8.4 million barrels to 343.6 million barrels, contrary to analyst expectations for a rise of 1.2 million barrels. Mid-cap stocks lost 44.49 points, or 0.79%, to 5,559.32 in the week. While small-cap shares gained 50.41 points, or 0.79%, to 6,462.98 during the week. Major gainers over the week in the sectoral indices were Capital Goods gained 1.09%, Power 0.10%. Metal dropped 3.89%, Oil & Gas fell 3.74%, HC lost 2.49%, Realty declined 2.40%, and BSE Conusmer Durables went down 1.75% among major losers in the sectoral indices over the week. Leaders in 30-share index were Housing Development Finance Corporation (5.24%), Bharat Heavy Electricals (4.38%), Maruti Suzuki India (2.93%), HDFC Bank (2.74%), and Mahindra & Mahindra (1.65%) over the week. On the other hand Tata Motors (7.34%), Reliance Infrastructure (6.57%), ACC (6.46%), Reliance Capital (5.79%), and Tata Steel (5.29%) were the major laggards in the Sensex over the week. http://www.indian-commodity.com/top-news/Sensex-Loses-Over-170-Pts-During-The-Week.aspx E0D5E748-8EF3-4562-8232-C99824ACD328 Sat, 22 Aug 2009 16:54:06 +0530 New Delhi: Heavy rains on Friday brought the capital to a halt once again. But this time it wasn't just trees and traffic that took a hit. Delhi International Airport Limited's brand new domestic terminal was dealt a big blow as 40 minutes of rain and strong winds ripped the roof of the new swanky airport terminal 1D. The terminal built to weather even earthquakes and cyclones came crashing down in the storm and the management was forced to swing into action to ensure passengers were not inconvenienced. "We called the contractor urgently. They alongside our team is reviewing the situation to understand actually how this has occurred. We are trying to ensure that people can get to the flights as quickly and as safely as possible. Passengers are being provided with free refreshment and beverage facilities," said Andrew Harrison, CEO of DIAL. But owners of stalls within the airport were clearly unhappy about the mess. "The stores are flooded and our merchandise has been damaged. But at such times we are concerned about the safety of people," William Bissel, Owner of Fab India, said. Barely a few weeks back, the same terminal roof had sprung leaks during heavy rain.. With a far bigger problem this time around, civil aviation authorities have threatened strict action against airport contractor GMR. http://www.indian-commodity.com/top-news/GMR-Under-Scanner-After-Delhi-Airport-Roof-Collapse.aspx A489A6B8-1D81-44DB-960B-6E2C34F73AF1 Sat, 22 Aug 2009 16:55:03 +0530 Railway Minister Mamata Banerjee held what could be described as her first durbar with the industry on Friday. And it was a proactive, time- bound, robust agenda for development that she presented. In the backdrop of a fast-changing political situation, representatives from big, medium and small industrial houses listened, putting forward carefully worded questions. At the end of the two-hour interactive session, it looked as if many had shaken off their initial hesitation. What Banerjee promised was 1,12,000 acres of land, ready for development under various templates announced in the railway budget — multi-functional stations, cold chains, infrastructure projects, power projects, wagon manufacturing unit, ancillary industry and others. The land is already under the Railways’ land bank. “Just come out, take over and do it,” said Banerjee, inviting the industry to show some urgency. “I am impatient, I want change. You can’t take 1,000 years to do things, we are not going to survive that long.” For many, it was a throwback to Chief Minister Buddhadeb Bhattacharjee’s adage of “do it fast” at the beginning of his second term in 2006. If that was not convincing enough, Amit Mitra — the former FICCI president appointed as the chairman of a committee of experts on Railways — was there to bolster her arguments. “All that had been announced will be very much deliverable,” Mitra said, “believe me, there are low hanging fruits”. The minister was impatient and had set a 15-day deadline, Mitra said. “So, look at your time-frame and make the best of it http://www.indian-commodity.com/top-news/Mamata-Says-Tata-To-Singur-Woos-Industry.aspx 7C027734-27D1-4BF9-896F-92A005D59D61 Sat, 22 Aug 2009 16:55:44 +0530 Every expulsion has an equal, perhaps ever bigger reaction. This is certainly true for Jaswant Singh and his new book, Jinnah: India-Partion Independence. Launched on August 17, the book has become a bestseller in India. Bahri Sons' Anuj Bahri says, "The sales of this book were good because of the Jinnah controversy, but the real boost came when Jaswant Singh was expelled." Some would say Jaswant Singh, the author, has benefited at the expense of Jaswant Singh, the politician. But what's perhaps equally ironic is that the harder BJP tries to shun the debate on the book, the more popular it gets. The hardcover version has already gone into its eighth print It is estimated the book will sell around 40,000 copies by the end of this first week The publisher, Rupa, has also confirmed demand orders from UK and US NRIs, particularly from the Gujarati community Ironically, while Gujarat has been the first state to ban the book - largely because of Chief Minister Narendra Modi - Gujaratis all over the world are now getting more curious about the book, all the way from Ahmedabad to London. The book has also sold over 1,000 copies in the market across the border. The fact that a book on Jinnah has been penned by a senior politician from a saffron party has proved to be its USP in Pakistan. Author of The Sole Spokesman, Ayesha Jalal says, "Jaswant Singh was a member of the BJP. That is something new and is making people curious about the book. Otherwise what he has said in the book is nothing new." It seems as if the sales figures are something the BJP needs to do more chintan (brainstorming) about. http://www.indian-commodity.com/top-news/Jaswant-Book-To-Bestseller-Slot-Of-Expulsion-Project.aspx 6DEAF509-883D-4F5C-8F24-03B35C9C30AD Sat, 22 Aug 2009 16:56:25 +0530 JSW Energy is planning to come out with its initial public offering in the next two months. The company wants to raise about Rs 3,000 crore to fund its expansion plans to some extent. "Provided we get the necessary regulatory approval, we may come out with an IPO in the next two months," JSW Group CFO Seshagiri Rao said. Previous week the company had filed for the Draft Red Herring Prospectus (DRHP) with SEBI to hit the capital market. Normally, the market regulator takes 30 days to permit for the initial public offer (IPO), he said, adding "subject to that JSW Energy may come out with the offering." Previously, the company had deferred its plans to come out with an IPO due to the weak market condition on the back of the global financial crises. http://www.indian-commodity.com/ipo/JSW-Energy-To-Come-Out-With-IPO-In-Two-Months.aspx 65E670A9-DEE2-40F0-9682-A144697A691C Sat, 22 Aug 2009 16:56:59 +0530 Jindal Cotex will come out with its initial public offer on August 27. Meanwhile, the textile company has fixed the price band for the issue at Rs 70-75 per share to raise around Rs 94 crore. The funds of the coming issue would be mainly used for entering technical textile space through investment in wholly-owned subsidiaries Jindal Medicot and Jindal specialty Textiles. The company would issue 1.24 crore shares for public subscription. At the upper price band the company expects to gain Rs 93.40 crore while at the lower price band it hopes to raise Rs 87.17 crore. Up to 50 per cent of the issue would be allocated to Qualified Institutional Buyers, according to a release. http://www.indian-commodity.com/ipo/Jindal-Cotex-Fixes-Price-Band-For-Issue-At-Per-Share.aspx B7644F51-D341-405B-9096-053DEC5F1476 Sat, 22 Aug 2009 16:57:35 +0530 Fidelity Mutual Fund has decided to revise the exit load structure for Fidelity Equity Fund, Fidelity India Special Situations Fund, Fidelity International Opportunities Fund, Fidelity India Growth Fund and Fidelity Flexi Bond Fund – Institutional Plan. The change will take effect from 24 August 2009. Accordingly, for redemption within 1 year from the date of allotment or purchase applying first in first out basis, the exit load charge will be 1% of applicable NAV. http://www.indian-commodity.com/mutualfunds/Fidelity-Mutual-Fund-Change-Egress-Pack-For-Various-Schemes.aspx CAA22A49-BA5F-4994-8BFD-8FB4FBFA7E30 Sat, 22 Aug 2009 16:58:03 +0530 With a premium of 5% over its issue price of Rs 100, Adani Power got listed at Rs 105 on the Bombay Stock Exchange while in early trade; the shares of Adani Power touched a high of Rs 107.90, up 8% over the issue price on BSE. However, on the NSE, the scrip opened at Rs 108 and increased by 10% to a high of Rs 110 whereas the scrip remained one of the top traded counters in terms of volume in morning trade with over 2.32 crore shares changing hands on the bourses. Moreover, the electricity-generating unit of Adani Enterprises plans to deploy Rs 2,193 crore of the issue proceeds for funding its projects, while the balance would be employed for general corporate purposes. However, it had come out with an initial public offer (IPO) last month gathering demand of nearly 22 times the shares on offer and rose over Rs 3,000 crore. http://www.indian-commodity.com/ipo/Adani-Power-Lists-Through-A-Premium.aspx ADC50531-0007-48DB-BD7C-96A20EBEF1B8 Sat, 22 Aug 2009 16:58:30 +0530 Principal Mutual Fund has announced changed in exit load structure for the following schemes, with effect from 24 August 2009. Principal Income Fund & Principal Income Fund – Short Term Plan (Regular & Institutional Plan): The revised exit load charge will be Nil. Principal Monthly Income Plan & Principal Monthly Income Plan-MIP Plus: The revised exit load charge for the scheme will be 1%, if redeemed on or before 1 year from the date of allotment. Principal Large Cap Fund, Principal Resurgent India Equity Fund, Principal Services Industries Fund, Principal Dividend Yield Fund, Principal Growth Fund, principal Emerging Bluechip Fund, Principal Child Benefit Fund, Principal Balanced Fund, Principal Global Opportunities Fund: The revised exit load charge for the scheme will be 1%, if redeemed on or before 1 year from the date of allotment. Principal Index Fund: The revised exit load charge for the scheme will be 1%, if redeemed on or before 30 days from the date of allotment. http://www.indian-commodity.com/mutualfunds/Principal-Mutual-Fund-Revises-Exit-Load-Structure-For-Various-Schemes.aspx B6450B3C-5D63-43DF-A9E6-7D929BDF4951 Sat, 22 Aug 2009 16:59:02 +0530 Redington India Limited has informed that the ESOP Equity Share Allotment Committee of the Directors of the Company has considered and approved, on August 21, 2009, the allotment of 46,500 (Forty Six Thousand Five Hundred Only) equity shares of Rs 10/- as follows: (a) 27,830 equity shares each at a premium of Rs 120/- per equity share; and (b) 18,670 equity shares each at a premium of Rs 155/- per equity share. pursuant to exercise of options granted under Redington (India) Limited - Employee Stock Option Plan, 2008 http://www.indian-commodity.com/equity/Redington-India-Allotment-Of-Equity-Shares.aspx 4B93F0E6-B3E9-481F-8007-1F88ACF8F977 Sat, 22 Aug 2009 16:59:51 +0530 Fortis Mutual Fund has decided to revise the exit load structure for various schemes as given below, with effect from 24 August 2009. Fortis Equity Fund, Fortis Opportunities Fund, Fortis Dividend Yield Fund, Fortis Future Leaders Fund, Fortis China-India Fund: The exit load charge will be 1% if redeemed/switched out within 1 year from the date of subscription/ switch in. If redeemed/switched out after 1 year from the date of subscription/ switch in, the exit load charge will be nil. Fortis Flexi Debt Fund – Regular Plan: The exit load charge will be 0.75% if redeemed/switched out within 6 months from the date of subscription/ switch in. If redeemed/switched out after 6 months from the date of subscription/ switch in, the exit load charge will be nil. http://www.indian-commodity.com/mutualfunds/Fortis-Mutual-Fund-Announces-Various-Schemes.aspx 060B19AF-F23B-488D-921C-F6713B0C1B0C Sat, 22 Aug 2009 17:00:23 +0530 NCL Industries Limited has informed that the authorized sub-committee of the Board at its meeting held on August 21, 2009, has approved allotment of 11,17,652 equity shares of Rs 10/- each at a premium of Rs 35/- per equity share to the warrant holders amongst the promoter / promoter group on Preferential Allotment basis upon exercise of their right for conversion of 11,17,652 warrants. Consequently the paid up capital of the Company has increased to 34937335 equity shares of Rs 10/- each. With this allotment, now there are no Warrants outstanding for conversion. http://www.indian-commodity.com/equity/NCL-Industries-Allotment-Of-Equity-Shares-On-Conversion-Of-Warrants.aspx E3968AF3-D923-4349-AC99-A46A94C21EB5 Sat, 22 Aug 2009 17:00:44 +0530 Canara Robeco Mutual Fund has proposed to change the exit load structure for various schemes, with effect from 24 August 2009. Canara Robeco Infrastructure, Canara Robeco Emerging Equities, Canara Robeco Equity Diversified, Canara Robeco Balance: For all investments amounts in lump sum, the exit load charge will be 1%, if redeemed/switched out within 1 year from the date of allotment. The exit load charge will be nil if redeemed/switched out after 1 year from the date of allotment. For all investments amounts in SIP/STP, the exit load charge will be 1%, if redeemed/switched out within 2 year from the date of allotment. The exit load charge will be nil if redeemed/switched out after 2 years from the date of allotment. Canara Robeco Equity Tax Saver: For all investments amounts in lump sum/ SIP/STP, the exit load charge will be nil. Canara Robeco Nifty Index: For all investments amounts in lump sum/ SIP/STP, the exit load charge will be 1%, if redeemed/switched out within 1 year from the date of allotment. Canara Robeco Dynamic Bond Fund: For all investments amounts in retail & institutional plan in lump sum, the exit load charge will be nil. Canara Robeco Income: For all investments amounts in lump sum/ SIP/STP, the exit load charge will be 0.5%, if redeemed/switched out within 6 months from the date of allotment. Canara Robeco Gilt PGS: For all investments amounts in lump sum/ SIP/STP, the exit load charge will be 0.5%, if redeemed/switched out within 6 months from the date of allotment. Canara Robeco CIGO: For all investments amounts in lump sum/ SIP/STP, the exit load charge will be 1%, if redeemed/switched out within 1 year from the date of allotment. Canara Robeco Treasury Advantage Fund: For all investments amounts in retail, institutional, super institutional plan in lump sum/ SIP/STP, the exit load charge nil. http://www.indian-commodity.com/mutualfunds/Canara-Robeco-Mutual-Fund-Revise-Outlet-Stack-Construction.aspx 2FF70B0B-5B8E-4993-A79C-12F1A4AAE5A0 Sat, 22 Aug 2009 17:01:31 +0530 The Securities and Exchange Board of India (SEBI) has streamlined the disclosure requirements for rights issues, in order to rationalize the rights issue process (RIP) by decreasing the overall cost of issuances while RIP is a further issuance of shares by listed entities to existing shareholders. However, it has decided to do this to give confidence to listed companies to look at these options as a practical form of raising capital with less time. Moreover, it has made application supported by blocked amount (ASBA) applicable for all rights issues where investor’s funds leave his bank account only on allocation of shares in public issues. Additionally, SEBI has also minimized the time period for finalization of the basis of allotments in rights issues to 15 days from 42 days while the new norms will be made applicable for all rights issues where offer documents have been filed on or after the circular. http://www.indian-commodity.com/economy/SEBI-Streamlines-The-Right-Issue-Process.aspx 7EC42100-46FA-4771-A695-D4DB51305925 Sat, 22 Aug 2009 17:02:29 +0530 IDFC Mutual Fund has proposed to change the exit load structure/contingent deferred sales charge (CDSC) for various schemes, with effect from 24 August 2009. IDFC Cash Fund: The exit load charge will be nil for Plan A, B & C. IDFC Liquidity Manager: The exit load charge will be nil. IDFC Liquid Fund: For Plan A Plan D, the exit load charge will be nil. IDFC Money Manager Fund – Treasury Plan: For Plan A, B, C, D the exit load charge will be nil. IDFC Money Manager Fund – Investment Plan: For Plan A & B the exit load charge will be 0.5% if redeemed before 30 days from the date of investment. IDFC Super Saver Income Fund – Short Term Plan: For Plan A, B, C, D the exit load charge will be nil. IDFC Super Saver Income Fund – Investment Plan: For Plan A, B & C the exit load charge will be 1% if redeemed before 365 days from the date of investment. IDFC Super Saver Income Fund – Medium Term Plan: For Plan A & B the exit load charge will be 0.5% if redeemed before 182 days from the date of investment. IDFC Dynamic Bond Fund: For Plan A & B the exit load charge will be nil. IDFC All Seasons Bond Fund: The exit load charge will be 0.75% if redeemed before 365 days from the date of investment. IDFC Government Securities Fund – Short Term Plan: For Plan A & B the exit load charge will be 0.25% if redeemed within 30 days from the date of investment. IDFC Government Securities Fund – Investment Plan: For Plan A & B the exit load charge will be 1% if redeemed before 365 days from the date of investment. IDFC Government Securities Fund – PF Plan: For Plan A & B the exit load charge will be 1% if redeemed before 365 days from the date of investment. IDFC Arbitrage Fund: The exit load charge will be 0.25% if redeemed before 30 days from the date of investment. IDFC Arbitrage Plus Fund: The exit load charge will be 0.50% if redeemed before 365 days from the date of investment. All Equity Schemes (other than IDFC Arbitrage Fund and IDFC Arbitrage Plus Fund): The exit load charge will be 1% for all investments http://www.indian-commodity.com/mutualfunds/IDFC-Mutual-Fund-Revises-Exit-Load-Structure-For-Various-Schemes.aspx C779420A-DC21-4F75-BABC-F966020CC1DC Sat, 22 Aug 2009 17:02:42 +0530 Gold remained steady today as traders watched the all-important $950 an ounce resistance on the higher side. The metal is deriving excellent buying support in dips as recent rebound in crude oil as well as the dollar's ability to hold up lend support. As per a report by the World Gold Council, investment demand for gold remained very strong in the second quarter of 2009, rising 46 percent on year earlier levels. The overall demand for gold fell back from recent high levels due to weak economic conditions and high gold prices affecting demand, according to the Q2'09 Gold Demand Trends report published today by World Gold Council (WGC). Although gold demand remains very high on a historical basis, total demand in Q2'09 was down 9 percent on the levels of a year earlier, a 6 percent decline in $US value terms to $US21.3b. Looking at the Indian markets, despite domestic economic pressures and sustained near record local gold prices, second quarter gold demand recovered from the exceptionally weak levels witnessed in the previous quarter, rising from 17.7 tonnes in Q1'09 to 109.0 tonnes in Q2'09. However, total demand remained well below year-earlier levels. COMEX Gold futures for December rebounded from a low of $939.20 and currently trade at $945.50, up $3.80 an ounce from the previous close. The days high's of $948.20 is likely to get tested yet again on the floor trades in New York but the sustainability is questionable given that profit sales would take place ahead of the weekends. MCX Gold futures for October are trading at Rs 14909, up Rs 13 from the previous close or 0.09%. The open interest is up 2.18%. The contract has rebounded from a low of Rs 14865 per 10 grams and there is a possibility of rallies above Rs 14900 facing stiff selling pressure http://www.indian-commodity.com/economy/Gold-Stay-Close-Just-Below-950.aspx CEA5EB41-B614-4B81-A8DB-84917795B19D Sat, 22 Aug 2009 17:03:23 +0530 The Haryana government, under the leadership of Chief Minister Bhupinder Singh Hooda, has allotted 700 acres of land to India's largest car manufacturer Maruti Suzuki India (MSIL) for the company's proposed Research and Development Complex in Rohtak. The land allotment agreement was signed by Maruti Suzuki Managing Director and CEO Shinzo Nakanishi and Rajeev Arora, Managing Director, Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) at Rohtak. The Haryana Chief Minister, Bhupinder Singh Hooda graced the occasion alongwith Deepender Hooda, MP (Rohtak), Shadi Lal Batra, MP (Rajya Sabha) and R C Bhargava, Chairman, Maruti Suzuki. Senior dignitaries and state government officials and Maruti Suzuki top management team were also present at the ceremony. The upcoming Maruti Suzuki facility, which is the sole such facility by Suzuki Motor Corporation (SMC) outside of Japan, will see MSIL putting in an investment in the range of Rs 1,000 crore to Rs 1,500 crore (Rs 10-15 billion) and will introduce world-class R&D facilities into India. Of the 700 acres land, a dedicated 100 acres will house the Suppliers' Park. The company's vendor partners will bring in further investment in their plants at the dedicated Suppliers' Park within the R&D complex. The Rohtak R&D complex, which will be at par with international norms, will house an R&D centre for passenger cars including India's first state-of-the-art test track with a proving ground, wind tunnel, crash facility etc. While the development of the allotted land and construction of the Test tracks will be completed during the first phase by 2012, the overall R&D facilities will be progressively completed by 2015. The company made this announcement after the trading hours on 21 August 2009 http://www.indian-commodity.com/corporate/Haryana-Government-Allots-To-Maruti-Suzuki-For-Hi-Tech-R-And-D-Complex.aspx 2E7111F4-6B6B-4614-8187-958F7D41138D Sat, 22 Aug 2009 17:04:10 +0530 Kuvam International Fashions Limited has informed that a meeting of the Board of Directors of the Company will be held on August 24, 2009, inter alia, to consider the following: 1. To consider and adopt the Audited Balance She and Profit & Loss Account for the year ended on March 31, 2009. 2. To approve the appointment of director Praveen Rastogi on the board of the Company http://www.indian-commodity.com/board-meeting/Kuvam-International-Of-Board-Meeting-On-August.aspx BE8A22AE-BA6A-4611-B0C5-88D4B99F587D Sat, 22 Aug 2009 17:04:47 +0530